Andres Sheppard-Slinger

Andres Sheppard inquired about the detailed composition of Rocket Lab's record backlog, specifically asking what value from SDA Tranche 2 and Tranche 3 contracts, as well as Neutron and Electron flights, is included. He also asked about the expected cadence for Neutron launches following the Q4 2026 target for the first launch, the confidence in the second tank's development, and potential CapEx increases.

Answer

CFO Adam Spice clarified that all SDA contracts, including Tranche 3, were added to the backlog, with Tranche 3 revenue recognition starting in Q1 2026. CEO Peter Beck expressed confidence in the second Neutron tank, built using the AFP machine, which will accelerate production. Adam Spice added that the cost of the second tank is low, and there will be no significant CapEx increase or R&D impact from the tank failure.

Andres Sheppard asked about the revenue recognition schedule for the SDA Tranche 2 award, the company's chances for the larger Tranche 3 contract, and whether there has been an uptick in customer demand for Neutron as an alternative to SpaceX.

Answer

CFO Adam Spice detailed that SDA Tranche 2 revenue for 2025 is expected to be in the $150-200 million range, with a similar amount in 2026. He noted Tranche 3 would be the company's largest contract to date. CEO Sir Peter Beck confirmed that pent-up demand for a Falcon 9 competitor is increasing, driven by large government programs like Golden Dome and a market desire for a reliable alternative.

Andres Sheppard-Slinger asked how growing international space budgets might benefit Rocket Lab and how the company's revenue mix might shift as the Neutron rocket launch approaches.

Answer

CEO Peter Beck identified Europe as the primary international growth opportunity, along with continued strength in Japan, which is Electron's second-biggest market. CFO Adam Spice explained that the future revenue mix is hard to predict and will be volatile. A single large constellation win could skew revenue heavily toward Space Systems, while booking Neutron launches at a $50-55M price point could quickly shift the balance back toward Launch.

Andres Sheppard-Slinger of Cantor Fitzgerald asked about the confidence level for a 2025 Neutron launch, the expected revenue mix shift in 2026, and key catalysts for the Space Systems segment.

Answer

CEO Sir Peter Beck expressed high confidence in a 2025 Neutron launch, noting no major blocking issues. CFO Adam Spice projected that Launch's share of revenue will increase with Neutron, but the long-term target mix is roughly two-thirds Space Systems to one-third Launch. Beck added that Space Systems is pursuing significant government programs, including those related to the 'Iron Dome' initiative.

Andres Sheppard-Slinger asked for clarification on the Neutron launch timeline, questioning the gap between the mid-2025 first launch and the mid-2026 start for the new contract, and also inquired about key upcoming development milestones.

Answer

CEO Peter Beck explained that the planned launch cadence of 1, 3, and then 5 launches in subsequent years dictates slot availability, and the company was highly selective for its first commercial partner. CFO Adam Spice added that the timing aligns with typical 12-18 month customer integration cycles and demonstrates Rocket Lab's ability to command premium pricing from the start. Peter Beck then outlined the three key development pillars to watch: launch infrastructure, vehicle structures, and the Archimedes engine qualification campaign.

Andres Sheppard asked about the composition of Joby Aviation's 2026 revenue guidance, specifically if it's primarily from Blade, and inquired about expected quarterly seasonality. He also questioned the cash use guidance for the first half of 2026 and whether a higher cash burn should be anticipated in the second half due to production ramp-up.

Answer

CFO Rodrigo Brumana confirmed that the vast majority of 2026 revenue is expected from Blade, with seasonality peaking in Q3, where Q2 and Q3 combined typically account for 60-65% of revenue. Regarding cash use, Mr. Brumana explained the H1 guidance reflects the transition from prototype to repeatable scaled production, making precise full-year forecasting challenging, and stated that H2 guidance would be updated later in the year as more production ramp data becomes available.

Andres Sheppard inquired about the composition and seasonality of Joby Aviation's 2026 revenue guidance, specifically the contribution from Blade, and then asked for insights into the expected cash burn for the second half of 2026 following the first half guidance.

Answer

Rodrigo Brumana, Chief Financial Officer, confirmed that the vast majority of 2026 revenue would come from Blade, with seasonality peaking in Q3 (Q2+Q3 typically 60-65% of revenue). Regarding cash usage, Mr. Brumana explained that the company is transitioning from prototype to repeatable scaled production, making precise forecasting for the second half challenging, and they will update guidance later in the year as more production data becomes available.

