So great conversation here at during the keynote lunch.

I hope everybody enjoyed that here.

We're very pleased to have the management team from EOS Energy, including Joe and Nathan Croker, the CEO and CFO.

EOS has been on a mission to accelerate the shift to clean energy with solutions that transform how the world stores power.

Its breakthrough zinc battery was designed, you can tell I've been talking all day, sorry, to overcome the limitations of conventional lithium ion technology.

And their clean energy storage systems meet the demand for higher energy and lower power daily cycling operational flexibility and easy maintenance, enabling a wide variety of customers to advance their own resiliency, decarbonization and cost containment goals.

The company is at a true inflection point in this transition to a fully automated line, which is on schedule for full commissioning in Turtle Creek in the second quarter and remains in a great position to achieve profitability.

And then very, very rapid growth from here.

Joe is CEO sitting on my left and seated his left is Nathan.

So guys, thanks for joining me today.

Thank you.

Thanks for the time.

Could you give us a I think probably some people in the room with EOS, how the company got started, the high level pitch for EOS and kind of the mission you're on?

Yeah, it's a great question.

EOS company's been in existence for 15 years.

Really started 15 years ago where the founder of the company was a was trying to do a startup for a solar, a solar module, solar panel company that then got swept up when when Chinese manufacturers came into the market.

He then looked at he then looked.

Now, this is 15 years ago.

He looked and said, what solar needs is a four plus hour energy storage technology to make it a base load technology.

And started the path of developing the technology that we're using today.

What I'd say is in the 15 years, I'd break it up into three, five year time frames.

I think the first five years was getting the chemistry set and what the battery is going to look like, improving out and cell testing that the technology would work.

The next five years was coming up with a with a product that you could manufacture.

And that was probably some of the toughest years in the company's history because we had some challenges as far as getting a product to be able to come off the factory floor and work out in the field.

At the end of that, you know, towards the end of that second 10 years, I joined the company six years.

It'll be coming up on six years in July.

And the challenge was come up with scalable manufacturing, get the product out in the field and have it operating.

As you said in your intro, James, you know, we're we're down to the finish line here of getting our first automated line up and running with our Z3 product.

We're over three gigawatts hours of technology discharging out in the field.

We're over a gigawatt hour of that happening in this year.

So we're pretty excited about how that plays into it.

I think in my six years, I would say the journey has gone from a commercial standpoint of when I first came in, people were talking about using batteries for 20 minutes.

Then it became an hour, two hours, four hours.

And now you hear a lot of the market talking about six plus hour discharge with very large projects.

And I think that's what we've been positioning the company for for the last six years.

Right.

And I know you've previously outlined this, but could you talk about your TAM expectations by 2030 and the addressable market and the strategy to capture market share?

Yeah.

I mean, what I would say, you know, every forecast you look at is forecasting significant growth in the space.

I mean, and this all ties back to what you were talking about in the last session about the need for power is growing and growing exponentially.

No matter what forecast you look at for TAM, you're talking about 30 to 60 billion.

If we just restrict that down to, you know, plus six hour energy storage in a very limited geographies.

I would also then come back and say, you know, today we're looking at a 13 billion dollar active pipeline for orders.

So when you look, when you think near term and really 2030 is near term, when you think about the power industry, we have that segment to go after.

I think what we have to sell to people is some core fundamentals around the technology.

We're safe.

There's no risk in fire.

We're secure.

We have a U.S. supply chain.

All of our software and components come from the United States.

Ninety one percent of our bill of materials is American.

We're simple to operate.

You know, you don't have a lot of ancillary systems around it.

You know, that comes really from, you know, my heritage in the oil and gas industry of knowing that this technology doesn't operate in the easiest places in the world.

So you got to build it.

So it's resilient and easy to use and the ability to be flexible and operate across a wide discharge cycle.

Now, that going in, you're selling in against an incumbent that the industry is used to.

And you've just got to be able to sell your value proposition of what those factors now mean when you think about total cost of ownership.

And we think when you get above six hours, we have an advantage in cost of ownership from a discharge standpoint.

I know this year has been a year of transitions.

You've gone from the Gen 2.3 to the Z3 Cube, the semi-automatic manufacturing line to the fully automatic manufacturing line.

Could you talk a little about the last few months, the transition process and maybe what you guys have learned during this process?

Yeah, it's a great question.

So, you know, we went through really learning, teaching ourselves how to build a quality product.

