Good morning, everyone, and welcome. Thank you all for joining us today. I'm Sarah Lee, head of Investor Relations. Great to see you. Before we get started, let's just go through a couple of housekeeping items. If you need to take a phone call, please step out before doing so. Restrooms are available down the hall this way. Wi-Fi information is available on the desks. If we need to make an emergency exit, please use the doors on the right. Another reminder: no photos today. We'll be making forward-looking statements today. These statements are based on our current beliefs and expectations, and we undertake no obligation to update them. We'll also be using GAAP and non-GAAP financial measures. Reconciliations can be found on our Investor Relations web page, where you'll also find a link to today's replay, as well as presentation materials. Now, let's go through the agenda. After Dan's opening remarks, our engineering and product leaders will come to the stage and walk you through our technology platform. For those of us here in person, we'll then look at product demonstrations, and the online community will then rejoin us for a customer panel, followed by a fireside chat featuring a utility's perspective. Then Chuck will walk us through financials and outlook, and our management team will answer your questions, and the program concludes there for the online participants. For those of us here who will have lunch, then we'll step outside for a tour of our R&D center. We really hope you enjoy the program today, and with that, please help me welcome to the stage our CEO and founder, Dan Shugar. Good morning. We couldn't be more excited to welcome you all here today. It's a great day for our industry, a great day for Nextracker. I'd like to revisit where we were. We're approaching three years since our IPO, and I'd like to revisit where we were, where we are, and where we're going. We've really focused on delivering since day one, delivering for our customers, delivering for our supply partners, delivering for our team, and delivering for our investors. Since our IPO, we've generated $7.7 billion of revenue, a 21% annually compounded growth, $1.3 billion of cash flow, and most importantly, we've delivered on meeting or exceeding expectations. When we finished, as when we did the IPO, we were concluding a year where we delivered about $1.9 billion of revenue. We've been able to continually improve our revenue and our earnings. And how did we do that? We did that by really focusing on innovation, and innovation that delivers tangible value for our customers, innovations that can be quantified and monetized through their projects with their IEs, independent engineers, and their banks, and through reliable and consistent performance. That's really what we're all about at our core. We have a hyper-focus on customer, ensuring that their needs are met through the process, and relentless focus on execution by building a high-quality team that focuses on culture and meeting or exceeding expectations. We're very proud of what we've achieved in the tracker space. We've had number one share for 10 consecutive years globally. In the United States, we've delivered over 150 GW. By sense of scale, that's three times the peak load of the state of California, more than the peak load of Texas, and more than the peak load of Canada. Okay, what's next? Well, today we're celebrating our rebrand to Nextpower. And we've been on a journey to expand our platform for the last few years, starting with foundations that support trackers using technology that we've developed organically and also acquired through integrating electrical balance systems and other things I'll cover shortly. These, why did we do these things? We did these things because we speak to our customers and try to understand what are your pain points and what's impeding your project, what are opportunities to deliver more value to you. And then by listening to need, customer market need, innovating, and understanding the full value, we're able to create or acquire technology that delivers those values and then relentlessly execute to bring that to market. So Nextpower really celebrates the next phase of the company growth, where we're transitioned from a few years ago, we were a pure-play tracker company. Now we're doing most of a clean energy power plant that uses solar. And so we'll be unpacking that this morning. Let's take in a short video. Throughout history, energy has powered every major leap forward. Coal and wood heated our earliest homes. Fossil fuels launched the modern age. Today, electricity is a new strategic resource, more productive, and higher value compared with traditional fuels. AI, electrified transport, data centers. Our future is electric, and demand is accelerating beyond anything we've seen before. Solar is the only technology fast enough, clean enough, and scalable enough to meet this moment. We are Nextpower, born from the leadership of Nextracker, now the platform behind the world's most advanced energy systems. This is integrated infrastructure, predictive, modular, bankable, built to drive solar deployment from gigawatts to terawatts. In this new age, electricity is the essential currency, and Nextpower is the platform best positioned to deliver at scale. The demand has never been greater, and we're building technology to meet this challenge. We are building what's next. We are Nextpower, harnessing the sun to power the world. Wonderful. So what's driving our future? We have three very strong tailwinds happening. One is demand. We're in an electricity supercycle. We'll look at the data, but we've seen unprecedented load growth in over half a century needing electricity to power our communities, our businesses, our AI, and electrification of everything that's happening. Two, our customers have expressed to us they want us to do more. We have extraordinarily high customer satisfaction with the products we deliver. And customers are saying, "Please, can you do a larger scope?" And so they want integrated solutions to their clean power needs, not to buy a set of parts and then have those assembled in a field. And three, perhaps most importantly, is economics. Incredible that solar is the lowest-cost way to generate power in most of the world, in almost every grid on most of the continents. And so this economics, combined with speed to market and ability to build these plants very quickly and have low risk on a forward look, are drivers why solar is continuing to accelerate. Taking stock last year, on a terawatt-hour basis, the highest standard, solar delivered more than twice as much new power than any other form of generating power. Today, we're in this electricity supercycle. We're approaching one terawatt a year of new power generation being installed. And if you look at solar's role in that, we're dominating because of economics, speed, lower risk, and the other factors we mentioned. Let's analyze the economic story around solar. If you look at the levelized cost of energy on an unsubsidized basis, solar is about a third lower cost than gas, about half the cost of coal, and 1/3 the cost of new nuclear. And while we're winning today, we're going to continue breaking away from the power generation pack as you look forward because there's an economy of mass production, innovation that's going to continue driving down the cost of solar as we look forward. And we can look at that everywhere from the solar cell to the panel to the tracker electronics, all these systems. And Nextracker is in the forefront of many of these elements. So we expect over the next year, the cost of solar on a levelized cost of energy basis to drop over 50%. So we're very confident with where this is going. And timelines matter. We're all seeing these headlines. We need power, need power in many markets around the world. From the time a plant is fully permitted, a 1 GW solar plant can be installed in one year, and the cost is about $1 billion. A gas plant, best case, three to four years and costs us $2 billion. A nuclear plant, we're seeing 10+ years, $15 billion. So we're winning on cost no matter how you slice it. Okay, let's cover our comprehensive energy technology platform. This is the Nextpower platform. It's an integrated, cohesive offering for our customers of products and services tied together with software, ready to help customers design, build, and operate the most advanced power plants in the world. And so we started with the tracker, and we're not going to stop innovating on tracker. That's our core. It's sort of the skeletal system of the clean energy plant. Radiating outward with the structural, the foundation, we have technology to be able to build in virtually any geotechnical condition and reduce risk to our customers. Electrical, to be able to deliver high-reliability systems that deliver more energy over the life of the plant and software and services. And we're going to hear from our expert panel about how we're integrating information that goes from design, fulfillment, construction, commissioning, and long-term operation in this integrated software platform. Okay, the connected plant. So what does this really mean? Well, since day one, since we've been shipping in 2013, 2014, our initial systems, we have embedded sensors on every tracker that we're shipping. We measure key parameters that are important to the operation of the plant. We're collecting today over 500 million data points a day. And that we've been able to develop technology to use that information to deliver exemplary performance in more energy, more reliability, lower operations maintenance, and more durability for extreme weather. That's what this tech's all about. The tracker remains at the core. We've been number one for 10 years. We're relentlessly focused on the tracker. That's not going to change. When we look at the acquisitions we've done, we also look at the talent at these companies. And we've brought in extraordinary talent in these technologies you're going to hear from some of these leaders today. And we're very excited about the continued growth of our team to be able to offer these products and services. How do we really think about bringing technology in that has value? Well, there's two components. One is internal innovation. Nextracker's revolutionized the solar power plant, starting with our NX Horizon system that's, as I mentioned, over 150 GW has been delivered. So internal innovation has an extraordinarily high return. We've tripled our investment in R&D from about $30 million a year to $100 million a year today. That's resulted in nine new major product lines and enhancements that we've introduced to the market. What you see with Nextracker is we introduce products, they're sold, and then they deliver because they're delivering value for customers. Additionally, we have an acquisition strategy to bring new technology in that brings value to customers and accelerates our time to market. We've completed over eight acquisitions over the last 18 months. We're going to hear about what those are. And they are complementary technologies and products that really expand our platform and round out our platform and rapidly integrate and benefit from our scale to market. Today, we couldn't be more excited than to be introducing the NX Power Conversion product family. These are solutions for solar and storage, inverters, power conditioning units that take DC electricity, convert them to AC electricity. Power conversion has long been the Achilles heel of the industry. If you ask customers today, "What's your largest pain point on these systems, on operating your systems, commissioning your systems?" It always comes down to the inverter. For my entire career in solar, which started in 1988, that's been true. Now, I've been very fascinated by inverters since early in my career. In the late '80s, early 1990s, I was working at PG&E. I'm an electrical engineer. We built a lab to basically help accelerate new inverter technology into the market. We tested the first IGBT inverters, both bipolar inverters and positive-ground inverters, negative-ground inverters, and introduced a whole new class. When I left PG&E in 1994, we fielded the very first IGBT inverter used in solar. We've really focused on how these technologies can be more efficient, lower cost, and higher reliability. So today, customers want products that are more efficient, reliable, easier to service. We've integrated the customer needs with our legacy experience and created essentially a requirements document for our product. I'm very proud of our team for having incubated a next-generation class of inverters and power conditioning units here at Nextracker. Our design features modularity, ultra-high efficiency, innovative thermal management, high reliability, field swappability, and most importantly, made in the USA and cybersecurity in our product family. Today, operating in our labs in the back of this building and in the field, we have alpha units. We're going to go to market with initial pilot projects with customers. Our plan is next year. Okay, we spoke about software a little bit. What we're looking at in this image is Nextracker's remote powering center in Nashville, Tennessee, where we aggregate information and use that to help customers achieve exemplary performance of their fleets. So our goal is to really make the plants more intelligent, predictive, and reliable in a unified software platform that optimizes design, deployment, operation of this fleet. And so we're looking at the trackers, the structural, electrical, and robotics, where we can see certain components failing. And we can command mobile robots to go in the field. And we're going to hear more about that today and leverage really this robotic and AI to deliver exemplary performance to these plants. Our competitive advantage really starts with our culture and our team, relentless focus on customers, our incredible base of customers, our fortress balance sheet that our CFO is going to be speaking about, innovation on our part of our DNA, scale and execution, and so we're very focused on everything we touch, everyone we interact with, we want to meet or exceed expectations. We're poised for growth. This year, we've projected a midpoint of $3.4 billion. Now, today, we're articulating a vision to grow additional products and services beyond the tracker at a much faster growth rate as we look forward, and we're sharing a target for fiscal 2030 at the midpoint of $5.2 billion. We're going to see sustained growth of our tracker business. We've set our growth to the midpoint of industry projections. If the industry grows faster, we'll grow faster in our core business. Very excitingly, we expect our additional products and services to grow much faster and by 2030 to comprise a third of our total revenue, and so we're very optimistic. We're going to hear from customers today about how solid the queue is, their projects, the pipeline, and we're very confident about solar's ability to continue to lead in new power generation, both in the United States and the other 44 countries that Nextracker is serving around the world. Today, we're number one on four continents. What's next? Well, we're going to expand our product family, our offering. We have a new name, but our vision and mission remains the same. We envision a world powered by clean energy, and our mission is to remain the most trusted partner delivering intelligent, reliable, and productive power technology. We really appreciate you being here or dialing into our presentation today and continuing to work together as we advance clean power to serve customers. With that, I'd like to introduce Howard Wenger, a good friend, President of Nextracker, to join us. Great. Thank you, Dan. We are really excited about this next chapter for the company. I mean, Nextracker and Nextpower, it's the same company, but a new label. It just reflects where we're headed, as Dan mentioned. We're going from a single unified platform, trackers, to a much larger scope. We're going to talk a little bit more in this section about the tech and the drive to serve our customers. I've been working with Dan for over 35 years. We met each other at PG&E. We're both engineers. It reflects really the DNA of the company. We're a tech company. We're an engineering-led company. And the reason why we focus on innovation so much is because it unlocks so much value for customers and to drive the cost of solar energy down. We've always had. We've been working solar power this whole time, decades. So we've seen the whole trajectory. We've done every element in our careers in the solar power value chain. We've made solar cells, panels, inverters, trackers. We're the first guys to say, "Hey, one-axis, single-axis tracker, north-south, that's the best way to go with backtracking back over 30 years ago." We have a formidable team in this company. Formidable. 