Thank you. Thank you all for joining us today.

Hosting the call with me are Exos' chief executive officer, Dakota Semler, Exos' chief operating officer, Giordano Sordoni, and Exos' chief financial officer, Liana Pogosyan. Today, after the close of regular trading, EXOS issued its second quarter 26 earnings press release.

As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results, as well as commentary on the quarter ended 06/30/2026. Management statements today reflect management's views as of today, 08/13/2026 only, and will include forward looking statements including statements regarding our fiscal year 2026, management's expectations for future financial and operational performance, and other statements regarding our plans, prospects, expectations.

These statements are not promises or guarantees and are subject to risks and uncertainties which could cause them to differ materially from actual results. Please refer to today's press release and our filings with the SEC including our most recently filed annual report on Form 10-Ks and subsequent filings for a more detailed discussion of important factors that could cause actual results to differ materially from these forward looking statements.

Such factors include, but are not limited to, Exos' ability to access capital when needed and continue as a going concern, Xos' ability to implement business plans and identify and realize opportunities, potential supply chain disruption, and or economic downturns resulting from trade policies, tariffs, international conflicts and tensions, and or shortages of access to oil, energy, and other key industrial inputs. We undertake no obligation to update forward looking statements except as required by law.

You should not put undue reliance on forward looking statements. Further, today's presentation includes references to non GAAP financial measures and performance metrics.

Additional information about these non GAAP measures, including reconciliations of historical non GAAP measures to the comparable GAAP measures, is included in the press release we issued today. Our press release and SEC filings are available on the Relations section of our website at www.xostrucks.com/investor-overview.

With that, I now turn it over to our CEO, Dakota.

Thanks, David. And thank you everyone for joining us on the call.

Every company has a handful of quarters that redraw the boundaries of what it can become. Q2 26 was 1 of those quarters for us.

In June, we launched the PowerHub, the newest and largest member of the Exos Hub family. And with it, we stepped directly into 1 of the largest infrastructure build outs in American history.

A race to power data centers and the AI economy. The through line of the quarter was clear.

Exos is becoming a power infrastructure company with the products, the customer base, and the manufacturing capability to grow in the markets far larger than the 1 we started in. On the headline numbers, we delivered 30 units in the quarter, generating $4.7 million in revenue, and posted our 12th consecutive quarter of positive non GAAP gross margins.

Deliveries came in lighter than we planned. We anticipated delivering far more units in the quarter, but multiple orders shifted into subsequent quarters pending customer delays and customer acceptance.

That is frustrating, and I will not pretend otherwise. But these are deferrals, and we anticipate fulfilling those orders over the next year.

Even with the later deliveries, our margin trajectory through the first half remains strong. GAAP gross margin for the first half of 26 was 31%.

The strongest first half in EXOS' history, and we are proud of that. Liana will take you through the full financial picture including our updated full year outlook, which reflects the timing of those shifted orders.

What has not changed is the demand underneath this business. We anticipate a strong second half with multiple opportunities across our growing segments.

In June, we announced the launch of the Power Hub series, mobile, containerized battery energy storage with our flagship 3.1 megawatt hour unit delivering 1.5 megawatts of continuous power from a standard intermodal container form factor. Multiple units can be combined to power multi megawatt sites without traditional engineering cycles.

This is not just a bigger battery. it is a deployable power system.

Here's why it matters. We believe 1 of the biggest constraints in The US industry right now is the inability to deliver power where it is needed.

When it is needed. Data centers and industrial facilities are waiting 3 to 7 years for grid interconnection.

The Powerhub lets them energize a site in days. And we are not arriving in this market without a foothold.

Exos has more than 250 megawatt hours of energy storage already deployed across North America. Customers in this market do not buy promises and they buy proof And our proof is our EV charger hubs that are working in the field today.

That demand is already converting. The Charger Hub has already supported a large data center construction project for a hyperscaler customer exactly the application this product was built for.

Power constrained sites, fast deployment, no permitting overhead, and customers who need uptime more than they need Siri. We expect to announce rental, leasing, and employment partners for the PowerHub in the coming quarters.

The same demand signal is coming from the public sector. And it grew louder throughout the quarter.

In May, Exos was selected as 1 of only 17 finalists from a nationwide pool of applicants at the US Air Force Global Strike Command commercial capabilities showcase. Where our team ran a live demonstration of the charger hub real time DC fast charging of an electric vehicle, no grid connection, no setup crew.

