Good afternoon. Welcome to Array Technologies' Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Sheppard, Investor Relations at Array. Please go ahead. Thank you. I would like to welcome everyone to Array Technologies' Fourth Quarter and Full Year 2025 Earnings Conference Call. I'm joined on this call by Kevin Hostetler, our CEO, Keith Jennings, our CFO, and Neil Manning, our President and COO. Today's call is being webcast via our Investor Relations site at ir.arraytechinc.com, where the related presentation and press release are also available. In addition, the press release and the presentation detailing our quarterly and full year results have been posted on the website. Today's discussion of financial results includes non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in the related presentations and on our website. We encourage you to visit our website at arraytechinc.com for the most current information on our company. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made on this call. We refer you to the periodic reports we file with the SEC for a discussion of risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results, except as required by law. I'll now turn the call over to Kevin. Thank you, Sarah. Good afternoon, everyone, and thank you for joining us. I'll begin by highlighting our key achievements from 2025 before transitioning to our strategic imperatives for 2026. Neil will provide additional detail on these objectives, and Keith will conclude with an in-depth review of our financial results and introduce our 2026 financial guidance. We'll open the line for your questions. I'll begin on Slide 4. 2025 marked a year of pivotal growth, commercial momentum, and strategic execution for Array. We closed the year with nearly $1.3 billion in revenue, achieving an exceptional 40% year-over-year increase, supported by 35% tracker volume growth. This result underscores our team's unwavering dedication and resilience as we continue to outpace broader industry growth trends. Our profitability remains strong, with adjusted gross margin, adjusted EBITDA, and adjusted net income per share, all landing within our guidance range, and adjusted net income delivering solid double-digit growth year-over-year. After the regulatory-related uncertainty throughout 2025, commercial activity built meaningfully as we exited the year, driving strong bookings momentum across our core markets and enhancing our visibility entering 2026. Importantly, we closed 2025 with a record $2.2 billion order book, reflecting both sustained customer demand and improved commercial execution across our portfolio. This performance was enabled by the commitment and discipline of our commercial teams, as demonstrated by a 2x book-to-bill for both total Array and our recently acquired APA business. As committed last quarter, APA is now incorporated into our order book, contributing approximately $100 million. We remain highly confident in APA's growth trajectory, and APA, along with our recent new product introductions, now comprise close to half of our total order book value. Turning to Slide 5, I'd like to reflect on what has been a standout year for Array. Our progress and achievements are a direct testament to the strength, resilience, and commitment of our employees. Together, we didn't just meet challenges, we transformed them into opportunities to engage, evolve, and innovate, positioning Array for sustained growth. I'm especially proud of the successful completion of the APA acquisition, which brought over 200 talented new team members to our organization. Our teams are seamlessly integrating, and we are already unlocking meaningful value and expanding our share of wallet with customers. At APA, continuous innovation extends beyond engineered foundations to fixed-tilt racking, where the business holds a market-leading position. The team has some exciting new fixed-tilt offerings slated to come out this year, and we look forward to sharing more details in the coming quarters. Complementing the progress made on our balance of systems strategy, we continue to elevate the organization by investing in both our leadership team and our product portfolio, while at the same time optimizing our capital structure. We strengthened our leadership bench by bringing in seasoned executives with deep industry knowledge and relationships.... fresh perspectives, and a proven execution capability, enhancing our ability to operate with discipline while accelerating growth. In parallel, driven by deep customer engagement, we broadened and upgraded our product portfolio to more effectively address the industry's most pressing challenges and better meet the evolving needs of our customers. Finally, by refinancing higher cost debt and proactively managing our debt maturity profile, we improved our financial flexibility to support our next phase of strategic growth. I'm now on Slide 6. Our results in 2025 demonstrate that the foundation we've built is working, anchored by a talented team, a stronger product portfolio, a more resilient supply chain, and meaningful expansion through APA. Our focus shifts to how we build on that momentum, capture emerging opportunities across the industry, and create lasting impact. This brings us to our 2026 strategic imperatives. This year, we're sharpening execution around three imperatives that operate as an integrated framework: innovate our future, elevate our international business, and advance our customer-first culture. Against the backdrop of organizational and portfolio advancement, our first strategic imperative for 2026 centers around innovation. At this stage in our company's evolution, innovation remains paramount. It is the core engine driving growth and bolstering our competitive positioning. We will continue to invest, both organically and inorganically, in differentiated technologies and solutions that enhance customer value and reinforce our role as a trusted technology partner. This does not just mean new product development, but also continually updating and improving our internal tools and processes. To this end, we've created a robust AI roadmap with plans to apply transformational technology in all areas of our business. I'm excited to share updates in the coming quarters of the enhancements we're making. Innovation is how we win, not only in product performance, but in customer experience, financial strength, and with a deliberate and targeted market expansion. It's the unifying catalyst that connects every element of our strategy, which is why it stands first among our 2026 strategic imperatives. As we anchor our strategy in innovation, we are equally focused on our second imperative, elevating our international business. While recent macro conditions in key markets, such as Brazil and Spain, have presented challenges, the broader international landscape presents compelling opportunities for growth. Key international markets are maturing and demanding more feature-rich capabilities. This also brings further opportunity to refine and adjust our global supply chain for enhanced scale and efficiency, and streamline research and development around a common leading platform. Our focus remains on disciplined execution, positioning the right products in the markets where our differentiation and value proposition