Andres Sheppard-Slinger of Cantor Fitzgerald inquired about the potential impact of tariffs on Joby's vertically integrated model and the company's outlook on commercializing in the Middle East before achieving full FAA type certification.

Answer

Executive Chairman Paul Sciarra responded that Joby's vertical integration provides resilience against tariffs by allowing flexibility at the component level. Founder and CEO JoeBen Bevirt reiterated that the company remains on track for its planned service launch in Dubai, with an aircraft heading there soon for testing.

Andres Sheppard-Slinger asked for more details on Joby's near and long-term military opportunities and for the company's vision for commercialization in Dubai, including the potential ramp-up speed.

Answer

Founder and CEO JoeBen Bevirt and Executive Chairman Paul Sciarra detailed their extensive 8-year history with the Department of Defense, highlighting the delivery of two aircraft to Edwards Air Force Base and the training of pilots and mechanics as foundational for future growth. They also noted the strategic importance of their demonstrated hybrid-propulsion capabilities for longer-range defense missions. Regarding Dubai, JoeBen Bevirt expressed excitement about the strong government support and the plan to build out a full ecosystem, starting with in-market testing this year to build momentum for a full-scale service.

Anand Balaji, on behalf of Andres Sheppard, asked for confirmation of the Middle East service timeline, when to expect unit economics, details on the aircraft for UAE delivery, and the conditions for the second tranche of the Toyota investment.

Answer

CEO JoeBen Bevirt tied the service timeline to certification progress. CFO Matt Field said unit economics would be shared closer to launch and that the second Toyota tranche is conditioned on a manufacturing strategic alliance. President of Aircraft OEM Didier Papadopoulos clarified that while the UAE does not technically require FAA conformity, the build standards are similar, and the aircraft being built now are an option for Dubai delivery.

Andres Sheppard asked for clarification on the unit mix for the 2026 production guidance, specifically the proportion of Lucid Air, Lucid Gravity, mid-size vehicles, AM2 production, and Robotaxis. He also inquired about the company's capital needs and cash burn projections given the $4.6 billion liquidity extending into the first half of 2027.

Answer

Interim CEO Marc Winterhoff clarified that the majority of 2026 production and deliveries would be the Gravity, similar to Q4 2025. He stated that mid-size vehicles and Robotaxis would not contribute meaningful numbers due to their late-year start of production or small initial volumes. CFO Taoufiq Boussaid indicated that the $4.6 billion liquidity guidance into H1 2027 provides an approximation of the cash burn, but specific quarterly or yearly cash burn guidance was not provided, with more details expected at the Investor Day.

Andres Sheppard from Cantor Fitzgerald asked for clarification on the unit mix within Lucid's 2026 production guidance, specifically regarding the proportion of Lucid Air, Lucid Gravity, mid-size vehicles, and Robotaxis, including any contributions from the AM2 plant. He also inquired about the company's capital needs and projected cash burn given the $4.6 billion liquidity extending into the first half of 2027.

Answer

Marc Winterhoff, Interim CEO, stated that Lucid Gravity would constitute the majority of 2026 production and deliveries. He clarified that mid-size vehicles and Robotaxis would not contribute meaningful numbers in 2026 due to their late-year start of production or small initial volumes. Taoufiq Boussaid, CFO, indicated that the $4.6 billion liquidity provides an approximation of the cash burn until H1 2027, with further details to be provided at Investor Day.

Andres Sheppard of Cantor Fitzgerald inquired about the potential impact of the macroeconomic environment on the initial average selling price (ASP) of Lucid's upcoming midsize vehicle and asked for an update on the company's strategy for addressing its 2026 convertible debt.

Answer

Interim CEO Marc Winterhoff stated there are no current plans to change the midsize vehicle's ASP, viewing the current EV market slowdown as a temporary phase. CFO Taoufiq Boussaid confirmed the plan to address the convertible debt by accessing the market in the coming quarters, likely in 2025 or early 2026, depending on market conditions.

Andres Sheppard-Slinger of Cantor Fitzgerald asked for a breakdown of the 2025 production guidance between the Air and Gravity models to better understand average selling prices (ASPs). He also requested a reminder of the company's plan to address the 2026 convertible bonds.

