Operator: Hello, and welcome to the SolarEdge Conference Call for the Second Quarter ended June 30, 2026. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Event Calendar page. This call is the sole property and copyright of SolarEdge with all rights reserved and any recording, reproduction or transmission of this call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the Event Calendar page of the SolarEdge investor website. I would now like to turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

Erica Mannion: Good morning, and thank you for joining us to discuss SolarEdge's operating results for the second quarter June 30, 2026, as well as the company's outlook for the third quarter of 2026. With me today are Shuki Nir, Chief Executive Officer; Maoz Sigron, Chief Financial Officer; and Meir Adest, Co-Founder of SolarEdge. Shuki will begin with a brief review of the results for the second quarter ended June 30, 2026. Maoz will review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2026. We will then open the call for questions. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in our earnings press release and our filings with the SEC for a more complete description of such risks and uncertainties. We disclaim any obligation to update any forward-looking statements. Please note, during this earnings call, we may refer to certain non-GAAP measures, which are not measures prepared in accordance with U.S. GAAP. The non-GAAP measures are being presented because we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance. Reconciliation of these measures can be found in our earnings press release and SEC filings. These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with U.S. GAAP. Listeners who do not have a copy of the quarter ended June 30, 2026 press release may obtain a copy by visiting the Investor Relations section of the company's website. With that, I will turn the call over to Shuki.

