Thank you for holding, and please remain on the line. The Capstone Green Energy conference call will begin shortly. Thank you for your patience. Good day, ladies and gentlemen, and welcome to your Capstone Green Energy Earnings Conference Call and Webcast for the Financial Results for the First Quarter Fiscal Year 2026, ended on June 30, 2025. All lines have been placed in a listen-only mode, and there will be a question -and -answer session following the presentation. As a reminder, today's program will be recorded. At this time, it is my pleasure to turn the floor over to Ms. Janet Duderstadt, Capstone's General Counsel. Janet, the floor is yours. Thank you very much. Good afternoon, and thank you for joining Capstone Green Energy Holdings, Inc.'s First Quarter Fiscal Year 2026 Earnings Conference Call. On the call with me today are Vince Canino, the company's President and Chief Executive Officer, and John Juric, the company's Chief Financial Officer. On August 8, Capstone Green Energy Holdings, Inc. issued its earnings release for its first quarter fiscal year 2026 financial results, which ended June 30, 2025. During today's call, we will be referring to slides that can be found on the company's website under the Investor Relations section. This conference call contains forward-looking statements representing the company's views as of today, August 15, 2025. Other than as required by federal securities laws, the company disclaims any obligation to update or revise these statements to reflect future events or circumstances. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors that are, in some cases, beyond our control. Please refer to the safe harbor provisions set forth in slide two of the accompanying presentation in today's earnings release and in Capstone's filings with the Securities and Exchange Commission for information concerning factors that could cause actual results to differ materially from those expressed or implied by such statements. Please note that as Mr. Canino and Mr. Juric go through the discussion today, when they mention EBITDA, they are referring to adjusted EBITDA, which is a non-GAAP financial measure. The reconciliation to net loss can be found in the earnings release and the appendix to the presentation slides. I would like to now turn the call over to Vince Canino, the company's President and Chief Executive Officer. Thank you, Janet, and good afternoon, everyone. Thank you for joining today's earnings call. In addition to reviewing our First Quarter Fiscal 2026 Results, we'll also take this opportunity to highlight some of the key achievements we've made so far this year, along with a candid look at the challenges we continue to navigate. We've made meaningful progress across several areas of the business, and we're excited to share those updates with you today. If you turn to slide three, I would like to run through today's agenda. Today's call will cover Capstone 's current business environment. I will then turn it over to John Juric for a detailed review of our Q1 fiscal year 2026 financial results. We will then discuss a milestone change to our business model. As always, we will then conclude with questions from our investors and analysts. I do wish to remind you that today's presentation includes an appendix which provides additional information for your review. Let's now move on to slide five to begin the discussion on Capstone 's business environment. We've just wrapped up a strong first quarter of fiscal year 2026, and the momentum is clear. This quarter reflects not only continued progress in operational discipline and performance, but also a meaningful step forward in the revenue generation. In fact, our Q1 revenue came in over $12.2 million higher than the same period last year. That's the result of steady improvements in bookings throughout fiscal 2025, which are now clearly showing up in our top line. Let's take a closer look at the performance by segment. Systems revenue was up 190% year -over -year. A key driver here was the successful delivery of a six-megawatt order of CARB-compliant units for a microgrid project at a recycling facility in California. Our Energy-as-a-Service business also had a strong quarter, delivering a 77% year-over-year increase driven by improved utilization rates and stronger market pricing. This kind of performance was made possible by the improvements we've made in manufacturing and supply chain execution. Those teams played a crucial role in enabling us to deliver reliably and at scale. Now let's shift to profitability. We delivered an adjusted EBITDA of nearly $2.7 million this quarter, a $2 million improvement over the $700,000 we posted in Q1 of fiscal 2025. We did this while managing through tariff impacts and ongoing market volatility. Here's what really stands out. Q1 marks our fifth consecutive quarter of positive adjusted EBITDA. That is a historic achievement for Capstone. Over these five quarters, we've now generated more than $10 million in adjusted EBITDA with three of those quarters delivering well above $2.7 million each. This consistency demonstrates that our three pillars of strength strategy is working. More importantly, it shows we've built a team that thinks proactively, adapts quickly, and executes with discipline, even in challenging market conditions. Looking ahead, we are entering a phase that Capstone has never seen before, one marked by real sustained profitability. This level of performance doesn't just fuel growth. It gives us the ability to reinvest in our technology, expand and refine our operations, and strengthen our sustainable competitive advantage, ultimately creating long-term confidence among our shareholders. Now on to slide six. Over the trailing 12 months, we've continued to build momentum in bookings. During that time, we've secured 41 MW of orders, totaling 