Answer

Interim CEO Marc Winterhoff stated that while the Air is selling well, it is not expected to see a drastic sales increase, meaning the balance of the 20,000-unit guidance will come from the Gravity. CFO Taoufiq Boussaid clarified that this mix shift will cause blended ASPs to increase in the second half of the year. Regarding the convertible bonds, Winterhoff noted the company remains opportunistic and will not communicate specific timing, highlighting the success of the recent financing as a sign of confidence.

Andres Sheppard of Cantor Fitzgerald asked about the outlook for blended average selling prices (ASPs) in 2025, the timeline to achieve gross margin profitability, details on the vehicle mix for the Saudi government agreement, and the potential impact of new tariffs.

Answer

SVP of Finance Gagan Dhingra projected significant gross margin improvement in 2025, driven by scale, cost transformation, and supplier leverage, but did not provide a specific ASP or profitability timeline. Interim CEO Marc Winterhoff confirmed the Saudi deal is weighted towards the Midsize and Gravity models but could not disclose a breakdown. Gagan Dhingra reiterated that the company is actively mitigating a potential 7-12% gross margin impact from tariffs through supply chain localization, such as a new U.S. graphite deal.

Andres Sheppard-Slinger asked for insight into the anticipated vehicle unit mix between the Lucid Air and the Lucid Gravity for 2025. He also sought confirmation that the Saudi Arabian government vehicle agreement would primarily consist of Gravity and Midsize models, and whether to expect a significant ramp in deliveries to Saudi Arabia next year.

Answer

CEO & CTO Peter Rawlinson stated that Lucid will launch the high-end Gravity Grand Touring first, anticipating that the company will be 'manufacturing constrained' rather than market constrained in 2025 due to high demand. He confirmed the Gravity is the 'perfect car' for the Middle East and that some early builds will be sent to Saudi Arabia early next year, with the overall vehicle mix for the government contract being determined by price points.

Andres Sheppard from Cantor Fitzgerald sought further details on Aurora's target of over 200 driverless trucks by year-end 2026, inquiring about the fully driverless nature of these operations and the correlation with back-loaded revenue. He also asked for clarification on the 50% improvement in second-generation hardware costs.

Answer

Co-Founder and CEO Chris Urmson confirmed the 200+ trucks will be fully driverless without an observer, with deliveries starting in Q2 2026. CFO David Maday clarified the distinction between current ride observers and the removal of partner-requested observers. Urmson and Maday explained the hardware cost reduction stems from design for manufacturability, computation savings, FirstLight lidar advancements, and leveraging manufacturing expertise and scale.

Andres Sheppard asked for more details on Aurora's target of over 200 trucks by year-end, its correlation with the back-end loaded revenue ramp, and the distinction between piloted versus fully driverless operations for these trucks. He also inquired about the 50% improvement in the new generation driver hardware cost, seeking clarification on whether it's due to scale, volume, or cost synergies.

Answer

Chris Urmson, Co-Founder and CEO, confirmed that the 200+ trucks would be fully driverless with no observer, launching in Q2 2026 and scaling to 20 trucks per week in Q3. David Maday, CFO, clarified that current driverless miles already involve a ride observer who does not operate the vehicle, and the change is merely removing the partner-requested observer. Chris Urmson attributed the hardware cost reduction to design for manufacturability, cost optimization (including computation savings), and advancements in FirstLight lidar, with further reductions expected from AUMOVIO's third-generation kit leveraging their automotive industry experience and supply chains.

Andres Sheppard requested granularity on Aurora Innovation's truck deployment expectations for Q4 2025 and early 2026, aiming to understand the ramp-up from five operational trucks to over ten by year-end. He also asked for details on the path to achieving positive gross profit by late 2026 or early 2027, including any specific truck volume targets.

Answer

Co-Founder and CEO Chris Urmson stated Aurora expects to have 10 driverless trucks operating by the end of 2025, ramping through Q4, balancing increased driverless operations with fleet utilization. CFO David Maday linked positive gross profit to truck volume and four key enablers: Gen 2 hardware launch (Q2 2026), remote assistance progress, on-site support, and sufficient scale. He noted the original 2026 target might shift to early 2027 due to a later commercial launch, with Chris Urmson highlighting the Gen 2 hardware's 50%+ BOM reduction and million-mile durability as key drivers.

Andres Sheppard asked for granularity on Aurora Innovation's truck deployment plans for Q4 2025 and early 2026, specifically regarding the ramp-up to 10 operational trucks by year-end and average selling prices (ASPs). He also inquired about the path to achieving positive gross profit by the end of 2026 or early 2027, and the number of trucks required to reach that milestone.