And in June, we made an appearance at the government fleet expo in Long Beach, putting our trucks, powertrains, and hubs in front of municipal, state, and federal fleet buyers. The electrification of the battlefield is 1 of the most significant operational shifts inside today's military.

Unmanned aerial systems counter-UAS platforms, distributed computing at the forward operating base, and expanded telecommunications, are all creating low growth that only quiet deployable power can serve. The hub was built for exactly that environment and the reception from defense customers this quarter confirmed it.

Our commercial business kept building as well. At ACT Expo in May, we showcased the complete Exos ecosystem.

JetVans, powered by Exos powertrains and the Charger Hub at 1 conference. The proof points behind that ecosystem kept stacking up.

Over 100 powertrain orders since we launched the business with Blue Bird in the second quarter of last year, Hubs operating with fleets like Caltrans, Duke Energy, Xcel Energy, and Waymo. Vehicles in service with UPS and FedEx ISPs, and more than 1 thousand Exos units in operation today.

The economics underneath all of this continue to move in our favor. With diesel in California averaging north of $7/gallon during the quarter, Heavy duty fleets are running electric, are seeing per mile fuel savings of >60%.

Those savings are real, They are durable. And they do not depend on where federal policy lands.

The regulatory tailwind may have turned, but the economic tailwind has not. Underneath the growth story, discipline that got us here has not changed.

Gross margin will move the product mix from quarter to quarter, but the structural drivers higher margin hub and powertrain revenue, lower product costs, and leaner operations are durable. And we continue to expect full year 2026 gross margins to be meaningfully better than 2025.

We also strengthened the balance sheet during the quarter and closed with more cash than we started, Liana will cover both in detail. Stepping back, Q2 26 was the quarter Exos' addressable market got bigger.

A lot bigger. Trucks put us on the road, Powertrains put us inside other OEM vehicles.

The Power Hub has put us in front of the defining infrastructure challenge of this decade. The second half of this year is about converting that position into deliveries.

With that, I will turn it over to Giordano to walk through the operational highlights of the quarter.

Thanks, Dakota. During the second quarter, our operations and engineering teams continued to execute across our commercial vehicle, powertrain and energy storage product lines, while making meaningful progress towards the launch of several new products and configurations.

Across our manufacturing operations, we continue to build EXOS trucks and powertrain systems alongside our Exos hub energy storage products. 1 of the strengths of our operating model is that these products share much of the same underlying technology, supply chain, engineering resources, and manufacturing infrastructure.

Allowing us to support multiple product lines within a flexible production footprint. On the Exos Hub, Q2 was our highest production quarter to date, 29 hubs produced during the quarter.

This milestone reflects the work that our team has done to improve the hub production process increase throughput, and make the production line more flexible. Importantly, these improvements are not just about producing more units.

We have also been working to increase the number of hub configurations we can efficiently build. This flexibility is becoming increasingly important as we expand the hub platform beyond mobile EV charging and into a broader range of energy storage and power applications.

A major focus during Q2 was the testing, validation, and certification of these new hub configurations. Our engineering team completed a substantial amount of UL testing and certification work during the quarter.

This work is critical as we expand the product into applications where customers require certified equipment that can integrate safely and reliably with existing electrical infrastructure. We have also made significant progress towards the production launch of our AC/DC-port Hub variants.

These products build on the battery, power electronics, controls, and software technology that we have already deployed in the field but add the ability to directly provide AC power. This meaningfully expands the addressable applications for the hub, including temporary and backup power industrial applications, and power support for energy intensive infrastructure, such as data centers.

On the vehicle and powertrain side, we continue building excess commercial vehicles while also producing and delivering powertrain kits to Blue Bird. We began delivering powertrain kits with the vehicle to grid capability, giving our customers the capability to use the excess powertrain as an energy asset that can feed energy back into the grid.

Running these programs alongside the growing hub production demonstrates the of our manufacturing operation and our ability to deploy a common technology platform across multiple end markets. Across all of these efforts, our focus remains on building a more flexible and capital efficient operating model.

The manufacturing improvements we made during the quarter allow us to support a broader product portfolio using our existing team facility, and infrastructure. As we move through the second half of the year, our priorities are straightforward.

Continue executing on truck and powertrain production, ramp our expanded hub product portfolio, and build on the manufacturing and certification work completed during the first half of the year. With that, I will turn it over to Liana.

Thanks, Gio. Before I go through the quarter, I want to frame the first half.

