Earnings call transcript: Legend Power Systems Q2 2025 sees revenue rise

Legend Power Systems Inc. reported a significant increase in revenue for the second quarter of fiscal year 2025, reaching $523,000, a substantial rise from $124,000 in the same quarter last year. This performance aligns with the company’s impressive 177% revenue growth over the last twelve months, according to InvestingPro data. Despite this growth, the company’s gross margin fell to 22% from 46% the previous year. Following the earnings announcement, the stock price of Legend Power Systems (NASDAQ:LGND) experienced a decline, with shares dropping 7.69% to $0.12, continuing a trend that has seen the stock decline nearly 40% over the past six months.

Key Takeaways

• Revenue surged to $523,000 in Q2 2025, up from $124,000 in Q2 2024.
• Gross margin decreased to 22% from 46% year-over-year.
• Stock price fell by 7.69% following the earnings release.
• The company launched its Gen Three SmartGate system, selling 70 units.

Company Performance

Legend Power Systems demonstrated strong revenue growth in the second quarter of 2025, marking a significant improvement from the previous year. The company’s strategic focus on expanding its product offerings and targeting new sectors appears to have contributed positively to its top-line performance. However, the decrease in gross margin highlights potential challenges in cost management or pricing strategy.

Financial Highlights

• Revenue: $523,000, up from $124,000 year-over-year.
• Gross Margin: 22%, down from 46% in the previous year.
• Cash Position: $224,000.
• Working Capital: $874,000.
• Over $750,000 in outstanding trade receivables were received post-quarter.

Market Reaction

Legend Power Systems’ stock price declined by 7.69% following the earnings announcement, closing at $0.12. This movement comes despite the company’s strong revenue growth, suggesting investor concerns about the declining gross margin and potential cost management issues. The stock remains near its 52-week low of $0.105, indicating continued pressure on the share price.

Outlook & Guidance

Looking ahead, Legend Power Systems is targeting a return to gross margins of 40-50% in the coming quarters, which would be a significant improvement from the current trailing twelve-month gross margin of 37.68%. The company is pursuing a GSA Multiple Award Schedule to enhance its procurement capabilities with federal, state, and local agencies. Additionally, Legend Power Systems is expanding its strategic partnerships to address power quality challenges in electric grids. With a market capitalization of $12.32 million and trading at a price-to-book ratio of 14.81, detailed valuation analysis and growth projections are available in the comprehensive Pro Research Report on InvestingPro.

Executive Commentary

Mike Sciosi, VP of Sales and Marketing, stated, "We’re no longer being viewed as a product vendor. With SmartGate Gen three, Legend Power’s positioned as a strategic infrastructure partner." CEO Randy Buckamer highlighted the increasing power quality challenges facing electric grids globally, emphasizing the company’s focus on addressing these issues.

Risks and Challenges

• Declining gross margin: The drop from 46% to 22% may indicate cost management challenges.
• Supply chain optimization: Continued efforts are needed to reduce costs and improve efficiency.
• Market competition: Despite a unique value proposition, the company faces competition in the energy management sector.

Q&A

During the earnings call, analysts inquired about potential equity financing and the fluctuations in gross margin. Management confirmed that changes to the IRA tax credit had no significant impact on the company’s performance. Additionally, growing customer interest in power quality solutions was highlighted as a positive development.

Full transcript - Legend Power Systems Inc (LPS) Q2 2025:

Moderator/Technical Support, Legend Power Systems: And, we’ve got a number of, people that are still coming in. We’re gonna start in just a moment. So we’ll let you know when we’re ready to start. Alright, Randy. We have an, large number of attendees.

I think we’re ready to go. I’ll go ahead and resume recording and turn it over to you.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Good morning, and and welcome to Legend Power Systems’ fiscal twenty twenty five q two investor call. I’m Randy Buckamer, Legend Power’s chief executive officer. We’re pleased to have you join us on the call today and discuss our corporate progress, our financial results for the second quarter of fiscal twenty twenty five, which were the three months that ended 03/31/2025. Please note that certain statements in this call may be forward looking in nature. These include statements involving known and unknown risks, uncertainties and other factors that could actual changing results and differ materially from those expressed or implied in our forward looking statements.

For more information about Legend’s forward looking statements and risk factors, please see our management discussion and analysis, which was filed on SEDAR yesterday under our company profile at sedarplus. Ca. I’m joined by Florence Tan, who is our CFO, Paul Moffett, COO, Mike Sciosi, who is our VP sales and marketing. Florence, as usual, will provide a great financial update and highlight an overview of the quarter. Paul will update you on the great progress made while managing in a tight cash environment.

