Q3 2025 FTC Solar Inc Earnings Call

Speaker #1: Hello and thank you for standing by . Welcome to FTC Solar, Inc. third Quarter 2020 Earnings Call Conference . At this time , participants are in all only a listen mode .

Speaker #1: After the speakers will be a presentation , there question and answer session . To ask the question the during session , you will need to press star one on your telephone .

Speaker #1: You will then hear automated message advising your hand is raised . To withdraw your question , please press star one one again . now link hand the conference over I will Bill Michalek Vice President of Investor to Relations .

Speaker #1: Sir , you may begin .

Speaker #2: Thank you and welcome everyone to FTC Solar, Inc. third quarter 2020 Earnings Conference Call . Before today's call , review our earnings release and supplemental financial information , which are posted earlier today .

Speaker #2: If you have not reviewed these documents , they're available Investor Relations section of our in the website at FTC Solar, Inc. . Tom .

Speaker #2: joined today I'm by Yann Brandt , the company's president and Chief Executive officer . Cathy Behnen , the company's chief financial officer . And Cook , the Patrick company's head of capital and you may .

Speaker #2: Before markets we begin , I remind everyone that today's discussion contains forward looking statements based on our assumptions and beliefs in the current environment , and speaks only as of the current date .

Speaker #2: As such , these forward looking include statements risks and uncertainties and results and events actual could differ materially from our current expectations . Please refer to our press release and other SEC information on the specific risk factors .

Speaker #2: As such , these forward looking include statements risks and uncertainties and results and events actual could differ materially from our current expectations . Please refer to our press release and other SEC information on the specific risk factors filings for more We assume no obligation to update such information except as required by law .

Speaker #2: As you'd expect , we'll discuss both GAAP and financial measures today . Please note non-GAAP earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest GAAP measure .

Speaker #2: I'll turn the With that , call over to John applicable .

Speaker #3: Thanks , Bill , and good morning , everyone . I'm be with glad to you again to share the continued and exciting at progress FTC solar is making to position the company as a leading single axis tracker in the provider market , a path that continues to be every day through the technology we bring to the market that clearer is looking for for us competition .

Speaker #3: joined you for my first that I earnings call as CEO of FTC . to say that year , that over I'm pleased the company has been on a recovery and growth trajectory , and our third quarter results represent a great mark of traction and continuation of that progress .

Speaker #3: Third quarter revenue and adjusted came EBITDA both in above end of our guidance the high ranges EBITDA was at the highest . levels in Adjusted five years , company one of the best in history , and compared to a year and ago , third quarter revenue was up 160% and represents our highest quarterly revenue level in eight quarters .

Speaker #3: More importantly , we are continuing to improve our positioning , strengthen our balance sheet , daily improve our execution and enhance our product innovation .

Speaker #3: Resulting in faster speeds of installation for our customers . All of this while gaining traction with existing and key new customers . We remain on an impressive growth trajectory .

Speaker #3: 2026 is setting up nicely , and I see our long term even greater than I did upside is a year ago , or three months ago , especially as we execute on execution .

Speaker #3: We have been working to even just all aspects of our daily operations , continue to working to make the business better , stronger and more resilient each day .

Speaker #3: We're optimize our global continuing to supply chain , including for geographic capability , flexibility around tariffs , and reducing landed costs . We're also increasing our capabilities at our Alpha Steel facility to best support domestic customer content needs .

Speaker #3: While increasing 45 credits . We're ensuring that we are customers early and often needs and creating value for them . And we're optimizing our product engaging with customer service that roadmap and goes the extra step .

On the product front. We believe that we have what is unquestionably, the fastest and easiest to install tracker in the marketplace. This is not from some third-party study that backs into results, but from the actual measurement of workers, installing our tracker today, ftc's independent row 1p architecture. Where each row is controlled by a single motor is aligned with the majority of the market and as the future of the industry.