1,700 employees, 600 engineers, dozens of PhDs grinding each and every day to drive more yield, lower cost, add value for customers, execute for our shareholders. That's what we're about. We're about driving the cost of solar down so it can become one of the dominant sources of energy worldwide. Our whole lives have been dedicated to that. And this chapter of Nextpower is really all about that, delivering a unified platform. We've talked with customers so much about this transition. It's not something that happened overnight. We've been working on this transition. We've had this as part of our strategy for quite some time. And it really comes down to our customers, as Dan noted, saying, "Please do more. Please, please do more." We had a strategy offsite for the executive team. We invited some customers there. And I'll never forget one of them, CEO of a tier-one IPP owner developer. At the end of his talk, he turned and we asked him a question, "Is there any kind of message you want to give us?" And he just said, "Please do more." Why? Why? Because we're the company. There's a reason why we're number one for the last 10 years in tracker. We're the best tech, best execution. We deliver for our customers on time, in the sequence that they want the product. We're proven to be a trusted partner. And we have a two-way partnership with our customers. In utility-scale power, it's all about relationship and partnership. And it's two-way. It's a two-way trust. We've developed that bond with the top EPCs and top owner developers around the world. And we ask for their guidance. "Please do more." They want ROI. This is the common theme at the end of the day that we all want. We all want maximum ROI. Shareholders want it. EPCs want it. Owners want it. We want it. And they want a pain-free, headache-free experience. So we're in a unique position with the strongest balance sheet in our sector to really keep driving innovation, increase the speed of install, lower cost through the whole life cycle, and deliver from day one through day 10,000, 30 years later, on the energy promise and the production of these systems. That's the core of who we are as a company. That's what all of our employees and team work day in and day out. So serving customers and driving tech, innovation, cost, energy. This is what customers see today. It's a fragmented solution set. It's not optimized. There's a lot of time wasted. There's a lot of frictional heating. I mean, there's a number of tracker companies. There are a number of foundation companies, inverter companies, eBOS companies, all with different warranties and software and controls. We've been thinking about a unified platform for some time. This is a simple drawing, but it's actually a lot there. Every component is interconnected online. We're getting millions of data points every day. We can optimize the performance of the system. There's different foundations here: tracker, eBOS, the whole interconnected plant, really everything but the panel. We even purchased and had our own development to develop an advanced module frame because that connects with the tracker so we can optimize that, so everything that touches the tracker, the entire platform, we can now, and we are poised to deliver that. It's not just a drawing. It's real. We have over 20 products and services across these four areas that we've organized to make it simple for you and a good way to communicate what we're doing, so we have our trackers. Dan mentioned, yes, we're not going away from that. We spend $100 million a year in R&D. The biggest slice of that pie is tracker innovation. We are not straying from that. We're going to keep innovating and keep making it better and continue our run as a global leader in trackers. But then we have software and services. We have foundations, module frames, electrical eBOS, and we'll be introducing the power conversion system next summer on customer sites. This is delivering the connected plant. We call it the Power of One: one company, one warranty, one place to go for our customers. Everything unified, optimized, engineered to deliver the system and the performance for the long term. Let's have a look at this video. Introducing the Nextpower Technology Platform, where solar is essential infrastructure to enable the future of energy. Nextpower's platform is more than the sum of its parts. It's a unified, interconnected set of solutions built for the connected power plant. Structural, electrical, and digital systems integrated across foundations, trackers, eBOS, robotics, and controls for faster delivery, superior durability, and the lowest cost of energy, all with superior customer experience. Driven by deep customer collaboration and over 150 GW delivered, Nextpower streamlines sourcing, accelerates delivery, and ensures reliability across the plant lifecycle. From cleaning to inspection, this is predictive intelligence in the field, detecting smoke, fire, and failure before they strike, reducing risk, maximizing uptime, always one step ahead, all connected through a fleet-level software platform, NX One. Site control, predictive analytics, and real-time response engineered as one. As AI and electrification accelerate global energy demand, Nextpower's platform is designed to deliver. From hardware to intelligence, this isn't just a power platform. It's a turning point. Energy that's smarter, stronger, and built for a future that's electric. Nextpower, powering what's next. Okay, I still get goosebumps. Sorry. That's amazing. Okay. That really does a great job in communicating what we're doing. We just want to emphasize that there are savings and synergies to unlock across the whole life cycle from design, deployment, operational, through these four product line areas or product family areas. For example, I'm highlighting in the deployment phase for structural, and Jake, our Chief Product Officer, will talk more about this. We bought a couple of specialty foundation companies. Now that we have foundations in the tracker, we're able to redesign the foundation and the tracker interface to eliminate, for example, here, one million components in a typical 500 MW plant. That's just one. Not only does it reduce the number of components, which is cost reduction, it's way easier to install now. That's the power of bringing all of these pieces together under one platform, just an illustration. We talk a lot about levelized cost of energy and total cost, customer cost of energy in our industry, and if you look for a typical U.S. utility-scale PV system as an example, at the IPO, we, and thank you for investing if you did at the IPO, we communicated that we have better tech that lowers the LCOE by 7%, well, now with this platform, we're estimating an additional 8% reduction in the cost of energy. That benefits our owners and our EPC partners and us. Those are additive, so 7%+ 8% reduction is a 15% net LCOE benefit. Very powerful. This platform also opens up the wallet share opportunity for us or the opportunity to deliver more for our customers financially and also be a bigger part of their projects. On the left, the historical Nextracker, for the most part, has been trackers: 9% of the total capital cost stack for an owner and for an EPC. Well, now with the addition of additional software and services, including robots and robotic inspection, which we'll talk about, electrical, structural, and trackers, you add that all together, it triples the opportunity for us. That's a triple that is very powerful for our next stage of growth. Some might call that a home run. Okay. I just made that up. That's a pun. Okay. But the important thing, really, the important thing is we have a track record for scaling our innovation globally. We have an amazing footprint over 45 countries where we have operating systems, offices around the world, 90 manufacturing facilities serving the world. Dan mentioned number one share for continents. We're delivering more than 1 GW per week some weeks. That's a natural gas-fired power plant or nuclear power plant every week. We have that capability. So we're at scale with trackers. We're going to get at scale for everything else that we're doing, the additional services. And we're well on our way. As we noted in the last earnings call, we had a record quarter for eBOS bookings, a record quarter for foundation bookings. Last quarter. The eBOS Bentek, the company that we bought, they're in business for 40 years. That quarter was the strongest quarter of bookings they ever had. It was the first full quarter of operation under Nextracker/Nextpower. So we're already on our way. And Dan showed how we're going to grow from $3.4 billion-$5.2 billion as a target. This breaks it out on a relative basis, approximately where that's going to come from between the different product families. Okay. With that, we're going to transition to our technical panel, and I'd like for them to come join me on the stage. We've got three great speakers for you. First, we're going to hear from Jake Morin. He's our Chief Product Officer. He's going to be talking about trackers, foundations, and frames. So that's structural product family area. And just to give you a little more information, this is new information. For the last 12 months, we've delivered in this part of this business, the structural part. Again, that would be trackers, foundations, and advanced frames. In frames, we have no sales as part of this. $3 billion in total revenue as of Q2 for this segment on a trailing 12-month basis. We project approximately $3.6 billion in 2030 or 68%. And again, this is the flagship and core of our business. So with that, I'll hand it over to Jake. Thank you, Howard. I'll take that quicker from you. Thank you. Good morning, everyone. Or Howard, did you want to address the foundations and frames? Sure. Okay. Yeah. That was tracker. Sorry. Can you go back one slide? So that was for trackers only. Sorry, I misspoke. And now for foundations and frames, which is really this is for foundations, $284 million trailing 12-month revenue. We project $870 million for this part of the structural pie or 17% of total Nextracker revenue in FY 2030. I hope that's clear. And we will have Q&A later. Okay, Jake. Thank you. All right. Thank you. Hello, everyone. Good morning. I'm Jake Morin, our Chief Product Officer here at Nextracker. And thank you all for coming here today. I know it's a long journey for some of you. I grew up in Phoenix, Arizona. And one of the things Phoenix teaches you is to respect the sun. You don't walk outside in the summer to go get the mail without your shoes on unless you want your feet burnt and everything. But one of the exciting things for me at Nextracker over the last two decades designing solar trackers is we're harnessing the power of the sun. It's more than respect. It's about using the trackers for shade for crops. It's about developing advanced software and control algorithms that generate more energy, right? And so it's just been really exciting to be at Nextracker for the last decade, helping build that here. We're going to talk about this connected power plant. The sections for me that I'm going to speak about are the ones highlighted in orange here. We have NX Horizon, the backbone of the solar power plant, maximizing energy capture. We have NX Anchor and NX Earth Truss. Those are our faster, more predictable-to-install foundation solutions for our customers. Getting out of the soil is really difficult. We help them do that in a consistent way, and we have our advanced and patented steel module frames. They're stronger, more reliable, U.S. manufactured. Really, what makes all of this amazing, though, is that we now have the opportunity, and we've begun this work, to design them as one holistic system that works together and drives value to our customers. Little history on single-axis solar tracking. As Howard and Dan noted, back in the 1990s, they pioneered the commercialization of single-axis solar trackers. Now, these were mechanically linked systems. They had an axle tying 40 or more trackers together with a single controller. The rows all moved together as one, and this was really critical to commercializing utility-scale solar because the cost of solar panels was so high that you needed to squeak out as much juice as you could, and Dan and Howard did that. Howard actually wrote the very first backtracking algorithm or simulation to prove it was good, and in the 2010s, Nextracker came on the scene, and our CTO, Alex Au, reinvented the single-axis solar tracker with an independently controlled, self-powered single-axis tracker. Now, instead of all 40 trackers moving at once, they could all move individually. You had open row access, so you could do maintenance of the plant more efficiently, and you could implement control algorithms like TrueCapture to drive even more energy gain into the power plant. So it's really a game changer. But our next phase is about more than the tracker. It's about integrating these things together so that we're not selling a tracker. We're selling a connected power plant. That's where we're going for the next phase here. And our new network, as we go to build that power plant, is a big advantage. As Dan referenced, we have 3.75 million smart, interconnected, intelligent single-axis solar trackers spread across the globe. 3.75 million. We have 75,000 weather stations. Those things are measuring wind speed, wind direction, the height of floods as they go across the floodplains off the mountains on a rainy season. They're measuring irradiance. How much is the sun shining that day? Right? We have an incredible network spread across the globe of 1,500 sites. And what that does is it helps us improve the reliability of our systems. It helps us flag things early, let our customers know, "This needs attention. You want to generate more energy? We're here to help you." Right? Most importantly, we have a digital backbone. It's ready. We have the largest distributed network of power plants that we can come in and add new products onto. We have the largest footprint on the power plant. We have the distributed network. You want to connect a sensor out on a string? Easiest way to do it is through Nextracker's integrated network. Right? Let's talk about NX Horizon. This is the benchmark. This is the state of the art in single-axis solar tracking. This is the product that's the envy of our competitors. It has lower LCOE. With our TrueCapture control algorithms, we gain up to 4% increased energy gain. We have more tracking range, 60 degrees plus or minus on our standard product, but 75 degrees plus or minus on our Hail Pro product, which, by the way, reduces our risk. We have the best extreme weather risk profile in the industry as well. We have patented control algorithms for stowing for wind that make it more safe and generate more energy through dynamic and staged stow performance. And it's bankable. DNV GL, UL. Major insurers are in talking to us about identifying how we are delivering lower risk on Nextracker projects, and that's showing up for our customers in terms of value. Right? But the next phase for Horizon is about integrating it with our foundations. Right? When we went out and acquired NX Earth Truss, what we had was an A-frame, yes, and sitting on top of it was that thing on the bottom, a bunch of parts and pieces. We brought them in. We knew exactly what to do as part of our plan. We're going to design this not as two products, but one, designed to work together. And what does that deliver? Well, first, 20% faster install for our customers. That's huge. In the foundation phase, getting out of the ground, really hard. And we're doing it faster. And, oh, by the way, a million fewer parts on a 500 MW plant. That's a big deal. This is a substantial savings for our customers. Right? On top of that, it's better reliability, and it's smoother to execute. It's just better all the way around. And this is what we do through innovation at Nextracker, at Nextpower. Right? We're able to view this plant holistically and integrate it. We've also expanded where these products can go. If you look at NX Horizon, we released XTR. That's about following terrain, enabling more site access. Hail Pro, that's about going into areas where hail is too risky and reducing that risk. And we're doing the same thing on the foundation solution side. When we started with NX Earth Truss, it was about rocky, hard soils. Where driving traditional pile systems was just too hard. It was just too hard, too expensive. And the same thing with NX Anchor. We were targeting frost heave, very soft soils, very expansive clays in Texas. But now we have products that feed the entire suite of soils out in the world where we can address any soil type. Our customers can come to us and get one consistent solution that's faster to install, fewer components to install, that works on every single soil. Right? And this is the power of integration. This is what we can do. But our foundation systems aren't just about putting steel in the ground. They're really about doing it smartly and intelligently. Right? We have a whole team dedicated to developing new, novel, innovative, patented ways to install foundations. Our NX Truss Driver, shown here on your left, is a GPS-guided, semi-automatic way to install in hard and rocky soils. The machine tells you where to go. It tells you where you're there. You push a single button, and it drills into rock and sets the pile all in one smooth, continuous motion. Really innovative stuff. It sets the top of the pile exactly where it needs to be so you don't have to adjust it. The tracker just goes on, saving our customers tons and tons of time in the field, and our NX Anchor Driver sets two piles at once so that you can reduce your install time by up to 40%. Right? These are real innovative patented things that are driving value to our customers in the foundation installation phase and are really only possible by designing them in conjunction with the tracker. We're taking that up to the next level. We have the ground covered. We have the tracker covered. We're moving up to the steel module, and we've developed internally and acquired through Origami an advanced patented steel module frame. Now, there's a problem with solar panels in the industry. They're getting bigger. They have cost pressure. The frames are getting smaller. The glass is getting thinner. Meanwhile, we're going into more difficult sites with higher wind speeds. Right? How do you address this? With innovation. Right? So we have a steel module frame that delivers 2.1 x the mechanical strength of an equivalent aluminum frame. It's faster to install. Right? And it's U.S.