Yehoshua Nir: Thank you, Erica. Good morning, everyone, and thank you for joining our call today. On our last call, I discussed how 2026 would be a year of transformation and acceleration for the company, built around 4 main priorities: driving profitable growth, expanding global market share, scaling the SolarEdge Nexis platform and advancing our opportunity in power infrastructure for the AI factories of the future. This quarter, we saw tangible progress across each of these priorities, and I'm pleased to say that we reached an important milestone in our turnaround. Starting with our execution towards profitable growth. Since the beginning of 2025, we have grown our quarterly revenue year-over-year and have just delivered a strong second quarter. Revenue grew 20% year-over-year to $346 million, once again, with no significant pull-forward of revenue and non-GAAP gross margin expanded for the sixth consecutive quarter. Combined with our continued expense discipline, we delivered non-GAAP operating profitability for the first time in nearly 3 years, an important milestone in our transformation and a reflection of the relentless focus our team has maintained on operational efficiency and customer centricity. Looking to the third quarter, we expect revenue to be in the range of $310 million to $340 million. Most of the sequential decline is expected in Europe at approximately $15 million at the midpoint, mainly due to seasonality. At the same time, given the continued softness in the market, we do not expect the typical third quarter pickup in the U.S. Shifting to our second priority: market share gains. Our objective in 2026 has been to grow market share through product innovation, operational focus and improved customer satisfaction. The U.S. resi market demand remained soft in the second quarter as customers navigated a slower tax equity funding environment and continued uncertainty around FEOC. This environment has resulted in less funds available to start new projects and to pay for the completion of existing ones. It has put a strain on installers' businesses and cash flows and led to lower purchases from distributors who have also reduced the amount of inventory they carry. We expect this softness to continue in the third quarter as the market awaits further clarity and better funding environment. With that said, when the market rebounds, we believe we are well positioned to gain share. This is due to our fit with the TPO business model and the amount of safe harbor transactions closed ahead of the July 4 deadline. We will share more information about the safe harbor transactions in both resi and C&I during our Investor Day on September 10. In U.S. C&I, we have seen strong momentum. Better execution across EPCs, small C&I customers and enterprise accounts has helped increase our market share to more than 50% of U.S. C&I rooftop installations in the most recent report. In addition, SolarEdge systems are now installed on rooftops of more than 60% of Fortune 100 companies. The outlook for this market remains positive, supported by rising electricity prices and data center-driven demand. We have been the only major C&I inverter vendor to deliver U.S.-manufactured products at scale designed to meet domestic content, non-FEOC and FCC Covered List requirements. Together with the safe harbor agreements we have secured, we believe that we can gain further share in the coming years. In Europe, we more than doubled our revenue year-over-year as demand for solar grew in anticipation of higher electricity prices and demand for storage increased in anticipation of the phaseout of net metering across several major markets. We believe the excitement around Nexis, along with the orders we have received in recent months are positive indicators of our ability to gain share in the DACH region in the coming quarters. We expect a similar momentum across Europe with the planned rollout of the single-phase Nexis in Q1 2027. In addition, in recent quarters, we have launched retrofit campaigns in the Netherlands and the DACH region, where our combined installed base is greater than 1 million homes. In Q2, we generated more than $20 million in upsell activities, and we expect this opportunity to continue growing. Turning to our third priority: scaling the Nexis platform. At Intersolar in Germany this June, the highlight for us was the fantastic feedback we received from installers about Nexis. As discussed in previous calls, the platform was designed from the ground up to be a leading PV and storage solution in an environment where the grid is congested and utilities introduce dynamic tariffs. Recently, an independent renewable energy engineering consultant benchmarked Nexis against a leading competitor in Europe from the homeowners perspective. The analysis shows that Nexis is expected to deliver EUR 5,000 in additional savings over 15 years, driven by superior round trip efficiency across all power levels and higher PV production. In the second quarter, we began to meaningfully roll out the 3-phase version of Nexis in Europe with shipments exceeding $60 million. In the U.S., initial feedback from installers and TPOs has been very positive, and we expect Nexis installations to grow as we begin to roll out in volume. Nexis has been approved on a growing list of U.S. financing platforms, spanning TPO, prepaid PPA and loan products, giving installers and homeowners more ways to access SolarEdge Nexis regardless of how they choose to finance. Turning to our fourth priority in the AI factory market, where we believe there is a substantial long-term opportunity. In the second quarter, our data center business shifted from development to demonstrations as we continue to advance our solution and to engage with prospects and the ecosystem. Prospective customers, which importantly included their technical and engineering teams, had the opportunity to see live demonstrations of our SST in our labs. These demonstrations validated several critical elements of the system, including 99% efficiency across a range of power levels, direct conversion from medium-voltage AC to a regulated DC bus and encouraging installation results. In a number of RFIs we have responded to, efficiency is a key area of focus. Efficiency directly translates into greater compute capacity within a fixed-power envelope. And this additional compute leads to higher revenue, lower cost per token and improved return on investment for the data center. Our technical progress and customer evaluations and feedback have increased our confidence in both the size of this opportunity and the strength of our position. We believe SolarEdge is developing a highly differentiated solution that addresses the growing need for greater power efficiency and increased compute capacity within data centers. We remain focused on our next planned milestones: getting to a working system in our lab by the end of this year, followed by pilot installations in 2027 and volume shipments in 2028. To summarize, the second quarter marked a meaningful point in our turnaround. We returned to non-GAAP operating profitability and made progress in all 4 priorities. While we are pleased with this progress, our team continues to focus on maintaining the operating and financial discipline, driving profitable growth, gaining share in our core markets, scaling up the Nexis platform and advancing our SST to capture the AI factory opportunity. Lastly, I would like to welcome our new CFO, Maoz. His experience across finance, operations, capital markets and organizational transformation is highly relevant as we continue our journey from turnaround to profitable growth. I'm confident that his leadership, together with the strength of our finance organization, will serve us well as we enter this next phase. With that, I will hand it over to Maoz.

