Slide 1: Second Quarter 2026 Earnings Results
August 5, 2026 Second Quarter 2026 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
2 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words
Slide 3: Highlights
3 Highlights • Second quarter revenue up 52% q/q, 31% y/y, ahead of target • Awarded 400MW project with top EPC and top developer • Awarded 80+MW project in Australia for 2H delivery • Scheduled to begin deliveries on 330+MW Australia project • Announced entry into India market with multiple initial
Slide 4: Key Focus Areas
4 Key Focus Areas • Expand Top 10 Customer Base • Received 400MW PO from top EPC, top developer; Received first 1P order from top developer • Expect to add two more top 10 customers by year-end • Make Immediate Bookings Progress • Added to AVLs for 5 more large EPCs and 6 more large developers since
Slide 5: 2Q Results
5 2Q Results 2Q’26 Performance vs. Guidance Metric Range Actual Revenue $22-$26 $26.2 NG Gross Margin (6.4%)-4.0% (5.1)% A. EBITDA $(10.5)-$(7.4) $(9.8) Summary Financial Performance: 2Q’26 vs. 2Q’25 U.S. GAAP Non-GAAP(b) Three months ended June 30, (in thousands, except per share data) 2026 2025 20
Slide 6: Outlook
6 Outlook 3Q’26 Guidance Revenue ($M) $30.0-$35.0 Non-GAAP Gross Profit ($M) $(0.9)-$1.8 Non-GAAP Gross Margin (%) (3.0%)-5.1% Non-GAAP OpEx ($M) $7.7-$8.3 Adjusted EBITDA ($M) $(9.3)-$(6.0) • 3Q: Revenue up 24% sequentially from 2Q at midpoint • 4Q: Continued sequential growth • 2026: Full year rev
Slide 7: Q&A
Q&A
Slide 8: Appendix
Appendix
Slide 9: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 9 The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended June 30, 2026, and 2025, respectively: Three months ended June 30, (in thousands, except percentages) 2026 2025 U.S. GAAP revenue
Slide 10: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 10 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended June 30, 2026, and 2025, respectively: Three months ended June 30, (in thousands) 2026 2025 U.S. GAAP loss from operations $ (13,727) $ (11,4
Slide 11: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 11 The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended June 30, 2026, and 2025, respectively: Three months ended June 30, 2026 2025 (in thousands, except shares and p
Slide 12: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 12 Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net income
Slide 13: LL A
LL A