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Ethereum's lead will be sustained by a roadmap of technical upgrades like the Fusaka and Glamsterdam hard forks, which improve L1 and L2 scalability, combined with strong institutional adoption and legislative tailwinds. Regarding capital structure, the company has focused on equity but is actively evaluating equity-linked securities and preferreds to raise capital efficiently in the future.

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Chairman Joseph Lubin highlighted upcoming technical upgrades like the 'Fusaka' and 'Glamsterdam' hard forks, designed to scale the network. Co-CEO Joseph Chalom added that institutional adoption and legislative tailwinds are critical drivers. Regarding capital structure, Chalom stated that while the focus has been on equity, the company is evaluating equity-linked securities and preferreds to raise capital efficiently, without specifying any debt ratio targets.

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CEO Jay Chandan confirmed that MOUs for Wanhai Port and ADE have already been converted to contracts and are in deployment. He noted other MOUs are in mature stages, citing a successful proof-of-concept for the Thai police. CFO Bruce Bauer added that project lifecycles vary and some skip the MOU phase entirely. Regarding the capital raise, Mr. Chandan stated the funds are crucial for securing large projects that require significant bid bonds and will also support strategic M&A opportunities in India and the U.S., as well as R&D investments.

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The company clarified the Thai police contract has a signed portion of $50-60M with a total opportunity now estimated at $500-550M. The smart education contract is in late-stage negotiations. The Amazon investment is a SAFE agreement for equity in the parent company of a 30-year environmental monitoring project. The lower Q1 margin was due to a higher hardware mix and seasonality and is expected to normalize. The cash outflow was from work performed but not yet invoiced, with collections improving in Q2.

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CEO Jay Chandan detailed the expansion of the Thai Police project, noting the initial $50-60M contract is signed and the total opportunity is now estimated at $500-550M over several years. He added that the smart education project is in late-stage negotiations and has expanded to include an $80M+ cloud infrastructure component. CFO Bruce Bower explained the One Amazon investment is a SAFE agreement for future equity. He attributed the lower gross margin to a higher hardware mix and seasonality, and confirmed the unbilled receivable was due to work performed in Q1 that had not yet been invoiced.

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CEO Jay Chandan confirmed the Thai police project has a signed value of $50-60M with a total opportunity of $500-550M over several years, and that the education project is in late-stage negotiations. He also detailed the strategic nature of the One Amazon project. CFO Bruce Bower explained the $5M Amazon investment is a SAFE agreement for equity in the parent company. Bower attributed the lower Q1 gross margin to a higher hardware mix and normal seasonality, and clarified the unbilled receivables were due to work performed in Q1 that had not yet been invoiced.

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Shachar Daniel, Co-Founder & CEO, explained that the low margins are due to the project's massive scale and high initial technology infrastructure costs for a new dataset product, which the company is actively optimizing. He stated that margin recovery will come from cost structure improvements and adding more standard-margin projects. Daniel emphasized the project's strategic value for cross-selling, described the product's key differentiator as its immense bandwidth requirement, and confirmed that the broader pipeline and demand from AI customers are very strong.

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The company stated TerraZone had zero Q2 revenue. They expect gross margins to improve to around 70% and adjusted EBITDA to continue improving in Q3/Q4. The AI customer uses Alarum's platform for large-scale, anonymous web data collection on a subscription or pay-as-you-go basis. Sales are over 90% direct and highly automated from Israel. The company has a short sales cycle and focuses on its 'amazing' customer retention rate rather than a traditional pipeline, and continues to see growth despite the economic climate.

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CEO Arturo Rodriguez responded that the company is focusing on the health and beauty space for new US-sourced consumables, with launches expected in October 2025. He noted that while the 30% tariff rate makes diversifying from China more difficult, they have already reduced China-sourcing for dehumidifiers by 35%. Rodriguez described the Latin American expansion as a long-term initiative with gradual growth expected. On M&A, he stated that the immediate priority is stabilizing the business and achieving H2 guidance, putting acquisitions on hold for now.

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The company is confident about launching on Target before Black Friday with at least 6 SKUs. They are starting cautiously on new channels to learn before expanding. New product launches are deliberate and focused on quality over quantity. Q3 G&A was artificially low due to a one-time insurance refund. Excess capital will be used for working capital to support growth and for strategic M&A. M&A valuations are varied, but a 3-4x EBITDA multiple is considered a good deal.

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CEO Rob Ellin explained that the B2B revenue stream is just beginning and will ramp significantly in late fiscal Q3 and Q4, declining to provide a current run rate. He positioned the digital currency plan as a protected, yield-generating strategy with board approval for expansion. For Tesla, the goal is to convert 20-30% of users over 12-24 months. He could not yet detail the Fortune 250 deal but confirmed partnerships will be announced and co-branded as "powered by LiveOne."

