Array Technologies, Inc. (ARRY) Earnings Call Transcript & Summary

Good morning, everyone, and welcome. Thank you for joining us for Array Technologies APA Investor Technology Showcase. Whether you've joined us here in person or you're attending virtually, we appreciate you spending your day with us. We're excited to bring together leaders from the Array and APA teams to provide a deeper look at our business, our technology and our next phase of growth. This afternoon, we'll also have the opportunity to visit APA's manufacturing and engineering facilities where you see many of these technologies in action and meet the teams behind them. We hope today's program gives you a deeper understanding of how Array and APA are working together to deliver value for our customers and our shareholders. Before we begin, I'd like to remind everyone that today's presentation includes forward-looking statements and certain non-GAAP financial statements measures. These statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to this slide as well as our SEC filings for additional information regarding these statements and the associated risks. Let's take a quick look at today's agenda. We'll begin with remarks from our CEO, Kevin Hostetler, who will discuss how the utility scale solar market is evolving and detail the strategy behind Array's expansion into a broader balance assisted platform. Kevin will then be joined by members of our leadership team, including APA founders and leaders, Josh and Joe Von Deylen, who will provide an overview of the APA business, its product portfolio, engineering expertise and growth opportunities. Following a short break, you'll hear from Nick Strevel and Darin Green as they discuss Array's innovation road map, new product development and technical sales strategy. Kevin will then return to close the morning presentations before we open the floor for a Q&A with members of our executive leadership team. After lunch, we'll head to APA's facilities for a manufacturing tour, engineering demonstrations and product showcases that bring much of today's presentation to life. To get us started, I'd like to share a short video highlighting the innovation and engineering they're at the core of what we're building together. [Presentation]

Good morning, everyone. Can I make sure we're on the right slide? Okay. Good morning, everyone. It's great to have you here with me today, and I can't tell you how excited I am to talk about the future of Array and what we have ahead of us. The backdrop for our business remains incredibly strong and incredibly compelling. Demand for energy continues to grow, driven by electrification, data centers, transportation and growth in some of the leading industries in the world. At the same time, we recognize our customer needs are changing. Utility-scale solar projects are becoming larger and more complex. Those dynamics are creating new opportunities for Array to build on our leadership in trackers and to deliver more value to our customers across these projects. Today, we'll show you how our Balance-of-System Strategy or BOS, is coming to life and why we believe the thesis around APA is both compelling and excelling and what it means for the opportunity ahead. I want to start with the most important message for today. Array is evolving from a pure-play tracker company into a technically integrated energy infrastructure platform. This expands our project share through interoperable solutions. While tracking will always remain one of the core elements of Array and a critical source of our differentiation, we see an opportunity that extends well beyond the tracker itself to capitalize on this growing demand for energy. We're building a broader interoperable platform that brings together services, hardware, software and complementary technologies to improve the economics and execution of our customers' projects. Over time, that creates an opportunity to extend our capabilities into some of the rapidly growing energy adjacent areas, including battery energy storage and the build-out of AI data centers. Importantly, we're building on what has always made Array successful. That is our strengths in engineering, innovation and customer partnerships. We're applying these strengths across a greater portion of our customer projects. The result is more value for our customers, greater participation in project spend and more opportunities for us to drive profitable growth. As we move through today's presentation, there are 5 key ideas I'll encourage you to keep in mind. First, APA is a highly differentiated strategic asset with proven synergy potential. Second, customer demand is shifting toward more integrated utility-scale solar solutions that simplify our customers' execution and improve their project economics. Third, our Balance-of-System Strategy is expanding our addressable market and increasing the opportunity for us to capture a greater share of customers' wallet. Fourth, APA and AWM demonstrate the disciplined and repeatable M&A framework that we're executing. We're focused on strong businesses with complementary capabilities, meaningful synergy potential and experienced management teams and cultures that we know will succeed as part of Array. And finally, these pieces come together to create what we believe is a sustainable customer value, more technically integrated platform that deepens our customer relationships and supports their long-term value creation. Before we go deeper, I want to take a minute to highlight a few numbers that demonstrate who Array is and the momentum that we currently have across our business today. As many of you in the audience know, we ended the second quarter with our third consecutive record order book of $2.5 billion, up an impressive 37% year-over-year and with a 1.5x trailing 12-month book-to-bill. Clearly, you see that our growth is outpacing that of the industry. Importantly, the quality of our order book continues to improve. 50% of the order book is now with Tier 1 utilities, IPPs and developers. This speaks to both the quality of the backlog and the strength of our customer relationships behind that backlog. Our very purposeful innovation is accelerating. And you'll note that we have already launched 5 major new products this year. The moat around our technology is also strengthening at an incredible pace. We have 259 active patents protecting the technology in Array. And what you may not realize is that we have another 230 patents pending with more patents filed in the last 4.5 years than in the entire 30 years of Array's history prior to that combined, right? So what I want you to take away from this slide is one word, and that's momentum. We have momentum in our order book. We have momentum with our customers and momentum across our innovation pipeline. We believe the strategy we're discussing today gives us an opportunity to further build upon that momentum. These are the strategic priorities that we laid out at the start of the year. We've made meaningful progress across each of these. We've accelerated new product development. We've expanded in key international markets, and we continue to put customer needs at the center of our innovation and our investment decisions. You can see that momentum in our numbers as new products now account for roughly 50% of that record order book. And as we disclosed in our recent earnings materials, the new products also will represent 50% of our 2026 revenues as well. Importantly, the strategy we're discussing today builds directly on these priorities and the progress we've already made. A few words about the market backdrop that we're participating in. We're operating in a significant market, and it gives us room to execute our strategy. The overall utility scale tracker market domestically represents about $4.3 billion of addressable market. As we add the foundations in fixed tilt by bringing on APA, we add another approximately $1.7 billion opportunity. AWM adds another $150 million in wire management opportunity in the U.S. and up to an additional $250 million market opportunity globally. At the same time, underlying demand remains strong with utility-scale solar deployments expected to range between 36 and 39 gigawatts per year through 2030. Utility scale and battery storage now represents 79% of the planned U.S. electricity capacity additions this year in 2026. So we're not simply participating in an attractive market. We're expanding the number of ways that Array can participate in that market and the amount we can deliver in terms of value on each project. And while this slide focuses on the U.S. domestic opportunity, over time, we also see opportunities to extend APA and AWM and other parts of our existing platform faster internationally. Longer term, our ambition extends into adjacent energy infrastructure markets where our capabilities and our customer relationships can create additional value. So the reason we believe our strategy is working starts with our customers. The size of each and every project we deliver is growing. The site environments are more diverse and much more difficult and soil conditions are much more complex. All of this creates greater execution complexity and risk for our development partners. As a result, our customers and EPC partners are increasingly valuing solutions that reduce the number of interfaces, simplify installation and coordination and lower their execution risk while improving their total cost of ownership. This is also an important part of differentiation for Array. Our goal is to continue to support our EPC partners not to put a portfolio together that begins to compete with those EPC partners. We want to engineer solutions that make their jobs easier, fewer interfaces, simpler installation, better reliability and greater confidence in delivering their projects on schedule. This is what is meant by an integrated solution. We're integrating our technology so customers and EPC partners can execute with more certainty and more efficiency. To be very clear, it's our customers' needs that is ultimately driving the evolution of our platform. What you see here is how we've responded to those changing customer needs over time. We've continued to innovate around our core tracker platform while deliberately expanding into complementary capabilities through both organic innovation and M&A. Late in 2024, we had a vision to create a world-class engineering and innovation center, where we would relocate and co-locate engineering resources, product management, product marketing and our technical selling resources. We also added an expanded customer experience and conference center dedicated to the rapid collection of direct voice of our customer. Now those of you that know Array may know that prior to this, our engineering resources and marketing resources, and frankly, we didn't have a whole lot of product management resources back then prior to this launch were spread throughout the U.S. We'd have pockets of engineers in Houston, in North Carolina, in Denver, in Austin, and it was really suboptimized. We had the opportunity to bring them together into one location, increase our investment in innovation and new product development, increase the strength of those teams and really focusing on acceleration of our new product development initiatives. It was a really simple thesis, bring in high-performing teams, increase the investment in new product development and drive customer-centered innovation. This is exactly what you're seeing today. Our pace of innovation is accelerating with those 5 major product launches in 2026 alone, including the OmniTrack 2.0, the DuraTrack D2S, the DuraTrack 60-degree variant and the Atlas suite of products that was the joint effort between Array and the APA team, you'll hear about a little bit later. So a couple of important points. In the first 3 years since we launched our terrain following tracker OmniTrack, the OmniTrack has now taken over the DuraTrack in terms of percentage of our backlog. That speaks to 2 things. One, the customers are adopting our terrain following tracker. Its features and benefits are really being realized and appreciated. And second, that the sites our customers are working on are getting more and more difficult with a lot more terrain flexibility requirements. In terms of our portfolio for severe weather mitigation, we now have a portfolio of standard and higher angle tracker solutions for 52 degrees 60 degrees and the extreme 77-degree stow angles, which allow our customers to optimize the intersection of their capital expenditures and the severe weather mitigation requirements for each specific site. When you combine this with our leading SmarTrack software suite, including our patented and leading hail alert response system, we believe we have the best-in-class solutions for our customers relative to severe weather mitigation. At the same time, APA brings into our business engineered foundations, the new alternative foundation lines, fixed tilt and then the team at AWM adds another critical interface through wire management, engineering, design and product solutions. So embedded in the DNA of each of these products we're now delivering is the voice of customer. They are engineered to expand our addressable market, increase our share of wallet and ultimately improve the economics and execution of our customers' projects. These are the common threads behind how we're growing our platform. So while we sit in and watch the presentation materials today, I can't wait. I'm literally giddy and excited to have you join us out in the field to see these products. This is where the rubber meets the road. When you come out this afternoon and look, we're -- we may be dancing through rain drops, I'm not sure. So don't wear your best shoes. But when you actually see these products out, this is where the rhetoric is going to -- it will resonate, right? You will see how we've integrated these products. You will very clearly see the value driven by integration of these products. You will see how interoperable we've made these products to work and optimize together. And then we'll talk a lot about how each one of these innovations are going to save our customers' money, increase their reliability and increase their confidence in delivering their projects on time with lower risk. So when we talk about our Balance-of-System Strategy or BOS, this is ultimately where we're going. We're building from a foundation of trackers into a broader platform spanning engineering and design services, foundations, electrical balance of systems, controls and software and AI. The opportunity for us isn't simply to sell more products. It's to engineer these technologies together so the entire system performs better. For our customers, that means we can help them generate a higher energy yield, lower their installed cost, get greater installation efficiency in a market where labor is becoming increasingly more critical and ultimately drive stronger project economics. For us at Array, it means greater participation in the overall project spend, higher recurring revenues through expansion of our engineering software and services platforms, deeper customer relationships and additional avenues for longer-term growth. And increasingly, we see the opportunity to take the same model beyond utility scale into the broader energy infrastructure ecosystem. So this is a very deliberate and differentiated framework behind how we're building our platform. First, we look for category-leading businesses in adjacent markets where we believe Array can add value. Then we integrate those capabilities into a broader platform. And importantly, we co-engineer and integrate the technologies together. That will be on full display this afternoon for you. This technical interoperability is very critical to our thesis. Look, procurement is literally the middle name of many of our EPC industry partners. We aren't interested in a basic assembly of a collection of unrelated businesses or products simply to provide our customers one invoice. We don't think of the word bundling as advantageous long term, right? Our goal is to create better customer outcomes, improved performance, simpler installation, stronger project economics and to translate those outcomes for us into higher share of wallet, improved value capture, stronger customer relationships and long-term shareholder value. And APA is an excellent example of that model in practice and AWM gives us an opportunity to repeat it. So I want to talk a little bit more about how we approach M&A and how we think differently about M&A than others because we're very disciplined about what belongs within the Array platform. We'll start with strategic fit and market leadership. We want leading businesses in each of these areas that we pursue. We want them to be differentiated businesses with strong customer pool that advances our long-term platform strategy. The technical interoperability, as we talked about earlier, is critical to us, incredibly important. We want products and capabilities that can work with our core Array technologies and create a more integrated and compelling customer offering. Again, you'll see that on full display this afternoon. The business also needs to meet our financial criteria. We want very attractive profitability or a clear very near-term path to it. We have a disciplined valuation approach, and we're looking for strong cash generation potential. And finally, management and culture matter tremendously to us. With both APA and AWM, we are partnering with strong operators with an incredible depth of knowledge in their sectors who want to remain part of the business and want to continue to go building their business alongside us at Array. You'll hear shortly from Josh and Joe Von Deylen, the founders of APA, who are great examples of exactly this. And I'll take a minute to note that Scott Rand and Dan Smith, the co-founders of AWM have joined us in the audience today, and they'll be on site a little bit later this afternoon to help you further understand how the wire management adjacency fits into our platform. So you'll see that they'll be joining us in the field visit this afternoon. We also then look very, very closely at synergy potential, both in terms of revenue opportunities from our cross-selling initiatives, but also cost opportunities, leveraging Array's scale across our supply chain and through SG&A leverage. So let me be absolutely clear. We're not looking for M&A just for M&A's sake or just to get bigger. We're looking for businesses that make our integrated solutions much, much stronger. So when you think about this framework and you apply it to APA and then to AWM, you can easily see why we were attracted to both of these businesses. APA gives us a leading position in fixed tilt applications and foundations and an experienced engineering-led management team and technology that can be integrated directly into our Array's existing hardware and software platforms. Importantly, we also saw meaningful opportunities for commercial and operational synergies. And you'll hear shortly from Josh and Joe Von Deylen how much evidence we're already seeing and how our thesis is playing out exactly as expected. AWM checks many of the same boxes in terms of a market-leading position in wire management, proprietary engineering and IP, strong operators and products that fit naturally across our Balance-of-Systems platform. It also gives us that exposure into adjacent opportunities where they're driving high growth in battery energy storage systems and data center applications, extending our platform beyond utility-scale solar. So the takeaway I want to emphasize here is repeatability. We have a framework. We know what we're looking for, and we intend to remain disciplined in terms of how we deploy capital against our framework. So a few more words about AWM in terms of how we're actuating our strategy. Look, AWM is just the latest example of our Balance-of-System Strategy in action and how we're demonstrating how we're thinking about expanding the Array platform beyond trackers. It is a leading wire management provider with proprietary engineering and IP, and strong position in utility-scale solar. What makes the opportunity particularly compelling is that its capabilities extend beyond solar. AWM now gives us entry and a platform to participate in battery energy storage and the high-growth data center applications, 2 attractive adjacencies within the broader energy infrastructure market. Strategically, we see opportunities to leverage Array's global commercial reach and operating scale while creating more integrated solutions that strengthen the value we can deliver to our customers. The financial profile is equally attractive with $153 million base purchase price, which is approximately 6x trailing EBITDA, mid- to high 30% EBITDA margins and expected high single-digit plus adjusted EPS accretion in year 1 before synergies. This is exactly the type of acquisition we're looking for, a well-run market leader with strong financial characteristics differentiated and protected technology and clear opportunities to create additional value once they become part of Array. Our transaction is expected to close in the third quarter, subject to customary closing conditions and approvals. Now let me spend a few minutes on APA because that's what we're here to talk about today. It gives you real tangible evidence of what our model can deliver. So 1 year ago this week, we acquired APA in August of 2025. And you'll witness today, the integration is far ahead of schedule. The commercial momentum together has been strong with APA having a 1.5x year-to-date book-to-bill, A-frame quote requests up approximately 50% quarter-over-quarter in Q2. In our earnings, we referenced that the APA revenue was up 17% year-over-year. This is a number that will accelerate as we progress through the balance of the year. APA's average project pipeline size is up 155%. It has more than doubled compared to the pre-acquisition levels, reflecting APA's increasing penetration into the larger utility scale projects. Innovation at APA has accelerated as well with 32 active and pending patents. This is evidence that the strategic thesis we had when we acquired APA is being validated and executed. And importantly, we believe there is considerably more opportunity ahead for us working together with APA. So while we're incredibly pleased with the APA progress to date, we're still early in what we believe APA can become as part of Array. Over the next year, we're focused on 4 areas. The first is to continue to strengthen the operating model by further either integrating or aligning finance, IT, supply chain, commercial and product functions. Second is in scaling the integrated product offering, including the launch of our recently launched Atlas suite of products, our new Tracker Plus Foundation solutions and further execution into our now aligned Array and APA product road maps. Third, continuing to capture our synergy savings in sourcing, supply chain, procurement and maximizing the 45X capture and synergies we have ahead of us. And fourth, accelerating the commercial momentum by bringing APA's foundation expertise to Array's customer relationships, therefore, pursuing larger utility scale opportunities, including some of those larger international opportunities. This brings us to what the opportunity can mean on a financial basis. We see a path for APA to deliver significant double-digit revenue CAGR over the next 3 years while continuing to improve an already attractive margin profile. We expect engineered foundations to become a much larger portion of the business. And as you get out to the field this afternoon, you'll very quickly understand exactly why, moving from approximately 20% to approximately 50% of the revenue within our near-term strategic horizon. We also see an opportunity to build the international business towards approximately 15% of revenue in the same time period. And over time, we believe the APA business can operate at an adjusted gross margin in the high 20% range. The result is a business that we believe can become higher growth, higher margin and a more diversified part of Array. So next, that brings us to a few words about our capital allocation strategy. APA and AWM demonstrate how we think about capital allocation for Array more broadly. First, we will continue to invest organically in our business, funding high-return opportunities that extend our product leadership and expand areas like software, services and some of our adjacent solutions. Second, we remain focused on strengthening our capital structure. This includes options to take out our preferred shares as they transition to cash service, managing our leverage over time and proactively addressing our 2028 tranche of convert maturity, all while preserving the flexibility to continue investing in growth. And third, we will remain disciplined and strategic on M&A. We're focused on businesses that strengthen our platform, meet our financial return criteria and create clear customer and shareholder value. Our record $2.5 billion order book supports our growing earnings and free cash flow trajectory, which we expect will expand our capacity across each of these 3 priorities. Now before I turn it over to Josh and Joe, let me bring this back to the bigger picture, and I'll finish by reiterating how our platform strategy creates sustainable customer value. We're expanding beyond trackers, which increases our addressable market, our share of wallet and the amount of project spend where Array gets to participate. We're strengthening the customer value proposition through better project economics, improved installation efficiency and lowering customer execution risk. And we're building a more integrated platform that increases our relevance to our customers while creating additional avenues for growth tomorrow. This is what we believe creates sustainable customer value, not simply having more products, but engineering those products together in a way that delivers measurable value to our customers. APA is one of the clearest examples of this strategy and how it's coming to life. And with that, I'd like to turn it over to Josh and Joe Von Deylen to take you deeper into APA, the business that they've built, the technology behind it and where we see the opportunity from here. So Josh, Joe?

