Our Monthly Note - January 1, 2026

Friends,

I hope you rang in the new year with your desired combination of friendship, love, fun, rest, or whatever else you sought. I hope the evening and the first day of 2026 have been exactly as you hoped.

2025 was a very nice year for us at Pine Energy. Some statistics:

1) If we look at jobs that carried from 2024 into 2025, jobs started and completed in 2025, and jobs that were started in 2025 and are carrying over into 2026, we installed approximately 56MW of solar projects and over 106,000 solar modules;

2) We worked on 69 jobs in 16 states for 27 clients. Our top three states for construction were Arkansas, Tennessee, and North Carolina, in that order. In Arkansas, we installed over 25MW of work;

3) We built our first full scope solar installs this year with our electrical partners. We installed a rooftop project with mechanical and AC scopes in Cranberry Township, Pennsylvania and are currently working on one in Myrtle Beach, South Carolina;

4) Our team is 70 employees. Including subcontractors and partners, when we're at full capacity, we have about 90 people working at Pine Energy;

5) We have 15 apprentices in our Pine Energy apprenticeship program. In 2025, we had our first graduate of the program; and

6) We were recognized as a top solar subcontractor by Solar Power World. We are the 8th largest commercial and industrial subcontractor in the United States and the 3rd largest in Georgia.

2025 marked our fifth year in business. We are fortunate to have grown again. I attribute our growth to our focus on our values of safety, kindness, and professionalism. We have a system, we have a focus, and we are executing. As a company, we are aligned throughout our great team. We are building something we can scale by repetition of good process, good work, good values, and good culture.

Culture is something we've been focusing on as we've grown. Why? Because an understood culture helps the members of our team know how to act as employees of Pine Energy.

At the end of 2025, we had an interesting exercise in defining our company culture, and as a team, we defined ourselves with a culture of learning and safety. This means we are a company that is open, inventive, and exploring while also realistic, careful, and prepared. Perhaps, you’ve noticed this about us in some previous interaction. We’re open to figuring out the best method for construction, and when we build, we dive into the details and build carefully.

We will take our structure, our values, and our culture into 2026, and we have an exciting year already lining up. We're busy in the first quarter with interesting rooftop work in Georgia, North Carolina, and Virginia and interesting ground mount work in Arkansas, Delaware, and Virginia. I am looking forward to another strong year working with safety, kindness, and professionalism. I am looking forward to another year of working with good people and taking care of each other and our partners. And I am looking forward to another year of good results. We do it with exploration of process and meticulous planning.

In 2026, please let us show you how we work. We think we can all succeed together.

Thank you,

Jason