Hello, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Spruce Power Second Quarter 2025 Earnings Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Scott Kozak, Director of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, everyone, and welcome to Spruce Power's Second Quarter 2025 Earnings Conference Call. Joining me today are Chris Hayes, Spruce's Chief Executive Officer; and Tom Cimino, the company's Interim Chief Financial Officer. Before we begin, I would like to remind you that we will comment on our financial performance using both GAAP and non-GAAP financial measures. Important information about these non-GAAP financial measures, including reconciliations to the comparable GAAP measures is included in our earnings release for the second quarter of 2025, which has been posted on the Investor Relations page of our corporate website. Our discussion will also include forward-looking statements. These statements are not statements of historical fact, reflect our current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed. There can be no assurance that actual performance will not differ materially from any future expectations or results expressed or implied by these forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statement, except as required by applicable law. Please refer to our earnings release and our other SEC filings for further discussion on Spruce Power's risk factors and other important information regarding our forward-looking statements. All comments made during today's call are subject to that safe harbor statement. With that, I will turn it over to Chris.

Thanks, Scott, and hello, everyone. Spruce reported a 48% increase in revenue compared to the year earlier period and a 71% year- over-year growth in operating EBITDA. These results primarily reflect the positive impact of the November 2024 acquisition of approximately 9,800 rooftop assets from NJR Resources as well as a sizable growth in solar renewable energy credits or SREC revenue. In addition, our core operating expenses, which includes both SG&A and operations and maintenance, or O&M, was $17.2 million in the aggregate, down 19% from the year earlier period. Our balance sheet remains robust with over $90 million in cash, the majority of which is unrestricted. We intend to couple continued growth and scale in our portfolio of solar installations with prudent cost containment to achieve our goal of generating positive free cash flow. I want to be absolutely clear that there is no objective more important to Spruce Power than quickly reaching positive free cash flow. All our strategic actions support this objective. I will now provide our perspective on the residential solar market. Challenges in the sector, particularly among certain installers are well known. In addition, recent policy changes in Washington, D.C. are eliminating some residential solar energy tax credits such as 25D. Further, safe harbor specific to residential solar is being phased out. These changes are expected to negatively impact cash loan deals and larger projects in the residential solar space. We believe that some legacy players will not be able to adapt to this changing environment. Already, some are failing while others are attempting to transition to a different business model. Fortunately, Spruce's resilient business model is fundamentally different. We are not dependent on aggressive new customer acquisition strategies, externally financed working capital or continuous growth in new installations. In contrast to those installers, our…

Thanks, Chris, and good afternoon, everyone. I'm excited to join Spruce's team and leverage my experience to support the creation of shareholder value in these changing times for the market. I will start by providing detail on the company's second quarter financial results and the progress we are making to strengthen our financial position and enhance our operational efficiencies. Second quarter revenue was $33.2 million, up from $23.8 million in the first quarter and $22.5 million in the prior year period. The 48% increase from the prior year period is primarily attributable to the NJR acquisition and resulting SREC-related revenue. Second quarter core operating expense, which we define as SG&A and O&M was $17.2 million in total. This is down from $18 million in the previous quarter and $21.2 million in the prior year period. We are very pleased but not content with this 19% decline in our core operating expense from the prior year period. Breaking this out, our O&M expense was $2.1 million in the second quarter, down from $3.9 million in the first quarter and $4.5 million in the prior year period. This represents an annual decline of 52%. SG&A expense was $15.1 million in the second quarter, down from $16.7 million in the prior year period. However, when considering a onetime severance cost recorded in the prior year period, SG&A expense increased marginally due to the quarter, driven by higher legal and other professional fees. Considering the above, Spruce generated a net loss attributable to stockholders of $3 million compared to a loss of $15.3 million in the previous quarter and a loss of $8.6 million in the prior year period. Moving to operating EBITDA. As a reminder, we consider operating EBITDA a key metric in evaluating the company's financial performance, which is defined as adjusted…

[Operator Instructions] And it seems that we have no further questions. That is all the time that we have today. I will now turn it back over to Chris Hayes for concluding remarks.

Thank you, operator. Our focus in 2025 is on containing costs and scaling our platform, thereby driving improved financial performance and progressing toward generating positive cash flow. I hope you can join me as Spruce participates in the Canaccord Genuity Annual Growth Conference tomorrow. This will include a webcast central presentation that listeners can access via our website. The presentation is scheduled for 11:00 a.m. Eastern Time. In addition, on September 9 through 10, Spruce management will host meetings with analysts and investors at RE+ Renewable Energy trade show in Las Vegas to schedule a meeting. Please contact Spruce's Investor Relations team. Thank you for your interest in Spruce Power and for participating in our call today. We look forward to updating you again next quarter.

This concludes today's conference. You may now disconnect your lines. Thank you.