Robert Brown • Lake Street Capital Markets, LLC

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CEO Justin Jacobs stated that the demand environment remains strong and consistent with 90 days prior, with 2025 deliveries locked in and 2026 growth discussions ongoing without material pricing pressure. On margins, he explained that rental adjusted gross margin should remain in the 60% range, with some natural volatility. He also noted the overall adjusted gross margin improved due to mitigating losses from the closed Midland fabrication facility.

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CEO Justin Jacobs confirmed that the company is now focused on contracting for 2026, with customers providing demand plans for that period. He noted that while the rate of price increases has moderated from previous years, there is still a positive upward bias. Regarding Q4, Jacobs clarified that the mention of costs referred to *potential* incremental expenses for labor during the holiday season or due to weather, ensuring timely unit installations to meet customer expectations.

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President and CEO Amir Vexler responded, noting positive momentum for DOE funding, referencing the Energy Secretary's recent testimony confirming plans to award $2.7 billion. Regarding Russian shipments, Vexler stated that while specific authorizations are still required from Russian authorities, the process has not impeded any of Centrus's scheduled deliveries.

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President and CEO Amir Vexler stated that while he could not speculate on the exact timing of the DOE task orders, there is clear forward movement. He characterized the $60 million investment as a 'readiness investment' to ensure the company can 'hit the ground running.' CFO Kevin Harrill added that the funds are being used to accelerate supply chain development and reinforce Centrus's first-mover advantage in domestic enrichment.

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President and CEO Amir Vexler explained that the timing for specific task orders under the HALEU awards is at the discretion of the Department of Energy and remains unknown. He added that the surge in demand from new sources like Big Tech is highly favorable, strengthening Centrus's business case and unique market position as the sole U.S. enricher with American technology, as all new demand must flow through a limited number of suppliers.

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President and CEO Amir Vexler stated that while the timing for RFP awards is determined by the Department of Energy, Centrus is prepared to proceed. He clarified the waiver situation, explaining that Centrus received waivers for committed customer deliveries in 2024 and 2025, has a pending request for reexports, and intends to file a third waiver request for uncommitted U.S. needs in 2026 and 2027.

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Michael McCann (executive) explained that the healthcare vertical is experiencing a slow but steady ramp-up as facilities address years of deferred maintenance. Regarding tariffs, he noted the impact has been neutral but has beneficially created urgency for customers to approve projects, which suits Limbach's nimble ODR model that can quickly adapt to price changes.

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Executive Jayme Brooks clarified that the 10-15% growth guidance is for the overall top line and estimated that implied ODR growth could range from 23% to 46%. Executive Michael McCann explained that achieving OEM-level gross margins is a long-term goal dependent on two factors: successfully shifting the revenue mix towards the ODR segment and expanding evolved offerings through their integrated platform, which will be supported by acquisitions.

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Executive Michael McCann highlighted strong, durable demand in the data center, healthcare, and industrial manufacturing verticals, driven by an account-centric focus on mission-critical facilities. He explained that the company is still in the early stages of its three-year plan to evolve its offerings, with 2024 focused on operational expenditures to build a foundation for future capital planning services. Regarding M&A, McCann noted the pipeline is robust and the company is applying lessons from its four recent deals to ensure strategic integration, focusing on cultural fit, niche markets, and customer lists, with a goal of more consistent deal flow.

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SVP and CFO Tom Vadaketh explained the Rail contract amendment reduces risk via higher revenue and a new delivery schedule, with the main remaining risk being the final vehicle homologation process. Chairman and CEO F. Grasberger added that Clean Earth's margin growth is sustainable and tracking ahead of long-term targets, with potential to exceed 17% over time, driven by broad-based efficiencies beyond just IT.

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Chairman and CEO F. Grasberger stated the 'One Clean Earth' IT system harmonization is over halfway done and will be 80-90% complete by the end of 2025. He added that increased CapEx in facilities will yield high returns. SVP and CFO Thomas Vadaketh, along with Grasberger, addressed the Rail ETO risk, noting it dissipates significantly after the first vehicle delivery, which is 12-18 months away for two of the three large contracts. The largest remaining risk is concentrated in a single U.K. contract.

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CEO Nick Grasberger explained that while HE has some protection from volume declines through minimum billings and fixed fees, site shutdowns still have an impact. For Clean Earth, he identified the Health Care segment as a source of volume growth, noted flat-to-soft performance in Retail, and acknowledged weakness in the Industrial/Manufacturing sector.

