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CEO Zvi Schreiber acknowledged that in Q2, tariff announcements drove short-term 'whiplash shipping' as customers rushed to ship ahead of deadlines. He noted that with the situation now more settled, the uncertainty has decreased, and customers are returning to more stable, long-term planning.

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Founder & CEO Steven Rossi explained that gross margin gains will come from operational efficiencies and economies of scale, which are offsetting domestic inflation. He detailed production targets for the HD3, Solace, and Core products and confirmed distributors are stocking significant inventory volumes. Regarding AetherLux, Rossi stated that while the primary plan is to manufacture, the company is evaluating all opportunities, including potential acquisitions, to maximize shareholder value. Senior Business Consultant Faran Ali clarified that the $20 million revenue guidance is based on tonneau covers alone, with Core and Solis sales representing potential upside.

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Steven Rossi and Faran Ali explained that gross margin gains are driven by operational efficiencies and economies of scale, offsetting inflation. The $20M revenue guide is based on tonneau covers, with Core and Solis sales being potential upside. Distributors are actively stocking inventory, with order volumes increasing. For Aetherlux, all options are on the table, including manufacturing, licensing, or even a potential sale/acquisition of the technology, given strong interest from major corporations.

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CEO Steven Rossi explained that the initial launch for COR and SOLIS will be direct-to-consumer to gather feedback and recoup R&D costs, with a potential rollout to the existing dealer network later in the year or early 2026. Rossi also clarified that gross margin improvement is driven by both economies of scale from increased production and a strategic shift towards higher-priced, premium products.

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CEO Steven Rossi explained that the low end of the revenue guidance (~$20M) is based on tonneau cover sales alone, while the high end (~$34.5M) incorporates a strong launch of the SOLIS and COR products. He confirmed marketing spend will increase but will be ramped carefully to manage customer acquisition costs. Rossi emphasized that margin improvements will stem from engineering and economies of scale, not by making products inferior. He also noted that manufacturing capacity is more efficient than anticipated, likely requiring investment in machinery rather than a costly building expansion to meet future demand.

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President & Chief Growth Officer Derek Medlin explained that the 91% growth in applications resulted from a focused, year-long strategy emphasizing digital marketing and customer referrals to build top-of-funnel activity. On the competitive front, Medlin noted a stable environment in the prime financing space and highlighted Catapult's strategy of using dynamic, individualized pricing to optimize conversion and repeat business, which he believes is a winning play supported by merchant partners.

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The company attributed the application growth to a deliberate digital marketing and customer referral strategy focused on sourcing customers directly. On the competitive front, the financing environment above them has been stable. Catapult's strategy is to optimize for risk, conversion, and repeat business by offering unique pricing to each consumer, which they believe is a winning play supported by their merchant partners.

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The company attributes KPay's success to a large greenfield opportunity, not cannibalization. KPay and app users do have a higher LTV and repeat rate because the platform makes it easy to shop across different merchants and categories. For Q2, the company expects 25% to 30% gross originations growth and reiterated its full-year guidance of at least 20% growth.

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Management believes a stressed macro environment makes their growth proposition more relevant and can accelerate merchant acquisition. Q1 tax season seasonality was consistent with prior years. The only planned OpEx increases are for investments in technology and marketing to drive growth. The company had no new updates on the timing of the refinancing.

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KPay demand is diversified across many major retailers and is not concentrated. Referral partnerships can be activated quickly, but maturing them to ensure quality takes time and is a key focus for Q4 and 2025. A significant portion of Q4 originations comes from the holiday period. Regarding the lawsuit, the company is evaluating it and intends to defend itself vigorously, with no current financial impact.

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The CEO clarified the DoD contract is both an extension and expansion. He highlighted a significant domestic opportunity for critical infrastructure protection, similar to their DoD work. For marketplaces, they will follow a playbook of best practices. The company is actively refining its reseller channel, focusing on MSPs and MSSPs.

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President, CEO & Director Tony Scott clarified that the DoD contract is both a renewal and an expansion with an increased dollar value and scope. He expressed excitement about domestic critical infrastructure opportunities, noting the company will follow a playbook of best practices to market its products on cloud marketplaces. Scott also mentioned that Intrusion is refining its reseller channel, focusing on MSPs and MSSPs, and dropping underperforming partners.