resonates with our customers and where they are willing to pay for it. As we position our international business for enhanced performance, our third strategic imperative further strengthens our customer-first culture across the organization. At the end of the day, our growth depends on how we effectively satisfy our customers' needs. To do this, we need to listen to, support, and partner with them. In 2025, we saw very clearly that when we focus on our customers' outcomes, strong business performance follows. We will continue to grow our order book and pipeline by engaging and thrilling our customers with our diverse offerings, quality level of service, and our differentiated value proposition that delivers measurable impact to our customers' economics. Together, our three strategic imperatives for 2026 form a unified strategy that drives our market-leading performance, expands our opportunities, and supports durable, long-term value creation. With that, I'll now turn it over to Neil to provide a deeper look at our strategic imperatives and how we will evaluate our success. Neil? Thank you, Kevin. Let's turn to Slide 7. Our first strategic imperative, innovate our future, is about ensuring Array stays ahead of where the solar industry is going. The demands on solar installations are rising: tougher terrain, more extreme weather, higher energy generation expectations, and tighter cost structures. Our innovation pipeline is designed to meet those realities head-on. We start by continuing to strengthen our core tracker technology. DuraTrack is a renowned platform in the industry, and we're continuing to expand its capabilities while broadening its reach to become our standard offering globally. This year, we'll incorporate improvements like our next generation, industry-leading terrain following capabilities for OmniTrack, and launch a new U.S. tracker version to further address unique market needs. These are tangible upgrades that will improve energy yield, reduce operational risk, and simplify installation for our customers. Second, we're executing on our balance of systems strategy. With the APA integration well underway, we're on track to launch our optimized TrackerPlus Foundation integrated solution in the second half of 2026. This offering reduces engineering and installation complexity, simplifies customer procurement, and reinforces Array as a broader solution partner. We continue to assess other balanced system market leaders as potential additions to the Array portfolio. The last component of this initiative is further commercializing software and services, areas where customers want more support, more insight, and more automation. We're continuing to invest in our SmarTrack platform, and beyond new deployments, we see a meaningful opportunity to retrofit SmarTrack across our extensive install base. SmarTrack adoption is growing rapidly and with more opportunity in our order book than cumulatively deployed to date. We've proven the value of our technology, now our transition to a subscription-based model reflects our customers' desire for greater flexibility, continuous innovation, and scalable deployment as we drive real project return on investment, all while generating recurring revenue for Array. Our innovation agenda powers all facets of our strategy. Executing on these investments today reinforces Array's strategic advantage for the years ahead. Turning to Slide 8. As innovation continues to drive our competitive advantage, our next imperative focuses on enhancing our presence and performance throughout global markets. One of the most important steps we're taking to elevate our international business is the introduction of our DuraTrack technology globally. This is driven by direct customer feedback. They need higher energy production, simpler installation, and stronger resilience in some of the toughest terrain and weather conditions found across EMEA and Latin America. DuraTrack has delivered exactly that for years in the United States. Faster installation time, consistently maximizing power density with far fewer parts in the field, no scheduled O&M, and delivering among the lowest LCOE in the industry. Its patented wind stow technology provides up to a 4% increase in energy yield compared to active snow systems in high wind environments. Bringing these capabilities to our international customers gives them a proven, feature-rich platform that protects their investment and enhances project economics. At the same time, phasing out older, non-SmarTrack compatible configurations of the H250 tracker allows us to ultimately align around one global platform, consolidate our supply chain, and focus our R&D and operations on the products that drive the greatest values for customers. We took a one-time inventory valuation charge in Q4 as part of this transition, and now we're moving forward with a more differentiated and scalable product platform. With this broader expansion, we plan to launch a new international offering later this year, featuring the strongest of H250's capabilities with DuraTrack's patented technologies, combining the best of the Array portfolio on a single global tracker platform. Our international expansion remains selective, prioritizing markets where our differentiated technology and value resonates. We've made focused investments for your technical sales approach internationally and are already seeing clear signs of traction across key regions, with increasing engagement and commercial momentum in select markets throughout EMEA and Latin America. This early success reinforces our confidence in the long-term opportunity and validates our disciplined, returns-focused approach to international expansion. Our growing international pipeline reinforces the strength of our partnerships, our technical performance, and our relevance in global utility-scale markets. Core multinational customers pull us to new markets and opportunities, and we stand ready to serve them. Elevating our international business isn't just about expanding into new geographies. It's about bringing the full strength of Array's technology, reliability, and customer partnerships to the fastest growing global markets that value it. By doing so, we diversify our revenue base, strengthen our competitive position, and capture a critical path for continued growth. Turning to Slide 9. Advancing a customer-first culture means we are elevating how we show up for and with our customers commercially, technically, and operationally. We've already made solid progress strengthening customer engagement, as evidenced by our record order book and critical commercial wins in 2025. We closed the year with our highest quarterly new bookings since 2023 and a book-to-bill ratio of over 2x. This level of commercial momentum is driven by our global commercial efforts. It reflects our targeted investments in the front end of our business and our deeper engagement with developers, IPPs, and utilities, and a growing level of trust in the reliability and performance of our products. The APA success story is only getting started. With the bankability of Array behind APA, they've seen a significant increase in utility scale project interest. APA's 2 x book-to-bill ratio in the quarter is a result of their expanded pipeline and accelerating bookings. The strong