Financial Data and Key Metrics Changes - Third-quarter revenue reached $26 million, exceeding the guidance range of $18-$24 million, marking a 30% increase from the previous quarter and a 157% increase year-over-year [23][24] - Adjusted EBITDA loss was $4 million, representing the best adjusted EBITDA loss since Q3 2020, and a significant improvement from losses of $10.4 million in the prior quarter and $12.2 million in the year-ago quarter [26] - GAAP net loss was $23.9 million, or $1.61 per diluted share, compared to a loss of $15.4 million, or $1.18 per diluted share in the prior quarter [25] Business Line Data and Key Metrics Changes - The company reported a return to positive non-GAAP gross profit of $2 million, or 7.7% of revenue, for the first time since late 2023, driven by higher revenue at a better margin [24] - The Alpha Steel facility, now fully owned by the company, is expected to be accretive to adjusted EBITDA and improve gross margins [27][50] Market Data and Key Metrics Changes - The company has expanded its pipeline in the U.S., its largest market, with new and renewed discussions with multiple industry leaders, including tier-one EPCs [17] - Internationally, the company is making progress in markets like Australia, where its solutions have proven to be cost-effective due to labor constraints [32] Company Strategy and Development Direction - The company aims to position itself as a leading single-axis tracker provider, focusing on product innovation and enhancing customer service [4][6] - The introduction of new products, such as a washerless tracker and solutions for high wind zones, is part of the company's strategy to meet diverse customer needs [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, expecting to be adjusted EBITDA positive for the full year in 2026 [35] - The company is focused on executing its strategy and leveraging its strong balance sheet to drive future growth [26][27] Other Important Information - The company has secured a 1-gigawatt agreement with Livona Renewables, indicating strong demand for its products [16] - The acquisition of Alpha Steel is expected to drive lower COGS and improve gross margins, enhancing the company's domestic content capabilities [27][50] Q&A Session Summary Question: Can you provide more details about the Livona booking and international bookings? - Management indicated that Livona represents a strong client with a track record, and they are optimistic about international markets, including a recent project in Australia [31][32] Question: What are the expectations for margins and revenues in early 2026? - Management expects to be adjusted EBITDA positive for the full year in 2026, with optimism about margins and revenues [35][36] Question: How does the recent financing impact cash management? - Management noted that the financing facility is beneficial for customer confidence and ongoing commercial efforts, but they are focused on execution rather than immediate drawdowns [41] Question: What is the impact of tariffs on the business? - Management stated that tariffs create pressure on project-level CapEx but have not disclosed specific tariff numbers, emphasizing the importance of flexibility in negotiations [51] Question: How does the company differentiate itself in challenging terrains? - Management highlighted that their tracker system has lower top-of-pile loads, making it suitable for various foundation solutions, and emphasized the importance of labor efficiency [54]