And that was what the semi-automated manufacturing line was all about.

When we moved, you know, and it was kind of we've always had these overlapping positions of like transitioning from 2.3 to Z3.

There was a period of time where we were doing both.

Then we went from the semi-automated to bringing the automated line or the state of the art line up to speed.

What we've learned in these last couple of months, you know, it's a relatively simple manufacturing process in the sense that there's no clean rooms.

Nathan can talk about the cost of capital to get to get to stand up large scale manufacturing.

But it was really going through and learning and then having a really good, you know, we partnered with Acro Automation in Wisconsin and Rockwell.

And really working with people who have done this before, where we sat there and said, you know, let's try to get better from a three minute cycle time.

And they came to us and said, we should be targeting 10 seconds to start.

And watching that process of every day, the line speeding up was truly amazing.

Now, we also spent a lot of time in the process of factory acceptance, testing the line in Acro's facility.

But while we were doing that, we spent a lot of time in thinking about how are we going to move that line from Wisconsin to Pennsylvania and bring that line up up to speed quickly here.

So we've always said we're going to turn on the line in Q2.

We're still on target to do that.

The good news is the line is fully installed in Turtle Creek.

It's powered up.

So there's power to all the stations on the line.

We're doing software debugging and getting ready to start producing and working our way back to that 10 second cycle time that we had or 10 seconds of a battery coming off the line that we had when we were in Wisconsin.

I don't know, Nathan, if you want to add anything about capital costs and where we are as far as delivering on the original strategy.

Yeah, look, we laid out four lines, eight gigawatt hours in terms of project demise.

In rough numbers, it's 50 million in CapEx per line, $200 million to execute on the entire strategy.

We've talked a lot about this first line.

When we first get the first line up and running, it's going to be just over one gigawatt hour of capacity for roughly $30 million.

The majority of that has been paid for.

There are some milestone payments that come at and after SAT as ACRO is on site in order to get us through kind of the full transition to be up and running in commercial production.

There's some CapEx on the tail end of this year to increase that line from one gig to two gigawatt hours.

And so that gets you up to the 50 for the full line.

So, I mean, look, I think majority of the first gigawatt hour has been paid for.

Clear line of sight and what we need to do in order to get first line up to two gigawatt hours.

And then after that, it's, you know, take that same design and replicate it for lines two, three, and four.

Right.

Maybe could you talk a little about the capital efficiency associated with building this capacity, as well as the revenues that you can probably generate from some of the IRA production tax credits?

Sure.

So a two gigawatt hour line is $90 million a year in production tax credits.

That's just the 45x credits, the $45 a kilowatt hour.

So in terms of a return on your CapEx investment, you're getting almost double your CapEx back every year just on the production tax credits.

And the market for those tax credits is developing very quickly.

So we announced a few weeks ago that we sold the 2023 tax credits at a 10 percent discount.

We anticipate doing that again quarter by quarter as we go forward.

And then at some point, I think the market is going to develop.

Is there a securitization instrument or something else in order to be able to take further advantage of the capital coming from those production tax credits?

But for now, we're selling them as we're producing them.

And maybe the only thing, James, the only thing I would add is around this capital efficiency is the way we designed the factory and how you expand capacity.

You know what I've learned, you know, you know, incredibly, you know, I probably look really young, but I've been doing this for 32 years.

Right.

What you don't want to be doing is chasing.

You don't want capacity chasing volume.

You want your volume to force you to invest in capacity and utilize that capacity.

So we designed the whole process where you're building out in these 50 million dollar increments, two gigawatt hour as you get orders.

And the good news is like when you look at the cycle time to deliver orders versus the cycle time to implement a line, the line implementation is shorter than the time that has to deliver order.

So the are are investing ahead of volume is going to be minimized and it just makes us more capital efficient to what we've seen.

And then if you just take Nathan's math that he talked about as you go through and you scale up our factories and you think about the growth in the industry, the production tax credits, when you think about just those production tax credits, you could you could do a lot of things with those.

But that 90 million is basically you can fund four gigawatt hours or capacity just on that alone.

All right.

And then you do have some probably some funding needs between now and the deal alone.

Is that part of the strategy?

And then you have the ATM.

How are you thinking about that?

I guess.

How are you thinking about just getting from today?

Yeah.

So we we laid out in our in our strategy session in December strategic outlook was we've got to get the company to fund itself through operations.

Yeah.

Right.

So first phase of this is get to contribution margin positive on the product by year end and then cash flow positive as we get into next year.