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CEO Rob Ellin could not provide a specific B2B run rate but reiterated a significant ramp in late Q3 and Q4. He described the digital currency approach as a protected 'Bitcoin yield' strategy to mitigate volatility while staying at the forefront of technology. He projected a 12-24 month timeline to convert 20-30% of Tesla users. While not naming the Fortune 250 partner, he confirmed a successful soft launch and stated that even white-labeled deals will be announced and feature 'powered by LiveOne' branding.

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CEO Robert Ellin declined to provide a specific B2B run rate but noted revenues would ramp in fiscal Q3/Q4. He described the digital currency strategy as being a 'thought leader' with a protected, yield-generating position. Ellin reiterated the goal to convert 20-30% of Tesla users over 12-24 months. He confirmed that while the Fortune 250 partner cannot be named yet, white-label deals will be announced and will feature 'powered by LiveOne' branding.

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Founder, Chairman & CEO Robert Ellin confirmed that the significant B2B deal scheduled to launch in August is already signed. He stated that while the partner's name cannot yet be announced, they have a subscriber base more than ten times larger than Tesla's. Ellin expressed high confidence in the launch's success, citing the high conversion rates seen with the Tesla partnership as proof of the platform's strong appeal to new user bases.

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CEO Robert Ellin responded that while a precise ARPU is hard to forecast, the company sees a significant opportunity to raise prices, similar to competitors. For new Tesla owners, he described the new model offering a choice between ad-supported and subscription tiers, noting a surprisingly high initial sign-up rate for the free service. Regarding PodcastOne's margins, Ellin attributed the pressure to upfront costs for new talent, advertiser payment cycles of 90-120 days, and the current competitive "land grab" for top podcasters. He expressed confidence that margins are beginning to reverse and will improve over the next 6 to 9 months.

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CEO Rob Ellin explained that specific subscriber counts are confidential but highlighted strong user engagement and promising early sign-ups under the new Tesla terms, emphasizing the value of new, prominent in-car branding. He noted the TextNow partnership is in its initial trial phase. On the podcast front, Ellin detailed significant growth, with 49 new shows added in the past year and a pipeline of over 100. Regarding overhead, he stated the company will assess the impact of Tesla conversions before making changes, noting that 70% of the associated costs are variable music royalties that would decrease with subscriber churn.

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CEO Rick Mills clarified that the second-half confidence is driven by a large QSR customer who is proceeding with a full rollout beyond the initial pilot phase, as the client feels they are already behind schedule. He noted that sports venue installations typically occur during the off-season and can be deployed quickly post-agreement. Regarding tariffs, Mills stated that while a few customers made bulk hardware purchases due to uncertainty, screen manufacturers have not yet raised prices.

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Executives provided warrant details (777,790 warrants, $3.25 strike, 6-year term). They reiterated confidence in H2 acceleration driven by a handful of large projects materializing, with a full-year 2025 EBITDA margin target of 15%. Sports venue contracts range from $150k to over $2M. The BCTV pause is due to a funding halt on the client's side. New contracts typically involve a 90-day proof-of-concept phase followed by a 60-90 day evaluation before a full rollout.

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The pipeline is fuller than ever with 5-10 significant projects, primarily in QSR, retail, C-stores, and IPTV. The IPTV division was expanded with more resources, not downsized. Order delays are attributed to the increased scale of deals requiring more third-party validation. The bowling contract's ramp-up depends on third parties. The G&A reduction was due to personnel reallocations and accounting shifts, reflecting a flattening cost structure and increasing operating leverage.

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CEO Subodh Kulkarni reiterated that the company's primary focus is on achieving its technology roadmap, not near-term revenue, which consists of one-off research contracts. He acknowledged that as Rigetti gets closer to quantum advantage, interest from government labs and academic institutions for on-premise research systems will likely increase. He pointed to large government funding initiatives, like the NQI reauthorization, as the key source for these future opportunities.

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CEO Subodh Kulkarni expressed confidence in the chiplet strategy, stating that all data looks promising for meeting the mid-year and year-end qubit count goals. He emphasized that this multi-chip approach is critical for scaling qubit counts across the industry. Regarding the NQI Act, Kulkarni noted it has bipartisan support but has not yet passed, and it would take at least a couple of months after passage for funds to be appropriated and flow to the ecosystem.

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CEO Subodh Kulkarni stated that Rigetti is leading with tiling, IBM is exploring it, and Google's path is less clear. He emphasized that Rigetti's open, modular architecture is a significant advantage that is viewed favorably by government labs because it allows for the integration of third-party innovations, such as Amazon's error correction software. He clarified that a '2x reduction in error rates' translates to improving from 99.0% to 99.5% median fidelity for one gate type and from 99.5% to 99.75% for another.

