Hey, good morning, everyone, and thank you for joining us today in person and online. Well, very excited to have you here for our Investor Day in which we are going to share with you the next chapter in SolarEdge's journey. We will start by talking about what brought us here, but then we will spend most of the time talking about the huge opportunities we see ahead of us and why we believe SolarEdge is well positioned to benefit from them. Let's start with where we are today. At the beginning of 2025, I shared with you the four initiatives, the four pillars that are required in order to turn the business around, to turn our business around. Ensuring financial stability, gaining market share, driving innovation, and ramping up our U.S. manufacturing. Through 2025 and into 2026, we made very good progress in each and every one of them. We reduced our expenses. We moved into positive free cash flow in 2025 and 2026. We went out of non-core activities. We did gain share in some of the segments we operate in. We introduced products that our customers really need, like commercial storage, Nexis and others. We ramped up our U.S. manufacturing to the point that the vast majority of our inverters and optimizers are made domestically. What you are seeing here is the financial result of that progress. Six consecutive quarters of year-over-year revenue growth. Six consecutive quarters starting from $212 million of revenue, going all the way up to $345 million in the second quarter. Six consecutive quarters of margin expansion. Throughout this time, we continued to reduce the EBITDA loss until the last quarter, in which we moved to a positive EBITDA. Let's be precise about what we are seeing here. This is not a celebration of a milestone. This is not one successful quarter. This is a trend line going up and to the right, and this trend line is what we are going to build on as we go and talk to you about the future. Now, a word about the second half of 2026 before we talk about the future. All right. As you know, our revenue guidance for the third quarter is $310 million to $340 million. Today, we are reiterating this guidance. We do not guide beyond the current quarter. However, we assume that Q4 is going to be slightly below Q3 due to seasonality. For convenience in today's presentation, you will hear us referring to estimated revenue in 2026 as $1.29 billion. Again, this is not a guidance. We didn't invite you here to talk about 2026. We've invited you to talk about the next chapter in SolarEdge's story. We've invited you to talk about how we are going to turn strong foundations into sustainable profitable growth. Now, for the last two decades, SolarEdge has built something that is really hard to build. Deep expertise in DC power conversion and power electronics, where the ability actually to take that technology, make the products at scale, at gigawatt scale, and deploy them in millions of homes and businesses. This is the foundation. More than 600 patents, more than 65 GW installed, more than 4.6 million sites monitored through our secured cloud. This is the foundation upon which we are going to build everything that we are going to talk to you about. The growth opportunities are very exciting. We plan on accelerating our growth in the core markets. The core markets are changing in a direction that is good for us, and today we will share with you more details about SolarEdge Nexis. We will dive into our strategy in the evolving residential market, and we will share with you why we believe that we will continue winning in C&I. Then we will talk about how we plan on unlocking a multi-billion dollars opportunity in the AI factories. The market is evolving quickly. We will talk to you, we will share with you our estimate, our perspective about where the market is heading, how it is growing, and why we believe most of it is going to be 800 -volt DC- native. We will share with you the details of the technology behind our solution and why we believe, and players in the ecosystem tell us, that we are very well positioned to benefit from that opportunity. Before we start going into each one of them, let's talk about the underlying capability underneath all three of them. Power has never been in higher demand, and everything SolarEdge does comes back into one single value added. Our customers are getting more usable energy from every watt that is going through our system. They get more usable energy that goes through our system from every watt that goes through our system. It may sound simple, but it is not. It is a result of 20 years of DC expertise, deep understanding in the technology, safety, efficiency. This is a result, it results in residential, a 10.5% more energy harvested from every home. This is 10.5% more energy harvested compared to string technology. It was validated by VDE Renewables, a third-party research firm. This is 10.5% more energy every day, every year through the lifetime of the system. This is the reason why more than 60% of the Fortune 100 companies chose SolarEdge. 60%. More than 60% of the largest companies in the country have SolarEdge system installed on their rooftop. That is the reason why in AI factories, we are the only one, the only company that is about to introduce an SST, a solid-state transformer, with efficiency above 99%. Three different markets, three different types of customers, one underlying capability underneath them all. Everything that you will hear today is going to tie to one of these three, and I would like to start by talking about our core markets. Our core markets are going through a real shift. It has started to happen already, the move from PV- only to PV- plus storage. Until recently, a solar system, the value of a solar system was the value of the electricity it produced and exported. That is now changing. Grids are more congested, tariffs are changing by the day, and export compensation is going down, and in some countries, it is actually eliminated altogether. Customers are no longer interested in production only. They are interested in control. They want to control what happens with their energy. They want to make sure that they maximize the ROI, the return on investment from this system. So backup, time shifting, grid flexibility events are the new normal. That shift in these markets is actually creating an opportunity where the addressable market is going to grow in dollars by 2%-3% every year in the next three to four years. More importantly, storage is going to be the bigger piece of the pie. That opportunity and that change, these dynamics, have created two opportunities in the residential market for SolarEdge. The first one with new customers. When a battery is attached in a new installation, the revenue for SolarEdge more than doubles. So instead of selling only the inverter and the optimizers, we are selling the inverter, the optimizers, and the battery. Think about it. As attach rates continue to grow globally, the average revenue for SolarEdge per installation is growing. The second opportunity is the existing install base that we already have. Globally, we have more than 4 million residential sites. Think about it is a lot. 90% of them do not have a battery today. It does not mean that each and every one of them will have a battery later, but this represents tens of gigawatt hours kind of opportunity for us. In the second quarter, and we shared it with you, in the second quarter, we generated $20 million from upsell activities in Netherlands and Germany alone. Germany and Netherlands. In Netherlands and Germany, we have more than 1 million sites. In the second quarter, we generated $20 million, and this is just the beginning. So these two exciting opportunities required us to bring a platform that was designed from the ground up to address these opportunities. Earlier this year, we launched what we refer to as the most important launch in the last decade for this company. We actually brought one here, SolarEdge Nexis. Liron will take you through the details later on. S uffice to say that this product, since its introduction, has actually received many, many different accolades. Forbes recognized it as changing the future of home energy. Right? It was named Green Builder Sustainable Product of the Year for 2026. But the number I would like to draw your attention to is this number here, the $7,000. These are $7,000 of additional return to the system owner. These are $7,000 through the life of the system that an owner of a SolarEdge system is going to get versus an owner of a competing system. So these $7,000 are not just a line in a spec sheet. This is the incremental profit for the homeowner and those who actually appreciate it even more for the TPOs. That is another reason why installers are going to choose Nexis. So that is about residential. Let us switch to the second segment of our core markets. In C&I, we are winning. Less than two years ago, in the fourth quarter of 2024, SolarEdge accounted for 29% of the installation in rooftops in C&I. Fast-forward to Q2 2026, we account for 57%, moving from about a quarter to more than half. This growing market share is actually growing our installed base in C&I, which when attach rates for storage are going to grow, we are going to see the same opportunity that we talked about in residential, storage attach to the install base. This growth in market share is not a single quarter phenomenon. It is a result of a structural shift. The structural shift has two drivers behind it. The first one is technology, and the second one is regulation. So let us start with technology. SolarEdge systems harvest more energy, and for an enterprise customer, for a large C&I customer, that means that more dollars are flowing through their bottom line, and they like it. More importantly, because think about it, they install the system on the rooftop of their businesses. Safety is their number one concern. For the last two decades, SolarEdge has been known for the safety of its systems, and enterprise customers recognize that. The second thing is around the regulation. Non-FEOC, FCC-authorized, domestic content, made in the U.S., none of the major C&I competitors can claim all four. We can. The large C&I customers, the enterprise customers, they appreciate that because it delivers a ton of value to them. That's the reason why leading enterprise and C&I customers are choosing SolarEdge. I do not know which one you drive, Mercedes or Toyota, whether you like DHL, you like Shell. These are only a few names. More than 60% of the Fortune 100 companies. Today, we are honored to host an executive from one of our strategic enterprise customers, Prologis. Alta Yen is the Senior Vice President, Head of the Energy U.S. at Prologis, and she will share with you and with us their perspective on the market, where it is heading, and why they chose to partner with SolarEdge globally. In both residential and C&I, we see tremendous growth opportunities ahead of us. But the reason that we are more confident in our ability to gain share in these markets is related to safe harbor transactions. Let's talk about this number, the $3.3 billion that you see here. For the last several quarters, our teams have had multiple conversations with the largest TPOs, financing companies, enterprise companies, large C&I companies. In these conversations, we try to understand what type of safe harbor transactions they prefer. As you may imagine, the vast majority of them, they prefer the physical work test one. No cash laid out, no inventory has to be taken ahead of when they really need the product. These large customers, these key customers, both in resi and C&I, in recent quarters, as of today, have signed $1.7 billion worth of contracts with us. $1.7 billion of firm commitments for delivery between 2027 and mid-2030, with liquidated damages if the customer chooses to cancel. Most of the contracts in the residential space are for the inverters. As you all know, our inverters need optimizers in order to work. When you add the expected number of optimizers that is going to be added, that's another $1.6 billion, and you get to this $3.3 billion opportunity that we believe is out there for us. Now, I would like to be careful here. Not all commitments convert. Some customers may go out of business, some customers may decide to cancel, and liquidated damages are not at the same value as the transaction itself, obviously. N onetheless, this is the largest forward visibility this company has ever had. The vote of confidence from both key customers in resi and key customers at C&I give us the confidence that we can see future market shares as well. Future market share gains as well. One last thing. We talked earlier about the transition to PV- plus storage. If one assumes even 30% attach rate, a conservative 30% attach rate, this number is going well beyond $5 billion. That concludes or that's how we look at the growth opportunities in our core business. Now let me switch to the multibillion-dollars opportunity we see with AI factories. Now, for 20 years, we focused on converting DC power efficiently and safely at scale. Now, this expertise meets once in a generation power architecture revolution. As you know, AI factories growth is constrained by power. It is constrained because grid connections are the bottleneck, and because the rack power density is expected to exceed 1 MW in 2028. AI factories realize that the laws of physics will require them to move from AC architecture to DC architecture. What we would like to