126 units across 19 different countries. That's meaningful global traction. Our book-to-bill ratio, measured in megawatts, came in at 1.32 over the trailing 12 months, a strong indicator of healthy demand and strengthening backlog. As expected, North America remains our largest contributor, representing 62% of the total bookings. That said, we are also seeing encouraging growth signals from both South America and Europe, a positive trend we will continue to monitor. In Q1 of fiscal 2026, we delivered over $13 million more in bookings compared to Q1 of 2025. At that time, we were still feeling the Chapter 11 hangover effects. Interestingly, unit volumes were roughly the same, which tells us we had a stronger mix of big box units in Q1 of fiscal 2026. That's yet another sign that the distributed generation market is gaining strength, largely driven by capacity constraints across the grid. To stay ahead of this momentum, we've developed a pipeline management tool that helps us track and forecast full-year performance against our annual revenue goals. Here's how it works. First, it captures year-to-date revenue and adds it to the revenue from our convertible backlog. Convertible backlog is calculated by applying our projected backlog conversion rate, or BCR, against the current fiscal year backlog. We subtract the year-to-date revenue and convertible backlog revenue from our annual target, thus giving us the remaining go-get revenue needed to meet our goal. We compare that number to our high-confidence pipeline and apply historical win rates to answer two key questions. One, do we have enough pipeline coverage to hit our full-year target? Two, what is the monthly order pace required through mid-January to generate enough revenue from convertible bookings for the fiscal year? This tool is reviewed in our weekly priority meetings, yet another example of the business discipline and operational rigor we are embedding in our daily execution. This level of visibility and discipline gives us the confidence that we're not just chasing growth; we are managing it strategically. Let's move on to the next slide. I'd like to take a moment to talk about tariffs on slide seven. Not just how they impacted our financials this quarter, but more importantly, how they've helped shape our strategy going forward. While a significant portion of the components used in our products are sourced from the U.S., we also rely on low-cost country strategies and European suppliers for certain parts. The recent tariff changes had a real impact on our bottom line. Some of our non-U.S. suppliers were unable to absorb the increases, which ultimately eroded an estimated $400,000 in potential profit this quarter. Here's the silver lining. These challenges pushed us to look harder and smarter at ways to optimize our landed component costs. We took action. We developed dual and even triple sourcing strategies with comparable landed costs that not only reduce exposure, but also increase scalability and resilience. One important point I want to emphasize is this: we are building a business that's resilient to any administration and its policies. Governments will always act in the best interest of their constituents, and rightly so. Our job is to build a company that delivers value regardless of those changes, one that can withstand volatility and adapt quickly as market dynamics evolve. I am proud to say we are building that kind of team and that kind of company. Tariffs will always be part of global commerce. As shown in the chart on this slide, they've historically and consistently shifted over time, and they will continue to do so. Our role as a business is to be able to bend, not break, to navigate these headwinds with discipline, strategy, and resilience. Let us take a moment to spotlight yet another successful DFMA initiative on slide eight. This one focused on the battery enclosure. This enclosure is critical. It houses the batteries that support our onboard inverter-based technology. These batteries play two key roles. They enable startup when the grid isn't available, and they stabilize power delivery by buffering voltage and current swings at the customer site. That said, the original cost of this enclosure was high, about $900 per unit, sourced from a local supplier in California. We asked the question, can we do better? Using our DFMA process, we ran a should-cost analysis and discovered we are paying far above what the part should realistically cost. Our supply chain team went to work engaging international suppliers and ultimately partnered with one who not only beat the should-cost target, but also optimized material and labor costs, streamlined production, and reduced shipping costs by maximizing 40-foot container loads. All of this added up to a new price of just $350 per unit. That's a 61% cost savings. It's fully loaded. Materials, labor, logistics, and even tariffs as of August 2025 are all accounted for. Just as important, this savings was achieved before we made any changes to simplify the part design or reduce part count. Looking ahead, phase two of this DFMA project will target exactly that: design simplification and part count reduction. Because each C1000 system requires 10 of these enclosures, the financial impact here is significant. This is a textbook example of how DFMA thinking, plus global sourcing, plus commercial rigor, translates into real savings without compromising quality or performance. Now I would like to turn the call over to John Juric. Thank you, Vince, and good morning, everyone. Capstone continues to improve its financial health, now reporting five consecutive quarters of positive adjusted EBITDA. The resilience of the business, the evolving dynamics in the power markets, and the commitment from our employees and distributors have changed the trajectory of Capstone. The