Good day, ladies and gentlemen, and welcome to your Capstone Green Energy earnings conference call and Webcast for the financial results for the second quarter, fiscal year 2026, ended on September 30th, 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 Green Energy's General Counsel. Janet, the floor is yours. Thank you very much. Good afternoon, and thank you for joining Capstone Green Energy Holdings' second 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 Miller, the company's Interim Chief Financial Officer. On November 13th, Capstone Green Energy Holdings issued its earnings release for its second quarter, fiscal year 2026, financial results, which ended September 30th, 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, November 13th, 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. Miller go through the discussion today, when they mention EBITDA, they're referring to adjusted EBITDA, which is a non-GAAP financial measure, and the reconciliation to net loss can be found in the earnings release and the appendix to the presentation slides. I would now like to 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. Let's start with what's most important. Capstone is evolving, and that's a sign of strength and progress. Recently, our Chairman of the Board and CFO have transitioned from their roles. Leadership transitions are a natural part of a company's growth, especially during periods of strategic advancement. These changes reflect our commitment to building the strongest possible team to lead Capstone into its next phase of expansion and value creation. As we move forward, we are fortunate to have a deep and talented leadership bench. We've appointed highly experienced professionals to these roles on an interim basis while we conduct a thoughtful, deliberate search for permanent successors. This process represents our commitment to excellence and to ensuring we have the right leaders in place to drive sustained performance and shareholder value. We want to sincerely thank Bob Flexon and John Juric for their contributions and dedication. Because of their efforts, we enter this next chapter from a position of strength, ready to capitalize on market opportunities, expand our capabilities, and continue delivering value to our investors. Capstone is in an exciting era of growth and transformation, aligned with new energy market requirements. With a strong foundation, a clear strategic vision, and an energized team, we are confident in our trajectory and optimistic about what's ahead. Now, let's move on to our financial dashboard on slide four, where the momentum behind our performance is clear and compelling. Capstone's growth story is accelerating: stronger margins, stronger balance sheet, stronger outlook. Here are some key highlights of what we've achieved. First, six consecutive quarters of positive A djusted EBITDA, clear proof of operational discipline and business scalability. Second, $15+ million in Adjusted EBITDA generated over six quarters, with multiple quarters achieving double-digit margins and this quarter setting an all-time high. Third, year-over-year growth with products revenue up 43% and energy as a service up 25%, which demonstrates strong top-line growth across both core and recurring revenue segments. Fourth, disciplined cost management and margin expansion, which is driving sustained profitability and positioning us to navigate upcoming financial obligations with confidence. In short, Capstone is entering a new phase of growth: stronger fundamentals, a clear strategic path, and increasing shareholder value. Let's move to slide five. Over the trailing 12 months, our product revenue has increased by more than 37%. This is a significant milestone, not just in terms of growth, but in how it reshapes our overall revenue mix. Product now represents over 50% of our total revenue, marking a pivotal shift in our business model. On the margin transformation front, historically, product revenue tended to dilute gross profit and EBITDA. Today, that dynamic has completely reversed. Thanks to improvements through our DFMA program, stronger price realization, and productivity gains from our lean manufacturing initiatives, we have turned product margins from negative to double-digit positive. The margin transformation is not just a financial win. It is a strategic win, as it is a sign of a healthy business. It validates our operational discipline and positions us for scalable, profitable growth. Meanwhile, our service business remains steady and forecastable, providing a reliable foundation. With both engines firing, on a trailing 12-month basis, we are well on our way to surpassing $100 million in total revenue. We are not stopping there. Our microgrid business continues to expand, and with the launch of our strategies in AI infrastructure and data center environments, we are poised for a step-changing growth. We'll dive deeper into those opportunities later in the call. As we turn to slide six, I want to highlight the encouraging upward trends in both gross profit and net income. These are critical indicators of our continued success, showing that we are not only driving top-line growth, but also strengthening our financial foundation. The sustained improvement in gross profit is a direct result of our strategic focus under the financial health pillar. Through enhanced financial, operational, commercial, and business discipline, particularly within product operations, we've delivered a remarkable turnaround. By prioritizing price realization, DFMA-driven cost optimization, and strategic volume mix, we not only transformed product margins, but also lowered component costs across our service agreement and Energy-as-a-Service segments, creating a unique and sustainable margin expansion. In addition, our sustained excellence pillar continues to drive margin improvements through a robust root cause analysis process within our service agreement business. Using a disciplined five-why process and fishbone diagrams, we analyze and resolve the underlying