Slide 1: Fourth Quarter 2025 Earnings Results
March 5, 2026 Fourth 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: 4Q Highlights
4Q Highlights 3 4Q’25 Performance vs. Guidance Metric Range Actual Revenue $30-$35 $32.9 Above mid-point NG Gross Margin 12.7%-23.4% 23.4% High-end of range A. EBITDA $(5.4)-$0.0 $(0.3) High-end of range Revenue NG Gross Margin A. EBITDA +26% q/q; +149% y/y; Best since 1Q’23 Among best in company hi
Slide 4: 2025 Highlights
2025 Highlights 4 Revenue NG Gross Margin A. EBITDA +110% +2,600bps Significant Improvement 99,687 3.2% 2024 2025 2024 2025 47,355 -24,340 2024 2025 -43,120 -23.0% • Multiple gigawatts of MSAs added, Tier 1 POs • Completed strategic financing • Strengthened team • Significant product portfolio enhan
Slide 5: Commercial Momentum
Commercial Momentum 5 • AVL Expansion • Added to 4 of the top 10 EPC AVLs in Q4 • Stronger positioning with major buyers • Pipeline • Increased pipeline visibility • Bidding with more customers and on larger projects • Bookings Strength • Positive net bookings • Third consecutive quarter of improvem
Slide 6: Superior Product
Superior Product 6 Install Trackers at 0.053 mh/Module • Fast and easy to install • Efficiency of 0.53 labor hours/module • Driven by innovations including ‘universal’ TT, Python Clips • Targeting additional 20% labor savings • Total cost of installation advantage Optimized for Robotics • Fewer fast
Slide 7: 4Q Financial Performance
4Q Financial Performance 7 Revenue growth and margin Non-GAAP Operating Expense 8.0 8.2 Q/Q Y/Y 7.4 6.6 6.5 Non-GAAP Non-GAAP Revenue Gross Margin Revenue Gross Lo Margin up 26% up 1575bps up 149% up 4902bps 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Summary Financial Performance: Q4 2025 compared to Q4 2024 U.S
Slide 8: Outlook
Outlook 8 1Q’26 1Q’26 1Q’25A Guidance Range Midpoint Revenue ($M) $20.0-$25.0 22.5 20.8 Non-GAAP Gross Profit ($M) $(0.5)-$2.3 0.9 $(3.0) Non-GAAP Gross Margin (%) (2.5%)-9.2% 3.3% (14.4%) Non-GAAP OpEx ($M) $8.2-$8.9 $8.5 $6.6 Adjusted EBITDA ($M) $(9.6)-$(5.9) $(7.7) $(9.8) • 4Q outlook at midpoin
Slide 9: Q&A
Q&A
Slide 10: Appendix
Appendix
Slide 11: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 11 The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three and twelve months ended December 31, 2025, and 2024, respectively: Thre e months e nde d De ce mbe r 31, Ye ar e nde d De ce mbe r 31, (in th
Slide 12: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 12 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three and twelve months ended December 31, 2025, and 2024, respectively: Thre e months e nde d De ce mbe r 31, Ye ar e nde d De ce mbe r 31, (in thousands) 2025
Slide 13: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 13 The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended December 31, 2025, and 2024, respectively: Thre e months e nde d De ce mbe r 31, (a) We exclude the gain from c
Slide 14: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 14 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