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CEO Anthony Scott and CFO Kimberly Pinson clarified that the revenue from the lost client ended in Q1, which should improve year-over-year growth comparisons. Scott explained that new logos are varied, with a growing reputation in the Asia Pacific region leading to larger deals. He also noted that while cybersecurity demand is apolitical, a government continuing resolution could pose a risk.

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Co-Founder & CEO Dhruv Shringi responded that while the company is open to M&A in the attractive MICE sector, the focus has been on integrating the Globe acquisition. Regarding the share restructuring, he described it as a complex, multi-jurisdictional regulatory process without providing specific details but confirmed it's a top priority. He also noted that related expenses were not material in Q1 FY26, unlike the previous quarter.

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Co-Founder & CEO Dhruv Shringi stated that while the company is open to M&A in the attractive MICE sector, the immediate focus has been on integrating the Globe acquisition. Regarding the share restructuring, he described it as a complex, multi-jurisdictional regulatory process and noted that related operating expenses were not material in Q1 but were significant in the prior quarter.

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CEO Dhruv Shringi stated that Northern India, representing about 30-35% of business, could be affected by border tensions. He confirmed a viable corporate structure for share fungibility is now defined, with procedural implementation underway. Shringi also noted that Yatra is open to more MICE acquisitions post-integration of Globe Travel and believes the company can grow revenue 30-40% without significant changes to its cost structure.

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CEO and Co-Founder Dhruv Shringi explained that the MICE market in India is a highly fragmented $8-10 billion opportunity, offering significant long-term growth. He detailed that corporate client ramp-up takes 3-6 months for smaller accounts and 6-9 months for larger ones. While not providing a specific quarterly contribution for Globe, he offered a baseline of its prior year's revenue less service costs ($5.3-5.4 million). Regarding the corporate structure, Shringi noted that meaningful progress has been made and he is hopeful for a concrete update in the near future.

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CEO and Co-Founder Dhruv Shringi explained that the Globe Travels integration is a two-step process, with supply-side benefits accruing now and technology-driven cross-selling and cost optimization expected to begin in early January (Q4). He projected the MICE business could grow 20-25% annually for the next 2-3 years, driven by cross-selling to Yatra's large existing corporate client base. Regarding the B2C segment, Shringi noted that price competition initiated by a major domestic airline is likely to continue, shifting Yatra's strategy to focus on value-added services and using flights for customer acquisition rather than profitability.

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CEO Keyvan Mohajer noted that SoundHound uses its own AI to improve internal development efficiency and is exploring AI for sales, while being mindful of regulations. CFO Nitesh Sharan added that wallet share penetration is still very low with a "ton of runway" for growth, as customer AI budgets expand and new revenue streams like voice commerce are introduced.

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CFO Nitesh Sharan confirmed the guidance is entirely organic and does not depend on future M&A, citing a tremendous organic growth opportunity. While open to strategic acquisitions that are operationally sound and correctly priced, none are required to meet the outlook. Sharan also affirmed that the business is resilient to macro shifts, as AI solutions address both innovation for growth and efficiency for cost savings. He emphasized that the move to conversational AI is a generational shift and that AI's share of IT budgets continues to grow, insulating the company from short-term economic volatility.

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CFO Nitesh Sharan explained that as a platform company, they prioritize verticals with the biggest use cases and are investing in a high-ROI go-to-market strategy using both direct sales and channel partners. On cross-selling, he noted that while some opportunities are near-term, particularly with contract renewals, the momentum will build over the next 6-9 months and beyond as product stacks are integrated.

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CFO Nitesh Sharan responded that while all segments are growing, the most significant growth is expected from the AI agent business. He emphasized the large expansion opportunity within existing QSR customers and new verticals like healthcare and finance. Sharan confirmed the improved outlook is driven by a combination of strong organic growth in the legacy auto and restaurant segments, plus significant cross-sell and upsell synergies from the recent acquisitions.