Maoz Sigron: Thank you, Shuki, and good morning, everyone. I'm very pleased to join SolarEdge and to speak with you today on my first earnings call as CFO of the company. I'm excited about the opportunities ahead in residential and C&I as well as the vast emerging opportunity in AI factories. I have spent time with teams across the organization and have been impressed by the extent of the company's technology, the quality of its people and the operational discipline that has been established. My immediate priorities are continuity and execution, including: first, supporting profitable growth of our core business by ensuring our investments in Nexis and in our offering in the AI factory market are aligned with clear milestones and returns; second, focusing on operational excellence by driving cost discipline and cost structure while strengthening execution rigor across manufacturing and the supply chain; third, managing cash by prioritizing free cash flow generation, maintaining a strong balance sheet and liquidity position. Starting with our quarterly results. GAAP revenue for the second quarter was $346.2 million, up 11.5% quarter-over-quarter and 19.6% year-over-year. Non-GAAP revenue was $345.5 million, up 11.5% quarter-over-quarter and 23% year-over-year, above the midpoint of our guidance range. This result does not include any significant pull forward of revenue from safe harbor. GAAP revenue from the U.S. amounted to $154.9 million, down 2% quarter-over-quarter and representing 44.7% of our revenue. Revenue from Europe was $154.4 million, up 36% quarter-over-quarter, representing 44.6% of our revenue. International market revenue was $36.9 million, down 5% quarter-over-quarter, representing 10.7% of our revenue. GAAP gross margin was 27.5% this quarter compared to 22% in the first quarter and 11.1% in the second quarter of last year. Non-GAAP gross margin was 28.6% this quarter compared to 23.5% in the first quarter and 13.1% in the second quarter of last year, above the high end of our guidance range. These results include a gross benefit of $13.3 million related to IEEPA tariff refunds. The improvement was driven by continued cost discipline, favorable product mix, the IEEPA refunds and the improved operational leverage as fixed costs were absorbed over higher volume. GAAP operating expenses for the second quarter were $111.2 million compared to $123.3 million in the first quarter and $147.6 million in the second quarter of last year. Non-GAAP operating expenses for the second quarter were $88.5 million, the exact midpoint of our guidance range, compared to $97.7 million in the first quarter and $85.2 million in the second quarter of last year. Despite the continued headwinds we faced from a strengthening new Israeli shekel against the U.S. dollar, we are maintaining our ongoing cost control and leveraging efficiency measures to ensure profitable growth. GAAP operating losses for the second quarter were $16 million compared to GAAP operating losses of $55 million in the first quarter and $115.5 million in the second quarter of last year. Non-GAAP operating income for the second quarter was $10.2 million compared to non-GAAP operating losses of $24.8 million in the first quarter and $48.3 million in the second quarter of last year. Our GAAP net loss was $30.8 million in the second quarter compared to GAAP net losses of $57.4 million in the first quarter and GAAP net losses of $124.7 million in the second quarter of last year. Our non-GAAP net income was $3.6 million in the second quarter compared to a non-GAAP net loss of $26.3 million in the first quarter and non-GAAP net loss of $47.7 million in the second quarter of last year, positive for the first time since the second quarter of 2023. GAAP net loss per share was $0.50 in the second quarter compared to a loss of $0.95 in the first quarter and a loss of $2.13 in the second quarter of last year. Non-GAAP net profit per diluted share was $0.05 in the second quarter compared to a loss of $0.43 in the first quarter and a loss of $0.81 in the second quarter of last year. Turning now to our balance sheet. As of June 30, 2026, cash, cash equivalents and marketable securities were $601.6 million, up from $581.1 million as of December 31, 2025. During the second quarter, we generated $3.1 million of free cash flow compared to $20.7 million in the first quarter and a negative free cash flow of $9.1 million in the second quarter of last year. Our capital expenditure in the first half was $12 million. For the full year 2026, we continue to expect capital expenditure within the range of $60 million to $80 million with our principal investment areas remaining: first, increased production capacity in the U.S. for both PV and batteries; second, investment in our new headquarters in Israel, largely related to advanced R&D facilities; third, investment related to our AI factory offering; and lastly, ongoing maintenance CapEx. We continue to expect positive free cash flow for the full year, reflecting our improving operating performance, continued discipline in managing expenses and capital investments and our ongoing ability to monetize 45X credit. Turning to our working capital items. Our rigorous focus on cash management continued to yield positive results. In the second quarter, the net AR decreased once again, driven by strong collection. Combined with lower DSO and higher DPO, our conversion cycle continues to improve. Turning now to our guidance for the third quarter of 2026. We expect revenue to be within the range of $310 million to $340 million. This range does not include any significant pull-forward of revenue. We expect a non-GAAP gross margin of approximately 22% to 26%. This range does not include any impact from potential IEEPA refunds. We expect non-GAAP operating expenses of approximately $86 million to $91 million, in line with our second quarter run rate of $88.5 million, and reflecting continued discipline in our core operations and planned investment in Nexis and AI factory SST. Including the $11.5 million of IEEPA refunds we have already received in July, the midpoint of our guidance imply a non-GAAP operating profit in the third quarter. We believe the combination of our operational discipline, market share gains and the introduction of new innovative products, including Nexis, will continue to drive profitable growth in the years ahead. I will now turn the call over to the operator to open it up for questions. Operator?

Operator: [Operator Instructions] We take our first question from Christine Cho with Barclays.

Christine Cho: I wanted to start off with -- so I understand you kind of gave some reasons for the top line sequential decline. Can we talk about what's driving the lower sequential gross margins? Is that mostly driven by U.S., Europe? Just any color on that as well.