Because 3 things came together that have not come together before. The first half of 26 produced the highest GAAP gross margin and gross profit in Xos' history.

Our lowest GAAP and non GAAP operating loss, and a record half for powertrain and hub deliveries. Margin expanding while operating loss narrows.

is the operating leverage we have been building toward. With that as the backdrop, let me walk through the detail, including the delivery timing, that shaped the second quarter.

For the first half of 26, our revenue was $16 million on 125 units down from $24.3 million on 164 units in the first half of 25. Revenue decreased as a result of lower deliveries, primarily reflecting orders that shifted into subsequent quarters pending customer readiness and acceptance.

Together with engineering resources toward the development of new hub variants. For Q2 26, our revenue was $4.7 million on 30 units down from $18.4 million on 135 units in Q2 25 and down sequentially from $11.2 million on 95 units.

This quarter's deliveries were mainly driven by our hub and powertrain product lines, including Blue Bird powertrain kits. In the first half of 26, we generated GAAP gross profit of $4.9 million a 31% gross margin.

Compared with $2.9 million or 11.8% in the first half of 25. That is an improvement of more than 19 percentage points year over year and the highest first half GAAP gross margin in our history.

Non GAAP gross profit was $4.6 million or 29% compared with $1.2 million or 4.9% a year ago. An improvement of more than 24 percentage points.

The improvement reflects a favorable shift in product mix toward higher margin hub and powertrain deliveries. Together with continued savings from optimized inventory management and sourcing strategies.

For the second quarter of 26, GAAP gross profit was $600 thousand or 12.1%, compared with $1.6 million or 8.9% in the second quarter of 25 and $4.4 million or 38.9% in the first quarter of 26. Non GAAP gross profit was $300 thousand or 7.2% for the second quarter of 26, versus $300 thousand or 1.5% in the prior year quarter and $4.3 million or 38.2% in the first quarter of 26.

The sequential decline reflects the timing and mix of deliveries within the year. This quarter, marks our twelfth consecutive period of positive non GAAP gross margin.

Now turning to expenses. In the first half of 26, operating expenses were $17.5 million compared to $19.2 million in the first half of 25.

The reduction of approximately 9% reflects our continued discipline in managing costs while continuing to invest. Our Q2 26 operating expenses were $8.5 million down from $8.7 million in Q2 25 and down sequentially from $9 million in Q1 26.

Our operating loss for the first half of 26 improved to $12.6 million compared with $16.3 million in the first half of 25. A reduction of approximately 23%.

Non GAAP operating loss for the first half of 26 improved to $8.8 million compared with $14.9 million in the first half of 25. A reduction of approximately 41% reflecting continued momentum towards profitability driven by improved operating efficiency and cost discipline.

For Q2 26, operating loss was $7.9 million compared with $7.1 million in Q2 25, and $4.6 million in Q1 26, primarily reflecting lower volumes during the quarter. Non GAAP operating loss improved year over year to $6.2 million compared with $6.8 million in Q2 25 but increased sequentially.

from $2.6 million in Q1 26 primarily due to the same volume dynamics. Our EBITDA loss for the first half of 26 improved to $11.5 million compared with a loss of $15.3 million in the first half of 25.

An improvement of approximately 25% Adjusted EBITDA during the first half of 26 was a loss of $7.5 million representing an improvement of approximately 39% compared with a loss of $12.1 million in the first half of 25. Reflecting the continued benefits of cost discipline and operational efficiency.

For Q2 26, EBITDA was a loss of $7.4 million compared with a loss of $6.5 million in Q2 25 and a loss of $4.1 million in Q1 26. Adjusted EBITDA for Q2 26 was a loss of $5.1 million compared with a loss of $4.9 million in Q2 25 and a loss of $2 million in Q1 26.

Turning to the balance sheet. We closed Q2 26 with cash and cash equivalents totaling $13.2 million.

Up from $9.8 million at the end of the first quarter. An increase of approximately 35%.

During the quarter, we raised $2.2 million under our ATM offering program and $5.4 million through a registered direct offering. or $7.6 million in total net of offering costs.

These raises strengthened our liquidity position and provide additional capital to support our growth initiatives. For the first 6 months of 2026, operating cash flow less CapEx or free cash flow was negative $4.3 million compared with negative $1 million in the first half of 25.