Answer

Co-Founder and CEO Chris Urmson confirmed the expectation to have 10 driverless trucks operating by the end of 2025, emphasizing a 'crawl, walk, run' approach to balance increasing operations with capability advancement. CFO David Maday outlined four key enablers for positive gross profit: the Q2 2026 launch of the second-generation hardware kit, progress on remote assistance (one person supporting multiple vehicles), on-site support, and achieving sufficient scale for mileage accumulation. He noted that the original 2026 target might shift to early 2027 due to a later commercial launch, but expressed confidence in the target.

Andres Sheppard of Cantor Fitzgerald asked for details on the near-term operational ramp-up from three trucks to the "tens of trucks" expected by year-end. He also sought to understand the key lessons learned from preparing for rain and heavy wind operations and whether this validates the superiority of a LiDAR-based system.

Answer

CEO Chris Urmson clarified that the 2025 focus is on capability expansion over fleet size, balancing development needs with driverless operations. CFO David Maday added that success is measured in driverless miles, not truck count. Urmson noted that while the system is not yet launched for rain, its performance is strong, and the challenge lies in validating edge cases, affirming that a multi-sensor suite is crucial for robust performance.

Andres Sheppard-Slinger asked for elaboration on the 'crawl, walk, run' approach for 2025 and for a conceptual reminder of the economic improvements expected in 2027 from the Continental partnership.

Answer

CEO Chris Urmson outlined the 2025 plan, which focuses on expanding the operating domain (new lanes, night and weather conditions) to increase customer value and prepare for scaling in 2026. CFO David Maday reaffirmed that the 2027 timeframe is expected to bring high gross margins, enabled by the third-generation hardware kit from Continental, line-side OEM installation, and the ability to scale to tens of thousands of trucks.

Andres Sheppard-Slinger inquired about the specifics of the 'crawl, walk, run' commercialization strategy, the expected truck ramp-up in late 2025, and whether there were targets for loads or miles by April. He also asked for more granularity on 2025 CapEx.

Answer

CEO Christopher Urmson explained the phased approach is to build stakeholder confidence, starting with one truck and scaling to tens by year-end. CFO David Maday emphasized that the 2025 focus is on product validation and expanding technical capabilities (e.g., night driving) rather than mileage targets. Maday guided to a quarterly cash use of $175M-$185M, driven by modest increases in OpEx and CapEx.

Andres Sheppard asked for an update on capital needs and liquidity, including past and expected cash burn, and the timing for additional capital requirements. He also inquired about Polestar's focus and opportunities in autonomous driving technology.

Answer

CFO Jean-François Mady reported a monthly cash burn of approximately $136 million for H1, expecting an increase in H2 due to legacy CapEx. He noted improvements in normalized cash burn from loss cutting and working capital management, despite increased tariffs and market challenges. He confirmed raising $200 million in new equity from PSD Investment Company and ongoing efforts with GD Group for further funding. CEO Michael Lohscheller affirmed autonomy as an important future area, mentioning partnerships like Mobileye for Polestar 4, and emphasized balancing autonomy with Polestar's brand identity of performance, design, and sustainability.

Andres Sheppard sought an update on capital needs and liquidity, including cash burn figures for the past period and expectations going forward, along with the timing for additional capital requirements. He also asked about Polestar's focus and opportunities in autonomous driving partnerships.

Answer

CFO Jean-François Mady reported a monthly cash burn of around $136 million in H1, expecting an increase in H2 due to legacy CapEx, but noted improving normalized cash burn from loss cutting and working capital actions. He confirmed $200 million in new equity from PSD Investment Limited (GD Group) and ongoing active work with GD Group for further funding. CEO Michael Lohscheller affirmed autonomy as an important future area, mentioning existing partnerships like Mobileye for Polestar 4, exploring other regional alternatives, and balancing autonomy with Polestar's brand pillars of design, performance, and sustainability.

Andres Sheppard-Slinger sought clarification on the role of the South Carolina plant's capacity in mitigating tariff impacts and whether this signals a strategic shift away from the U.S. He also asked for an update on the company's liquidity position, expected cash burn, and future capital needs.

Answer

CEO Michael Lohscheller reiterated that Europe is the core market but the U.S. remains a key growth area with sufficient capacity, and the strategy is unchanged despite tariff volatility. CFO Jean-François Mady stated the prior cash burn rate is unsustainable and is being addressed through growth and cost cuts. He confirmed the company is actively working on securing new equity financing and is in discussions with potential investors.

