Slide 1: Third Quarter 2025 Earnings Results
November 12, 2025 Third Quarter 2025 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 2 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: 3Q Highlights
3Q Highlights 3 3Q’25 Performance vs. Guidance Balance Sheet Metric Range Actual • Secured $75 million facility Revenue $18-$24 $26.0 Above range NG Gross Margin (13.4%)-2.5% 7.7% Above range • Closed on $37.5 million A. EBITDA $(10.8)-$(6.8) $(4.0) Above range Revenue NG Gross Margin A. EBITDA +157
Slide 4: 1P Product Line Enhancements
1P Product Line Enhancements 4 Install Trackers at 0.053 mh/Module • High wind offerings extend up to 150mph • Module compatibility across module vendors and types • Late-stage module flexibility, ‘universal’ TT, Python Clips • Terrain following/reduce or eliminate land grading • Up to 80 degree sto
Slide 5: Enhanced Positioning
Enhanced Positioning 5 • Quarterly revenue up ~160%y/y, highest levels in 8 quarters Revenue • Highest Adjusted EBITDA in 5 years +157% y/y 26.0 • New cash on balance sheet; $37.5m closed in Q3 20.8 20.0 • More complete and compelling product offering 13.2 10.1 • Gaining customer traction – AVLs, pr
Slide 6: 3Q Financial Performance
3Q Financial Performance 6 Revenue growth and margin Non-GAAP Operating Expense 8.3 8.1 8.0 Q/Q Y/Y 7.4 6.6 6.5 Non-GAAP Non-GAAP Revenue Gross Margin Revenue Gross Lo Margin up 30% up 2510bps up 157% up 4600bps 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Summary Financial Performance: Q3 2025 compared to Q
Slide 7: Outlook
Outlook 7 4Q’25 Guidance Revenue ($M) $30.0-$35.0 Non-GAAP Gross Profit ($M) $3.8-$8.2 Non-GAAP Gross Margin (%) 12.7%-23.4% Non-GAAP OpEx ($M) $8.2-$9.0 Adjusted EBITDA ($M) $(5.4)-$0.0 • Revenue up 25% sequentially from 3Q at midpoint • Strong gross margin improvement • High-end of Adjusted EBITDA
Slide 8: Q&A
Q&A
Slide 9: Appendix
Appendix
Slide 10: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 10 The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended September 30, 2025, and 2024, respectively: Thre e months e nde d Se pte mbe r 30, (in thousands, e xce pt pe rce ntage s) 2025
Slide 11: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 11 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended September 30, 2025, and 2024, respectively: Thre e months e nde d Se pte mbe r 30, (in thousands) 2025 2024 U.S. GAAP loss from operations $
Slide 12: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 12 The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended September 30, 2025, and 2024, respectively: Thre e months e nde d Se pte mbe r 30, (a) We exclude non-cash chan
Slide 13: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 13 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 loss pl