All right. Mic working. Thank you, Kevin. Appreciate it. Great. Good morning, everyone. All right. Good morning. I'm Josh Von Deylen. I'm CEO and one of the co-founders of APA.

Hi. I'm Joe Von Deylen. I'm the COO and also one of the co-founders of APA Solar.

We are brothers. I'm the older brother. That's why I'm the CEO. So who we are? Our dad, Dave Von Deylen. He started an automotive company 40-plus years ago. And the company that you'll be at today is Alex Products. So Alex Products was his company. It was a Tier 2 automotive company. He grew it to be a very successful company, well known in the local community as one of the best companies out there, hired a lot of employees. So Joe and I's history where we grew up, we grew up in business. We grew up in manufacturing. We grew up in automation. So this is what we've done our entire lives. We've never done anything else between automotive manufacturing and APA Solar. So this is our career. This is our life. This has been our business. We've enjoyed every minute of it. And then in 2008, when I graduated college, it was the automotive downturn in the banking industry. You guys are probably familiar with the automotive downturn. Alex Products and my dad said, okay, what can we do besides automotive? What are the other options out there to look at? And so it was my job at the time to say, what can we do that is alternative to automotive. So that's where Alex Products alternatives. So APA, that's where you get the name. So APA Solar, that's the name. We rebranded. It is just APA Solar now, so no Alex products. So Alex Products, my dad actually sold his company about 10 years ago, which actually worked out really well for us because the owners were from Tennessee and they decided to go back to Tennessee. And we get -- take over their manufacturing building that you'll get to see today. And they actually recently left one of their other buildings in Bryan, Ohio, which we got to take over also. Also a lot of the management that they have there, which was Grade A management team, we were able -- we knew these people for a long time, so we were able to partner with them and bring them on at APA. So a lot of the people that you'll meet today, Kim over there. She's from Alex Products. Joe Schliesser, our CFO. He's over there. He's from Alex Products. You'll meet James Eiden today. He's also from Alex Products. So great team that we got to bring over to the APA team. So 17 years ago, 2008, we started APA Solar. Who we are? We're a leading -- currently now, we're a leading provider in the fixed tilt racking industry, serving both the fixed-tilt market and the tracker market in alternative foundations, and we do a lot of engineering services for the solar industry. We serve both distributed generation market, the DG market. That's the smaller projects that you guys are familiar with like the community solar projects. That's really where we got our start from every company basically and the DG got their start in that spot. And over the past 2, 3, 4 years, we've really been now growing into that utility space and the acquisition with Array Technologies with APA has really now catapulted us into that utility space, which has been absolutely exciting for the past 12-plus months here. We have a strong Midwest and Northeast presence. We do projects all over the country, and we're really growing into that more utility space out there in the Southwest market. So why customers choose APA? Foundations. Foundations on your project is really the pinnacle to start all your engineering, your entire job, your geotech. If the foundations on your projects are designed wrong and it goes bad, pretty much your entire project is going to go bad, generally from day 1. So if you design with the right foundation from day 1 and have your project engineered right, generally, your project is going to go very smooth. Early-stage engineering, getting those geotechs, looking at that corrosion studies, getting on site, learning more about that project than almost the owners of the project even know about their own site. So that is what APA does, and you'll get a see today. Vertical integration, the structure of APA's company is absolutely awesome. We have so much control over what we do from the engineering to the on-site testing to the actual manufacturing for on-time deliveries, customer service and then even an installation. We offer installation service to customers if they're not familiar with a ground screw helical, we can install it for them. Proven track record. Most of APA's clients, almost basically all of our clients are repeat clients. They use our product. They like our product. Our products are just not the cheap products that you can roll form and put pull-throughs and assemble like a -- our products are engineered products, they're thought through products. These are the premium products out there. Customers like it. They use it. They want to continue to use it. These are what makes their projects successful. Positioned for growth. We are absolutely in a great position right now. The acquisition with Array couldn't have been a better decision for Joe and I. The bankability of APA being a privately held company has maybe held us back a little bit because you just can't catapult into those monster utility scale projects, who's going to award Joe and I a gigawatt project. Probably not a whole lot, but who's going to award it to Array Technologies, a lot of people. That is what they do. Integrated tracker and foundation solutions. That's what we've been working on for a long time, but we now, since we are partnering with Array, we got access right to their engineering team, we can do so much more now integrating our products together. Scaling manufacturing for larger and more complex projects as we're really getting into this utility space. We are positioned really well with our 150,000 square foot manufacturing facility that you're going to see today. And we already had been working on 130,000 square foot manufacturing facility 18 minutes down the road from that in Bryan, Ohio, and that is online now. It does have a first shift now. Products are starting to go through there, but we have a ton of floor space for scaling opportunity at that particular facility. So looking at the time line here in 2008, that's when we started. That's when APA was created. And from that 2008 to 2017, we were really focused on that above-ground racking system that making the actual racking hardware, making the steel components. And we had this modular racking system. If we had hours to get into the history of APA, I would love it. I would talk forever about our modular racking system. It wasn't the best system in the world. At the time, it was cool. It was unique. It was creative. We utilized the microhelical with it. I think it was around the 2017, though. That's when we are kind of introduced to ground screws and looking at the Titan system and alternate foundations. And we really switched from being an above-ground racking company to more a foundations company. And the foundation is where everything for your clients to make sure everything is successful. So if you look at that chart, in 2018, that's when we looked at the Titan product to bring that online. It was a culmination of the last 10 years of let's take everything we've learned and how can you make the best product in the fixed-tilt industry that clients are looking for to make successful. As we looked at the Titan and introduced the ground screws, that's where you can quickly see there was a Titan Duo product there launched in 2019. And that product was the one that really catapulted APA, taking the best product that we knew, combining it with ground screws that took us from basically that straight-up trajectory that you see on there that had been very exciting for the last how many years at APA in that very rapid growth pattern. In that 2019 time frame also, we were introduced to tracker Foundation. So at the time, we didn't produce a tracker. We're not interested in producing a tracker. Fixed tilt, we are very good at it, really focused in that market, but there was clearly a need in the foundation industry for trackers. Everybody uses a W-beam, a driven pile, and there's hard soil conditions, there's soft soil conditions and how can you combat those on a tracker project. It's a lot of risk for a project when you have those. So we introduced A-Frame in 2019, and that's really been Joe's part of the business that he really took a hold of and really focused on, and he really grew that A-Frame business in that time frame. 2025, we were acquired by Array, very exciting times for us and in 2026, launching that Atlas product only 2 weeks ago. So just into that. So very exciting on that portion of the business. I really like this slide because this tells you a lot about APA. So you'll see the products on here. When you go to the display field earlier today, there will be a lot more, but this really kind of shows it in a nutshell of who we really are. So if you look at the foundation side of screen, you see a ground screw and the helical. Those are the main 2. So 80% of the foundations we put in the ground are the ground screw. The ground screw is just -- it's the ideal foundation. We manufacture them right in-house. You'll see lots of equipment manufacturing these in-house. These are good for hard soils, rocky soils, cobble soils, cliche soils, bedrock soils, almost every type of soil a ground screw works for. The only place that a ground screw doesn't work is when the ground is soft. When the ground is soft, you can't use a ground screw because there's not enough threads on it. It doesn't hold. So that's where you have a helical. So it's the opposite almost a ground screw. I have these big flights on there that really hold that soil. So between the ground screw and the helical, we can cover almost every soil condition that's out there subsurface underneath the ground. Underneath there, so those top 2, the ground screw and the helical, they work for all of our fixed-tilt products and all of our tracker products, the ground screw and the helical. The other 3 below there, the C-pile, the Pour-N-Go, the Geoballast, those are fixed-tilt only products. The C-pile is really important. We don't sell a lot of it. Maybe it's 1%, 2% of our business. But it is important because we learned a lot about C-Pile foundation in the fixed-tilt industry. It's a roll form 11-gauge or 9-gauge C-pile that 80 ksi, so very high-strength steel that we can drive into a ground with a pile driver, and we've had a ton of success with it. So we took that success, and that's really how we implemented that on our Atlas I product, which is a Sigma pile, which is quite a bit different than a C-pile, but has a lot of the characteristics, just a little bit different engineering that goes into it to create a very good solution for the tracker portion of the industry. So the Pour-N-Go solution, that's a ballasted. It looks cool, but has concrete in it. Concrete is very expensive, but some customers really like the idea of concrete. The Geoballast, that's a product you'll get to see today. It's very cool, very inventive. It's one of a kind at APA, and it's actually the leading ballasted solution that's out there. Is there a ton of ballasted projects? No, but they're very nice revenue, high-margin job that APA does enjoy being one of the leaders in that business. Fixed-tilt mining systems. On the top, you'll see that's our Titan system, our Titan system, that is our #1 racking system. So the top one Titan Pile, again, we only do maybe 1% or 2% with that. The Titan Duo, that's 80-plus percent of what we do. That particular product, you'll get to see it out there. There's quite a few different versions of the Titan Duo from a crystalline version from then a First Solar version. We actually have a Titan 3-high portrait, Titan Duo 3-high portrait, and we have a Titan Duo East-West system. So those are really unique products that you'll get to see in the field today. The Titan Go system, that's something we actually did a soft launch on this year. So it's a super exciting product because it's for really a distribution model. With normal racking systems, it's a time. You give us your site layout, we engineer the product, we create a BOM. It has to go to manufacturing. So by the time you get a PO, it's 10 to 12 weeks for a lead time to produce your custom racking system. The Titan Go is different. It has this really optimized engineering design that clients can place an order and in 2 to 3 weeks, we can deliver the racking system to them. So really designed for more of that DG space, that 1, 2, 3, 5 megawatt size projects, but we're also finding really from the smaller project size. And then actually in the utility, there's a good place for it, too, because we can really optimize some of the solutions there with a bolt-through and it has a very unique pattern on it that we can show that it actually has a really good place in that particular market. Underneath there is the Ready Rack. That's really kind of a legacy product of APA. We still do a lot with it. When I say a lot, maybe it's 10% of our business, really in the distribution portion of a company. A lot of people like the Ready Rack. We have a large following of clients still like to use the Ready Rack. So it's a very versatile system. So we will keep it in our portfolio of products probably forever just because it is a very good product that can be used on a lot of sites and clients really like it. Then you got the tracker interface portion. So the A-frame system that we originally started out was a welded version, then we quickly graduated to a 2.0 version. The 2.0 is what we currently sell still today. The 2.0, we do sell to Array Technology clients, but we also sell to all clients. So it is agnostic. So EPC can choose any tracker they want, they can come to APA and they can buy the A-Frame 2.0 from us, and we can supply it to them. That being said, as we acquired by Array Technologies, it gave us the opportunity to work directly with Array, with their engineering team to really create an optimized solution. So we took full advantage of that right out of the gate as soon as we acquired soon as every thing was good to move forward. Their engineering team, our engineering put their heads together, and that's where we create the Atlas product. I won't talk too much more about it because then I'll steal all Joe's thunder, so we'll keep going here. Unmatched customer value proposition. This slide is great for the vertical integration of APA. The in-house engineering that we have, we take all the customers' information. We have a great sales team. We have a great engineering team. We have a great project management team. They all sit almost in Northwest Ohio, where you will see today all on the same campus. So we're very well integrated together as a team. In-house manufacturing, how many other companies like APA can produce almost all their products in-house under 1 or 2 roofs that we own. The vertical integration, it really allows us to be able to do that custom manufacturing, guarantee that on-time delivery and a customer needs something in a hurry or rush, we have the capabilities to do it. So we are the manufacturers of it. We can do it. We can make it right there in the U.S.A. Foundation testing. We have one of the premier foundation testing programs of the industry. There's -- I don't know if there's really any other company out there that has a testing program as large as APA and does the amount of testing that we do on every single site. So this -- when we get into testing information, I think Nick said earlier, it might have been a little bit boring, but the testing portion is, in my mind, one of the greatest values of APA. We really derisked that project site for you, for the EPCs, for the customers. And derisking a project site for the customers, that is one of the biggest values of APA, providing a solution, derisking that site and basically guaranteeing their bottom line at the end of the job. Field execution and support, there's not too many other companies that have 100-plus -- actually, we have -- I can't say how many people, but it's a very large amount of people in the field today all the way across the country right now working in the field. So we can install if you're not familiar with ground screws, if EPCs are, I'm normally used to talking and selling to people. So when I say, yes, trying to sell you guys on solar side. But usually, our clients aren't familiar with selling ground screws or helicals. So if they're not familiar with it, we can install it. We can offer a quote. We can offer to say, hey, it only -- some customers are like, hey, it costs x amount to install it. We're like, no, it's only half that. We can give you a quote. We can provide it. If you want a full turnkey service. APA can provide that. Not only that, it gives us -- since we're on so many projects, we're in probably 15-plus projects right now in the field installing services. We have an employee basically in every corner of the United States right now. So if a customer has a question, they need service, they need something, APA can go to that site. We can help them. We can provide that service. If they need us building Golden Row, we can do that. The APA display field. We're actually building an 8-megawatt project right down the road. They came and built the entire display field in 2 weeks. And it was probably more like 5 days. They built the whole thing in 5 days, very rapid, very quick. How many other people have that capability in-house that have that team. So it's exciting at APA to have that. Drivers for the fixed-tilt and engineered foundation. So one major growth factor for APA has been the instant bankability. As I talked about before, being a privately held company, that was one thing that held us back. These large customers having these 100, 200 gigawatt size project would always talk to Joe and I, would get quotes from us and say, how can we really give you guys a $20 million or $30 million purchase order. You guys are this privately held company. So we acquired by Array, that changed everything. It gave us the bankability of being a part of a large publicly traded company. It quickly turned all their heads and said, okay, this is a viable solution for us. We are interested. Can we come, have those conversations, open up those doors. So that is very exciting. So we're also benefiting from 2 important market trends at the same time. So fixed-tilt demand continues to benefit from AI data center demand and utility scale growth. So this is something that was kind of surprising to us. We didn't see this coming in the fixed-tilt market. But the fixed-tilt market, every single year for the past 3 years, we have had a record year on fixed-tilt. We are going to have another record year on fixed-tilt this year, and we're going to have another record year on fixed-tilt next year. So fixed-tilt is very exciting times right now in our industry. So it's largely driven right now by that utility scale growth for those data centers. So solar development expanding into more difficult terrain, engineered foundation is becoming increasingly valuable. So in the past, a lot of tracker projects would be cherry pick a little bit of the sites that the driven piles have worked really well in. Now it's what sites are available and what sites they can build on and then they figure out what foundation they have to do -- use to build that site. So a lot of those great sites are gone, and now you got a lot more difficult sites with topography and hard subsurface conditions, and that is where APA we really excel at. So we're already seeing that reflection in our own business since joining Array, our average pipeline project size has doubled as we participate in more large utility-scale solar projects. From there, I'll turn it over to Joe, so he can walk through a few slides to talk more about the foundations.