It is also significantly cheaper to install without expensive, electrical work to power. Heavy-duty multirow Motors in the Penn Road 1. PR architecture has been known for benefits and uptime ground access maintenance and slope adaptability leading to higher production for asset owners. When matched with the right software as these benefits become more important and as developers increasingly utilize software to optimize individual row positioning to capture up to 4% additional output. We believe the share of Market will only continue to improve

To mounted modules with an efficiency of 053, labor hours per module, we believe is unmatched in the Solar industry. And there is at least 20% more labor savings to be had

Already a 053 labor hours per module. We believe we are nearly 2 times faster to install than our largest peers. In fact, we recently posted a video on LinkedIn showing a crew of 4. Installing a 75 module Row in less than an hour. And I would encourage everyone to view it.

This efficiency is driven by our Innovative pipeline Clips, our slide and glide rails and open trunnion design and power cinch clips. And this productivity is something that any customer crew can achieve with our tracker and I encourage every EPC to review this for themselves.

This is crucial as labor, shortages are increasingly a pinch point for the industry at and are expected to continue and as labor continues to increase as a proportion of total project costs.

As the industry looks to increase the use of robotic solutions, including for construction, we believe our trackers are better suited there as well, with fewer fasteners and overall fewer components to be installed. Clear robotic interface advantages include hardware-free module placement and consistent geometric reference points. Our tracker allows modules to glide and hold into a proper position, self-supported and aligned. Once you slide the module to the rail, it is fixed there and ready to take cinch clips, which can be done with one hand or one robot actuator. There's no need to hold on both ends, no need to move back and forth to align bolts, and no need to hold multiple bolts.

Components and no need to twist or turn anything, which means a dramatically. Reduces the human or robot labor and complexity relative to competing Solutions.

Over the past few quarters I've shared with you, all of the great progress, we have made in taking the great, underlying 1p platform and expanding our product line. To ensure we have the right products to meet customer needs across their portfolio. This is included adding solutions for high wind zones up to 150 mph compatibility across module types, the ability to make module changes late in the design cycle, terrain, following features to reduce, and eliminate the need for land grading, and introducing the widest range of snow in the industry and up to 80°, to maximize hail stove, flexibility and customization.

And we're continuing to innovate last quarter. I told you about our next Generation, extra-long tracker for 2,000 volt systems which will enable reduced eboss and onm costs while increasing power capacity by 33% today. I'll share with you that we'll also introducing a washerless Tracker which is exactly what it sounds like. We're eliminating the need for washers for any connections. It may sound simple but it takes the part Countdown by an additional 15% or more on a Tracker that we already believe had fewer Parts than competing Solutions.

Furthering our mission to make the most constructible trackers on the market, reducing labor time and complexity.

We'll continue the Innovation and R&D and software. Our goal is to be twice as fast as our largest peers. We see this Innovation pushed through our long-term agreements and our mission to add to the more than 7 and a half. Gigawatts of msas. We have added over the past year, the most recent being the 1 gigawatt agreement. We announced in Q3 with levona Renewables which has a first project expected to begin in early 2026 supported by our strong and expanded product line in the strength and balance sheet. We have seen a meaningful step forward in our discussions with customers and prospects in the US, our largest market, our pipeline has expanded with more customers and larger projects. This includes many new prospects and notably new and renewed discussions with multiple industry leaders, including Tier 1 epc's, we're gaining visibility, we're getting more access and more projects are available for us to win internationally. We are also continuing to make progress strengthening our teams building out relationships and advancing Pipeline and project discussions. We hope to have much more to share on the customer front in the coming weeks and months.

As I look back on the past year, it's possible I didn't fully anticipate everything that was going to happen regarding regulatory and legislative funds, which included uncertainties around the ITC, 45X, and tariff adjustments, just to name a few. The net result of these factors did push some expected new business to the right. However, overall, we have been on a steady recovery over the past year and are in a greatly enhanced position with adjusted EVA hitting.

The highest levels in 5 years, quarterly Revenue levels are up 160% year-over-year and at their highest levels. In, 8 quarters, we have new cash on the balance sheet, and additional capacity with a financing Arrangement. Our product offering is more compelling and complete than ever with a great deal of features added. And I'm confident that our growth will continue including as we convert to 7 plus gigawatts of msas.