Maoz Sigron: So thank you for the question. Yes, the gross margin for Q3, we're expecting 24%. The main reason for that is the scale of the business that is different in Q3 and very much in line with our fixed cost that we have in the cost of goods. And this is actually the main reason. If you take this out, you actually can see a small improvement quarter-over-quarter.

Christine Cho: Okay. And then in the prepared remarks, you mentioned that with the current backdrop in the U.S., distributors are coming down on inventory. Do you have a sense of how many weeks they have on hand currently and how that compares to how much they typically like to carry? And I know you mentioned that you don't expect to see 3Q pickup in the U.S., but should we think that there's enough inventory in the channel that they can continue to come down in 4Q and so it's possible that there's a sequential decline in 4Q as well? And how much of this is also being driven by people wanting to destock ahead of purchasing Nexis?

Yehoshua Nir: Yes. So thank you, Christine. For the channel inventory, as we said, due to the softness in the market, everybody is becoming a little bit more cautious and a little bit more careful. Our channel inventory, to the best of our knowledge, is normalized. It's moving between products and between distributors, both in Europe and the U.S., but overall, it's normalized. And we don't have a reason to believe that something is going to be materially different going into the quarter. We did mention that because in conversations with distributors and channel partners, they are stating that they are trying to be careful about how much inventory they bring because nobody -- because it's not yet clear to everybody when the clarity around the FEOC definition is going to happen.

Operator: We will move next with Brian Lee with Goldman Sachs.

Brian Lee: Maybe just to kind of piggyback off of Christine's questions. How much -- well, for the 3Q guide, can you kind of walk us through the pieces? It sounds like you're calling out some European seasonality, some softness in the resi market for the U.S. And curious kind of what your view is embedded for storage volumes in the 3Q? And then how much of this sort of persists into 4Q? Kind of, can you maybe -- I know you don't want to give guidance, but kind of the setup for European seasonality and the channel as well as U.S. resi and storage into year-end?

Yehoshua Nir: Yes. Thank you, Brian. So what we have is there are 2 or 3 factors that are in play here and some of them are going in one direction and the others on the other one. If you think about seasonality, then usually, the fourth quarter -- and we are not guiding for fourth quarter right now. Usually, fourth quarter is seasonally lower than Q3. However, going into the third quarter, what we said was that we expect Europe to go down -- in the midpoint to go down by $15 million, mainly due to seasonality. And it's a combination of PV and storage. And in the U.S., the softness in the resi, we expect it to continue. And again, it's both resi -- it's both PV and storage. One thing that people may want to pay attention to is the growth of storage in the revenue, both in Q2, and we expect that to, over time, without any particular quarter -- any particular quarter can be up or down a little bit. But overall, the industry is moving into higher attach rates of storage. We've seen it in the U.S. We've seen it in Germany. We've seen it in other places. And the retrofit activities in anticipation of the phaseout of feed-in tariff is also a main driver for storage when -- in a retrofit installation, it's mostly storage. So all in all, we are expecting storage to become a bigger piece of our business. So that's the second piece. The third piece is you asked about what will happen in future quarters. As we said, it ties into clarity around the FEOC definition and the ability of the financing companies to secure investments that then will actually allow additional money to flow into the market, into installers. And when that happens, we will see that the market rebounds. And when the market rebounds, we feel that we are very well positioned to benefit from that. Our engagements with the TPOs and safe harbors that we signed and the Nexis with all of its advantages, we believe, position us well to benefit from that.

Brian Lee: Helpful. I appreciate that. And then maybe just a second question. I know you've been clear for the past several quarters, including on this call, that there's no significant pull-forward revenue, no safe harbor. I'm just curious on that dynamic because I know your peer has seen a significant amount of safe harbor over the course of the entirety of 2026. So can you kind of walk us through what's the difference between your go-to-market or your safe harbor strategy or maybe customers as to why that's happening? And then also maybe kind of, in relation to that, any thoughts on the recent FCC foreign inverter ban? How does SolarEdge kind of fit into that? And do you need waivers? And what's sort of the potential implications that you think that you have to contemplate?