The team continues to reduce costs and cost of goods, strengthening margins and improving supply chain and production capabilities. Paul’s team continues to enhance and build Gen three solutions with great success. Mike will update you on the exciting Gen three solution market performance and customer acceptance. Further development of the five key relationships or pillars continue to show they will be the driving forces of our sales growth. The sales team has secured several outstanding partners that are keen to grow their businesses with Legend Solutions.

We’ve operated in a tight cash environment for the last couple of years, and Q2 continued to be a tight cash quarter, and we continue to make the necessary expense and operational cost reduction changes. While some part orders were put on hold, we successfully managed our backlog by leveraging existing inventory to continue fulfilling commitments. Despite these hurdles, we have maintained strong supplier relationships who have been supportive and patient. We’ve been paying down outstanding accounts while prioritizing prior towards prioritizing payroll and other critical needs. The dedication and resilience shown by our Legend team during a challenging q two has been truly commendable.

And, again, thank you to the Legend team. We see more opportunity than before, and we do see a very bright Legend future. The Legend team is absolutely committed to make Legend Power a success story. Our previous $10,000,000 investment developing Gen three continue to drive our business and support a decision well made. You will hear a lot of details about Gen three today.

The performance of Gen three smart gate systems in the field continues to exceed expectations, driving strong customer satisfaction and repeat business. We continue to transition commitments for dozens of smart gate installations annually to, we believe, hundreds of systems annually. This shift is underpinned by strong execution, proven solutions, and a growing pipeline of wins and opportunities. We’re confident that our trajectory is not just upward but transformative. Importantly, while the green investing sector has faced political challenges, Legend Power Systems value proposition transcends political narratives.

By delivering lower costs, increased profitability, reducing risk, We provide enduring value rooted in traditional business fundamentals. Florence, if you would, please provide some financial highlights.

Florence Tan, Chief Financial Officer, Legend Power Systems: Thank you, Randy. During this quarter, revenue recognized was $523,000 compared to $124,000 in Q2 of fiscal ’twenty four. Our gross margin for the quarter was 22% compared to 46% in the prior year and gross margin percentage has decreased due to increased cost of certain inventory components as well as suppliers paid in U. S. Dollars.

However, gross margin dollars were CAD114000 compared to CAD57000 dollars in Q2 of fiscal twenty twenty four. Margin percentage is also lower this quarter due to the mix of SmartGate units sold, and we do anticipate margins to return to the targeted margin levels. Paul will go into a bit more detail on this later. The company ended the quarter with $224,000 in cash, no debt and $874,000 of working capital. The company also received north of 750,000 of outstanding trade receivables and deposits from sales orders subsequent to March 31, further strengthening our working capital position.

We continue to focus on the priorities critical to attaining our projections while managing our resources to support our sales growth plans and deliver for our shareholders. I’ll pass it now to Paul, our COO, to provide some operational highlights.

Paul Moffett, Chief Operating Officer, Legend Power Systems: Thank you, Florence, and good morning, good afternoon to everybody. Very excited about the progress that we’ve made throughout the company and in operations. The entire team remains focused on delivering in product development, supply chain, production, installation, field services, customer services. And we’ve really realized a lot of success from the continuous improvement and simplification in everything we’re doing, business processes, manufacturing processes. And we have really optimized and transformed operations to establish strong methods for our growth and our future successes.

So we now have 15 plus systems in backlog, thanks to the great efforts of sales, Mike Ciocci and his team, and with shipments planned over the coming months, providing additional cash flow into the business. I’m happy that we continue to use our on hand inventory. It’s decreased significantly, down several hundred thousands of dollars, of course, because we’re transforming and converting into to goods for sale and for cash. So we’re consuming what’s on hand. We’re offsetting purchases.

And really, we’re now converging down to that new factory design that I mentioned and our optimal safety stock design. So I’m very happy to see that we’re making that progress. Material orders, as Randy had mentioned, they continue to be scheduled as needed to minimize cash outlay. Obviously, we’re ordering everything we need in addition to inventory for our backlog. But we’re doing that to align to factory capacity, and then we’re ensuring our working capital is at those optimal levels.