We have made great progress over the past year, and to me, this is just the start. I often tell the team, don't judge us based on where we're starting, but rather where we're going. So look at all that we have accomplished in 1 year: the product, the balance sheet, the MFAs, the pipeline. Now looking ahead.

This is the dominant technology. Same as the market leader and structurally advantage in our view, checking the boxes and expanding the market, with our software suite and 80 degree Hailstone.

Of course, the market leader has significant volume advantages, so does the market value innovation? It does. And not all trackers are created equal. There is a great new innovation and IP and the market wants more competition.

Where our trackers Excel, perhaps the most is in constructibility can great technology. That is a labor accelerator like ours gain Traction in the market. That will face only increasing labor constraints, we believe. So,

We have been getting on the AVL's of more top developers and EPCs further, expanding our customer and prospect list in addition to our current momentum. Gaining only a small portion, even 5% of the top developer projects to start would provide an incredible growth rate and a long runway for us. And as we grow, we gain those volume advantages to become even more efficient and give back more to our customers who can now complete more projects with the same amount of labor using our tracker and have a healthier, more competitive tracker market. We have done a great deal to prepare the company and lay the groundwork and now, more than ever, I believe the company is in a position to do great things, lock in many new projects, and reap the rewards of the great work and innovation in our top market share position that is now possible.

I've never been more optimistic about the long-term potential of the business and I look forward to providing you with continued updates on our progress in the months ahead with that, I'll turn it over to Kathy.

Thanks, Jan, and good morning, everyone. I'll provide some additional color on our third-quarter performance and our outlook.

beginning with a discussion of the third quarter Revenue came in at 26 million which is above the top end of our guidance range of 18 to 24 million.

The outperformance versus our expectation was largely driven by a pool forward of material production to meet customer demand. That was originally expected in Q4.

The quarterly Revenue level represents an increase of 30% compared to the prior quarter and an increase of 157% compared to the year earlier quarter fueled by higher product volume.

Gap. Growth profit was 1.6 million or 6.1% of Revenue, compared to gross loss of 3.9 million, or 19.6% of Revenue in the prior quarter.

Non-GAAP gross profit was $2 million, or 7.7% of revenue, marking the company's return to positive gross margin for the first time since late 2023.

This turnaround was driven by the additional Revenue. I mentioned, which was at a higher margin.

This quarter's results compare the non-GAAP growth loss of $3.5 million in the prior quarter and $3.9 million in the year-ago quarter.

Gap operating expenses were $9.3 million on a non-GAAP basis. Operating expenses were $8 million. This compares to the non-GAAP operating expenses of $8.1 million in the year-ago quarter and $6.5 million in the prior quarter.

Moving to gaap, net loss. As you may know the warrants, which were issued. As part of our recent Capital raise are subject to liability rather than Equity accounting and therefore requires us to reflect changes. In the warrant fair value each quarter in our gaap financials, essentially is our share price goes up during the quarter. It will show as a non-cash loss and conversely a share price decline. Would show as a game.

The positive share price appreciation. We saw in the third quarter, drove an increase in the fair value of the warrant liability of about 16 million dollars. This is a non-cash charge that does not reflect the underlying business performance and will be excluded for purposes of adjusted Eva, but does impact our gaap financials.

So, including that Gap, net loss was 23.9 million or a $1.61 per diluted share compared to loss of 15.4 million or a dollar 18 per diluted share in the prior quarter and a net loss of 15.4 million or a dollar 21 per related, share posts split in the year ago quarter.

Adjusted even a loss was million dollars, which excludes a net of approximately 20 million dollars for the change. In fair value of the warrant liability, as well as certain transition and special stockholders meeting costs, September 2025 and other non-cash items. This represents our best adjusted IBA law since the third quarter of 2020 and a substantial improvement from adjusted Eva losses of 10.4 million in the prior quarter and 12.2 million in the year ago quarter.

As Jan noted during the quarter. We strengthened the balance sheet by closing, our previously announced term loan financing, which was 37 million dollars before fees as you may recall. This was part of an overall 75 million financing facility with the remaining 37.5% between the company and the investors.