share with you is the size of the build-out, why we believe most of it is going to be DC- native, 800 -volt DC- native, and why players in the ecosystem are telling us that we are in a leadership position. Let us start with the size. AI factories are being built at a pace this industry has never seen before and a power density this industry has never seen before. Estimates for AI factories growth in the U.S. alone are between 12 - 15 GW in each of the next four years. You can see it here in the slide. This massive buildout is running into a wall. This is not in our opinion, this is not going to be a GPU wall, it is going to be an energy wall. People have started talking about it already. Again, at the same time that the industry is going through a massive buildout, NVIDIA, and more recently OCP as well, the Open Compute Project, have realized that switching to DC architecture is a necessity. In 2030, as you can see here, 67% of the new builds, two-thirds of the new builds are going to be 800- volt DC-based. That is two-thirds from practically zero this year. Meir is going to share with you later on that there are several different ways to get to 800- volt DC. Not all solutions are created equal. On one end of the spectrum, you have the sidecar based on AC architecture. On the other end, you have the solid-state transformer. The sidecar is easier to get to and it carries less risk, but it is less efficient. The SST is the holy grail. Now the question is why AI factories are going to take the risk with a new technology that is not yet proven when they are going through this massive buildout. In order to understand it, one needs to understand the value of efficiency. You are numbers people, so you can check my math here. Let us take a 100 MW AI factory. If one can recover 1% of efficiency, 1% of incremental efficiency in the powertrain, that means that you have one additional megawatt available for GPUs. This one additional megawatt doesn't require new grid connection, no new substation, no new permits, right? This is power that has already arrived at the site and was lost on the way to the chip, to the rack. This one additional megawatt in today's economics will generate $20 million. Again, $20 million of incremental revenue for the AI factory owner every year. If you run a net present value over seven years for $20 million a year, you get to $100 million. A value of $100 million as a result of 1% incremental efficiency. That is the math that AI factories, hyperscalers, and other players in the ecosystem are doing. That is the reason that the industry is moving and moving fast. This is the same buildout. Again, you see between 12 - 15 GW of new builds. Here we broke down the 800 -volt DC into AI factories that will decide to stay with the AC infrastructure versus the AI factories that will go DC- native. As you can see in 2027, DC- native is just a sliver. In 2030, it is expected to be 50% of the new build and the vast majority of the new builds that are going to 800- volt DC. The industry is changing the architecture of the powertrain, and it does it within this decade. How does it translate into total available market in dollars? When you put all of these estimates together, we go from $200 million of TAM in 2027 to $4.1 billion of TAM in 2030. It probably continues to grow exponentially from there. Which now leaves one more question. Why SolarEdge? The opportunity is big, but why SolarEdge should be the one to benefit from it? For the last 20 years, we focused on DC coupled architecture. We are DC people, right? This experience and expertise led to three key advantages that players in the ecosystem find very, very attractive. Efficiency, safety, and scale. Let us start with efficiency. SolarEdge provides a DC- native powertrain that goes from utility to rack, from 34.5 kilovolt AC to 800- volt DC with more than 99% efficiency. Competition, the good ones, are at 98%. We have already established the value of 1% efficiency. In a 100 MW AI factory, it is equal to approximately $100 million. $100 million is more than the cost of the entire system. You can do the math, AI factories can do the math, other people can do the math. The second point is around safety. Again, the transition to 800- volt DC is going to depend on whether these systems can be protected, serviced, and trusted at scale. That is the way the data center owners are going to think about it. At SolarEdge, as we told you, we are building the full solution. Earlier this morning, we shared with the world that we wrote, we actually authored a white paper with NVIDIA's contribution to help advance key protection and grounding considerations within the broader industry. In the many conversations that we have had with prospects and with NVIDIA, it became clear to us that solving these grounding and safety issues is a top priority for the industry. Similarly, the same expertise led to our announcement with Infineon yesterday. Again, together with Infineon, we are enabling solid-state protection for these data centers. Infineon, like NVIDIA, have realized that solving the safety issue is a requirement for mass adoption. Because they have worked with us for a long time, they turn to SolarEdge for the DC expertise and the DC safety expertise that we have developed over the last two decades. The third element, or the third advantage, is around scale. Future customers are going to benefit from our supply chain, from the scale of our supply chain. We have installed more than 60 GW. The reliability of the product is out there for them to see. Our U.S.-based manufacturing footprint gives them the confidence that we will address supply chain resiliency, and will help them with domestic content consideration when and if it becomes applicable. These advantages, we are being told by both, as I said, horizontal players and prospects, these advantages really matter to them. Based on what they say, we believe that we are ahead of the competition, both in terms of the product's capabilities, as well as in terms of timeline, where we are. How will it translate into revenue? We shared our timeline with you. We shared it multiple times. We expect to have a working product in our labs by the end of this year. We expect to have pilot installations in 2027 and initial revenue in 2028. This is in line with the roadmap that NVIDIA are talking about, everybody's talking about. In 2029, when there is mass adoption, we expect to generate $600 million from the AI factories revenues. $600 million of revenue in 2029. Let me put together both growth engines. Our expectation is that in 2029, we will generate $2.4 billion of revenue. $1.8 billion is going to come from the core business, and $600 million are going to come from the AI factories. 23% CAGR. With the core business, I shared with you the opportunities that we see, and the core business expected revenue is dependent upon products that we have and customers that we know. Not products that we know and customers that we have, but also as well. The AI factories revenue is going to be very exponential, as I shared with you in the last slide. It is grounded with our belief that the industry is going to move quickly to this native architecture and that we are best positioned to benefit from that opportunity. Revenue is only part of the picture. Margin expansion completes the picture. Our estimated margin in 2026, excluding IPA, Maoz will take you through all the details, is 24%. We expect we target 35% in 2029. This margin expansion is going to result from scale, from mix, from Nexis, from U.S. manufacturing, from operational excellence. All of these things are under our control. Since the beginning of 2025, we have proven to you that we can apply discipline into these processes that result in increased and expanded margin. Our intention is to apply the very same discipline in the coming three years, targeting the 35% gross margin. Let me recap. This is SolarEdge's next chapter. Revenue of $2.4 billion, margin of 35% in 2029. Accelerating growth in our evolving core markets, where they are evolving in a direction that is good for us. Unlocking a multi-billion dollars opportunity with AI factories based on this expertise that we have developed over the last two decades. Doing all of that while expanding our gross margins. When you put it all together, I hope that you see why we are excited about what is ahead of us, and we promise to keep you updated as we make progress. With that, I would like to introduce you to Liron Einav, our Director of Residential Marketing. Throughout my career, I have not met a person who is more knowledgeable and passionate about their product than Liron. Nexis was brought to the market by many, many people, but today you will have the privilege of hearing about its wonders from Liron. Come on, Liron. Thank you, Shuki. Good morning, everyone, and thank you for being with us today. For the past three years, I have been breathing and living the product that you see right here. This is SolarEdge Nexis, our next-generation residential energy system and the platform we are counting on to deliver the residential growth Shuki just mentioned. Today, I will walk you through why we build it, how we build it, what makes it so special, and why we believe it is the right platform exactly in the right time for this market. Before we talk about where we are going, let us start with where we stand. As of Q2 2026, SolarEdge powers more than 4 million homes worldwide. One in three homes that has solar on the roof is powered by SolarEdge technology in the U.S., and we are the number one MLPE, Module-Level Power Electronics provider by inverter shipments in the world. Why am I telling you this? Because you as an investor, you know it is not just me bragging about our past success. This is our future. This is our install base. These are our channel relationships, and both of which are built-in distribution engines, just for everything that I will walk you through. Shortly, you will also see how we plan to turn this base into revenue. Let us be honest, because the market underneath that install base is changing and is changing dramatically. I will walk you through three main changes. First, the value proposition is moving from pure energy export credits to market-based ROI, as we know that net metering and feeding tariffs are fading out market after market. Second, the home energy systems themselves are becoming more and more complex: more EVs, batteries, smart loads, backup requirements. It means that a single inverter or a single-purposed mindset is simply not longer enough. Third, the go-to-market itself is changing, and you see it here in the U.S., from homeowner-led cash purchase business model towards Third-Party Ownership and installer-driven fleets. While some of you can see these transformation as challenges to the market, we actually see these as opportunities, pure opportunities, because Nexis was built exactly for that. What I showed you, it is not just theory, because when we see it with our three main core customer groups, we hear it loud and clear. For our homeowners, this is personal because without any guaranteed export rate to fall back on, the value now comes for them from using, storing, and timing their energy very well. So they are looking for energy predictability. They want to know how much they pay in the end of the month, how much they earn. They want to maximize the return on each kilowatt hours, and of course, like we all do, they want it automatically with AI in their smartphones. Our installers, they keep telling us one thing. We want more jobs per day, less complexity, less O&M, easier upselling. The TPOs, they think fleet-wide. They do not care home by home alone. They want to maximize their returns across every system, and they want it for years, for decades. They want fewer truck rolls, full portfolio visibility, and eventually, extra revenue from virtual power plants. Nexis is built to satisfy all three audiences. When a single product serves all audiences, that is exactly what turns into real share gain and better economics per site. Meeting those shifts is not just good for our customers. It is a major opportunity for SolarEdge as well. Everything I just walked you through is going to turn into real measurable upside, and it is coming from two main directions. The first one, our existing install base. As I said, and as Shuki mentioned, SolarEdge powers more than 4 million homes globally. Only 10% of them has storage. It means that 90% are PV-only systems with battery potential, and we estimate that as dozens of gigawatt hours of battery potential, and we do not have to win a single new customer. They are already our customers. Even when we look at net new customer, when we sell PV- plus storage system from day one, we actually more than double our revenue per site. It means that with the same sales effort, it is worth more than twice as much to us. I think we are all ready now. Let us meet Nexis. Here it is, SolarEdge Nexis. We just launched it, but it is already turning heads. Forbes named it as shaping the future of home energy, and it won the 2026 Green Builder Award for Sustainable Product of the Year. The number we are coming back to is one. Extra $7,000 of savings per home throughout the system lifetime, compared with our leading competitor. Now, that is the number that wins the homeowner. A product that wins a homeowner by value is exactly what protects our pricing and, of course, our margins. If you take only three words from my part today, make it be these: powerful, flexible, and durable. Powerful means a real leap in energy and savings. That is what wins the homeowner. Flexible means installer can move faster and earn more on every visit. That is what wins the channel. Durable means a system keeps performing and keeps earning for years from now, and that is what wins the TPOs. Together, they make this the strongest platform we have ever built. Now, let us start with powerful. Powerful breaks down into three concrete, validated numbers, and I want to walk you through each one. First, harvest more. This is the story of our power optimizers. 