company, its distributors, and employees are poised to deliver solutions to solve the power needs globally. Now let me discuss the company's financial results for the first quarter of fiscal year 2026. Moving to slide 10, you will see the summary financial results for the first quarter. Total revenue was $27.9 million compared to $15.6 million for the first quarter of fiscal year 2025. This represents a 78% increase to the top line. The revenue growth came from nearly a 2x increase in product and accessory sales and a 77% increase in rental activity for the three months ended June 30, 2025 versus the same period ended June 30, 2024. The improvement in product and accessory sales reflects the change in customer sentiment for Capstone products following the restructuring and the resilience and adaptability of the Capstone product to meet the changing market demands. Rental revenue improved 77% to $4.3 million, mainly on demand for remote power in the oil and gas space. Revenue from products and services remained steady on a quarter-over-quarter basis. The effect of the top-line improvement delivered a gross profit of $7.6 million for the three-month period ending June 30, 2025 versus $3.8 million for the period ending June 30, 2024. The current quarter's gross profit was 2x better than that of the prior year and delivered a gross margin of 27% versus 24% for the period ended June 30, 2024. The gross profit dollars and margin improvements reflect the effects of the sales mix, strategic price increases, improved utilization rates, and ongoing cost savings from our DFMA initiatives. Research and development expenses of $800,000 for the three months ended June 30, 2025 was an increase of 49% from the three months ended June 30, 2024. R&D expenses were 3% of revenues for the current quarter. The increase in R&D expenses reflects the ongoing efforts towards cost-out initiatives and new technology development. SG&A expenses of $6.9 million in the first quarter of fiscal 2026 increased $138,000 from the same quarter of the prior year and are 25% of revenue. Included in the first quarter of fiscal 2026 was $321,000 of accrued AIP bonuses and $349,000 of stock-based compensation expense. Non-recurring expenses for the three months ended June 30, 2025 were $1.1 million versus $2.6 million for the three months ended June 30, 2024, a reduction of $1.5 million. Net loss for the period was $698,000, which is a $3.2 million improvement from the first quarter loss of fiscal year 2025 of $3.9 million. The improved financial performance delivered adjusted EBITDA of $2.7 million for the current quarter. These numbers reflect the impact of the business improvements that have been driven across the organization. Now let's turn to slide 11 for a review of select balance sheet items. Cash and cash equivalents at June 30, 2025 were $6.6 million, a decrease of $2 million from March 31, 2025. The decrease was primarily caused by use of cash in operating activities of $1.6 million. Accounts receivable net of allowances were $10.7 million, an increase of $3.7 million versus March 31, 2025, caused by the timing of sales activity in the quarter. Total inventories were $19.7 million and declined $400,000 from March 31, 2025. This was from the operational discipline efforts focused on supply chain efficiencies and inventory turns. Lastly, accounts payable and accrued expenses were $16.8 million at June 30, 2025, a $1.3 million increase from March 31, 2025, resulting from the level of business activity in the quarter. I would just like to mention that the effort to position the stock on the OTC QX market and correct the company name linked to the ticker symbol is ongoing, and we expect to have a full resolution in the near term. FINRA has corrected the name linked to the ticker symbol, and it is now displayed correctly on the OTC market platform. Other platforms should pick up the correction in their normal update cycles. With that, I will turn the presentation back to Vince. Thank you, John. Let's move to slide 13. Here I'd like to discuss a strategic milestone for Capstone. On Wednesday, August 13th, we made a fundamental shift in our business model by acquiring our long-time distributor, Cal Microturbine, which covered key states like California, Hawaii, Nevada, Idaho, Washington, and Oregon. Now, to be clear, this move does not signal the end of our distribution model. Many of our distributors are longstanding partners, some for over 20 years, and continue to provide valuable turnkey solutions and local expertise. This acquisition was a strategic decision. One of the limitations of a traditional distribution model is that the OEM can lose direct connection to both the market pulse and, more importantly, the voice of the end customer. This move allows us to change that. We've begun to make a smooth transition of Cal Microturbine's employees and customer base, and we're making additional investments to fuel growth across what we now call the Capstone West Territory. Let's take a closer look at the Capstone West Territory. This territory is truly one of the richest regions in the U.S. for distributed generation growth. It is a cluster of states with some of the highest electricity prices, most aggressive clean energy goals, and/or growing demand for energy resiliency. One of the major advantages here is the presence of very high spark spreads, which is a key driver for customers looking to improve energy economics with microturbines and other distributed generation solutions. What makes this territory even more attractive is that it's loaded with vertical markets where we perform best. Why is this so exciting? Because this region, especially California, represents the number one market for distributed generation in the U.S. It's a perfect storm of favorable conditions: high electricity prices, frequent