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CCO Wade Seaburg projected significant revenue from heavy-duty trucking in the first half of 2026, citing fleet delays in new truck orders, but noted pilot programs will ramp up in H2 2025. CEO Denis Phares explained that tariff impacts are managed through better inventory pricing, cost pass-throughs, and domestic assembly advantages. Phares also confirmed expectations for a Q4 revenue ramp driven by RV and new markets, and detailed that the new patent covers the critical feedstock preparation for their dry electrode process in solid-state batteries.

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CCO Wade Seaburg addressed the trucking question, projecting a significant revenue impact in the first half of the next year, with pilot programs ramping in Q3 and Q4. CEO Denis Phares explained that the company is managing tariff impacts through better inventory pricing, passing on costs, and leveraging domestic assembly. Phares also noted that Q4 improvement depends on the trucking market's recovery and expanded pilots, and detailed that the new patent relates to preparing the feedstock for solid-state batteries using a dry electrode process.

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Denis Phares, an executive at Dragonfly Energy, stated that while dry electrode development is ongoing, the company has prioritized resources towards near-term revenue opportunities to accelerate its path to profitability. Regarding the balance sheet, Phares confirmed the recent capital raise provides sufficient cash to reach profitability, with some funds used to pay down accounts payable. The Q2 EBITDA guidance reflects continued investments in new product development and accounts for the potential impact of evolving trade tariffs.

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CEO Denis Phares confirmed the goal is for the entire fourth quarter to be adjusted EBITDA positive, driven by a strong pipeline in trucking and RV markets that makes contingency plans unnecessary. Regarding dry manufacturing, Phares explained a strategic pivot to supplying anode and cathode 'electro tapes' to cell manufacturing partners, rather than producing full cells in-house. He also stated that potential tariff impacts are fully baked into projections and are less significant for Dragonfly due to a high proportion of non-tariffable domestic costs like labor and overhead.

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Denis Phares, an executive, explained that Dragonfly's powder coating dry electrode process is designed for superior scalability compared to the extrusion method used by competitors, which significantly lowers manufacturing costs. Regarding financing, Phares confirmed the company is establishing a Canadian subsidiary to raise capital for the facility and is in advanced negotiations with Canadian provinces.

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CFO Ryan Corbett clarified that while current magnetics earnings are strong, they are not a perfect proxy for future finished magnet production but are likely sustainable for several quarters. He noted the 10x facility has a guaranteed minimum EBITDA from the DoD with significant upside. CEO James Litinsky and COO Michael Rosenthal affirmed their confidence in execution, citing their experienced team, established vendor relationships, and a DPASDX rating to accelerate progress.

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CEO Kobi Marenko explained that the competitive landscape for L3 imaging radar has narrowed to Arbe and one other competitor, making it unlikely for an OEM to select multiple vendors for the same platform due to extensive data training needs. Marenko also highlighted growing traction and faster revenue potential in non-automotive sectors like defense and smart infrastructure, which he described as a strategic leg for the company.

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CEO Jacob Marenko clarified that Arbe sells chips to Tier 1s like Magna, who then sell the full radar system to OEMs. He stated they are in the final data collection stages with leading European OEMs and have a high chance of winning. Marenko confirmed the primary OEMs are in Europe, with China expected to ramp production a year earlier. For industrial applications, he explained the partnership with Sensrad, which handles customized software for lower-volume applications in smart cities and heavy machinery. He attributed the expected revenue ramp to a significant order from Sensrad, additional systems for OEM data collection, and the start of production ramp-up in China with HiRain in Q4.

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CEO Jacob Marenko explained that Arbe, through its Tier 1 partners, is typically shortlisted against one or two competitors in final OEM evaluations. He positioned Arbe's chipset as having a performance advantage over Continental (using NXP) and a significant price advantage over Valeo (using Mobileye). CFO Karine Pinto-Flomenboim projected that operating expenses would remain at a level consistent with the 2025 adjusted EBITDA guidance for the next couple of years, with an additional $5 million to $15 million in investments for next-generation technology over that period.

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CEO RJ Scaringe explained the core R2 strategy is to attract non-EV buyers by offering a superior product in the heart of the market (midsize SUV, ~$50k price point), making it the 'best choice' overall, not just the best EV. For commercial vehicles, he highlighted the strengthening partnership with Amazon, with more van deliveries in 2H 2025, which has hardened the platform and positioned it as a top choice for other fleets looking to electrify.

