Financial Data and Key Metrics Changes - Fourth quarter revenue was approximately $148 million, up 38.6% year-over-year [4][15] - Adjusted EBITDA for the fourth quarter was approximately $30 million, growing by 15% year-over-year, representing 20.4% of revenue [5][20] - Net income was $8.1 million, compared to $7.8 million in the prior year period [19] Business Line Data and Key Metrics Changes - U.S. utility scale solar business grew by almost 11% for the full year, with a 30% increase in the second half of 2025 compared to the second half of 2024 [7] - International revenue expanded from less than $1 million in 2024 to approximately $13 million in 2025 [7] - The OEM business grew by 47% for the full year [11] Market Data and Key Metrics Changes - The company achieved a record backlog of approximately $748 million, an 18% year-over-year increase [5][25] - International backlog reached a record $90 million, driving continued growth in 2026 and beyond [11] Company Strategy and Development Direction - The company aims to diversify its offerings and customer base while maintaining growth in core markets [9][32] - A new consolidated manufacturing facility is expected to enhance productivity and scalability [8][21] - The partnership with ON.energy aims to address the growing demand for resilient backup power in AI-driven infrastructure [12][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the U.S. market and the ongoing demand for solar energy [30][31] - The company anticipates revenue growth of 22% for 2026, with adjusted EBITDA growth of 21% [27][28] - Management acknowledged the impact of tariffs and legal expenses on profitability but expects these to decline in the future [19][21] Other Important Information - The company has invested significantly in legal expenses, with a total of $30 million in 2025, which is expected to decline in 2027 [18][22] - Cash flow from operations for the year is projected to be between $65 million and $85 million [28] Q&A Session Summary Question: Can you comment on the revenue guidance for 2026 and the impact of new customers? - Management indicated that the revenue guidance is conservative due to uncertainties with new customers and project delivery schedules [36][40] Question: What is the expected order rate for the BESS business? - Management noted that bookings for BESS could be lumpy, but they are excited about the $67 million backlog and expect more stable revenue recognition once production ramps up [40][41] Question: Can you elaborate on the margin outlook and pricing strategies? - Management discussed the expected gross margin percentage in the low to mid-30s due to various factors, including tariffs and new product introductions [48][50] Question: What is the timeline for moving into the new facility? - The company expects to be fully operational in the new facility by the end of the second quarter of 2026 [75] Question: Can you provide an update on the data center BLA product? - Management confirmed that the product is on track for certification, with revenue recognition expected more in 2027 than 2026 [82]