10.5% more energy per year, validated by VDE Renewables. Store more. Together with the value of the power optimizers, our homeowners can save up to $7,000 in lifetime savings versus leading competitor. Additionally, they also save more because more than additional $1,000 saving per year is done with our Sera AI energy management companion. Now, let us go a level deeper, starting with how we harvest more energy. Let's talk topologies for a second because this is exactly where SolarEdge shines and separates itself from anyone else on the roof. Starting with string inverters, the old guard, simple but unforgiving. Unforgiving because one weak panel drags down the whole system. It means that one shaded panel and the whole string pays for it. Microinverters, they try to solve that going panel by panel, but eventually they still cap every panel output at the microinverter's own power rating. So even on a perfect sunny day, you're still leaving power on the table, or on the roof in this case. SolarEdge, eventually, with our power optimizers technology, each panel produces its maximum power independently. So shading, mismatch, or just one weak panel never drags down the system. That's why SolarEdge Roof simply produces more value than anyone else, and in this case, 10.5% more energy. Store more. On the storage side, we have a real advantage as well. I could just repeat that number again and again, but you're here. I want to take you through the bits and bytes of our Nexis technology, and this is exactly why we brought it. First, we'll begin with new product requirements that are coming from the field. Because of the market trends that I mentioned earlier, the export payments that are drying up and the homes, the energy system that are getting more and more complex, storage is now the king. Once you add storage to the system, it's not just working few hours a day. It's working around the clock, charging and discharging as conditions change. I want to ask you the question we've been asking ourselves when we designed Nexis. If the job now changed that much, shouldn't the way we measure performance and the way that we design products change as well? To understand the meaning of this change, let me take you somewhere completely different for a second, the car industry. For most of the 20th century, it was very simple. When a new car launched, all the commercials and the window stickers all mentioned one thing: peak performance. How fast a car gets to 60 miles. Top speed highway driving. But the world as we know has changed. Urbanization pulled people back into cities, so suddenly nobody cares how fast a car gets to 60 because in real-world performance, a car goes from zero to seven to five to 30 back again. The solar industry is actually going through a similar transition now when solar is entering the picture. Because for years, every data sheet mentioned either peak efficiency or CEC. More focus on high power rather than the low power. It's a simple number. It's easy to sell. We did it as well. I did it all the time. T oday, it's simply not the picture anymore. This is exactly how it looked like before storage. You can see here in the curve, 90% of the time, it really spends at high power. Only 10% of the time in low power. So that's exactly why our industry was very comfortable in measuring and marketing according to peak efficiency or CEC. But as I said, when we enter storage to the picture, you see here that 70% of the time, we're actually in low power now, not just 10. 30% of the time alone, we're in high power. What we did with Nexis is to optimize it for how systems actually operate today, not for the data sheet of yesterday. What exactly did we do here? This is our unique power control design. I invite you, of course, all to see that afterwards. It optimized for silicon carbide (SiC) semiconductors, a cutting-edge architecture that cuts switching losses and heat compared to traditional silicon-based inverters. It is a big part of how we hold high efficiency across that full power range we just talked about, and that efficiency is what turns into real dollars for our customers and a real competitive advantage for us. Thank you. I am sorry I got a bit, I am excited about the Nexis launch and that you see it here. We paired it also with an important innovation. From the creators of the power optimizer and with the same principle, we designed the battery optimizer. You can see it right here. What it does, it lets each battery block have its own brain. So one weak block never drags down the stack. Just think of it like at midnight when the home only consumes around 200 W because only the fridge and the Wi-Fi are working. The brain of each block knows exactly not to make all of them work. Only one of them can work in 200 W, and this is why we drag down the waste of the energy. Okay, so there is no wasted energy and no weakest blocks that is dragging down the whole stack. It is the same philosophy that transformed solar harvesting now applied to storage. After we reviewed the importance of high efficiency in low power, that is in charge again on 70% of the time, let us put some real numbers behind it. This chart compares round-trip efficiency for Nexis against leading competitors, focusing on low power range from zero to 2 kW. You can see Nexis has a meaningful advantage here. That exact gap is what enabling our homeowners to earn more. That advantage sits deep into our architecture. It is hard to copy. As Maoz will show you later, it is a part of why Nexis carries stronger margins than anyone else. The third piece of powerful is Sera, our AI energy companion, and frankly, one of my favorite things we have ever built. Sera automatically optimizes how the home uses, stores, and exports energy, so the homeowner does not have to lift a finger. As you recall, it was their number one requirement. So Sera brings value that is worth over $1,000 every year. But for us, Sera is also strategic because it is adding a software layer on top of the hardware. It deepens our relationships with every homeowner, and it is the foundation of future services like virtual power plants. That is powerful. But a great system still has to be simple to sell and easy to install, which brings us to the second pillar, flexible. Nexis is scalable by design, so no rewiring is required, and the system is field expandable at any time. That has two business implications. First, every service visit can become a potential upsell. Installer can add capacity without a full system rework. Second, the system grows with the home. More EV chargers, more loads, all on the same platform. Flexibility also translates into simpler operations. Nexis ships as single SKU, covering 3.8 to 13 kW. That is easier forecasting and easier inventory management. It is installed under 30 minutes, which means installers can fit more jobs per day, every single day, like they asked. Less complexity pays off in better installer margins and, of course, stronger loyalty to our brand and to our platform. That was flexible. Now let's move to durable. Speed and simplicity only matters if the system is standing from years from now, which brings us to this third pillar, durable. Here, I'll admit, I get to drag a little because we build Nexis for the extreme. It operates from -22 to 131 degrees Fahrenheit. It survives underwater up to a foot for up to 72 hours. Sand and dust, sealed out. Why does this matter so much for you as an investor? Because a residential system has to perform for 15, 20, 25 years in somebody's backyard, not just in a lab. Every year it keeps performing, it brings higher lifetime value to our partners. That durability is backed by manufacturing with the highest Western quality and safety standards. Nexis is manufactured here in the U.S. So for our installers and TPOs, that means resilience, confidence in long-term reliability, which matters enormously the compliance for large-scale fleet deployments. To bring these three pillars together. Powerful. DC- native optimized architecture with intelligent management. Flexible. It's a future-ready, scalable solution adapted to any home. Durable. Built from durable materials, built-in safety and cybersecurity protections. We bring this all to market in the U.S. and in Europe with two different approaches. In the U.S., we're riding the shift towards Third-Party Ownership, and Nexis is built just for TPO economics, as we mentioned, with faster deployment, better lifetime value, and strong adoption. We're proud to share, as Shuki mentioned before, that we've signed few billion dollars deals with a few leading TPOs in the U.S. In Europe, we're scaling through thousands of neighborhood installers, oftentimes mom-and-pop shops. We offer them a full suite of B2B2C and B2C solutions designed to help them exactly to win and to market in their own region, in their own neighborhood. We do that with the help of our DC bus. This is, by the way, an actual bus. I drove it myself a few weeks ago. It travels right now all over Europe doing road shows with the Nexis technology inside, exactly to help them to get to everywhere in Europe. Two different markets, two custom playbooks, but one platform unified underneath. I would like to close on why Nexis is the win for every stakeholder in the value chain all at once. For the homeowners, more usable energy, backup, and savings, easy management, and slick design. For our installers, increased capacity, more jobs per day, less complexity, O&M, and of course, easier upselling. For our TPOs, improved economics with maximum system ROI, reduced truck rolls, portfolio visibility and control, and VPP monetization potential. Last but not least, for us, for SolarEdge, we have an expanded revenue opportunity here per site. It's a modular platform with more attached opportunities, data-driven install base, and improved margin potential for us. That alignment, where every participant in the value chain in the ecosystem wins together, is exactly why we believe SolarEdge Nexis is the right platform to power our next phase of residential growth. Thank you. Now, let's hear the voice of one of our enterprise customers, Alta Yen from Prologis. No notes. Well, maybe. Yeah. Alta, thank you so much for being with us today. We are honored to have you. Thank you for inviting me to be here. Yes. The customer perspective is so important. First, I really want the group here to know about Prologis. Prologis is described as the world's most valuable logistics platform. Can you tell us a little bit about the company? Sure. Prologis is a global leader in logistics real estate. We have about 1.3 billion square feet across 5,900 buildings in 20 different countries. We serve 6,500 customers, and we have approximately $240 billion under management. Our facilities tend to be located in commerce centers, and so we have about $3.2 trillion of goods that flow through or touch Prologis warehouse. Just to put that into context, that's about 3% of the world's GDP. What we're increasingly seeing from our customers is demand and asks around power. Power has just been a theme, access to power affordability, power reliability. The role of Prologis Energy Solutions is to deliver power to our customers, and so that can be either through solar or battery, EV charging, or onsite power. Great. So glad that you really dove into the span of Prologis. Huge real estate footprint. You mentioned power, it's a resource that is increasingly constrained. Why is renewable energy such a priority for Prologis and your customers? Renewable energy allows us to use what would otherwise be underutilized rooftops to deliver energy infrastructure to our assets. This allows us an opportunity to deliver incremental value to our buildings, to our customers, and in some places even for communities to deliver incremental value there as well. Okay. The process that Prologis goes through is kind of a well-oiled machine. You're really building the same roof hundreds of times. What earns a vendor the volume across your fleet? What disqualifies one? At our scale, we're really looking for three attributes from our vendors. We're looking for safety, we're looking for scalability, and we're really looking for partnership. Safety is quintessential to the Prologis philosophy, as you can imagine. Building live solar systems on operating warehouses, safety is really critical for us. We really value SolarEdge's technology and safety features, especially around the module level architecture that you all have. The arc flash detection, the module level monitoring, it really allows us to protect our buildings, our customers, first responders, as well as other service providers. On the scalability side, we have developed a repeatable platform at Prologis, but every project still has its unique attributes, whether it's the EPC contractor or the utility territory or any kind of regulatory constraints. From our vendors, what