Andres Sheppard-Slinger inquired about Polestar's directional delivery guidance for 2025, its current capital needs, and its strategic approach to mitigating potential tariffs.

Answer

CEO Michael Lohscheller pointed to a 30-35% compound annual growth rate target for 2025-2027, supported by a 37% order intake increase in Q4 2024. Lohscheller and CFO Jean-Francois Mady confirmed funding would be needed until reaching positive free cash flow in 2027, but the primary focus is on reducing the current cash burn of $100-120 million per month. Lohscheller also outlined the company's diversified manufacturing strategy—producing in the US, Korea, and soon Europe for the Polestar 7—to manage tariffs and costs effectively.

Andres Sheppard-Slinger requested color on the delivery outlook for the second half of 2024, including the expected mix between Polestar 3 and 4 and the resulting impact on gross margins. He also asked for an update on the company's capital needs following a recent $300 million funding.

Answer

CFO Per Ansgar stated that Polestar expects volume growth to continue through the year, with a particularly strong fourth quarter driven by a mix shift towards the Polestar 3 and 4. He reaffirmed the company's ambition to achieve double-digit gross margins by year-end. On capital, Ansgar noted that with the $950 million club loan and the new $300 million facility, the company has secured funding close to its previously stated $1.3 billion need and has largely undrawn trade financing facilities, seeing no immediate capital requirement.

Andres Sheppard-Slinger from Cantor Fitzgerald & Co. asked for a quantification of the financial impacts from recently announced import tariffs and how the new South Carolina facility will mitigate them. He also inquired about Polestar's capital needs for the remainder of the year given its current liquidity position.

Answer

CEO Thomas Ingenlath stated that the long-term impact of US tariffs should be 'completely mitigated' by producing the Polestar 3 in South Carolina for North American and European markets. CFO Per Ansgar added that a 'duty drawback' mechanism provides a further hedge. Regarding capital, Per Ansgar highlighted a strong focus on improving cash flow via working capital management and noted that a €470 million financing facility remains largely undrawn, providing flexibility. He also mentioned strong support from major shareholder Geely Holding.

Andres Sheppard asked for more insight into Rivian's vision for autonomy, specifically if it might pursue robotaxi partnerships or autonomy in commercial vehicles (EDVs). He also inquired about expectations for DOE loan withdrawals for next year and beyond.

Answer

CEO RJ Scaringe emphasized autonomy as a critical, high-investment area for Rivian, primarily focused on personally owned vehicles as the largest revenue opportunity. He acknowledged robotaxi and commercial applications but stressed the core focus on developing hands-free, point-to-point, and eventually eyes-off capabilities for consumer vehicles, with more details at Autonomy and AI Day. CFO Claire McDonough explained the DOE loan is project-based, requiring vertical construction in Georgia (planned for 2026) and meeting conditions precedent for initial draw, with first vehicles by end of 2028.

Andres Sheppard asked for more insight into Rivian's vision for autonomy, particularly with the rapid acceleration of self-driving vehicles, and whether Rivian is more likely to pursue robotaxi partnerships or autonomy in commercial vehicles like EDVs. He also requested an update on expectations for DOE loan withdrawals for next year and beyond.

Answer

RJ Scaringe, CEO, highlighted autonomy as one of Rivian's most important technology drives and largest investment areas, with details to be unveiled at Autonomy and AI Day on December 11th. He emphasized the broad applicability of autonomy for consumer-owned vehicles (the largest revenue opportunity) with a North Star of hands-off, eyes-off, point-to-point navigation, while acknowledging opportunities for commercial vehicles and robotaxi partnerships. Claire McDonough, CFO, explained that DOE loan advances are project-based, requiring vertical construction of the Georgia site and meeting conditions precedent, with vertical construction planned for 2026 and first vehicles by end of 2028.

Andres Sheppard asked if the R2's target ASP of around $45,000-$50,000 remains intact given macro pressures. He also requested more detail on the vision for the autonomy ramp-up and its potential application to commercial EDVs.

Answer

CEO RJ Scaringe confirmed the R2's starting price remains $45,000 but noted a range of variants will support a healthy ASP mix. On autonomy, he described a multi-year roadmap moving from highway assist to 'map-free' operation, and ultimately to 'eyes-off, hands-off' capability by 2026. He affirmed that the underlying large model being developed has direct applications for the commercial van fleet.