Cool. Thank you, Josh. Hi, everybody, Joe Von Deylen. I'm going to kind of go through kind of what are the soil conditions or why do people have an interest in our foundation solutions. Really, if you look at the slide here, you can see there's kind of 4 main categories. We have areas of the country where you have a lot of ground frost conditions. And these ground frost conditions, if they penetrate the ground more than, say, about 2 feet, it becomes very difficult for driven piles that rely solely on skin friction to hold on the ground. As you go through seasonal freeze thaw, those piles can heave and move and that can create issues over time for them with the O&M and just the general function of the racking systems. So those ground frost conditions can cause an issue. Another thing is the shallow restrictive layers. There's other parts of the country where it's just physically hard to get something to go on the ground. You have bedrock, you have cobbles, boulders, cemented soils and it doesn't matter how hard you pound a pile. Even if you get to go in, it's likely that you damaged it or you might then need to remediate the top of that pile because it went through a very hard layer of the ground. So we see that pretty consistently through different areas of the country. There's another area, which is expansive soils, expansive clay type soils. These are really kind of when the ground becomes wet and then it dries, it shrinks and it swells and expands and it contracts and it does it over time. And again, that can lead to movement of your foundations, which can cause issues for the racking system. So we have solutions that we can help combat expansive soils. And then finally, we have conditions with weak soils. And that's basically where you have loose sands, you have high water tables, saturated soils, soft organic soils where you don't get very much skin friction. The density is just not there. It does not hold the foundations very well. And something to note is if you look at for these different -- these 4 maps, if you overlay them, this isn't a niche market. Like these things happen all over the country at large scales. So there are areas of the country that driven piles work great, but there's just as much of the country that driven piles, they have issues in APA, we have solutions to solve those issues. So historically, kind of let's talk about the more traditional approach. It was with the driven beams. And the driven beams, H-piles, I-beams, W-Piles, a lot of different names for it. But they're very good if you don't have too much ground frost, say 2 feet or less, you can pound and then, you can get enough skin friction to hold them, and they're not going to move and heave. But if you have more than that, the surface area of them pretty large and that can become a tremendous force pulling on them and you have to add additional depth or additional steel to get them to hold in place. So that additional steel is just additional cost. It's additional weight. It's harder to handle. It can make a project more challenging to build. Again, we kind of talked about how if you have hard cemented soils, if you have boulders, cobbles, it doesn't matter how hard you pound the piles, you're going to have issues with those piles. They're going to become twisted, damaged. They may not actually reach the proper embedment depth and then you have to pull it out and remediate it, drill a hole, put it in concrete, something like that, very time-consuming, very expensive to do that remediation process. And there's another things with kind of that soft soil we talked about where you have to put those piles very deep to hopefully find some sort of layer that has bearing capacity. And again, any time you have to put those deeper, you're exposing yourself to more subsurface risk, more possibilities you might hit something or just again, more steel, more cost to produce a foundation that's going to support your solar tracker system. So historically, that's where APA, we've differentiated ourselves from the driven pile market. That's kind of been we are a good solution provider when you have those soil conditions. And those soil conditions, as I mentioned, they exist all across the country. And so when you have solutions like ground screws or helical piles, they can alleviate basically any concern you have of frost heave because we're putting the threads of those screws or those helical flights down below the frost line and non-frost-susceptible soils, and it doesn't expose that foundation to frost heaving anymore. It works very similarly with the expansive clay. Once you get below that expansive layer into a nonactive zone, we can eliminate the risk that those piles could move over time. The ground screws, as Josh mentioned, they work really great for cobbly, rocky, dense hard soils. They even go into solid bedrock if you use a small predrilled pilot hole. And that predrilled pilot hole is significantly different than predrilling for a driven beam. It's much smaller. It's much more cost effective and a repeatable process that we can recommend customers to deal with those challenging soils. I think Josh already hit a little bit on the helical piles, how they work really great in soft soils. We have a lot of projects here in the Midwest where you have organic soils or sand, the helicals, we can adjust the diameter. We can put a couple of different helical flights on them to increase the bearing capacity and get more holding strength in shallower embedment depths. We don't have to go nearly as deep. We can reduce the amount of steel and reduce the amount of risk by putting more steel in the ground. Another cool feature with these products is that you're using 2 small foundations and you're sharing the load through an A-Frame tracker interface. And that A-Frame interface benefits from the geometry basically of a triangle. It's very strong and strong access, which means we can use a lot less steel again above ground because we're not supporting all that load just on one foundation that has to support. We're using 2 foundations that can support strong load. So you also get features with vertical height adjustment and east-west adjustment, which makes it easier to build over topography. So now that we kind of talked about where we've came from, how our solutions kind of solve some of the issues with soil. Let's talk about kind of the new feature that we've come out with Array. As we mentioned, the A-Frame 2.0, it works with basically all the tracker companies on the market today. It is agnostic. It's been very successful, one of the fastest-growing parts of our business. But a little over a year ago, it was like we need to get API and arrays engineers and let's co-develop an integrated solution that is not cumbersome by extra parts and pieces because we're making it for everybody. We're specifically designing it for one purpose. And that's where the Atlas and the Atlas II comes into play. First, the top of the pile, we have a new Atlas bearing. The Atlas Bearing is pretty cool because it's been designed specifically to accommodate all the new stow strategies Array has come out. So if you have the 52-degree system for moderate hail, you have the new 60-degree system for a little bit more extreme and then it also can accommodate the 77 Hail XP simply by changing the hard stop, and that's done in the factory, delivered to the customers with that correct hard stop. So whatever your hail stow strategy is, the Atlas Bearing can accommodate that. Another cool feature is we have an Atlas I, which is entering into the driven pile market. Historically, those driven piles, they all come straight from the mill. They're hot forged beams. They're kind of a commodity thing. There's no proprietary secret sauce to it. When you have the Atlas I, we've created value. We have a new interface. We have adjustment. We have a new bearing, and we give the customers more solution for driven pile, standard soil Josh will talk about that here in a second. And then the Atlas II is the new A frame that's specifically designed for Array that reduces components. It listens to customer feedback of how do we reduce the amount of fasteners that we have to assemble in the field and how do we make it easier for those contractors to deploy at a mass scale. So I'll hand it over to Josh quick to go through the Atlas I Foundation.

Thank you, Joe. Got excited to use the click. All right. The Atlas I. So what is the Atlas I? From my knowledge, I don't believe there's anything else like it in North America that is offered out there right now. So the Atlas I really came from APA, we talked a little bit about our testing program. Joe will talk about it more. We have this premier testing program that we go on site to test these challenging sites for hard soil conditions for ground screws and helicals. Well, a lot of times on these particular projects, there is good soil conditions for a driven I-beam. So how can we look at providing our clients a good alternative solution to an I-beam. There's got to better -- be a better way than just taking a huge extruded piece of steel and just smashing this thing into the ground repeatedly every single time. So it works. It works great, but there's got to be a better way, a smarter way, a way to engineer around it to provide a lot of value for our clients. So that's where we took the best ideas from APA in our 18 years of history, worked with the Array technology engineers and say, "Guys, what can we do with your guys' loads? What can we do with our C-pile and our foundation experience? And we created the Atlas I foundation. So what is it? It's a 2-part pile. So the pile that goes in the ground, most people use today that W-beam, you could still use the W-beam. You can still drive it in the ground, but basically, we cut off 3, 4 feet of it. So you only have to drive it in the ground whatever normal depth you would, and then you leave it out of the ground 24 inches, plus or minus 2 inches. So you've got this huge 4-inch window. So it's not precision-driven in it's just drive it in on the pin and go to the next one. You can use the W-beam or you can use a Sigma pile. A Sigma pile is much more like the C-pile that we talked about earlier. There's a lot of advantages to the Sigma pile because this is coiled steel that we can roll form, we can roll form in-house. We can really control the cost of it. We can control the lead time of it and you can prepunch all the holes in it. So there's just a lot of value to it versus like a W-beam, you have to understand what W-beams you would need, then you would have to place an order with the mill and you're really at that mill, steel mills mercy on when you're going to get that lead time and you're going to get your piece of component versus a roll forming machine, the coils are there. They're ready to go. It's kind of like a big printer. Tell us what you need to print, we start printing it. It does take a little bit longer, but we can print all this coiled steel off, palletize it and get it shipped to the site. So the bottom portion in the foundation is the W-beam or Sigma pile, either one that a customer wants to choose. The Sigma pile is just a much better cost point if a client is looking to utilize that product for their site. Then you go above there. Now you got the interface. So this interface is where a lot of the magic happens on the Atlas I. It has the adjustability. There's a large amount of hole patterns that you can see in the bottom. This gives you plus or minus 3 inches of adjustability in 1-inch increments, and there's actually more adjustability in there as we get to particular sites like on the interior. That also that interface piece, there's also different heights of it. So if we do need to extend it and go higher out of that plus or minus 3 inches, you simply swap it out for the different piece, which is all not generally a swap. It's generally all laid out in the engineering, so you know where those particular pieces go on site. And then you've got -- on top, then you got the Atlas Bearing. So the Atlas Bearing, Joe talked a little bit about. It's a steel bearing, basically like Array Technology steel bearing, but the steel bearing has 6 nuts and bolts and fasteners so that you have a lot of adjustment in it. But we don't need all that adjustment because we now have that adjustment in the interface portion. And Joe will also talk about the Atlas II, we don't need that adjustment. So the bearing, we took a lot of that adjustment out so that the bearing is a very cost-effective bearing. It's also a 2-part bearing that you can take off, so you can put torque tubes on there. So a lot of cool features in that bearing. I'll quit talking about it, so I don't steal Joe's thunder on that one either. So there's a lot of highlights on this slide. So there's a lot of value you can provide today when we go out to the display field, I'll spend a lot more time on it. You're going to see it in real life. We'll get into it in more detail, and a lot of it will make sense and go through every single one of these bullet points on that. Joe, I'll turn it back over to you.

