Leanne Hayden

Leanne Hayden sought to understand the gating factors for securing a binding PPA with ENTRA1 and TVA, and what may have caused the delay from the previously guided end-of-2025 execution. She also asked about the expected timeline for site permitting or early site submissions for the four identified sites.

Answer

Bill Cooper, Chief Legal Officer and Corporate Secretary, stated that all information regarding the PPA has been shared in the prepared remarks and no further details could be provided. Rodney McMahan, Senior Director of Investor Relations, referred back to the script for information regarding the four identified sites and their progress.

Leanne Hayden sought to understand the gating factors to securing a binding PPA with ENTRA1 and TVA, and the reasons for any delay from the previously guided execution by the end of 2025. She also asked about the expected timing for site permitting or early site submissions for the four identified sites.

Answer

Bill Cooper, Chief Legal Officer and Corporate Secretary, stated that all available information regarding the PPA had been shared in the prepared remarks, implying an NDA. Rodney McMahan, Senior Director of Investor Relations, referred back to the script for details on the four identified sites and their progress.

Leanne Hayden from Canaccord Genuity inquired about trends in project financing for nuclear projects and whether a third-party financing ecosystem is developing. She also asked if international customer interest is mirroring the strong momentum seen domestically.

Answer

CFO Ramsey Hamady noted that while IntraOne handles project financing, NuScale sees 'significant interest' from large-scale capital sources in financing their projects, drawn by the licensed, conventional technology. President & CEO John Hopkins confirmed strong international interest but stated the company's current priority is securing near-term deals with U.S.-based customers, aside from the ongoing Romania project.

Leanne Hayden asked about the module's fuel flexibility, specifically whether it could use higher enrichment fuels like LEU+ or HALEU to increase power output, and what the potential impact would be on its safety mechanisms.

Answer

Executive Clayton Scott explained that while technically possible, using higher enrichment fuel is not beneficial for the current certified design, which comfortably achieves a 21-24 month cycle with standard fuel. He noted it could impact safety limits, and the current approach fits their certified parameters. President and CEO John Hopkins added that a key advantage is that their required fuel is readily available, unlike HALEU.

Leanne Hayden from Canaccord Genuity asked about the anticipated impact of Aurora's observerless launch on International Trucks on OEM partners, particularly regarding their comfort with removing safety observers or launching without them. She also inquired about the performance of Aurora's trucks during recent winter weather conditions in Texas.

Answer

Co-Founder and CEO Chris Urmson stated that continued product demonstration and customer demand will enhance OEM engagement. CFO David Maday clarified that OEM comfort varies based on their specific plans and component validation, noting the International fleet uses fully validated parts. Urmson confirmed development operations occurred in Texas winter weather with safety operators, but driverless operations were out of scope due to severe conditions.

Leanne Hayden asked how the upcoming observerless launch on International Trucks is expected to influence OEM partners' comfortability with removing safety observers or launching immediately without one. She also inquired if Aurora Trucks encountered any winter weather conditions in Texas during a recent storm front and how they performed.

Answer

Chris Urmson, Co-Founder and CEO, and David Maday, CFO, stated that continued demonstration and customer demand will only enhance OEM engagement. David Maday clarified that each OEM's path is unique; Volvo has a plan, PACCAR was cautious with prototype parts, while the International fleet uses fully validated parts with required redundancies. Chris Urmson confirmed that development operations were conducted in Texas winter conditions with a safety operator, as it was outside the current driverless scope, and conditions were severe enough to halt most road traffic.

Leanne Hayden requested an update on the automotive vertical, asked about the expected shape and margin impact of tariffs in fiscal 2026, and inquired about LSI's competitive positioning and market share.

Answer

President and CEO Jim Clark detailed continued strength in the automotive vertical, driven by dealers' focus on the customer experience and the need for high-quality, uniform lighting to showcase vehicles. Regarding tariffs, he stated the impact would be minimal for the Display Solutions group and manageable for Lighting, positioning it as a net competitive opportunity due to LSI's domestic focus. He concluded that LSI remains a single-digit share player in many of its key markets, indicating a substantial runway for future growth.

Leanne Hayden questioned LSI's forward-looking acquisition strategy, its importance for the 2028 'Fast Forward' targets, the market reception of the 'Velocity' product line, and the pipeline for future products.

Answer

CEO Jim Clark confirmed that LSI remains very active in M&A, pursuing both incremental and larger 'transformational' deals, and highlighted the company's strong integration track record. He reported that the Velocity product launch has exceeded expectations and reaffirmed LSI's commitment to product vitality, consistently releasing over 20-30 new products annually to drive growth.

Leanne Hayden from Canaccord Genuity inquired about the potential impact of Mercedes' planned EV launches through the ACC partnership and whether Aspen was seeing traction in alternative battery form factors beyond pouch and prismatic.

Answer

CFO Ricardo Rodriguez confirmed that new Mercedes EV launches could drive incremental volume for Aspen through its existing award with ACC. He also stated that the company's focus remains on prismatic and pouch cells, as the hype around other cell chemistries and form factors has subsided.

Leanne Hayden of Canaccord Genuity Group Inc. inquired about any traction or conversations with South Korean EV OEMs and asked for the expected timeline for new OEM wins to begin impacting the company's P&L.

Answer

CFO Ricardo Rodriguez confirmed active engagement with South Korean OEMs for next-generation platforms, either directly or through cell manufacturers. President and CEO Don Young added that Aspen is very close with cell makers like LG and Samsung. Regarding the P&L impact, Rodriguez projected that new OEM awards could contribute over $200 million in revenue as early as 2027, with the demand curve building significantly from that point onward.

Leanne Hayden asked for a timeline on when MP Materials expects to achieve its run rate production of 6,000 tons of NdPr and inquired about the expected steady-state cost per kilogram for NdPr production.

Answer

COO Michael Rosenthal stated the company aims to reach the run rate as quickly as possible while balancing cost efficiency and long-term stability, and expects significant progress this year. CFO Ryan Corbett declined to give a specific cost target but reiterated the company's strong conviction in becoming a low-cost global producer, stating the economics will prove out as they overcome the remaining operational hurdles.