SUNation Energy, Inc.

Good day and thank you for standing by. My name is RG and I will be your conference operator today. At this time, I would like to welcome everyone to the Sun Nation Energy First Quarter 2025 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, Simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Devin Sullivan of the Equity Group. Please go ahead.

Thank you, Argie, and good morning, everyone. Thank you for joining us today for SunNation's first quarter 2025 financial results conference call. Our speakers for today are Scott Maskin, Chief Executive Officer, and James Brennan, the company's chief financial officer. Mr. Maskin will open with prepared remarks, followed by a question and answer session. Before we get started, I'd like to remind everyone that prospects at Sun Nation Energy, Inc. are subject to uncertainties and risks. Statements and remarks on today's call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934. You should not place undue reliance on forward-looking statements as they are based upon our current expectations, forecasts, and assumptions. The company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing sections. These forward-looking statements are based largely on the expectations or forecasts of future events, which can be affected by inaccurate assumptions and are subject to various business risks and known and unknown uncertainties, a number of which are beyond control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this call. The company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. Participants should consider statements that include words such as believes, expects, anticipates, intends, estimates, plans, projects, should, or other expressions that are predictions of or indicate future events or trends to be uncertain and forward-looking. We caution investors not to place undue reliance upon any such forward-looking statements. This call will also contain certain non-GAAP financial measures, including adjusted EBITDA, which we believe is a useful supplemental measure that assists us in evaluating our ability to generate earnings, provide consistency and comparability with our past performance, and facilitate period-to-period comparisons of our core operating results. reconciliation of non-GAAP measures to the most comparable GAAP measures where possible, and definitions of those indicators are included in our financial results release. Please note that our definition of these measures may differ from similarly titled metrics presented by other companies. A company does forward-looking statements speak only as of the date in which they are made, and the company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events, or otherwise. Additional information regarding risks and other factors, that could materially affect the company and its operations or containing the company's filings with the SEC, including its most recent Form 10-K, filed with the SEC on April 15, 2025, and its Form 10-Q, which was filed with the SEC on May 15, 2025. Applies of each document can be found on the SEC's website, www.sec.gov. With that said, I'd now like to turn the call over to Scott Maskin, Chief Executive Officer of Sun Nation Energy. Scott, please go ahead.

Thank you, Devin. Good morning, everybody, and happy Friday. I want to thank each of you for joining today. Please stick around for after Jim speaks for my closing comments right around the time that we take questions as well. It's been about a month since our last public conference call, although I've heard from many of you since then. If I had to characterize our results for the first quarter, the word I would use is progress. Many of the options, many of the actions that we've taken over the last several quarters are beginning to have meaningful impact on our results. We told you what we were going to do, and we're doing it. That is the ethos of this company, and it extends across the organization from employees to customers, vendors, and of course our shareholders. Whether times are good, challenged, or somewhat in between, we always strive to do the right thing and be transparent while doing so, no matter how difficult the circumstances. During the first quarter, we lowered our operating costs, gained efficiencies, and increased our cash position. We repaid nearly $10 million in high-cost debt and continued to meet our other debt obligations during the second quarter. We grew our cash position from year end. In short, our financial position has improved. There's still a lot of work to do, but we are miles ahead of where we were just a few short months ago. Once again, I have to give credit to my incredible colleagues at Sun Nation Energy and our extended family of advisors. They have done an incredible job addressing a very difficult situation, and I thank them all, including our board of directors. Let's talk a little bit about the business. Our Sun Nation New York business, which serves Long Island and the surrounding region, we have maintained our position as one of the leading installers of solar energy and battery attachments. After a seasonally slow Q1 for our residential business, which was exasperated by terrible weather in February, we had a strong April, which we believe bodes well for the balance of 2025. We are seeing marked improvement in sales. That is, we have a lot of pent-up demand from residential consumers for solar, which has resulted in a stronger-than-usual springtime push. with both contract and install activity rivaling the growth we saw during the post-Inflation Reduction Act boom period before interest and financing rates took off. Even with the recent uncertainty within global financial markets due to potential changes in federal tariff policies, we expect Q2 to remain strong as homeowners look to capitalize on locking in pre-tariff pricing. Now with Congress debating the future of solar incentives, this adds yet another layer of urgency for the customers to move forward with their projects. Based on 20 years of experience of dealing with uncertainty incentive picture, remember, up until 2022, each year the federal incentives would wind down gradually. We fully expect that this debate over the future tax incentives for solar will lead to push for homeowners to install before end of year so they can receive the maximum incentives from the federal government. Our residential business in Hawaii, a more mature market, is expected to rebound from a sluggish 2024 due to solar and battery incentives that took effect in May 2025, thanks to the recent action taken by the state of Hawaii's Public Utilities Commission. Electric rates on Long Island are among the highest in the nation. Our systems have paid consumers more than $70 million, money that goes back into their pockets and into their communities. On the commercial side, we entered the second quarter with a commercial backlog that ranks among the strongest in the company's history, thanks to a variety of projects currently in various stages of development with our institutional partners. We've recently announced separate LOIs for deployment of over 2.35 megawatts of solar power at two school districts on Long Island. Collectively, these installations are designed to deliver 3 megawatt hours of clean solar energy across 10 buildings that would offset a substantial majority of each district's energy needs. We are exploring opportunities to expand our service and maintenance business in New York metro region to support thousands of homeowners whose systems have been orphaned by solar providers that are no longer in business. This presents a meaningful opportunity to broaden our customer base, support our continuing use of solar, and potentially benefit from historically high margin service revenues. Building these types of relationships drives referrals and lowers customer acquisition costs. I'm hoping some of you are going to ask me the questions and my feelings about Synova and SunPower. With the help of a remarkable team, we are building an incredibly resilient and efficient organization that can respond to whatever the market throws our way. We have focused, simplified, and stabilized Sunnation Energy to the point where we can truly begin to focus on what lies ahead instead of devoting so much of our time and resources on fixing the issues that were dropped in our laps. We are focused on the customer delivering to the highest quality product dependable services, and a promise to stand behind our work, no excuses. With a strengthened capital base, a streamlined capital structure, and a vision for our future, we are ready to grow in a thoughtful and impactful manner. We see the light at the end of the tunnel, and it's not an oncoming train. It is appropriately enough daylight. Thank you for your time today, and I'll turn things over to our CFO, Jim Brennan, to discuss our further results. Jim?