causes, thus improving system reliability and delivering greater long-term savings for our customers. Moving to slide seven, as customary, we have our DFMA shout-out for the quarter. Now remember, DFMA stands for Design for Manufacturing and Assembly. One of the key intellectual property components critical to achieving our exceptionally clean emissions performance is our injector tubes, which are an integral part of our combustion system and technology. Years ago, Capstone outsourced the assembly of these injectors, which led to higher component costs and delivery delays, challenges that often arise when relying on suppliers balancing our work against their other revenue streams. As part of our R&D initiatives exploring the use of hydrogen and other waste stream blends, the team decided to run these injector tubes through our DFMA process. The analysis went beyond simple material costs. It included a comprehensive labor and flexibility review. By redesigning the necessary fixtures and jigs, the team enabled us to bring this component back in-house, resulting in a 44% cost saving. Once again, DFMA delivers real measurable value. Now, I would like to turn the call over to John Miller, our Interim Chief Financial Officer. Over to you, John. Thank you, Vince, and good afternoon, everyone. There are a lot of positives in the quarter as Capstone continues to improve its financial health, reporting six consecutive quarters of positive Adjusted EBITDA. The resilience of the business, the evolving dynamics in the power markets, and the commitment from the employees and distributors have changed the trajectory of Capstone. The company, its distributors, and employees are poised to deliver innovative solutions to solve the power needs globally. Now, let me discuss the company's financial results for the second quarter of fiscal 2026. Moving to slide eight, you'll see the summary financial results for the second quarter. Total revenue was $28.4 million compared to $22.7 million in 2025. This represents a 25% increase to the top line. The improvement in product and accessories revenue to $16.1 million during this period reflects the continuing increase in customer sentiment for Capstone products following the restructuring and the resilience and adaptability of the Capstone product to meet changing market demands. Improvement in rental revenue to $4.4 million is due mainly to demand for remote power in the oil and gas space, and parts and service sales remain steady on a quarter-over-quarter basis. Top-line growth delivered a gross profit of $9 million for the quarter versus $7 million in 2024. The current quarter's gross margin was 32% versus 31% for the period in 2024. Gross profit dollars and steady margin improvements reflect the effect of the sales mix, strategic price increases, improved utilization rates, and ongoing cost savings from our DFMA initiatives. R&D expenses were 3% of revenue for the current quarter. The increase in R&D reflects the ongoing efforts toward cost-out initiatives and new technological development. SG&A expenses of $6.8 million increased $0.4 million from 2025 and are 24% of revenue. Included in the second quarter was a $0.5 million accrual for incentive compensation expense. Non-recurring expenses for the quarter were $1.4 million versus $2.1 million in 2024, a reduction of $0.7 million. Net income for the period was $0.8 million, which is a $1.2 million improvement from the loss in fiscal 2025 of $0.4 million. Improved financial performance delivered Adjusted EBITDA of $4.5 million for the current quarter. Now let us turn to slide nine for a review of select balance sheet items. Cash and equivalents were $7.7 million, a decrease of $1 million. The decrease was primarily caused by use of cash in operating activities of $1 million. Accounts receivable were $14.3 million, an increase of $7.2 million caused by higher sales in the quarter and the receivables assumed in the acquisition of Cal Microturbine. Total inventories were $20.3 million and declined $0.2 million from year-end from the operational disciplined efforts focused on supply chain efficiency and inventory turns. Lastly, accounts payable and accrued expenses were $19.9 million, a $4.4 million increase from March 31, 2025, resulting from the higher level of business activity in the quarter. Lastly, I want to highlight an important milestone in our capital markets progress. Capstone Green Energy has now been upgraded to the OTCQX market, the highest tier of the OTC Markets platform. This upgrade enhances the visibility of our stock and improves access for a broader set of investors and reflects the meaningful operational and financial progress we've delivered over the past several quarters. Our updated company name and ticker information are displayed accurately on the OTC Markets platform. We expect other major financial data services to reflect these updates as they complete their normal refresh cycles. We will continue to focus on the goal of ultimately qualifying for and achieving a listing on a national exchange such as NASDAQ or the New York Stock Exchange. While this remains a longer-term objective, we believe the progress we are making today is building the foundation necessary to pursue that opportunity. With that, I'll turn the presentation back to Vince. Thank you, John. Moving to slide 10, even amidst the rigor and discipline we have embedded across the business, especially around financial discipline, we have remained very deliberate in our strategic investments in technology. Our guiding question has been simple: What can we deploy with speed, confidence, and frugality? What this really means is that we tasked our engineering team to go on a kind of archaeological dig through the technology halls of Capstone's history. What they found was both amazing and exciting. Of the four technology development initiatives shown on this slide, three came from designs and hardware that already existed: unrealized potential waiting to be rediscovered. With just a touch of engineering creativity