So overall very good progress on financial side.

With some of the best numbers we've seen in many quarters, as well as new cash on the balance sheet, we are energized by the progress and remain focused on delivering long-term value.

Only 1 subsequent event to note. Following the quarter end, we acquired 55% interest in Alpha steel which is owned by our joint venture partner. As you may know, Alpha steel is the manufacturing joint venture partnership established by the companies in 2023 to manufacture, steel components, including torque, tubes rails, and other items.

Following the close of the transaction which occurred this week, FTC solar became the sole owner of alpha steel. Getting the company full control over a key contributor to our domestic content capability and unlocking additional profit potential while ensuring full compliance with the guidance included in the obv.

Alpha steel was modestly profitable in the third quarter. And while we haven't given overall guidance for 2026, yet we would expect Alpha steel to be a creative to adjust an IA.

This acquisition is expected to drive lower cogs improved, gross margin and higher adjusted evidence.

With that, let us turn our focus to the outlook.

Our targets for the fourth quarter, call for the following revenue between $30 million and 35 million. Which, at the midpoint would represent another 25% growth sequentially. Non-gaap growth profit between 3.8 million and 8.2 million, or between 12.7% and 23.4% of Revenue, which even at the low end would represent our highest gross margin as a public company.

Non-gaap operating expenses between 8.2 million and 9 million and finally adjusted Eva between a loss of 5.4 million and break, even at the midpoint of this range would also represent our best results as a public company in 2026. We expect to continue our growth trajectory and will plan to provide additional detail on our next. Call with that, we conclude our prepared remarks, and I'll turn it over to the operator for any questions. Operator.

Thank you.

Ladies and gentlemen, as a reminder to ask the question, please press star 11 on your telephone, then wait, for your name to be announced to withdraw your question. Please. Press star 1 again.

Please stand by while we compile the Q&A roster.

Our first question comes from the line of Philip Shin with Ross, Capital Partners your line is open.

Philip check to see if you're on mute.

Hey guys. Uh, yep. Sorry, I was on mute. Hey, uh, congrats on the strong quarter. Uh, congrats on the, uh, the bookings as well. Uh, I was wondering if you could share a little bit more about the, um, the booking with, um, Levona.

Uh, in terms of, I know you gave a lot of detail already, but how much more could there be beyond? Even what you guys have shared? And then talk to us about the international bookings that might be coming and the other activity you're having with the customers. Thanks.

Thanks Phil. Um, appreciate the, uh, appreciate the the comment there. Um, look, I think levona is, uh, indicative of a little bit of the, uh, the type of clientele that we've been working hard on, um, you know, working on developments, uh, in the early stages and, uh, especially projects like this. Where it's a, it's a developer that has a tremendous track record and uh, in previous Endeavors and now has several projects uh that we ultimately wrapped into this gigawatt MSA. Um, you know, and I think just from a standpoint of the the team at at FTC uh and something that's akin to what we're working on with with many developers is is helping them maneuver the process. Right? You know, we have obviously experience in Project Finance. Um you know our core expertise in supply chain uh and helping and helping those projects get to uh to close. Um so that's what we've been hard at work there.

Obviously, there's a tremendous appetite for, uh, energy and, and generation coming from these, uh, solar developments. Uh, so sometimes it's just this, um, you know, straightforward as getting the projects to, uh, to, to the point of construction. Um, and we have been investing in supporting, uh,

Um, and, you know, we're, we're, we're continuing, that, that notion, uh, looking at additional markets where we might have, uh, product solution, but always making sure that we have a value proposition. Um, but you know, ultimately,

The the tracker Market really has a lot of customers that have this Global portfolio, right? It is not uncommon for me to spend time with a customer. Uh internationally that's working on a project in the US or a Us customer that acquiring a project internationally. Um so it is becoming a uh quite a bit of a global supply chain. You know both Global on the supply chain procurement part but also on the on the customer uh support portion of it.

Great. Thanks, John and great job to you and the team for uh,

Getting to the gross margin positive and look.