The change primarily reflects a significant significantly larger working capital release in the prior year period when reductions in inventory and accounts receivable generated $6.3 million of cash compared with $3.6 million in the current year period. Inventory declined to $23.5 million at the end of the second quarter of 26 from $25 million at year end 2025.

and $31 million at the end of the second quarter of 25. Reflecting continued progress from our inventory management initiatives and broader operational discipline.

We continue to make meaningful progress in improving accounts receivable turnover. Over the past 4 quarters, we collected nearly $50 million from both customers and organizations administering state grant programs, including $7.2 million during the second quarter of 26.

Accounts receivable net declined to $4.5 million at 06/30/2026 from $6 million at year end 2025. This discipline remains central to building a more self sustaining business with a stronger foundation for long term stability.

As we look ahead, our priorities remain clear. Scaling efficiently, proactively managing liquidity, pursuing strategic capital raising opportunities, allocating capital with discipline, and maintaining our focus on accounts receivable collections.

Now turning to our outlook, In order to better reflect changes in the expected product mix and volume expectations for the second half of the year, we are revising our full year 2026 guidance of revenue to fall within the range of $35 million to $43 million unit deliveries to be within the range of 250-350 units, and non GAAP operating loss to be in the range of $14.7 million to $11.4 million. With that, I will turn the call back over to the operator.

Thanks very much. Sorry about the slippage in units in the quarter, but congratulations on all the progress with the On the hub, is it you said 29 units produced.

Is that the just produced, or is that the number of units that actually went out the door during the quarter?

Yes, Ted. Those were that is the number produced.

Not all of those count as deliveries, although some of them have been paid for. Some of them are still in the factory paid for, but yet to be picked up and delivered to the customer.

On the hub, you provided some commentary with regards to, effort to get it UL listed, which, you know, obviously is critical. Could you outline know, kind of where you are in that process?

I mean, usually, there is you know, a fair amount of testing with regards to, you know, different components of any kind of equipment. And then after that, you kind of test the unit in and of itself.

So maybe some discussion on you know, the different tests that you have taken and passed, the ones you have left, and maybe a timeline to when you complete.

Yeah. We have UL approval at the component level as you mentioned.

We are using UL approved components for the most part. We are doing system level testing.

There are a few different standards that we are going after, 1 of which we should have approval on in the next couple of weeks. And then we are pursuing another standard that will take a little bit longer.

it is not gating for customer deliveries completely with the amount of testing we have now and, within a couple weeks, there are plenty of customers that are willing and able to take the hub with the level of certification and testing that it has now, and we will continue to build and improve upon that. And as we kind of touched on in our comments, we are making sure to do the testing in a way where it will apply across as many variants of the platform as possible.

We are building these units with different capabilities. So DC charge output versus AC power output, we want the tests and certifications to cover both those use cases.

As well as different sizes of the hub. In the mobile form factor, we go as small as, like, a 210 kWh hub.

And as large as a 630 kWh unit. We have made a ton of improvements to the enclosure itself, so that our kind of standard, middle-ground 400 kWh unit will come under 10 thousand pounds, which is an important requirement for our customers that want to move the unit around with a kind of standard pickup truck.

So that is another thing that we have been hard at work on in future versions of the hub. But, yeah, going well so far, and it is in no way going to stop us from starting to make deliveries of, the new versions of the unit and continue delivering the Charger Hub version of the product, I should say.

Is it fair to assume that you will have all the UL certification work done before year end?

Well, I think we will have certain standards done within the next couple of weeks. As far as other standards that we are pursuing that might push into next year.

Again, nothing that is gating us from being able to get up and running.

Okay. And then when looking at the unit shortfall, I mean, can you kinda give us some color?

Is it sounds like given that you are talking a little more positively with regards to powertrains and hubs that a lot of the surprise for you is on the chassis side. Is that correct?

Yeah. So part of the surprise was interesting powertrain delays.

We had some orders that got delayed and slowed down on the powertrain side of the business. There were a few smaller truck orders that also pushed back.

But as we highlighted, all of these orders are still expected to come through within the next year or so. Some of them probably even within the next couple of quarters.

Okay. And then my final question.

I know Bluebird is an important customer and they made a pretty significant when they reported with regards to taking over, the chassis operations for Ford for stuff that is in such. Is there any implication to that as it relates to what they are doing with Ford?

I mean, I mean, it sounds like it is just ice related, but you know, what are the is there any ramifications or anything that is noteworthy as it relates to Bluebird and EXOs with regards to that? Development?

cannot speak cannot speak exactly to their internal strategy for the acquisition. We view it as a potential complementary piece.