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Co-Founder, CEO, President & Director Ryan Steelberg reiterated that the company has the 'smallest delta of go get' revenue needed to hit its guide in a very long time, indicating high confidence from contracted opportunities. On VDR, he explained that while the market spend is concentrated among about 50 large tech companies, Veritone is engaged with nearly all of them. He confirmed the sales process is improving, evidenced by repeat business and a growing pipeline, which is building customer confidence and trust.

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Executive Ryan Steelberg explained that the second-half growth is expected to be dominated by the Public Sector and Veritone Data Refinery (VDR) segments. He noted high visibility on the size of Public Sector deals, with timing being the main variable. For VDR, he expressed confidence in its growth velocity and potential upside. Steelberg clarified that the VDR pipeline's recent growth from $5 million to over $10 million is due to multiple new contracts with new partners and prospective clients.

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President, CFO & Director Gregory Feller explained that Mogo plans to do both, using Bitcoin as a hurdle rate for all capital allocation decisions. He noted that M&A would be considered if strategic and met this hurdle rate. Feller estimated a minimum six-month regulatory process for crypto trading, leveraging existing infrastructure to manage costs. He also characterized the lending business as a stable, profitable segment that will support, but not lead, the company's primary growth drivers of Wealth and Payments.

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Gregory Feller stated that the company plans to do both invest in Bitcoin and the business, using Bitcoin's potential return as a hurdle rate. They have ample liquidity to do so. M&A is a possibility but must be strategic and meet that same high return hurdle. The regulatory process for crypto trading is expected to take at least six months with manageable investment, and the lending business is expected to continue its disciplined growth, supporting the primary growth areas of wealth and payments.

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The company is maintaining a relatively flat loan book, prioritizing wealth and payments, but views the lending business as a valuable long-term asset with improving charge-off rates. The partnership with Tom Lee is a cash-based marketing agreement with no equity involved. Regarding interest rates, every 1% reduction would result in approximately $500,000 in annual cash savings for the company.

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President and CFO Gregory Feller stated that while the loan book is currently flat as they prioritize wealth and payments, the lending business remains a valuable, under-monetized asset with improving net charge-off rates. He clarified the Tom Lee partnership is a fee-based marketing agreement with no equity involved. Feller also quantified that every 1% decrease in interest rates would result in approximately $0.5 million in annual cash savings for the company.

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President & CEO Lee Rudow explained that while there is capability overlap, ESCO's revenue in the New England region is about five times larger than Transcat's existing operations there, presenting a significant opportunity. He plans to integrate the facilities to leverage combined strengths, noting that Transcat's access to capital will uniquely fuel ESCO's growth potential. Regarding market share, Rudow stated it's difficult to quantify precisely but outlined three major growth avenues: outsourcing in-house calibration labs (CBLs), where Transcat has a strong value proposition; competing against single-product OEMs by offering a comprehensive service for all plant instruments; and continuing to consolidate the fragmented third-party provider market through acquisitions.

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President and CEO Lee Rudow explained that while there is capability overlap, ESCO's operation in the New England region is about five times larger than Transcat's legacy facility, presenting a significant opportunity to combine forces and leverage Transcat's capital for growth. Regarding market share, Rudow noted it's difficult to calculate precisely but identified major growth opportunities in outsourcing in-house calibration labs (CBLs) and consolidating the fragmented third-party market.

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President & CEO Lee Rudow explained that while there is capability overlap, ESCO's revenue in the New England region is about five times larger than Transcat's existing operations there. He emphasized that the key opportunity lies in combining ESCO's expertise with Transcat's access to capital to drive growth. Regarding market share, Rudow noted it's difficult to calculate precisely but detailed significant growth runways, including outsourcing in-house labs (CBLs), competing against OEMs with a single-source value proposition, and consolidating the fragmented third-party market.

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CEO Lee Rudow explained that while there is capability overlap, ESCO's business in the New England region is about five times larger than Transcat's legacy operations there. He plans to integrate the facilities to leverage combined strengths, noting that Transcat's ability to provide capital will be a key driver of future growth for the ESCO operations. Regarding market share, Rudow stated it's difficult to quantify precisely but highlighted significant runway for growth. Key opportunities include outsourcing in-house labs (CBLs), where Transcat has a strong value proposition, competing against single-product OEMs, and continuing to consolidate the fragmented third-party market.