You know, and I'll let Nathan talk about mechanics around deal alone.

But what we're spending on the line and bringing the line up is reimbursable under the loan.

I think what we've tried to do is run and time the business to when everything is going to be happening to optimize the cash that we have.

And we'll continue to do that.

The thing that's really changed, I think, is, again, with the demand growth that you're seeing in the market, we've got to position the company from a capital standpoint to be able to capture that demand growth.

So it's not just I think we always the trap that we've fallen into as a company in the past is what's that next near term milestone?

And I think we've got to take a step back and think about where's the industry going and how do we position the company for the long term and to be able to capture that growth?

And that's really what we're working on.

Yeah.

From the DOE perspective, mechanically, I mean, look, it's a reimbursement of eligible costs, eligible costs for both CapEx and OpEx.

The way the loan was structured in our case is our 20 percent effectively goes into building the first line.

Once we complete the first line and move towards loan closing, then we submit for reimbursement of those eligible costs.

We get reimbursed 80 cents on the dollar.

That money goes back in to fund our 20 percent component of lines two, three and four going forward.

The question we get a lot is what's the timing of closing?

And the reality is, I mean, we're working closely with the DOE to move it as quickly as we can.

We are dealing with a large government organization.

And so, you know, I can't predict an exact date while we're working through this.

You know, like we laid out on our last earnings call.

How do I bring in customer receipts, customer deposits, production tax credit money?

How do I slow down cash burn?

You know, we've actually slowed down production a little bit in order to conserve cash and get ready for this automated line.

You know, and if there's a gap in there, what's the most efficient way to bridge that?

And I think it's important when we do come back to the market that we can lay out a comprehensive capital plan.

It's very clear to us that doing small incremental pieces in order to buy time, you know, is not the right strategy.

And so we're working on the longer term roadmap to get to profitability.

And I would just add, James, on ATM, you know, the ATM is not a capital strategy.

It's a move from milestone to milestone.

And, you know, we continue to be out in the market.

I think there's a lot of, you know, what we've always said about EOS was, you know, and I got asked this question in one of our meetings today.

Like, what industry conferences do you go to and what do you do for marketing the company?

And I said, our marketing is building a product and bringing people in to show them a product.

And not little cells that eventually would be a battery.

It's not just batteries.

It's cubes and it's not just cubes.

It's cubes installed out in the field discharging power.

So that is, you know, we've run the company to get to that point.

I think now when you look at where we are versus other technologies out in the marketplace, I don't want to call them competitors because we need them in the marketplace to be alongside of us.

I mean, we're to the point now where we've got to really scale this company and get it ready to grow.

Right.

Right.

Maybe let's touch on technology because you've continually improved the technology.

What can you share in terms of the Z3, you know, energy density, how it's evolved?

What would you expect in the future?

Yeah.

So what the team has really done, it's been, in my view, a really amazing piece of work that they've done.

We've never changed our chemistry, like the core chemistry and the core fundamentals of how the system operates hasn't changed.

We've just gotten better at the packaging and mechanical design of this.

So what we learned first phase was, you know, the raw material quality that we had in the old design wasn't what we needed.

We worked on that and proved that we got the raw materials to where we were getting a quality product and putting a quality product down the field.

We learned that that product was not efficiency from an energy density standpoint and really looked at that and said, let's shrink this down.

Have it be 60 percent of the size that we have today and increase the output of that module in a smaller package.

We took cost out on the raw materials because we know this has to be a core product that can compete on cost.

And now that we've started to really build the product and watch it operate, it opens up a lot of different things for us as far as use cases are concerned.

Like we've been running and testing in our R&D center in Edison, New Jersey, multiple cycles per day, like cycling the battery two times a day to give that same asset base more use for our customers.

That's going to be critical.

You start talking about the way energy is, the way that energy is going to grow.

The resiliency and strength of the design and the fact that there's no risk of a thermal runaway or fire in the product allows you to operate the product at the margins and know that you're going to be safe.

So, you know, we really need to do now is come back, you know, get the first line up and running and then start on line two and get out and show people how the product performs and what it can deliver and what it can do to deliver returns to customers and grow the backlog and grow the volume and grow the profitability of the company.

Sure, sure.

Absolutely.

And then you shipped 110, I think, so far.

What has been the initial feedback from the customers and how is this influencing your product development and commercial strategies moving forward?

Yes.