Andres Sheppard of Cantor Fitzgerald inquired about Archer's commercialization vision for the UAE, including the timeline and required steps, and sought confirmation on the use of aircraft currently in production for FAA TIA credits.

Answer

Founder, CEO & Chairman Adam Goldstein outlined the UAE strategy, which includes definitive agreements with partners like Abu Dhabi Aviation, expecting tens of millions in revenue over 18-24 months starting this year. He noted a focus on hot weather testing and certifying existing helipads. Chief Technology Officer Tom Muniz confirmed the six aircraft in production will be used for both FAA flight testing and the UAE launch edition, with specific test plans for each aircraft.

Andres Sheppard-Slinger of Cantor Fitzgerald inquired about the specific vision for the UAE launch by year-end and the broader commercialization strategy for the 'Launch Edition' program with customers like Abu Dhabi Aviation and Ethiopian Airlines.

Answer

CEO Adam Goldstein described the UAE launch as a low-level, early commercial operation focused on demonstrating capabilities and learning. An executive, Thomas Muniz, detailed the plan: delivering an aircraft in the summer for high-temperature testing, followed by route proving and passenger flights with partner Abu Dhabi Aviation. Regarding the broader Launch Edition program, Goldstein noted strong international interest but stated Archer is balancing customer deliveries with internal testing needs, with more details to come.

Andres Sheppard asked for an update on PureCycle's global growth plans and for more detail on the 17 customer applications that are in post-trial discussions.

Answer

CEO Dustin Olson detailed the strategic advantages of the growth projects in Thailand, Antwerp, and the next-generation US facilities. He explained that Thailand offers the fastest speed to market with a high ROIC. Regarding the 17 post-trial applications, Olson stated this proves the technology works and that conversions to sales are in progress, though large brands have complex internal processes for supply chain integration. He affirmed the company is on track for its previously disclosed sales ramp.

Andres Sheppard-Slinger asked about the strategy for the 14 million pounds of inventory and for more details on the company's future growth plans and facility scaling.

Answer

CEO Dustin Olson explained that the company is strategically holding inventory for higher-value branded sales in the second half of the year as customer trials are proceeding faster than expected. Regarding growth, he detailed how learnings from Ironton will enable future plants to be much larger (200-500 million pounds), which will lower both CapEx and OpEx per pound, leading to higher returns and faster growth.

Andres Sheppard-Slinger inquired about the company's confidence in its commercial ramp and asked for an update on its current cash position and future financing plans.

Answer

Executive Dustin Olson expressed high confidence, citing tangible successes in customer trials like the one with Drake Extrusion. Executive Jaime Vasquez confirmed a Q4 ending cash balance of approximately $16 million, a subsequent $33 million capital raise in February, and plans to sell the remaining $118 million in revenue bonds, which he believes is achievable given recent operational and commercial progress.

Andres Sheppard-Slinger requested an update on the Ohio plant's current status, the timeline to reach full peak capacity of 107 million pounds, and the planned number of initial production lines for the Augusta facility.

Answer

CEO Dustin Olson described the Ironton plant as being in a 'great place' with the CP2 constraint resolved, allowing production to be ramped according to commercial demand. He did not provide a specific timeline for reaching the 107 million pound nameplate capacity, noting the focus is on commercialization first. He reiterated that the Augusta project is planned as a two-line, 260 million pound-per-year operation.

Andres Sheppard from Cantor Fitzgerald questioned how NASA's plan for a nuclear reactor on the moon could fit into Intuitive Machines' strategy and asked for a summary of key upcoming catalysts for investors to monitor.

Answer

CEO Steve Altemus confirmed Intuitive Machines is one of three teams already working on fission surface power technology for NASA and sees it as a key infrastructure service. He listed several catalysts: a new CLIPS award (CT4), the potential repurposing of OSAM-one for the Space Force, the LTV award, a flight demo for the Stealth (Jetson) satellite, progress on the Earth reentry vehicle, and a proposal for a Mars data relay precursor mission.

Andres Sheppard of Cantor Fitzgerald requested more details on the IM-2 mission success payments expected in Q2 and asked for the outlook on free cash flow for the remainder of the year.

Answer

CEO Steve Altemus stated the company expects to recognize about half of the original $14 million in potential IM-2 success payments during Q2. He also noted that while Q1 free cash flow was positive due to milestone timing, cash flows will remain 'lumpy' and are not expected to be consistently positive until 2026.

