Nextpower Inc. Class A Common Stock Barclays 40th Annual Energy-Power Conference

I am wonderful. Thanks for the opportunity to be here, Christine.

Yes. Thanks, Christine. Thank you. We had our capital markets day in November. We were finishing a year of about $3.5 billion, and we articulated a path to $5.2 billion by our fiscal 2030, which is predominantly calendar 2029. We are a couple of years ahead of schedule in terms of the revenue growth, the earnings growth, and the diversification to include other product categories. We are having another capital markets day on November 16th, and we will be unpacking that in much more granular detail. As you mentioned, when we did the original or the last capital markets day, we had not yet acquired an energy storage company, nor had we acquired a power conversion company, which is complementary to our organic power conversion program.

We see those as very significant vectors of additional growth and highly strategic with each other and with our core business. I'll just say, each of our product categories and business units are over-performing. In totality, we've performed well and we're significantly ahead of plan, and we'll be articulating a much bigger revenue, earnings, and product diversification landing zone for our FY 2030 target.

Yeah. Well, first let's talk about what's actually happening. We acquired a subsidiary of a Spanish electronics company, called Apex Power, which we're manufacturing inverters today. The legacy parent company called Zigor, which is based in Spain, is our contract manufacturer. Today, we have UL-listed inverters and power conditioning units to serve solar and storage. We also have IEC-listed products for solar and storage. We're actually shipping finished goods today, produced by our contract manufacturer in Spain. They'll continue supporting us. In parallel, we're building a very significant U.S. factory that will be at double-digit gigawatts that will be operational next year. We're taking orders now, and we see there's a huge vacuum and an opportunity for us to fill it.

Before I get to that, the reason we made the original decision to move into this space was that when we ask our customer what their problem sets are, it is inverter, inverter, typically. There was a huge entitlement for additional performance. We believe we have got the skill set and the position to fill that gap. After we made the decision we are moving forward, a number of tailwinds with various U.S. government actions with the FCC ban, cyber security issues and concerns, and FEOC issues. That has been a great tailwind, and our customers are responding very affirmatively. Now, we could continue the product categories to include other things like transformers, either conventional or solid state or what have you. We have done 13 acquisitions in the last 2 and a half years, and what we are really focused on is executing what we have now.

I will just say that the inverter and power conditioning technology we have brought on, both the acquisition and the organic, is highly strategic with our storage program as well.

Well, let me just first say, I've been working with inverters my whole career in renewables, going back to the late '80s. In a prior company, we interconnected serial number one IGBT inverter in solar. That was in 1994. It's not rocket science to build highly reliable products. Highly reliable products and service are not what most customers are experiencing right now in the market. There's a variety of root causes for that, but basically, there was a commoditization, people just pushing too much power through these units and not doing proper design. We really think there's an opportunity to address those reliability issues. Now, there are legitimate concerns, and also, a lot of fears around having a predominant amount of power conditioning manufactured by, let's just say, FEOC countries. Nextpower is a U.S. company.