So, you know, a lot of those 110 are under installation.

We've learned a lot from the installation.

So what we've done from these initial cubes that we've manufactured is we've learned, you know, how to get installation down to a simple three point installation, reduce the amount of civil works and wiring that the customer has to do on the site.

So make it easy to install, easy to operate.

And we've done this while, you know, while building the product, doing the line, getting the first one shipped, installing them.

We actually redesigned the cube itself to make it simpler and more cost effective to install, which customers really like.

Very large utilities have been involved.

We've been lucky in that a lot of our customers have partnered with us on the design of what the product should look like.

Not the battery module itself, but the cube or container that they install out in the field and how much work they have to do on servicing.

So people like it.

You know, it just comes back to, again, you know, we talked about this in one of our, and I think it was on the last on the last earnings call.

And then also back in December, you know, the size of projects is going up.

Yeah.

Right.

So like if you think about five, six years ago, a 10 megawatt, 40 megawatt hour project would have been big.

Yeah.

That's nothing.

Nothing.

Right.

So like it's 500 megawatt hours or or, you know, or you're small.

They want to see your capability to be able to deliver at that size and scale.

Yeah.

Yeah.

Absolutely.

Well, key topic amongst investors is profitability.

You touched on it earlier.

That's your goal here.

Could you talk a little about the cost cutting as part of that path to profitability?

Yeah.

Look, we've talked about our product cost out roadmap.

We laid this out back in December as well.

I mean, when we launched Z3, we had a particular cost.

We haven't given an exact number, but call that 100 percent.

And from there.

A very clear line of sight and how we get that product cost down by 80 percent over kind of a 15, 18 month time period, there's a dozen or so cost out projects that lead to that cost out target.

At the end of March, we were at fifty nine percent.

So we're halfway there.

Really, I guess at the end of March, the cost out projects really fall into three main categories.

One is on supply chain and volume discounts and negotiating better terms with suppliers and getting just material costs down.

One is on automation and automation really drives down the cost on a per unit basis of labor and overheads.

And so you're taking the one hundred and fifty thousand square feet of manufacturing space we have and allocating that to more units coming off the line.

So your unit costs come down.

And then the last one is increasing the energy density.

And we have several different projects that the R&D team is working on in order to increase energy density.

Again, we sell kilowatt hours in the form of systems.

If I can get the same number of kilowatt hours into fewer cubes, my cost comes down.

And so I would say we laid out the plan.

We are on schedule with that plan.

And that gets us into the first part of 2025.

And from there, we've got a product that is more mature, but still opportunity to take costs out over time.

And we would anticipate to see cost reductions going forward for years to come.

And I would add, James, going back, you asked in your earlier question about where do you see the product going from here?

I think our our, you know, aspect ratio or envelope of what the battery size is going to be will stay the same.

But there's a lot of things we can still do around improving performance inside the battery and the materials that we're using and material science and being more efficient.

I think I think a big part of this as we've gone forward is we've optimized the module itself.

And there's still work we can do there.

The broader system, there's still work that we can do.

And if you think about that, that that system that we ship out to the field, you know, we're taking a page out of automotive of how do we take costs out of how we wire and manufacture and pull those together.

And what can you squeeze in more into a tighter space?

So it's not just about the module itself.

It's how you package it.

And then I think the third thing that we talk to that we talk about is, you know, we have our own battery management system and our own software state of health, state of charge.

How do we use that data that we've been collecting off that three gigawatt hours that we've generated?

And what's going to come to develop use cases so that customers can get more performance out of the battery as they move forward?

Right.

Right.

OK. And with the IRA and with the guidelines that have have come out, are any customers still hesitating on orders because of lack of clarity on that?

Or is it more just we want to see the automated line?

You know, I think IRA has become less and less of a factor as we've gotten more guidance and more clarity.

You know, we've been at 91 percent domestic content on our Z3 product for a while, and we've had that, you know, verified by a third party.

So, you know, for us, we would get into discussions with customers on, OK, show me all the history, you know, the granular history of your cost structure, which the whole industry has been struggling with.

So I think I think the safe harbor rules that came out recently, I think that definitely will help us going forward.

It makes the conversation quicker and easier.

But but again, customers, we've talked about this for several quarters, right?

They want to know that the product works.

They want to know that the automated line is going to is going to be implemented and installed and paid for.

And then they want to know that we've got the capital to be around when these projects ship and go into warranty period.

I think we just talked about the technology works.