-made, free from tariffs, made with U.S. local steel. Right? It's an amazing product. And we have lots of space to make this even better too. So when you tie all those together, what you end up with is not the one product of NX Horizon, but this combined structural base for the solar power plant, forming a backbone. And we've expanded into all different types of markets, adding new values to our customers with XTR, low-carbon products, Hail Pro. But really, when I look forward, I'm excited about three things. One is continuing to bring the power of automation to our offerings. And we can reduce that total install time and speed deployments. Yes, we're the fastest to deploy power today, as Dan said. And yes, we can do it even faster. And we will. Two, expanding the market for our trackers. Dual land use like agrivoltaics is going to be really important for the future and enabling that we can go in more and more places with increased terrain following. But really, the third one has me most excited is actually about connecting everything across Nextracker's product line into that connected power plant. It's about having robotics communicate with our tracker network to deliver real intelligence, actionable intelligence to our customers. It's about seamlessly integrating the eBOS offering with our tracker backbone so it's the fastest to install eBOS system. Right? And it's about providing the necessary data up into the cloud so Jyoti can tie it all together, as she'll talk about. So Nextracker is really poised to deliver on this vision. And with Howard, pass it back to you. Great. Thanks, Jake. Nice. Okay. Excellent. So thank you so much, Jake. So now we're going to talk about eBOS and power conversion. Right now, on a trailing 12-month basis, this is really the Bentek acquisition, $59 million as of Q2 FY 2026. We're projecting a 10x growth in this sector. That's combining the power conversion family that Dan discussed with eBOS in 2030. So really a tremendous opportunity. And we have Ryan Schofield, who's our Vice President of Electrical, to walk you through this. Ryan. Thank you, Howard. And good morning, everybody. As Howard mentioned, Ryan Schofield, Vice President of Electrical here at Nextpower. While I'm relatively new to Nextpower, this marks the 15th year in my journey in the eBOS industry. When I first started, combiner boxes had just graduated to 1,000-volt. Overmolded wire harnessing only existed in the automotive industry. UL standards were in their very early stages, and I'm not honestly sure the acronym eBOS existed, so what is eBOS? That's a great question. It's the electron highway. It's how you move power from the module to the inverter where DC current is then switched into AC current. The Nextpower products I oversee are a critical conduit from the module to the grid, and how do we do that? It seems pretty simple. At a high level, the majority of utility-scale projects are broken into two main product categories, the first being trunk bus systems and the second are combiner box systems. They both accomplish the same goal. Again, moving electrons from the module to the inverter to be transitioned. But what's different is that all of our customers have a different approach to things. At Nextpower, we believe in taking an agnostic approach to that. Not every project is built the same way, and not every condition is the same. It's our job to provide options to our suppliers, to our customers to build their project the most effective way. It's also important to note that eBOS is installed in the later stages of a project. What that means is it's the most critical to the project. It's what actually produces power on your project. I'm a little biased toward eBOS, and I've always have been. But again, it's the power. It's how you're producing, and it's what all these agreements are written off of. It's how you produce power and how much and how effectively. So while this seems relatively simple, it's not always that easy. On a typical utility-scale project, 1 MW of power can have up to 500 different connection points. That means on a 500 MW plant, there's over a quarter of a million connections carrying DC current over thousands of acres of the project. To go one step deeper, millions of feet of cable need to be cut into tens of thousands of segmented cuts within inches of accuracy. Then you need to strip that cable within millimeters of accuracy and install components within a newton- meter of force, the same pressure it takes to open up your bedroom door by just pushing on it. That's rather complicated. And we have a lot of field installers who are taking safety into mind and speed of install. That's why a product like PowerMerge was so exciting for us. It took the best of both worlds. It took traditional IPC technology and offered field flexibility to installers to install it on a DC trunk line while also taking a factory-installed approach as far as overmolding and pre-installing tap wires in a factory. It gave you a chance to test a product before you shipped it. It gave you a single compression force install on the DC trunk line, and it gave that flexibility. So why do we do it different at Nextpower? Well, as Howard mentioned earlier, the tracker is the backbone of a solar project. It's the site design basis for almost every project. It's what you first lay out. It tells you how many one-string rows, two-string rows, three, and four-string rows you have. What does that mean to an eBOS supplier? It starts telling you how much cable you're going to need on a project. It tells you your module type. It tells you your fuse sizing. And it allows you to optimize harnessing solutions for better material planning and smoother execution of the overall project. We can even go a level deeper on that and talk about foundations. Foundations, as you just heard, they're all different types of options: screw pile and different ways to install it based on soil conditions. It might sound odd, but what it tells an eBOS supplier is that going to be an above-ground DC collection or a below-grade DC collection? Again, same thing. Helps our EPC partners install faster, reduce labor, and save time. That's critical to every project. Again, going back to the fact that eBOS is installed at the late stage of the project, you have to get it right the first time. That starts moving us into what? Power conversion products, which is where it really gets interesting. This is what closes the loop from DC collection to producing power and putting it on the grid. As Howard and Dan had both mentioned earlier, this has always been a pain point for customers. The inverter is the heartbeat of a solar project. It's what makes everything go and, again, is electrical and what produces the actual power. We spent tens of millions of dollars on R&D with the brightest minds around the globe developing this product. It's not quite ready for commercialization yet, but when it is, we are going to give the industry a modular, highly efficient, innovatively thermal, and reliable unit. Field swappable is probably one of the most interesting pieces. It allows O&M capabilities and reduces downtime for our partners. In the event that there's an issue, you can swap it, you can plug it, and you can get back up and running quickly. Unfortunately, this has been an area that the industry has kind of forgotten about in the past. We've taken it for granted. Now we're going to go back and address it and do it differently here at Nextpower. So what's next for us? We're going to continue to innovate and build off of our eBOS platform, starting with things like 2,000 V. I was part of the transition between 1,000 V and 1,500 V. And when it comes, it's going to happen quick. And we need to be prepared for it. We have a great groundwork. Then we're going to continue to build off of that and accelerate it and drive the industry. second thing we're going to do is we're going to continue to execute on our company core values, first being innovation. We're going to continue to innovate our products, give our customers what they want, and do it differently and think differently. We're then going to execute on those, take all these ideas, put everything together, listen to our customers, and make it happen. Finally, we're going to do it with the best team in the world. Before I sign off, I do want to tell you three reasons why I'm excited to be part of Nextpower. The main one is we have a chance to do this at a global scale. Electronics is something that, again, is new to Nextpower. We're going to take it a notch up. We're going to do it across the globe. We're going to do it with software. We're going to do it with trackers. And we're going to use all of this to integrate it to be able to solve problems for our customers and do it right from the first time. Second to that is, again, the global scale, but more so is innovation. So with that, Howard, I'm going to turn it back to you. Great. Thank you. Thanks, Ryan. Okay. Last up, we're going to be talking about software and services. This includes robotic inspection in our Sentry Advantage product. Currently, $81 million trailing 12-month total revenue. We're targeting $250 million 2030, or about 5%. Jyoti is going to bring this to life. Jyoti Jain is our head of product development for software for the company. Jyoti. Thank you, Howard. Hi, everybody. My name is Jyoti Jain, and I'm responsible for software products here at Nextpower. I'm going to start with a small personal story today. Two years back, I reached out to Howard here, asking him for a reference for a position at another company. He asked me, "Would you like to explore opportunities at Nextracker instead?" He didn't know that, but I was a bit apprehensive about that. Why? You see, I'm a software professional. I have built software applications for companies that built networking products, smart grid, EV charging, solar, but never for a company that was building mechanical and structural products. I was worried about my potential impact here. I could not have been more wrong. You see, don't get me wrong. Software has always added value for the solar industry, but marginal value. Now, with access to new technologies, I believe that software can add transformational value to the solar industry. There has never been a better time to be a software professional in the solar industry. So what are we talking about here? We're talking about technologies like cloud infrastructure. We're talking about technologies like robotics, like drones, like mobile apps. These are all the technologies that make the power plant a connected power plant. But how does it matter? Why should you care? Are we doing these just because they sound cool? No. We're talking about control systems like TrueCapture. This is a technology that uses sophisticated intelligence to harness more energy from the sun. And that's dollars for our customers. We're talking about applications like NX Navigator. That's an application that uses smart intelligence and automatically puts a plant into safety mode when there is a hail event approaching and saves the plant from a potential million-dollar damage. And that's value for our customers. We're talking about applications, mobile app like NX Pulse, that after we launched that, we reduced the time and cost of commissioning by over 50%. And that's value for our customers. We're talking about value-added robotic systems for cleaning, for inspection. You see, all of these are things that help realize the value invested in these power plants. So how are we executing on this? Well, we've already laid out the groundwork. As Jake mentioned, we are getting data from every single tracker row. That's very granular data on a utility-scale power plant. And now we are utilizing this data. We are getting 500 million data records every day and growing. Now, the story about this data is impressive, but it's not complete without talking about how are we utilizing this data? What does it do? You see, we in the software world in the last decade got really good at collecting a lot of data, granular data, accurate data. We got good at storing it. And then what do we do? We turn it over for analysis. We turn it into charts and graphs and dashboards. But somebody has to look at it. Somebody has to draw conclusions and act on it. And that's getting harder because the data is growing and it's becoming more complex. But software now can help. Now, with agentic AI, we can analyze this data in real time, draw conclusions from it, and act on it. Imagine part of a power plant not performing correctly. We can detect it immediately. We can turn that into impact analysis and action. And what does that do for our customers? When you turn data into action, you don't lose value. You save value for our customers. And that's meaningful. The same data is powering our software suite. We are developing our software suite around the needs of our customers. And what do our customers need? They need to track their projects at the portfolio level. They need to track their projects at the site level and at the field level. And we have a solution for each. Now, what do they want to do? Why do they need this? All they want to do is they want to develop their projects fast and put them into production. They want to generate maximum energy. So how are we helping them do that? One of our interfaces, what we have done there is we have actually put together useful information that helps them with faster project development. As an example, do you know that for a 100 MW power plant, we have to ship millions of parts? Now, imagine organizing that and building that. What we have done is we have created an interface and organized this information in a way that they know when these parts are arriving and how to plan their build schedule around that and then develop the plant fast. That keeps their cost low, and this is really useful for them. We've got a mobile app like NX Pulse that allows them to do commissioning by themselves so that they can meet their development schedules. What does this do for our customers? It creates stickiness. They want to develop more projects with Nextpower, and that's value for us. Robotics is another area. Using that, we want to transform this industry. Now, the concept of robots is not new. Did you know it's been around for over 100 years? So what's new now? What's changed? I believe there are two reasons. The first reason is that these technologies are rapidly dropping in cost and now becoming affordable for a cost-sensitive industry like solar. And we want to leverage that. And the second reason is that these technologies have come to a point where they're becoming more reliable, more predictable. How do I know that? Well, I don't know if any of you have taken a ride in the Waymo self-driving car. When I took my first ride, the first five minutes, I was at the edge of my seat. I was like, "Did I make a mistake here?" But then, within the next five or ten minutes, I felt relaxed. I was hardly noticing the absence of a human driver. I was able to trust that car with my life. You see, these technologies seem to be reaching a tipping point where we are able to trust them. So at Nextpower, we are going to leverage that to be able to drive more value. Our product, NX Ranger, that you will see today, we are training that to detect issues at the plant. We are able to detect electrical issues, connectors that have not been installed correctly. We are able to detect hotspots on modules. And that is valuable for our customers. Our NX Vantage product can detect fire before it can cause damage. These are value-added services. And we are going to invest in this. We are investing in this. And frankly, some of the jobs at the solar power plant should not be done by humans. They should be done by robots. My section here will not be complete without talking about services. Nextpower offers top-notch services at the design phase, at the deployment phase, and at the operational phase, and you may not know this, but a lot of these services are