we want to see is a high level of service at every project, but then also across our entire portfolio. We want to see consistency of service, whether that's a project that's in construction or a project that's in operations. Finally, we're looking at partnerships. We don't want vendors who just look at every interaction as a single transaction. We believe that the real value from our solar assets is over the 20-plus year of useful life, so we really want vendors who have that like-minded mindset and will work with us. Great. SolarEdge and Prologis have been partners for years now. You mentioned safety was a big priority. How else has SolarEdge supported Prologis in that relationship piece across that large distributor portfolio we have with you? Prologis and SolarEdge have had a relationship for at least six years. I have only been at Prologis for two, but I will say that I really appreciate the collaboration between our teams, whether it is on the engineering side or the construction side, or all the way through operations. SolarEdge continues to be a great partner, one that we can bring ideas with and have just very candid conversations. What I will say is that it is very helpful to have a partner like SolarEdge in discussing all of these different issues because during a six-year relationship, as one can imagine, there will be unexpected challenges and difficulties, and really you find the value of a partner when you are trying to solve these types of live problems. I, for one, worked personally with SolarEdge in a situation where we were trying to develop a procurement strategy that had some scheduling challenges and then also some internal business goals that we needed to meet. I very much appreciated SolarEdge just bringing a cross-functional team who included engineering and legal and commercial and operations to work with us to really solve that. I would say finally, what has been really helpful with SolarEdge is just your continued innovation, and your proactive nature in terms of bringing forth ideas around how Prologis can continue to improve and optimize our energy solutions business. Great, yeah. Prologis passed a huge milestone in 2025, 1 GW of solar plus storage on rooftops across the entire fleet. What is the path to scaling further? What is next? It was important for us to have that 1 GW milestone. It allowed us to demonstrate that we can build distributed energy at scale. We did not stop there, we are currently at 1.4 GW right now, and we will continue to push and execute on our current pipeline. We are continuing to develop in markets where we have some tailwinds behind us, and then we are trying to continue to open up new markets. I would say additionally, we are also looking at other technologies, so pairing solar and battery together, and working across new geographies. We are really optimistic about what we see ahead of us. Yeah, us too. Together. Thank you. I just wanted to get a little note of a real customer experience. Thank you for sharing all of that with us today, and being here with us, and your continued partnership as well. I will invite all of you for a quick 15-minute break, and we will come back here and reconvene and talk about AI factories. Thank you. Thank you. [Break] All right. I hope you enjoyed the short break. You had some time to rest. Let's see. The first half of the presentations, we focused on our core markets. Thank you to Liron, thank you to Alta for sharing their perspective with you. Now we are going to move to the second, an exciting multi-billion dollar opportunity that we have, unlocking the AI factories opportunity. I'd like to warn you, this next session is a bit more technical. But what we figured is that with all the noise that people are talking about it will help you and other investors, we believe, decipher between signal and noise. Meir will take you through the details and the technology behind our solution, and why we believe that's the right way to transition to 800 -volt DC. Without further ado, one of our co-founders, Meir Adest. Hi there, everybody. I hope you enjoyed the coffee break. As Shuki said, it might get a little technical, so I hope you're well-caffeinated, and I'll try not to make this too painful. For the next 25 minutes, I want to talk about what I believe is the most exciting opportunity in front of this company, powering AI factories with our solid-state transformer and the DC- native architecture we've built around it. We're going to talk about why the industry needs it, why it's hard, why we're the ones to do it, and where we're standing today. A note on why this is personal to me. 20 years ago, five of us founded SolarEdge on a contrarian bet that the future of power lies with intelligent DC electronics. I've been living DC ever since then, its physics, its dangers, its economics. When I look at AI factories, I'm not seeing a new market. I'm seeing the same bet at 100 x the stakes. Let's start with the one thing you need to understand about AI infrastructure today. Demand is enormous, and it's growing. T he bounding factor is no longer chips, it's energy. Because every extra watt you could get from the grid is an extra watt that goes to GPUs. More watts mean more tokens, and more tokens mean more revenue. So don't think of this as a power problem, but as a production problem. In an AI factory, every watt is a token, and every token is revenue. Shuki, in his presentation, showed you the dollar figures. Keep those in mind. We'll be coming back to them later. Here's my argument in three lines. It's the structure of this whole section. First, DC- native architecture is the key to the AI power bottleneck. NVIDIA, the Open Compute Project, OCP, and the hyperscalers all agree on that. Second, getting there means solving two hard physics problems, medium voltage isolation, where the solid-state transformer replaces the old transformer, and DC safety, because DC behaves nothing like AC. Third, SolarEdge is positioned to lead this transition with 20 years of experience of DC at scale, and a multi-year head start in medium voltage electronics development. I won't just claim it. Towards the end of the presentation, I'll show you the system running. Quickly, the numbers. Global data center capacity is projected to double by 2030, with 100 GW being added to the grid, led mostly by the Americas, but growing everywhere. The scarcest resource in AI is no longer silicon, it's electricity, and the industry knows it. 92% of data center operators cite utility capacity or transmission constraints as their most significant obstacles. You could see it also in the chart. Starting by late 2024, the long-term ambition is far exceeding the grid connections. The demand is there. The grid connections aren't keeping up. What's clear is that however you get your megawatts, you cannot afford to waste a single one. The second thing happening at the same time is that the power architecture inside these facilities is changing fundamentally. NVIDIA has realized that the current design doesn't scale and announced a new 800-volt DC ecosystem for power-dense, efficient, scalable AI factories. This is a once-in-a-generation shift. To see why this shift is fundamental and maybe even inevitable, we need to go back to when the grid was born. It's 1880. Thomas Edison has just perfected a practical incandescent bulb, and suddenly everyone wants electric lights. But there's a problem. A bulb works at low voltage, and low-voltage power can travel. Try sending it down a half a mile of copper, and most of it is burnt off as heat. Long distance demands high voltage. The home demands low voltage, and it's 1880. There's no power electronics, not one semiconductor on Earth. So an ugly fight started about how to build the grid. In the left corner, Thomas Edison pushing for DC, but because low voltage DC can travel, that means you need a power plant in every neighborhood. In the right corner, Nikola Tesla pushing for AC, because only AC could change voltages with a transformer. Two coils with an iron core and no moving parts. The War of the Currents, as it was later known, got ugly, but eventually physics and AC won. Here's the takeaway. AC didn't win because AC is better. AC won because the transformer was the only voltage-changing machine on the planet. Every grid in the world today is downstream of that one missing technology. Fast-forward 140 years and look at what we actually plug into the grid today. Lights, LEDs, DC. Phones, computers, chips, everything that computes, DC. Industrial motors behind their variable speed drives, DC. EVs, solar, wind, every battery ever manufactured, all DC. AI data centers, the most power-hungry loads humanity has ever built, pure DC all the way down to the transistor. We live in a DC world served by a 140-year-old AC delivery system. The old justification for AC, no power electronics, has evaporated decades ago. We now have the semiconductors that Edison was missing. The grid never caught up because nothing ever forced the issue. AI factories are the load that actually forces it. Let's count what the old system costs. 34.5 kilovolts comes in from the grid and runs a gauntlet. Transformer, low-voltage distribution, double conversion UPS, low-voltage AC power supply. 12% of the power lost before it reaches a single GPU. You will notice that inside the rack, there is another 2%-4% lost, but since we are focusing on what is outside and comparing apples to apples, we will focus on this 12% number. On a gigawatt campus, 12% is 120 MW. An entire data center's worth of power burned off as heat before it touches a single GPU. This is a sneak preview of what you will see later. SolarEdge's integrated DC- native solution end to end. Same utility connection on the left, same GPUs on the right, but one difference. Instead of 12% lost, there is less than 1% lost. One conversion instead of five. Remember Shuki's arithmetic. At 100-MW AI factory, every 1% of power is approximately $20 million per year in compute revenue. Closing this gap from 12% to 1% means efficiency is no longer a footnote on a spec sheet. It is a line on the income statement. Hold this picture. The rest of my talk is what it takes to make it real and why we believe almost no one else can do it. How does the industry capture this prize? Think of it as a maturity ladder for data center power, differentiated by system efficiency. At the bottom is level 0, legacy AC architecture. Basically every data center today. Traditional transformer, low voltage distribution, double conversion UPS, PDU, et cetera, going to the chips. As you can see, 84%-91% of the power actually reaches the chips. Above that is level 1. Basically, you keep the white space with the same AC that you have today, and you just bolt on a sidecar, which converts from AC to DC so that you could power the 800-volt next-generation chips. You are able to turn them on, but you are not really gaining any power. In between are the compromises. Level 2 and level 3 get you to the mid-90s, still dragging around a long legacy hardware. By the way, if you want to deep dive into this, we have a white paper on this. At the top is level 4, the integrated DC- native solution with a high-efficiency solid-state transformer, an intelligent power distribution unit, a DC UPS, which is connected in parallel, so you are not losing any power, converting 800 volts directly to the chip 98%-99% efficiency end-to-end. Most of the market is stuck at level 1, band-aids on AC. The market is climbing this ladder one rung at a time. SolarEdge is going straight to the top, straight to level 4. Why has not everyone done that? Because between level 1 and level 4 are two walls of physics. Bear with me for a minute of science. This is the heart of the story. The grid is layered. Transmission runs at hundreds of kilovolts, and as it enters an area, it steps down to medium voltage, 10-20 kilovolts for the smaller loads, such as edge data centers, and 34.5 kilovolts for the large loads, such as AI factories. The higher the voltage, the harder it is on power electronics. This enemy has a name, partial discharge. As you can see in the middle pane, every insulator could have tiny microscopic voids, and under high electric stress, these voids could spark tiny lightning bolts inside the insulator, eating away at them. One of these sparks is not a big deal, but billions of billions of them over the years cause erosion and treeing and degradation and eventual failure of the equipment. The stress is voltage-dependent, manageable at 10 kilovolts, but brutal at 34.5. Building a transformer that stays quiet at this level while switching thousands of times per second is one of the hardest problems in power engineering. Here are the two barriers. Barrier one, what you've just seen, direct conversion from medium voltage to 800 volts DC with a single stage and full galvanic isolation at more than 99% efficiency. Everything you see here is what makes it hard, and you've already met the hardest enemy, partial discharge. Barrier two is 800 volts DC. Because DC never crosses zero. When there's an arc in AC, it extinguishes itself 100 x a second every time the AC signal goes through zero. The DC arcs keep burning. So protection and detection and control and safety have to be designed from the ground up for DC. Safety by design, not by retrofit. This is completely new to the data center industry. Two problems, both hard, both physics, not software. Here's why we believe SolarEdge is best suited to solve them. Three proof