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CEO Robert Scaringe emphasized that the biggest driver for adoption is more compelling product choices under $50,000, which is R2's focus. He also highlighted Rivian's efforts in building out its high-uptime charging network and the belief that advanced autonomy features will attract more customers to EVs. Regarding other OEMs, Scaringe stated that while the company is open to future engagement, its current focus is on executing the numerous programs within the Volkswagen Group partnership.

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CEO RJ Scaringe confirmed a planned one-month plant shutdown in the second half of 2025 to integrate the R2 line with the shared paint and stamping shops, noting that Q1 and Q2 production is designed to build inventory to manage this. CFO Claire McDonough expressed confidence in working with the administration on the DOE loan, highlighting the 7,500 U.S. manufacturing jobs it would support.

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CEO RJ Scaringe clarified that the VW joint venture is strictly focused on electrical architecture and software, with all vehicle design and UI decisions remaining with the VW Group brands. On commercial vans, he noted the long sales cycle but stated that the company is beginning to see early results from its efforts and expects more traction in 2025.

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George Sakellaris, Chairman, CEO & President, acknowledged that supply for large transformers and gas turbines remains tight with long lead times, but noted that smaller engines have better availability and that the company has successfully managed these constraints without delaying near-term projects. Regarding Europe, Sakellaris outlined a dual strategy of aggressive organic growth, led by a new executive hire in key markets like Greece and Italy, combined with a continued search for opportunistic acquisitions. He also highlighted battery storage as a major emerging opportunity on the continent.

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CFO Mark Chiplock stated that the company has mitigated short-term IRA risk by safe-harboring Investment Tax Credits (ITCs) for 2025 RNG projects and approximately three-quarters of the assets in the development pipeline. CEO George Sakellaris explained that while the higher interest rate environment has led to a greater emphasis on the cash-flow-generative project business, the company is not slowing its asset development, which includes over 600 megawatts in the pipeline.

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CEO George Sakellaris deferred to Mike Bakas, President of Renewable Fuels, who stated that the market remains strong. Bakas noted significant investment in the industry by major oil companies, tax incentives benefiting red states, and the importance of the Farm Bill. He also explained that a potential drop in gasoline prices could increase the cellulosic waiver credit, creating a more robust price ceiling for RNG, suggesting the business is well-positioned.

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Mina Rezk, Co-Founder, President, and CTO, explained that the primary difference is the interface: LiDAR uses free space optics while telecom uses fiber, requiring signal cleanup. However, he noted the core silicon photonics platform, including coherent detection, is fundamentally similar to telecom. The main divergence is in the laser modulation, which is chirped for distance and velocity in LiDAR versus being modulated for data transmission in telecom. Rezk emphasized that Aeva leverages the same proven manufacturing processes from partners like Tower Semiconductor.

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CEO Soroush Dardashti confirmed ongoing engagements with other commercial vehicle and passenger OEMs, including for ADAS programs, with some RFQs nearing decisions. He also noted the Daimler Truck program remains on track. CFO Saurabh Sinha clarified that the upgraded revenue guidance is driven by strong product revenue momentum in both industrial and automotive markets, as reflected in the record Q1 product revenue. Sinha explicitly stated the guidance does not yet factor in the new strategic collaboration.

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The CEO explained that the company's total backlog increased by nearly €6 million, driven by AC sales and fast charging. The focus is on converting this backlog in Q3 and growing the fast charging backlog further. Regarding the ABL acquisition, the integration is complete with significant cost reductions. The focus is now on growth, particularly in the recovering German market, by investing in the sales team. Cross-selling of ABL products into other European markets is already generating over a million euros per quarter.

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Enric Asuncion, CEO, explained that cost synergies from the ABL integration are nearly complete and the focus has shifted to cross-selling, which is gaining traction and generating approximately €2 million per quarter. He stated that Wallbox is not actively pursuing further acquisitions, prioritizing its goal of reaching positive cash flow first. Regarding Quasar 2, Asuncion noted that while he could not name new partners, the product is being showcased in Europe and recent power grid issues in Spain have spurred new customer interest.