And again, as Randy mentioned, our supplier support remains very strong. I’m very happy with the relationships that the team has developed with our key and smaller suppliers. We’ve seen additional lead time improvements, and we’re actively seeking new suppliers. So our cost of goods sold reductions, we saw some really great wins, recently. We’re now sort of moving on to the next big, part in the list, and we’re looking for additional suppliers both for, cost savings, good quality, but also to gain, you know, flexibility and redundancy within our our supply chain.

Our platform continues to be refined. Hardware, software, firmware, functionality, capacity of the system. So our engineering team was working hard on, you know, maintaining designs and documentation, but also looking at additional product power capacity and functionality, really improving the overall platform across the board. So, great news there. We’ve got a nice road map set up, and we’re making lots of cool changes, coming up to, to further enhance the functionality of the product.

What’s a bonus of that is it’s all on the existing, system. So we can add that in the field, as our customers need those those options, onto existing products. Our our gross margin percentage last quarter was was impacted by some some blips in part costs, largely by product mix. We had some US FX impacts, but I completely see us trending back to forty and fifty percent plus gross margins over the coming quarters. So this was a bit of an anomaly, but we have a strong foundation and set up for very strong gross margin percentages, and those will come again.

And, as Randy mentioned, thank you that the monthly operating costs are continuing to be reduced. Following further rationalizations, we’ve looked at our applications. We’ve looked at our services, and we’ve done that really as a cleanup without impacting any of our quality or or deliverables. So very proud of the team overall. The entire team, everyone’s working together seamlessly on improving business processes, to not only improve our product, but to improve our performance to the market and to the customer.

And we’ve created a great and stable foundation to optimize our business systems, for seamless delivery and growth. So thanks, thanks, everyone, for listening. Thanks to the entire team. And with that, I’ll pass it over to Mike.

Moderator/Technical Support, Legend Power Systems: Thank you, Paul, and thank you everybody very much for your time today. I I appreciate it as always. And what I wanna focus on today is how Gen three is driving and delivering on its performance of transforming the company and driving sales. So we won’t really wanna spend some time on that. Because if we look at our $10,000,000 investment in in SmartGate Gen three, it was made with a bold objective, and that was to transition from an energy savings device to an high impact active power management platform.

And the goal was to enable buildings to evolve from passive consumers of electric power into grid interactive power optimized assets. In our latest update, we highlighted a major step forward, which was the launch of our voltage adherence risk rating and the acceleration it’s triggering in our sales cycles. That shift from simple energy savings to operational risk mitigation wasn’t just strategic, it truly was transformative. And I’m pleased to report that the impact has not only intensified as more gen three systems have been sold and deployed and are beginning to drive real world performance at scale. For example, as of today, we have sold 70 Gen three smart gates, which is well ahead of the adoption rate of our Gen one system.

Have 43 smart gates, Gen three smart gates fully deployed and over 27 more scheduled over the coming months. The results are clear that Gen three is outperforming our expectations. And here’s what I wanna spend some time as what the what the data from these systems are actually telling us. And the first is that SmartGate is delivering greater than a 98% reduction in building equipment risk by maintaining voltage within the design specifications, not just the utility tolerances. This ultra stable high quality power that enables building systems to perform as intended, which is maximizing reliability, efficiency, and and asset life.

Of our customers reported a 90% reduction in elevator entrapments after deploying this smart gate, which is just a direct outcome of improved voltage stability. Our customers are also telling us that they’re seeing a 40% or greater reduction in repairs and failures of critical building systems and components. And that’s equating to our customers seeing $2 in non energy savings, which is fewer maintenance, fewer service calls, extended life of of of systems for every dollar worth of energy savings. So we’re we’re well ahead of ahead of expectations there. And that that’s helping us see our our customers experience a 15% ROI with some with some customers achieving higher results than that when they look at the total financial impacts.

And these outcomes are are reframing the value proposition. Energy savings alone, they’re not justifying project expense. But risk reduction, reliability, tenant satisfaction, and portfolio performance absolutely do. So this has really allowed us to to transition to a product strategy a portfolio strategy. The shift is happening across our customer base.

With one commercial real estate customer that began with a pilot of just a few systems has now scaled to over 50 systems and is still ordering more as they transition to a portfolio wide rollout. Their latest order increased from 10 systems to 18 systems, and they’ve also taken over the installation and and management and processes using their own before contractors. And that move increases our margins, increases our upfront deposits, and accelerates our cash our cash collection. Now most importantly, we’re seeing this pattern repeat with more new customers. Once market proves its value, scaling becomes the logical next step.

