Sameer Joshi • H.C. Wainwright & Co.

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CFO Jaisun Garcha stated that the estimated cash burn for the next 12 months is approximately $40 million, primarily for personnel and operational support. CEO James Walker clarified that while the executive order mandates an 18-month maximum for license applications, they anticipate a 12-month approval for the construction permit. Regarding vertical integration, Walker explained the focus is on the upstream fuel cycle, including potential involvement in mining, milling, and conversion, but not TRISO fuel fabrication.

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CFO Cathy Behnen explained that the Q2 revenue mix was weighted toward services due to the timing of a large engineering contract and that the mix would likely shift back toward product revenue in Q3. She stated the improved Q3 gross profit guidance is a result of this expected mix shift and the absence of the $4 million accrual recorded in Q2. President, CEO & Director Yann Brandt clarified that the timing of the second financing tranche is dependent on a shareholder vote, not project bookings. Behnen concluded by explaining that revenue is recognized over time based on a percentage-of-completion method as projects progress.

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CEO Yann Brandt explained that 1P products now constitute approximately 70% of new purchase orders and that customer feedback on installation ease and safety has been excellent. He noted project diversity across the U.S. Northeast, Southwest, and Southeast. Brandt also expressed confidence that solar will thrive regardless of the political environment, citing historical growth and domestic manufacturing investments. CFO Cathy Behnen added that the healthy Q4 margin outlook is primarily due to the product mix expected in the quarter.

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CEO Jacob Dewitte clarified that drilling data informs site-specific structural engineering for the standardized plant design. He stated that the licensing platform is centralized around the 75 MW size, with smaller deployments being 'underrated' versions. He also distinguished that the 'Fuel Foundry' is for fresh fuel, while a separate, different facility and regulatory process is planned for fuel recycling and subsequent fabrication.

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Co-Founder and CEO Jacob Dewitte confirmed the drilling data primarily informs the plant's foundation engineering. He clarified that licensing is centralized around the 75 MW platform; smaller deployments would be 'underrated' versions of the same design. Dewitte also specified that the 'Fuel Foundry' is for fresh HALEU fuel, while a separate regulatory effort is underway for a fuel recycling facility that would handle recycled fuel.

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CFO Kevin Harrill attributed the favorable cost variance to the company's average costing method and the positive margin profile of shipments delayed from Q4 into Q1. President and CEO Amir Vexler confirmed a steady supply of 5B cylinders and detailed Centrus's competitive advantage as the only U.S. operator with a CAT 2 license to enrich HALEU, noting significant barriers for new entrants.

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Todd Gleason (executive) indicated a near-term focus on digesting recent acquisitions and strengthening the balance sheet, suggesting new M&A is more likely in the second half of 2025 or into 2026. He expects gross margins to remain stable in the 34-36% range. He clarified that the full-year guidance was maintained because it is early in the year and reflects confidence in the current range, not because of an anticipated volume-for-price trade-off.

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CEO Todd Gleason explained the 20%+ incremental EBITDA margin on new revenue in the 2025 guidance reflects embedded productivity, mix, and synergy benefits. CFO Peter Johansson stated that the recently upsized credit facility provides adequate resources to continue their programmatic M&A strategy. Regarding the election, management anticipates a post-election stabilization that will help move projects forward.

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CFO Kevin Chen explained that the wide DSA guidance range ($35M-$45M) is due to accounting complexities with mixed DSA/SPA structures and confirmed that delayed Q4 projects represented about $10 million in revenue. CEO Yumin Liu clarified that DSA margins vary by milestone, with early payments having lower margins as costs are booked first. He also confirmed potential for 2025 revenue upside, as the current guidance only includes a portion of the $100 million DSA pipeline under negotiation. Both executives described the project pipeline as a healthy mix of BESS and solar across all regions, with more storage projects expected from the U.S. and various European countries.

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President and CEO James Clark detailed a three-tiered product launch strategy: refreshing existing products, expanding product families, and launching entirely new platforms like V-LOCITY. He attributed EMI's success to strong cultural alignment, a talented team, and early cross-selling wins, noting the full benefits are still materializing. Regarding M&A, Clark confirmed LSI maintains a robust pipeline, remains a disciplined buyer, and is likely to complete another acquisition within the calendar year, considering both incremental and transformational opportunities.

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CEO Dr. Patrick Gruber confirmed the DOE loan commitment is designed to survive administrative changes and that the Red Trail acquisition is being financed with debt. He explained that Cultivate AI is being integrated with Verity to provide a more complete data offering. Prompted by CFO Lynn Smull, Dr. Gruber clarified that RNG inventory is booked at the current -150 CI score but will be monetized at a higher value post-pathway approval. He also affirmed the company's mission to continue driving down operating costs.

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