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Co-Founder & CEO Chris Urmson stated the initial Volvo trucks will be used for development and bring-up, not for driverless operations by year-end, pending Volvo's timeline. Urmson confirmed a surge in the sales funnel, with exciting conversations with carriers and fleet operators now that Aurora is selling a "real product" instead of a "promise."

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CEO Chris Urmson explained that beyond core software, Aurora's competitive moat includes its deep OEM partnerships, multi-year hardware industrialization process, and a proprietary, rapid validation framework. CFO David Maday added that while the 2028 financial ambitions are directionally unchanged, the timeline has shifted slightly right due to the launch timing. He reaffirmed confidence in the company's stated capital needs to reach positive free cash flow.

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CEO Christopher Urmson expressed high confidence in lane scaling due to the similarity of the U.S. freeway network. He detailed a multi-generational hardware strategy with partners like Fabrinet and Continental to drive down costs at scale. Urmson clarified that while the NVIDIA SoC is an off-the-shelf component, Aurora's unique value lies in its proprietary system integration, design, and reliability engineering.

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CEO Christopher Urmson expressed high conviction in the April 2025 date, stating the delay is modest and consistent with prior guidance. He clarified the remaining work is primarily on surface street driving and rare construction elements, which is an internal execution matter and not related to OEM partners. Urmson also confirmed there are no financial penalties for the delay, and Aurora will continue pilot operations with human drivers.

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Chairman, President & CEO Aaron Jagdfeld clarified that the company is 'laser focused' on improving the profitability of its residential energy technology business. He acknowledged the solar market will likely contract due to policy changes but believes eliminating subsidies is a long-term positive. He reiterated that solar and storage remain important to the company's residential energy ecosystem strategy. CFO York Ragen quantified the EBITDA margin drag from the business at 300-400 basis points in the first half of the year, expecting 300-350 for the full year.

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President and CEO Aaron P. Jagdfeld responded that while consumer spending is currently holding up, the widened guidance proactively reflects the historical dampening effect of higher prices on consumer demand. He emphasized that power outages remain the primary business driver, making sales resilient, and noted the company's agility in reacting to the uncertain trade and economic environment.

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CFO York Ragen confirmed that ecobee achieved profitability in Q4 2024 and is expected to be profitable for the full year 2025. He stated the overall energy technology business's EBITDA margin dilution will improve from about 3.5-4% in 2024 to 3-3.5% in 2025. CEO Aaron P. Jagdfeld added that new products are critical and that long-term megatrends of lower power quality and higher power prices support the strategic investments in this area.

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President and CEO Aaron P. Jagdfeld explained that market weakness, which began with portable generators, has now expanded to the broader C&I product category in Europe, with Germany being particularly challenging. He anticipates that a domestic C&I recovery will likely precede a European one, suggesting softness in Europe could persist through most of 2025. However, he noted this is partially offset by surprising strength in Latin America.

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CEO Amnon Shashua highlighted substantial volume expectations with partners like Volkswagen/MOIA and Holon, plus relationships with Marubeni, Uber, and Lyft. EVP Nimrod Nehushtan positioned Mobileye as a unique, scalable, and cost-efficient provider for OEMs, particularly in Europe. Amnon Shashua confirmed the business model includes both an upfront payment for the system and a recurring revenue stream based on cost-per-mile.

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CEO Amnon Shashua stated that for 2027-2028 production programs, Mobileye does not see companies like Waymo or Tesla as direct competitors, positioning them as being far from production-ready. Executive Daniel Galves commented on Tesla's FSD, expressing strong conviction that Mobileye's platform will exceed it, emphasizing Mobileye's focus on achieving the high precision and mean-time-between-failure required for a true eyes-off system.

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An executive, likely Nimrod Nehushtan, confirmed that Mobileye is on track to have a cost-optimized system for emerging markets ready for production within a year and has won important RFQs in India. CEO Amnon Shashua described imaging radar as a key sensor to complement cameras. While current Chauffeur and Drive programs use Lidar, he speculated that a future with only cameras and imaging radar is imaginable, though this is not the current roadmap.

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Jason Few, President & CEO, confirmed that FuelCell Energy is in active pursuit of several opportunities with data center customers in Northern Virginia and Kentucky through the DPP partnership and feels positive about the momentum. Michael Bishop, EVP, CFO & Treasurer, clarified that achieving the 100 MW production rate, which enables positive adjusted EBITDA, is paced by order flow and does not require additional capital expenditure as the capacity already exists.

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President and CEO Jason Few noted that the domestic clean hydrogen market for transportation has been delayed by regulatory uncertainty. EVP, CFO, and Treasurer Mike Bishop stated that Q1 represents a revenue low point, with significant growth expected from GGE module deliveries. He clarified that reaching EBITDA positivity is dependent on the commercialization of solid oxide technology and increasing factory utilization, without providing a specific revenue target.

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The tri-gen project is facing delays due to policy uncertainty around hydrogen tax credits. While Q1 revenue was a low point and is expected to grow significantly due to GGE module shipments, the company is not yet EBITDA-positive. Achieving profitability depends on commercializing new technologies like solid oxide and increasing factory output, which is order-dependent.

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President and CEO Jason Few explained that the restructuring aims to shorten the path to profitability by narrowing the company's focus and is expected to reduce operating costs by approximately 15% in fiscal 2025. EVP, CFO, and Treasurer Mike Bishop added that capital expenditures are also being reduced to a range of $20 million to $25 million. Bishop noted strong revenue visibility for 2025, driven by GGE module deliveries, which is expected to materially increase revenue and reduce EBITDA use, though a specific breakeven date was not provided.

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CEO John Hopkins confirmed a tech company order is highly possible, citing active discussions with Tier 1 AI firms needing near-term power. CFO Ramsey Hamady clarified the project structure would likely involve a developer as the direct customer, with a tech company as the power user via a PPA. Regarding cash burn, Hamady projected quarterly OpEx to remain around $40-$45 million, with potential for a slight increase for supply chain investments, until a major project contract significantly improves their cash position.

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President and CEO John Hopkins clarified that deal finalization is not hindered by bottlenecks but by the inherent complexity of coordinating with partners like ENTRA1, operators, and financiers. He noted the order for six additional modules reflects high confidence. CFO Robert Hamady explained that Q4 revenue was recognized based on two contract components: the delivery of services, such as technology licensing, and progress made on subcontracted EPC work.

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CEO Michael Murray and CFO Rich Sneider confirmed they had conservatively lowered guidance from the initial $52-$55 million range due to geopolitical and tariff uncertainties, but still anticipate double-digit growth for the year. Regarding NeuralDisplay, Murray clarified it is a human-in-the-loop technology platform, not related to Neuralink, and that the company expects to have a demonstrable headset featuring the technology ready for a potential roadshow in the next quarter.

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CEO Michael Murray stated that the Neural Display is currently demonstrable, with the next major milestone being its integration into a headset for live demonstrations expected this year. CFO Richard Sneider addressed operating expenses, guiding for annual SG&A between $10 million and $12 million and budgeting internal R&D at 7% of revenues, noting that total R&D fluctuates based on customer-funded projects.

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CEO Andy Marsh stated there are currently no plans to sell any portions of the business. Regarding Europe, Marsh and executive Jose Crespo explained that Plug has been investing significantly in the region for 3-4 years, building out development facilities, sales operations, and a network of integrators, and that this is not a new focus but a long-term strategic investment.

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CEO Andrew Marsh described the U.S. policy environment as evolving, noting historical bipartisan support and viewing the new administration as more business-oriented, which could be beneficial for hydrogen. In Europe, he pointed to strong, tangible support in regions like Spain and Germany, citing active projects with partners like Galp and Iberdrola as evidence of a robust market for the company's electrolyzer business.

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CEO Andy Marsh expressed confidence in navigating any political climate, citing expected continued support for hydrogen and a clear path to close the DOE loan. He emphasized the company's strong international presence in Europe and Australia. CFO Paul Middleton detailed the $200 million convertible deal with Yorkville Capital, specifying a $2.90 conversion price, a 24-month term, a 6% interest rate, and a clause restricting the investor from shorting Plug stock.

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CEO Andrew Marsh expressed confidence in navigating any political climate, highlighting expected support for hydrogen, a clear path for the DOE loan, and the company's global footprint, especially in Europe and Australia. CFO Paul Middleton detailed the $200 million convertible note: a 24-month term, 6% interest, a fixed conversion price of $2.90, and a restriction preventing the investor from shorting the stock.

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CEO Julian Nebreda acknowledged the potential risk of future FEOC restrictions on battery storage. He stated that Fluence has proactively worked with AESC to develop a plan to ensure compliance with any potential ownership restrictions that may arise, emphasizing that their interests are aligned. Regarding competition, Nebreda noted that the current tariff uncertainty has put the U.S. market in a "wait mode," making it difficult to assess the competitive landscape. However, he believes Fluence's two-year head start on its domestic supply chain strategy provides a significant advantage over competitors reliant on Chinese imports.

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President and CEO Julian Nebreda explained that the 2026 guidance is a conservative "floor" that will be firmed up as more backlog is secured. Regarding Moss Landing, he stated Fluence has no contract or presence at the site since 2022 and expects no liability, having only seen press reports.

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President and CEO Julian Nebreda expressed high confidence in the guidance, citing that two-thirds of the forecast is already in the backlog, with another $1.5 billion in late-stage negotiations. He noted that Fluence's market share is sustaining, and the company competes effectively through innovation and its resilient U.S. supply chain, despite aggressive pricing from some Chinese competitors.

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CEO Robert Rasmus stated there is no "fatal flaw" in the GAC process and that the current challenges are related to process optimization and fine-tuning, not fundamental design issues that would require more CapEx. He confirmed the mechanical equipment works and has produced product, but not yet with the required consistency for commercial scale. Regarding regulations, Rasmus mentioned recent meetings with senior EPA officials, from which he concluded there is no expectation of a delay to the PFAS rules; in fact, he anticipates they may be enhanced.

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CEO Robert Rasmus asserted there is 'absolutely not' a fatal flaw and that the issue is one of process optimization, not a fundamental design problem requiring more capital. He explained that the equipment works and has produced product, but now requires fine-tuning for continuous, efficient operation. Regarding regulations, Rasmus stated that after recent meetings with senior EPA officials, he sees no indication of delays to the PFAS rules and, in fact, expects potential enhancements.

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Management is highly confident the GAC issue is a matter of process fine-tuning and optimization, not a fundamental design flaw that would require more capital. They reiterated that the system works but needs to achieve consistent, uninterrupted throughput. Regarding regulations, recent meetings with the EPA confirm the 2029 PFAS deadline is firm, with the administration looking to potentially enhance regulations further.

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The CEO stated that GAC pricing in non-water markets is 20-40% higher, justifying their strategy to reserve some capacity. GAC pricing is a 'significant multiple' of PAC pricing. Regarding OpEx, further reductions in SG&A are expected, and a clearer picture will emerge once GAC production is at full scale.

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Robert Rasmus, CEO and President, explained that while they could fully contract their GAC capacity in the water market, they are reserving some for other markets where pricing is 20-40% higher. He reiterated that GAC pricing is a significant multiple of PAC pricing. Regarding OpEx, Rasmus stated there is still room for improvement in both operating costs and SG&A, with cost-reduction actions already taken in Q1 2025.

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CFO Vaibhav Taneja and CEO Elon Musk indicated the current $99/month FSD price is likely too low for its future value, especially once users can fully disengage. Musk said they will gradually relax attention requirements, increasing its value. Regarding India, Executive Ashok Elluswamy noted that the current tariff structure, which makes a car 100% more expensive, is a significant hurdle the company is working to resolve before entering the market.

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Executives acknowledged that new tech deployments have issues, particularly with software and documentation, which are being improved. The OpEx run rate is expected to be slightly lower than the previous year, but with strategic reinvestments, no substantial cuts are planned. For the new product, the strategy is not IP licensing but for ESS to manufacture the core power block and partner with firms like Honeywell for the balance of system components.

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CEO Eric Dresselhuys acknowledged that lithium-ion pricing serves as a market benchmark. He explained that ESS competes on a levelized cost of storage (LCOS) basis, where its technology has a strong value proposition for specific use cases like long duration and safety. He affirmed that the company constantly monitors lithium prices to ensure its offering remains superior in its target segments.

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CEO Raj Talluri confirmed purchase orders from both smart eyewear customers and expressed optimism for the market, driven by GenAI and optical improvements. Both Talluri and COO Ajay Marathe asserted there are no technological bottlenecks to scaling production. The current focus is on operational execution: ramping volume, improving yields and UPH, and optimizing tooling changeover times for different cell designs.

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CEO Raj Talluri explained that timelines are dictated by stringent qualification processes, which can be lengthy for smartphones. However, he noted that some IoT markets may have less stringent testing requirements (e.g., fewer charge cycles), potentially allowing for a faster path to production. He emphasized that initial product launches are the most time-consuming, with subsequent models ramping faster.

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CFO Farhan Ahmad stated that price points in recent IoT agreements validate the company's long-term model and are sufficient to support healthy gross margins at scale. Regarding EVs, CEO Raj Talluri noted it is a longer-term opportunity. Both he and the CFO confirmed that Enovix is leaning toward a capital-light licensing and royalty model for the automotive market to leverage its IP without heavy investment.

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CFO Ricardo Rodriguez confirmed that long-term financial targets remain unchanged, with goals of 35%+ gross margins and over 20% EBITDA margins. He stated the external manufacturing strategy supports these goals, noting that initial new capacity for 2026 will be in China and that margin targets are inclusive of any potential tariffs.

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CFO Ricardo Rodriguez noted it was too early to provide specific 2025 guidance but stated the direction is "up and to the right," with an expectation that OEMs would need to significantly increase their EV mix under current regulations. He promised a firmer view before year-end. CEO Donald Young added that policy changes are complex and will take time to implement, suggesting major shifts won't be immediate in 2025.

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CEO Saleel Awsare stated that the out-of-band business is expected to grow from Q2 to Q3. He attributed the prior quarter's weakness to a single government-related customer. Regarding automotive, he confirmed the relationship with Togg is strong, with a new product being supplied for an upcoming vehicle, and noted ongoing work with a European truck manufacturer.

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CEO Saleel Awsare described the new automotive deal as a purchase order for software and services with a German truck OEM for a new infotainment platform, highlighting it as a key greenfield win for customer diversification. CFO Jeremy Whitaker stated that the company's M&A strategy focuses on deals that are immediately accretive or have a very short path to accretion. Awsare added that strategically, they look for acquisitions within their key verticals of smart cities, enterprise, and automotive.

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Executive Chairman Tom Werner stated that cost reduction programs are ahead of schedule and will lower the breakeven point, with a second efficiency review underway. CFO Neill Reynolds added that growing power device revenue will help achieve this goal. Werner reported strong quarterly metrics of $1.475 billion in design-ins and $795 million in design-wins, asserting that Wolfspeed maintains full transparency and alignment with its key customers.

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CEO Gregg Lowe expressed a 'very solid line of sight' to hitting the near-term milestones for the first tranche. CFO Neill Reynolds elaborated that the first tranche represents 20-25% of the total grant and is tied to financial milestones, including raising equity and refinancing convertibles, as well as operational progress. He confirmed they have a solid plan to meet all requirements.

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President and CEO James Clark clarified that while the Grocery segment was the primary driver of the Q2 surge, the petroleum C-store and QSR verticals also continue to show very strong momentum. He stated that no customer orders were delayed, as the company had built-in capacity for growth and chose to absorb ramp-up inefficiencies rather than push out deliveries. On bottlenecks, Clark explained that permitting timelines have stabilized at a new, longer normal that is now factored into planning, and that supply chain issues are now more about site coordination with other contractors rather than LSI's own material availability.

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President and CEO James Clark explained there is no single common thread for demand fluctuations, but noted that larger projects are experiencing timing delays. He specified that while the warehouse vertical is down, C-store is 'spectacularly' up and grocery is recovering. On M&A, Clark stated the company is consistently evaluating opportunities and it is 'very likely' they would execute another deal in calendar year 2025 if the right one arises, citing the successful EMI integration.

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The company's liquidity plan relies on immediate cost savings from layoffs, continued inventory reduction, collecting receivables, and receiving funds from EPA programs. Regarding batteries, they have received significant interest from potential buyers and will begin sales in 2025, positioning themselves as a strategic technology partner for larger companies that do not wish to vertically integrate.

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The company does not have perfect visibility but expects the delivery cadence to pick up in the second half of the year and into 2025 as $1.5 billion in EPA funding becomes available for orders. Regarding the truck market, it has significant potential but is less mature than the school bus market. Amazon's recent EV truck activity with another party is viewed as positive for the industry, and Lion's goal is to build relationships with large fleets as the market develops.

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