We've got three gigawatt hours deployed out in the field, discharged out in the field.

The automated line were weeks away and we're confident we're going to hit that.

And so now it's really the third piece of that puzzle is capital.

And we're working to say, how do we secure the long term capital to get this business to profitability?

I really do think there is a significant amount of pent up orders there.

And and the IRA is just one piece of that.

And then given that you manufacture domestically, 91 percent content is domestic.

Can you take advantage of some of these tariffs that are being put in?

Yes.

You know, when you look at the implementation of the tariffs here coming in in 26, I think it's a good move as far as the country wanting to build up its domestic technology and supply chain capability, which I think becomes critical for us when you think about what energy is going to mean to the future of our country and the world.

I think us being there and being up and producing will be in full production by 2026.

And that will help us as we're out there and people are doing comparisons against products that come in from outside the United States.

So I think I think it's it's an advantage for us both from the standpoint of think about investment tax credit and being able to leverage that 91 percent in your investment in your project plus tariffs to make us more competitive, to allow us really to scale.

Like you can't you know, and we don't run the company assuming that these are going to be here forever.

But it's a great way to allow you to scale the journey to get to get to a cost point where you're competitive on your own.

Sure.

Sure.

And I think part of the strategy with capacity is not to go forward.

At least it wasn't to go forward with line two until you've got 50 percent utilization of line one.

That's still the strategy.

Yeah.

No, that's been the strategy from the beginning.

Right.

I mean, the sales lead time, as Joe talked about earlier, the conversion to orders is longer than the amount of time it takes to build the line.

And so I think the orders and the customer demand will dictate when it's time to launch line two, line three and line four.

And the good news is we've got the blueprints.

We've got the partner.

When it's time to go for line two, we're ready to go.

And you got the pipeline.

Yeah.

Yeah.

Yeah. 13 million exactly.

Can you talk about your strategic partnerships and the collaborations and how they're contributing to the company's growth?

Yeah.

I mean, we we have.

And again, this this goes back to a lot of relationships that have been started nearly a decade ago with people.

When you look at the conductive polymer that we have inside the battery today that was developed with Sabic and now have a great relationship with them on how we scale the company moving forward with Tetra Technologies.

You know, we utilize their their, you know, their zinc bromine product in our battery along with and they're also doing mixing for us.

I think when you take those two together and think about them, what they give us are to scale partners with a lot of expertise that can deliver through the growth.

And and, you know, you don't really you have to watch it, but you don't really have to think about them being able to deliver at the scale to scale the company.

So it takes something off your off your off your plate as you as you move forward.

There are others that we're working with on on other parts of things to help us as we position to scale.

But, you know, everybody looks at the company when when you come in and spend time with the team and see the, you know, see the factory, see the product working.

And you get a lot of people from established companies that want to help us position the company for long term growth.

They see it as a growth opportunity for them and they see the end use case of where the market is going for power demand and put put us in the middle and see a leadership team that has run operational companies and been in operational companies in the past and think we're a good partner.

And they help us, you know, you know, for for for all the things we've talked about that we're doing.

We're still a relatively small company when you think about there's 400 people in in in the organization.

When you think about everything that we're trying to do, having people that you can lean into for the scale is very important.

Well, last question for me before we open it up for the audience.

We've talked about a lot about the key milestones, anything we haven't talked about yet on milestones of the next 12, 24 months.

Look, contribution margin positive is a big one for us.

Right.

So we'll get the automated line in.

We talked about the cost out.

I think the next line of sight for us there is contribution margin positive.

You know, and then and then at that point, it's it's continue to execute, scale the business, deliver product and cash flow positive will follow.

Right.

Right.

And then and then I would just I'd add into that just as you know, we show the line every time we do earnings on on energy that comes out of the system.

And if you look at that line, it's gone vertical like a rocket ship taking off.

And that line just got to keep going.

Is that that that to me encompasses everything that we're trying to do.

And that will lead to what Nathan just talked about.

So if you look at what I think is the indicator of where the company's going to be heading, that's going to be it.

Because that's ultimately as that line goes up, more people are going to want to buy from you as that line goes up.

You're putting more product out, you're getting more volume leverage.

So that's going to be a key thing that we that we need to watch as we move forward.

All right.

Any questions from the audience?

Guys are off the clock.

Sure.

Thanks.

Thanks.

Or is it just kind of what's the best deal at the moment?

I would say there are different sizes of buyers or buyers with different tax appetites.