So back in February, we we emphasized how strategic partners are growing are becoming a a key part of our growth engine, and that’s proving to be true. And the performance results that we’re unable to share is helping those those partners sell faster and at a greater scale. You know, flagship opportunity in New York, we’re in the process of conducting a power impact assessments at a major airport, initially targeting six to eight systems as their pilot. And this site will serve as a live showcase in bringing more enterprise customers and real and validate real time results. Through our partners and their corporate affiliates, we now have multiple sales entry points in the government, infrastructure, and large commercial portfolios.

And we continue to work closely with ESCOs and facility management groups that are focused on system reliability and building optimization, not just energy efficiency, because at the end, this is just perfectly aligned with our value proposition. So at the end of the day, the market is listening. It’s exciting to see how quickly the market is adopting this new message. Our voltage adherence risk rating continues to resonate, reframing SmartGate from a nice to have energy to an essential infrastructure solution. More importantly, we’re no longer being viewed as a product vendor.

With SmartGate Gen three, Legend Power’s positioned as a strategic infrastructure partner, solving critical building problems that others simply cannot. So as we’ve discussed before, we look at our strategic pillars. So I wanna give you a a quick update on those strategic pillars, which will drive our go to market acceleration. First of all, with the, GSA multiple award schedule, we are now in final terms review, and this is the last step before approval. Most companies take twelve to eighteen months to reach this reach this stage, and we’re tracking well ahead of that timeline.

Again, the the multiple award schedule will unlock a streamlined procurement across federal, state, and local agencies and will serve as a critical accelerator for verticals like the Department of Defense, City of New York, and ESCOs, and beyond. Speaking of the City of New York, we’re scheduled to deliver our first four thousand amp system for a new school this July, and that’s a major milestone in large scale public infrastructure deployments. With the GSA technology proving ground after some delays from early Trump era administrative changes, we’ve now been informed that all of our projects will continue within the next sixty days. The first install will move quickly, and the second installation was expected sixty to ninety days behind that. And this puts us back in sync with our Oak Ridge National Labs review and the federal reporting process, which will also serve as another broad accelerator for for smart game adoption.

With the Department of Defense, our projects remain active and underway, and the multiple award schedule will once it’s finalized, will make those processes faster and more simple across the entire of defense. We look at our ESCOs and our strategic partners. Our momentum continues to build. Our new partners are coming online, and existing ones are prog progressing towards larger repeat deployments. And this is all being driven by the results that they’re experiencing in the field, which is super exciting.

You know? So if we look ahead, gen three isn’t just meeting expectations. It’s redefining. Our systems are performing better, delivering broader impact, driving driving faster, higher sales, and shifting how customers allocate capital. So the momentum is not just fueling more deals, but better deals as we move decisively from portfolio wide to to portfolio wide deployments.

So what does all this mean? In summary, our $10,000,000 investment has transitioned SmartGate from energy savings device to grid interactive energy platform. 70 SmartGates sold, 43 deployed, 27 scheduled, delivering results at scale. Our voltage adherence report reframes risk and smart gate as a reliability platform. Our customers are telling us that 98 risk reduction, 40% greater reduction in repair and replacement spends, ultra stable powering to proving the reliability uptime and the lifetime of of the critical building systems.

They’re up to 90% fewer entrapments. $2 for every dollar of of of energy savings and operational savings. 15% ROI. Again, that’s that’s manifesting itself in major real estate groups expanding their their their system footprint dramatically. And our customers are managing more installs, improves our margin than our cash flow.

Strategic partners and Esco’s traction are growing rapidly. And, again, our our multiple award schedules and final review, the New York City deployments and GSA proving grounds and Oak Ridge National Labs are all advancing. And we’re also advancing and and finalizing our partners with the the top Department of Defense. So at the end of the day, we have significant momentum that’s driving us forward. And I look forward to your questions, and I greatly appreciate your your continued support of Reds and Power Systems.

Randy, back to you.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Lawrence and Paul and Mike, obviously, you can tell that the Legend Power team is very positive about Legend’s future, and we’re each and every one of us is committed to making Legend Power a leading power management company. We thank you again for your trust and partnerships, and we continue this remarkable transformation. We would be pleased at this time to take your questions.

Moderator/Technical Support, Legend Power Systems: We’ve got a couple of questions queuing up in the q and a, Randy. The first question is, Mike mentioned one customer with 50 systems. Are they all gen three? And they they still have three legacy gen one systems, and the bulk of them are are gen threes. And we’re talking to them about upgrading because they see such dramatic improvements with Arcade gen three.

