SUNation Energy, Inc.

for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sun Nation Energy fourth quarter and full year 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 anyone should require operator assistance, please press star zero on your telephone keypad. And as a reminder, this conference is being recorded. And now I would like to turn the call over to Rich Murdocko, Vice President of Marketing and Communications at Sun Energy. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Good morning. Thank you for joining us today for SunNation Energy's fourth quarter and full year 2025 Financial Results Conference Call. My name is Rich Murdocko, Vice President of Marketing at SunNation Energy. Our speakers for today are Scott Maskin, Chief Executive Officer, and James Brennan, Chief Financial Officer and Chief Operating Officer. Mr. Manskin will open with prepared remarks, followed by Mr. Brennan, and then we'll be open to call for questions. Before we begin, I'd like to remind everyone that remarks made on today's call may 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 Exchange Act of 1934. These forward-looking statements are based largely on current expectations, forecasts, and assumptions and are subject to risks and uncertainties. many of which are beyond the company's control. Actual results may differ materially from those expressed or implied by these statements. Participants should not place undue reliance on forward-looking statements which speak only of today's date. The company undertakes no obligation to update them except as required by law. Additional information regarding factors that could affect the company's results is included in the company's SEC filings, including its Form 10-K and subsequent filings. This call may also reference certain non-GAAP financial measures, including adjusted EBITDA and reconciliations to the most comparable GAAP measures can be found in today's earning relief. With that now, I'd like to turn the call over to Scott Maskin, Chief Executive Officer of Sun Nation Energy. Scott, please go ahead.

Thank you, Rich, and good morning, everybody. Happy Thursday. This is actually the call that I've been waiting for for quite a few quarters, and I appreciate everybody taking the time to join us today. If I had to sum up the fourth quarter and the full year of 2025 in a few words, it would be this. We did what we said we were going to do. And in today's environment, that's something we're pretty proud of. At the beginning of the year, we told shareholders that the work we were doing, stabilizing the business, cleaning up the balance sheet, reducing costs, and tightening execution would translate into stronger operating performance. As we close the book on 2025, that's exactly what happened. I've been in the solar business for more than two decades. And if there's one thing I've learned, it's that the industry keeps you on your toes. Sometimes I call it the solo coaster, and 2025 brought twists and turns, highs and dips like I've never seen. But through all of that, Sun Nation made real progress. We strengthened the financial foundation of the company, materially reduced debt, improved liquidity, expanded margins, and exited the year in a much more stable position than where we started. Fortunately, we operate in two of the most expensive electricity markets in the country, New York and Hawaii. But they, too, face their own challenges. The fourth quarter was probably the clearest demonstration yet that our strategy is working. Our teams in both markets stayed focused, executed at the highest level, and responded to strong residential demand as customers moved to complete projects ahead of the expiration of Section 25D residential tax credit at the end of the year. At the same time, we continue building a strong commercial and service pipeline, which remains a core part of our diversified operating model. Diversification has been one of the themes you've heard from us constantly, consistently, and it continues to be front and center. What I'm especially proud of is that this performance didn't come from pulling just one lever. It came from discipline execution across the organization. Earlier in the year, we made some tough decisions that pushed us to become leaner and more efficient. Those decisions translated into improved profitability, lower interest expense, stronger cash generation, and a much cleaner capital structure by the time we closed the year. On the residential side, demand was strong through the finish of the year as customers moved quickly ahead of the federal credit sunset. Our teams worked extremely hard to manage that surge responsibly, keeping installations moving while maintaining the quality and customer experience we're known for. New York and Hawaii remain unique markets because of their high electricity costs. Because of that, we continue to believe the value proposition for solar and storage remains very compelling in both geographies. As financing structures evolve and power prices continue to rise, we believe the long-term demand story here is still very strong. At the same time, we're not managing the business only for the short-term pull forward created by the tax credit change. Much of that second half of 2025 was spent preparing for what comes next. That includes exploring alternative financing structures, expanding our service offerings, continuing to grow the commercial pipeline, and evaluating discipline acquisition opportunities that can strengthen the SunNation platform over time. And that leads into an important point as we look ahead to 2026. One of the major priorities for us moving forward is returning to the roll-up strategy that has always been part of our long-term vision. and the opportunities are out there. The work we did throughout 2025 cleaning up the balance sheet and simplifying our capital structure wasn't just about stabilization. It was about positioning the company to grow again. With a much healthier capital structure today, we believe we are now able to begin executing on that strategy and bring strong regional operators under the SunNation platform as consolidation continues across the industry. At the same time, we're watching what may be one of the most important structural shifts in energy demand that we've seen in decades. That being the explosion of electricity consumption being driven by AI and data center infrastructure. Data centers are quickly becoming some of the largest energy consumers in the country. And in markets like New York, we're already seeing how that demand is beginning to stress existing power capacity. We believe distributed energy, storage, and resilient energy systems will play an increasingly important role in supporting that growth. So, Nation is positioned to participate in that opportunity as the energy landscape evolves. On the commercial side, we continue to like our positioning. We've built strong relationships with developers, institutions, municipalities, and school districts, particularly in New York, and our reputation for execution continues to open doors. Commercial projects naturally move on longer cycles than residential, but the opportunity set remains meaningful and provides an important counterbalance to residential cyclicity. Service is another area that continues to perform well for us. As shakeouts continue across the industry, we're seeing more orphan system opportunities coming to the markets. I'd add that because of our tenure, the opportunities to retrofit and upgrade existing customers is a unique opportunity we've earned. Customers want trusted operators with a long track record and that plays directly into our strengths. Service remains a high margin business for us and an increasingly important part of the overall model. Stepping back for a moment, 2025 was really about restoring credibility through execution. We entered the year saying we would improve our financial condition, reduce debt, grow revenue, and return to positive adjusted EBITDA. By year end, we had made meaningful progress on each of these goals. Along the way, we simplified the capital structure, reduced total debt by more than $11 million, lowered annual interest expense by roughly $2 million, and expanded consolidated gross margins into the high 30% range. And just as importantly as our operating teams in New York and Hawaii prove that they can grow and execute even in a volatile environment. In the third quarter alone, total sales rose nearly 30% year over year, residential sales increased 54%, and service revenue grew more than 70%. All while operating expenses declined as a percentage of revenue, and we delivered positive adjusted EBITDA. Before I turn the call over to Jim Brennan, I want to take a moment to thank our employees, our team across New York and Hawaii, along with our customers, vendors, board members, and shareholders. This company has been through a lot over the past few years, and the work done in 2025 has put Sunation on much firmer ground. We're proud of the progress we've made, but we're even more focused on what comes next. With that, I'll turn the call over to Jim Brennan, our CFO, who will walk you through the financial results in more detail. Thank you for your time.