and the willingness to think beyond, we have uncovered some truly impactful archaeological finds. First, as announced this past October, we successfully developed and demonstrated our ability to provide 800 volts D. C. Why is this important? Because NVIDIA recently announced its next-generation chips will run on 800 volts D. C., a change that delivers huge benefits in scalability, efficiency, and copper utilization in the data center environment. This enables AI factories and data centers to future-proof their infrastructure for high power density and efficiency. We realized we could meet this challenge very quickly. We were already producing 760-780 volts D. C. from our generator control module in our current product line. With targeted software and hardware enhancements, we can now accelerate our time to market significantly. The second archaeological find came from our California CARB certification work. We had developed specialized combustion liners in combination with additional equipment in order to meet California's stringent standards. Here's what we discovered. These liners alone, without any after-treatment, can achieve NOx levels near 5 ppm straight out of the box. Today, competitors operate at 15 ppm-25 ppm, even with lean burn technology. Once again, Capstone continues its journey to being the cleanest technology in the market. Our third exciting archaeological find is our C250 engine. As we mentioned in our previous earnings call, we've revived the C250 engine program, which was mothballed just prior to COVID. Prior to shelving the project, we had already tested a prototype engine. Once again, the team brushed off the archaeological dust of another hidden treasure. I'm proud to share with you today that last week, the team reassembled the engine, ran it successfully for extended periods, and collected very promising data. They are now working to optimize efficiency and charting the path to commercialization. We don't yet have a target date, but by next earnings call, we expect to be well on our way. These discoveries prove that innovation does not always mean starting from scratch. It means thinking beyond, leveraging what we have, and moving fast to capture the most powerful tailwinds in the market. Slide 11. I wanted to share this slide with you to gain a real, impactful perspective on what 800 volts DC truly means. None of these companies shown in these announcements build power generation equipment. Instead, they are developing downstream power infrastructure, the equipment that delivers electrons from the grid or prime movers like us all the way to the chips on the GPU servers. This is where Capstone plays a critical role. We are collaborating with several of these companies to co-develop an on-site power-to-chip strategy, a solution designed to meet the evolving demands of AI factories and next-generation data centers. We are truly navigating uncharted waters, and the tailwinds are accelerating. Capstone is steadying the ship and preparing for some very exciting sailing ahead. On to slide 12. Grid fragility, technology maturation, decarbonization without disruption, and electrification-driven load growth are all driving a sea of change across the energy landscape. Companies today must prepare for this step-changing growth with true strategic resilience. At Capstone, we are confident that our three pillars of strength strategy is uniquely aligned to deliver that resilience. No matter what challenges come our way, the disciplines of our financial health pillar, the robust initiatives of our sustained excellence pillar, and the pillar focusing on revitalizing culture and talent all ensure that we can bend but not break as the dynamics of fast-moving market and evolving policies test us. Tariffs are a perfect example. Sure, we would have liked to have those extra dollars in our bottom line, but they did not break us. Instead, tariffs made us bend, forcing us to think beyond the short-term mitigation solutions. In doing so, we now source products that deliver long-term sustainable savings and have built a more resilient supply chain, one that will support the step-change growth we see coming from these powerful market tailwinds. With that, we'd now like to move into the Q&A session. Kim, could you please queue up the first submitted question? Thank you, Vince. The first question I'm going to ask is directed at John Miller, and that is, what is the financing status of the short-term $8 million debt due in December? At this time, we're looking at a number of options really across the spectrum. Nothing that we can report at this moment, but rest assured, we're looking at every possible alternative. Thank you, John. The next question is going to be directed at Vince. Vince, will we ever leave the distributor model completely and replace it with our own Salesforce? Thanks, Kim. The answer to that is no. The distributors are our lifeline. They've got the local regional expertise, and we certainly rely on that. That's what makes Capstone who we are today. On the flip side of that, sometimes there are opportunities where some distributors might want to look to either retire or divest. If it makes sense for Capstone to take over that territory, we might. At the end of the day, we have no plans to take over the distribution model. Thank you, Vince. John, is Goldman Sachs playing any part in the $8 million debt restructuring? It is clear Goldman Sachs owns the debt, and we have to work with them to come up with a solution. So they'll definitely have a voice. Excellent. Thank you. The next question is also for you, John. Is there any interest in a merger or a buyout? Any company is open to an offer. I mean, it's the old saying, "Everything's for sale at the right price." Today, we don't have any active discussions or any LOIs or letter of intent signed. Thank you. Vince, why would an analyst begin following our stock with the impending stock dilution? I think those are two separate issues. The first is I would hope that analysts would want to follow our stock, especially