Anand Balaji

Anand Balaji, on behalf of Andres Sheppard, congratulated Donald Carpenter on his promotion and asked for an update on the Thailand debt financing, including the latest developments and project progression. He also inquired about the most promising verticals from the macro commentary (e.g., cold beverages, cosmetics, automotive, snack bar wrappers) that investors should focus on.

Answer

Incoming CFO Donald Carpenter expressed excitement about the Thailand project, detailing progress with a comprehensive data room, collaborative bank discussions, critical agreements with IRPC, and advancing site design. CEO Dustin Olson added that PureCycle's presence in Thailand would fundamentally change its plastic waste performance, benefiting tourism and the local economy. Regarding promising verticals, Mr. Olson indicated a short-term focus on closures and injection molded projects, with a long-term shift towards thermoforming and film activities, especially after commissioning Phase 2 compounding at Ironton, due to their high value and growth potential.

Anand Balaji, on behalf of Andres Sheppard, asked for an update on the Thailand debt financing progress, particularly with the data room now open, and inquired about the most promising verticals from the macro commentary (e.g., cold beverages, cosmetics, automotive, snack bar wrappers) for the customer pipeline, and what investors should focus on.

Answer

Incoming CFO Donald Carpenter detailed progress on Thailand debt financing, including a comprehensive data room and collaborative work with banks, highlighting the project's strategic importance. CEO Dustin Olson added that PureCycle's presence would fundamentally change Thailand's plastic waste performance. For promising verticals, Olson stated short-term focus would be on closures and injection molded projects, but anticipated significant benefits for thermoforming and film activities, especially BOPP, with the commissioning of Phase 2 compounding at Ironton.

Anand Balaji inquired about VinFast's expected timeline and cost for developing its autonomy stack, specifically addressing potential regulatory gating factors in Vietnam for autonomous vehicles. He also asked about the company's capital needs and the target for achieving a positive gross margin.

Answer

Chairwoman of the Board, Thuy Le, stated that VinFast plans to launch a low-cost robotaxi version in the VinGroup ecosystem by 2026, with broader VinGroup development around 2028. Regarding capital, Ms. Le confirmed $3.7 billion in total liquidity, sufficient for approximately 18 months, with a current focus on executing operational milestones.

Anand Balaji from Cantor Fitzgerald inquired about VinFast's expected timeline and cost for developing its autonomy stack, including potential regulatory gating factors in Vietnam. He also asked for an update on capital needs and the target for achieving a positive gross margin.

Answer

Chairwoman Thuy Le stated that the low-cost robotaxi version is planned for launch in 2026 within the VinGroup ecosystem, with broader development around 2028. Regarding capital, she noted total liquidity of $3.7 billion at quarter-end, sufficient for 18 months, and emphasized focusing on operational milestones.

Anand Balaji, on behalf of Andrew Shepard from Cantor Fitzgerald, inquired about the market opportunities stemming from the Blue UAS certification and Ouster's strategy for the increasingly popular autonomous vehicle market.

Answer

CEO Angus Pacala described the Blue UAS certification for the OS1 sensor as a significant milestone, making Ouster the first 3D LiDAR company to achieve it and opening up opportunities with the Department of Defense. Regarding autonomous vehicles, Pacala noted the renewed market interest and confirmed that automotive was Ouster's second-largest revenue vertical in Q2, positioning the company well to capitalize on the trend.

Anand Balaji, on behalf of Andres Sheppard from Cantor Fitzgerald, asked for details on the flight test program's ramp-up in 2025 and inquired about Archer's broader vision for commercialization in the Middle East.

Answer

COO Thomas Muniz explained that the immediate goal is the first piloted flight, after which multiple other aircraft will enter the test program this year. He noted that the Launch Edition aircraft will also contribute to operational learnings. Muniz added that the Middle East strategy is to monetize the initial 'tens of aircraft' built over the next two years while establishing the infrastructure for scaling, and that this approach has attracted interest from dozens of other countries.

Anand Balaji of Cantor Fitzgerald inquired about the strategic advantages of building a conforming aircraft versus a prototype, the expected delivery timeline for Japan, and the commercialization and market entry plans for the UAE.

Answer

Chief Operating Officer Thomas Muniz explained that building a conforming aircraft is a core strategy to optimize for certification and manufacturing from the outset. CEO Adam Goldstein addressed the Japan timeline by referencing previously disclosed production ramps and noted that early deployments would also go to the UAE and testing. Goldstein and Muniz detailed the UAE strategy, highlighting strong local partnerships (ADIO, Etihad, Falcon), a clear regulatory path for a potential Q4 2025 launch, and the plan to leverage existing infrastructure and operators.