Amit Dayal • H.C. Wainwright & Co.

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President and CEO Jim Clark confirmed that cross-selling efforts have already been successful, generating 'double-digit millions' in revenue, though he emphasized they are still in the early stages of a multi-year journey. He addressed macro risks by highlighting the company's diversification across different retail verticals (QSR, grocery, refueling, auto), noting that the buying catalysts for each are distinct, which provides a natural hedge against a slowdown in any single area.

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CEO Jim Clark stated that significant cross-selling opportunities exist between lighting and display customers, with most of the potential still ahead. He believes the tariff impact on customers' core operations will be minimal, though construction and remodel activities could be affected. Clark emphasized that LSI's unique 'solution sell' approach differentiates it from component-focused competitors, which enhances its position and actually increases M&A opportunities.

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President and CEO James Clark attributed the gross margin dip to product mix, specifically a higher volume of lower-margin non-refrigerated displays, and the ramp-up costs associated with the 90% order increase in grocery. He confirmed the double-digit organic growth expectation for Display Solutions in Q2, driven by grocery recovery and EMI's contribution. Clark also confirmed the new refrigerated products have applications beyond grocery, particularly in the C-store market.

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Chief Commercialization Officer Brian Barton confirmed the A250's primary value is significant energy savings for industrial dehumidification in markets like battery manufacturing, pharmaceuticals, and high-value asset storage. He noted substantial future volume potential after a validation period. Regarding the A1000, Barton and CEO Matt Joar highlighted its ability to provide water security at an attractive levelized cost, which can accelerate permitting for new projects, especially in water-scarce regions.

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Chief Technology Officer Tom Muniz stated that capital is not formally separated between commercial and defense, as engineering resources are shared and transition as programs mature. He emphasized that the defense strategy targets a 'program of record' with a purpose-built aircraft, not just a hybridized eVTOL. He described the opportunity as global and significant, representing a clear advantage for Archer.

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CEO Adam Goldstein explained that it is too early to assess cost efficiencies given the current low production volumes, but reiterated the company's belief that it can achieve target gross margins at an annual production rate of approximately 250 aircraft. He stated that due to a domestic-first sourcing strategy, Archer has limited exposure to tariffs and does not anticipate a material impact on costs.

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CEO Adam Goldstein confirmed Archer will not create a new entity for the Anduril partnership, instead leveraging existing resources. For the ADA partnership, he described a fixed-price model where Archer is paid to help stand up the local network, preparing it for larger fleet orders, rather than earning per-trip revenue. He highlighted significant infrastructure progress in the UAE, utilizing existing helipads and converting key locations into vertiports with partners like Falcon Aviation.

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CEO Adam Goldstein contrasted the two approaches. The UAE plan is a clear, revenue-generating path leveraging existing infrastructure and partners with minimal financial burden. In the U.S., the initial focus is on a learning phase with partners like United to establish operational capabilities (e.g., charging, airport integration). Goldstein believes this can be done with minimal capital investment from Archer and could potentially be cash flow positive due to strong customer interest in early engagement.

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CFO Leke Agiri stated the $10 million/quarter CFPC guidance is a conservative, stressed number. CBO Paul Bloom detailed that CDR growth will come from shifting value from fuel markets and leveraging high-quality credits. CEO Patrick Gruber and COO Chris Ryan noted that while helpful, 45Z clarity doesn't dramatically speed up ATJ projects due to the credit's 2029 expiration and existing engineering and financing timelines.

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Chief Business Officer Paul Bloom explained that a growing market already exists for durable carbon dioxide removals (CDRs), specifically from bioenergy with carbon capture and sequestration (BECCS), which Gevo is positioned to expand into. CEO Patrick Gruber added that Gevo expects to monetize 45Z credits "sooner rather than later" and that the company's goal is to achieve positive adjusted EBITDA for the full year, making its operations self-sufficient.