Like a strong. So you, um, a Q4 guide, but was wondering to what degree, could you give us some commentary on? You know how you expect things to, you know, either margins or revenues to Trend through uh the early part of 26 or through 26. I know you don't have an official guide but uh in so far as you can give us some qualitative uh commentary or even quantitative, uh that would be fantastic. Thanks.

Yeah, no, I think look as I, as I said, in my prepared remarks is, I'm very optimistic about where we're heading right where, uh, looking to take, uh, share, um, of the overall.

1 Pet Tracker Market, obviously coming into the space. Uh at the latest entrance Focus, you know, with built on Innovation and and having uh a little bit of a different mouse trap, uh, for epcs, and ipps to consider especially epcs that uh, are looking at Labor savings and schedule constraints. Um, you know, so while quantitatively not much to to give you on 2026, um, you know, I'm

I think it's fair to say at this point that we expect to be adjusted, even though the positive for the full year in 2026. Um, you know, I I'm I'm optimistic about where we'll be on both margins, uh, and, and revenues, um, you know,

Our focus has been on just execution day after day. I think the third quarter results speak to that. We hope to continue that trend. Um, when we have, you know,

More guidance to get, we certainly will.

Okay, thanks, uh, just to put a little bit, uh, here on, uh, giving you guys, uh, remain gross. Margin positive through, q1 and 2.

Yeah, I don't think I'm gonna leave it at where I think we will be for the year. You know, I think it's fair to say that we'll be adjusted positive for the full year.

As soon as we have a definitive numbers to give for, uh, you know, any period of time, q1. Q2, uh, we certainly will.

Okay, great. Thank you. And I look forward to more good news ahead. Thank you, appreciate it. Thanks so.

Our next question comes from the line of Samir Joi with at Wayne Wright. Your line is open.

Uh, yeah, good morning. Uh, thanks for taking my call. Uh, congrats on all the great progress. Um, just a couple of questions from from me.

Um, the 37.5 million, uh, that was drawn down, uh, and the or rather, the remaining that is expected to be drawn down. Uh, are there any plans to do that? Uh, now that you have almost 25 million cash on hand then, uh, nearing positive, uh, adjusted with the

You know, right now we're focused on the business. Thank you for for the question. Um, right now, we're we're focused on on the business. Um, you know, I think uh, you know, it's nice to have the facility. It certainly is, uh, it's it's helpful with customers, um, that are, uh, looking at ftc's balance sheet, you know? So that's it's been helpful in the conversations, uh, to advance our commercial efforts, uh, this quarter. Um, you know, I think right now we're we we continue to focus on, uh, the blocking and tackling of, uh, you know, getting our, our bookings in, um, you know, continuing to work on our execution. Um, you know, just sort of the story that third quarter results tell, uh, that certainly the trend line. But it's, uh, I I would characterize it as it's nice to have the facility. Um, and you know the additional cash that we've been able to bring in at the end at the beginning of the quarter. And um, you know, we'll see how the execution

Understood uh the couple of quarters ago you had announced a 5 gigawatt 5 year. Um, sort of a master agreement, uh are you seeing uh, sort of pull forward uh for from from that, uh uh, uh, and maybe it may be uh completed uh in less than 5 years uh, by recurrent energy.

And uh, let me give the the the framing of uh, all of our msas which now standard over 7 and a half gigawatts. Um, you know, these are these are the, the Investments, um, that we've been making and and helping developments get to the

You know, get to the start of construction or notice to proceed, um, you know, and we we, we expect many of which and, and some msas have started to, uh, roll projects into our bookings and, and, and revenue. So that's, uh, certainly nice to see. And, um, you know, it's an important tool for us because it is a, uh, you know, it is a relationship, um, between 2 parties. Uh, and it's not just as I said, my, in my, in my comments, you know, for good PR, um, it takes a lot of the back and forth in terms of, uh, the, the actual procurement contract, um, and brings it to the Forefront, right? We, we know where we sit in terms of, uh, the relationship contractually, um, and allows us to contract, uh, more quickly, but fun.