with the exciting transformation and turnaround that we've just gone through. We've got a great look ahead. In terms of dilution, that's just something that may or may not happen depending on how we decide to refinance this company. Thank you. Next question is also for you, Vince. Has Capstone presented their AI data center product with any large entity? We certainly have. We've been talking to a number of the large hyperscalers as well as some of the tier two and tier threes. At the end of the day, there are different types of solutions that each one is looking for. We are very open. We do have what we call our data center reference design, which fits nicely into most data centers' designs. Excellent. Next question. Do you have plans to ramp up production as the opportunities are there now? It seems there are financial constraints, so are you considering joining hands, meaning a merger with a larger company? I'm going to answer the first part of that question because I think it's a really good question. The answer is we are in the middle of doing our lean manufacturing relayout of our factory floor. By the time we're done, we should be able to do about a gigawatt of power annually. That's really exciting for us. Now, the really cool thing about that is it requires very little CapEx. As we look at how do we meet this upcoming demand, especially in the data center space, we're uniquely ready to take on that challenge because most of the special equipment is already with our suppliers who have very low capacity already. They'll be able to ramp up with us. We'll be able to handle that. In terms of joining hands with a larger company, as John said earlier, every deal will be open to listening and hearing out. At the end of the day, the price has to be right for our shareholders. Thank you, Vince. Next question comes from one of our longtime shareholders, Edwin Chelin. He asks, how are sales going in this new quarter? Sales are going well. Every quarter is a little bit of a ride sometimes. We have better quarters than others. In particular, we've got a really strong and robust pipeline. As these types of deals take time to get done, sometimes we get a verbal, but then it's maybe a month later before we actually get the purchase order. All in all, sales and orders are looking very strong, and we're very excited for it. Here's another question for you, Vince. Has Microgrids for AI made any inroads into showcasing their product to any prospective clients? They have. Actually, originally, when we were talking with or when we teamed up with microgrids for AI, we were focusing on the 20 MW IT loads where we bring power and compute in a mobile package. As they started to hit the market, they've gotten and we've gotten pulled into some, we'll call them mega deals, which is very interesting for both of us, but we're pretty excited about some of those opportunities. Our last question is, Capstone still open to other partnerships? John already answered the merger question or potential buyers. I'll answer this in a different way. As you saw on the slide with the press releases, a number of those companies that are on there were in discussions in collaborating and partnering. We absolutely are open to other partnerships, especially when you look at the data center space. There's a number of different players out there that combined with us and them, it's an exponential power. We're excited to do those things. I can answer that. We have a couple of last-minute questions that were submitted. The first one is, how do you expect the gross margin and free cash flow trend, especially with the close of the microturbine acquisition? I think the answer is pretty simple. The Cal Microturbine acquisition has been fully absorbed into the Capstone platform, and we expect the gross margin trends and free cash flow trends to continue like what you saw in the second quarter here, which was all very positive. Excellent. Vince, can you add context to the recent senior leadership departures, and does it impact your go-forward strategies? As we started out this call, these things always happen. Good companies always plan to have a deep bench because people decide to make their decisions in which way they want to go with their careers. That is understandable, and it is acceptable. We have been planning for things like this, so this was not a total surprise. Like we said in the beginning, we had a very deep leadership bench, and we are not going to miss a beat, and we are excited to continue with our strategies for the future. Excellent. Thank you both, Vince and John. That concludes our questions. Okay. To your closing remarks, Vince? Okay. Thanks, Kim. Before we conclude today's call, I wanted to take a moment to thank our employees, our distributors, customers, and shareholders for their continued support and confidence in Capstone. This quarter's results are a reflection of our team's relentless execution and resilience. We've now delivered six consecutive quarters of positive Adjusted EBITDA, demonstrating that the transformation we've talked about is not only real, it's sustainable. We are operating with strategic resilience guided by our three pillars of strength: financial health, sustained excellence, and revitalized culture and talent. These principles shape every decision we make, from how we innovate to how we serve our customers and to how we invest in our future. As we look ahead, Capstone is uniquely positioned at the intersection of technology and transformation, where distributed generation, microgrids, and AI-driven data centers meet the world's growing demand for reliable, efficient, and clean power. We are executing with speed, simplicity, and self-confidence, but most of all, accountability. The foundation we built gives us tremendous confidence in our ability to drive profitable growth and long-term shareholder value. Thank you. Thank you. This does conclude today's conference call. You may disconnect at this time and have a wonderful day. Thank you once again for your participation.