public safety power shutoffs, aggressive net zero goals for 2045, leading incentive programs like SGIP, and strong adoption of solar plus storage and other microgrid technologies. In short, this region checks all the boxes: favorable economics, high energy demand, and industry diversity. This acquisition gives us a platform to capitalize on those opportunities. We are building a strong team of sales and service professionals under the Capstone West Territory banner, ensuring we provide exemplary service to existing customers while also growing the installed base. In short, this move is about deepening the market insights and accelerating growth in some of the most exciting DG markets in the U.S. With that, we'd now like to move to the Q&A session. Kim, could you please queue up the first submitted question? Thank you, Vince. I would like to call out this question in particular. This one is for John. Is Goldman Sachs still supporting Capstone? John, could you answer that for us? Yes, Kim. Thank you. Just recently, in the past several weeks, Goldman Sachs has worked very closely with Capstone in support of the Cal Microturbine transaction, demonstrating their continued support for Capstone and the growth of the Capstone business. Excellent. This question is now for Vince. How many C1000s would be needed for a small data center? It depends on the data center, actually. One of the things that we are looking at is our C1000 can work very nicely when a data center maybe needs 2 MW, 4 MW, 6 MW, 8 MW, 10 MW. If we really get into the intricacies of data centers and how they operate and what they call blocks of power, we now have a new design that's geared towards handling 2.5 MW of blocks because that's a typical block of power. One data hall will typically be between 10 MW and 12 MW of that power load. Excellent. The next question I'm going to pose to you as well, Vince. Can Capstone get financing for expanded production? Interestingly enough, we are currently running at about 12% of our capacity just on a first-shift basis. We've recently, through our VP of Operations, John Toor, been going through a whole new floor layout. Through that lean manufacturing process, we are now going to be able to expand that capacity significantly more without very little CapEx investment. As a matter of fact, the little CapEx investment that we're doing this year will get us almost 400 MW of capacity if we were to do that over three shifts. Excellent. This next question, I'm actually going to toss to Victor Kong, who's in the room with us. Victor, what is the status of the C250? Hi, Kim. Yes, we are actually dusting off our prototype hardware from a few years ago, and we are excited to reassemble our development team. We've identified a Program Manager and are off to the races with the new technology. Excellent. Thank you, Victor. The next question is going to be for John. Should the increase in AR be concerning? Thanks, Kim. No, the increase in AR should not be concerning. What we're seeing, as Vince mentioned, there was a very large sale to one customer here in the first quarter, 6 MW. The timing of those shipments resulted in an elevation of accounts receivable. Our accounts receivable is over 90% current. Excellent. Thanks, John. This next one is aimed at you as well. Could you please answer this? The listener question was, I noticed you didn't speak to the 12 trailing months in revenue. Can you tell us more of what that looks like? Sure, yes. We did speak about the 12 trailing months, but when we look at our 12 trailing months of revenue, it sums to just over $97 million, which is showing a very strong upward trend. We do expect to achieve over $100 million in revenue this year. Excellent. Thank you. Next one is for Vince. How are sales coming with the other distributors? They're strong. We see a really solid pipeline of what we call high-confidence opportunities. We are seeing bigger blocks of power being ordered from a number of these distributors, so that's very exciting. We also still have a steady pace of our C65s as well. Oil and gas remains very strong, both in the rental side of the business as well as the new unit sales side of the business. We also see a lot of increased interest in the C&I space as well. Excellent. Thank you. The next question is going to go to John. How confident is management that the $8 million short-term debt will be refinanced? Kim, there's efforts going on, multiple ways to address the $8 million of debt. We have high confidence that that will be addressed prior to December. Excellent. Thank you. Vince, give us a forward progress report now that Cal Microturbine has been purchased. Thanks, Kim. I'm actually going to turn it to Tracy Chidbachian since she's been heading up the transition of this Cal Micro. I'll let Tracy speak to that, and then I'll fill in the rest from there. Great. Thanks, Vince. We're excited about the Cal Microturbine transition and the new opportunities it brings to Capstone. This marks a significant milestone in our growth, and we are confident it will strengthen our presence in the region. Our goal is to ensure a seamless experience for both our valued customers and the talented team members joining us through this transition. We look forward to building strong relationships, expanding our capabilities, and delivering even greater value across the region. The opportunities ahead are promising, and we're committed to making the most of them together. I'm going to follow on with a question for you, Tracy. Since you've been in the thick of it with the transition of the Cal Micro employees, how would you say that transition is going? Yeah, I'm really excited about this transition, and I'm getting the same feeling from them. We've had calls every day this week, and we will continue to do so. The goal is to build the relationships and