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President and CEO Lee Rudow explained that while there is capability overlap, ESCO's business in the New England region is about five times larger than Transcat's legacy operations there. He sees a significant opportunity by combining forces and providing ESCO with capital to expand. Regarding market share, Rudow noted it's difficult to calculate precisely but detailed the large addressable market, including opportunities to outsource in-house labs, compete against single-service OEMs, and consolidate the fragmented third-party market.

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CEO Lee Rudow explained that while capabilities overlap, ESCO's operation in the New England region is about five times larger than Transcat's, creating a dominant combined presence rather than simple overlap. He emphasized that Transcat's key contribution is providing capital to leverage ESCO's expertise for further growth. Regarding market share and pricing, Rudow noted the market remains highly fragmented. He highlighted Transcat's unique strength in outsourcing in-house labs (CBLs) and providing single-source solutions for large plants as key competitive advantages that drive its value proposition.

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President & CEO Lee Rudow explained that while there is capability overlap, ESCO's revenue in its region is about five times larger than Transcat's legacy operations, creating a significant opportunity to combine forces and leverage Transcat's capital. Regarding market share, Rudow noted it is difficult to quantify but highlighted major growth opportunities in outsourcing in-house labs, competing against single-service OEMs, and consolidating the fragmented third-party market.

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President and CEO Lee Rudow responded that the company is only in the 'fourth inning' of its automation journey, implying significant runway for future margin improvement. He noted that while customers typically shift to rentals in uncertain times, this trend is currently being offset by customers potentially buying equipment ahead of tariffs. Regarding M&A, Rudow confirmed that while the landscape has more private equity involvement, Transcat's core strategy for synergistic acquisitions remains unchanged and the opportunity pipeline is still strong.

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President and CEO Lee Rudow confirmed the issue was isolated to NEXA, highlighting that the core calibration business grew 9% organically and the pipeline remains strong. He described the M&A pipeline as 'robust' and noted the company is well-positioned to execute deals. Executive Thomas Barbato added that operating expenses are expected to increase sequentially in Q3 and Q4 to support growth initiatives.

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CEO Peter Cannito detailed the integration plan, which prioritizes financial reporting integration first, followed by aligning strategic roadmaps and pursuing multi-domain business opportunities. He noted the company is following its established playbook from ten previous acquisitions and expects full integration within twelve months. CFO Jonathan Baliff added that detailed financial information on Edge Autonomy, a higher-margin business, will be available in upcoming SEC filings.

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Peter Cannito, Chairman and CEO, confirmed that Redwire will likely continue its 'land and expand' strategy for the autonomous systems market. He clarified that future M&A will be primarily opportunistic rather than favoring one sector, driven by a strict formula that requires deals to be accretive and meet valuation criteria. He sees opportunities in both space and defense segments.

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CEO Peter Cannito confirmed the guidance was conservative and excludes revenue synergies, but highlighted opportunities to cross-sell space and UAS platforms to defense customers in Europe. CFO Jonathan Baliff described Edge Autonomy's pipeline as different from Redwire's, with a shorter sales cycle focused on fleet replacement and upgrades, creating a more predictable revenue stream. He noted Edge's program of record was about $100 million in 2023 and is expected to grow.

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The company attributed margin improvement to a favorable product mix (strong ACH growth) and efficiency gains. OpEx savings are from automation and not backfilling positions. The guidance range depends on the implementation speed of two large clients. The company believes it is well-insulated from economic downturns due to its non-retail, B2B, and government-related business segments.

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Executives stated the goal is 25% gross margin and that the company has significant operating leverage to grow without major cost increases. M&A criteria are strict, focusing on synergies, valuation, and self-sufficiency of the target. Positive investor sentiment is attributed to positive EPS, cash flow, a healthy balance sheet attracting quant funds, and an attractive valuation.

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CEO Louis Hoch stated that 2025 revenue growth is expected to be back-end loaded as new implementations go live and confirmed that the projected 14-16% growth is widespread, not reliant on a few large customers. Regarding capital allocation, Hoch noted the Board's $4 million repurchase authorization and affirmed the company's active but selective approach to M&A, funded by positive cash flow. Greg Carter, Chief Revenue Officer, added that from a PayFac perspective, the administration change has no real effect, but it might open doors in the funds disbursement space, though there was nothing specific to comment on at the time.