momentum has continued into the new year. In 2025, our domestic Array business experienced greater than 20% growth in early-stage domestic project bids, providing further evidence of robust customer pipelines and a clear move towards engaging Array early on as a strategic partner. As we continue to prioritize engaging with high-quality customers, we are securing more multi-project awards while increasing our average project size, which we expect to grow at a significant double-digit rate from 2025 - 2026. Our strengthened commercial organization, with high-impact industry veterans, coupled with formalized technical sales function, articulating our differentiated value, validated by third-party engineering studies, is driving a tighter alignment between what the market needs and what our product roadmap is delivering. It shortens feedback loops and ensures we're solving the right problems at the right time. Advancing a customer first culture informs how we sell, how we serve, how we innovate, and ultimately, how we win. As we move through 2026, this imperative ensures that every part of our organization is aligned around delivering exceptional customer outcomes, and that alignment will continue to translate into strong commercial momentum and order book growth. With that, I'll now turn it over to Keith to provide more details on our results. Keith? Thank you, Neil. Good evening, everyone. I will begin on Slide 11. In 2025, we took deliberate steps to align our capital structure with our operating strategy. After a very busy year in the capital markets, we are pleased with the resulting leverage, liquidity, debt maturity profile, and the cash cost of our debt as we continue to execute. We ended the year with over $380 million of available liquidity and net debt leverage of 2.3x trailing 12-month adjusted EBITDA. On February 18th, we upsized and extended our revolving credit facility to $370 million from $166 million, bringing our pro forma total available liquidity to nearly $600 million. This upsize not only right-sized our total available liquidity, but also strengthened and expanded our bank group with 3 new banking partners to help support our strategic imperatives and global commercial operations. With this stronger capital structure, we are well positioned to continue pursuing organic and inorganic opportunities in support of driving long-term shareholder value. Moving to Slides 12 and 13 for financial highlights for the full year 2025, we delivered strong financial results exceeding the high end of our revenue guidance. Revenue in the fourth quarter was $226 million, including $33 million of revenue from APA. For the full year 2025, revenue was $1.3 billion, representing an impressive 40% growth over 2024. Of this, APA contributed $50 million. Sequentially and year-over-year, ASPs were higher in both our legacy Array and STI segments, aligned with the forecasted effect of rising commodity prices experienced throughout 2025. Our impressive revenue growth was supported by tracker volume, increasing 35%, underscoring our market share gains throughout the year. For full year 2025, adjusted gross profit increased 11% year-over-year to $347 million, representing an adjusted gross margin of 27%. When compared to the prior year, adjusted gross margins declined, primarily due to the falloff of prior year 45X amortization benefit recognized in 2024, that contributed approximately 550 basis points, and tariff impacts, combined with ASP pressure, added an incremental drag of approximately 80 basis points on the year. As expected, APA had a slight dilutive impact on overall adjusted gross margin in 2025 and delivered an adjusted EBITDA margin a few hundred basis points ahead of the core business. Reflecting the significant front-end investments we made throughout the year, adjusted SG&A was $163 million, 12.7% of revenue, an improvement from 15.4% of revenue a year ago, and moving toward our near-term target of 10% of revenue. Adjusted EBITDA was $188 million, with an adjusted EBITDA margin of 15%. This represents 8% earnings growth when compared to adjusted EBITDA of $174 million and adjusted EBITDA margin of 19% in 2024. As with adjusted gross margin, the adjusted EBITDA margin change was driven by the incremental prior year 45X amortization recognized in 2024. GAAP net loss attributable to common shareholders was $112 million, driven primarily by a $103 million non-cash goodwill impairment charge and a one-time inventory valuation charge of $30 million, both associated with the 2022 STI acquisition. This compared to a net loss of $296 million in 2024, which included a $236 million non-cash goodwill impairment charge and a $92 million non-cash, long-lived, intangible asset write-down, also associated with the STI acquisition. Diluted loss per share was $0.73, compared to the diluted loss per share of $1.95 in the prior year. Adjusted net income was $103 million, 13% growth above the $91 million in 2024. Adjusted diluted net income per share was $0.67, growing 12% when compared to $0.60 in the prior year. For the full year, free cash flow was $80 million, which was lower than in 2024, primarily due to timing of working capital and 45X rebates. Turning to Slide 14 for our full year 2026 guidance. We entered 2026 in a position of strength, supported by greater order book visibility, a broader product portfolio to support our customers, accelerated contracting momentum, improved capital access and flexibility. We expect revenue within the range of $1.4 billion-$1.5 billion, with adjusted gross margin between 26%-27%. Excluding the impact of prior year 45X amortization falloff, margins are roughly flat at the midpoint year-over-year, reinforcing our commitment to disciplined execution and cost management in an inflationary environment. Given the impact on contract signings from the regulatory uncertainty in 2025, revenue activity is trending toward an approximate 40-60 split between the first and second half of the year. Adjusted G&A is expected to continue to gain leverage at approximately 12% of revenue. This brings our expected adjusted EBITDA to a range of $200 million-$230 million, with an adjusted dilutive earnings per share between $0.65 and $0.75. Free cash flow conversion as a percentage of adjusted EBITDA is anticipated to be similar to 2025. In the first quarter of 2026, we expect revenue of approximately $200 million and as a result, adjusted EBITDA to be down slightly from Q4 2025. Looking ahead, we see multiple drivers of momentum across our global markets. Hardware, software, and services are all poised to grow. We will continue to opportunistically refine our capital structure to bolster liquidity, enhance strategic flexibility, and fuel disciplined investments. Backed by our record $2.2 billion order book and powerful new capabilities, we are ready to capitalize on future opportunities, deliver industry-leading market growth, and sustainable value creation for our shareholders. Thank you for your time today. Now back to Kevin for closing remarks. Thank you, Keith. Looking ahead to 2026, our focus is clear: continue innovating, deepen our global reach, and elevate the customer experience across every touch point. The foundation we are building positions us to capture the opportunities ahead and deliver durable, long-term value