Patrick Cook: And I think the one thing to kind of piggyback off that is, if you look at a gigawatt project and a nearly 700-megawatt project, once those projects start flowing, you’re getting kind of that recurring base load of revenue. So the project isn’t having this like stop and start. So there’s kind of a linear progression of revenue that’s going to stretch over multiple quarters. So now that we’ve got some of these larger projects that are ultimately delivering, it gives us a further visibility on how much revenue that we’re going to get in any given quarter from those projects. And then it’s just adding new projects kind of along the way that are ultimately going to start. So converting from our current contract and award and finding new projects in conjunction with these two large projects plus several others that are ramping at the end of Q4 — in Q4 and into 2024.
Amit Dayal: Right. So we could potentially be in a situation where we see year-over-year improvements through all four quarters next year?
Bill Michalek: We definitely feel good about our growth prospects in 2024 and definitely revenue growth and margin improvement for sure.
Amit Dayal: Okay. Thank you. Just one last one, on the 1P offering, how much of the backlog or how much backlog for that product in the overall backlog number?
Patrick Cook: The majority of, I mean, if you look at the kind of contracting awards, the majority of the backlog is our two imports of tracker. And that really ties to the fact that the two imports of trackers have been around since 2017 and we brought it to market in 2019, and we didn’t bring the 1P pioneer until late Q3. And so we haven’t had the time to build that 1P backlog that we have with 2P. Now we are seeing a lot of being offered to bid on projects, a lot of activity around Pioneer and the constructability benefits of it. And we expect to start building out our backlog of our 1P as kind of get through Q4 and into the coming quarters.
Amit Dayal: Okay. Understood. Thank you, guys. That’s all I have. Appreciate it.
Operator: Thank you. Please standby for our next question. Our next question comes from the line of Pavel Molchanov with Raymond James & Associates. Your line is open.
Pavel Molchanov: Yeah, thanks for taking the question. Can we get an update on your manufacturing joint venture, which I think is now maybe a quarter or two since it started operating?
Bill Michalek: Yes, I’ll start on that one. So all the equipment is installed and we’ve been doing qualification runs. We’ve got some revenue facility in the current quarter here in Q4 and get larger in 2024. And Patrick, I don’t know if you have anything to add.
Pavel Molchanov: And is there —
Patrick Cook: Sorry, Pavel, go ahead.
Pavel Molchanov: No, please. Go ahead.
Patrick Cook: No, I would say Bill is right. I mean, that facility is up and running. We’ve got projects going through it currently. And if you look at the — some of the projects that are in delivery or in shipment in Q4 into 2024, the anticipation is that we’ll be utilizing that facility. And when we’re going to market with new bids or new quotations, used in production of that facility is kind of at the forefront right now.
Pavel Molchanov: Is there an uplift in gross margin that you are anticipating once that is — that facility is fully ramped up?
Bill Michalek: So at this point, we’re not making any benefit from 45x into the — in our current guidance. Cathy, is there anything else you want to add to?
Cathy Behnen: No, we’re — we do expect to see continued improvement in our margin, and that facility will support that as well.
Pavel Molchanov: Okay. I know you’re not giving formal guidance yet beyond Q1. But as you sort of zoom out on 2024 as a whole, do you anticipate being a cash user or a cash generator?
Cathy Behnen: Well, we’re moving — we see a crossover into profitability in 2024. So we expect to be generating cash in 2024.
Pavel Molchanov: All right. Thanks very much.
Bill Michalek: Thanks, Pavel.
Operator: Thank you. [Operator Instructions] Please standby for our next question. Our next question comes from the line of Jon Windham with UBS. Your line is open.
Jon Windham: Hey, great. Thanks for taking the question. I guess the first one, just quickly. Any commentary from the Board on the status of a CEO and CFO permanent replacements and the parameters of which it internal versus external candidates? And what sort of time frame investors should expect on permanent replacements? Thanks.
Shaker Sadasivam: Jon, this is Shaker. Thank you for the question. So the Board, like I said, we have been involved with details of the company over the last three months and trying to understand what’s going on. And for now, we feel that the best team to take us forward is Patrick, Sasan and Cathy with oversight from the Board. And we do not want to rush into a CEO succession primarily because there is an urgency with which we need to get things done, and we need to take our time in finding a good CEO. And so for both those reasons, we will be very deliberate to make sure we have positioned the company well. We have — the team that we have now has got a tremendous amount of operational depth. They’re also going to be guided by a Board with a lot of operational depth.