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CEO Louis Hoch explained that electronic delivery offers nearly pure margin, whereas paper delivery has about a 20% gross margin, presenting a significant opportunity for expansion. Regarding capital allocation, Hoch noted that while Usio is actively looking, the M&A market has been challenging, but the company remains hopeful for better opportunities to deploy its growing cash reserves.

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CEO Louis Hoch attributed the gross margin improvement to a favorable business mix, particularly strong growth in the high-margin ACH segment, as well as efficiency gains from new machinery and process improvements. He explained that the revised revenue guidance range depends on the implementation speed of two large national accounts. Hoch also reiterated USIO's strategy of avoiding direct retail exposure, noting that their diverse business model is insulated from macroeconomic pressures and can sometimes benefit from government stimulus activities during downturns.

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CEO Matt Fisch stated that for the $30 million opportunity, the company is on the customer's timeline with integration and deployment currently in progress. CFO Conor Tierney added that the four new wins are primarily in smart infrastructure, security, and defense, with a line of sight to thousands of units. Tierney explained that the increase in sales and marketing expense was largely a reallocation of resources from G&A and R&D to support business development and deployments, consistent with the company's capital-light model.

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CEO and Chairman Matt Fisch stated that the $30 million contract is progressing on the customer's timeline, with AEye teams currently on the ground for integration and deployment. CFO Conor Tierney added that the new wins are primarily in the smart infrastructure, security, and defense sectors, with a line of sight to thousands of units and an expected ramp-up over the next 6-12 months. Tierney clarified that the increase in sales and marketing expense was largely a reallocation of resources from G&A and R&D to support business development and deployments, consistent with their capital-light model.

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Executive Sam Rubin detailed that G5 has sufficient assembly capacity, has secured detector supply through large pre-orders, and can leverage LightPath's optics manufacturing in Latvia or Orlando to mitigate component lead times. He also disclosed the recent resignation of the VP of Sales for personal reasons but assured that the existing camera sales team is working closely with G5, with Rubin himself actively involved in business development to open new doors.

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CEO Sam Rubin explained the deal stemmed from a 30-year relationship, allowing LightPath to make a preemptive offer. CFO Albert Miranda added that G5's sellers valued LightPath's commitment to growth over a sale to a larger entity that might dismantle the company. Regarding seasonality, Albert Miranda confirmed it exists, tentatively identifying LightPath's Q3 and Q4 as lighter revenue periods for G5 and Q1 and Q2 as heavier, pending further analysis.

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Production on the Lockheed program could begin within three months of a decision. Gross margins on assemblies and modules are expected to be higher than historical averages, north of 40%. The company projects to be operating cash flow positive and does not anticipate needing large amounts of cash for CapEx as in prior years.

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CEO Sam Rubin stated that LightPath could begin shipping for the Lockheed program within approximately three months of a decision. CFO Albert Miranda projected that gross margins on assemblies and modules should be north of 40% and confirmed the company projects to be operating cash flow positive, with a recent loan serving as a buffer for CapEx or business development initiatives.

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Executive Jin Kang explained that the guidance range is primarily dependent on the timing of closing large deals in the pipeline. He noted that key partnerships with systems integrators are already established, and converting opportunities, especially in Device-as-a-Service (DaaS), is the current focus. Kang emphasized that a majority of the current sales pipeline consists of commercial opportunities, particularly in DaaS, mobility, and satellite sectors.

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The executive explained that the guidance range is primarily driven by the timing of closing deals in the sales pipeline. Regarding partnerships, many are already established with large integrators, and the timing of large opportunities, particularly in Device-as-a-Service, will impact financial performance. They confirmed that a majority of the opportunities in the current sales pipeline are on the commercial side, including Device-as-a-Service and initiatives in the satellite sector, and they are making capital investments to support them.

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Executive Jin Kang confirmed a MobileAnchor pilot with a transportation-related agency is progressing well and another is planned with a K-12 related agency. He stated that so far, there have been no negative impacts from the administration change due to long-term contracts and the essential nature of their services, even seeing potential for increased work with DHS. Regarding capital allocation, Jin Kang and Executive Robert George noted that cash flow was impacted by a temporary unbilled issue being resolved and that 2025 CapEx is expected to be minimal, around $200,000, primarily for a new facility build-out.

