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Interim CEO Peter Beethen stated that the EU trialogue is progressing on key issues like labeling and patenting, with a final text expected within six months. CSO Greg Gochel added that the UK field trials are near the end of their second season, with harvest expected in August, and that results from the previous year were encouraging.

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Chief Scientific Officer Gregory Gocal explained that a favorable result in the Canola field trials would be the edited material showing greater resistance to the pathogen than the control material, which would lead to combining it with other modes of action. Interim CEO Peter Beetham confirmed that the Sustainable Ingredients program remains on track for nominal revenues in late 2025, with orders in Q4 leading into 2026, and highlighted the broad industry interest in their platform.

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Interim CEO Peter Beetham and CSO Greg Gocal confirmed that all programs remain on track, highlighting upcoming field trials for HT2 and accelerated customer interest in Sclerotinia resistance traits. Executive Carlo Broos addressed the financials, stating that with the recent financing and cost reductions, the company's cash is sufficient to fund all planned operating expenses and capital requirements into the late third quarter of 2025.

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COO Peter Beetham confirmed that greenhouse results for the third mode of action in Sclerotinia resistance are expected in Q4 2024. He noted the U.K. Pod Shatter Reduction trials yielded positive results, leading to immediate replanting for a second season of validation. CEO Rory Riggs added that the sustainable ingredients business is progressing well, with public results anticipated by the end of 2025, contingent on the completion of the soybean platform.

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CFO Oliver Reeves clarified that EAS-connected routes account for approximately 46% of revenue, or about half of the scheduled service business. He noted that the new JetCard had minimal contribution to the quarter's on-demand revenue as redemptions are pending. Regarding Surf OS, Reeves indicated a sequential rollout starting in the first half of 2026, with the pricing model still under evaluation but likely to be a take-rate based on customer efficiency gains.

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Executive Deanna White explained that while the EAS budget is under review, Surf Air's position as a low-cost provider offers a competitive advantage, making higher-cost operators more vulnerable to cuts. She identified Hawaii as the most core region due to its commuter nature, along with the company's other EAS routes where it faces no direct competition. Route decisions are consistently based on profitability and strategic fit within the existing footprint.

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Executive Deanna White explained that the Department of Transportation is handling EAS contracts on a route-by-route basis, allowing Surf Air to continue service on some routes at higher subsidy rates, which presents a potential revenue upside. She clarified that the company's own fleet is primarily used for scheduled service, while the growing on-demand business is serviced by a network of approximately 400 third-party operators.

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Executive Deanna White stated that Essential Air Service funding is considered secure and bipartisan, noting its long history since the 1970s and a recent funding increase via the FAA Reauthorization Act. Regarding profitability, she explained that the company models a 70% passenger load factor as the breakeven point for a route.

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Chief Technology Officer Tom Muniz explained the acquisition's primary goal was to establish rapid in-house development capabilities for advanced composites, specifically to support the defense program. He noted that this follows a common industry model where technologies and learnings developed for defense applications are later transferred to mature the civil aviation side of the business.

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CEO Adam Goldstein commented that it is too early to judge the specific impact of increased FAA funding but noted existing progress with the agency has been positive. Regarding production, he stated that the current priority is balancing internal testing needs with customer deliveries while refining the manufacturing process for long-term scale, rather than committing to a specific near-term monthly output rate.

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CEO Adam Goldstein stated that while contract values will vary, a back-of-the-envelope estimate is $10-$15 million per aircraft, including support, with the goal of being margin-positive. COO Thomas Muniz clarified that the first aircraft in the UAE will be for experimental flight testing in high-temperature and dusty conditions. He said they do not anticipate needing hardware changes for passenger operations but must complete the testing first to confirm.

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CEO Peter Cannito expressed that restored ISS funding is beneficial for Redwire's microgravity business. For CLD, he positioned Redwire as an 'orbital outfitter,' ready to supply critical subsystems like solar arrays to any future commercial station. Regarding Golden Dome, he confirmed Redwire is an active bidder but could not detail the strategy. He acknowledged uncertainty in award timing but noted the program's aggressive three-year timeline suggests it will move quickly.

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CEO Steve Altemus confirmed the company is competing for the CT4 CLIPS award and is confident in its position due to system upgrades made after the IM-2 mission. Regarding Golden Dome, he stated that while the architecture is not yet defined, Intuitive Machines' developing assets—including its ground segment, data relay constellation, and PNT solutions—are highly applicable to future national security space architectures.

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CEO Steve Altemus clarified that the CLPS budget is not directly affected by proposed science budget reductions, with two procurements still planned. He also stated the LTV program is not dependent on the SLS, as their heavy cargo lander uses a Falcon 9 Heavy, mitigating risk from SLS program changes.