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CEO Patrick Gruber stated the SPV investors are a mix of strategic, specialty, and financial funds, and securing their commitment is a prerequisite for the DOE loan, targeted for late 2025. He noted contract tweaks for carbon value are ongoing. Chief Business Officer Paul Bloom explained carbon capture can be monetized either bundled with renewable fuel or as separate Carbon Dioxide Removal (CDR) credits. Gruber confirmed the RNG capacity was already expanded to 400,000 MMBtu.

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CEO Todd Borgmann identified the finalization of the RVO, clarity on SREs, and the market working through the 2024 RIN overhang as the primary catalysts for margin recovery. He noted this could happen late in the current year or as the new RVO takes effect in 2026. On the MRL monetization, Borgmann asserted that a 2026 transaction is not off the table, contingent on achieving a few quarters of demonstrated strong earnings once margins improve.

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EVP Bruce Fleming clarified that the increased SAF output leverages the latent capacity of the existing hydrocracker, requiring only a modest $20-$30 million investment for constraint removal, rather than a major new build. He explained that the remaining DOE loan funds (Tranche 2) are a construction draw facility that will be tapped over the next few years as the full 300-million-gallon build-out progresses, and is not tied to this specific interim step.

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CEO Todd Borgmann explained that the $150 million equity infusion has been planned and will be funded by existing Montana Renewables investors, not requiring a public equity offering. He clarified that the higher Q3 2023 EBITDA was a result of much stronger industry index margins for renewable diesel before the RVO reset, which better represents the business's earnings power in a normal margin environment.

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CFO Sandra Wallach confirmed that gross margins are expected to remain positive and continue to grow, albeit with some normal quarterly variation. She also projected that operating expenses would remain lean, creating operating leverage as revenue scales. President Tom Stepien did not comment on the size of specific deals but reiterated the strategy of deepening engagement with the company's large customer base to secure design wins.

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Executive Kang Sun affirmed that he expects revenue growth, citing a strong pipeline and advanced customer qualifications. On cannibalization, he acknowledged it is a possibility but framed it as a deliberate strategy to 'kill our old technology ourselves' to stay ahead of the competition. He clarified that new products are typically aimed at new applications or performance upgrades, not replacing batteries in older device designs.

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CFO Sandra Wallach indicated an expectation for sequential growth in 2025 but cautioned that Q1 could face headwinds from the changing funding landscape; she did not provide a specific target for gross margin breakeven. CEO Kang Sun explained that the company's current battery chemistry is very robust and suitable for the eVTOL market without needing major inventions, only minor adjustments for specific performance requirements.

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Founder and CEO JoeBen Bevirt reiterated the guidance that TIA flights with Joby pilots will begin later this year, with FAA pilots flying for certification credit in early 2026. CFO Rodrigo Brumana stated that the Blade deal was just signed and is expected to take a few weeks to close, with further guidance to be provided at that time.

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Executive Chairman Paul Sciarra stated that Joby has been proactively engaging with regulators in the UK, Japan, and the UAE, leveraging bilateral agreements with the FAA to enable near-synchronous certification. Founder and CEO JoeBen Bevirt added that U.S. trade policy could create upside opportunities and estimated vertiport costs from hundreds of thousands to millions of dollars, depending on scale.

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Executive Chairman Paul Sciarra confirmed the Toyota investment is entirely straight equity with no warrants. Founder and CEO JoeBen Bevirt clarified that the Dubai operations will be 'Joby-owned and operated' by a local Joby team, ensuring participation in operational revenues. However, he stated that it was 'a little bit early' to discuss specific unit economics.

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Executive Chairman Paul Sciarra stated no specific end date for certification is being given, but the path is clear. CEO JoeBen Bevirt confirmed their partner Skyports will build the vertiports in Dubai. CPO Eric Allison noted multimodal integration is key for the service. President of Aircraft OEM Didier Papadopoulos added that prototypes are regularly flying typical 20-30 mile missions, in line with expectations.