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CEO Subodh Kulkarni described the NQI reauthorization as critical, noting the proposed funding is nearly 5x the original amount and would significantly increase opportunities. He said customers view the tiling approach favorably as a practical path to scale. Kulkarni believes that reaching 100 qubits at 99.5% fidelity will enable 'nano quantum advantage' applications, which should increase demand from government and research labs within the estimated $7.5 billion addressable market.

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CEO Ben Gagnon confirmed active customer conversations have accelerated with land and power certainty. He stated that partnering with T5, a trusted hyperscaler builder, adds significant credibility. Regarding mining, Gagnon said there are no plans for growth; the hash rate should remain flat but may see gradual reductions as sites are converted to HPC, given the superior ROI potential of the HPC strategy.

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CEO Ben Gagnon explained that after securing the sites, the next critical step is completing the master site plan, which provides the timelines, budgets, and construction details that serious customers require. CFO Jeff Lucas stated that going forward, Bitcoin sales will cover monthly operating requirements of about $6-6.2 million, with the remainder being added to the HODL or used strategically in the Bitcoin One program.

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CEO Ben Gagnon explained that a potential pilot project evolved into a larger full-site opportunity, which requires a longer evaluation timeline for the customer. As a result, Bitfarms has no definitive timeline for that specific pilot and is currently focusing its capital and efforts on developing the powered land and shell potential at its Pennsylvania sites.

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CEO Mike Knowles explained that first-half bookings were weighted more toward defense, with a notable pickup in government orders in the second quarter. He stated that the company is well-aligned to capture future opportunities and is more focused on the timing of government budget releases than the pipeline itself. Knowles highlighted that while most business is won on a sole-source basis, the company wins 70-75% of the deals it competes for. He also confirmed a steady quarter-over-quarter increase in requests for information and proposals from 2024 into 2025, indicating a growing pipeline.

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Executive Michael Knowles explained that 2025 revenue is a mix of existing backlog and new bookings from H1, and confirmed the Army opportunity involves a unique OSS solution currently under evaluation. He also detailed the data center strategy focused on high-density GPU expansion. Executive Daniel Gabel added that the $6.5 million contract is expected to be fully delivered in 2025. Knowles clarified the 2.0 book-to-bill was for Q1, while 1.33 was for the trailing twelve months.

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CFO Daniel Gabel attributed the Q4 OSS segment gross margin pressure to a less profitable product mix, noting full-year 2024 margins were stable and are expected to rebound in Q1 2025. Executive Michael Knowles confirmed that while government budget delays are affecting order timing, the overall $1 billion pipeline remains stable with sufficient opportunities to meet 2025 targets. Knowles also highlighted a significant $200 million multiyear opportunity in the server extension market, driven by AI infrastructure demand and new GPU technologies.

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Company executives, including Jim Ison, explained that bookings growth is driven by broader market outreach and strong demand for AI and autonomy solutions, with a bookings mix of approximately 55-60% from defense. They anticipate a new administration could be a net positive due to increased defense focus. Regarding the pipeline, roughly one-fifth of the $1 billion is addressable in 2025. An executive clarified that the strong OSS segment margin was due to a favorable product mix of high-margin server and storage systems, which offset lower-margin development revenue. They project the OSS segment can achieve gross margins of 35% or better within 18 months as development programs convert to production.

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CFO Jonathan Baliff explained that the company takes a conservative approach with EACs, and the contract is expected to continue generating cash flow and margin as work progresses. CEO Peter Cannito confirmed the $325 million LRR funding is the budget line for fiscal year 2026. Both executives suggested the prototype evaluation will be expedited, citing the DoD's memo on achieving U.S. drone dominance as a key priority.

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Jonathan Baliff, CFO, did not disclose specific bid values but stated the goal is for new bids to have higher margins. He highlighted a Q1 revenue mix shift toward National Security (32%). Peter Cannito, CEO, added that the company balances its portfolio, sometimes taking on large projects with lower gross margin percentages but higher absolute gross profit, which still enhances EBITDA through scale.

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CEO Peter Cannito stated that the company took a 'very conservative' approach to forecasting Ukraine-related revenue and sees continued opportunity for drone surveillance even in a post-conflict scenario. He noted that Redwire can weather short-term government budget issues due to its multiyear contracts. CFO Jonathan Baliff confirmed the company has 'record liquidity' and provided an updated share count of 75,573,294 shares.