Yehoshua Nir: Thank you, Brian. It was a little bit more than one question. So if I forget something, please remind me. When you refer to our peer and what they've done, you should definitely ask them. But in our conversations with our customers, with our partners, both on the C&I side and the resi side, the strong preference is obviously to go with the physical walk test. The physical walk test allows them to align their purchases with their demand basically. So when they need the equipment, they are pulling it or they are buying it from us. That will align our revenue with their purchases, with their installations, and it's a healthier flow of the channel, if you will. And because of that and due to the fact that many of them have seen Nexis, believe in the value that it brings to the table and they understand very well that even in 3 or 4 years from now, it will still be a leading product in the market, because of all of these reasons, they felt comfortable going with the physical walk test safe harbor deals with us. We've signed, as I mentioned, both on C&I side and the resi side, a significant amount of safe harbor transactions, and we will elaborate on that and share more information during Investor Day. As it pertains to the FCC ruling, so as you know, SolarEdge is a Delaware company, we're listed in NASDAQ, the majority of our manufacturing is done in the U.S., in Utah, in Florida and in Texas. To the best of our understanding, the FCC Covered List is something that we comply with, and we plan to continue being in compliance with. So from that perspective, it's a step in the right direction maybe from -- for the safety of the energy market in the U.S., but SolarEdge being an American company is definitely part of that, and we see no reason that we won't be in compliance with it.

Operator: Our next question comes from Philip Shen with ROTH Capital Partners.

Philip Shen: I have a follow-up on Brian's question about the FCC inverter action. And so they talked about exemptions, I think. Well, actually, we wrote about potential for exemptions coming. I don't know if they talked about it. But the point here is that we see potential for the FCC, near term, to issue exemptions and approve exemptions, but it still might take a few weeks. And so I was wondering, like, let's say, this takes 3 weeks, like have you guys already applied for Nexis, for example, to be exempted? And if not, do you think that this could -- like, this process could delay the rollout of Nexis in the U.S.? And then ultimately, this is, I think, a tailwind more for your C&I business as there's not much Chinese inverter penetration in the resi business. I just want to confirm that you see if there is a tailwind for you guys that's more of a C&I tailwind as opposed to resi. And if you could quantify where you think that tailwind would be, that would be great as well.

Yehoshua Nir: So let me -- thank you, Phil. And let me take the first thing out of the way. I don't know where it's coming from. I'd like to be very, very clear. Nexis is made in the U.S. by a U.S. company. There is no need or reason to ask for exemption. It's [ apart ] of the FCC list. Period. And I don't know where that comes from, but it's not true. So it's not going to delay the Nexis rollout in any way, shape or form. And as we said, we are actually starting to roll out Nexis in the U.S. as well in the third quarter. It's already been approved by many financing companies, and we expect Nexis to gain traction this quarter and in future quarters. As for the C&I opportunity due to the FCC Covered List, so it's not yet clear. As you said, it's not yet clear when it is going to impact companies that are not going to be approved for their new product. It's not yet clear whether their existing products can actually continue to be imported into the U.S. or not and when, if at all, it will stop. We have actually -- in the last report, we've actually gained share in the C&I market to the point of 50% of the rooftop C&I installations in that quarter. And the reason for that was the superiority of our technology as well as the FEOC and domestic content compliance. And as you know, and you know it very well, Phil, there have been 3 leaders in the C&I market: SMA, Chint and SolarEdge. The other 2, to the best of our knowledge, are not complying with both. And because of that, we've seen a good traction towards the SolarEdge and that traction, if at all, should continue with the FCC ruling actually.

Operator: Our next question comes from Colin Rusch with Oppenheimer.

Colin Rusch: Can you talk a little bit about the trend lines on storage pricing? It looks like you're seeing a little bit of improvement on that. And I just want to get a sense of whether that's mix related or if you're actually monetizing a little bit more effectively in the market.

Yehoshua Nir: Yes. Thank you, Colin. So storage pricing, as always, is a combination of 3 different products that we are selling at the moment on the storage side. One is the C&I storage in Europe, which has a higher power density. The other ones are the single-phase and the 3-phase residential storage, but each one of them is slightly different, and it depends on the market. Overall, our storage prices have remained stable per product. What you're seeing, the differences that you're seeing quarter-to-quarter are mainly due to product mix, I would say. But as I mentioned earlier, we definitely are seeing a growing demand for storage products in general in the market and for our own storage products specifically. The C&I storage in Europe continues to improve. And with Nexis that was designed from the ground up to be a PV plus storage solution, we believe that we're going to continue benefiting from that trend.