Bluebird has bought our powertrains to sell into the commercial chassis space as well. And that is not something that currently Ford has an offering for.

In their strip chassis product lineup, they have never built a zero emissions product. And we would look to us to build their zero emissions commercial chassis powertrain.

So that is something we view as a potential opportunity in the future. And the capacity, we are very familiar with it.

20 thousand units/year. So it represents some very large volume opportunities that I think are exciting for Bluebird and as 1 of their potential EV powertrain suppliers we think it could be a really interesting growth opportunity as we continue to expand our relationship with them.

that is an excellent answer. Alright.

Thanks, Dakota. I will get out of line.

Thanks, Ted.

Hi, good evening and thanks for taking my questions. Dakota, I wanted to ask a little bit more about the PowerHub.

The product in the market that is competitive that is getting the most attention these days is obviously Ford's unit. Where they use, CATL cells.

And I guess they are about 5.5 megawatt-hours. So your 3.1 should make you, you know, from a unit purchase price, materially less expensive.

And then I just wanted to confirm that, you are going to continue using cells from Eve. EVE, which were less expensive than the CATL cells in the first place.

And, you know, maybe you want to comment on why 3.1 megawatt hours in the box instead of, you know, 5.5 I do know you are running it at the same rate, c over 2. But can you help us understand the customer conversations that helped you design this product?

Yeah. Absolutely.

So 1 of the things that is an important call out and I think is sometimes overlooked in the large scale BEST industry is that when you are looking at a lot of the traditional BEST systems, that are out there in the market from suppliers like CATL or from Ford, they are what is referred to as a DC block. So as you know, all these LFP batteries and modules and systems run DC power.

And so when there is a handoff at those systems, it is a DC connection. And typically, when those best systems are connected into utility scale generation or any kind of utility scale load.

there is a separate converter and power conversion system that is required to connect it into the grid. Which is a very large system.

And typically quite costly as well. So when you are buying from a CATL or from a BYD or any of these large cell manufacturers, even the Ford system that they are building now, it is was considered a DC block.

there is a new architecture that we have implemented, and there is a couple other folks that are starting to do this. Where you actually take the DC block that is in your traditional ESS and you combine it with the power conversion system.

And you combine it with the energy controller. Which controls and moderates that power.

And, essentially, what we are outputting is not just DC power. it is AC power.

And that makes it really effective for a variety of different reasons. 1 is you are manufacturing the entire system PCS, and controller all in 1 enclosure in 1 factory.

So it brings the cost down considerably of the actual system as a combined system. In addition to that, it makes them much quicker and faster to deploy.

So instead of engineering a site, where you have to design the best system connected to the PCS, connected to your controller, connected to your AC transformer, or switchgear or removal switch, you are going to now design 1 system that plugs into the rest of the load. And so that makes it a lot quicker to be able to deploy these and we can directly connect to a conventional diesel or recip gen set.

So it makes it very, very deployable from a power standpoint. And I think it is important to draw that out because 1 of the biggest use cases we see is in temporary power as data centers start to see demand for their product ramping up they need to get power quickly.

And that can take 3 to 7 years for them to get power from the grid So what a lot of operators are doing is they are bringing in large reciprocating gensets in the 2 to 4 megawatt range and they are connecting them directly to the load. But that creates a variety of problems for a basically, AI compute loads.

They are very, very volatile. They are totally different than traditional historical data center loads.

Where you see a significant ramp up in power, and that ramp up is followed by a short, very quick fall in power demand. They are very volatile, which causes generators to run at very volatile RPMs, which creates a ton of maintenance issues and maintenance costs in keeping those generators operational.

The other thing it does is it causes your generator to run at suboptimal efficiency ranges. So as it is going up and down in the RPMs, you are seeing incredibly poor fuel consumption.

And what you really want a generator to do is to run at their optimal efficiency level, which can be at a 70 to 80% of their rated load. And that is what the best system essentially does.

It will allow these recip generators to not only operate more efficiently, but to take away those volatile peaks reducing maintenance and wear and tear on the generators, and ultimately reducing emissions because the generators burning the most amount of fuel the most efficiently. So as you are looking at a lot of these sites, you look at the XAI site in Memphis and you look at some of these other sites, that is empowered by traditional recip, diesel or nat gas or propane gensets the best is what is key to keeping O&M costs low and to keeping fuel costs as efficient as they can be.