also enabled by the software that we develop in-house, so an example of that, NX Pulse, our commissioning app, it was first used by our own commissioning team. We used it, we perfected it, and then we turned it over and also offered it to our customers. You see, we use our own software very heavily to enable these services. This is one of the reasons why the customers love us. Now, you've heard Dan talk about all the acquisitions, and that's great, but now comes the important part of putting it all together into a single cohesive solution, and we are already seeing the benefits of doing that. As I said, we are developing an advanced design software. Now, what we have done is we are now putting all these products together as components of a single system. Just recently, we used our software to design a project where we used data from the civil analysis for the project and matched that with the foundation design so that we could reduce the material cost and then calculated the tracker design on top. We designed it as a single project and reduced the cost of the project by $5 million for our customer. What are we going to do? We are going to do this in a way that we can do it over and over for every project. This is how we drive down the LCOE. You see, for us, AI is not just a buzzword. It is a technology that we really need. It is a technology that we're using to solve tough real-world problems. So where do we go from here? In 2030, we will deliver a single fully integrated solution under the NX One digital ecosystem. Dan is acquiring companies, growing the business. Howard has given us the mandate to deliver a fully integrated solution. Jake and Ryan are building most of the products. We, in the software group, have the responsibility to stitch it all together as a single cohesive solution so that we can deliver the synergies that come from putting all of these technologies together. Let's watch this next video that shows you how. At Nextpower, our innovation goes beyond hardware. With our software product suite, we are redefining what intelligence means for solar. We work closely with customers to develop software applications that are data-smart, connected, and built to give you the control, visibility, and speed you need when performance and long-term project value are on the line. NX Navigator gives operators precise control. One-click stow commands can reduce risks associated with extreme weather events such as hail. And it also helps farmers to optimize crop yields in between tracker rows. Automated stow reports, live site maps, and tracker-level controls simplify the complex. Because uptime isn't optional, it's engineered. With NX Pulse mobile app, field teams diagnose and resolve issues faster. From commissioning to operations and maintenance, everything they need is in their hands. Faster commissioning, faster repairs, more uptime. Driven by customer demand, NX One is our all-in-one digital ecosystem, connecting every Nextpower offering into one seamless solution that delivers value across the entire project lifecycle. Whether you're designing, deploying, or operating a solar power plant, NX One accelerates project timelines, unlocks portfolio-wide performance metrics, and streamlines service for upgrades and parts. From first pile to peak performance, our software powers every stage of your project with clarity, control, and speed. Nextpower, powering what's next. Okay, great. Thank you, technical panel. Thank you. Give it up. Thank you. So you can see how we're driving tech and innovation. Every power plant represents $200 million-$400 million of investment, a billion dollars of investment. That's a big reason why there's been a flight to quality. Systems are getting bigger, more ubiquitous. A lot of money is pouring in. And customers really want to work with a trusted company that can deliver. And we're just now on the next phase of the journey. So we're going to pause the webcast for approximately 40 minutes. We'll be coming back on the webcast at 10:40 Pacific, 1:40 Eastern. We'll have a break in about 20 minutes if you can hang in there for 20 here. We're going to have a demonstration now of our technology so you can get it a little more. Okay, great. We're going to turn on the webcast back on. It's right on time, 10:40 Pacific, 1:40 Eastern. Thank you for being punctual. So we have a great, exciting customer panel for you next. Jonathan Eastwood, who leads North America sales and global sales enablement for us, will moderate the panel. And I would like to invite Jonathan and our guests to the platform. Thank you. Great. Thanks, Howard. Great to be here today. I want to welcome everyone. My name is Jonathan Eastwood. I'm Senior Vice President of Sales at Nextpower. I have to get used to that. I want to see Nextracker so desperately after seven years working here. It's been a great run. It's great to be here. I'm excited to have these panelists with me today to give you a customer perspective. So at the center of Nextpower, it is our customer. Innovation doesn't come in isolation. It comes through strong partnerships. It comes through collaboration. It comes from a lot of feedback, right? We're out in the field. We're talking to customers. We're understanding their problems. And they're trying to find solutions to those problems to make their projects more efficient. So today's customer panel will provide a perspective on the power markets, some of the technical challenges, the opportunities, and the future of energy. So let's get into it. So let's start to get to our panelists. I'd like to invite each of you to briefly introduce yourself, tell us a bit about your company, and then tell us something about the power sector that excites you. Craig, why don't we start with you? Yeah, sure. Is this working? This one works. Can we turn on mic three? Yeah. Craig Cornelius is Chief Executive Officer at Clearway Energy Group, one of the bigger competitive power producers in the U.S. and at that principally renewable-driven enterprise. And what excites me about being here is really a function of the relationship that I've been able to enjoy with the leadership team at this company that our company over a decade has enjoyed with Nextracker and the Nextpower as a supplier of products. The reason why I've sustained those relationships now for two decades in technology creation and then deployment in our solar industry in the U.S. and why they've been central to our company is that this group of people here at this company have sustained more clarity of vision on how to drive this industry forward than any other team in the industry. I've known basically every one of them, in particular in the technology segment. I think that really comes from two places, which you touched on in your remarks. The first is real clarity around the importance of a customer's experience as an owner of a power plant. And evident in all the innovations that we saw this morning is an understanding of what it means for people to deploy equipment to a site and then need to turn it into a power plant and what it means to own that power plant after it's operational. And then second, coupled with that customer-centric view of purpose is a deep appetite for innovation and a dissatisfaction with what could be better. And those are the things that excite me about being a customer for this company. And I'm excited about being a customer of this company because it's going to put us in a position to build bigger power plants that are more cost-effective and make this technology one of the dominant drivers of our country's energy economy. Appreciate that. Yep. Thanks. I'm Dan Barcelo, Chairman and CEO of T1 Energy. Echoing Craig's comments here, what we've been impressed with Nextpower is the way they've moved into what the customer wants, particularly on the steel frames. Recent transaction we did to buy steel frames to continue more domestic content. That's been really refreshing to me as a relatively new entrant into the solar space. There's two things I think that also really excite us now. One is the growth, and the other is about American manufacturing and energy security. On the growth, it's something I haven't seen in my career, particularly in power markets. This growth is astounding. What we used to see in energy was technology unlocked energy like 3D seismic or offshore drilling or fracking or CCGT technology, and now it's almost reversed. It's now energy is the governor of tech in terms of delivering the power for AI. I just think that's a different macro landscape than we've seen before. And we're very excited to be part of that. The second part of it is what's happening on the American manufacturing side and the energy security side. It's a different place now. People are looking for energy security. They're looking for supply chains. They're looking for surety of supply, obviously at a low cost and a competitive cost for projects. But that is a very important driving factor for us. And that's why we're excited to be in the space in the solar manufacturer side, but the interfacing with customers or my customers, whether it be a future developer or a Nextracker as partner on that, but that's all about how do we scale. So my job is here to produce at the quality and the cost that those customers want, whereas their job is about execution and scaling. And that's very exciting parts for me. Thank you, Dan. Nick, why don't you round us out, please? Yeah, thank you. Nick Cohen, President and CEO of Doral Renewables LLC. We're based in Philadelphia. I have 10 years experience in coal and gas, but the last 10 years has been renewables. We have a very large queued-up solar and storage portfolio. And we take our projects from scratch and take them all the way through owning and operating. We're notable for very large projects. The Mammoth project in Indiana is 1.3 GW. The first 400 MW are operating right now. And the other 900 MW are under construction. So how do we do that? We connect with farmers. We have a special way to connect with farmers and people, and that relationship advantage is also one that extends to our vendors and our partners, and next, I guess as we get into the conversation, I can connect the dots how Nextracker is really special when it comes to partnerships and how you drive value for our company. Appreciate that, so let's dive into market dynamics and what's shaping the U.S. energy landscape. Let's get a perspective from our panelists, so starting with you, Craig, from your vantage point, what are the biggest shifts you're seeing in the U.S. energy markets right now? Sure. Yeah, I'll try to give you an answer broken into sort of the next five years and what happens after those things. We'll save the future for my last question. I'll give you a little both, but that sounds great. And I'm really going to focus on solar technology and the technologies that are adjacent to it as the market that Nextpower really focuses on serving. So first projects are getting bigger. Over the next few years, over half the volume are going to be power plants that are 300 MW AC or bigger. And that number going back a few years ago would have been less than half that size. Second, they're increasingly hybridized. So for the last number of years, if you're building a power plant that's a solar power plant with a battery attached to it, it was going to be in California or the Desert Southwest, which were two places where the market design supported a long-term contract for a battery that was typically four hours. Over the next years into 2028 and beyond, we're going to see the markets where that kind of hybridization happens and at size extend beyond California, the Desert Southwest to the rest of the WECC, to MISO, to SPP. So increasingly hybridized. Costs and prices have gone up. That's a function of a cost plus return market in a market where scarcity creates project pricing power and pricing power throughout the value chain. Everything of size that can get permitted and interconnected between now and 2030 will get built, and the differentiating factor, and it comes from companies that have had long-term insight like Next and ours, will be whether you filed an interconnection queue position in 2021 or 2022, and that lets you put a project online by those dates. And then last, certainty of execution and reliability of a delivered product is now paramount, where even going back a couple of years ago, you wouldn't have seen that. So that's sort of the way that we see the market for the near term. And we think it sort of plays really deeply into the strengths of Nextpower as a company and a lot of the product innovation that they're focused on. And maybe later I'll look over 2030 for the future. Appreciate that. Dan, so shifting to you. As a U.S.-based advanced solar panel manufacturer, what are the key drivers enabling the reshoring of U.S. manufacturing? Reshoring really is about policy driven first and foremost. We've seen that both when we started with the IRA, we saw the great sucking sound of investment from Europe and everywhere else on earth to bring projects to bear in the U.S. There was a continuation of that in incentives, particularly on the manufacturing side with the IRA, that 45X preserved. I think all of those things, whether it's sometimes you think of it like a carrot and a stick, and sometimes you think there's two carrots and one's in your eye, but it is a policy driven effect that's really driving and underpinning, in my mind, the reshoring. There are worlds where there's no need to make anything here and just import it. But what we can see both on the bipartisan side that it has to be driven there. Now, when we get to why is that driven, that I think is when you look at critical minerals, when you look at rare earths, when you look at semiconductors, there is a real, real need for surety of supply. There's a real need for supply chains that are made in America, and I think there's a lot of support for how does the American worker benefit from that, and those are the parts that have really been incentives, both from the tax incentives, both from the tariff incentives or disincentives to have it, so from our standpoint, it's very focused on how do we do that in a new modern way, and that means there's a lot of automation, but that means there's a lot of jobs. That means we're a good employer. It's high skilled labor. Our Dallas factory has over 1,200 employees, a payroll of over $100 million. These are big, big manufacturing things that didn't exist. So for me, it's still a continuation of that policy, but we never forget that we have to deliver quality product at the lowest cost possible to enable developers and other parties to go. Otherwise, we're just not going to be competitive with international markets. I spent my career competing on drilling for natural gas or producing power, and it's always the same thing. The molecules, electrons, they don't know where they are. The machines don't know where they are. It always has to be about economics, and we strive to do that. Excellent. Appreciate that. So Nick, from your perspective, how is America going to meet the demand for power over the next decade? In my career, 20 years in this business, I've never seen demand forecasts like we see today, and I'll tell you, even a couple of years ago, we could sell the power as fast as we can bring the projects to market, so the demand was already there, and now we have this increase in demand, and there's something out there that I think is better than a crystal ball. It's called the Queue, as Craig referenced. That Q is predicting the future, and I'm open to all sources of energy. We need as much as we can get. When you look in the Queue, you've got 80% of the projects are solar and storage, more than 80% queued across America, and that is telling you what the next 7-10 years of construction is going to look like. These queue processes take a long time to get through, and they are just stacked up with solar and storage. So the future of the energy market is going to be these technologies, these generation technologies. What we're trying to do now is figure out how can we squeeze more energy out of less land. A lot of times people just think about the panels and the technology advances there, which are predictable. But where we're seeing just remarkable advantages are in the other technologies, especially around the digital power plant and the trackers. The performance of our operating assets exceeds what we expected. I'm sure it's just all the little things that contribute to the operation of the plant and the reliability that actually turn out to be big things when you look at the outcomes. The future is more solar and storage. It's achievable, more achievable than anything else. It's going into tillable farm fields that require less complexity, and then just squeezing out as much production as you possibly can using all these technologies. What has the response been? You work with a lot of farmers, and there's a lot of heritage farming. What has the response been like from those folks who you're engaging with at the community level? How do they see this opportunity? So one of my favorite parts about where we are in this industry