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- **Revenue and Profit Growth**: Q2 revenue up 15% YoY to $131.7 million, adjusted EBITDA surging 29% to $30.6 million. Gross margin improved to 46%.
- **Strategic Wins**: 
  - **Data Center**: $30 million quote log for liquid load banks, first 20-unit order secured.
  - **Decarbonization**: $10 million orders for medium-voltage heaters, targeting 17% CAGR market.
- **Execution Momentum**: 41% YoY growth in large CapEx projects, with 17% YoY backlog expansion.
- **Financial Strength**: 1.0x net leverage, $129 million liquidity, and $36 million shares repurchased YTD.
- **Guidance Update**: Full-year 2026 revenue raised to $506-527 million, EBITDA to $112-119 million.

**【CEO Summary Section】**
- **Revenue Growth and Margin Expansion**: Q2 revenue reached $131.7 million (15% YoY), with adjusted EBITDA up 29% to $30.6 million. Gross margin improved to 46% (vs. 44% YoY), driven by pricing, tariff mitigation, and operational efficiency.
- **Strategic Initiatives**: 
  - **Digitization**: Genesis Network installed circuits grew 48% to 86,000, enabling predictive maintenance and energy efficiency across industrial, commercial, and data center solutions.
  - **Decarbonization**: Medium-voltage heaters (Quantum line) secured $10 million in orders, targeting high-growth markets like Europe with 17% CAGR to 2030.
  - **Data Center Diversification**: Liquid load banks (Poseidon/Pontus) achieved $30 million in quotes, with first order for 20 units. Market projected at $386 million by 2032 (21% CAGR).
- **Backlog and Execution Momentum**: Backlog up 17% YoY, with 41% growth in large CapEx projects (e.g., North American LNG). Fiscal 2026 guidance raised to $506-527 million revenue and $112-119 million EBITDA.

**【CFO Financial Commentary】**
- **Financial Health**: 
  - Free cash flow: $4.4 million (down 34% YoY due to inventory build).
  - Net debt: $110 million (1.0x leverage), with $129 million liquidity.
  - Share buybacks: $6 million Q2, $36 million YTD.
- **Revenue Mix**: 
  - OpEx (81% of revenue) grew 10% YoY, driven by F.A.T.I. and industrial solutions.
  - Large projects (19% of revenue) up 41% YoY, offsetting lower-margin execution.
- **Geographic Performance**: 
  - USLAM: +8%, Canada: +10%, EMEA: +100%, APAC: -4% (China trade policy headwinds).

**【Q&A Highlights】**
- **Large CapEx Execution**: 2 LNG projects moved to execution, with 140% YoY growth in LNG pipeline. Diversified end markets (chemical, power) also showing execution momentum.
- **Gross Margin Dynamics**: Higher large project mix (19% vs. 13% YoY) weighed on gross margin, but EBITDA margin expanded to 23.2% (vs. 20.8% YoY).
- **New Product Pipeline**: 
  - Data center load banks: 0 revenue Q2, but $30 million quote log and 20%+ market share target.
  - Medium-voltage heaters: 2 orders in process, scaling capacity in North America and Europe.
- **Inorganic Growth**: Active M&A pipeline, prioritizing bolt-ons aligned with 3D strategy (decarbonization, digitization, diversification).

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