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CEO Steve Altemus stated that while the IM-2 'hot wash' is ongoing, he doesn't expect major changes to the Nova-D design. He noted that the commercial terms for the VIPER rover delivery are challenging. Regarding Mars, Altemus confirmed prior discussions about applying the CLPS model but said the moon remains the primary strategic interest for the government, with Mars being a longer-term goal.

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CEO Brian O’Toole explained that Eros will be offered as a standalone wide-area mapping service but will also be integrated with Gen 3 to create a unique 'tip and cue' capability, where broad area monitoring triggers high-frequency collection. He noted this fully integrated solution from a single company is a new market opportunity. Regarding NRO funding, O'Toole stated the congressional markup process is currently dynamic and on hold while Congress is in recess.

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CEO Brian O'Toole clarified that early access customers will receive imagery for evaluation, with full commercial operations beginning in Q4. He also corrected his earlier statement, noting the backlog includes about 20 new customers in total, with growing interest from Europe, the Middle East, and Asia, and a significant increase in the new customer pipeline for Gen-3.

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CEO Brian O'Toole emphasized that the LeoStella acquisition was a strategic move to control the cost and production of its core Gen-3 capability, not to enter the lower-margin hardware business. The goal is to drive high-margin imagery and analytics services. Regarding future technology, he stated that while the company is always investing and looking ahead, the current focus is on deploying the Gen-3 constellation.

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Founder and CEO JoeBen Bevirt explained that Joby will remain flexible, preferring to retain long-term cash flow from owned operations in the U.S. while also seeing value in Blade's asset-light model and international partnerships. Regarding the TIA aircraft, he emphasized it is the culmination of over a decade of work, built to a conforming design with direct FAA oversight, and is nearly identical to previous prototypes.

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Founder and CEO JoeBen Bevirt confirmed that multiple FAA-conforming aircraft are currently in production and remain on track for flight testing later in the year. He also noted strong progress at both the expanding Marina, CA facility and the new Dayton, OH site, with parts expected from Dayton in the coming months.

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Founder and CEO JoeBen Bevirt reiterated the plan for in-market testing and passenger flights in Dubai while highlighting the strong manufacturing momentum toward FAA-conforming aircraft. On the technical question, he explained that Joby's aircraft design is foundationally built around having one of the industry's lightest disk loadings, which results in substantially lower rotor outwash speeds. He noted this key advantage has been validated by NASA and is crucial for urban operations.

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Founder and CEO JoeBen Bevirt confirmed that detailed commercialization planning, including for Dubai, is underway. Executive Chairman Paul Sciarra addressed the government contract question, stating that Joby has strong bipartisan relationships and has diversified its engagement with government agencies to mitigate risks, emphasizing the shared goal of ensuring this technology is developed in America.

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VP of Engineering & Technology, Luiz Valentini, confirmed BAE Systems remains the battery partner. He explained that the Nidec and Beta motors differ in cooling systems, architecture, and control integration, and testing both will optimize the vehicle. He also stated the motor change does not affect blade tip speed, which is key for low noise, and learnings will be incorporated into the certification vehicle.

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CFO Eduardo Couto clarified that the services backlog includes battery replacement and repair but not future technology upgrades. An executive confirmed that the conforming prototypes, set to fly next year, will be manned with a pilot as part of the certification process.

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CTO Luiz Valentini confirmed that ANAC is actively working with the FAA, EASA, and TCCA to ensure certification bases are as similar as possible, aiming for harmonized requirements. Valentini also stated that Eve plans to build five certification prototypes, a number consistent with previous Embraer development programs, to provide sufficient resources for a comprehensive flight test campaign while maintaining a manageable fleet.

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CTO Luiz Valentini clarified that for urban missions, the ability to use pre-approved routes with tailored reserves is more beneficial than the general 20-minute rule. CEO Johann Bordais confirmed that Eve's business development team is actively 'hunting' and engaging with all potential customers, including those whose primary eVTOL supplier may be facing financial difficulties.

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CEO Stuart Simpson confirmed the all-electric aircraft is on track for 2028 certification, with the hybrid as a fast follower for 2029, certified as a modification rather than a new aircraft. He stated the current cash position of approximately $139 million provides a runway into mid-2026, covering the completion of the 2025 flight tests, the build of Aircraft 3, and the initiation of the first certification-ready aircraft.

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CEO Stuart Simpson explained the all-electric version will be certified first (2028), with the hybrid as a 'fast follower' (2029) since it uses the same airframe and systems. He described it as a modification, implying a streamlined process. He confirmed the current cash position through mid-2026 is sufficient to complete Aircraft 3, develop and fly the hybrid, and begin assembly of the first certification aircraft.

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CEO Stuart Simpson explained that while the hybrid requires certification, it will be a 'fast follower' to the all-electric version (targeting 2029) because it's a modification to the existing certified airframe, not a new aircraft. He confirmed the current cash runway, extending into mid-2026, is sufficient to complete Aircraft 3, develop and install the hybrid powertrain, and initiate production of the first certification aircraft.

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President and CEO Brian Coleman confirmed that tariffs on imported refrigerants and steel contribute to price changes, which benefits the profitability of U.S.-sourced reclaimed refrigerants not subject to those tariffs. Regarding the DLA contract, Coleman stated they do not have visibility into future volumes and are not necessarily anticipating an increase.

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Brian Coleman, an executive, clarified that all U.S. importers require an allowance and that Mexico has limited production capacity, making tariffs on goods from India and China more impactful on the market. Regarding weather, he stated that the company does not typically see significant demand from the Northeast until late May or early June, so the current cooler temperatures are not a concern.

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Executive Brian Coleman responded that while Hudson is actively looking to license its technology with established overseas partners, there have been no new developments in recent months. Regarding HFC regulations, he clarified that any change to the consumption caps would require new legislation, and there is currently no industry advocacy for changes to the AIM Act. He added that a congressional review of the EPA's refrigerant management rule does not appear to be a current priority for Congress.

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Executive Brian Coleman stated that predicting pricing is very difficult and expressed concern that the market could enter next year with similar pricing dynamics due to significant component inventory for R-410A. Executive Brian Bertaux added that achieving the 35% gross margin target is likely further out and will require higher market prices to complement the company's lower-cost inventory pools.

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Chairman & CEO William Lynn explained that DRS's role in the Columbia program is intentionally segregated, with contracts through shipset 12 to insulate it from program fluctuations and preserve workforce expertise. He confirmed that the threat environment, highlighted by the war in Ukraine, is driving growing international demand for force protection systems like its counter-UAS offerings.

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CFO Enrique López Lecube explained that Bioceres has been largely isolated from Brazil's credit issues, noting that improved farmer sentiment from higher soybean prices is a more significant factor. Regarding the U.S., both he and CCO Milen Marinov agreed that while lower interest rates would be helpful, they are not a core part of the growth strategy, which is focused on technology-driven demand and insulated by strong farm balance sheets.

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CEO Federico Trucco detailed that the royalty opportunity outside Latin America is significantly larger, as Bioceres will retain the full royalty, whereas in Latin America it is shared via the Trigall JV. He noted the GDM partnership also expands the soybean opportunity beyond drought tolerance. CFO Enrique López Lecube affirmed that the current cash position is not a concern, as the new strategy emphasizes cash generation and prudent spending. He stated the primary focus is on managing the company's leverage, with future cash flow intended for debt reduction.

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CFO Ali Engel clarified that the NOAA contract will be re-competed and renegotiated, not automatically renewed. She noted that the team is actively building demand for the NVIDIA Earth 2 product from both commercial and government sides. Both Engel and CEO Theresa Condor emphatically reaffirmed the company's expectation for approximately 20% top-line growth in 2026.

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Peter Platzer, Chairman, clarified that replacement CapEx is expected to remain in the historical range of $5 million to $7 million. He explained that this is sustainable because of a 'power law' effect, where each new generation of satellites delivers approximately 10 times the performance every five years, making each unit far more capable and efficient than its predecessors.

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CFO Leo Basola stated that CapEx is not expected to change materially, remaining in the $5 million to $7 million range for internal needs, as the constellation is fully deployed and many deorbiting assets were already depreciated. CEO Peter Platzer explained that a third-party propulsion unit underperformed its specifications, and corrective measures have been taken with the vendor. He also noted that a robust on-orbit insurance market for such spacecraft is not yet available.

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Interim CFO Thomas Krywe clarified that second-half growth is primarily driven by the flow-through of committed revenue from existing contracts. CEO Theresa Condor added that increased international defense budgets and a U.S. shift toward commercial data buys are also key drivers. Regarding AI models, Condor stated not to expect dramatically different product-level gross margins, as the focus remains on the overall company strategy of leveraging data across multiple customers. Krywe affirmed that overall gross margins would continue their upward trend due to the leveraged business model.

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SVP of Finance and Capital Markets, John Saunders, explained that the company's PC-12s are already at extremely high utilization, so new DHS contracts would likely require adding or modifying other aircraft in the fleet, similar to the Kodiak used for the Montana contract. CEO Sam Davis confirmed active discussions with Turkey and Portugal, which have open tenders. He noted that contract awards are pending the final certificate of airworthiness for the second scooper and that the concept of privately operated assets is new to the European market, which they are helping to develop.

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SVP of Finance and Capital Markets, Eric Gerratt, detailed inflationary pressures in salaries, travel, and maintenance parts, noting mitigation efforts like efficient inventory management. CEO Sam Davis affirmed that firefighting is a bipartisan issue and Bridger will continue to advocate for guaranteed contracts. An executive, likely SVP John Founders, confirmed that cost rationalization and the FMS acquisition are expected to lower off-season OpEx while boosting non-seasonal revenue in Q4 and Q1.

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CFO Asaf Alperovitz stated that most European distribution partners are expected to reach normalized inventory levels by the end of Q2, driven by both underlying demand and company promotions. CEO Yehoshua Nir responded that they are not seeing significant demand pull-forward in the U.S., emphasizing that underlying long-term demand remains strong, as evidenced by a recent multi-year enterprise agreement.

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CEO Yehoshua Nir reiterated that the company expects to see the impact of its price promotion campaigns, which started in November, during the second quarter of 2025. He stated that while they anticipate an impact, no results have been seen or reported yet.

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CEO Tom Deitrich stated that recurring revenue was around 70% in Q1, with an ultimate goal of closer to 80%, though the mix varies quarterly. He explained that in a blackout, Grid Edge Intelligence enables solutions like distribution automation to reroute power and minimize outage areas, or more targeted shutoffs for wildfire mitigation, providing finer control at the distribution edge.

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CFO Joan Hooper reiterated that the typical timeframe from booking to revenue is 9-12 months, which is why the back-end loaded 2024 bookings will mostly translate to revenue beyond 2025, with growth expected to accelerate again in 2026 and 2027. CEO Tom Deitrich added that while quarterly bookings will be lumpy, he does not expect a repeat of 2024's extreme Q4 weighting and anticipates a book-to-bill of 1:1 or greater for the full year.

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CEO Tom Deitrich responded that while both segments will grow, he expects electricity infrastructure growth to outpace water growth globally. He also stated that a bit over 75% of the current backlog is repriced or indexed, with the remaining portion expected to flow through over the next 12 months.

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President and CEO Badri Kothandaraman affirmed the strategy is to accelerate the supply chain move out of China, particularly for batteries. He also agreed that high interest rates are an important factor constraining demand, noting the market's shift from loans to leases and that any rate relief would be beneficial.

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President and CEO Badrinarayanan Kothandaraman noted that French electricity rates recently decreased, creating a headwind, and argued the future lies in comprehensive home energy management, not just high rates. Chief Products Officer Raghu Belur confirmed the opportunity in states like Texas, explaining that in deregulated markets, distributed energy systems can participate in energy markets to generate significant savings and revenue for homeowners, regardless of the base electricity rate.

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Chief Products Officer Raghu Belur stated that while the ITC is very important, they believe the probability of it being eliminated is 'very, very low, maybe 0.' He argued that disrupting the ITC would be detrimental to the broader economy, given rising electricity demand and the significant U.S. job creation spurred by the Inflation Reduction Act (IRA).

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CEO Ruy Cunha responded that he does not anticipate significant government intervention to improve liquidity in the near term. Instead, he expects improvements to stem from better farmer profitability. On strategy, Cunha stated that Lavoro's priority is not to expand its retail base but to consolidate its current position, improve margins, and serve its existing client base within its comprehensive footprint.

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CEO Ruy Cunha responded that he does not anticipate significant government intervention to improve liquidity soon, believing recovery will primarily come from improved farmer profitability. On retail strategy, Cunha stated the company's current priority is to consolidate its existing footprint and improve margins, not to expand its base by leasing new space, though tactical moves remain a possibility.

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CEO Ruy Cunha reported that soy planting in Brazil is approximately 40% complete, which is slightly delayed compared to historical averages but is now accelerating due to recent rainfall. Regarding corporate strategy, Cunha stated that Lavoro's primary focus for the upcoming year will be on organic growth and gaining market share rather than pursuing M&A opportunities.

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CEO Ruy Cunha provided an update on planting, stating that soy planting in Brazil is at 40%, slightly behind last year's pace but accelerating with recent rains. On strategy, Cunha indicated that while the M&A environment is similar to last year, the company's primary focus for growth will be on organic expansion and gaining market share rather than acquisitions.

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The aftermarket business is expected to be a high-margin, recurring revenue stream that grows disproportionately after deliveries begin, potentially exceeding $5 billion in revenue by 2035. Margins are expected to be higher than OEM sales. Regarding funding, PDPs are a key source of capital, triggered by milestones like the first flight and type certification. While significant PDPs are expected, especially from the premium segment, the company did not state this would fully replace the need for other financing options.

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