Fundamentally, you know, all business, especially the solar business is built around relationships. Um, you know, you it's it's not hard to see that there's, uh, you know, in most msas it's built around, you know, people, trusting people, um, and you know, the relationships that we've all collectively had at FTC over the past couple decades with, uh, other solar professionals. Um, so we do, you know there, there's a lot of enthusiasm, especially from from my spot on, you know, sort of burning off and, and leveraging those msas and actually bringing those gigawatts through. Um, but also increasing the number of gig of of msas that we possibly uh, enter into with with others. Um, you know, both people that were currently looking, you know, talking to about it. Um, and those that already have signed msas uh and I will say because you know, it's sort of a a a a sideline on, on my comments. Um, you know, not all msas have gigawatt.

Attached to it, right? It's the relationship can be non-violent metric especially with uh, epcs. Um, because it, it does set this, you know, preferred vendor type of relationship where we know and have reviewed collectively. Uh, what the the terms and conditions would be of a purchase order. Um, so we, you know, spending more time, uh with you know, top tier epc's, including epc's that are really growing quite nicely in the social

Space. Uh, there's such a need for, uh, you know, with all of the labor, constraints. Um, there's also quite a bit of, uh, you know, new epcs that are growing, you know, significant volumes that we're spending time with, uh, bringing to our, our demonstration facility, Etc. Um, so we're we're quite bullish on the use of the msas, uh, and uh, see the customers really appreciate those as well. Um, in some cases, even you know, bringing projects into exclusivity, uh, on those MSA. So it's uh, all all progressing quite nicely uh, in building the, you know, the mid-funnel that will ultimately lead to uh, more backlog and and bookings.

Uh, thanks for that color. That was really uh helpful. Uh may I squeeze 1 last 1 on uh working cash management. Uh accounts receivables, uh, are substantially elevated, uh,

Uh, does that? I mean, part of the answer is, uh, the answer that you gave is that responsible for this. Uh, hi are

Yeah, I like I like Kathy give a little bit of color but just, you know, obviously, you know, if you kind of compare, uh, where we were and where we are, you know, the, you know, having having, uh, run manufacturing businesses in the past. Uh, there's always going to be a little, a little bit of a linear relationship, um, between, you know, the growth on the top line and, you know, the rest of the balance sheet but I'll let Kathy give a little bit.

The color.

Hey, thanks for the question. Yes. That that is it really reflects kind of the increase in the activity that we're seeing. And as our project goes through the production and execution phase, you'll see that um, that that, you know, timeline continues to grow with the growth in the revenue.

I see, thank you. Look at uh, thanks for taking my question.

Thank you, ladies and gentlemen, as a reminder to ask the question, please press star 1 on your telephone.

Please stand by for our next question.

Our next question comes from the line of Jeff Osborne with TD colon. Your line is open.

Thank you. Um, most of most of our asked but uh, just a couple questions on the alpha steel. Uh, joint venture did did the, uh, historical ownership structure of that Yin impact, any bookings. And, you know, potentially this, uh, now 100% owned by you with that. That free up anything. We're wearing any, any folks, proactively or, uh, preventatively, uh, concerned about fiak rules, implementation.

Yeah, it's a good question, Jeff. Uh,

It wasn't a, um, you know, over, uh, concern or question, you know, I think it was a good housekeeping for us. Um, you know, it does, it does create, uh, you know, an additional lever for us in terms of, uh, operating of the site. Especially, um, you know, as the company grows. Uh,

You know, pushing pushing the volume through, uh, Alpha steel. But, you know, with the global supply chain, um, it's another tool for us, you know, obviously, we have a lot of contract manufacturing around the world for for Project based both in the US and external. Um, but certainly now, you know, it it creates uh, 100% certainty for

For the market knowing that uh FTC is the owner of of Alpha steel and you know, sort of our domestic uh torque to manufacturing and some of the ancillary Parts. Uh and fasteners that we're looking to uh increase the capacity of alpha steel for um, you know, we'll give us additional access to uh 45x credits but you know also make it easier for for folks uh around um you know their project level Regulatory, Compliance Etc.