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Executive Bryan Lewis described the shipping and logistics opportunity as larger than initially thought, focused on preventing high-value cargo theft by verifying trucker identities. He noted the reseller channel has significant room for improvement and that a new hire is dedicated to activating this channel. Lewis clarified that the rise in accounts receivable is a direct result of changing payment terms to prepaid annual or quarterly commitments instead of billing in arrears.

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CEO Bryan Lewis explained that the back-half growth visibility is based on client rollout schedules and proof-of-concept timelines, including a delayed but strategic integration with a super-regional bank. He stated that sales conversations remain strong as fraud is a persistent issue, though overall retail transaction volume is a concern. Regarding AWS, Lewis anticipates significant savings, which will be balanced against increased computing costs for new AI and machine learning initiatives.

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Bryan Lewis, an executive, responded that the retail weakness began around mid-last year with rising inflation and consumer credit issues. He expressed confidence that the company does not need to raise cash and is focused on re-evaluating marketing spend for better ROI, emphasizing Intellicheck's unique technology as a key differentiator.

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CFO Wally Ruiz confirmed the new platform campaign's margin is expected to scale and improve, noting it drives significant gross profit dollars with low marketing expense. CEO Richard K. Howe added that Q1 results suggest a break from normal seasonality, with a strong outlook for the year. He described feedback on the Self-Serve platform as 'very positive,' highlighting its unique ability for users to generate and execute on AI-driven audiences with unprecedented ease.

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CFO Wally Ruiz clarified the campaign is with an existing client, and while it has a lower margin percentage, it drives significant gross profit dollars with minimal marketing expense. CEO Richard Howe noted that Q1's strength suggests a break from typical seasonality and that the outlook is strong. Howe also described feedback on the self-serve platform as 'very positive,' with a goal of tens of millions in revenue over the next few years, driven by its unique AI-powered audience generation capabilities.

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CFO Wally Ruiz clarified the campaign is with an existing client and, while having a lower margin percentage, drives significant gross profit dollars and is expected to scale. CEO Richard Howe stated that strong Q1 results suggest a break from typical seasonality. He described feedback on the Self-Serve platform as 'very positive,' highlighting its unique AI-driven audience generation, and projected it could be a 'many, many tens of millions of dollars' opportunity.

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CFO Wally Ruiz confirmed the new campaign drives significant gross profit dollars despite a lower margin and is expected to scale. CEO Richard Howe noted that Q1 results suggest a break from normal seasonality, with the year starting strong. He added that feedback on the self-serve platform is very positive, with a potential market opportunity of tens of millions of dollars.

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CEO Brian O'Toole confirmed that since the first Gen-3 satellite is performing better than expected, they are proceeding with the original launch schedule. CFO Henry Dubois added that CapEx is expected to increase throughout the year, in line with the Gen-3 production and launch cadence.

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CEO Brian O'Toole responded that the focus is on delivering higher value with Gen-3's improved resolution and capabilities, which naturally allows the company to grow its accounts with customers interested in long-term engagements. He also stated that the company does not foresee any impact from potential tariffs, as they have a clear understanding of their bill of materials and have secured long-lead components.

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CEO Brian O'Toole and CFO Henry Dubois confirmed the milestone payments would be lumpy and tied to specific contract deliverables. Dubois stated that no significant OpEx changes are expected for Gen-3 as it will leverage existing infrastructure. O'Toole added that while demand is growing, government sales cycles remain typical.

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CEO Todd Schwartz explained that the Q1 outperformance was driven by stronger-than-expected results across the board in March, including robust repayments, operational efficiencies, and continued growth. He noted that while OppFi is monitoring tariff impacts on the Bitty SMB portfolio, its short-duration product allows for quick adjustments. Regarding capital allocation, Schwartz stated the company prefers maintaining flexibility with special dividends to pursue high-ROI initiatives and inorganic growth in areas like SMB and consumer point-of-sale, which offer significant synergies.