Cool. Thanks, Josh. So Atlas II, really, where is this coming at? We're coming at customer feedback. Customers have told us with the A-Frame 2.0, they would like to see some fewer connections, fewer torque connections to use in the field. And so that's really what we've aimed to optimize. At the top of the pile with the Atlas Bearing, we only have 2 bolts that go through it to connect it. Today, with the A-Frame 2.0, you have 6 bolts at the top of the pier, plus another 2 bolts, 8 volts that you have to tighten versus 2. So we've reduced the number of connections that they touch. Today, with the steel bearing and A-Frame 2.0, you have 90-degree side brackets, a bearing and an interface. You have 3 components versus this, you just have a bearing and interface. So we reduced also the number of components they physically have to bring into the field with them, making their jobs a lot easier to deploy this at a large scale. We're talking hundreds of thousands of foundations on some of these sites. And the easier we can make it for them, it's just going to be a much more well-recepted product. Also, we're keeping a lot of the feedback that they said they really like exactly the same. So at the bottom of the peer, we have those riser tubes. It gives a vertical height adjustment. You'll see it in the field, how we can telescope in and out of the ground screws to raise and lower that pier, and that makes building over undulating topography a lot easier because you can go through, set all your foundations and then independently of the foundation, raise or lower that top of pile to make sure it matches the curvature of the torque tube, especially if you're building train following trackers like OmniTrack where the torque tube actually flex with the curvature of the weigh in. Some other unique features are -- is the component to just in general, mainframe 2.0 has over 60 components that make that product up. Atlas II has less than 20 components or between like 14 and 18 components. So significantly fewer components, which means it's easier for us as supply chain, easier for us for preassembly, easier for the guys in the field just to manage that number of parts and pieces. So pretty cool features. It is fully domestically made. So it will be made right there and probably the new Bryan, Ohio facility that we're making investments into new tooling with and then the ground screws and helical piles pair with it. And so those helical piles and screws as we talk, they complement each other very well. So you can go through different soil variations. Speaking of soil variations and kind of that, let's go into kind of testing and engineering, how we design our foundations. This is kind of, again, the foundation's first approach. This is what has made us really successful as a company because we can help derisk your project from what's under the ground. Nobody can see it, they don't understand and they find surprises. So we can help reduce some of those costs, reduce some of those risks and improve just overall your project execution if you have a well laid out plan ahead of time before you get those guys in the field that are getting paid these expensive wages to deploy solar. So having that plan starts with the geotech. Every company gets a geotech for their site. The problem with these geotechs is they're usually pretty limited. They have a boring maybe every 20 to 40 acres across these 1,000-acre site or 2,000-acre sites, and that leaves you with large blind spots of areas that you don't really know what happened there. It's just so I can see what happened here and I can see what happened there, but everything in between, we don't really know. And that's -- historically, that's been an issue for us, building our own projects is we thought it was this here and here, but in the middle, we had an issue and cost overruns, remediation. How do we avoid that from happening again? What is the lessons learned? So really, we've started taking those geotechs compiling them all into a huge library of information based on region, based on soil classification saying, here's what historically we've seen with the geotech borings, and it can help shape our opinion. But again, we still have kind of those large blind spots because we're not getting enough data ahead of time. So how do we get more data? We develop the best testing program in the industry to go out and physically collect that data. And so we have APA employees, our own dedicated crews. This is all they do. They go around the country to all these solar projects, and they do these capacity and soil probings. Capacity tests, they're similar to what most geotech companies do, they're tension and lateral tests. They measure the mechanical capacity of that soil to hold the foundation, so it doesn't pull out of the ground or in event, it doesn't dip or fall over, horizontal and tension capacity test. The difference with our capacity testing is the rate at which we do it. We do a capacity test every 5 to 7 acres. So you think on these utility projects where there's thousands of acres, we're doing hundreds of tests. We're doing tests all across the site. We're reducing those blind spots and we're being better prepared for what's happening in the soil. And if we know how the soil is reacting to the foundations, it gives us a chance to optimize those foundations to reduce steel costs, to reduce embedment debt. And if you can reduce steel costs, good, you're reducing money, you reduce embedment debt, you're reducing exposure into the soil or you could possibly have risk of hitting something or something changing. So we'll go through, we'll do those capacity tests, and we'll understand what is the best foundation and how can we optimize that foundation. But then the next part of it is we're installing tens of thousands, hundreds of thousands of foundations. We have to make sure those foundations are actually practical to install at that scale. And I think that's where the industry is lacking quite a bit. And most people can do that first part. They can design a foundation and they can even do some more tests and say, yes, we're pretty confident it's going to work across the site. But the soil probings, that's where we gain an entire another layer of data. And you can see all those purple diamonds. We do these in a grid-type pattern every 250, 300 feet across the site. And it tells you, did that foundation actually go in the ground as we expected it to? Or did it hit a refusal? It was a high torque value. It's a low torque value. What happened basically during the installation of it. We're not measuring any test, any capacity of it, just can it actually be deployed in the field or is there going to be an issue? And I think a lot of people don't do that stuff and then they run into areas of the site where, yes, it will hold, but we can't get them to go on the ground. Or yes, we got them to go on the ground, but they basically fell in the ground in this area. And now all of a sudden, we have to remediate those. We have good concrete. We have additional costs because we didn't check that spot. So going through and doing both parts of that, both with the capacity test and the soil probing can tell you, here's the best optimized foundation and here's the best method to install that foundation. And we can zone that out into a nice zone map, which will tell you based on color code, what the foundation should be. And then based on each one of those sites, usually, they're broken out into different blocks, you can kind of see how you should install it. If it needs to be predrilled, if it can directly drive into the ground, is there different things you need to consider. So you can build that battle plan ahead of time and be prepared going into these projects so you don't end up with surprises that are going to cost you money for rework, for change orders, for remediation. And that's where the customers can see the value. They do this, they get the information and they know what's happening underneath the soil and they can be prepared for it. That's historically, they've lost so much of that money, and we're giving them that information to say, here's how you should build it right from the beginning. I'm going to hand it back over to Josh, and he's going to kind of wrap it up here for us.

All right. Thanks, Joe. So on the last slide, there was 2 -- probably there was one very important thing that we did forget -- I forgot and Joe forgot the Atlas I and the Atlas II, all the aboveground steel portions and the bearing are 45X eligible. So those -- both those 2 products are 45X eligible. We'll go through that a little bit later today, point out the product in the field and 45X eligibility. It's not the subsurface stuff, but above ground, those components are eligible. All right. So Kevin highlighted our strong performance and financial targets earlier today. Those are a testament to the value we create through better engineering and execution. So cost efficiency, APA and Array working together, we reduced system overdesign. Risk reduction, the APA on-site testing program, we can dramatically reduce the project risk for our clients. Capital efficiency, designing the project with the right foundation from the beginning, reduce refusal costs and project risk. Financial impact, better engineering ultimately improves project margins and predictability. So what's next for APA's growth? The Atlas portfolio that we just launched 2 weeks ago, we're getting tremendous feedback from clients. So calls are coming in. Our sales team is really reaching out to clients. Those doors are opening up. Everybody is interested in taking a look at the Atlas product. So lots of webinars. We actually have basically a line right now of clients that want to come to the APA Sandbox and see the actual product and get a hands-on feel for installing these in real life. So the client -- it's -- I think the client feedback on the product has been overwhelming, even a lot more than we were really expecting on it. So we're super excited for that Atlas portfolio of products that we recently launched. Further expansion in the utility-scale solar industry. Right now, again, APA in the past, a lot of DG entering into that utility scale. We're building a lot of those relationships with those utility scale clients. Majority of them have not used APA's products in the past. So we still have the majority of them to prove our products to them and how well our products work. So once we can get through those doors, Array is really helping on that. They utilize our product. Hopefully, the trend will be just like the rest of our clients, repeat clients 100% of the time. Growth opportunities, expanding manufacturing capabilities and automation. I really talked about that earlier, and you'll get to see it, our 150,000 square foot manufacturing facility has a lot of automation, has a lot of new equipment. It has a lot of new pieces of that are very unique and then opening up the door on the 130,000 square foot manufacturing in Bryan, Ohio, which will have some really new CNC tube lasers and a new CNC vendor that is very state-of-the-art. So extending that foundation solution into other markets. So currently, today, we do some wire management on our foundation systems. We are starting to do inverter skids on our foundation systems, and we're looking at quite a few large BESS projects. Those battery storage systems fit really well on our helical foundations and designing systems for that particular space. And expanding into existing product portfolios. If our products work this well in the United States, they're going to work really well all over the country. We have great solutions. It's a matter of APA continuing to grow and entering into those space. Right now, in North America, there's just so much opportunity right now. We're really focused in this space. But as soon as we get there, we can definitely expand into those international markets. So Joe and I are very excited to host you guys today at our campus, our facility, show you our new sandbox that we recently put in ground. So everybody say a little prayer for no rain this afternoon, and we all stay dry because it will be a great experience if it's dry out there. All right. Appreciate it. Thanks, everyone. I think we're going to take a quick 10-minute break. 10-minute break. So grab water, go to the restroom, anything you need to do. And then after that, we'll turn it over to the rest of the team. [Break]

All right, everybody. Thank you. Welcome back. Hopefully, you've enjoyed the materials so far. My name is Nick Strevel. I'm our Chief Product Officer. I'm here with Darin Green. We've been working together a long time, and we're pretty excited to talk about really bridging the gap between technology and the customer and how we do that. So I'll let Darin start and walk us through our customer journey and our customer strategy, and then I'll bring it through and help you understand how that works into our product strategy, our technical selling, and you guys can see how that all works together.

Thanks, Nick. So a quick word on my background. I've had the privilege of serving as Array's Chief Revenue Officer since January of 2025, following more than 15 years in the renewable energy product and sales strategy and another 10 years in energy and arbitrage trading. Over the past 2 decades together, Nick and I have built a symbiotic commercial and technical partnership, a collaborative approach that we've refined over time to be a deep industry exhibiting built on passion, integrity, culture and thought leadership. Let me start with the model that underpins everything Nick and I are about to walk through. What we want to share with you over the next several minutes is, frankly, one of the things we're most excited about here at Array. It's the clearest evidence we have that our strategy is starting to take hold. Here's the thesis in one line. We have and we continue to build differentiated products supported by an innovation that drives real value for customers. And when we drive value for customers, that translates into long-term shareholder value. It starts with discovery. We begin with field realities, customer economics and execution risk, not just what's easiest for us to build. From there, we focus on innovation, translating pain points into interoperable engineering, foundation and tracker solutions. This is exactly why the APA acquisition matters as does AWM. Trackers, foundations and the balance of plant as one integrated connected system, not separate products from the same vendor. That leads to differentiation, site optimization, faster installation, reduced logistics and a more efficient use of materials on every project, not just the flagship ones. And it's how we solve critical customer challenges with patented products, real IP, not just a marketing claim. That's profitable. And all of that converts to value capture, a greater share of project economics, a lower cost structure and margin expansion. That's profitable growth, higher returns and a stronger competitive advantage. And it's not just our own math. It's validated and backed by third-party engineering. So when we make a claim like this, it's been independently tested. Put it all together, and that's how innovation and differentiation drive shareholder value. That's the model. And it's exactly what Nick will highlight with specific product examples. With that, I'll turn it over to Nick, who will walk you through our journey.