Andres Sheppard-Slinger from Cantor Fitzgerald requested more details on the data procured from the IM-2 mission, particularly from the Nokia payload, and asked for a summary of key near-term catalysts for investors to watch in 2025.

Answer

CEO Steve Altemus described the Nokia Bell Labs payload operation as a 'rousing success,' fully demonstrating its lunar cellular network technology. For 2025 catalysts, he highlighted the Nova-D and LTV design reviews, two anticipated CLPS contract awards (one in July), and the preparation of the first data relay satellite for launch on the IM-3 mission.

Andres Sheppard-Slinger of Cantor Fitzgerald asked about key upcoming catalysts for investors to monitor regarding the IM-2 mission and the LTV contract decision, and also inquired about the company's cash runway and liquidity outlook.

Answer

CEO Steve Altemus identified the IM-2 mission's February launch window and a March design review for the Nova-D heavy lander as critical catalysts for the LTV down-select. He confirmed the company has a strong liquidity position for at least the next year but will opportunistically evaluate raising capital for major projects like NSNS and LTV.

Andres Sheppard of Cantor Fitzgerald asked for details on the planned ramp-up of the test flight campaign, from hover to cruise, and inquired about the company's strategy for its order book, specifically regarding converting Letters of Intent (LOIs) to firm orders.

Answer

VP of Engineering & Technology, Luiz Valentini, detailed the flight test plan, which will focus heavily on hover flight initially before moving to transition and cruise, leveraging Embraer's experience. CEO Johann Bordais explained that LOIs engage customers in development, and conversions to firm orders, like the one from Revo, will happen as certification nears. He emphasized the focus is on strategic partners, not just order volume.

Andres Sheppard-Slinger from Cantor Fitzgerald sought details on the manufacturing timeline for the five certification prototypes and how their costs are reflected in the current year's cash guidance. He also asked about the commercialization timeline for the maintenance and service business.

Answer

CEO Johann Christian Jean Bordais and CFO Eduardo Couto explained that assembly of the prototypes will begin late this year, with associated costs included in guidance, though R&D remains the primary cash use. The CEO added that the service and maintenance business is being developed in parallel to be ready for the aircraft's entry-into-service, focusing initially on a few key operators to ensure a successful launch.

Andres Sheppard-Slinger asked for the most supportive elements of the FAA's new SFAR regulations and the regulatory drivers behind the 2027 certification timeline.

Answer

CTO Luiz Valentini highlighted that the SFAR provides crucial regulatory clarity. He pointed to the revised pilot training rules, which now allow for simulator training followed by flights with an observer rather than requiring dual-control aircraft, as a significant positive development. He added that the 2027 timeline is a realistic assessment based on the new ANAC certification basis, the SFAR, and the planned flight test program for the conforming prototype.

Andres Sheppard of Cantor Fitzgerald asked about EVgo's strategy to capture market share in the autonomous vehicle space and inquired about key catalysts to watch for in the second half of the year.

Answer

CEO Badar Khan identified the autonomous vehicle (AV) sector as a significant upside opportunity, highlighting that EVgo has been operating dedicated sites for AV partners for years. He added that the new commercial bank facility can now finance these dedicated hubs, strengthening their position. For upcoming catalysts, Khan stated the company is focused on execution, including resolving remaining maintenance issues from Q2 and continuing its operational plan.

Andres Sheppard-Slinger asked for more detail on the guidance cadence for the remainder of 2025, specifically concerning cost of energy and average selling prices (ASPs), and also inquired about EVgo's strategy for the autonomous vehicle charging market.

Answer

CEO Badar Khan reiterated that the full-year guidance and stall build schedule remain unchanged, with 75% of new public stalls expected in the second half of the year. He noted that Q3 typically sees higher energy costs and expects ASPs to be stable or slightly increase. For autonomous vehicles, Khan highlighted that EVgo has a dedicated stall segment for this market, which more than doubled in 2024, and the company estimates it holds a 20% share of dedicated stalls serving this segment, viewing it as an attractive source of contracted cash flow growth.

Andres Sheppard-Slinger of Cantor Fitzgerald asked for context on EVgo's 22% network utilization rate compared to the broader industry average and questioned the company's strategic approach to the rise of autonomous vehicles and robotaxis.