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Chairman and CEO Peter Cannito explained that sales cycles vary, with large government procurements taking months, and attributed the higher bid volume to Redwire's internal strategy of building capabilities to pursue larger deals. CFO Jonathan Baliff addressed margins, noting a sequential improvement and attributing past pressure to program mix and EACs, while stating a focus on returning to 20%+ levels. Mr. Cannito added that the company might strategically pursue lower-margin contracts if they generate significant absolute free cash flow and operating leverage.

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CEO Seth Ravin stated that the company is already seeing previously hesitant prospects and partners re-engage post-settlement and expects a tangible impact on financial numbers as early as Q3 2025. He noted that the 2023 district court ruling had negatively impacted the overall business, and its reversal changes the landscape. He deferred providing specific growth percentages for the Oracle business until the Analyst Day, citing the need to clarify trends separate from the PeopleSoft wind-down. He also confirmed the PeopleSoft revenue is global but more concentrated in North America.

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CEO Seth Ravin identified the ServiceNow partnership as having the most significant long-term potential, with meaningful revenue expected in 2026. He positioned the T-Systems partnership as a major opportunity with SAP clients and the Workday partnership as a way to provide application management services to a large customer base. Ravin estimated the U.S. federal government opportunity in the "billions of dollars" annually and confirmed Rimini Street has experience with high-security clearance operations. He also expressed confidence that growth from new opportunities would overcome the revenue headwinds from the ongoing, multi-year PeopleSoft wind-down.

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CEO Seth Ravin expressed confidence that the company is on an upward trajectory back to growth, describing it as being on the "upper side of the U-turn." He noted the positive December appellate court ruling was too late to impact Q4 but hopes it will provide an uplift. CFO Michael Perica clarified that the Q4 cost savings variance was due to onetime, nonrecurring project spend and that the annualized savings run-rate was $18 million at year-end, reaching $22 million by mid-Q1 2025.

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CFO Michael Perica clarified that the cost optimization plan is expected to be completed by the end of Q4 2024. CEO Seth Ravin explained that Rimini Street will design and deploy the ServiceNow layer over existing ERPs, performing all the service work while ServiceNow sells the licenses. He noted sales processes are underway with potential deals by year-end or early next year. Michael Perica acknowledged that new offerings typically have lower initial gross margins but are being managed. He also explained the company's typical cash flow seasonality, with cash generation in the first half and burn in the second half, contributes to the current cash flow dynamics.

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For its technology, the company is now targeting major studios with its Matchpoint platform, with potential deals in the mid-seven-figure annual range, and one studio is already moving to a pilot. For podcasting, the strategy is focused on premium content and direct sales, which command higher CPMs than programmatic. They are securing low six-figure deals and expect to potentially double last year's podcast revenue.

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The company's investment in new films is expected to be below the ~$5 million spent on 'Terrifier 3', creating a favorable risk/reward profile. They are focused on ROI and partnerships to mitigate risk. CineSearch commercialization is expected in the next fiscal year. Matchpoint deals are targeted at low six-figures annually for SMBs and potentially millions for enterprise clients. The podcasting business is growing through bundled campaigns, and the subscription business is targeted to accelerate growth to over 15% from its current 6-7% rate.

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Chairman and CEO Chris McGurk stated that the total investment for upcoming films is expected to be below the approximate $5 million spent on 'Terrifier 3,' creating a highly positive risk-reward profile. President and CSO Erick Opeka added that partnerships, like with STUDIOCANAL, further mitigate risk. Opeka also detailed that Matchpoint's revenue opportunity ranges from low six-figures for SMBs to multi-millions for enterprise clients. He noted podcasting downloads hit a high of 15 million and the goal for the subscription business is to accelerate growth from 6-7% to over 15% annually.

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Films will be evaluated based on their fit with Cineverse's ecosystem, fan appeal, and known IP, with a focus on low financial risk. Release strategy (wide vs. limited) is decided case-by-case. The cineSearch revenue model will be bespoke, likely a license fee plus variable costs. Podcast revenue is expected to outpace audience growth in the short term as monetization ramps up.

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Chairman and CEO Chris McGurk stated that the company uses an exhaustive greenlighting process that prioritizes properties with built-in fan bases that can be leveraged by Cineverse's ecosystem, such as in the horror and family genres. He noted the goal is wide releases, but the decision is made case-by-case. President and Chief Strategy Officer Erick Opeka described the cineSearch revenue model as a bespoke approach for partners, likely combining license fees and variable costs. Regarding podcasting, Opeka confirmed that revenue growth is expected to outpace audience growth in the short term as monetization efforts ramp up.

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Chairman & CEO Annmarie Gayle attributed the strong quarter to robust inquiries for Echoscope hardware from Asia and a significant pickup in the DAVD program. She noted the Nano Echoscope would be launched after critical defense trials in June 2025. President of Technology Blair Cunningham explained that the five development programs are focused on integrating existing and new equipment into the DAVD ecosystem, particularly for untethered applications. Annmarie Gayle concluded that while specific design win timelines are hard to predict, the Echoscope is a strong contender in multiple programs, and she expects the Marine Technology business to continue its positive momentum in Q3 and Q4.

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CEO Annmarie Gayle stated that while Q2 is expected to be soft for marine products due to policy uncertainty, she anticipates a robust Q3 and Q4. She projected DAVD revenues to grow to approximately $4.5 million this year, up from $1.5 million last year, driven by both tethered and untethered systems. Gayle also noted that the Precision Acoustics business is more resilient due to its medical applications. Regarding M&A, she confirmed the company has deliberately slowed the process to await clarity on the global policy environment. President of Technology Blair Cunningham added that the 16-unit DAVD order is a critical pre-fleet deployment and that engagement with foreign navies has advanced significantly.

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CEO Eric Stang explained that while AirDial opportunities are growing, particularly with the new Comcast partnership, the sales cycle for larger accounts takes time to impact revenue, justifying the steady guidance. He also stated that the company has not observed any discernible impact from tariffs on its customer base or new sales opportunities to date.

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CEO Eric Stang noted that while AirDial opportunities are growing, particularly with the new Comcast partnership, large deals have long sales cycles and it will take time for the partnership to ramp up. Regarding tariffs, he stated that the company has not observed any discernible impact on its customer base or sales pipeline, pointing to strong sequential growth in new accounts won in Q1.

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The Marriott opportunity is significant, with over 5,000 US properties and potential for 20-40 lines per large property, but the replacement timeline is still unknown. Visibility on the new large cable partner is limited by the unpredictable pace of their sales ramp post-launch. Churn from IWG is expected to stabilize after Q1, with potential for future growth opportunities.

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The CEO stated that more clarity on the fiscal '26 impact of AirDial will be provided in the March guidance, acknowledging a ramp-up period for new partners. However, one major partner aims to launch in Q1. He confirmed that a partner with 100,000+ lines represents a significant opportunity, as a majority are expected to convert over time, and suggested modeling AirDial at approximately $300 in annual revenue per line.

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CEO Eric Stang explained that it's too early to provide a firm timeline for the P&L impact, noting that partner and customer ramp-ups take time for training, proof-of-concepts, and phased rollouts. He expects to provide a clearer picture with the annual guidance in March. For the revenue opportunity, he stated that a 'significant majority' of such lines are expected to convert. He reminded investors to model AirDial at approximately $300 per line in annual recurring revenue to Ooma, though specific partner pricing varies.

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CEO Eric Stang clarified the new carrier deal covers both AirDial for business and Telo for residential, noting the carrier can move at its own pace after a 90-day customer notice period. He described the opportunity as significant but was not ready to provide specific guidance. CFO Shigeyuki Hamamatsu explained that the net income guidance reflects the deferral of IWG churn into the second half, some one-time Q3 revenue, potential marketing spend increases, and seasonal G&A costs like audit fees, which offset the expected improvement in hardware gross margin.

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Expect around $300k in extra M&A-related costs (legal, audit, consulting). Previous yield and supply chain issues from China are now 'much, much better' and largely resolved. The G5 Navy contract is an awarded sole-source program, while the Border Patrol contract is an IDIQ where G5 is well-positioned through its partner Elbit. G5 is on track to meet its first earn-out targets of $21M revenue and 20% EBITDA margin.

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CFO Albert Miranda estimated the additional M&A-related expenses (legal, audit, consulting) would be around $300,000 for the quarter. Executive Sam Rubin confirmed that prior yield issues are largely resolved and supply chain challenges for non-germanium optics are improving. He clarified the Navy SPEIR program is an awarded, sole-source contract, while the Border Patrol program is an IDIQ where G5 supplies the preferred vendor. Miranda noted G5 has approximately $19 million in shipments and bookings towards its $21 million first earn-out revenue target, which also requires a 20% EBITDA margin.

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CEO Sam Rubin confirmed one key G5 program is already shipping and another major order is expected 'any day now.' CFO Albert Miranda stated the combined company 'should be positive' from an EBITDA perspective in the June quarter. Sam Rubin noted MANTIS furnace camera sales are growing, but gas detection cameras are awaiting final testing. Albert Miranda explained that tariffs are being passed through to customers and that about $8 million in revenue relies on Chinese exports, with the primary risk centered on germanium.

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Camera order pickup is expected over the next 7-8 months as customers' new budgets come into effect. The company is actively working to win back the large former customer. Phase 2 of DLA testing could take up to 24 months. The flat backlog is misleading because it reflects growth in other areas that offset the loss of a $4-6 million annual customer, and much of the new camera business is quick-turn and doesn't flow through long-term backlog.

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CEO Sam Rubin projected low double-digit growth for fiscal 2025, noting the largest customer is still evaluating Black Diamond optics. He detailed the competitive dynamics with Raytheon for the missile contract, with a decision expected around September or November 2025. Rubin also confirmed LightPath is the sole source for a second airborne system and expects to deliver prototypes by the end of the calendar year. CFO Albert Miranda added that the company's Latvia facility can also be used for ITAR defense work.

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Francois Godfrey stated that based on current visibility, most delayed projects are expected to commence in the first half of fiscal 2026, though the timing is ultimately up to the customer. William Greene added that potential future opex savings would be incremental, coming from areas like public company costs and vendor contracts, but the current expense level is a reasonable forecast.

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CEO Theresa Condor stated that Spire does not disclose specific pipeline metrics but expressed strong confidence in demand, particularly from government customers in the U.S. and internationally. She confirmed the NOAA contract is priced per sounding, meaning that as the agency procures more ROs, revenue will increase accordingly, assuming Spire wins and delivers on the contract.

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Chairman Peter Platzer cited three reasons for confidence in the maritime deal's closing: a strong 'hell-or-high-water' contract provision, the engagement of an experienced legal partner, and the counterparty's public statements to a judge about closing by mid-April. Regarding aviation, he noted that while recent business disruptions caused anxiety among European partners, he expects conversations and demand to accelerate now that the restatement is complete.

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CFO Leo Basola confirmed a significant pipeline supports H2 growth, with good visibility on key Space Services follow-on orders. CEO Peter Platzer added that while customers can theoretically switch providers, the high switching costs and risks create strong stickiness. He emphasized Spire's key advantage is its unparalleled operational experience, as it runs its own business on the exact same technology, ensuring deep commitment.

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CEO Theresa Condor stated she expects 2025 to be a stronger year for sales and order intake, consistent with historical year-over-year growth trends, and anticipates this strength from both U.S. and European markets. Interim CFO Thomas Krywe added that growth will be driven by both the Space Services and the emerging Radio Frequency Geolocation (RFGL) business areas.

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Executive Alexander Dobranowski stated that customer diversification in the AI segment is high, confirming no single customer represents over 20% of AI revenue. He explained that relationships typically expand from small initiatives to larger, recurring formats as ROI is proven. He also clarified that patient identification is spread across rare diseases, chronic diseases, and oncology, with no single area having an outsized focus.

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CEO Dr. Alexander Dobranowski explained that while building deep trust is a long-term process validated by years of work and publications, the commercial validation phase to demonstrate compliance and feasibility with a new partner can take one to two months. He noted that the urgency to modernize antiquated processes like manual chart review accelerates adoption. Regarding the recent acquisition, Dr. Dobranowski stated it adds a new AI capability to the company's 'tool belt' that it did not previously possess.

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CEO Alexander Dobranowski explained that the commercial validation process to build trust with clients typically takes one to two months. He emphasized that Healwell's technology modernizes antiquated industry processes, creating urgency for adoption. Regarding the acquisition, he stated it adds a new artificial intelligence capability that strengthens the company's overall technology tool belt.

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Executive Alexander Dobranowski stated that customer diversification in the AI segment is high, with no single customer accounting for a material portion (e.g., 20%) of revenue. He explained that customer relationships typically expand over time, moving from small initiatives to larger, recurring contracts as Healwell demonstrates ROI and builds trust. Dobranowski also clarified that while the company focuses on rare disease, chronic disease, cardiovascular, and oncology, no single disease area dominates the early detection cases.

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CEO Richard K. Howe stated that demand from their largest automotive client has actually increased, partly due to vendor consolidation, and that overall customer demand remains strong with no major changes. He noted that while there is talk about tariffs, it hasn't impacted their business yet. CFO Wally Ruiz explained that the adjusted EBITDA breakeven point is now slightly higher, around $26-$27 million in quarterly revenue, due to a new, lower-margin platform campaign.

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CEO Richard K. Howe stated that demand from their largest automotive client has actually increased, partly due to vendor consolidation, and that general demand from large customers remains stable. He noted 22 new client wins year-to-date. CFO Wally Ruiz addressed the financials, explaining that a new, lower-margin platform campaign impacted Q1 EBITDA, and clarified the new quarterly revenue breakeven point is now slightly higher, around $26 million to $27 million.

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CEO Richard Howe responded that demand from their largest automotive client has actually increased, partly due to vendor consolidation, and that general customer demand remains strong. He noted 20 new client wins year-to-date. CFO Wally Ruiz explained the EBITDA variance was due to nonrecurring items and a new, lower-margin but high-dollar platform campaign, placing the new breakeven revenue level around $26-$27 million per quarter.

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CEO Richard Howe stated that demand from the largest automotive client has actually increased due to vendor consolidation and that new logo wins remain strong. CFO Wally Ruiz clarified that the adjusted EBITDA breakeven point is now slightly higher, around $26-27 million per quarter, due to a new lower-margin platform campaign and some non-recurring items.

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CEO Richard K. Howe confirmed that both the large auto and retail clients saw growth in Q4 and are expected to be the two largest brand clients in 2025. He highlighted the addition of 33 new brands in 2024 and investments in the sales team as drivers for future growth. CFO Wally Ruiz added that while historical seasonality will likely continue with a stronger second half, the pattern may be less pronounced than in previous years.

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Executive Richard K. Howe clarified that the previously mentioned technology client was likely their largest platform partner and noted new signings in the tech sector. He explained that stronger client relationships and overcoming market aversion to change are the key catalysts for accelerated growth. For sales, Howe described the ideal candidate as having strong, trusted industry relationships and a consultative understanding of the ad tech ecosystem. He also detailed successful marketing initiatives, including attending industry conferences, securing publications in trade magazines, and growing their professional audience on LinkedIn.

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CFO Tim O’Leary confirmed that restaurants and retail account for about 40% of SMB *volume*, not overall revenue, and that there have been no material changes in basket sizes beyond normal seasonality. He projected full-year free cash flow to be approximately $80 million or more. Regarding capital deployment, he stated the company will continue to focus on deleveraging while remaining nimble to pursue unique inorganic growth opportunities in the current market.

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CEO Thomas Priore explained that tariffs can be a countercyclical benefit, potentially increasing card usage for working capital and driving demand for B2B payable solutions. He clarified that the SMB margin decline is primarily due to the runoff of legacy portfolio purchases, while organic margins are expanding. CFO Tim O’Leary quantified the one-time inventory write-off at $3.5 million for obsolete software licenses and stated that normalizing for this and portfolio runoff, core SMB margins expanded by 120 basis points.

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Executive Tim O'Leary attributed strong Enterprise enrollments to consistent organic growth and seasonality, not a fundamental shift. Regarding deleveraging, O'Leary confirmed they are always evaluating opportunities, referencing past actions and the recent preferred equity redemption, but stated nothing is imminent. Executive Thomas Priore added that recent regulatory changes in the credit repair space are bullish for their Enterprise segment, creating a permanent, more attractive revenue opportunity that is lifting results.

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Management stated that the corrections pipeline is larger than a year ago, driven by strong U.S. demand for advanced security. The data center opportunity is a significant growth driver within the utility vertical, having contributed substantially to its 30%+ growth in 2024, and is expected to remain a key focus.

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Head of Capital Markets Jeff LaBerge indicated the A2 is competitively priced at $15/TH to gain market share, while the more efficient A3 will have more flexible pricing. Chief Strategy Officer Haris Basit and CEO Jihan Wu clarified that A2 and A3 tape-out costs are paid, with A4 costs expected in Q3. Basit also confirmed that discussions with potential HPC/AI partners remain positive and unaffected by recent market news.

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Jeff LaBerge, Head of Capital Markets, outlined a competitive initial price for the A2 miner with plans for premium pricing on the more efficient A3. Chief Strategy Officer Haris Basit and Chairman and CEO Jihan Wu clarified that A2/A3 tape-out costs are paid, with A4 costs expected in Q3. Haris Basit also confirmed that conversations with potential HPC partners remain positive and unaffected by recent industry news.

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Executive Jihan Wu reiterated the public plan for 18 exahash of A2 production and stated that fleet efficiency will improve dramatically from over 35 J/TH to below 20 J/TH in the coming year. He also confirmed that there will be large R&D expenses associated with the SEALMINER 3 chip design, which will be disclosed.

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CEO Carleton Miller explained that a significant MilGov order in the Middle East was delayed by approximately six months due to regional tensions but is expected to proceed in early 2025. He described the MilGov pipeline as robust, with numerous recent wins and growing opportunities in Europe and Asia. CFO Michael Bond specified that MilGov revenue was $1.8 million in Q3. Regarding Live Production, Miller noted that while quoting is picking up, Q4 is expected to remain sluggish. On cost savings, Bond detailed that the $6 million in annualized savings includes $3.7 million from headcount reductions, about $850,000 from consolidating three production facilities into one, and another $1.1 million in other expense cuts.

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Executive Carleton Miller explained that a favorable sales mix, particularly in the MilGov sector, supports higher margins. CFO Michael Bond added that as new products with margins in the upper 50s to low 60s replace older ones, overall gross margin is expected to improve. Miller identified the entire former BMS customer base as an upgrade opportunity and noted new products are a 'Trojan horse' to drive recurring software revenue. He clarified that increased spending is primarily on sales personnel and a new SEO initiative, but declined to name the new OEM partners, stating two are in manned aircraft and one is in unmanned aircraft.

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The company views the brand consolidation as an expansionary move with amicable partner agreements and a smooth transition plan for existing customers. The market downturn is attributed to a post-pandemic spending hangover and longer device lifecycles, with a rebound expected next year. The bullish outlook is based on historical cycles and growth in adjacent markets. Regarding the debt covenant, a waiver for a senior leverage ratio breach is being finalized and is not expected to be an issue. Management anticipates short-to-mid-term pricing pressure but believes they can maintain strong margins long-term through buying leverage and a focus on integrated solutions.

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Executive Dale Strang explained that the brand consolidation is an expansionary move with amicable partner agreements and features to retain existing Mimio users. He attributed market weakness to a post-spending 'hangover' and longer device lifecycles. His bullish outlook is based on historical cycles, partner conversations, and growth in adjacent markets. CFO Gregory Wiggins clarified that while a $4M bridge loan was repaid, the company is finalizing a waiver for a senior leverage ratio covenant breach and does not anticipate issues. Both executives addressed pricing, noting short-term pressure will persist but that Boxlight's buying leverage and focus on integrated solutions will help maintain margins.

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CEO Dale Strang explained that the market recovery is uneven across geographies, with the U.S. market remaining soft longer than expected. He and CFO Gregory Wiggins attributed the strong 37.7% gross margin to a favorable mix shift towards higher-margin audio products and better-than-anticipated pricing, though they still expect long-term pressure. Regarding the balance sheet, Strang confirmed it is a priority and they are in discussions with partners, but no immediate action is pending.

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CFO Gregory Wiggins addressed order trends, noting they were consistent with the revenue decline but that the pipeline remains strong, with confidence in the full-year forecast stemming from an expected return to traditional seasonality. CEO Dale Strang detailed the strategy for the FrontRow audio products, which involves a specialized go-to-market approach and leveraging dedicated expertise. Regarding debt, Strang stated that the most active refinancing options being explored are independent of the company's stock price.

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Executive Matthew Fisch reported a very positive OEM response to Apollo's capabilities, highlighting how its high-resolution, wide field-of-view data stream simplifies software integration. He anticipates sourcing decisions will accelerate in 2025. Fisch also emphasized their cost advantage, stemming from their partnership with Tier 1 supplier LITEON. He stated that the company's strategy is not impacted by potential tariff changes or shifts in vehicle powertrain technology.

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Executive Matthew Fisch explained that customer response to Apollo's performance has been very positive, with sourcing decisions from their active RFQs expected in 2025. Fisch highlighted that Apollo's key advantage is reducing software integration friction for OEMs. He also noted their partnership with Tier 1 supplier LITEON provides a significant cost advantage. Finally, he stated that potential US tariff changes or shifts in vehicle powertrain technology do not alter the company's current strategy.

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CFO Kathryn M. Johnbull characterized the current revenue from small business contracts as immaterial, agreeing it was less than 5%. Executive Zachary C. Parker acknowledged a future risk of contract erosion due to a government-wide push for small business set-asides but expressed confidence in offsetting this with new wins from a robust pipeline. Parker did not provide a dollar value for the pipeline but noted "north of 2 dozen" material opportunities and highlighted significant investments and improvements in the company's business development process and capabilities.

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The company clarified their goal is adjusted cash flow breakeven by the September quarter, not profitability. They confirmed the revenue outlook (flat for the rest of fiscal '24, growth in H1 fiscal '25). The weak Q2 guidance is attributed not just to torpedo programs but also the continued revenue decline from the Budd Lake site.

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CEO Rory Cutaia stated that the cost cuts would not impact the schedule of 250+ planned MARKET.live events but acknowledged that a larger marketing budget would accelerate vendor and shopper acquisition. He noted the creator program is expected to drive growth. For the SaaS business, he explained the pipeline remains strong but conceded a larger marketing spend would generate more leads. Regarding SaaS churn, Cutaia clarified the company has a 92% retention rate and is moving clients to a flat-rate pricing model to stabilize revenue. Interim CFO Salman Khan added that Gross Merchandise Value (GMV) would be a key scaling indicator for MARKET.live, which they expect to report on starting in Q2 2023.

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