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CEO Peter Evans clarified that installation schedules are determined by customers' phased deployment plans, not Xtract One's capacity, and affirmed the company has ample capacity for future growth. CFO Karen Hersh and CEO Peter Evans attributed the lower sales and marketing spend to seasonal timing of high-value events. Regarding tariffs, Peter Evans stated the situation is fluid but expressed confidence in navigating challenges due to strong global demand, value-based selling, and the fact that competitors face similar supply chain issues.

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CEO Peter Evans clarified that installation timing is entirely determined by customer deployment schedules, not by any capacity constraints at Xtract One, and affirmed the company has ample capacity for future growth. CFO Karen Hersh and CEO Peter Evans explained that the lower sales and marketing spend was a matter of seasonal timing and focusing on high-value events. Regarding tariffs, Evans stated the situation is fluid, but the company is preparing alternatives and is confident that strong global demand and a value-based sales approach will mitigate potential impacts.

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CEO Peter Evans clarified that installation schedules are customer-driven, not due to capacity issues, and affirmed that Xtract One has ample capacity for future growth. CFO Karen Hersh and CEO Peter Evans explained that the dip in sales and marketing spend was due to seasonality and strategic timing of marketing efforts. Regarding tariffs, Evans stated the situation is too fluid to predict, but the company is preparing alternatives and believes strong global demand and its value-based selling model will help navigate any challenges.

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CEO Peter Evans clarified that installation schedules are dictated by customers, not company capacity, and affirmed that Xtract One has sufficient capacity for future growth. CFO Karen Hersh and CEO Peter Evans attributed the lower sales and marketing spend to seasonality and strategic timing of event participation. Regarding tariffs, Evans described the situation as fluid but stated the company is preparing alternatives and believes strong global demand and a value-based sales approach will mitigate potential impacts.

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CEO Peter Evans clarified that the installation schedule is customer-driven, not a capacity constraint, and affirmed the company has ample capacity for future growth. CFO Karen Hersh and CEO Peter Evans attributed the dip in S&M spending to seasonality and strategic timing of marketing efforts. Regarding tariffs, Evans stated the situation is too fluid to predict, but the company is preparing alternatives and believes strong global demand and its value-based selling will mitigate potential impacts.

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The company is monitoring potential tariffs but can mitigate them by moving assembly operations to the U.S. Contract differences across verticals are more about payment structure (upfront vs. subscription) than price. Renewals are strong, with customers often upgrading to new equipment under new, higher-value contracts.

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CEO Peter Evans and CFO Karen Hersh addressed the questions. Regarding tariffs, Evans noted the situation is uncertain, while Hersh added that the company has the flexibility to move its assembly operations to the U.S. to mitigate potential impacts. On contract structure, Evans explained the primary difference between verticals is the purchasing model (upfront for schools, subscription for arenas) rather than price. For renewals, Hersh stated that customers often opt for new, updated equipment under a new multi-year subscription, and Evans added that product improvements allow for higher average deal sizes upon renewal.

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The automaker contract followed an extensive 30-90 day pilot and bake-off. The initial contract is for 5 of over a dozen North American facilities, representing a significant expansion opportunity. Implementation capacity is not a concern and they are meeting all timelines. The company is working with over two dozen carefully selected channel partners.

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The increased selling and marketing spend is a direct result of seeing strong ROI through record leads and high close rates. The company will continue to invest as long as returns are positive but will balance this reinvestment with maintaining strong adjusted EBITDA margins. Any further investment is expected to drive more revenue and ultimately higher EBITDA over time.

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Executive Eric Langan explained the self-insurance reserve was a one-time, non-cash GAAP accounting adjustment not added back to adjusted EBITDA. He noted it's too early to project margin improvements for the Detroit club due to recent severe weather but believes it's possible. Langan also stated there are no significant residual cash outlays for closed Bombshells, aside from one lawsuit where he is confident in their legal position. He described the current club environment as one where they are using pricing power on beverages and food to offset a slight decline in high-end service revenue, aiming for steady same-store sales growth.

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John Davis (JD), an executive, attributed the improved payment performance primarily to enhanced underwriting and fraud evaluation, followed by higher customer quality and improved servicing capabilities. Harold Heiser, an executive, explained that new B2B locations typically take 6-9 months to reach a plateau, and while a Pareto principle applies, the large number of new stores will drive significant gains. Heiser also noted that while Q4 sees high origination volume, the full revenue impact is typically recognized in the following year's first quarter.