All right. Thanks. So we're going to talk through a bunch of different things here over the next few minutes. And I think there'll be some concepts that are really meaningful to the selection of this technology and the things that we've developed, the things that we've patented, the things that are core to what Array has been and will be as a company. We think about the changing and evolving sites. Joe and Josh talked to you about that a lot. They talked about the geotechnical engineering, the boring. I think it said boring 5 times on that slide, to be clear, there was a joke about that. But we have to do the testing. We have to build those foundations into it, understand the differences. A lot of people don't recognize this, but the tracker really is that core element of the engineering of the project. The modules sit on it, all the forces that go into those structures are required to be engineered by the tracker and then the Balance of System hangs on it or is attached to it. It's that central element of what's going on there. We think about the below ground, as we talked about, Array thinks a lot about the stuff that's above ground. I'll point to a couple of things that are important about our technology that are even more important as we think about what's going on today. Our torque tube is different. We don't drill the torque tube. We don't predrill the torque tube. And that's been a nice feature for us, and I'll tell you a couple of reasons why. One is that it's easier to put the mounts and attachments on the field. You have some field flexibility there. Number two, from a retrofit perspective, a repowering perspective, Array trackers, I believe, are much more conducive to a repower situation where you don't have all that pre-integer setup for modules. The last one is kind of what's going on today is that there's a lot of trade and policy things that are affecting modules, making late-stage decisions on that. Having been able to order your tracker components with potential flexibility around that makes a big difference to our customers. We think about installation. You'll see today out in the field, our FASTMount system, Joe and Josh talked about fasteners. Installers don't like them. They're important. However, if we can eliminate them -- and one of the reasons they like them is because of that torquing where you have to check it was it was the right amount of force onto that fastener. We get to check it, double check it, sometimes triple check it. We've developed solutions that eliminate that with our FASTMount Easy Clip solution you'll see in the market at our showcase. We've really considered as well the operational considerations of projects. We think about energy production. We don't just think about the tracker as parts and pieces, nuts and bolts. We think about it as the key element that drives energy production. And we think about it from a risk protection perspective as well. A lot of weight has been put on the tracker. And I think we've come up with innovative solutions to the industry's problems of extreme weather, whether that's building projects in extreme windy conditions, and we'll talk to you about our wind technology, but also around hail. Building projects in the hail belt is a reality and having tracker solutions, both on the hardware and the software side to manage that is something that I think we're doing very well. So our platform has expanded over time, and it's really starting to -- as Kevin mentioned and others, it's really starting to grow quite quickly because of that innovation, because of that collaboration, we're bringing to market the best ideas that we have, a collection of our best thoughts and our engineers' capabilities as well combined with our customers' recommendations and feedback. We have over 100 gigawatts of trackers installed. The DuraTrack platform is that long trusted tried and true system. You'll see that today. What we're doing is expanding on that platform -- on that trusted platform, not starting over. So you could see a few variants here of DuraTrack, the OmniTrack, which is terrain following. Not only do we have a nice train following solution, we just launched an addition and upgrade to that to have OmniTrack 2.0. It's additional engineering. It's additional understanding that saves our customers money. It doesn't cost more to build OmniTrack 2.0 than OmniTrack 1.0, and it provides additional flexibility. What that means is that you can have less cut and fill, where you take dirt from one place and move it to another place on the project site because you're trying to balance out those foundation heights. It also means that you can go across different terrains, right? Those sites we talked about. The Hail, really important. We'll talk more about that, and I'll talk about our hail technology, but we now have multiple variants to really fill in the gaps of what hail risk is driving into those systems. So you have multiple hail zones across. This is predominantly a North America phenomenon and in the United States here. There's multiple zones where you have extreme risk and you may need to go to a very steep angle to reduce that cross-section where the high energy, the large hail balls can strike the solar modules, potentially break them or cause cell cracking, a bunch of other things that are not desirable. The tracker can go steeper, but to go steeper, you generally have to go a little higher that introduces some cost. So optimizing the amount of angle to what the risk profile is, is really important. So that's why we have our Hail XP at the steep angle. We have a 60-degree we just announced. We developed that very quickly with our customers. They asked us, can you do this? We thought about it. We said, well, we want to build in all of our tried and true technology around our wind stow and the AC power that reliably gets at the stow and we launched it to market coincident with our insurance forum this year. And then SkyLink, in areas where you have difficult soils to do trenching in, we have a solution that's DC powered, powered from the sun, also with no batteries. So we have 2 main systems, an AC-powered system that's connected. It's powered directly from an auxiliary transformer on the inverter pad, which connects directly to the flow of electricity into the substation, connected to the large utility grids that the utility scale projects are interconnected to. Those are high reliable connections. Those transmission lines don't go down in a thunderstorm. And that's very important when we think about hail resilience in terms of not just having a steep tracker, but getting there, getting there every time, being able to -- so the concept of reliability of stow is something that the industry is really starting to cue in on and not having -- not counting on a battery that could have been discharged or not properly maintained or not changed frequently enough over the project's life cycle when you need -- when the hailstorm comes at night and there's no sunlight to power your tracker, ours is powered by that reliable grid. So Kevin mentioned a number of product launches. You've seen and heard about a few of those already, but -- and you're going to see them today out in the field. These really, I think, complement and are showing that the innovation is targeting specific areas of the market that drive additional growth for us and fill gaps where customers are looking for that optimized or even suboptimized product lines. We're also what you'll see is that we're using a family of components. We're not driving in a bunch of complexity into our business. We're standardizing it, and that was one of the big things around the D2S product. So we had our legacy STI H250 product that we've been selling internationally for quite some time. We looked at how can we bring our technology feature set that our customers like, OmniTrack terrain following as well as the passive stow technology. There'll be more on that, don't worry, to our international markets, 2 big things that customers -- it saves them money or delivers on project returns. We did it in a smart way of bringing similar components to those international markets. So now we have a streamlined supply chain for global technology, not bifurcated across different market sets. I talked about OmniTrack 2.0. It really, really helps. This is just straight feedback and a great way to give back to those that are installing out there and make that civil engineering costs go down. So really exciting here on this product suite, but what I really want you to take away from this is to see these are variants and they solve customer challenges, but they're made with essentially the same family of components and the same technology core elements of our innovation that provide bankability and long-term performance. So it's not just the hardware. Our in-house engineers have developed some of the most innovative solutions to increase project yields, reduce commissioning risk and deliver long-term extreme weather risk reductions that enable lower premiums and deductibles. I'll talk to you about 2 of the energy performance elements of our software technology, back tracking and diffuse. So for silicon modules, they're arranged with an arrangement of individual solar cells on a module. I think everybody hopefully knows this. However, when a tracker systems in the morning and the evening, they're casting a shadow upon adjacent rows. You wouldn't spread them out infinitely wide because then your land utilization would be a problem. So you have to accept some amount of shading in the morning and the evening and the project economics drive that optimization. When you cast a shadow across silicon cells, they do not -- the output of the module doesn't reflect proportionately to that shadow. And therefore, a disproportionately small shadow can increase the losses on that module to the effect where you want to avoid that. And that's what backtracking technology does. And these shadows aren't just caused by the horizon and the simple adjacent structures, they also happen and need to be optimized for the topology of the site, right? We talked about not disturbing the soils. We talked about having products that can go over and undulating terrain. We have the technology to optimize those morning and evening shading conditions. And these are upgrades to our products, right? These are software upgrades that our customers pay for. They drive value. They have bankability associated with them, and they build them right into their pro formas. They're in the energy prediction models. They all can measure this correctly, and they're starting to gain a lot of traction. So we see this as a great way to bring more value to our customers and also experience a nice profitable area for our company to grow into. Diffuse is a little bit different. So the backtracking kind of takes into account where we know where the sun and the solar modules and the earth are at kind of any given time. Diffuse is something that's a little bit more subject to change. So diffuse stow technology is based on the phenomena that clouds on cloudy days, the sunlight is scattered. So it's not coming as a direct beam from the sun where you just simply say, the easy question is what's the best place to point the solar panel? Well, at the sun, right? That's the obvious answer to that question. The reality is on cloudy days, the best place and sometimes to point the solar panel is not at the sun, but it may be flat to harvest more of that diffuse reflected light, the scattered light in the atmosphere. And we are constantly monitoring with these software technologies, we're monitoring the proportion of diffused light in -- of the solar resource, and we're making decisions for the plant to go to a diffused stow condition, but also potentially looking at what is the frequency of those clouds. So we're not just quickly going back and forth doing things like that, that would be very disruptive to performance. We're looking at, is it going to be a cloudy day. It looks like it's very cloudy. Now we can get into a diffused condition and harvest more light. These things aren't like enormous amounts of energy. They're in the low single-digit percentages. However, those low single-digit percentages make a big difference on a project pro forma. So just a couple of stats on this, right? We're at this year, about 50% attach rate on those energy software technologies. And then 2026 deliveries are already above -- so this year so far on this are already above the entirety of last year. So gaining momentum. And I think it's pretty obvious that pretty much every project can benefit from these technologies. One other key point on these is that we got 100 gigawatts of stuff, over 100 gigawatts of trackers installed. About over half of that is available to be upgraded to this. So that's a legacy pipeline that we can go back, talk to those customers, show them those benefits and then create a revenue stream from projects that we may have sold many years in the past. So moving on to the extreme weather portion of the software portfolio. This is another area where bringing these tools combined with the hardware is really creating that interoperable solution that we've talked about. It's not just saying, I see a weather, can I see a hailstorm coming in. Let's still my tracker. There's a lot of ways that folks have tried to do that. We have a completely autonomous patented solution for this where a weather signal is inputed into our system from weather data sources, which describes the probability, the size, the direction, et cetera, of the pending hailstorm. That comes into the automated hail stow response system. And then without any human intervention, the tracker is preemptively put into a stow condition. And because of our wind stow capabilities, we are able to take the strength in both directions, either front-winded or back winded of our tracker, so we can store into the best situation where you have the least amount of either hail falling from the sky or potentially wind-driven hail that can also be a severe problem. Getting to stow really matters. I talked about this before. Here's the data point. We look at our -- at the information coming back from those project sites, and we're seeing a greater than 99% of getting to stow on a hail signal input. And you also got to be able to get there quickly. And the way our system is built, the customers really understand this is the right solution for this problem