points. First, proven solid-state transformer medium-voltage isolation. Remember those tiny lightning bolts I mentioned before? We tested our solid-state transformer at 150% the rated voltage and measured partial discharge of less than one picocoulomb. That's less than one trillionth of a coulomb. That's 10 x better than what the standard requires. That difference is the difference between a lab demo and a product that survives for years in the field. Second, 20 years of DC architecture and safety. With 150 million units in the field, it has been our core business since day one. Third, we have the scale to execute. With 65 GW shipped and global R&D, manufacturing, and operations, we're not a startup with a slide, we're an industrial company with a running machine. The two hardest problems in AI are medium-voltage isolation and DC safety. We've spent 20 years of training exactly for these two problems. Let's open the hood and look at how SolarEdge is powering the next phase of the AI revolution. Let me bring back the picture we started with. Five conversions, each taking its cut, 12% of the energy gone before a first GPU sees a single watt. That's the machine the industry is running today. Here, the same first mile rebuilt. One stage, 34.5, all the way to 800 volts into the rack with less than 1% lost. Five conversions become one. 12% becomes less than one. What we deliver is one unified solution all the way from the utility connection to the computer rack with three ones. One conversion, where the AC chain needed five, one protection scheme, all the way from the SST output to every individual rack feed with no coordination gap because there's one vendor, and one control loop. The source, the SST, and the buffer share a bus, but both of them are controlled by us. Stability of this bus is engineered in, not integrated afterwards and hoped for. There's an important degree of freedom here. Everything you see could be located either inside the data center, in the white space or in the gray space, or outdoors, based on the customer preference. They have a degree of freedom, and it's not dictated by us as a supplier. The solution is built from three purpose-built engines, the SST, the power distribution unit, and the DC UPS, and you can see all three of them come together here in a second. This is one architecture that scales all the way from a single hall to a gigawatt campus without requiring a redesign. Here's how. Here's the SST. The medium voltage comes in three phases, and each of them has up to a dozen cells in series to stand off the medium voltage. The output of these cells is connected in parallel to provide the power for the 800-volt bus. In addition to that, you have the DC UPS connected to the bus in parallel, so there's no series losses. This UPS is storage agnostic. We supply the conversion and the interface, not the battery cells themselves. Our customers are never locked into one vendor or one battery technology. From the bus, there are separate channels going to each rack, each one providing its own protection and isolation. Notice one detail, the galvanic isolation, the red part down there, is built inside of each cell's DC to DC stage, so any fault energy from the medium voltage physically can't reach the bus. The isolation isn't a component we added, it's built into the architecture. One design for any size. This isn't a concept. A few weeks ago, I took off the jacket, put on a polo shirt, and went into our high voltage lab to show you the system running. Today, between the utility lines outside and the DC racks inside an AI factory, power is converted up to five times. Each of these conversions adds losses, a significant percent of the energy wasted. Our solid-state transformer is built on semiconductors instead of iron and collapses all of those conversions into one stage. 34.5 kilovolt in, 800- volt DC out at over 99% efficiency. Everything you see here is working today. Station 1, a single cell under power. Behind me is one cell. The AC grid comes in from the left, goes through the transformer and back, and comes out from the right as the DC that the servers run on. Those three parts are the whole cell. It converts the power, and it isolates between the high AC voltage and the DC side. The isolation is built into each cell. We are going to raise the power now. As you could see, the efficiency is above 99%, and it stays that way across different power ranges. Station 2, six cells with one shared output. The same cells you've seen in station 1. AC three-phase medium voltage comes in from the top, and all six convert one shared DC output. Station 3, safety. Before equipment like this goes anywhere near a data center, insulation must be proven. Here, we test partial discharge, the tiny electrical leaks which show up way before equipment actually fails. The ground comes off, and the test starts. At a 34.5 kilovolt grid, the voltage to ground is 20 kilovolt. We are going to 30. That is 150% stress. As you see, the leak stays under one picocoulomb. That is 10 x better than the standard requires. At this level, the insulation is not wearing out. That measurement is what determines if the technology could be deployed at all, and we are much better than the limit. What you have seen today is working hardware at medium voltage. We are building it up toward a 5-MW unit, and the efficiency is not a projection. You have seen it on the meter. 20 years of power optimization aimed at an industry which values it most. That is real hardware converting real medium voltage today. We are not doing it alone. Earlier today, we have released a white paper about protection and grounding for 800- volt DC for data centers. NVIDIA contributed to this white paper as an ecosystem partner and a technical reviewer. We did not wait for the 800- volt DC safety standard to be handed to us. We are writing the playbook, and NVIDIA engineers reviewed it. The partnerships go deeper than paper. Yesterday, we announced an extension of our collaboration with Infineon, solid-state circuit breakers for high voltage DC distribution. Remember barrier two about DC safety? If you try extinguishing an arc with a mechanical circuit breaker, quenching the arc could take milliseconds. At the power densities of AI factories, that is near eternity. With solid-state circuit breakers, we could do it in microseconds. We are leading the design with the Infineon silicon carbide devices at the core. Protection is what unlocks 800- volt DC at scale, and together with Infineon, we are building this solution. So where are we on this journey? Through 2024, we have been doing scientific validation and medium voltage transformer testing, basically the deep physics work. As you have just seen, we have a demo currently working in our lab and expect to have a working product by the end of 2026, leading to pilot installations in 2027 and commercial deployment in 2028, together with availability of the 800- volt DC racks. We are not aligned to a paper roadmap. We are aligned to NVIDIA's rollout. So when the next generation racks arrive, we aim to be there powering them. Maoz, in a few minutes, will show you what this ramp means in dollars as he takes you through the model. When I say customers, we are engaged across the entire AI infrastructure ecosystem, starting with the hyperscalers who are building the AI infrastructure for their own platforms, through the neoclouds, the GPU providers who are writing the standards, and the facility operators and energy providers with whom we are having strategic partnerships and joint system offerings. Basically, everyone who touches the power path of an AI factory. Before I end, five takeaways. If you remember nothing else, please remember these. First, the world is moving towards 800 volts DC. This is a once-in-a-generation shift. Efficiency is tokens, and tokens are revenue. To quote back Shuki's 100-MW AI factory example, every additional 1% of power is $20 million per year in compute revenue with an NPV of $100 million. Not only 10 or 20 kilovolt, but the full 34.5 kilovolt directly to 800- volt DC at over 99% efficiency demonstrated running. 20 years of distributed DC architecture expertise with 150 million units in the field and 65 GW shipped. DC is not new to us, it is us. Finally, as you have just seen, we are not promising, we are executing. Now, what I am sure you have all been waiting for, the numbers. Everything you have seen today, starting with Shuki’s strategy, the Nexis, the SST, it all comes together in one financial model. The man who built it will take you through it. Please welcome our CFO, Maoz Sigron. Thank you, Meir. Good morning, everybody, here in the room and also online. I joined SolarEdge a few months ago, and I am very excited to be here today. SolarEdge is an organization aligned with one main goal, translating and leveraging technology and innovation into sustainable, profitable growth in the coming years. Today, I would like to discuss with you our model for the coming years. I will discuss the assumptions, the revenue drivers, the margin expansion drivers, the operating leverage that we have in the model. Our discussion today will split into two sections. The first one is the turnaround, what we did so far in the last two years. Second is the profitable growth plan for the coming years. Let me start with one slide that, in my view, gives a good picture about the two sections that we are going to have today. First is the turnaround, where we are today. Second is the profitable growth, where we are heading. The turnaround, the main objective was to sustainable the business and translate this business into a profitable business. 2024 and 2025 were years of first restoring discipline, second, expanding the margin, and last, generating cash. In 2026, we returned the business to profitability. As we shared in the last earning call, the second quarter, we had a positive operating profit for the first time for 2023. This is the foundation for the model that I am going to share with you in the second section on the profitable growth for 2027 to 2029. Three numbers to remember from this slide. First is the $2.4 billion in 2029, reflecting 23% CAGR for the three years. Second is the SST revenue that we are expecting for 2029 with $600 million. The last is the EBITDA margin that we are expecting in 2029 with 18%, significant improvement from where we are today. Let us start with the turnaround. During 2023 and 2024, the solar industry went through a significant correction. Our response was to simplify the portfolio, reduce cost and complexity, and to refocus on profitable market end products. Three years with three lines. First is the revenue that increased significantly from the $900 million in 2024 to almost $1.3 billion in 2026. The gross margin improved significantly from -90% in 2024 to 28% in 2026, 24% excluding IPA. This is important for our discussion later. The last one is the EBITDA, moving from a negative EBITDA in 2024 and 2025 to a positive EBITDA that we are expecting for the full year in 2026 with the 2%. I am going to share with you today our model with Adjusted EBITDA rather than EBIT. We believe that the Adjusted EBITDA better reflects the underlying of our business, and this is the way we are going to report moving forward our results. Let's start with the gross margin. The gross margin increased significantly from 8% in Q1 2025 to 24% in 2026 for the full year. As I said before, this is excluding the IPA impact. This is 16% improvement in two years, and this is the foundation of our model. I will discuss now the main drivers, and then I will talk about the margin improvement that we are expecting also in the model. The first effort is the refocus on profitable countries and businesses. Part of what we did in the last two years is exited non-profitable countries and businesses, and we are focused, and we are allocating today most of our investment into these countries and businesses. The second one is the single SKU. Part of what we did as part of the operational excellence efforts is making sure that we are running and moving to a single SKU. Single SKU simplified manufacturing, forecasting, operation, logistic, and support. It saves real dollars. The next one is the offshore. Part of what we did in the last two years is moving operation and support function into offshore countries. It helped us to improve our margin over the last two years. The next one is the business skills. Part of our cost of goods include fixed expenses. The fixed expenses can absorb more revenue. Part of what is happening from moving from the $900 million that we had in 2024 to the $1.3 billion in 2026 is the scale of the business. Last but not least, is the U.S. manufacture that we have in the U.S. 90% of our production of optimizer and inverter is happening now in the U.S. This is good for SolarEdge from the benefit of the 45x, but also important for the domestic content for our client. This is good for margin, but also important for our revenue. Let's move one line down to the cost discipline. The operating expenses decreased from $447 million in 2024 to $367 million in 2026. These are non-GAAP numbers. Moving from 50% operating expenses to revenue in 2024 to 28% operating expenses to revenue in 2026. This is a significant improvement. This is $80 million reduction in our operating expenses while the revenue is actually growing over the last two years. The main efforts that we have here in the operating expenses are the following. First, as I said