Got it. That's helpful, maybe just 2 other quick ones. Um, I I might have missed it, but uh, did you folks or Kathy disclose what the Tariff impact is on the business? Just giving all that's going on with tariffs and then potential Supreme Court, involvement there?

We did, we, we did not, um, you know most, uh, I think previously, we have talked about tariffs and, uh, contractually the pass through, uh, to to a customer's. Um, you know, and and I think the commentary I said on previous calls is, uh, you know, tariffs do create pressure on Project level capex, right? So if the the cost increases back to the customer, you know, there there needs to be some flexibility to the PPA. So we certainly seen, um, you know, offtake agreements have to, uh, you know, take a little bit longer to negotiate. Um, you know, obviously, you know, when the tariffs came into effect, uh, we were a little bit smaller as the business in terms of volume. So we were able to maneuver, uh, pretty easily with our Global Supply Chain.

Um, but uh, you know, so we've never disclosed uh, the the the Tariff number itself. Um, you know, for the most part uh really just a pass through um uh to the to to the overall project uh supply chain.

Got it. The last 1 I had is just, I think 2 of your 3 competitors. Uh, have made, you know, significant m&a, around piles, foundations, Etc. Trying to differentiate on, you know, different. Uh, characteristics of terrain versus, uh, you folks are leaning into the installation time, uh, 2,000 volts, Etc. Um, what your thoughts as it relates to your competitiveness as it relates to, you know, difficult soils or frozen soils, Rocky terrain slope terrain Etc.

Yeah, it's a, it's a it's a great question. And uh you know, for the you just to kind of give a little bit of color you know obviously

You know, the the, the tracker itself really comes into 2 parts, right? Which is, um, you know, where we are, uh, you know, as the the tracker system itself and then the foundations, uh, as a separate. Um, you know, for for us the, the thing where we're differentiated quite substantially, uh, is our top of pile, loads or significantly less than all of our peers. And there's a couple of, uh, you know, sort of structural reasons but the way that our system is designed, um, and built, uh, you know, actually does come up at times where we are the better.

Um, but there's, you know, there's quite a deep, uh, portfolio of foundation Solutions in the market. Um, you know, I certainly hope that uh our peers are

You know, recognize, uh, the advantages for their customers. Um, you know, for that at times would want, uh, 1 of their Solutions, um, and wouldn't, you know, sort of Leverage that to their, uh, sole Advantage? Um, I think that would be bad for the way that customers would view the, uh, their relationship overall. Um, it really speaks to, you know, and I'm going a little bit off script here, but we need a healthy Market Dynamic, right? And competition in the market is really inherently important. Um,

You know, I've always viewed the solar the solar industry as such and I I made it. I said it in the comments is that the customers want healthy competition? Um, but overall we haven't had any issues around, uh, you know, access to foundations. Uh, there there are several solutions for each problem, um, and we've been able to maneuver it, but our Focus has been just having a really wide product portfolio. Obviously, 1 P. Releasing, the 80 degree hail Stow, um, you know, having the best top of pile loads in the market. Uh, but also, you know really helping customers where their pain point is, which is labor, right? 0053, uh, labor hours per month.

Module is not an insignificant uh, kpi productivity kpi for epcs. It is nearly 2 times faster than what I've been told personally, uh, folks have with some of our peers. Um, you know, those are real hours. Those are real possible, uh, schedule. Uh, you know, reductions that are going to be both capex, uh, helpful but also the ability for, uh, margin expansion at the EPC level. So that's why we've seen. We're seeing a lot of epcs, take a look at us, um, and the opportunities they have, uh, in leveraging, the constructibility, um, you know, and then further down the road sort of the advantages. We have structurally with, uh, robotics Etc. Where, you know, these third parties are coming up with Incredible Solutions, um, that we'll be able to, uh, to leverage into, uh, you know that our customers will be able to leverage into, uh, installing the tracker even faster.

Perfect. I appreciate the detail. You bet.

Thank you.

I'm Sean, no further questions in the queue.

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect