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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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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 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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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 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 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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Head of Capital Markets Jeff LaBerge stated the A2 is competitively priced at $15/terahash to gain market presence, and future A3 pricing will reflect its superior energy efficiency. Chief Strategy Officer Haris Basit clarified that A2 and A3 tape-out costs are already paid, with A4 costs expected in Q3 2025. Regarding HPC, Haris Basit confirmed they have not seen any pullback in partnership discussions despite recent AI industry 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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Jihan Wu reiterated the plan to produce 18 exahash of A2 miners and projected that deploying these new rigs will dramatically improve the company's average operational efficiency from over 35 J/TH to below 20 J/TH. He also confirmed that designing the next-generation chip is a large expense and that the company will disclose the associated R&D costs.

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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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