is that solar is the only energy source that really engages a lot of people in the community. For example, in our Mammoth project in northern Indiana, we have 110 farming families, and in order to have large projects, you need to get a lot of yeses from the farmers, and how do you do that? You need to connect with them. One of the ways is through agrivoltaics, and that's where the partnership, for example, here at Nextpower, has made a very big difference because farmers are struggling right now. Their great-grandparents grew oats. Oats were the fuel for the horses, and then the grandparents and the parents grew ethanol, corn for ethanol. Now the same sunshine is coming down and getting utilized for electrons, the fuel of the future. You need to get community acceptance, and electrons don't exactly look like corn in a field. When you can bring agrivoltaics, you can bring food back to the farm; it's a big deal. This is a new trend sweeping across America. We're getting more yeses than ever, so to optimize the reality of agrivoltaics, it's a lot more complicated than it sounds. We went to Nextracker, Nextpower, and we said, "How can you help us?" And I'm sure if any of you were walking around earlier, if you just look over there on the other side of the fence, there's food growing. That's a big deal. If you want to connect with farmers and you want to get yeses, and you want to power America, you need to do more with the land. And so Nextracker has data and research. They've invested in all kinds of methodologies that we've applied to our projects. And then that helps us connect with the farmers. It makes it very real. And I mean, right now we are growing food and running thousands of sheep. And all of it is because of the partnership and the collaboration with you guys. I can tell you firsthand, our CEO has been working to evangelize agrivoltaics since I've been here. And it's super exciting because you're starting to see pockets of agrivoltaics that are coming into these projects. But the scale has actually been increasing every year since I've been here, which is really exciting. So with every new phase of growth in our industry, there's technical challenges, there's opportunities. We want to jump into how technology and partnerships are driving and redefining what's possible. So Craig, what do you see as some of the biggest gaps in technology adoption that could meaningfully accelerate deployment and cost reduction for your power plants? Yeah. In the near term, that sort of stretch over the next three to five years where people are trying to harness as much in the way of permitted resources, interconnection queue positions as feasible to really respond to what is kind of an immediate demand-driven sort of power supply crisis, construction duration and feasibility of project completion at speed is sort of a key consideration. And so the host of product innovations that then Nextracker had driven to allow for EPCs to construct a 300 MW-500 MW power plant in fewer days are pretty important to the ability to get teams, capital into a project, get that project completed, and move it on to another project. Our company is now at a tempo where we're arranging $6 billion-$7 billion worth of project financing for a single year's execution cadence and then need to move our teams and that capital rotation along to the next family of projects. And so the ability to get a big project built quick, enabled by some of the kinds of construction efficiencies that these products enable is a really important near-term technology adoption necessity. And then when we look further out and we think about the long-term sustainability of our industry, returning to systems-driven and vertical integration-driven cost efficiencies is going to be pretty essential. When we created what is the modern utility-scale solar industry, which, as Nick rightly points out, is the dominant source of new generating capacity additions in the country and has been now for a number of years, we were in a pattern where we were driving about a 6% per year degression in LCOE between projects that were built in 2011 and projects that were turned on in early 2020. After the COVID supply chain shock and sort of the current scarcity-driven demand moment, we saw PPA prices double. It's useful as an industry is building more domestic manufacturing capacity and creating a capacity to produce good returns that drive further investment for us to be earning high returns and for margins to expand throughout the value chain. But as we look to four or five years down the line, we need to return to that cadence of systemic LCOE compression. And when we think about what gets us there as an industry, we think it's big projects that can amortize costs over something that's larger. It is systems-driven innovation where the ideas that you saw earlier today around 2000-volt system architecture, robotic-enabled speed to construction deployment, a more fully integrated design both between the module and the foundation and the tracking system and what it means to deploy them in a construction environment. And then ultimately, power conversion systems that function with maximum efficiency in conjunction with the DC side of a project. All of those things being knit together are how we can drive LCOE compression while sustaining good returns and margins throughout the supply chain. So I think the vision that Nextracker has for harnessing constituent technologies to deliver that system's result is totally on point. It's responsive to what we as a customer are hoping to see happen. I think that's one important technology trend for sure. The other technology trend that I think becomes increasingly important as we look to the end of the decade is the behavior of these systems in the grid. Because as we look to the time after 2030, where you see the outcome of that sustained 80% a year or 80% of the queue and, I don't know, 50%-60% of new capacity additions per year coming from solar and storage, it's a very important part of the system in most of the country. And that actually has the potential to be very useful for grid costs and reliability, we think. It's the first item in the merit order. It's actually quite low cost. What we've seen in California and Texas over the last few years is that both of those systems have sustained low wholesale prices and improved grid reliability after you saw the deployment boom in both of those markets in solar and storage. But the behavior of these systems, their dispatchability, the reliability of the power conversion systems that interface between the solar power plant on the farm and the power grid are going to be pretty essential. And again, I think Nextracker's focus on delivering an innovative quality product that enables that is going to be quite a great opportunity as well. Amazing response. Thank you. So Dan, what technologies are emerging in the market that can strengthen U.S. manufacturing and enhance the supply chain resiliency? So from the manufacturing lens, I guess I'll break it into two parts. One is the ecosystem that we live in and thrive in and depend on. And the other is like, what are we doing at our plants? So we have one of the most modern solar module plants in the world. It uses a lot of labor, but increasing that labor is about taking care of the machines and taking care of more of the AGVs and eventually even robots when we get there. But the first step is really about what IT is put on it. We partner with Palantir at this facility to examine all data. It should be easier to track your solar panel than your pizza. So I tell people, when you order a pizza, you can see where it is and what it's doing, its components. We have to get there as a solar industry in the United States with full traceability. But it also goes to quality. When we're doing 20,000 panels a day, where were those panels? Where did the glue come from? Where did the glass come from? Was it a bad batch of wafers from this? How do we ensure that quality component? And a lot of that is an entire data ontology that we go through every day. So we put a lot of effort into how we're making this plant one of the premier to serve our customers with that. It doesn't stop there, though. A lot of the designs of plants have been designed and built for a labor pool that is more accessible. As we grow and expand, we'd like to employ a lot of labor and have a lot of jobs, but we'd also like to expand with a lower rate. Because one of the pieces that makes American solar less competitive is the labor cost in the sense per watt, particularly at the module side. As you go into cells and wafers, I think it's probably much less so. But we always have to look about expanding quickly with more automation, more processes. And that's where putting more technology on our plant works very well. So that's one key part both on the manufacturing side. I think eventually there'll be elements about where do we go from a TOPCon into the future as we go into future tech, but we'll leave that for more of the science than the R&D parts. Right now, we're very focused on delivering the best efficiency, TOPCon, silicon quality. The second part goes into the ecosystem, and there, I think there's an ecosystem on one side of the plant and there's an ecosystem on the other side of the plant. When I look on the one side of the buyers, it's about scale. How do we get to the level of scale that perhaps China has, where it has a terawatt of manufacturing capacity, deploying 256 GW in the first half of this year? America shouldn't be thinking about 50 gigs or 80 gigs. It should be hundreds and hundreds of gigawatts of manufacturing capacity, but then it has to go somewhere, so how does it scale? That's where I think partnerships, or Nextpower, is a great example of how can their business get that many trackers on? Because my modules are just rectangles and they just sit there and they have to be deployed into developers and deployed into field scale. So I think that's one important part of a challenge for me is how does the ecosystem absorb this? The other part is integration into the supply chain. There, the U.S. industry is, we'll say, growing. There just simply aren't the process engineers, equipment engineers. We're doing this now with our 5 GW solar cell plant in north of Austin and Rockdale. That will employ 300 of the world's best wet chemical engineers. And we need to keep building that. China has over 50,000 of those engineers that have been doing it for 15 years. There's so much knowledge embedded from cell texturing to wafers to wafer slicing. And all of that leads into an adjacent industry to the solar industry, which people forget about, is semiconductors. The semiconductor industry needs those same processes, those same engineers, the specialty gases, the wet chemicals, and we need a very, very robust big industry there. While solar may be like the dumb cousin of semiconductor technology, the silicon-based starting point, the poly supply, the wafering, all of that's critical. So as we're building up our chains backwards and going to cells and then with partners like Corning on wafers, I think building out the employment base for that is only going to drive costs lower because it's all about a supply chain that's bigger and more robust. And I think sitting adjacent to the semiconductor industry, that's the next wave. America doesn't want to be dependent just on Taiwan or other countries for semiconductors. It has to build a massive semiconductor industry that needs a tremendous amount of silicon. Appreciate that. Yeah, your reference to the manufacturing digital twin reminded me of the digital twin we're building in the field. So you have your manufacturing digital twin, you have your field digital twin, and you really know what's going on with your power plant. So Nick, going back to partnerships and technology, how are they influencing how projects are developed and financed today? Yeah, the market's shifted and the partnerships are more important than ever. There was a time when you tried to do everything yourself as much as possible. But supply chains became very complicated and policies and all sorts of things to try to navigate. And when you're talking about millions of parts, you really need to figure out how you're not just going to be a transactional player anymore because the partnerships matter. You need to lean on your partners for things that weren't anticipated. I mean, for you guys, for one thing, it's just a matter of fact that performance is there for when you're operating. We've used Hail Stow. We had a massive hail event and no damage. TrueCapture really works, and I think a lot of the outcomes of those technologies were very bespoke to our partnership and how we were able to really work with you guys to get stuff done in a way that wasn't transactional, but I want to focus the value of the partnership on before the actual completion of the project, before the delivery of the performance that is so inherent and happens with you guys. When you talk about the before part, the more that you can bundle together and put on another partner, the better. Because we have to worry about farmers and community issues and data centers who are buying our power. The last thing we need to worry about are 2 million volts and where they're coming from and are they in compliance with all the rules that are out there. That's what we love about you guys is that you're taking on more and more of that as turnkey. What that means for us is increased liquidity and also increased project velocity. I can't overstate enough how important that is. Because, for example, right now, we're putting 11,000 panels on per day at Mammoth. If you try to count to 11,000, that's going to take you three and a half hours. Somehow we're able to affix 11,000 70-pound panels. It's because your technology makes it very easy. There was so much collaboration that took place beforehand to make sure that it was very planned. And because of that, we're able to complete the project much more quickly than we would have otherwise. And then also, when you look to the future, as I mentioned earlier, there's a wave taking over America of farmers that are saying yes. People who said no a year or two ago are calling us back and saying, "Please, can we get in this project?" And the commitment to agrivoltaics, it's a big deal. It's going to drive the future of solar because we're getting widespread community acceptance. And we couldn't do it with anyone else. The other thing that happens with a partnership is when unexpected things happen, you can rely on a partner. You can't rely on a transactional company. So we had a couple of instances. I know one time we were having a lot of trouble with data. Nextracker’s data was doing what it was supposed to be doing, but some other vendor, it wasn’t. We called Howard. And he was on vacation. I guess with his wife, he pulled over, took our call. And it was a Friday morning. And somehow, miraculously, two data experts showed up to our site on Saturday. It was Friday morning. And somehow you got these people mobilized. They came on Saturday. They were geniuses. They got the job done. And they saved us from a very big situation. And that’s a partner. You can call the leader of the organization and they can just solve the problem for you. So that’s why partnerships are important. There’s a lot of surprises that happen in this business. And developers are realizing it. And as a result, they’re aligning themselves as partners rather than as transactional as they used to be. That's great. Thank you. So we're going to close on just a little bit of a look to the future, get a perspective on where the power sector is heading. Dan, I'll start with you. So by 2035, what will a competitive U.S. solar manufacturing industry look like? And which forces will matter most to get to over 100 GW of annual manufacturing capacity? Yeah, I think if we're just 100 in 2035, we've already lost. The energy races, the AI races. I think the numbers just need to be so much larger. Like I said, if China has already had a terawatt of manufacturing capacity, America is just scratching. So I think of what's happening with solar and storage and how it's being deployed now. You could look back to the early 1990s, how natural gas was attacked by coal and how natural gas rose. Natural gas was a geological feature, but it was also a technology feature with fracking. Solar just works. The lower marginal cost, the LCOE can be very competitive. Solar and storage are doing to gas what gas did to coal, and that's going to continue. I would expect that as the energy growth continues, we have to go towards that China level of capacity, manufacturing capacity, and also deployment. I think the integration parts are going to be critical as we go back into the chain on how do we have a real robust polysilicon supply, wafers, et cetera, et cetera. When you see what Tesla just announced, the 50 GW lithium refinery in Corpus Christi, nothing like that existed in the United States. The scale of what we need to start manufacturing is here. I do think America has the components for it. It has the ingenuity. It has the risk capital. It has the appetite for it. It has the technology for it. And fundamentally, the solar industry is about converting silica to silicon and even glass, right? Silica. So So all we're doing is converting. And that requires water, energy, and people. There are technology aspects which we now have. We can manufacture the machines. But this is fundamentally an energy conversion of silica. And America has a lot of the natural resources in silica form. And we should be able to make a lot of that here and drive the lower cost so we can have that scale in the U.S. too. Great. Craig, so as energy markets continue to evolve, what new factors are driving project economics and investment decisions for Clearway? I mean, I think we kind of talked about that at the outset. It's sort of we're focused on building as much power generation as we can to enable critical needs, and in our company's context, also pacing the way that we deploy capital into that generation in a way that is methodical, and so that's sort of how things work in our business context. When you'd sort of pose the last question about a lookout to 2035, we have some ability through a family of projects that we're constructing to have a decadal vision for the buildout of a whole family of resources across a wide variety of geographies. What we foresee is densification of power generation across a substantial portion of the country's landmass in a way that is responsive to a lot of the community concerns that as an industry, I think we have to be more sophisticated about an opportunity for a lot of the rural communities in America to play a much more important role in energy supply. I think we're just at the beginning of having those communities fully appreciate how beneficial for them that could be. Probably a multiplication of aggregate demand for primary energy supply that's provided by electricity that's still a little hard for people to imagine. The guide for that that I keep in mind is what the U.S. energy landscape looked like between the 1870s and 1890s when the advent of the steam engine co-evolved with a whole host of other industrial technologies. And if you were to look at the BTUs of energy supplied and consumed in the country between the end of the Civil War and the point in time where steamships, locomotives, and all the industries that they enabled reached their full maturity, it was orders of magnitude increases. And I think the co-evolution of the computation technologies today that we're serving electricity to and the industries that those computation technologies enable with the corresponding supply that's needed for electricity could surprise us to the upside quite a lot as we think out to 2035 and the end of the 2030s, by which time I expect land use interconnection and a lot of the things that pace deployment in the short run will be things that we've been able to sort through. Wonderful. So we will wrap up on that note. I want to say thank you to the panelists. Thank you for your perspective. Thank you for your partnership. It's been a great working relationship. And yeah, we'll close out. So thank you very much. Thank you. All right. All right. All right. We got four and two here. Great. So here we are in the program. We're going to do 15 minutes here with Jeff Guldner of fireside c hat. They'll do 15 minutes with Chuck, our CFO, who will give the outlook. And then we'll wrap with executive Q&A. We'll be done at noon. And we'll have lunch and then a tour outside. So without further ado. Energy policy in the U.S. in 15 minutes. Let me introduce Jeff briefly. Dan Shugar had the great idea to recruit Jeff for our Board. And thank you, Shug. And Jeff, he has incredible experience. He was 20 years+ Arizona Public Service CEO and then five years as the chair and CEO of Pinnacle West, the parent. So he brings this incredible utility perspective. He also has a JD, a law degree. So he's got integrity. And a U.S. naval officer for 10 years. Thank you for your service. It's been great to have you on the Board for about a year and a half. So we're going to get right into it. We have a short period of time. So Jeff, I'm going to hand it over to you. Yeah. A lot's happening. We're talking about electric demand supercycle. How real is that? What's going on in Arizona? Let's start there and then the rest of the U.S. Yeah. And the prior panel just teed it up perfectly. And you heard Dan say this is generational. You heard Craig say this is probably we're underassuming what the growth is going to be, and I think it's kind of when you look at growth in the utility side, so load growth, which is what the generation is serving, right, so when you look at load growth on the utility side, typically we got excited when we'd see like 1%-2% load growth. Energy efficiency for years basically kept that flat, and so when you'd bring a big customer, and a big customer was like 50 MW, was an enormous customer, you would get crazy excited about that on the utility side, and you'd be really happy when you saw a couple of percent of growth. That has fundamentally changed with two major things, so electrification we knew was coming, and that was something that we were expecting. But that's going to get offset with a lot of energy efficiency. The demand growth that's coming from manufacturing and from AI has truly been eye-opening. Give you an example in Arizona before we go to data centers. Data centers are typically what I think I spent the last two years of my career talking about nothing but data centers. But if you look at Arizona, we host at APS Taiwan Semiconductor. And so they're building a large fab, multiple fabs in the Phoenix area. Our previously largest customer at APS was a 70 MW Freeport-McMoRan mine. So 70 MW, enormous customer. Data centers came in usually around 50 MW. TSMC, when it fully builds out, will be about 1,000. And so for context, the grid, APS's share of the Phoenix and Arizona grid, we peaked this summer at 8,600 MW. So that one manufacturing facility, which takes a few years to build, but that manufacturing facility and the supply chain it's supporting as it scales up, that's going to be a gigawatt of addition. When you add to that the data centers that are coming with AI, and you've got really now in the U.S., Virginia kind of led the way. A lot of data center construction initially in Virginia. We all learned a lot from watching that. And then right now, between Georgia and Arizona, we're competing for who's number two or who's number three in that growth. And there's a lot of reason. People don't want to build data centers in California, but they want to be near California. And so there's a lot of that focus on the Phoenix metropolitan area. Again, context, we've been trying to clear these data centers to go without affecting reliability. That's been the biggest challenge. 8,600 MW peak system, we've cleared about 4,000 MW of new load to move forward at APS. And so that's going to be five, six, seven years, I expect. There's another 20,000 MW of soft demand that is in the queue. So again, not all that's real. There's a lot of competing similar data centers vying for multiple locations. So we know that that 20,000 is probably not real, but it is a big number. And what I hear is when people talk about, well, maybe energy efficiency will come around and the data centers will get less to use. What we're seeing is on the chip side, energy density of the racks is going up. So you're about to see typically racks were like 20, 40 kW. You're talking now about megawatt-sized racks because the energy density on those chips are going up. So, my opinion, personal opinion, is that if you see any efficiencies work into the system, they will get backfilled in with more demand. And so for at least the next few years, I'd say the next five years plus, every megawatt of power that's available is going to get used by somebody. Everybody is in the hunt to say, where can I get power? And power is determining now where these data centers site. One other thing before we probably go to reliability, load factor is changing as well. And so most systems, if you take our 8,600 MW summer peak in Phoenix, a day like today, it's about 80-some degrees in Phoenix right now. So air conditioners aren't really running for the most part. You're going to see a peak probably of 3,500 MW. So summer peak, 8,600 MW. Shoulder month is what we're in now. Those are in the 4,000 MW. That's like a 50% load factor. So there's a lot of efficiency. And that's kind of where we'll get to and kind of the role that you see storage and solar and other things come into play is there's a lot of efficiency in trying to build that up. But the data centers do run at a very high load factor. So what that's doing is system-wide, it's pushing the peak demand up, but it's also pushing the energy so that load factor is moving up. And what's called the load duration curve, you actually see that shift up a little bit. So we'll still only have one peak day, but we'll see a lot more energy consumption. Just one other last quick point. That 4,000 MW that we cleared at APS to move forward with, that was all peak management. So what we were doing is trying to say, let's figure out a way that we can cover the peak. After 4,000 MW, there was an energy deficit that was showing up. And the energy deficit was happening from 11:00 P.M. until about 7:00 A.M. So think about your batteries all get exhausted. Those four-hour batteries, they get exhausted about 11:00. What What are you going to serve it with? And so that's the challenge the system planners are trying to figure out now is how do I deal with that higher load factor, but still work to have a more efficient system? Okay, that was amazing. So Arizona, I mean, it's a really fast-growing state. A lot happening there. Let me see if I got this right. You're saying that peak demand is 8,000 MW. The generating capacity is actually around 4,000. You handle the deficit or the gap with load management? No, so we've got probably 10,000 MW or so to cover that 8,000 MW. What we're doing, though, is that 8,000 megawatts that we have today is going to get added 4,000 MW with new load. Gotcha. So we're going to move from 8,000 MW to 12,000 MW in the next five years. And you're saying there's 20,000 MW behind that. And there's another queue of folks that are interested in getting in there, which is to the point I think Craig made. We don't know exactly what that future is going to look like. But we know that the near term, it's going up. Okay. It's a lot. Okay. So one of the things that I'm sure kept you up at night when you were CEO of APS and over at Pinnacle West is just keeping the lights on. I mean, that's like the number one thing for utility reliability. How do you feel about all the different forms of power gen coming on and a lot more solar and storage and managing all that? Yeah, that's really going to be the puzzle, so one thing I think you'll see, which is a challenge, if you're focused on decarbonizing the grid, the reality is that the amount of demand and that load factor change we're seeing is just going to drive more natural gas, and the way we used to think about it at APS is we were doing probably 80% solar, wind, and storage and about 20% gas. The way that we thought about it, that 20% gas is what unlocked the 80% wind, solar, and storage because you've got to have that firming resource that's going to be there for that peak day that you're hitting the hottest day in the summer and you're worried about power plant outages and things like that. The thing that gets complicated in this, the system planning has gotten so much more challenging because it used to be just manage that peak demand. So now, just to give some context where I think solar is going to be so important because it is, it's the cheapest source of energy that we can build right now. It's almost all hybrid. I don't think APS has done a not just a straight solar system for probably three or four years. We have always done hybrid. We need to have battery storage to shift that onto peak to create the maximum value for our customers. But it's easy to build and it doesn't really fail, right? So unlike you lose a coal plant on the hottest day of the summer and it's a 500 MW power plant, that's a big gap to fill, and so folks like the reliability, the steadiness of the solar. The batteries are what's making the system much more challenging to operate, so we're putting a ton of batteries on around the West. I think we're probably leading the industry or leading the nation right now in that. You're seeing more of it now going up into the Pacific Northwest. Every system's a little bit different, but the most important thing that sometimes people don't remember is the batteries don't produce power. So you have to have something that puts the power in the battery. And that's one of the key, I think, key leverage points for solar. It's you are always going to have your solar at the bottom of the dispatch stack. It's got no fuel cost. Even if I put a natural gas plant on the system, I'm going to have to run that potentially for reliability. But I probably really don't want to run that in the middle of the day to charge the batteries. So I got to figure out the system design that is going to let me fully charge the batteries, but then have reliable capacity so that on that summer day, when I'm hitting that peak, I can actually go to something that I know is going to be there. If we have clouds or rain or something, I've got firm capacity that's there. That system design is getting really challenging. A natural gas plant has fuel cost. Solar has no fuel cost. So the folks who run the system are always trying to do that model to say, how do I optimize the design so that I can get the cheap energy, charge the batteries with it, have the capacity that I need, and still be able to meet this customer growth that we're seeing. I will tell you, like the days when we used to think we were excited about shaving, we had about a couple hundred megawatt smart thermostat program. That's awesome. You then get a 500 MW data center show up. That just absorbed it all. You do have to look at the supply side. And I think what you'll see is more gas that will enable additional renewables. Okay, that's a good lead into the next one. So, well, first of all, it's a two-part question. One is you really changed the game in Arizona as a leader of the utility there. You went zero, I think you have net zero goals there. You drove a lot of renewables. I'd like to hear why you got behind that and also why you joined our Board in that context because obviously you believe in what we're doing. Yeah, I mean, I do think the political cycles will change. And so we're in a political cycle right now, and that's creating some headwinds. The tailwinds, I've been 25 years in the utility business in Arizona. And just watching, I remember in the late 1990s when we were opposing the solar portfolio standard. We actually had a solar portfolio standard that we were going to prove in Arizona. And the team, we had very environmentally minded folks. They believed in carbon issues. They were trying to figure out how to decarbonize. But they're like, oh my God, the cost of this stuff, and of course, it was trough, like solar trough systems. So the cost of this stuff is just prohibitive. It's just crazy. And so what's been remarkable to see, and this is, I think, just it's been fun being on the Board to watch the team think systemically about how do you go after cost. It's been the actual reduction of the cost of solar. So LCOE is a good indicator. It's not what system planners typically use now. They're using much more capacity as a blend of that. But again, when you see the cheap fuel and for utility, I think one of the really interesting concepts is utilities don't make money on burning gas. So when you burn gas in a system, most utilities have a fuel adjuster, and you get to recover the expense from your customers, dollar for dollar, and it goes up and down. Bills go up and down. When you put a solar system in, it's an investment, so you earn on that as a utility. And so I think a lot of utilities began to see like, oh, this is interesting because my customers aren't exposed to the fuel volatility, and I can actually earn a return on the investment. Again, at APS, we PPA a little more than a little more than half of the new systems that we use. There's a blend, but from a utility investment standpoint, it's a good option because it's got no fuel cost, and as long as you can figure out that reliability shift, so I can shift it onto batteries, it's going to continue to be a key investment. It also doesn't have quite the supply chain constraints. Interconnection definitely is a headwind. Supply chain constraints on the gas side is a tailwind. If you go out today to go build a new gas plant, I think it's about a six-year, you're going to be six years talking to GE Vernova to get a new turbine in place. People can juggle that around a little bit, but that's a challenge, and the same thing on the gas supply. We're going to build some more gas in Arizona to take care of this data center growth. That requires a new pipeline. Solar capacity is still something that you can get in quickly. And again, it provides that low-cost energy. So I'm still excited about it. I still think that's why this is going to continue to make a difference as we move the energy policy forward in the country. That's great, Jeff. I think we're going to have to leave it there unless you have something else you want to add or give us some advice, not just Nextpower, but our industry. Yeah, I think it's just trying to lean into the opportunity. Initially, I'd say as the data center stuff began to grow, there was some pushback about saying like, oh, folks are going to go now to more natural gas, and that's what the utilities want. The utilities just want to have a reliable system. We have to keep the lights on every day. And the worst thing you can do for a data center is have a reliability issue. And so there's all kinds of opportunities to share generation, to partner with data centers on efficiency. And so to me, I think the opportunity that we can all embrace for the developers in this sector as well as the utility operators is how can you lean in on the efficiency side so that we make the system more efficient? If we do that, data centers could actually be a benefit to customers. They could bring the overall build down because we're using the system more efficiently, and they're paying a big part of that. And so that's the big challenge is how do we make sure we operate things as efficiently as we can with the growth challenges that we have in front of us? And I know we can do it. There's just one more thing I wanted to add on the policy front. You and I had an interesting conversation. If you can just talk to federal policy versus state policy and how that may or may not drive things going forward. Yeah, I think, I mean, certainly a headwind right now. The Department of the Interior has got guidance out, and we have a lot of federal land in the West. So we had guidance out that says that's going to require a secretary-level approval to move projects forward on federal land. I was quite worried about that initially. As I talked to more developers, what was interesting is those folks have portfolios of land. So they're looking at a bunch of different sites. Interconnections are driving a lot of that, trying to figure out where can I interconnect. And a lot of the developers said, yeah, we're just going to go develop on federal land. And so now the system of how are you going to work through some of the challenges that get presented to you as these headwinds? The thing I keep falling back on is you got 17 states still that have a zero carbon plan. So even if we're not playing in COP right now and we're not engaged nationally on that, energy policy is driven at the state level. And you still have a lot of states who are committed. And utilities, even in states, Arizona did not have a zero carbon plan. We put one together at APS. And so you still have a lot of utilities in a lot of states that are putting that climate vision forward and trying to drive to that outcome. Great. Thank you, Jeff, so much for this chat. Thanks, everybody. Okay, we're going to welcome. Any of you had flight disruptions and you still made it, so that's fantastic. This is actually the dress rehearsal today. Dan, the main event's tomorrow, right? Well, tomorrow we've got 110, 120 customers coming to see the technology. So this is a warm-up. So thank you for being part of our dress rehearsal. So for those of you that I've not met, and there's a lot of old faces in here and some new ones, I'm Chuck Boynton, the CFO of Nextpower. Welcome to our corporate headquarters. The events team here, fantastic. Gina, thank you. This used to be all cubes. Dan's office is here, Howard, myself, Bruce, Peter. We're right behind the wall, and this is our headquarters. And so we've moved all the desks out and brought tables. So thank you all. It's fantastic. Any public company CFO is a little cautious sharing long-term forecasts, myself included. But after today and with the strategy, I feel really good about where we are, and we're super excited to share this long-term forecast. As Dan mentioned, our strategy is to build this really compelling world's leading energy platform. And so we're going to walk into that in detail. And looking out over the next five years and beyond, we have the right people and the right strategy to go execute. So Dan showed this. We're really proud of the history here. You've seen really tremendous revenue growth from before the IPO through today. If you look at the chart, $1.2 billion of revenue in fiscal 2021, up through our last completed year in fiscal 2025 of $3 billion. And during that time, profitability has increased. I'll point you, though, to fiscal 2022, and that was in the middle of COVID. Supply chain disruptions, steel price doubled, freight costs tripled or more. We still were able to make money. So this is a really durable, strong business model with a hallmark of incredible execution. Now, the line here is our overall EBITDA percentage. And with growing revenues and margin expansion, it's no surprise that free cash flow expands. And so we've generated a significant amount of free cash flow, and we've taken that free cash flow and reinvested it back in the business. And if you look at the R&D investments, we've invested $172 million sort of since the IPO in R&D, over $200 million life to date, for sure. And we've invested about $330 million in M&A, buying companies and whatnot, all while paying down our debt. We have no debt now. And we have accumulated $845 million of cash on the balance sheet that we intend to use to continue to grow the company. And we'll talk about capital allocation here shortly. So this transformation that you're seeing, where historically 87% of our revenue came from the traditional tracker and 13% from other products and services, that's fiscal 2026. If you went back in time, it would be even more tracker. Now, as we look out to 2030, we expect that to be roughly 2/3 core tracker and 1/3 of new products and services. Now, let's talk a little bit about profitability. And this is some new data for all of you. I know you're super excited to see new information, and we're going to get to it. So this chart shows the anticipated relative profitability by these different categories. No surprise, software and services has the highest margin profile. Why is that? Well, software typically is engineers like Jyoti that are in OpEx and very little cost. And so if you scale revenue in a software services business, your margins tend to be quite high. Next would be electrical. Think about that as eBOS and the new power inverter product that Dan mentioned. No surprise that on the electrical side, margins are quite high. Why? There's a lot of IP. We are engineers. That's our heritage. And that intellectual property, that innovation manifests in terms of the margin profile. The next category, trackers. We all know trackers. It's who we are. It's our heritage, and then the next one would be structural. Think about that as foundations and frames, and the margins are a little more below tracker. Why? Because the high embedded amount of raw material. So still great technology. You put that together with our OpEx, which I'll talk about here shortly, and that means that we expect to have overall EBITDA margins in the low 20s. Consistent, we expect to be there next year and beyond, and so we'll talk about OpEx here, and then we'll get into the outlook. So operating leverage. We think about OpEx in three key categories. R&D, that we all know. We intend to continue to invest heavily in R&D. Why? It protects your margins and drives future revenue growth. Sales and marketing. We'll continue to invest heavily in sales and marketing to both grow the business internationally. We intend to deploy that expense internationally to grow the global share, and if you think about the U.S., it's a great market, Jonathan, and our customers. Phenomenal. U.S. share of revenue is about 70%. We expect over time and multiple years for international to be a much bigger growth driver long-term, and so we'll invest sales and marketing dollars internationally to grow revenue and take the new products that we're developing here and take those around the world, and then lastly, G&A. Sorry for my finance and IT teams, but we intend to be efficient on the G&A side, and as we scale the company, hold our G&A costs down, probably not flat, but hold them down. Then what you'll see is about 100-200 basis points benefit from lower OpEx overall in this kind of next four-year horizon. Okay, now you have some data. I can see all the eyes perk up here. Okay, so Howard and the other execs reviewed the various business lines. This is the roll-up of those numbers that you've seen. And I'm going to walk through these in a little bit of detail. It's pretty dense. So what you'll see in the top left on the revenue side is the new other products and services are roughly $300 million of the $3 billion we did in fiscal 2025. In fiscal 2026 this year, we expect those new products and services to be roughly $400 million-$500 million. And into 2027, that'll grow to $500 million-$600 million. By fiscal 2030, we expect that to be $1.5 billion-$1.8 billion. That is impressive, impressive growth. You're talking about a CAGR of over 40%. That is really part of the main message today is the amazing growth that we're seeing from these new products and services. Now let's look at the core tracker part of our business. $2.7 billion in fiscal 2025. This year, we expect that to be $2.9 billion-$3 billion. That's our outlook for this year. I'll remind you that we completed two quarters. We raised our outlook at the end of Q1, raised it again a few weeks ago at the end of Q2. This is the detail behind the outlook that we provided three weeks ago. Next year, we're seeing an initial outlook for fiscal 2027 of $3.1 billion-$3.2 billion, going to $3.3 billion-$3.8 billion. Now, many of you might say, "Gee, that looks conservative." Well, we actually are not prognosticating the tracker market in 2030. We're taking the industry experts who forecast the tracker market and aligning our numbers to the industry. And your question is why? Well, there's a lot. You all have forecasts. Many of my sell-side and buy-side friends out there, you have numbers that are way higher, way lower, in between. They're all over the map. And so our view is we're going to align with the industry experts. Think of those as the not the buy-side or sell-side, but the industry experts. We'll align ours. And if the market does a lot more, which we hope it does, we'll do more. If it's less, we'll do less. And so our forecast is based on the industry outlook for the tracker piece. Now, on the profitability side, this is a little. I'll unpack this in some detail. The tracker side's relatively straightforward. The other products and services, though, in fiscal 2025, the actual profitability of those was $52 million on $300 million, roughly, of revenue. In this year, fiscal 2026, you'll see that EBITDA is $20 million-$30 million down from last year. And you may ask why. It's because we're investing heavily in the technology to prove out and drive the cost down of the new acquisitions that we've done, invest, commercialize, and then globally roll out. Now, the benefit, what do we see from that? Well, in fiscal 2027, we see the profitability of those other products and services tripling. Huge growth in profitability from 2026 to 2027. Then in fiscal 2030, we see a really strong contribution of profit from those other products and services, up to $345 million-$375 million of EBITDA from that category. So now let's look at the summary. What we see here in fiscal 2025 are actual results, $3 billion of revenue, $776 million of EBITDA, and free cash flow of $622 million. In fiscal 2026 this year that we're in, the outlook that we just provided, $3.275 billion-$3.475 billion, very strong EBITDA, $775 million-$815 million. Our adjusted free cash flow, really new data important, $400 million-$500 million of free cash flow. The outlook now that you're seeing for the first time for fiscal 2027, we're seeing 10% growth. Again, we're doing this pretty much like six months before we normally would provide an outlook for fiscal 2027. So we're doing this to give you context, really, for the 2030 targets. But our initial outlook today here, six months away from next year starting, we're planning for 10% growth over 26, adjusted EBITDA of $800 million-$900 million, and adjusted free cash flow of $550 million-$650 million. And then as you look out into 2030, we call this a target, not an outlook, because, again, the industry is hard to predict what will happen with the industry. But our target for 2030 is $4.8 billion-$5.6 billion in revenue. We're looking at EBITDA of $1.1 billion-$1.3 billion in EBITDA and adjusted free cash flow of $800 million-$1 billion of free cash flow. So now let's talk a bit about capital allocation. I always think about capital allocation as that is a job of management to do a great job on behalf of you, our shareholders, and our investors. And our goal is to drive a really strong capital allocation strategy. Well, the net of it is we're not changing our tune today. It's the same message that our priority is number one, invest in internal growth. Organic investment is the best return. You saw today the inverter announcement that we've spent a lot of time and energy to go build out a really sort of next-gen piece of technology. And you're going to see today outside, and you heard it here, the amazing tech that we've built. That's number one. Number two is M&A. Deploy your capital to buy companies to generate better value for your customers. And number three, it would be return capital to shareholders, which, as you know, there's a sort of standstill with the Flex spin. We won't talk about that until next calendar year when that expires. And so now just look at the investments that we've made in R&D since 2023. This year, estimate over $100 million of R&D spend in fiscal 2026. A lot of that is companies that we've acquired and perfecting that technology. And we plan on investing about $500 million in additional R&D spend between now and the end of 2030. For that investment that we've made, we have 1,400 patents issued and pending. As Howard mentioned, out of our 1,700 employees, Howard, 600 are engineers. I mean, this is a true engineering-led company. Now, let's look at category two, which is M&A and investing in these companies. We have really deep domain. We talk about the three key pillars of who we are: mechanical engineering, electrical engineering, software engineering. Those are the three things that we are world-class at and no one can debate. The acquisitions we've made to date all fit within those three areas that we have deep domain. Not that we wouldn't go outside of that, but they're right in line with our strategy. And so you'll look at the strategic fit of these is pretty obvious. And I was talking with Peter Aschenbrenner, Head of Strategy, and we've been trying to kind of lay breadcrumbs over the last year. And I think you'll agree that with our earnings calls and whatnot, that we've kind of telegraphed where we were going today. Peter said, "I think we're leaving more than breadcrumbs, more like pieces of bread." So it's maybe no surprise to you, the announcement of Nextpower today and this integrated platform strategy. So I think you'd all agree that this unveil today is kind of right in line with where we've been sort of talking and messaging with the company. And you'll see us continue to invest in R&D and acquire more companies. Now, one of the outputs of a great company is return on invested capital. And I'm not going to share the charts and compare. We could do that, and you could do your own math. And you'll see that we are top decile of return on invested capital of companies out there. And so if you think about why does ROIC matter, well, it's the same math that we talked about on the panel. LCOE, that's effectively a similar metric. NPV, ROI, they're all the same. But ROIC to us is kind of a religion. It's, "I'm going to take money, and I'm going to invest it in a project or a company or R&D, and then what return do I get from that investment?" And you've seen a very disciplined model of, with the companies that we've acquired, the prices that we've paid are appropriate. We're not overpaying for a bunch of companies. It's a disciplined process. We've got a really, really amazing corporate development team here. Some of them are walking around here. So really, really great team. I'd encourage you to meet them. And this high return on invested capital, what does it mean? It means, one, that we're capital efficient. We're making good decisions. We're good capital allocators, a critical job for us running a company. It second means that we're driving good operating margins. It's good discipline. We're not spending too much, and we're driving great profits. Lastly, I'll touch on our recent JV announcement in Saudi Arabia. This is an example of kind of a disciplined approach to driving ROIC and a good model for our shareholders. That market requires factories, local content. You got to build factories. That takes money and capital. The wholesale energy prices in that region are incredibly low. But they've got a vision. This Vision 2030 is a really amazing vision of driving huge amounts of projects that us on our own, if we were to compete and win all that business, it could be very challenging on the margin side. With a local partner, we think we can do better on the margin side. And importantly, we won't consolidate the JV. It's roughly 50/50, but we won't consolidate. And what that means is that as we win business there and hopefully get to number one share in that market, that we'll have a really strong P&L and still have a high return on invested capital. So I'm going to close with this is a really, really compelling story. You heard from Dan, super exciting, this energy supercycle. It's here. It's real, and the demand drivers are incredible. You heard from Craig and the team that our customers are partners. And Jonathan, it's really who we are, customer first. Now we have more products and services to go drive revenue and make happier customers. With happier customers comes margin. We have a really compelling business model, capital light, disciplined operations, a fortress balance sheet. And as Dan says, culture is probably the most important thing. We have an amazing culture of innovation and a track record of execution. So with that, I'll invite Howard and Dan, and we're going to do some Q&A for about 15 minutes. Yeah, yeah. I think Dan, why don't you sit here? Nice job. Thank you. Fabulous. Thank you all. We'll take your questions. Yes, sir. Are we bringing a mic around for the questions? Good afternoon. Yes. Good afternoon, everyone. Thanks for the presentation. I wanted to start, Vikram from Citi, about your thoughts about return of capital to shareholders. If I do some of the rough math on acquisitions, it seems like the return on invested capital on acquisitions is pretty high. You add $500 million of R&D spend over the next few years, add the acquisition capital of $300 million. It seems like the acquisition multiple on those assets drops to 2x to 3x adjusted EBITDA in 2030. How does the return on buying back shares or dividend compare to that? What's the rationale for returning the capital to shareholders? Is that the opportunity for acquisitions are not that many? And the right use of capital for that is to return to shareholders. Yeah, great. Thanks for the question. We'll do a two-part answer. First is the strategic value of what we're doing. So when we bring in new tech, it essentially delivers a mountain of value for our customer. So then a suite of projects gets delivered. Also, as Chuck indicated, when we first do an acquisition, a number of these companies are early stage or need additional investment. So when we started Nextracker, our margins weren't where the tracker business is today. It takes a few years to operationalize and then get the true value and scale. And so now we're seeing the power of that happening with some of the earlier acquisitions. So the results of our strategy, both with organic development and with the acquisition, is being realized in the exemplary financial results we're achieving. Chuck, now you handle the second part, comparing that to the dividends. Certainly. So we're not going to address or talk about a buyback or dividend program today. We've been super clear that that sort of standstill or lockup is through early next year. And at that point, we'll review with the Board. But we are not going to talk about or kind of sort of estimate or give you signals of what the plan is. So I'd say stay tuned on that one. Great. Moses, is there a microphone? No, Joe. No, Joe. Oh, Joe, then Moses. Thanks. Moses is not going to look away. Just speaking about automation, you've talked a lot about robotics at the QC level on the operating projects. But with the exception of foundations, I didn't hear much today about automating the assembly process, in particular when we were talking about moving modules around. I'm wondering if that's part of the plan, and if so, how? Yeah, thanks for the question, Joe. First, we're excited about robotics to help in all phases of construction. There are many great companies involved in module assist with robotics. Nextracker has partnered with many of them today. So we're definitely part of that ecosystem. That's awesome. As covered by Jake, our Chief Product Officer, we're ready in semi-automated installation of foundations with our machines. The machines I can see right out our window during the tour, parked upcoming. We're going to go outside and look. You're going to see those firsthand. For example, with the Earth Truss system, we acquired this incredible technology from Ojjo. All the operator does is load one part, then pushes a button in the machine in fully automatic using GPS and a very sophisticated control system. We'll go to precisely where it needs to go, locate, orient the part, drill into rock, blow out the dust, set the foundation within about a centimeter of precision in one continuous automated robotic operation. So as we move forward with that technology and other technologies, both on the foundation and other mechanical parts of the system, we'll increasingly be bringing robotics to bear more automation, computer control, as Jyoti Jain covered in our NX One system, knowing where all the materials are there. And so over time, you will see more robotics done in the field. And if we don't see others very active working on certain areas to add value to customers, we will take it on and solve it. Thank you. Thank you. Okay, Moses. Thanks. And thank you for the great comprehensive presentation. Two related questions on pricing power and the product roadmap. If you start to see the bundled product strategy, again, let's say majority traction, something that's really looking quite material. And typically for those customers, they would then see a cost savings, a time, a headache thing, warranty under one umbrella, all of that. Would you then potentially see more pricing power than I think what Howard you walked through per product so that the implied price curve at each product, even if it's sold as a bundle, is actually angled flat or up instead of the typical industry modest deflation? And then how do you think of this bundled product strategy rolling out in the U.S. versus the international markets, which are quite different? Okay. So we want to drive cost out, friction out. And there's a certain amount of that we absolutely want to pass on to the customer. Because the lower the cost and price of solar, the bigger the market. That's what's driven the whole industry. There's been a cost curve down. I mean, solar is a factor of 10-15 less than it was 12 years ago in terms of cost. That's why it's the number one source of new power generation. So we want to keep that going. Of course, we think that the bundle can be very competitively and fairly priced to our customers, meaning we earn a fair return and so does our customer partner. That's our strategy, and that's how we want to keep driving the market. As far as going international with the bundle, our strategy is to first focus on the U.S. We have the strongest position globally in the U.S. WoodMac quoted, we had about a 45% market share last year. So we have a very strong position here. The center of gravity for the company is here. The demand for a bundled solution is starting here. So our strategy is get it right here and over time, migrate it out. Now, we are beginning to do that selectively. For example, Australia, Dan was just there, we rolled out this new Earth Truss foundation system to the Australian market. So we're going to be doing that selectively over time internationally. But our 2030 plan absolutely contemplates a global market for the bundle. Great question. Just building on it, being in Australia last week, it was fantastic. And seeing our Earth Truss technology on the ground there and the customer response was very overwhelming. It turns out a lot of the sites down there are very rocky. It's perfect technology, and so that's an example of what we're going to keep rolling out. Thanks, Moses. Great. Thanks for the great presentation, the detailed view and your vision and what to expect ahead. Hey, as it relates to your dry run, this is the dry run for tomorrow, right, Howard? I got to imagine that tomorrow some of these guys are going to ask what else there might be. You guys have an impressive collection of offerings at this point. But given the R&D spend, I got to imagine there might be more behind the curtain. So maybe a peek into that would be very interesting if possible. And then in terms of additional gaps in the offering, what else might there be? And then secondly, you talked about in your prepared remarks, you used to address 10% of the wallet share. Now you're at 30%, roughly, in your fiscal 2030 guide. What do you think the underlying assumption is in terms of the amount of wallet share that you can have access to or is baked into your fiscal 2030 assumption or guide? How much wallet do you expect to get in that fiscal year 2030? Thanks. Thanks, Phil. You have always set the gold standard for being able to pack as much into a single question, and it's stacked. In a very astute way. And gracious way. So thank you for that. I'll take the first part. Hey, we've only today announced we're launching in the power conversion space with inverters and converters for solar and storage. What else you got? Well, I will share something. It was on one of the logos was on a screen. We just acquired another company last week called Fracsun. Super great technology. What it is, it's actually operating in the field. And there's upwards of 20 GW of this operating with power plants. In fact, some of our customers that spoke today, it's actually on their systems. What it is, is it's a measuring device that you put on the system that measures exactly how much soiling loss am I experiencing in real time. And so it's a patented technology, fantastic team. We just acquired that. That helps customers discern soiling is one of the biggest untapped opportunities to increase yield. For example, on an annualized basis, the fleet, let's say in the United States, might be 3% soiling loss. But if you're in the West, in a place that doesn't rain, over the course of the summer, your system might be down 15%-20% when power rates are very, very valuable. To address this, Nextracker, Nextpower, excuse me, it's going to take a while. Keep in mind that Dan founded the company, so Nextracker's been in his brain for quite some time. Yeah, yeah. And I kind of came up myself and one of my former executives came up with Nextracker. Howard actually came up with Nextpower. But I'm happy to transition because it's more appropriate. But this is why earlier this summer, we announced acquiring a robotic cleaning technology and team. And we have a tremendous amount of experience with this operating in the Middle East, where you can have an Arabian sandstorm come, and within one or two days, see 30%-40% of your system power go down. So it's really needed in some markets, but very undercommercialized in many markets. And so we have a technology, we haven't launched it yet commercially, but we expect to be doing that next year. And we think we have a fantastic team, fantastic technology at a great price point and tremendous efficacy. But you want to know where to do it. Well, where does it, because you can have certain sites be in the same town or city. One site area has fairly low soiling loss. Another site has very high soiling loss. Fracsun has developed measurement technologies to be able to pinpoint where the efficacy is for these types of solutions and has also developed a global model. And this technology is not only operating here, but it's operating in many places overseas. So that's one of many things we can talk about, and we're going to see out in the field shortly. Chuck, can you go to the second part of the question? Yeah, I'll go quick, so 2030, a third of our revenue comes from new products and services, but the TAM is actually double the tracker TAM for our share of wallets, so 9%-27%, so in theory, if we got to 100% attach rate, the non-tracker piece would be double the tracker business, and our expectations in 2030, it's only 1/3 of the tracker business, so a huge amount of room. And I'll just add to that that we're not disclosing at this time. We do have a detailed model with attach rates by solution set that we're not disclosing. But it rolls up, and you're spot on, Chuck. Okay, I think we have time for a couple more questions. Shall we? Yes. Thank you, Dan, Howard, Chuck. This is a fantastic event. Appreciate you hosting. I have a two-part question. The first part is, when it comes to non-trackers, how should we think about the cadence of growth or the contributions from these various different products and platforms as you work towards the 2030 target, right? I'm cognizant that some of these products are in pilot phase and take time to scale. And then the second part of the question really comes down to inverters. From what I understand, it's a pretty competitive market. So how should we think about the value proposition of your product and the contribution from this specifically versus eBOS? Thank you. Great. I'll take the second part of your question first and then ask Chuck to comment on the first part of your question. Thank you, Dimple. So Howard in his presentation, when he introduced our electrical segment, and we had Ryan Schofield present on that, showed in 2030, in the mid-$500 million range for revenue growth at that time. That's in the context of our target that is $5.2 billion at the midpoint. So call it 10%-ish of the revenue that that would be electrical products. Now, we have eBOS, which we just showed the trailing 12 months being about $86 million. And that we anticipate to grow strongly with our new products and services that we're adding into that area. Inverter is also part of that. What are the features of our inverter that would enable customers to be excited about it? This inverter and power conversion system, our initial market for that's going to be the United States. It has the following attributes: higher efficiency, very strong reliability, modularity, meaning very efficient operations and maintenance, and manufactured in the United States with strong cybersecurity. Those aspects resonate with our customers, and we're confident that that product will have a take in the market. At the same time, as I just contextualized, we're not putting a target out there that is showing we're going to take the moon with any of these existing product families, but rather we're going to create expectations we can meet and beat. That was the whole theme of how we've come to market through the IPO and every single expectation we've tried to create both with our customers, our employees, our suppliers, and our investors. Chuck, part two. Yeah, I'll go very quickly. So we gave you an initial outlook for 2027, which implies double-digit growth. But again, normally we'd provide that two quarters from now. And then some of these businesses are brand new. For example, the frame business, you've met the CEO of T1 today, our first customer. And so that will scale. That market's huge, actually. But we have modest expectations. Dan mentioned the inverter. Other ones are ready to scale. We have the new PowerMerge product coming out early next year. And the eBOS business is already doing quite well. The foundation business is super exciting. I mean, there's a lot of opportunity there. But our view is it's going to be kind of steady with some really nice growth coming from the new products and services. And remember, in the tracker, we'll see what the market does. We expect to maintain our growth share. If the market's a lot bigger, we'll grow faster. Great. I'll take this opportunity for a quick wrap-up. First, for those of you that came here, thank you for braving the current system with flights to be here. For our online community, thanks for dialing in and your participation. We really appreciate all the investors with your trust and confidence and the analysts that have thoughtfully covered the company. I want to take this opportunity. We've been talking a lot about customers because we really gravitate toward being customer-centric. But I really want to take this opportunity to thank the Nextracker team for everything you've done to get us to this point. We keep expanding to provide more products and services all the way from our ambassadors in the field that are supporting customers during construction, our construction managers, through everyone in every department. At this moment, I just have to give a huge shout-out to our marketing department. As Chuck mentioned, we pulled out where you're sitting. It was Chuck's idea. Hey, why don't we do this here? We wanted you to really have a feel for the company, which is why you're right in our headquarters, where normally there's about 75 workstations here. We're going to take you in the field and show you these technologies. Thank you. We look forward to the tour part of the event. This concludes our webcast. Thank you.