Answer

CEO Badar Khan explained that a reliable industry-wide utilization average is difficult to find due to a lack of transparency from peers, but he believes EVgo's rate is likely higher due to superior site selection algorithms. He noted their long-term target of 23% will need to be updated. Regarding autonomous vehicles (AVs), Khan confirmed EVgo is actively pursuing this market, building dedicated, larger hubs for AV clients, as they represent a significant growth opportunity for DC fast charging.

Andres Sheppard of Cantor Fitzgerald inquired about the operational timeline for VinFast's new factories in Vietnam, India, and Indonesia, and their expected impact on total production capacity. He also asked for key growth catalysts investors should monitor for the remainder of 2025 and into 2026.

Answer

Chairwoman Le Thi Thu Thuy confirmed that all new Asian facilities are expected to begin operations in 2025, with the India factory opening in July. She clarified that the new facilities will focus on more affordable models like the VF3 and VF5, while the existing Hai Phong plant handles higher-end models. For catalysts, she highlighted three pillars: scaling operations to at least double vehicle deliveries in 2025, launching next-generation products with enhanced technology and lower costs, and executing on cost optimization through new platforms and zonal architecture, with the first model debuting in Q3.

Andres Sheppard-Slinger inquired about VinFast's confidence in its 2025 delivery guidance amid current macro conditions, the expected geographic sales mix, and the strategic path to achieving positive gross margins given the focus on lower-priced models.

Answer

Executive Thuy Thu Le expressed confidence in doubling 2024's deliveries, noting that while Q1 is typically the slowest, a significant ramp-up is expected in the second half of the year, driven by new 'Green series' models. She projected that international markets like Indonesia, the Philippines, and India would contribute over 10% of total deliveries. CFO Anh Thi Nguyen added that the path to profitability involves scaling volume, optimizing Bill of Materials (BOM), enhancing manufacturing efficiency, and strategic capital deployment to improve margins, building on the progress made in 2024.

Andres Sheppard-Slinger inquired about VinFast's liquidity, asking for details on the timing of the $3.5 billion capital injection and the resulting cash runway. He also followed up on the significant gross margin improvement, questioning if the company remains on track to achieve positive gross margin in 2025.

Answer

An executive explained the $3.5 billion injection will occur over two years through 2026, with funds allocated to CapEx and debt repayments. They noted Q3-end liquidity stood at approximately $1 billion. Executive Vuong Pham added that this capital ensures a runway to profitability even without external fundraising. Regarding gross margin, an executive confirmed the 2025 positive margin target is maintained, but final guidance awaits the completion of the current budget review.

Andres Sheppard-Slinger inquired about the gross margin trajectory for the remainder of the year, the timeline to achieve breakeven gross margins, and the company's total liquidity position including cash, ELOC facilities, and grants.

Answer

CFO Anh Thi Nguyen explained that Q2 gross margin was negatively impacted by a $104 million one-off charge for inventory write-downs (NRV), and that the underlying margin trend improved from Q1. She anticipates margins will continue to improve. Executive Thuy Thu Le reiterated guidance for positive gross margin by 2025 and positive EBITDA by 2026. She also confirmed total liquidity of approximately $2 billion, comprising ~$100M in cash, an undrawn credit facility, and an additional $1 billion gift from the Chairman.

Andres Sheppard-Slinger inquired about the growth drivers in the robotaxi and last-mile delivery markets, the potential impact of tariffs, and the company's capital needs.

Answer

CEO Angus Pacala highlighted positive momentum in the robotaxi space, citing customer successes, and framed last-mile delivery as part of the growing "physical AI" trend. Interim CFO Chen Geng added that while the tariff environment is evolving, Ouster does not expect a material impact to its business or supply chain at this time. He also confirmed the company is well-capitalized with low capital needs to fund future product development.

Andres Sheppard-Slinger inquired about the new Level 4 commercial agreements, asking for details on expected volumes. He also sought more granularity on the 2024 revenue guidance, specifically the mix between NREs and product shipments, and requested an update on the BMW relationship and its expected revenue contribution in 2025.

Answer

Executive Omer Keilaf explained that the Level 4 platform partner has about five customers, with vehicle volumes ranging from tens of thousands to low hundreds of thousands per program, each using nine LiDARs. Executive Eldar Cegla clarified that current revenues are mostly from NRE and samples. Regarding BMW, Omer Keilaf noted that a significant ramp is not expected until the China launch next year and that R&D on future platforms continues.