Let me set the stage. First, commercial: quarter ended April 30, 2026, revenue $35.6M, down ~5% YoY as lower service and generation revenue outweighed higher product sales from Korea module deliveries. Second, operational: operating loss $77.9M including $42.6M non-cash Groton Navy impairment; adjusted EBITDA negative $17.1M, a 12% improvement. Third, financial: $440.9M total cash ($373.2M unrestricted), essentially debt-free, no near-term maturities; backlog $1.14B, down ~9%, weighted to long-term generation PPAs. Proof over promise.