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Todd Gleason (executive) confirmed the power pipeline remains very strong, exceeding $1 billion, with several large contract awards expected in the coming quarters. Regarding tariffs, he explained that most contracts allow for the pass-through of such cost increases, a practice refined after recent supply chain challenges. While direct tariff impacts on known projects are manageable, Gleason noted the broader uncertainty of inflation on components sourced through general distribution.

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Todd Gleason, Chief Executive Officer, confirmed that momentum continues from strong end markets like power generation, industrial reshoring, and infrastructure, noting a vibrant start to Q1 2025. Regarding Profire, Gleason expressed high excitement, citing significant collaboration opportunities, international expansion potential, and a smooth integration. He reiterated the belief that CECO can double Profire's business in approximately three years.

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CEO Todd Gleason and CFO Peter Johansson detailed a pipeline of 15-20 active energy opportunities potentially worth up to $450 million in bookings over the next eight quarters. For the Profire acquisition, they highlighted significant international and industrial cross-selling opportunities, aiming to grow Profire's industrial sales mix from 15% to a potential 40% by leveraging CECO's global channels.

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CFO Mohammad Saidal Mohmand estimated CapEx at $10-$13 million per megawatt and noted remaining work involves finishing touches and the generator plant. Executive Wesley Cummins added that IT equipment will land in July/August for an October start. Regarding the cloud business, Cummins stated the strategic review has just begun and it is too early to provide a timeline or predict the outcome.

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Executive Wesley Cummins characterized the Macquarie partnership as the 'last piece of the puzzle,' providing the financial backing from a well-known partner that hyperscalers require. He emphasized that this deal establishes a clear financing roadmap for the company's future pipeline of over 2 gigawatts by moving funding down to the asset level.

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Executive Wesley Cummins stated that Applied Digital expects to begin deploying additional GPU clusters in the second half of its fiscal year 2025, which starts December 1. He mentioned they are navigating customer decisions between Hopper and Blackwell GPUs and have been working to secure a more appropriate financing structure with a three-year term to better align with the business model.

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Executive David Watson described the project pipeline as robust and largely U.S.-based, with Texas as a key region, and expects to add more projects to the backlog over the next six months. He confirmed that while Argan engages with all potential customers, its historical and current focus remains primarily on Independent Power Producers (IPPs). Regarding the Industrial (TRC) segment, Watson acknowledged a recent dip in backlog but expressed confidence, citing strong demand and over $40 million in new contracts secured after year-end. He anticipates TRC's revenue will grow from the middle of the year onwards.

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Executive David Watson confirmed that pipeline activity remains 'extremely elevated' with new opportunities continuously emerging. For the Texas project, he hopes to have an executed EPC contract and begin some work within the next couple of months. Watson explained that solar projects typically have a more consistent revenue burn rate, whereas gas projects follow a bell curve. For the industrial segment, he anticipates a temporary revenue decline for the next couple of quarters before a 'meaningful rebound' in fiscal 2026, based on a strong bidding pipeline.

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Executive David Watson highlighted that the TRC segment had a record quarter with nearly $50 million in revenue and has generated over $170 million in revenue in the last twelve months. While he noted a potential short-term dip in TRC's backlog due to rapid revenue conversion, he affirmed the long-term growth outlook is strong, particularly in the Southeast. Watson explained that the solar projects are 'quick burns,' with some targeted for completion by the end of the current fiscal year. He reiterated confidence in securing multiple gas projects in the next 5 to 10 months, stating they are successfully progressing through their developmental milestones.

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CFO Joseph Brinkman reiterated the mid-30s gross margin as a medium-term (2026) goal. CEO Jillian Evanko added that they aim to surpass this over time through operational excellence and mix. Regarding LTAs, she said opportunities exist to expand product scope with major customers and to sign new agreements with independent industrial gas players in North America and Europe.

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CEO Jillian Evanko stated that the disappointing Q3 margin was due to a specific, non-repeating supplier machinery issue at a new facility. She expressed confidence that the segment's gross margin should run in the 'low 30s' within the next five quarters as throughput improves and start-up inefficiencies are resolved.

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CEO Jillian Evanko stated they are ahead of schedule and expect to achieve their three-year, $250 million cost synergy target by the end of 2024. She identified remaining opportunities in global sourcing, product localization to reduce freight costs, and renegotiating large service contracts, expressing confidence in both achieving the target early and finding further synergies.

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