make them ensure that they feel that they are part of this team and have all the resources, the tools, and the support from the factory to be successful at their job and to support their customers 100%. Great. Now I'm going to ask Ray Scholl, who's our Director of HR, anything else to add on the transition, Ray? No, I mean, really only to double down on what Tracy just said. It's been really successful so far and smooth sailing. It's exciting to see how it's unfolding this week. Great. Thank you. Excellent. This will be a follow-up question, and I'm going to direct it to John. How will the California buyout of the distributorship affect the financials? Thanks, Kim. Under our distributor model, we share profitability from the value chain between ourselves and our distributors. Capstone taking on the direct sales allows Capstone to capture 100% of that value chain in the region that it's taking over. Of course, that will be offset by some additional operating costs in sales and service. However, net-net, it will be an improvement in both gross profit and EBITDA. Kim, I'm going to just add on to what John is saying in terms of the financials. One of the things we didn't touch on, the other excitement as part of this acquisition is the real opportunity that's out there. Just looking at Cal Micro's current pipeline of opportunities, it's pretty massive. It's really exciting. They've got a number of deals that are very close to closing that we'll be taking over. There's more coming down the road. What we're seeing in this marketplace is exactly what we said before. It's just a very exciting place to be when it comes to distributed generation. Excellent. This next question I'm going to direct to you, Vince. Are you able to build a rental unit from trade-in unit parts that would make a great margin? Coming from different rental unit businesses back in my GE days and Trane days, I would tell you we have even a better advantage than all of those folks and even Aggreko. That is, we make our own product. The fact that we can bring in different decommissioned units and take and remanufacture a number of those parts to build a rental unit, we get a doubling down effect. Where an Aggreko or a Trane or even a GE, well, GE would buy gas turbines, but when they bought other equipment, you're buying that at street price. We're not buying at street price. We're buying at our cost. When we do remanufactured parts, which we are confident will still last long, which is really great for the rental business, we get it at even a lower basis. Therefore, our margins are exactly that. They can be much better than what our competition can be at. Excellent. Thank you, Vince. The next question I'm going to direct to John. John Juric, are any analysts showing interest in reinstating coverage? We have been having discussions with several analysts. They have indicated that they are going to be examining the company much more closely and should be. We're hopeful that they will be providing coverage in the near term. Excellent. Thank you, John. I'm going to follow that up, and I'll take this question myself. Is Capstone planning a roadshow? The answer is yes. We're going to be participating in the Roth Conference in September, where we'll be talking to investors. That will be sort of our kickoff to getting the team back out on the road and taking meetings with investors, participating and presenting at conferences. Of course, we'll be doing webcasts on a regular routine basis on different various topics, as well as lunch and learns. We're excited to get back out on the road, and we look forward to seeing each and every one of you. Great. The next question, I'm going to now turn to you, Vince. In full retroactive expensing from the new tax bill, increasing orders? We haven't seen anything really as of yet, but when you look at the financial impact to an end user's balance sheet, that is pretty significant. We certainly would see that as a tipping point. If customers are looking at self-generating, this is definitely a great opportunity to accelerate their depreciation and optimize their tax exposure. Excellent. This last question, I'm going to volley over to John. John, is the $10 million incremental line of credit associated with the $8 million short-term debt currently available for use? As it's outlined in the debt agreement, it is a feature of the agreement. The feature of that agreement is still in place. We are not actively looking to pursue drawing down that $10 million at this time. Excellent. Thank you. That concludes all of the questions. I'll turn the call back over to Vince. Closing remarks? Look, it's obvious we've come a long way this past year. The strides that we've made in just the last five quarters really have been truly transformational, not only in our financial performance, but also how we operate, lead, and grow as a company. To be clear, we haven't resolved every issue on our balance sheet, but we do know where the gaps are, and more importantly, we know what it's going to take to close those gaps. The tailwinds for distributed generation and microgrids are undeniable. I think we all see that. The opportunity in front of us is very real, and it's ours to seize. From here, it just comes down to execution. It's about following through on our commitments, owning our accountability, and delivering quarter after quarter. As challenges inevitably grow, so will we. Our culture will be the foundation of our sustainable success. It quite frankly is our edge. We must act despite fear. We must set the tone, especially in tough times. We must listen well with intention and humility, and we must make courageous decisions. In short, we must be bold, resilient, and relentless. Simply put, what we have to be is badass. Thank you for your attendance. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.