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President and CEO Matthew Lanigan stated that the industry is still in the early stages of a robust, multi-year transmission spending wave. Regarding M&A, both Lanigan and SVP & CFO Gregg Piontek emphasized a thoughtful and disciplined approach, considering complementary acquisitions in core markets without rushing or overpaying.

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CEO Stuart Simpson deferred specific CapEx details to the upcoming Capital Markets Day but highlighted the strength of the Acitory partnership. Regarding defense orders, he stated the key technical hurdle—the hybrid control algorithm—is already solved. The next step is public flight demonstration, noting that the recent flight at a major military air show has already generated significant discussions with numerous militaries.

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CTO Luiz Valentini stated that the services software is being actively developed in collaboration with potential operators to ensure it meets their needs. CEO Johann Christian Jean Bordais confirmed that while Eve is funded through 2026, it has multiple future funding options, including grants, ECA debt, and additional facilities from the Brazilian Development Bank.

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CFO Eduardo Couto clarified that the total manufacturing plant CapEx will be around $100 million, for which funding is already secured via a long-term loan, with the majority to be spent in 2026. CEO Johann Christian Jean Bordais stated that TechCare is being actively discussed with customers who desire a comprehensive OEM support solution. He also confirmed that Eve is working with partners to develop the necessary ecosystem, initially leveraging existing heliports while pushing for new vertiport infrastructure that can serve multiple eVTOL operators.

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CEO Johann Bordais emphasized that launching TechCare early is critical for preparing the entire support ecosystem to ensure a successful and reliable entry-into-service. He detailed the necessary components, including a 24/7 care center, technician and pilot training via the ECTS joint venture, and material solutions. The goal is to have the operational framework ready to prevent aircraft from being grounded, which is a key part of Eve's value proposition to customers.

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President and CEO Yann Brandt attributed the confidence to the company's inflection point and the successful ramp-up of its 1P product, which now constitutes 90% of bidding activity. He stated that FTC is gaining visibility on nearly all major projects and is positioned to take market share, with growth driven by the compelling value of its new technology. Regarding the 2P product, Brandt confirmed it is no longer a priority for R&D investment and will be used for niche applications, with the primary focus remaining on the 1P Pioneer platform.

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Sanjay K. Shrestha, executive, confirmed the existing backlog is solid and will drive the majority of 2025 revenue, particularly for the Electrolyzer and Cryogenic businesses. He noted the Electrolyzer segment could see growth similar to the 60%+ rate from 2024. He clarified that significant new bookings in 2025 would primarily contribute to revenue in 2026 and beyond.

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EVP Sanjay Shrestha explained that while timelines vary, Plug expects over one gigawatt from this pipeline to reach a final investment decision (FID) and convert to firm orders during 2025. He clarified that the majority of the 8 GW pipeline is in Europe and Australia, making it largely independent of U.S. policy, with only about 300 megawatts of the opportunity tied to the U.S. market.

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CEO Yumin Liu and CFO Ke Chen attributed the strong profit outlook to a combination of factors. Liu highlighted that many deals expected to close in H2 have been in progress for months, including valuable COD sales. Chen added that high-margin RTB/NTP sales, alongside DSA and IPP revenue, are key contributors. Regarding interest rates, Liu acknowledged that a lower rate environment would be beneficial for asset pricing. However, Liu declined to provide a specific gross margin for DSA revenue, noting it varies significantly across different countries and project types (solar vs. storage) but confirmed it is a 'very good model' for the company.

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CFO Ke Chen acknowledged that a significant project in Hungary is part of the second-half plan but expressed confidence in its closure. He attributed the strong Q2 gross margin guidance (40-45%) to a seasonal increase in high-margin IPP revenue, continued contributions from the DSA business, and high-margin NTP project sales in Europe. Mr. Chen also reaffirmed the company's confidence in reaching its year-end cash target and confirmed they are actively seeking high-return IPP opportunities, particularly in Europe.

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