for our customers, employees, and shareholders. Thank you all for your ongoing support and confidence in Array. With that, we'll open the line for questions. Operator? Thank you. We will now be conducting a question and answer session. We kindly ask that you limit yourselves to one question only. If you would like to ask a question, please press star and the number one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and the number two if you would like to remove your question from the queue. For any participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from Mark Strouse with J.P. Morgan. Please proceed with your question. Yes, good afternoon. Thank you very much for taking our questions. Keith, thanks for all the color on the gross margin puts and takes. Just curious, when you're looking beyond 2026, you know, in your backlog or you know, how you're thinking about underwriting new, can you just talk about kind of how we should think about gross margins over the medium term? Just quickly on APA, I think you guys were saying with that deal that it was kind of immediately accretive to EBITDA, but dilutive on the gross margin line. Can you talk about the impact of APA in your 2026 guide? Does that turn accretive at some point this year? I've got a quick follow-up. Thank you. Thank you, Mark. Good evening. Good questions. First, let's talk about our outlook for gross margins across the horizon. A few things to bear in mind. As we entered 2026, our core margins remain intact. Any volatility that we've shown over 2025 and 2026 have all been driven by primarily accounting and one-time charges. Also the amortization of 45X for prior year performances played some part in that volatility. If you look at 2026 and you remove the prior year 45X amortization, you know, we're down roughly 50 bps, which takes us to the midpoint of our guide. When you look across the medium term and outlook, we expect our gross margins to maintain at these core levels. We are in a fairly competitive environment price-wise. We are in an environment of rising commodity costs. We are in an environment of changing dynamics as we try to expand out into certain strategic markets internationally that have lower price points. We are confident that our gross margins across the horizon can hold. We're moving to your second question on APA. APA, when we closed, was yes, in 2025, slightly diluted on the gross margin level, but accretive immediately on the EBITDA level, because of their low commercial costs, or I should say, streamlined commercial costs. When we look at 2026, we expect APA to be in line or slightly better than our core gross margins, because we've now been able to file for 45X. 45X in the APA context, when you're modeling, we need to remember that it only applies to the structural fasteners, so the A frame that is used in utility scale only. I recognize that some of the models out there have 45X across the entire APA platform. It does not apply that way. When we think about overall 2026, APA is now also more accretive at the EBITDA level because they continue to be streamlined in their operating costs. Okay, thank you for that. A quick follow-up for Kevin. The past two or three quarters, you've talked about kind of the mix of your backlog that's coming from Tier 1 customers increasing. At least directionally, if you can't give us an exact number, can you just give us an update on that? Does that continue to trend higher? Is it flatlining? Any color would be great. Thank you. Yeah, it does. First of all, let me just begin saying we're really comfortable with the quality of our order book at this point. Record order book of $2.2 billion, and the real positive book-to-bill on both Array and APA both being at 2 x book-to-bill, very, very significant for us and that acceleration. A couple of tidbits I'd give you relative to the order book. For me, one of the more interesting tidbits would be, for example, in 2025, we received 4 gigawatts of orders from customers that historically were not customers of Array, meaning they were customers of our competitors, or new customers in the space. Clear market share gain from just those 4 gigawatts already. I think relative to our order book, the other comment is, on our last call, there was some confusion of whether our increasing order book, even in that quarter, was due to a changing definition. I want to take this opportunity with everyone on the call to reiterate that we have not made any changes to our order book and how we define that order book. I'll reiterate that every chance I get that, one, we have to have a confirmation of a named project awarded to Array. Number two, we have to have a target start date. Number three, we look for there to be an existing PPA in place prior to putting that into our order book. What we have talked about with some of our international orders that have been awarded to Array, meaning we have a name project, we have a target start date, we've been notified that we've won the project. We're still holding some on the sideline until we're more confident in international markets that they will proceed as planned. We're doing that, as we've talked historically, to reduce any debookings and associated volatility. As we noted in our presentation, 95% of the order book with that new methodology is now domestic, so much higher quality. We've also made in my prepared remarks that over 50% of our order book is now direct to what we call those Tier 1, Tier 1 customers. To be clear, when I say direct, meaning that's the one directing the purchase. Even if we get a purchase order from an EPC, we're saying that over 50% of the order book is being now directed by those Tier 1s, that could be a Tier 1 one developer who has given the award to Array, but we're executing that award through their chosen EPC. Over 50% of our order book is now direct to those Tier 1s. Between the high percentage of domestic order books, the new market share takeaway, the 2 x book-to-bill, the over 50% direct to what we call Tier 1, we're really pleased with the shape of the order book as we move forward here. The next question comes from Julien Dumoulin-Smith with Jefferies. Please proceed with your question. Julien, you may be on mute. We don't hear you yet. Sorry, you were right. I was double muted. I apologize about that. Good afternoon. Thanks for taking the time, guys. Appreciate all the details. Thanks, Kevin. Look, let me kick this off here. First and foremost, you talk about, you know, nice momentum on backlog. Can you give us a little bit of a sense of market share momentum with key clients? Can we potentially see some multi-gigawatt orders here? How much of that is already reflected in what you all are disclosing here? Separately and adjacently, how do you think about the commercial strategy abroad, right? You've got this reinvigorated effort internationally. How should we expect to see this and realize this in as much as, you know, disclosures in the coming quarter? Again, I get that you've offered some caveats about some of the legacy geographies. What would you expect in terms of the formal disclosures or announcements with key partners? I'll leave it there. Let me take the first part. There are a few additional hints on our order book. We are now engaging in more multi-project deals. Not all of those