Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $362 million, reflecting a 42% year-over-year growth and a 20% sequential increase [27] - Net income attributable to common shareholders was $28 million, up 138% compared to the prior year [31] - Adjusted EBITDA was $64 million, representing an adjusted EBITDA margin of 17.5% [30] Business Line Data and Key Metrics Changes - Volume delivered in Q2 increased by 52% year-over-year and 13% sequentially, with year-to-date volume growth at 84% [28] - Adjusted gross profit increased by 12% year-over-year to $101 million, with an adjusted gross margin of 27.8% [29] - The product mix improved, with new products constituting over 35% of the order book [12] Market Data and Key Metrics Changes - The order book stood at $1.8 billion, including $645 million of remaining performance obligations [37] - The company experienced strong international performance, although some markets like Brazil faced economic challenges [55] Company Strategy and Development Direction - The acquisition of APA Solar is expected to expand the product portfolio and enhance value for customers and shareholders [13] - The company is focusing on enhancing customer engagement and operational excellence to navigate regulatory challenges [15][16] - There is an emphasis on domestic supply chain expansion and onshoring production to mitigate risks [23][24] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory changes are creating a challenging environment for customers, impacting project timelines [15][16] - The company expects continued booking momentum through 2025, with a focus on converting quotes into awards [45] - Management expressed confidence in the ability to deliver long-term value despite current uncertainties [40] Other Important Information - The company ended the quarter with $377 million in total cash and total liquidity above $500 million [33] - Free cash flow for the period was $37 million, significantly up from $2 million in the same period last year [32] Q&A Session Summary Question: Near-term booking outlook amidst uncertainties - Management indicated that Q2 saw muted bookings until the last weeks, with expectations for increased activity as clarity improves [45][46] Question: Impact of legacy fixed price VCA on financials - Management explained that descoping and reconfiguring the legacy VCA resulted in improved margins and a more predictable backlog [48][49] Question: International market progress - Management reported strong performance in international markets but noted unevenness in bookings, particularly in Brazil due to high interest rates [55][56] Question: Updated revenue outlook drivers - The majority of the revenue guidance increase was attributed to volume rather than price, with expectations for project execution driving growth [74][75] Question: Gross margin expectations for the second half - Management indicated that the gross margin run rate for the second half is expected to be around 29-30%, with improvements from legacy issues behind [78][79] Question: Project lead times and permitting impacts - Management stated that there have been no significant impacts from the Department of Interior permitting yet, as most solar projects do not involve federal lands [85][87] Question: Future debookings and order book management - Management acknowledged the potential for future debookings but emphasized a more conservative approach to adding orders to the backlog [90][92]