Let me set the stage. First, operational: headcount cut roughly a third in seven months — 13% last November, 22% this June — filing cites slower-than-expected market investment. Second, financial: gap bridged via ATM, ~10.9M shares this quarter for ~$100M net, ~4.1M post-quarter for ~$53M. Third, conditional path: positive adjusted EBITDA requires Torrington at 100 MW annualized; we're below that. Expansion to 500 MW at $200–275M gated on contracted backlog — we won't build ahead. Proof over promise.