Colin Rusch: Great. And then on the supply chain side, I want to get a sense of any sort of shifts that you're seeing in terms of component availability, pricing, inflationary pressures that we should be thinking about as we get into the back half of 2026.

Yehoshua Nir: Yes. So component suppliers, they've always said that shortages are coming. As you know, the data center demand is actually creating some strain on some of the components, memory in particular. Our supply chain team has worked diligently in order to secure supply. In some cases, like memory, we have to actually absorb some of the price increases, but these are -- in the grand scheme of things, these are not something that is significant. We are working together with our partners to secure supply and to make sure that we are able to support our customers to the best of our ability.

Operator: [Operator Instructions] We will move next with Corinne Blanchard with Deutsche Bank.

Corinne Blanchard: Maybe shifting gears a little bit here, can you talk about the SST? And I know you have talked previously about the time line and trying to get more like a proof of concept by the end of this year and then pilot program [indiscernible] in 2027. But can you just maybe tell us what we should be expecting in the next 6 months for that one?

Unknown Executive: Okay. So thank you for the question. I think the first thing to start with is the fact that we spent the last couple of weeks demonstrating a working prototype of the SST to prospective customers. And really, it was interesting to see the difference between slide shows and presentations and having them see an actual working model at going from medium voltage to 800-volt DC regulated. So I think that alleviates, from their perspective, a lot of the concerns they had about the maturity of the product. Where we're going from here is we're going to spend the next few months until the end of the year to get the proof-of-concept prototype fully working at the full 3-phase 34.5 kilovolt voltage. And then 2026 will be pilots in -- at the data centers -- sorry, 2027 will be pilots at the data centers so that we could have a meaningful revenue in 2028.

Corinne Blanchard: Do you -- just to rebound on that quantifying revenues, when do you expect to be in a position to share maybe like a ballpark of expectation and how much it can contribute to the portfolio?

Yehoshua Nir: Yes. So as we've said, we -- it's a transition that the industry is going through, right? And with NVIDIA actually sharing with the entire ecosystem, their road map for GPUs that will require 800 volt, that will be step 1. The second step is whether people are going to use sidecar or other inefficient solutions or when they will transition into SSTs. And we expect revenue to start in 2028. During our Investor Day on September 10, we are actually going to share more information about how we think about the opportunity and evolution of revenue in that part of the business.

Operator: We will move next with Maheep Mandloi with Mizuho.

Maheep Mandloi: Maybe just on Q4, so obviously not looking for guidance there, but just in terms of seasonality, anything which would be different or similar to what we've seen historically for you guys?

Yehoshua Nir: Yes. So as you know, we don't guide beyond the current quarter. And when we talk about Q4, I think that, as I mentioned earlier, on one hand, we are seeing the improvement on the storage side. More and more in the Netherlands, for example, people are in anticipation of the elimination of net metering, more and more people would like to upgrade their existing systems into storage. So one can expect that maybe there will be some upside coming from there. Usually, it's a seasonal -- from seasonality, there is a decline between -- in the market between Q3 and Q4. And in our case, actually, we are going to see the ramp-up of Nexis. So between these 3 moving parts, we are not providing guidance at this stage, and we'll share with you, obviously, everything as we come closer to Q4.

Maheep Mandloi: I appreciate that. And just maybe a follow-up on Europe. We're hearing about potential inverter bans on the Chinese players over there. So what have you heard on that? What are customers talking about that thing over there?

Yehoshua Nir: Yes. So there is one directive that was already issued in Europe that for projects that are funded by the European Bank, they cannot use unauthorized inverters. And that has been the case so far, the only thing that has been actually out and being official. This, as we said in the past, is mainly applicable for utility and maybe some C&I business opportunity for us. For other segments of the market, namely the C&I and the residential market, there is some sentiment that maybe there will be a ban, but we don't want to speculate about if and when.

Operator: And at this time, there are no further questions in queue. I will now turn the meeting back to Shuki Nir for closing comments.

Yehoshua Nir: Thank you. Thank you, everyone, for joining us for today's call. We -- I'd like to thank the SolarEdge team for working really, really hard and after almost 3 years, moving back to profitability, and thank you all.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.