So we are not just selling that DC block. A DC block cannot connect into a conventional Genset.

You cannot drop it out of site and immediately plug it in and have megawatts of power, within a few days, You have to install that inverter. You have to connect it.

You have to make sure you are controller is synced between the generator, the PCS, and the BEST system. So there is a lot of engineering and work that goes into rolling that out.

And so that is where our system is truly differentiated is you can actually deliver this to a site, plug it into any conventional reciprocating large scale genset, and immediately have site power to power these critical loads that have really expensive or costly sensitive electronics that are that are being powered. And then you had a second question, which is just around cell supply.

So we have worked with a number of different suppliers over the years. We have great partnerships with a lot of the large tier 1 key suppliers globally.

And our primary supplier for this product is Goshen. They have built an incredible facility in Illinois where they are doing domestic production of battery cells and battery packs.

And that was a critical requirement for us as we have a number of customers including some of the defense customers we talked about, that have specific requirements around US content and US manufacturing of cells and critical components. And so in order to maintain those FOCI compliance requirements, we knew we had to source a local cell and a local pack And so these are all built with Goshen packs.

Which are still incredibly competitive. Being that they are manufactured here, but also by incredibly experienced cell manufacturer, 1 of the top 5 cell manufacturers globally.

Thank you for that. So my next question is about inventory, right?

So you have done a really good job bringing down your inventory over the last several quarters. And then again, you know, even in a light quarter, light revenue quarter, you brought inventory down.

what is a fair expectation for inventory liquidation over the next couple of quarters? You do expect an uptick from what we saw in the June quarter.

Does this help us release cash from the balance sheet?

Yeah. It definitely does.

We have taken multiple steps to improve that. I think 1 of the biggest things that is shifting in our model is that when we deliver powertrain kits and we deliver hubs, there is not a secondary stage of manufacturing.

When those vehicles or those components or those hubs leave our factory, they change hands and title changes to the customer. And that is a little bit different with a step van where sometimes we will sell a complete strip chassis.

Sometimes we will sell a completed step van. There might be a few months where that vehicle's in the hands of the upfitter.

Getting delivered to a customer, which greatly increases our inventory holding period and our inventory turnover rates. Or decreases our inventory turning turnover rates.

And so as the mix and shift evolves towards increased hubs and increased powertrains, that inventory turnover is gradually accelerated just based upon the type of product that we are selling. Beyond that, we really focused on optimizing getting as many things built to order as possible.

And reducing the amount of inventory that we carry or demos or marketing, sales and marketing type products that we use for events. And loaners and that sort of thing.

So our focus is to get that and optimize it as much as possible You know, we hope for multiple inventory turns per year. And we are well on our way and significantly improved from what we have seen in the last 2 or 3 years.

And that is something that we think will even get better with the hub. And will be supported by having domestic production of a lot of our critical components, including costly things such as battery cells and battery packs.

Thank you.

And my last question is a financial question. So in the June quarter, you brought your SG&A and R&D down by a few hundred thousand dollars.

Can you maybe talk about whether or not these were specific cost out actions or more a function of the variable expense around revenue generation? You know?

And can we maybe expect these at similar or slightly lower levels, over the next couple of quarters?

Yeah. Thanks for the question, Craig.

As far as, you know, the cadence, there were, you know, some of as a result of the function of revenue, but the a lot of the decreases were smaller purchases of R&D materials. And just as far as the cadence of it, I would say we should expect it to be at the level similar to what we had earlier this year in the first quarter.

Excellent. Well, congratulations on another step forward.

Right? And, we look forward to watching the watching the progress.

Thanks, Craig.

For most of our history, the size of Xos' opportunity was set by how many fleets were ready to electrify their trucks. As of this quarter, it is set by something much larger, how much power this country needs and how fast it needs it.

Data centers, defense installations, government fleets, and commercial operators are all hitting the same wall. Energy demand that is growing faster than the grid can deliver.

In Q2, we put Xos squarely in front of that demand with an expanding product line that is already proving itself in the field. Growth, margins, and liquidity still frame every decision we make and nothing about this quarter changed that discipline.

What changed is the size of the field we play on. The second half of 26 is where that shows up in volume.

The majority of the year's deliveries are ahead of us, weighted towards the products with the strongest demand and the strongest margins in our portfolio. We built Xos to serve fleets, Now we are scaling it to power far more than that.

Q2 was the quarter that the future came into view. With that, we will wrap up today's call.

Thank you, everybody.