obviously reflected in the order book to date, but we are now looking at kind of multi-packs of deals, three, four, and five deals at a time with a lot of our core partners as we move forward. That's working really well for us. The second thing is the average size of a project is getting larger as well. We expect both the size and quantity of deals to go up significantly this year, and that's what we're really seeing in our order book. I'll let Neil talk about the international and what we're specifically driving there in this regard. Just to jump in, so we're optimistic overall internationally, but it's also really important to note that we're being intentionally selective. We look at that from the prism of that the U.S. is the dominant profit center for solar tracking globally. When we look at where we diversify in international markets, we're looking from that lens. Where we have the ability to differentiate based on terrain, capability for weather and extreme weather events, along with installation and overall performance, we're being really targeted in countries where customers are willing to pay for that capability and not just get into a bake off on price. You know, as we diversify, as the Spain and Brazil markets reset themselves, we're making some really good progress in Eastern Europe and also in Latin America, based on the investments that we've made in sales resources over the last several quarters. We've had some key wins with repeat customers, so customers from our legacy home markets that have brought us into new countries, and we have awarded projects and contracts now that we're executing against. You're gonna continue to see that, Julien, on, over the next quarters as we continue to talk about that and see that. Our early stage pipeline outside of Spain and Brazil is also increasing quite well as well. I think that you'll see it flow through, and we're pleased with the progress so far, and we'll continue to see that in the coming quarters. The next question comes from the line of Joseph Osha with Guggenheim Securities. You may proceed with your question. Hello, gentlemen, and thanks for taking my question. One of the things that, you know, has been turning up, and I heard this a lot at Intersolar, is that, you know, yes, this year looks like it's gonna be okay building legacy 45 and 48 projects. There is some uncertainty out there in terms of the ability to secure financing, in particular tax equity financing, surrounding some of the remaining uncertainty on FEOC. I'm wondering if you can comment on that at all and whether that's materializing in your conversations with your customers. Thank you. Yeah. Look, the Treasury guidance released last week, I mean, it clarifies a major source of the uncertainty, which was really the level at which we have to focus our supply chain and certify for material assistance, and that's really a product component supply, so not every nut and bolt, and that's been helpful. There's still some uncertainties for the industry around ownership structure the Treasury needs to address in the fourth country rule. We don't have full clarity to say that. What's happening for us, the second part of your question relative to FEOC, is customers are proactively hedging and focusing on predominant U.S. supply, or in some cases, we're seeing customers add some language to their contracts that allow them to shift late in the game to 100% U.S. content at predetermined price points. That's how they're hedging and giving themselves great flexibility to avoid the FEOC. The fact that our customer base is getting larger and larger and more capitalized, so some of the larger developers, IPPs and utilities that are best capitalized, we are not yet seeing issues with financing projects for those customers. At least it's not coming up to my level that we're facing that. We review that on pipeline calls every other week, and we're still not seeing that show up as an issue in our business. We'll continue to monitor it and report if we do, but as of now, we're not having that issue with our Tier 1 customers. The next question comes from Brian Lee with Goldman Sachs. You may proceed. Hey, guys. Good afternoon. Thanks for taking the questions. Maybe just on the seasonality here, you experienced some into year-end, and then also here, you know, given some indication that Q1 seasonality, maybe can you speak to, you know, what's driving some of that, and then how much visibility you have on the implied pickup into 2Q in the second half? Maybe how much, you know, backlog of the $2.2 billion is expected to ship here over the next few months, and is there book-to-bill business here implied in the guide, or is everything covered by backlog? Maybe I'll just squeeze in a second question around, you know, just big picture thoughts around M&A going forward as part of your capital allocation strategy. I think there's been more news of, you know, some of your peers in the tracker space, diversifying into other parts of the stack. Wondering where you fit in terms of, you know, looking at those opportunities and maybe providing more, you know, holistic solutions. Thanks, guys. Yeah. I think let me address the seasonality. I think it's consistent with what you're seeing from our peer companies that have already reported in terms of a deceleration in Q4 and Q1. You have two things that drive us that are for those businesses that are largely North American. The first issue is that you do have a historical seasonality of the build season for North American-focused businesses, is really Q2 and Q3. That's the construction business that then gets finished in Q4. Now, for the last couple of years, when our STI business was running and gunning in Brazil, in particular, if you remember, we did well over $200 million annually in Brazil. You have the countercyclicality that we benefited from. Their construction season was Q4 and Q1, obviously on the other side of the equator, and that was very helpful in mitigating Array's historical seasonality that we had from the North American construction. Without that has a dampening effect and creates that seasonality in Q4 and Q1. The second, likely the larger contributing factor this year, was the holdback that we saw last year leading into the OBBB. As you recall, the industry paused, waiting for that to get figured out, which means they paused contracting, they paused orders, once that was figured out, as you all see in our results and our peer companies, you saw an acceleration of orders. They have to go through the engineering, planning, development, construction process, and that's why you see the shape of the year, and it's consistent between us and our, and our peers that have already reported. You'll see an acceleration in Q2, a further acceleration in Q3, and a further acceleration in Q4. That's really the nature of the cyclicality. There's nothing unique to Array in that cyclicality. That's really what you're, what you're seeing and experience playing out, was that delay and pause in the market that we all experienced last year. Relative to M&A, look, we're gonna continue our focus on building out our balance of systems strategy, and we're gonna do that in a way that we think definitely benefits our customers. I guess if I could describe kind of our approach to it, is when we think