Yep. So there’s another question out there, Randy. It says, please discuss your working capital requirements. Go forward in the prospect of yet another equity raise.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Well, we’ve had managed our last couple years, our working capital with very small financings. We have completed two years ago, August, I believe it was, for $2,000,000 at 18¢ with outstanding warrants at at 25¢. Those are due at the July this year. We’ll see with some progress and things that we have between that time and now. Some appreciation in the marketplace, we’re hoping and believe we can get some of those warrants hopefully exercised.

And, you know, we continue to manage the cash very closely. You know, we we continue to get things done with minimal cash. However, when we have some significant growth plans, and achieve the ones and the market sees those results, I think it’s a big thing we have to do is show the the demonstrable results. Then there’s different opportunities available to us from different alternate financings of receivables, some of these large companies and projects that are defined over multiple years with the government, etcetera. There’s different alternatives.

So I I wouldn’t go right just to equity, but that is obviously one of the options available to us. But we are in discussions as a board. We’re in discussions as a leadership team how best to manage our investments and to manage our working capital for some of these larger deals. The next thing is, Mike said, is a lot of them now are starting to go direct with their own installation partners, which is something that is very advantageous to us and something that we desired, and we get a 50% deposit. So we have some orders coming up that are of significance, and we do get a 50% cash deposit with those orders.

So I think we can continue to manage tightly. But the question gets is you get larger and larger orders. We have a different alternative capital. We’ve talked to different people. So equity is just one of the options, and we would be pleased to give better visibility on that, at a later date.

Moderator/Technical Support, Legend Power Systems: Great. Another question comes in, wanting to better understand the gross profit margin for the quarter versus earlier the year, and what steps are we taking to bring those back to back to those historic levels?

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Yeah. You wanna address that, Paul?

Paul Moffett, Chief Operating Officer, Legend Power Systems: Yeah. Absolutely. Thank you. The we, you know, we we did see a bit of an anomaly in, the last quarter. We had, you know, a mix of products that was on the low end of our gross margin.

We also had some installations in that mix. Our product gross margin itself, when we sell equipment only, is very strong. It’s north of 50% and even greater. And as we continue to look at the most expensive components within the system and reduce those, I see significant support, to get back to those levels within one or two quarters, perhaps just one. Some of the, top componentry, which can be as much as 20% or 30% of the product itself, we’re seeing, 50% to 75% cost reductions because we’ve been spending considerable amount of time looking at our sources and our supplier base, and what our opportunities are to really take the bill of material to the next level.

Because some of it, of course, is from the original design and the original prototypes and the original product, and now we have an opportunity to really reinvent that bill of material and optimize, and we’re taking advantage of that. So we see some very strong, gross margins. You’ve seen that in the past. We have achieved those gross margins, and and we will continue to do that.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Yeah. The last number of quarters, you know, you’ve been in the 45% ish. So I think the the fair answer is this is a bit of a blip.

Paul Moffett, Chief Operating Officer, Legend Power Systems: Yeah.

Moderator/Technical Support, Legend Power Systems: Yeah. And and just to further add on to that, when we look at our at our product mix, we have small, medium, and large systems. The our our we are margin compressed on the small systems. The medium and the large systems have have much better margins. So when we look at our pipeline, the vast majority of them are in the medium and large systems.

So we’re very excited about that. And then then again, as Paul mentioned, another big driver of that is customer installations versus customer self install. And a good bit of our pipeline is gonna be customer self install, which accelerates our cash as well as increases our margins.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: But we can just add, we’re quite confident that we’ll continue as previous last two, three quarters trending up back into traditional margins that we’ve achieved in previous years. So we’re we’re we’re quite comfortable with that.

Moderator/Technical Support, Legend Power Systems: Another question that’s come in, Randy, is do we expect any impact on product demand from the recent changes to the IRA tax credits in The US?

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Well, it’s hard to really answer that because we haven’t it hasn’t been something that’s really been affecting our business to date. So I would say we’ll wait We’re not hearing that conversation with customers. It’s not coming up. It it’s the same with the tariffs and things.

It just hasn’t been something that has been a significant piece of the conversations. So I would say at this point, we don’t know, but we’re not anticipating that being an issue. But, again, it’s one of those things we report as we get further down the road with our US customers. I think there’s just some uncertainty generally in The US with things on, off, on, off, And that sort of comes up when I’m talking to different people. But, no, we’re not we’re not seeing those issues as concerns at this point in time.

