Operator

Good afternoon, and welcome to the ESS Tech's First Quarter 2026 Financial Results Conference Call. [Operator Instructions].

During today's call, ESS may make statements relating to its future financial performance, anticipated growth strategies and trends in its business. These may include statements regarding ESS' future financial metrics, potential future orders, ESS' potential pipeline, ESS' potential market opportunity, ESS' ability to achieve future goals, ESS' timing of launching manufacturing and manufacturing capacity, the future potential of ESS' technology and the timing of manufacturing and delivery for Project New Horizon. These statements constitute forward-looking statements within the meaning of federal securities laws and are based on management's current expectations and beliefs concerning future developments.

These forward-looking statements involve a number of risks, uncertainties and assumptions, including, but not limited to, barriers ESS faces in producing its energy storage products, ESS' projects being in the early stages of commercialization, aspects of its technology not having been fully field tested, ESS' inability to develop its business and effectively commercialize its energy storage products; ESS' dependence on third-party suppliers, delays in manufacturing operations, ESS' ability to control its costs and achieve its cost reduction strategy, ESS' history of losses, ESS' ability to raise capital in the near future, and other risks and uncertainties described more fully in the company's filings with the U.S. Securities and Exchange Commission. Actual results may differ materially from those expressed in or implied by the forward-looking statements made on this call. Except as required by law, ESS undertakes no obligation to update or revise any forward-looking statements.

In today's discussion, the company will reference adjusted EBITDA, a non-GAAP financial measure. A reconciliation of