set. Finally, on software, we're trying to make things easier and faster. We know installers want to get off the site. They want to commission the project quickly. We developed a simple smartphone app that allows them to commission those trackers and controllers and build in those capabilities there for the software tools. What's important about this one as well is not just that, hey, you can do it quickly with the smartphone. It kind of goes back to our architecture. With our Dura OmniTrack technology, the amount of tracker controllers and driveline and drive systems out there could be up to 30x less than our competitors. That's 30x less going there, optimizing a controller, doing all of that work. That's time. It's -- we think it's wasted time on the project and it's wasted cost. Our system is connected mechanically. It's a robust system, and it really provides for a great long-term performance model on the O&M basis of the system. Okay. So how do we translate some of those things, benefits to our customers, and we're going to talk to you about how we do this, what is the technical sales function, what is the core element of that and then also a couple of the key things that are really resonating with our customer base. One is our Wind XP patented passive stow technology as well as a simple fact of how we designed our product a long time ago that's really creating some design flexibility and some benefits for project sites today, which is an efficiency element of our tracker system. So technical sales are near and dear to my heart. I've been doing it a long time. I strongly believe that having those crossover people, that crossover skill in that business development process is really important. These are technical products. They're sold to engineers. They need to understand what's going on. We need to understand our customers, right? So we kind of have 2 areas where we focus on, on this to really drive value. The first is the developer IPP utility persona and the other is the EPC. And they have different motivations for what they're looking for and what's important to them and why they make technology choices and decisions. And we really think about the right communication to have to those different parties. Firstly, on the developers, what we've done to really change the communication around this topic is to understand what they do. We've built the same project finance models that they have. We use the same contemporary project finance sensitivities in our models. We stay up to date on the PPA trends, what's the price of energy. You need to know all of these things. You need to know the price of labor. You need to know the price of land. Pretty much every single element that goes into a customer's development plan for their project early on. We built our own models on that. And then we could integrate into that model some of the sensitivities that the tracker system and the technology that we offer brings to that. And that really helps sell our technology. It really helps them understand the difference that not all of these trackers are the same. And while we bring a competitive offering to the market, we're also really bringing a differentiated one at the same time. So we've done a lot of work to change our culture on that. We've done training internally to educate our leaders and the rest of our associates to understand this and to really understand how our customers think and build that into the way we present our products and our features. For the installers, we really think about ease of construction, pre-kitting, fast pace, reducing nuts and bolts, thinking about product innovations that drive that. We also understand commissioning is important, commissioning test. If you have a higher-performing tracker, less things to commission, something that has less errors and things of that nature, their ability to pass their capacity test, do their commissioning and move on to the next project is going to be benefited by our technology, and we're innovating in that space as well. So when we think about all these areas of kind of -- we look for a balance. We look for a balance, and this is our design philosophy is how do we balance performance and energy, and we'll talk to you -- I'll talk to you a little bit more about that in a moment. How do we balance project returns for our customers, reliability and resilience, right? We don't just add more stuff that's in an unoptimized way, just making things thicker, heavier that you have to do it in an optimized way and thinking about simple design philosophies, building intellectual property around that and then illustrating the value of it with the right people having those conversations really makes a difference in who we sell to and I think why they buy our products. We have to balance all of that with cost, right? And that's why we look for not only ways just to -- through supply chains, et cetera, component standardization to save cost, but also through innovation. And that's exciting about the foundation addition to our business. One of the things that wasn't mentioned is that having a 2-part foundation allows you to optimize something that is essentially impossible to optimize on a single pile, which is the corrosive coatings, the galvanization coatings on piles. When a standard pile is dipped, it's -- you don't dip the portion that's in the ground differently than the top. And what that generally means is you're putting a lot of excess material where you don't need it. We're able to optimize that between the top and the part that's above ground. The corrosive environment above ground and in the ground are quite different. And optimizing those coatings for that application makes a lot of sense and is a way to save cost and -- those are just those -- like we're looking for those areas, those pockets of opportunity, those white spaces in this business to drive that really helpful thing for our customer. Okay. So check this out. All trackers have to deal with wind. And it's the biggest challenge associated with what we do. The solar modules on there effectively act like a big sail and they're getting bigger and bigger all the time. We're seeing that trend in the industry. So we have to manage through that. And one of the things that we have to manage through is not just the strength at the highest wind condition, but also a circumstance, which is called torsional divergence, which essentially means that under -- when you're at different angles, particularly ones that are kind of in that middle of the day angles, the wind can pass through the project and get to the point where even at medium wind speeds, it can -- the currents, the vortices that are formed in those winds can actually drive the tracker system into an unstable condition. So all tracker manufacturers are aware of this condition, and they've come up with different ways and approaches to solve that problem. However, I'll bucket those into 2 buckets. the way Array does it and kind of the way everybody else has done it. The way we did it was through a mechanical system and a mechanical system that doesn't rely upon sensors, electronics or even the motor of the tracker to articulate away from the unsafe angle. We rely upon a system where when the tracker experiences a torque that is in excess of a friction clutch that we have, it automatically, mechanically instantaneously rotates to its safe stow position, and that allows only the rows for which experience a concerning wind speed to go into a stow condition. Alternatively, the way the field does this is that they're looking at -- no one knows when that gust of wind is going to happen and trackers don't articulate with their motor and drive systems instantaneously. So to solve that problem, generally, the way it's done is that you're looking at wind speeds around the site, you're looking at gust coefficient. And when those experience a certain threshold, you put the whole site to safe stow because you can't tell -- you don't know if that gust is going to come down and swoop into the middle coming from this side or that side, probably an idea, but you can't bank on it. You can't put the tracker and the modules and the whole project at risk for that. And what that means is, generally, when we add up all of those losses of the site being put at stow versus only the few rows that actually need to be at stow, if you add those losses up, that's what this math is showing is that, that turns into a specific yield benefit for our mechanical passive stow system, up to about 4% in areas. And -- also interestingly, I'll point out on the map is that this isn't concentrated in the highest wind areas, the Gulf, Florida, et cetera. It's concentrated in areas where the probability of medium sustained winds are higher, and those winds are where the tracker is going to stow in the daytime when the sun is shining. And when your tracker is not pointed at the sun, it's not doing its job. Our system is really only -- when these wind conditions happen, a very small percentage of the site, like 2% or less are going to stow under the same conditions where our competitors put most or all of their site into stow condition. That difference is 98% of the site is still tracking. It's protected by the ones that have experienced that. You have to preemptively go to stow, whether it's wind or rain -- or excuse me, wind or hail, However, unless you have something that can instantaneously respond, which is what we have. And this is a patented technology that Array has. We built it not only into our DuraTrack gear drive clutch system, but we've also integrated into a slew drive system that we use in our D2S solution. I talked about those LCOE models, 4% energy. If you look at kind of a general average to put some numbers to this, a general average PPA price around the country in those areas there, you can be looking at a sensitivity of about $0.015 of NPV, $0.015 per watt of NPV for every percent of specific yield gained on a utility scale PV project site. So you can do the math. This could be a large portion of the entire value of product that we're selling. Our customers are starting to understand this, and Darin will talk to you about what they're saying actually. So I'll show you a quick video on this to show -- this is in Colorado. So keep your eyes on these 2 trackers. This is how the system operates. This is an area where we consistently see 50, 60-mile an hour winds quite frequently and the air kind of rushes through these valleys. That tracker just went to stow and this isn't set up or anything. It just happens automatically. There's no motors or drives that did that. It experienced its a limit on its torque and it immediately without any human intervention, without any technology intervention, without a sensor that could fail or an anemometer that's not giving the right signal, it just went to a safe position and it is protecting the road next to it. The wind didn't change, right? It's still coming across that. And that kind of flat area is where those trackers can experience those harmonics and that can have that torsional divergence. So it's pretty interesting to watch this happen in real time. It's hard to catch it in the field because it's -- I showed the numbers, right? They're low single digits. So we have good cameras out here, and we catch that. Okay. The last one I want to talk about is also, I think, something near and dear to both developers and EPCs. This is our table density benefit. You'll see it at the site. It's very simple. The way we designed our system from a long time ago is that the modules go across the bearings. That means that from the driveline to the end of the row, there's no module gaps that are built into the structure. That's wasted torque tube, that's wasted land, that's wasted space. Module companies work really hard to improve the efficiency of their semiconductors. They spend billions and billions of dollars to do that to give it up by just creating these large gaps on the tracker, really, I don't think is providing service to what the industry is looking for. So I'll talk about what that means. But basically, what you can see here is that by compressing those modules on the site, and this is across the product line of our DuraTrack and OmniTrack products, we get about 5% more power density on the system. So what does that mean? 5% more density? Well, it allows you to do a couple of different things. You can take that density just straight off the top and add more capacity on the same land. We understand the fixed costs of solar project development. You have fixed costs, you have a set of land, a set of boundaries. If you could put more capacity through that, the project economics get better. You could also take the same capacity of modules equipment of the DC capacity of the system and spread it out a little bit. Remember, I talked about that shadow optimization that's required on every system where you're going to have to accept some shading from adjacent rows. Well, if you have more capacity or more efficiency, that -- and you use the same land, you could spread out the trackers a little bit and provide more energy because there's less shading. So that could be up to 1% additional specific yield. So vis-a-vis $0.015 a watt of net present value by doing that by using the same land. The second 2 are less intuitive, but they really matter to building sites. So if you have a more energy dense, a more capacity dense system, you can -- instead of -- when we look at site plans of our competitors versus ours, we see a lot more different SKUs and row lengths and all sorts of variability. Every single one of those is building something different. The installers have to get the right parts and pieces. They hate looking for stuff on the project site. I've heard them say it many, many times. We can do the same capacity with fewer SKUs on the site. Also, the last one here, that's pretty interesting is that with the same land, and Joe talked very clearly about this is that even intra the project, you have varying conditions, underground potential moving of dirt, et cetera, you could avoid some of those areas. Those are the costliest areas to build, and that drives -- minimizes civil engineering. So I'm going to turn it back over to Darin to let him talk to you about what the customers are saying about this stuff and how this technical sales, the value discussion, building it into our customers' models is really creating measurable results for our business.

Thanks, Nick. Yes. So that's a bird's eye view of our tech. And here's how that translates into the market. And this is where it gets exciting. Two real proof points in 2 of the most sophisticated buyers in the market. The first, starting from the bottom, was a 1.4 gigawatt OmniTrack solar plus storage portfolio -- I'm sorry, single project at a high wind site for a Tier 1 ITP. In their words, maximizing energy in a high wind environment was a key selection criteria and Array's patented Wind XP technology was a compelling solution that minimized their stow losses and enhance their project finance model. The second is our DuraTrack 60-degree variant that Nick described earlier. And I want to talk through this one a little differently because it's less about a single project, and it's more about how we build products. So this variant came out of -- directly out of our voice of customer process, a customer need fed directly into our road map, and we enhanced the product and met it. The near-term opportunity, this single enhancement should unlock gigawatts of pipeline on an annual basis in hail-prone region. Now that's not hypothetical. That's a real market opening directly tied to listening to our customers. And the bigger story is what it represents. We're bringing customers closer to our innovation process, and that's compounding into real market share gains. Customers increasingly see Array as the partner who builds products with them, not just a vendor who they buy from. That's a hard thing to replicate, and it's a growing part of our competitive moat. Two of the most demanding buyers in the market, 2 real-time problems, 2 real-time solutions and a growing pipeline of customers who trust us enough to not only brainstorm and build with us. And it's not anecdotal. Let me show you what this looks like at scale. So this is the slide I'm most excited to talk to you about because it shows you where the strategy meets the actual results. Differentiated innovation is translating into measurable customer adoption and growth right now, not someday or in the future. Look at this trajectory. Our order book has climbed every single quarter from $1.8 billion in 2Q '25 to our record $2.5 billion that we recently announced. As Kevin mentioned, that's 37% growth year-over-year. And this show has real staying power behind it. Customers are actively diversifying their supply base. As older long-term frameworks start to roll off, there are only a handful of qualified suppliers to choose from, and we're winning back share across the board. Now here's the one that should really get your attention. As Nick mentioned, Array software revenue is growing at more than 100% year-over-year. I let that sit for a second. This is a platform Nick and I have been building towards and scaling faster than almost anything in our portfolio. And the runway behind that is pretty significant. As Nick mentioned, we have a captive pipeline of over 50 gigawatts on the software side alone, which is exactly why we expect this growth to keep compounding. And it's not legacy products that are carrying this. New introductions like OmniTrack, SkyLink, Hail XP and now the full suite of APA products already make up roughly 50% of our order book. That's our innovation engine, driving half of our -- everything we're winning, and we're just getting warmed up here. So that's the proof at the company level. Now let me zoom out a bit and tell you where this puts us. This is a slide that ties everything together because it's not just about winning individual deals. It's about how we position our platform long term. We're no longer seen as just a pure-play tracker company. Review is a broader integrated solutions platform spanning trackers, foundations, software and services. And that's a very different conversation than we've had a few years back. We're applying customer-specific engineering solutions earlier in the project life cycle to drive differentiated technical advantages, which is exactly what you saw in the DuraTrack 60-degree variant a minute ago. Our transparent LCOE-focused strategy is unlocking considerable value for our customers, bringing a seat at the table earlier and a higher quality conversation at that. As important, we're building AI-enabled products and processes with a focus -- with a heavy focus on design from automation lens that improves speed and consistency today. We expect this to only widen our differentiation going forward. Put simply, Array and APA are building an interoperable platform designed to improve overall project economics and deepen customer intimacy. That's the thesis Nick and I opened with, and that's what you've just seen show up in the numbers. Now before I hand it back, I want to leave you with one more thought. Our President, Neil Manning, recently recommended a great book called The Killer Angels. It went on to win the Pulitzer Prize, highly recommended. Set during the civil war and the striking part isn't the military strategy or the artillery deployments, but account after account, the unwavering belief of the soldier that they could win was what really made the difference in these accounts. that's precisely the culture we're building here at Array, hiring people with the passion and drive to believe we can overcome whatever is in front of us. That mindset is what makes work fun. And to be honest, that enables the guard of the possible. And with that, I'll hand it back to Kevin to bring us home. Thank you.