Moderator/Technical Support, Legend Power Systems: Yeah. And to and to further add on to that, again, what’s driving our momentum is, as Randy mentioned, is the fact that our value proposition is rooted in traditional business value. Lower risk, lower expenses, higher profitability, higher valuations. So we’re not dependent on on incentives. We’re not dependent on any government policy in order to drive our business forward.

So and in fact, I’ll go as far as to say that one of our prospects that we’re talking to that’s in a late stage sales cycle went on to say that they don’t they actually don’t even care about energy savings. What they care about is making sure the building operates the way that their customers needed to, the way that their the people depend upon the building needed to. So that’s what’s really driving us more more so than any government policy.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: I think, you know, Mike, that’s a good point because what we are really seeing is the the switch that you have been driving from a sales perspective and and marketing perspective is the value proposition. I mean, we used to look at incentives and what’s your ROI and, you know, the p d gates, lights ROI, and and, you know, repairs to air conditioning, etcetera. It was very much driven to an ROI, and we had to have certain incentives and things. Now when you’re dealing with dirty power and the problems in the buildings, as you said, my elevators don’t work, and and you’ve reduced 98% of the elevator problems, etcetera. That’s driving decisions.

I mean, it really is clear now that the the power quality issues that we have today, need to be fixed and addressed, and they’re only getting worse.

Moderator/Technical Support, Legend Power Systems: Definitely. There’s another question that’s come in about our backlog and impact to cash as well as revenue based on the on the backlog.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Yes. We’ve got 15 systems. We do have some border announcements pending. We have some existing inventory that’s prepaid. There’s some payables against some of the inventory.

It’s about 1.3, I think, roughly in inventory. So we have enough pretty much to put out the 15 systems backlog with some some components required, and then we start getting additional inventory required for some of the subsequent orders to that. So, you know, a lot of that inventory is prepaid, and we’re drawing down on that as as Paul said earlier. But we’re managing that also with go forward orders. We’ve made some changes with the key suppliers.

Our top two most high cost components of our system, we are engaging and have been engaging with alternate suppliers, testing equipment, etcetera, that have dramatic cost reductions, our highest component product. We see reductions in our cost of goods at probably about as much as 50% or greater, and that would represent, probably somewhere in the 35 to 40% of the overall cost of our our units. So there’s some good stuff happening there for sure. Anything else you wanna add to that, Paul?

Paul Moffett, Chief Operating Officer, Legend Power Systems: Yeah. If I could, you know, remember that the backlog is fluid. It’s always changing. So if I report a a 15 last month and I report 15 now, it’s not the same 15. So, in this case, there were, I believe, five systems shipped last quarter, perhaps more, but they were low, they were low power type systems.

It just happens. As Mike said, the the remainder are are higher, capacity, higher amperage systems, so they were of lower margin. But in general, that 15 that we have now includes, of course, the new wins, and those will be built and shipped over the coming months. I mean, the current production schedule right now shows them going out to September, October type of time frame.

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Yep.

Moderator/Technical Support, Legend Power Systems: Those are all the questions that that we have we have on on on the docket right now, Randy. Do you wanna go ahead and wrap up?

Randy Buckamer, Chief Executive Officer, Legend Power Systems: Sure. I hope it comes across. We’re pretty excited about where we’re going despite some of the challenges. We’re very excited about Legend Power in our future. You know, as Mike said, the pipeline is growing.

Deals are becoming larger, and multiple year opportunities are being exposed. The US electric grid and grids globally are facing increased power quality challenges due to aging infrastructure, growing renewable penetration, and rising demand for electrification. The shifts are introducing significant power quality issues, commonly referred to in the industry as dirty power or power quality challenges driving demand for smart gate solutions when you really simplify it. We’ve got a committed, talented team, and an outstanding active power management platform without equal. We just do not see anyone out there in any of our discussions that has any capability like Legend Power.

We’re focused on achieving sales objectives. We closely manage our cash with reduced operating cost and securing sales deposits. We look forward to realizing significant sales progress and continued returns on our $10,000,000 investment and several years of time in developing Gen three and enhancing USC sales capabilities. And, again, there was no debt. All that was prepaid to be able to create revenue for multiple years with an enhanceable platform.

We believe the future looks incredibly strong for Legend Power, our stakeholders, and our partners. We thank you today for your support. We look forward to sharing many Legend Power success stories with you on an ongoing basis. For everyone, have a great legendary day. And for our good friends in The US, have a great legendary long weekend.

Thank you.

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