And so the buyers that are interested in a few million dollars a year in tax credits are not the same buyers that are interested in 100 or 200 million dollars a year in tax credits.

So I think I think the buyer universe will evolve over time.

But so far, what we're doing is working through a broker and getting into bilateral negotiations.

And I would expect that continues for at least several more quarters as the marketplace develops.

But I think the buyer list will change as we continue to grow.

I mean, if you look at our expansion plans, the amount of tax credits we're going to have available to sell increase exponentially.

And so we're going to be looking at other buyers.

I think I am looking forward to the opportunity to either borrow against or securitization or forward sell, you know, however that market develops over time.

But I think that's coming as we continue to grow as well.

It's a volume market.

I think people see the opportunity to do a lot of the things that you asked about, but it's the products are under development.

I think more to come in the next probably six to nine months.

Are you guys positioning your pipeline just given a lot of the shift we're seeing in the storage industry around a transition towards away from integrators towards self-integration?

Just how are you guys positioning yourselves to to navigate some of the shifting market dynamics?

Yeah.

So so.

So what I would say is, is, you know, our our pipeline has always had a mix of customers.

So we've always had that component of self-integrators in our in our pipeline.

I think it creates an opportunity for a company.

Right.

So so less and less of what we're doing is is is a technical engineer to engineer sale.

You have people that are looking at this as here's my use case that I would have and how I generate profit off of that use case.

And then they just want give me the assets to be able to do that.

If you have the capability inside your company to help them integrate and get up and running easily, they make money faster.

And I think when you think about that and translate that into what EOS does to go back to what I said before about a very simple system, easy to install, very low cost from a civil work standpoint.

Reduce the amount of wiring and things you need to do out in the field to just make it easy to get to generating revenue.

That plays in really well with that with that side of of of the market.

The other piece of this, which, you know, what I've always said is, is we've gone through these three big hurdles.

When you think about the development of a battery energy storage company, first one was how do I take this little cell and turn it into a battery?

That was tough.

Second one was how do I manufacture it?

Get it out in the field.

That was tough.

The third one was now that it's out in the field, how do I operate?

And what I've seen from our team is we have a lot of expertise around how to do that operation part that helps our customers get up and running and keep their product running, which I think over time, as you see the market you're talking about, becomes a competitive advantage.

Now, inside of that, you got to scale from where you from where you are to where you need to be.

So as the company grows, you have to add capability.

And that's where our software and digital tools are going to help us do that more efficiently.

But I always see it I always see it as an opportunity.

You know, I saw it when I was in the oil and gas business.

I saw it when I was in the gas power systems businesses that you just need to look at what are the pain points from your customers.

And as your customer base changes, how do you give them the service that they want so that they don't have to add cost to run your product?

Joe, any final thoughts you want to leave us with?

Look, I I'm very excited about where the company where the company is and where where we can take the company from here.

I'm often told people, you know, hardest thing I've ever done in my career, but super proud of the team that we have and what they've done to get us here.

You know, it's like in the morning, the biggest distraction for me is when I walk in because my office is right off of the manufacturing floor, is I find myself stopping and staring at the manufacturing line and saying, I can't believe this.

And that's a testament to the work that everybody's done and it's here.

And, you know, I when I first was going in, we were looking at how many pieces of equipment come in.

Now I go in and I look at how many lights are on at all the stations.

When you see all the lights on on every station, you're like, OK, great.

Now we're going to we're starting to see product flow through the line.

So I get really excited about that.

And then I think the other pieces, more and more customers are coming to us.

You know, like where we were out before saying, hey, EOS, do you want to think about us?

There's more people coming in saying I'd like an alternative.

My use case is changing.

I want to buy a made in America product.

So a lot of the strategic fundamentals that we put in place from the founding of the company and have evolved over that time period are starting to really become important.

As you think about where the market's going today.

And I think it just comes down to, you know, purely let's execute on what we have and make it successful and keeping the team focused on execute, block out the noise and just keep moving the company forward.

I think when we put all the pieces in place, which are starting to fall into place, you're going to have a company that can grow with the industry, provide a service that we need and really prove.

You know, I've often said this, you know, one of the things that motivates me to go into work every morning is I really want to make sure that we can prove we can still make stuff.

Right.

In the United States, we still know how to manufacture.

So, yep, absolutely.

Yeah.

Joe, Nathan, thank you.

Thanks a lot.

Thanks, everyone.

Thanks. you