of this building out of the balance of systems strategy, there's kind of two approaches you can take, and one would be a pure commercial integration, and I kind of liken that to say, "Do you want fries with that shake?" You know, that, for us, is weak over time. It gets disintermediated. Maybe you want the shake today and not the fries, but you know, you still want it at the bundled price. It kind of flies in the face of a lot of our customers that are EPCs with the fact that the P in EPC stands for Procurement. These are organizations that understand how to buy large scale construction projects. As such, I don't think EPCs really care if they're buying from 3 vendors or 6 vendors. That's not meaningful. Our approach on M&A is gonna be a little bit different in that we're really focused around technical integration, in which we can bring products in, increase the value proposition through interoperable engineering with Array that makes compelling value proposition for our customers. We're just approaching it a little bit differently than others and ensuring that anything we're looking at in our balance of system has to have a technical interoperability opportunity. What you're seeing that play out is APA. The APA integration of the foundation with Tracker will be a phenomenal new product for us this year, that not only does it eliminate a number of components, but allows us to have an engineered foundation at incredibly close to a standard foundation price point. We think that'll help accelerate adoption of engineered foundations in our portfolio. That's a great example of how we're thinking about M&A in our business. Hopefully I'm answering your question. If not, we'll take a follow-up if we're missing something. Brian, did you have a follow-up? Okay. Our next question comes from Philip Shen with Roth Capital. You may proceed. Hey, guys. Thanks for taking the questions. Great job with the bookings. You gave a good sense of the quarterly revenue cadence. Can you help us with the quarterly gross margin cadence? Should we expect lower margins in the, you know, on the lower revenues in Q1, and then should we expect that to ramp sequentially, as we get through the year? Thanks. Hi, Phil. Good evening. This is Keith. Yeah. I think it is safe to say that the Q1 margins will look much like Q4 because of the level of the revenues. That should scale up. You know, we're guiding to a 26%-27% on the full year. That's the full year average. You know, we think that that is where we are currently operating, and hopefully that answers the question. Okay. Thanks, Keith. As it relates to bookings and backlog, Kevin gave a lot of great color there. You're doing well with a lot of Tier 1 customers. I was wondering if you can talk through the bookings, you know, in Q1 and Q2. You know, what strength are you seeing now, and do you expect the strong kind of 2 to 1 kind of book-to-bill to continue? You can't keep that forever, but how much longer can we see that continue as we get through these quarters? Thanks. I don't think we want to get into forecasting bookings. We've not done that historically, Phil, so, but I appreciate the question. I can say that we feel good about our underlying momentum in terms of the size of our pipeline increasing, the number of opportunities we're getting, the timing of those opportunities. We're getting brought into bigger deals earlier than we have been historically, so that we're kind of getting in and getting specified and doing some of the engineering work earlier. That helps us with the win rate. All those things I think are positive trends, but I'm not yet gonna go out on a limb and predict, you know, bookings in Q1 and Q2. Let's just say that the momentum that we've seen in the last couple of quarters so far has been continuing for us. We're hopeful that that continues over the next couple of quarters, and through the rest of the year, frankly. I should say that momentum comment is valid for not only the legacy Array, but the momentum we're getting on APA is quite significant. The next question comes from Corinne Blanchard with Deutsche Bank. You may proceed. It looks like Corinne has dropped out of the queue. The next question is from Maheep Mandloi with Mizuho. Please proceed. Hey, thanks for taking the questions here. I think most have been addressed. Maybe just in terms of, like, the large customers you have, can you just talk about, like, their average sizes and how to think about this move from small to large developers, and how does that benefit your product going forward? Thanks. Yeah, Maheep, one of the things we did, as you recall, almost, which it's almost 2 years ago now, but, back in 2024, was that we looked and kind of did this survey of what we call quality of customer. I personally went out and interviewed some of our customers that we weren't doing as much business with, that actually didn't tend to push out, didn't delay, and what we found was that there was this group of developers and certainly even a group of EPCs that were stronger than others because they were well capitalized. They had plenty of equipment, meaning that they weren't delayed for lack of transformers, you know, those kind of things that we ran into a lot over the last switchgear transformers. What we did was we kind of identified that quality of customers, and we put that quality of customer into our bid strategy, meaning we wanted to win more orders with higher quality customers that demonstrated they didn't have pushouts and delays, they had the equipment, they stayed on track, they had good PPAs in place. That was kind of how we transformed. When we call that Tier 1 customers, that's a lot of what makes up our definition, if you will, of Tier 1 customers, which meant we wanted to do more direct to utilities that controlled their own destiny, controlled their own interconnect. We wanted to do more with those Tier 1 developers that were the best capitalized developers out there. That's what you're seeing in kind of when we talk about the quality of our order book continually improving. You saw a great amount of market share takeaway in orders in 2024 of that kind of targeted group, and then again in 2025. What we called at the time, our low share of wallet, Tier 1 customers that we wanted to win more of, that's really coming through in our order book at this point. We're pretty pleased with it. The next question comes from Colin Rusch with Oppenheimer. Please proceed. The opportunity to accelerate deployment times in the field, either from a footings perspective or from a module, attachment perspective. Just seems like there's, you know, that's maybe the, the two areas where there may be some competitive opportunities for you guys. Yeah, we haven't seen. Look, the challenge with us is the amount of labor required to accelerate and pull projects in artificially. We often are talking to customers about pulling in into a maybe a quarter, but in terms of pulling stuff, that would be 3 and 4 quarters out earlier. We don't typically see this because, again, the size of our projects and the amount of labor you'd have to reschedule and get local to that new site tends to be pretty difficult. Frankly, they're the largest EPCs and the ones we're focused on are pretty well booked out because those are the same group of EPCs that those