before about the gross margin, the same is right for the operating expenses. The focus on the core market and core businesses is translating also here into the operating expenses. We are allocating our investment to where we are making money. The next line is the offshore. As we did in the cost of goods, we are doing the same with the R&D, S&M, and G&A. We have a global footprint, and we are allocating resources in some cases to lower cost countries. The last one is the headcount. Part of what we did in the last two years is aligning the headcount to the current level of the business. Moving here with the headcount to the current level of the business while preserving our ability to increase and to scale the business in the coming years. Cost discipline is not a one-time effort. This is ongoing efforts that also going to be part of what I am going to share with you in the model. We are going to include AI and automation as part of our efforts to improve our operating expenses in the coming years. Let us move to the balance sheet and the free cash flow. The net cash increased from $82 million at the end of 2024 to $265 million at the end of the second quarter. Important to say that the cash level at the end of the second quarter achieved more than $600 million cash equivalent, and marketable securities. Another improvement here that is significant is the free cash flow. Improving from -$422 million in 2024 to $24 million in H1 2026. We are expecting the year to be with a positive free cash flow. The main efforts around the balance sheet and the free cash flow include the following. First is the working capital discipline. This is a very important effort that we are running. It includes, first, the inventory. We are making sure that the inventory level is aligned to our needs. We are making sure that sales forecast and operation are aligned and translating to our footprint. Second is the payment terms with our customer and vendor, making sure that there is alignment between them. The next one is the cash conversion cycle. At the end of the day, this includes the DIO, DSO, and DPO. Every day that we are improving our ability to support our future growth for the coming years. In September 2025, we returned our convertible notes on the maturity date with our cash, without using any external financing. The balance sheet that we have today is a strong balance sheet that will support our future plan in the coming years, which leads me to the next section that we are going to discuss today is the profitable growth plan for 2027 and 2029. Before we are getting into the numbers, I would like to share with you the assumptions for the model and the process that we run internally. In the last three months, we ran the process globally with the U.S. team, the EU, and the international market team, with sales and operation, with the resi, C&I, and the SST team to make sure that we all align with the consolidated process that I am going to share with you today. The first things that I will say is that this model is a bottom-up model country by country, with the market share assumptions that we have in the model. The second is that we are using our 20 years of data in SolarEdge, making sure that we know where we are today, what was in the last two years, and where we are heading, what is the potential of the business for the coming years. We are using a third-party data from Wood Mackenzie, Ohm Analytics, and SolarPower Europe, and others to make sure that our assumption for the coming years are aligned with the market analysis. After we have the market share per country, we are translating this to a product mix, taking the assumption of the price, and making sure that the market share is also reflecting the footprint that we are expecting for the coming years. The SST model built separately based on our discussion with potential customer and based on the third-party data that are important for our assumption that we have in the model. The IRA, as I said before, the 45x is another important element in our P&L. The assumption of the IRA is part of the product mix that we are expecting and based on what we are expecting to have here in the U.S. from the U.S.-made point of view. The indirect COGS expenses are based on our revenue level for the coming years. Part of them are variable, but part of them are fixed, and we are expecting a moderate growth in the coming years, not on the same level as the revenue. One line down to the OpEx, the same. We are expecting to see leverage. Important to say about the R&D, as our plan include innovation, we are going to invest and keep on investing with the R&D, and we are expecting that 50% of our operating expenses will go to the R&D in the coming years. Let's move to the model. First, I would like to talk about the first line, the revenue, moving from $1.3 billion in 2026, almost there, to $2.4 billion in 2024. In 2029, sorry. 23% CAGR. The next line that is important is the gross margin, extending from 24% without the IPA impact to 35%. 7% with the IPA, 11% without the IPA. Margin expansion in the coming years. Let's go to the OpEx. Moving from 28% operating expenses to revenue today to 20% in 2029. 8% improvement. Last but not least is the EBITDA, moving from 2% today to 18% in 2029. In all P&L KPIs, we are doing better, and we are expecting to improve our position. With that, I would like to dive into our growth drivers that we have in the model. Four main drivers that I would like to discuss and dive into. First is the SolarEdge Nexis. As shared before by Liron, we are expecting to see the Nexis in the coming years. The move from PV- only to PV- plus storage is exactly aligned with the way how we design Nexis. As shared before, we are expecting to see more revenue per site with the Nexis, more than 2 x. Additionally, we are expecting to see better ROI with the Nexis, with a 10.5% more energy with our optimizer per year, with the $7,000 that mentioned before that we are expecting to see on the life of the system, and the $1,000 additional benefit per year with our Sera, with the AI application. We are expecting the ROI to be much better also compared to our competitors. During the second quarter, we did a $60 million with the Nexis, and we are expecting more. Our assumption here in the model that Nexis is going to be a significant contributor to our growth for the coming years. The next one is the C&I. We are winning on the C&I on product, but also on our regulatory positioning. We are FIR compliant, FCC authorized, domestic content authorized, and we are U.S.-made. We doubled our U.S. rooftop market share in the last few years, moving from 29% in Q4 2024 to 57% in the second quarter. This is a significant improvement and part of the assumption here that we will keep and see more market share in Europe and in the U.S. with the C&I. Moving one line down to the safe harbor. Part of what we shared before, that before the July deadline, we signed a $1.7 billion contract with resi and C&I customer. Together with the optimizer that associated with the inverter and other products that are included in the 1.7, we are getting to the $3.3 billion as shared before by Shuki. If we are taking a conservative assumption of 30% batteries, we are getting to more than $5 billion. This is a significant amount. We are expecting this to translate to revenue between 2027 to 2030. As shared before, we have liquidity damages in the contract, but still some customer may cancel, some customer will go out of business, and this is part of what we are reflecting in the model. We are expecting safe harbor to definitely contribute for the coming years and helping us to gain market in the coming years. The last one is the AI factories. With the $600 million revenue in 2029, we are here taking assumption based on where we are today with the early stage. As Meir shared before, in lab demonstration with prospective customer, the system achieved 99%. This is a significant achievement. Important to say that together with the AI and the core business, we are getting to the $2.4 billion. $1.8 billion is the business that we know and that we are running for 20 years. Another $600 million is the AI that is also using our knowledge from the last 20 years in the company. Let's talk about the SST for a minute. Our assumption for the SST, that in 2027, we will have insignificant amount of revenue. It will be mainly pilot installation. 2028, we are starting to see the ramp-up from the Nexis from commercial agreement, and the scale is expected in 2029 with a $600 million. We are in early stage with the SST, so we are cautious about our expectation. But with our technology, with the lab demonstration, and with discussion that we have with potential customer and with our understanding with the RFI that safety and efficiency is the most important KPIs for our clients, we feel that we are in a good position, and we are seeing here a multi-billion dollar opportunity for the coming years. With that, I would like to move to the gross margin in our model. The gross margin is expected to increase from 24% in 2026 to 35% in 2029. The main contributor to the 11% improvement are the following. First is the Nexis. As shared before by Liron, we are expecting to see more margin with the Nexis. This is not only more revenue, we are expecting to see more margin compared to the margin that we have with the legacy product today. The next one is the AI factories. Our assumption in the model that the margin of the SST will be higher than our normal margin. This is another contributor to the margin for the coming years. Operational excellence, as I said before, this is not a one-time effort. We are running different teams globally, making sure that we are running with different efforts to make sure that we are keeping and improving our leverage in the model, and we are expecting to see more benefit from the operational excellence efforts in the company in the coming years. The next one is the business skills. Also here, we are expecting to see some leverage in the model as we have fixed costs that are expected to contribute to the margin as well. The last, but not least, is the 45x. Important to say that today we are not yet benefiting in full from the 45x. As we are getting into the next years, 2027 and 2028, we will move to full benefit, 100% benefit in our P&L. As we are ramping up the production and as we are ramping up our new products, the benefit of the 45x is not yet in full, and we are expecting more benefit in the coming years. With that, I would like to move to the OpEx discipline that is also important in the model. The operating expense is expected to increase from $367 million in 2026 to $480 million in 2029, a reduction from 28% to 20% in 2029. The main efforts in the operating expenses are the following. First is the operating leverage that we have in the model. As I shared before, we are increasing our revenue significantly, and we are expecting a moderate growth in the operating expenses. This is the first driver. Second is the offshore. We built in the last two years, a global offshore that can also contribute in R&D, S&M, and G&A, and we are expecting to benefit from that in the coming years. The next one is the R&D. As I said before, we are going to invest more than 50% from our operating expenses to support our future growth with the new product and technology. Last but not least is the automation. We are giving access to AI tools globally to all our employees. We believe that with automation and with AI, we can improve this line as well and have more benefit in the coming years from the AI. With that, I would like to conclude. The turnaround returned SolarEdge to a profitability, as I shared before, in the second quarter. The coming years and the model expected to increase the revenue significantly while extending the margin. Together with our people, our technology, our market position, our operational discipline, and our unique products, we are expecting to gain market in the coming years, and that will translate into a sustainable, profitable growth in the coming years. With that, I would like to conclude my session. Thank you, and we will move to the Q&A. I would like to invite Shuki, Liron, and Meir. Thank you for spending the time with us. I hope that all these sessions were educating for you, that you learned something new today, which is very important. We will now open it for questions, and then we will wrap it up. Just wait for the mic before. Thank you for hosting us. This is Philip Shen with Roth Capital Partners. I wanted to check in with you on the $600 million AI target for revenue in 2029 and the 35% margin. Specifically, can you share with us a little more detail on the assumptions that go into the $600 million? I think my quick math suggests you have 25% market share in 2029. Is that the assumption? Also, if you can, what is the rough price per watt? Are we in the $0.30-$0.35 a watt, maybe $0.40, I think was on the slide earlier, but are you assuming something in that range? On margins, in the past we've talked about this, Shuki, you guys were still deciding if the 45x could be claimed on the SST. Just curious if you guys have made a decision on whether or not 45x will be assumed for the SST. Thanks. That's your first question? Yes. I do have others. You want to? Yeah. Thank you, Phil. First, about the SST. The model that we have here with the $600 million is the model that built based on our assumption. We need to separate between the time that we share