Thank you. Great. Well, hopefully, you're getting a sense of why we're so excited about the future of Array as we move forward. I think I'll leave you with a couple of messages. The first is Array is incredibly well positioned to participate in this high-growth solar market as we move forward. Second, we have an incredible amount of momentum as we're driving forward our innovation, our customer engagement, and we are doing that with differentiated technology. And honestly, while the presentations were very good this morning, I can't wait for you to see this live in the field this afternoon. You will see that, and I promise you, you will walk away with a different perspective. Third, we're going to continue to expand our platform. We're not done. We're gaining share, scaling our footprint and yet we have a lot of opportunity additionally in some of the international markets. And fourth, as we're doing this, we're doing this with a mind to create longer-term shareholder value, disciplined cost structure, margin expansion initiatives through new product development and supply chain, strong cash flow generation, and a balanced capital allocation view where our priorities are intended to support both our long-term growth, our near-term investments and obviously, long-term returns. So again, we presented a lot to you today. Remember some of those key talking points. You'll see it live and in action in a couple of hours. And with that, let me invite Neil, Keith and Sarah to join me on stage to answer any questions you may have about what you heard today or about our business Array. Come up, guys.

All right, everyone. We're going to now move into our Q&A portion of the day. Joining me on stage, as Kevin mentioned, Kevin, our CEO; Neil, our President and COO; and Keith, our CFO. And then we also have our other presenters from today available here in the front row for questions. So for the next 30 minutes, we're going to take questions from the room and online from the webcast. And I just have a few quick notes before we start. [Operator Instructions] And with that, we'll get started. Who is the first question?

Vikram Bagri, Citi. Thanks for having us here and walking us through the new and improved Array. One of the themes that came out very clearly is that the innovation cycle has shortened a lot. You've launched 5 products in the last 1 year. There's a lot more focus on innovation. Could you talk about how you're collecting voice of the customer, as you highlighted in the presentation? Are you hosting more events? Are you hosting more EPCs at the site? How is that feedback channeled through the company? And how do you handle that feedback? How does it go into different departments? You have a lot more talent at the company from affordable wire management and APA, like how do they come together and sort of like help shorten that innovation cycle?

Yes, that's a great question. So about 3 years ago, we began this program that we call Array Days. And this was an aggressive view of -- the genesis of that was me going out and meeting a lot of my customers and finding that at that point, our sales team were doing a good job calling on purchasing departments, if you will, of a lot of the large developers. But we were missing the finance teams. We were missing the engineering teams, and we weren't engaging enough at that level. So we had this kind of view we could do a couple of things. One is that we can do a matrix of all our innovation and new products and all the departments of all the customers and spend time having every time a salesperson goes out, check that box and make this color coded kind of cool thing. And we said, well, that's going to take a long time. Let's do it differently. Let's start bringing all our customers in for days at a time, and we're going to spend 3 days at a time with the finance team members, with the engineers of those customers and with the purchasing departments. And we're going to not only in one direction, show them all our innovation, but a huge portion of those meetings that we call Array Days was all about getting their voice of customer. So one of the things that you have to do when you come to an Array Days is to spend a couple of hours in a room on the value stream of what we do, everything from identification of customer to collection of cash, which means how do we think about warranty service between us? How do we project manage between. And frankly, we ask them who's best-in-class in each one of those categories and why? So it goes beyond product. It was warranty service. Array, when I have a warranty issue, you're harder to do business with. Some of your competitors will just, yes, send me the replacement parts, so don't worry about it. You guys want us to fill out forms and do things like that. And that's just an example of the feedback we got. Array, you guys have to do better on our quarterly business reviews. Your competitor has an engineer assigned to every review such that if there's a technical question, you don't have to get back to us in 24 hours. It's answered on the call live. Okay, we can learn from that. So that was the beginning of our really intensely mapped out voice of customer. Now we've had those Array Days. We have 3 or 4 a year for the last 3 or 4 years. And if you come down to our AIC, you'll see this map on the wall of every one of those steps. And we're not ashamed. We think sunlight is the best disinfectant. I like to say that around the office. So we have good and bad in every one of those areas, what the customer comments were, who in my organization is responsible for fixing it and by when. Some of them are pretty easy. To assign an engineer to every quarterly business review, that's easy to do. Others maybe take a little bit longer. So we began that journey about 3 years ago of continually moving the needle and improving the customer experience that our customers have. And then we also focus heavily, heavily on those meetings about our -- we used to take the approach, frankly, of we'll develop it super secret, then throw it over the wall to the customers and say, "What do you guys think of what we just did? Come on, buy into it, like it." We don't do that anymore. We bring customers in and we develop them before we launch something here, before we tell the market we've done something, that has been in the field working with customers for some time. So yes, we have some of the new APA products already been in the field being tested and collecting feedback before we launch it. SkyLink was out in the field far before we told the market about it, collecting real data from real sites with partner customers that may say, "Hey, Kevin, we're going to build this 500 gigawatt site over here. What do you need? Like, hey, look, I just need 2 gigawatts for my new product. Just give me a few lanes. Let's test that, keep it private and let us keep coming to the site and test it." That stuff is really working. So we're engaging our customers. We're getting their feedback more. And in fact, one of the key elements of building the AIC was to have an entire new customer center where we can host lots of customers at any one time with product on the floor that we could share and walk around, feel and touch much like you're seeing this afternoon. So it's been a lot of effort going in to collect better VOC, but we also had to demonstrate to our customers that we were willing to respond to the feedback they were giving us, right? No institutionalized arrogance, you tell us change happens immediately. And that was really about driving execution through the organization. So great question.

Colin Rusch from Oppenheimer. With the incremental shift in the business strategy, the incremental offerings and the legacy contracts rolling off here, can you talk a little bit about the evolving pricing strategy and how we should think about margins progressing here as you see some of those legacy contracts roll off and you see the monetization of these newer capabilities?

Yes. That's a great question. I think the way I look at this is, look, we talk about that word, the B word, the bundling word, right? That's not our approach. You've heard me say on our public calls, we are not about fries with that shake. We are about saying, listen, when you see these products this afternoon, you will instantly understand the amount of labor savings we're driving for our customers in the field. The amount of certainty we're giving them about execution. And when you think of things like the APA and the subsurface, I know you analysts follow a lot of others in the industry. And you've seen others in the industry this year have really difficult times underestimating subsurface conditions in the marketplace, right, that have cost literally billions of dollars of market cap out there. This is -- these are the things we're doing. We understand that value. We don't give those services away for free at all, but that we understand the value as a developer of not having subsurface issues creep up and surprise you more broadly, right? So we charge more. We make sure that you understand the value in that. We make sure that the product, be it an engineering service or an actual product is incredibly well done. So when you get to see APA later today and understand their engineering services team, this is not a -- as they described in the press, this is not a flyby night, "Hey, quick, we think that's going to be good enough." This is an incredible depth of comfort we're giving our customers in terms of we know these foundations are going to work and your project is going to be successful, very, very different than others. So as it relates to pricing and margins, look, we've continued to say that we are comfortable that Array over time will return to those high 20s, low 30s margins. And we're doing that through these things we're talking about. One, certainly with Neil and the management of our supply chain and continually improving our supply chain. Number two, these new products, we tend to not launch products that are dilutive in margin to the ones they're replacing. Everything we're doing is about capturing more margin, better price capture, right, so that we know that, that will lend to more margins. And then as we built this portfolio, it's also about using portfolio strategy to bring in products that we think are accretive margin. And you see that play out very, very well with AWM as we started disclosing some of the financial numbers there. All of this is how we're going to build a higher quality portfolio with higher margins as well as making sure that the technical sales is selling the value to the customers. Yes, when I first came in 4 years ago, all this was an EPC price war, right? We're dealing with an EPC. It's all about price. As we're now going to the utilities, that 4% higher energy generation really, really, really matters to a utility. It really, really matters to an asset owner who's going to build that asset and keep it. Does it matter to an asset owner that's an asset flipper? No. They want the cheapest CapEx. They want to build this thing. Hey, if the warranty is 3 years, they're going to flip it in year 2, right? So we had to segment our customers and say, which ones we want to do more business with, where does our value proposition really matter? And let's reorient the sales team to start selling more there. And that's when we talk to you about the quality of our order book and the fact that 50% now is direct to utilities and direct to the kind of the developer non-flippers, if you think of it that way, that's what's really powerful because then we're not in a price discussion down at an EPC level. We may still get a purchase order from the EPC, but that EPC is now directed to buy from Array from the ultimate owner. And those are the things driving positive margin improvement in our business.

Can I get just a follow-up here around capital allocation. So you mentioned in the presentation, the preferred and retiring that, and you've had some success with acquisitions and integrating -- can you just talk about the framework that you work with internally to make those capital allocation decisions and how we should think about the cash generation and where that ends up over the next 2 to 3 years?

Thank you, Colin. Good question. So internally, Internally, we're focused on 2 things when we think about capital allocation. First, cash generation and make sure that we have good free cash flow conversion. Thank you.

I think that microphone has seen better days.

So thank you. So first, we think about free cash flow conversion. Are we -- how much of our earned EBITDA are we converting each year? And then we think about what are the things in front of us that we have to do. And first, we have to make sure that we are reinvesting in our business for sustainability. So CapEx expansion and so forth. And then we think about making sure that we have the right level of flexibility in the capital structure, right? As we think about how do we deal with debt, how we deal with the upcoming maturities for the converts, how we think about the pref. And so it's really about what's the best return for the company. What's the risk return along the spectrum of things that we are faced with. And of course, we continue to look across what are the opportunities we have for M&A because, of course, we are building out the Balance-of-System strategy. And so when we look across the things that we are faced with, we think about liquidity, we think about returns, we think about ensuring that we have the flexibility to operate the business. And so that's kind of the lens we're following -- we're looking to each year.