top tier developers are utilizing. I don't see a whole lot of what I would call artificial demand acceleration or pull forward into the year at this point. I think this year is fairly well baked. There may be spots of small projects and maybe more opportunity on the APA side, in the DG channel and C&I channel. Sure, there's a lot of opportunity, I think, there, but not so much on the utility scale. I, yeah, I'll take it offline. I think my question was more about actually shortening the time frames in the field once you're deploying, not pulling projects forward. Are you saying construction time frame? Exactly. Oh, yeah. You know. We've got a lot of products that we've been focusing on a lot of products that do that very quickly. We can certainly offline, give you a bunch of sense of what we've been doing to reduce installation time for our customers. We feel pretty well satisfied with the work we've been doing there. The next question comes from the line of Dylan Nassano with Wolfe Research. Please proceed. Yeah. Hi, good afternoon. Thanks for fitting me in here. appreciate the earlier color on gross margins. I just wanted to focus in on the EBITDA level a little bit. I mean, it looks like historically, you've kind of trended closer to the high teens kind of EBITDA margin, and mid-teens kind of suggested here in the guide. Just any more color on kind of a possible path back to those historical levels, and hitting that as a run rate, if you were to kind of stay at these gross margins that you're guiding to. Hi, Dylan. This is Keith. You know, great question. First, I think as I said earlier, I think we're in a very competitive environment, so I think our gross margins are probably gonna be in the level where we are now. To your question of how does that drop through to, you know, improve our EBITDA margins? I think it's gonna come from 2 places. One, scale. As we continue to grow, then we're gonna get some SG&A leverage. Right now, you can see us coming down over the time horizon from 2024, I think, where we were closer to 15% to last year, we were closer to 13%. This year, we are forecasting to be at 12%, and we have a near-term target to leverage up to somewhere around 10%. The other component that we have to remember is that APA, you know, is a strong acquisition for us. It improves the opportunity for us to speak to our customers about a broad array of how we work and develop and bundle things. As those commercial synergies come online in 2027, going forward, we should see, you know, more EBITDA margin expansion as that business grows. You know, right now we're still forecasting to be at the 15%, but we think that there with leverage and scale, that we should get back to the high mid-teens. Corinne Blanchard has rejoined the line with Deutsche Bank for a question. You may proceed. Hey, guys, can you hear me? Yes. Hey, sorry about that. I don't know what happened. I was there. I was talking. I mean, most of my questions have been taken now, but maybe two part, and sorry if I missed it. The first one, can you talk about the OpEx margin, maybe throughout 2026, and maybe expectation for the medium term, 2027 and 2028? The second question would be actual view on the U.S. versus international mix, and how we should think about it for the rest of the year. Thank you. Hi, great question. Much like the earlier question, you know, we are not slowing our commercial investments in our SG&A. We have seen the benefits of that in terms of how it has improved the customer mix quality, the size of orders that we're winning, the engagement with customers as we integrate APA and increase our, you know, ability to converse about the relevant development of sites and what's under the panel. What we have been focused on is the, you know, the leverage that that brings, right? If you look two years ago at our OpEx, it was running at a rate of about 15% of revenues. We have, you know, increased our spend, but we've also grown and leveraged ourselves now where that is, you know, approaching 12% of revenues. We have a near-term target to operate this business at about 10% of revenues, and we think that's in sight with scale and leverage and growth. We, you know, we continue to expand the front end and change our application engineering team and also how we engage with higher quality customers. We think there's a fair bit of EBITDA margin expansion to be had when the commercial synergies from APA starts to kick in in 2027. Right now, what we're seeing with APA is the gross margin synergies between 45X and procurement synergies. You know, we are fairly confident that we are on the right path to back to high mid-teens at EBITDA margins. I think, you know, to answer a little bit more on the international side as well, look, we've proven the formula works. When we invest in the front of it, end of our business, when we add new sales resources that bring in industry knowledge, relationships, we, and in particular, when we add that technical capability in with that sales organization, we're seeing really a lot more traction and success than we had historically. We've taken that same approach, and what Neil and the team have been doing internationally was taking that same pattern that has worked, and over the last 12 months, we've added handful of resources in other countries in Latin America. We've added, and also new sales leadership of the entire region. We've added new sales leadership in Europe, again, industry experts in both cases, with relationships, and then building out the team. We've added technical selling resources in each region, as well as additional country, direct country managers in those regions that we think we have an opportunity to win, and where customers are willing to value our differentiation and frankly, pay for it, so we're not just bidding on price. I would say the international is probably, the international rate of recovery is about a year behind the domestic. You're seeing the results of that domestic recovery already in 2025. I think we'll begin seeing much more of that acceleration in 2026 for our international businesses. The next question comes from Ameet Thakkar with BMO Capital. Please proceed. Hi, thanks for squeezing me in. Just one quick one for me. If you look back at your historical kind of free cash flow, you've been talking conversion ratios in 2023 and 2024, they were, I think, between 70% and 80%, and obviously a lot lower in 2025, same kind of level I expected in 2026. Can you just kind of walk us through kind of like, is it, as you know, kind of shifting more of your manufacturing to the U.S., selling more in the U.S., it's kind of changed some of your kind of payment terms or working capital needs relative to what it was before, or any other kind of drivers for that? Thank you, Ameet. Great question. You know, if you go back to 2025 and 2024, some of the things that we were experiencing, you know, were the, you know, the quick collections of 45X, as in prior year, 45X was impacting the conversion ratio. As you get into 2025, what we were going through is growth. When you grow your revenues by 40%, you're also gonna grow your account receivables by that much as well. We also saw a expansion of our CapEx as we built thestate of the art facility in Albuquerque to, you know, bring, you know, the factory of the future into our setup and capture more of the 45X in-house. Those are the two things. I think that if you think about our business and, you know, we converted roughly 43% of our EBITDA to free cash flow in 2025, we are forecasting to hold the same ratio. If we are forecasting roughly 15% EBITDA expansion, then we should be growing free cash flow by just about the same, you know, the same percentage. We're fairly confident that, we'll be generating, continuing to generating free cash flow to add to our flexibility and, our choices of deleveraging or continuing to invest, you know, diligently. The next question comes from the line of Chris Dendrinos with RBC Capital. You may proceed. Yeah, thank you. I wanted to dive back into the international strategy here, and I mean, maybe can you expand a little bit more on the supply chain strategy there? Are you positioned to go after, I guess, a broader set of markets here? Does there ultimately need to be some incremental investment to, I guess, call it optimize the supply chain to be cost competitive? Thanks. Yeah, Chris, it's Neil. I'll take that one. On the international side, there's a couple things in play that we've done and some things that you'll see in the coming, you know, quarters and into the next year. Over the last, I would say 8 quarters, we've built out a center of excellence in Asia to consolidate supply chain and purchasing for both our U.S. and for international footprints, so that we can consolidate spend between Spain and Brazil, and for areas that are at domestic content required, partially for the U.S. That's in place. That's up and running and performing quite nicely. The other thing that you saw with our release today is that we're also moving to consolidate our international and introduce the DuraTrack platform into both the EMEA and Latin America regions. That's gonna give us scale and additional ability to drive efficiencies on a global basis, on a global platform as we move forward. To that point then, you're also gonna see a new product introduced later this year, which brings the best capabilities of both the H250 and DuraTrack platform together, which will then again bring supply chain and build material efficiencies on a global basis. We're really looking forward to that. I mean, I know Neil's being a bit modest on the amount of work that the team has done, and I'll say, when I think about a couple of countries, Australia's a great example. Our ability to domesticate a supply chain and win orders in Australia, specifically because of our quick ability to fully domesticate a supply chain in Australia, has led to an outsized win rate in that region. We feel really good about that. We've been able to replicate that in multiple other countries, that as we began getting into, the countries came and said, "We want a higher proportion of domestic content." We kind of have the formula down of how we engage the, what the project team looks like to do that. In every case I could think of in my head, we've been able to hit our timelines to increase domestic content in these other regions, which has then allowed us to have a higher win rate as they put these new controls or limits on awards of orders in some of these emerging markets. I think we've got a really good formula for that at this point, and the team has been executing really well. I can think of 3 particular regions in the last 18 months that we've been able to form teams and win, specifically as a result of our ability to domesticate componentry. Really good work. The next question comes from Ben Kallo with Baird. You may proceed. Hey, guys. Thanks for taking the question. I want to go back to the market share gains. Could you talk more about, you know, where you're seeing those gains come from? You don't have to name companies specifically, but. You know, why you think that you guys are gaining share? Then I know there was a reference to customers that haven't used you before. Is this something where it's a customer that's also growing volume, and so they're adding another partner or, you know, same volume and you're taking the actual share from them, not just increasing your share, overall, if that makes sense? Thank you. Let me just start. If you just peel up the domestic business and start there, and you look at our volume growth last year of 35%, there's nobody that says this industry grew 35% last year, and anyone who does is confused. When you just look at the domestic ATI volume growth, we've taken back market share. We see that. We see that in our internal win rate and our internal forward-looking win rate. That means the wins and losses that we see internally on bids, continues to be better than what we're seeing when you're looking at the rearview mirror of revenues, right. We continue to see strong traction and momentum in a positive forward basis. Relative to that 4 GW we talked about, in some cases, that was market share takeaway, where they were currently doing business with others, and we've been able to go in and win a fair share of that business from a technical selling basis. In other cases, it was companies that were migrating up into utility scale, who already had familiarity with Array at DG level, for example, but had not done utility scale and are going with Array on their larger program. There's a blend of both, but suffice to say, if you just look at our volume growth, just look at our orders growth and trajectory, you'll see that we are once again significantly rebounding in market share. Our last question comes from Vikram Bagri with Citi. You may proceed. Hi, it's Ted on for Vik. Thanks for taking the question. I wanted to ask about wallet share. You mentioned further the share of the wallet. Where does the integrated tracker and foundation solution get you to in terms of wallet share, either on a% or a dollar per watt basis? Do you have a goal in mind for where you want that wallet share to ultimately be once you factor in the organic and inorganic growth? We can't give you the latter answer without you figuring out what pieces of the organic that we have most interest in, to be clear. We're gonna shy away from that. I would say, look, we've talked about the APA throughout the acquisition, what you're doing is solving for a foundation. If you think about the $1 a watt or $0.08 a watt, whatever number you want to use, and the tracker being roughly $0.10 of that, the foundations range somewhere on the low end of 2.5, but typically up to almost $0.04 a watt. That's what we pick up with APA. As we do that integrated offering with APA, we pick that up at really nice margins. That's our first focus, was to be able to integrate a foundation with a tracker to increase that share of wallet. We are keenly focused at other areas of that we think provide the best opportunity for interoperability. again, that's our laser focus on our platform expansion. The balance of system strategy we're deploying is ensuring that those items we buy, there is true technical integration capability that will not only save our customers money as we technically integrate, but allow outsized margin opportunity for Array. That's our focus. Ladies and gentlemen, this now concludes our question and answer session and does conclude today's conference as well. Please disconnect your lines and have a wonderful day.