during the discussion to our model for 2029. We are, of course, taking some assumptions inside the model that are more conservative. We are not going to share exactly what are the details behind the scene, behind the model. But let's say that the numbers that are out there in term of, as I said, we are using our conversation with customer, we are using a third-party data, we are using all the available data that we can have in order to make sure that the model is reasonable and that is something that we can support. This is very much aligned with the data that we have internally and the data that we have externally. This is for the first question. About the margin question of the 45X for the SST. The model does not include any assumption on 45X. This is to be conservative and without having any question about where we are with the 45X. We will keep and follow carefully. If there is a potential, we'll see how we're utilizing it, but the assumption here is without the 45X. Okay, great. Any thoughts on pricing or you can't share? We are not getting into this level of data. We gave the direction where we are heading, but we are not getting into the data. Okay, thanks. My second one here, then I will pass it on. As it relates to, again, still AI and data center. Meir, I think you talked about a once in a generational shift to 800 volts. One of our inside the data center EPCs, a major one, Rosendin, they have talked about potentially shifting to 1500 volts. There is a lot more standardization around that, a lot of volume in there. Could you see a shift to 1500 volts pretty quickly? If so, are you guys ready for it? Then how does that improve potentially your efficiency even more? Can you go from 99.2 to something even higher or closer to 100%? Thanks. Yeah. The short answer is yes, there is no problem to shift to 1500 volts. The slightly longer answer is actually that is where we started. I was mentioning that we have a multi-year head start in developing medium voltage electronics when NVIDIA just announced this 800-volt shift about a year ago. That is because we were working in the lab, working on a direct, basically utility scale inverter that is directly connected to the medium voltage. Back then, we were at 1500 volts. Actually what we have been doing is scaling down to 800 volts because this is what the ecosystem needs right now. We are hearing similar sentiment. I am going to guess that the first few years will be 800 volts just because the whole DC infrastructure is new to the data center industry, and it will take some time for them to feel confident at 800 volts before moving on to higher voltages. Yeah, it definitely makes a lot of sense, not only because of the maturity of the components, but also just because if you have a higher voltage, you could push more power without increasing the current, which means without increasing the losses and thermal issues are easier if you do not have to increase the current. Yeah, I am guessing the industry is going to start gravitating towards that. I am guessing it is also going to take time, but we are there. Great. Hey, Mike McNulty with Deutsche Bank. Thank you for taking the questions, and thank you for the presentation. My first question pertains to the 30% attach rate that you mentioned representing up to $5 billion in additional revenues. Can you talk about how feasible you view that 30% possible upside or downside to that number and what the revenue opportunity could look like from that? Yeah. When we talk about attach rates of storage, and safe harbor transactions are in the U.S., in U.S. resi, I think that one of the charts that Liron shared with you show the attach rate that today we have in the U.S., and the average attach rate is above 30%. In some of the states, it's hovering above 90% as well. That's the reason today we're above 30% attach rate. When we are modeling things out, we are trying to be more careful about the assumptions that we are taking. It's very easy to go to 50% and 60% and 70% attach rate. We feel that 30% attach rate is achievable. It's something that we can achieve with these transactions, and then that's the number that we're sharing with you today. Hey, Maheep from Mizuho, and thanks for hosting me and us over here. A few questions on the SST revenues and business segments. First on the $600 million for 2029, when could we expect the bookings visibility? What's the lead time on that? On that delivery, is that for energization in 2029 or 2030? Should we look at the TAM in 2030 for that? Could you also talk about the gross margin and EBITDA margin you expect for SST versus the core business, to understand how much of the 35% is from SST versus the rest? I'll talk about the revenue, and Maoz we'll refer to your margin question. When you look at the industry, and we were talking about exponential growth, and you could see that in the industry adoption, you can see that in the revenue evolution that we're sharing and so forth. The way that we look at it is the industry, the data center owners, the AI factory builders and everybody, they understand the value already. They understand the value, they understand the need as well. The rack density is going to be over 1 MW in 2028. NVIDIA are not going to stop, and this is just a calculation. They understand the need, they understand the necessity to move to 800- volt DC. They understand the immense value, financial value that they have in moving to DC- native solutions, SST. Because of that, we feel, and this is why we focused on safety as well here, we feel that there is one roadblock, if you will, in their mindset, because safety is serious. They don't want to put as lucrative of a technology as it might be, if it risks the entire building or the entire equipment that they have over there. I think that once we get over the safety hurdle, if you will, which is a big one, I think that then we will start seeing that the pilots are getting into higher gear and AI data centers are going to start placing orders, preparing for that and so forth. As for lead times and everything, we haven't gotten to this point yet. From whether it's going to be before the AI factory is ready or not, it will be before. They need to place the power before they actually bring the equipment in. It is for AI factories that are going to come online in 2029 and 2030, if you think about it this way. About the margin, we want to be mindful with the way how we are building the SST model for 2028 and 2029, and including the margin assumption. I can say that the margin of the SST is better than the core business that we are running. This is our assumption based on all our discussion, and this is what we have in the model. And maybe one follow-up, Shuki, on the safety aspect. Something which we also learned is that SSCBs are pretty important for DC. Are you assuming some SSCB revenues in that $600 million or that package for the customers, or it is just plain SST? Meir showed you the container. When we talk about SST, everybody assumes it is a small product. It is a 20-foot container, right? It is a 5- MW, 20-foot container that starts with the MV side and going all the way to the low voltage side, including the protection over there. Now, some of the customers would like us to bring the entire container. Some customers may choose that we bring only the middle part or some other. It is kind of almost a configuration that will be dependent upon customer selection. But if the customers that would like us to bring the entire container, it will have the protection as part of it. Thank you. Yeah. Hi, got a mic too here. Yes. Dylan Nassano, Wolfe Research. Sorry, I just want to come at the assumptions behind the $600 million a little differently. Should we think about that assumption as purely looking at the market and making a market share assumption? Are there indications of interest for orders already that maybe are contingent on the pilot and how that goes? Just any more kind of color around how comfortable you are with that. Yeah. Had we signed the firm agreement similar to the safe harbor contracts, we would have told you about them already. We have been in discussions with most, if not all of the players in the ecosystem, whether these are neoclouds, the hyperscalers and others. In these conversations, we start with a conversation, then we have some technical discussions. Some of the customers have actually seen live demonstration of the system, and this is where you start seeing people kind of tilting towards, "Yeah, there are 20 companies that are doing it," to, "Oh my God, there is something that is unique here." This is why we keep saying that players in the ecosystem are telling us that we are ahead of competition in terms of timeline and in terms of the performance of our product. We don't have any concrete PO or any concrete agreement with any specific customer, but we have the confidence that based on all the feedback that we are hearing, these assumptions make sense. Great. Thank you. Just a quick follow-up on the base business solar assumption for 2029. Could you give us maybe the split between C&I and resi that's embedded in that assumption? It will be similar to today. The main drivers, if you think about it on the growth, are the ones that we mentioned, right? It's about the storage attach rate that is going to grow. In resi, we are going to actually benefit from retrofit, going into residential markets, and we will continue winning in C&I, as we said. We expect both businesses to continue growing. Thanks so much, guys. It's Colin Rusch from Oppenheimer. Can we start with the channel strategy on go-to-market with the SSTs? Obviously, the data centers work with a number of existing vendors. You're looking at displacing a number of components in those designs. Can you talk a little bit about redundancy in the initial thought process of implementing these SSTs, and if you'll go direct to the data center operators or be working with existing vendors that are currently designing a number of the infrastructure components for these folks? As you mentioned, and then the go-to-market, fortunately for us, the number of end customers is not unlimited. It is actually quite, one can count them on probably four hands. Between the neoclouds and the hyperscalers, as you mentioned, Colin, and we talked about it in the past as well, potentially there are two ways to go there. One is to go and sell directly to the hyperscalers or to the neoclouds, or go and partner with one of the power electronics companies that are already installing different equipment along the powertrain. You named a few of them, and we know that there are several of them. At this stage, we are talking to everybody, and the reason for that is twofold. Even if we chose to go through the channel, as you call them, the end customer would like to talk to us. That will not save anything, and definitely if we want to go and sell directly to the data center owners, we are going to work directly with them. The conversations are with everybody, with different players in the ecosystem. It allows us to be better. It allows us to gain more feedback because end customers are seeing their own needs, horizontal players are seeing the industry needs and where the industry is heading and are more exposed to developments in other places. But in all of these conversations, we feel confident that the technology and the value that we bring is going to be very valuable to the end customers, and this is what matters at the end of the day, right? Whether you go here, or here, the end customer needs to appreciate what we are bringing, understand that the safety is something that we are going to take care of it, and that we have the scale and reliability to support their business. I think that we have all the things that are needed. We haven't yet decided how to go to the market. Okay, perfect. Two questions on the supply chain. Just the evolving battery, the cell supply as you go through some of the logistics around tariffs and whatnot. Just curious what you're seeing in terms of that, but also on silicon carbide. Given with the scale-up on EVs as well as a number of other applications, are you seeing any tightness or potential tightness around components with silicon carbide? Starting with the batteries, it's been a very interesting year and a half with supply chains surrounding batteries because of non-FEOC regulation, tariffs that are changing, and where the source is. We kept saying, this is a very dynamic set of decisions that we have to make between reliability, availability of components, supply chain resiliency, and obviously complying with all the requirements that we have in the market. Because of that, our supply chain team has been working with several different sources. We're continuously evaluating which one is the best for us, optimizing all of these parameters. At this stage, from a battery sourcing perspective, we feel that we are in a good place. But we are continuously evaluating where we are and how we can do even better. On the SiC side, the data center, we are talking about the AI factories build-out here from our perspective about power. But this build-out is putting a lot of strain on the entire semiconductor industry, including the silicon carbide manufacturers, who are needed on both ends of the data centers. Fortunately for us, we've partnered with these companies for a long period of time. These vendors, these are strategic vendors for us. We've partnered with them on SiC and in other products for many, many years. Our supply chain team is working hard to make sure that we have enough supply at reasonable prices to continue supporting our customers. But as you know from other industries and other markets, there is tightness in the market that is building. Yeah, thanks. Chris Dendrinos with RBC. I just wanted to go back to the safety topic here, and you all published a paper this morning on grounding, which kind of leads into this. As we just think holistically about all the safety aspects that go into higher voltage deployment inside a data center, can you maybe talk about what else needs to be written from maybe a code perspective that could be a bottleneck, I guess, to this industry? Then as we sit here, what markers should we be looking out for to tell us that, hey, all the boxes are being checked that will allow, call it scaled deployment starting in 2029? Thanks. I don't think there's any code missing about DC safety. The NEC covers it. There are plenty of safety standards. It's more just a matter of market education and adapting the standards that already exist to this new environment. That's part of the learning mechanism and having devices which are adapted to this specific application. I don't think the industry needs to really wait for a new standard to appear. I don't believe that will delay implementation of these 800-volt GPUs. I think it's just going to be a matter of execution. Hi. Thank you so much. I have learned so much. I've got two questions. The first is, when I think through the architecture that you're proposing for the batteries and the inverters, you're going to put the batteries on the 800-volt bus. Does that mean that you'll have all of the system long-duration backup on that 800-volt bus? Or you'd still propose to have a second battery farm outside of the building that would be connecting to that battery bus via 800 volt. So that's the first question. Okay. Yeah. I'll take that. We have the flexibility to allow both of them, and from discussion with potential customers, we see that different customers think about this differently and have different approaches. There are really two challenges here. One is the short-term stability of the 800- volt bus, especially in training clusters where you have the whole data center going zero to 100 in milliseconds. Here it's important to have storage on the DC bus without reflecting it out to the grid, which could also cause grid issues and kind of wreck the THD of the AC of the grid. The grid operators don't necessarily like it. So that's short-term storage. My assumption is that almost everybody would want that. The longer-term storage for grid outages, minutes, UPS, et cetera, some would take the approach of wanting that to be as well on the 800- volt DC bus. Then you just add more storage, possibly with different chemistry batteries, whatever. That could just be added. Others prefer to have it on the AC side, like an AC UPS or a gen center or whatever. Different approaches. We have the flexibility to play with that now. The downside of putting that on the 800- volt DC bus is it has to be near the training cluster and probably inside that building because you wouldn't want to go with a gazillion amps to a building further away. Yeah, depending on how big the fluctuations are and what the architecture of that specific data center, that might be the case, or maybe not. Again, it's very dependent on what the actual application is and how they designed it, how they're using it, what the specific neural net needs. It's very scenario dependent. Thank you. The second question is just on the assets. At $0.40 a watt, which is what you had on one of those slides, the 2029 number is a tiny fraction of what NVIDIA is supposed to do in 2029. It's like, one and a half data centers or something like that. We looked into that, and during the break, some people told us that our estimates are a bit too optimistic. You are now sharing that our estimates are a bit, or more than a bit, on the conservative side. I think that we spent a lot of time trying to understand there are three ramp ups here, right? It is the build of the data center, of the AI factories. It is how many of them will go 800 -volt DC, and how quickly they are going to convert to DC -native. When we put all of these assumptions together, this is what we are getting at. NVIDIA are definitely more optimistic than us. Hi, thanks. David Arcaro with Morgan Stanley. I wanted to ask about the 99% efficiency level on the SST. How defensible is that? Can competitors catch up, or can you push that even higher as you continue to develop the product? What kind of a moat do you see around the efficiency for SSTs? I'll talk about us, not necessarily about our competitors, but to answer your question of whether or not we could push it up, yes, we actually have been pushing it up. I think there's some more room to go there, and I think the efficiency at the end is a product of what topology you chose and exactly what switching devices you chose. Finding that sweet spot, which not only we believe, we've been hearing from customers that seems to be better than what our competitors are doing, was a trickier deal. I think if you choose the wrong components, you can't really get there, but anything up to 100% isn't against the laws of physics. Got it. Are there patents or just other intellectual property that you think would come into play here and help protect that- Yeah going forward too? I didn't mention in the presentation, but we have a number of patent applications which we filed around exactly both the Solid-State Transformer and the conversion side and the safety side. So yeah, there's definitely defensible IP there. Got it. Thank you. Thanks for hosting this event. Gus Richard with Northland. Just curious about the timing for prototype shipment. When do you think you will be ready to have something to ship? What is the cycle time of building one? What is the scale of a prototype? Is it 5 MW? Can you give a little color on how you are progressing towards getting one in the field? Most customers for the prototype are interested in a 5-MW unit. Some of them are asking for also some earlier partial prototypes. When we say prototypes in 2027, we are talking about the containers with the full SST working at 5 MW. Anything above that is basically replications of that container. In terms of being ready to ship a prototype and the cycle time to build a system. So- Can you give us any color? Yeah, no, absolutely. For the prototypes, as Meir said, different customers are defining different pilots. Some are asking for the 34.5 kilovolt going all the way to 800- volt DC, and there we will ship the 5 MW. There are some potential customers that are asking for a reduced level, potentially because this is the grid connection that they have in their test site, potentially because others do not talk about 34.5 kilovolt product yet, but they are looking for 13.8 kilovolt, for example, and over there it's 2 - 4 MW. From our perspective, our product is customizable and for us to ship the full product or a product that has a lower AC going into it is more or less customization at the end of the production line. To your question about scale and lead time to build the products, obviously the first products are going to be built, we are going to ramp up manufacturing, if you will. As we scale, we are going to partner with one of SolarEdge for the last 20 years, our model was around supply chain, was to partner with the likes of Flex and Jabil. They've been our close partners for many, many years. It's a model that is working well for us. We bring a very good technology. Together with them, we'll ramp up manufacturing, but then we are leveraging or benefiting from their expertise in mass production. Our plan around SST is going along the same lines. Initial, the first few units that we're going to ship, we are going to build them ourselves, similar to what we are doing on the solar side, but later on we are going to ramp up manufacturing. As I mentioned earlier, our supply chain is going to be based in the U.S. to make sure that we have the resiliency that is needed and in case of domestic content considerations and other considerations that these customers may have. Hi, this is Joseph Nussbaum with BNP Paribas. Thanks for hosting. I know we're anchoring to 2030 to not get ahead of our skis, but what informs your view on the scale of the industry into the 2030s with power equipment backlogs and load interconnection requests only going out to 2032 today? Within that question, how much of demand do you see coming from retrofits versus new data center constructions? Thank you. Okay. I remember the second part of your question about retrofit, and then you'll please remind me the first one. About retrofits, initially we don't expect. The model doesn't assume retrofit revenues. What is the lifetime of GPUs and racks? There are different discussions about whether it's two years, three years, four years, five years. If you go four or five years back, the size of the data centers, the retrofit opportunity is there, but it's not that significant. We didn't take that into account. Your first question was? Yeah, first question just on how you see the shape of demand going into the 2030s. Oh. How you're managing capacity expansions against that? Like this. Everything that you read, everything that you look into is talking about an acceleration of this build-out. The power requirements of the rack. Look, today, a rack requires less than 100 kW. In 2028 it will be more than 1 MW. It's a 10x factor. T he power density of the racks is going to continue growing. That was the conversation about 1,500 volt versus 800 volt. As we move forward, the power requirements are going to continue growing. And our estimate is that demand for AI factories is going to continue growing as well, which I believe is something that many people share with us. When you look into all of that and the transition to 800- volt DC and DC- native solutions is going to almost be over by that time, and at the retrofit and others, that's how we come to that conclusion. Are there any more questions? Surprise. Last question. Thank you. This question is from a large shareholder. He is asking a short question on SST. Silicon carbide has a lower switching speed than GaN. In what way does this become a challenge when competing with GaN-based SST solutions? Meir. Yeah. I actually do not think that that is an issue for the application we are talking about. It is true that GaN could switch at higher frequencies now. Megahertz is instead of, let us say, hundreds of kilohertz for silicon carbide. That makes GaN attractive for certain applications. For example, you will see a lot of it in small chargers where you could increase the frequency, makes the magnetics smaller. That is very nice. It is not necessarily the pain point in data center. Actually, in data centers, when we are talking about medium voltage connection, I think a more important deciding factor is the withstand voltage of the device. Typically, silicon carbide devices go to higher voltages than GaN devices. That is why I think if you look at SST designs that are based on GaN, you will see not as they have shown today, dozens of unit, but maybe hundreds of units. Also lower efficiency because I do not know. I have not seen anything working at these megahertz frequencies for this application. GaNs are great. I am not sure. When we were looking into designing the SST and GaNs were on the table, we decided to go with the devices that we decided to go with because we thought they were a better fit for this application. Second investor question. What would your target margins have been in the base business excluding SST? Historically, they have hoped for, or you guys have hoped for maybe 30%-32% with a 5% IRA boost, so then maybe 25%-27%. Does that sound like the right ballpark? We will not get into the split between the two parts of the business. But as I said, SST is definitely important contributor, but we will not get to the split between the two of them. It is a one number that we are sharing. All right. Good. Thank you for the questions. It keeps us sharp. I would like to wrap it up and basically where we started. Okay? SolarEdge has a very strong foundation. We built it for two decades. Meir was there from the start. I joined about a year and a half ago. We are going to use this strong foundation in order to not only grow our top line, but actually expand our margins and grow our bottom line as well. Okay? We are going to do it by accelerating the growth in the core business. We talked about it. The markets are evolving. Storage is becoming a bigger deal. Our confidence level is higher because of the safe harbor transactions that we have signed, and we believe that we can continue winning in C&I. We are going to unlock the AI factory opportunity. We talked about it, whether it is exponential that starts here or starts there, whether the ASP is here or that. Overall, it is a big opportunity. It falls right down our alley. This is an expertise that we have developed in the last 20 years, and players in the ecosystem are telling us that we are ahead of the competition, both in terms of the performance of the product as well as the timeline. We are going to do both of those while expanding our margins. We are very excited about what is ahead of us. I hope you are as well, and we will definitely keep you posted as we continue to make progress. Thank you very much