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CEO Harold Heiser explained that the 'total lease funding approvals' metric better reflects the demand pipeline, as customers may use approvals over time. COO John Davis reported that the first micro-site for electronics is live, with two more planned by year-end to enhance marketing efficiency. Davis also noted that new retail locations can be activated in days, with success dependent on partner engagement. Heiser added that a recent cohort of 580 stores achieved an 80% lease activity rate within 60 days and that the next 500 stores are expected to launch before mid-October.

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CEO Harold Heiser confirmed that traditional seasonality persists, with a strong Q4 followed by a slower Q1, but noted that new funding options and SKU diversification aim to mitigate this over time. Heiser specified that the new retail revenue stream from additional payment options was launched in late February. Regarding marketing, he explained that spending is expected to grow symbiotically with the addition of new funders, potentially around 20% per quarter, with the goal of having gross margin from all transactions cover the online marketing costs.

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Stephen Chen described the MyCanvass partnership as a ready-to-go, revenue-generating tool for the hyper-local political canvassing market, with a strong pipeline. Regarding future revenue, he acknowledged the current low base is an opportunity to build from the ground up, focusing on securing large ($1M-$10M) enterprise and federal government contracts for generative AI, which have longer sales cycles but are the primary focus for growth.

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Executive Stephen Chen described the MyCanvass partnership as a way to transform hyper-local civic engagement into a data-rich, real-time platform with a robust pipeline of paying customers. On revenue visibility, Chen acknowledged the challenge of forecasting from a low base but framed it as an opportunity. He outlined a strategy focused on securing large enterprise and federal contracts, leveraging channel partners, and using the company's long financial runway to build sustainable value.

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Executive Mike Snavely detailed two strategic hires, Paul Ruffino and Dannie Nunez, to deepen expertise in luxury properties and hospitality events. Snavely asserted that tangible progress is already evident in Q1's strong bookings, which represented 60% of 2023's total, and are expected to materially contribute to Q2 revenue due to a 30-day implementation cycle.

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The company confirmed a new sales approach focused on distribution leverage rather than a large direct sales force. They affirmed it is a 'new day' for the business after restructuring and regaining Nasdaq compliance. They also stated that modest investments will be needed to support growth as it ramps up, to be done in a 'conservatively aggressive' manner.

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CEO Robert Nistico confirmed the Western Son delay was entirely due to finalizing the right financing structure, which is now resolved. He and CFO Julius Ivancsits detailed that relocating logistics to Texas could yield material freight savings of around 30%, which is not yet in the guidance. Ivancsits explained the new capital would be used to methodically pay down vendors over 8-10 weeks and secure inventory purchasing leverage. He also confirmed the ABL facility has a term sheet for $3-5 million. Nistico provided significant transparency on strategy, announcing the decision to discontinue the TapouT brand license to focus capital on accelerating proven brands rather than incubating new ones.

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CEO Ann Hand explained that the Meta-Stadiums partnership involves joint pitches and a generous revenue share on consumer monetization from dedicated, off-platform events. She stated that the company's 'productization' approach allows for significant revenue growth without proportional increases in headcount, though some costs will rise with scale. Hand also noted a shift in the sales pipeline, with an increasing percentage of new business coming from direct-to-brand relationships, supplementing the traditional 80% from agencies.

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The company aims to be EBITDA positive by Q4, driven by increased automation and yield, though it depends on new program timing. The delayed revenue from EAC adjustments is a timing issue and will be fully recognized later. Core DoD programs are considered safe regardless of the election outcome.

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Management described commercial demand as 'astronomical' and far exceeding government demand, with no slowdown observed. The company is very actively bidding on commercial programs globally. Rivada's revenue contribution was approximately $5 million for the third quarter and $6.7 million year-to-date.

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Executive Sundie Seefried stated that the lending pipeline is very strong, attracting larger multi-state operators (MSOs) and includes opportunities to acquire loan portfolios from banks exiting the cannabis sector. She emphasized that Safe Harbor faces limited competition due to the high compliance barriers to entry, which few other institutions can meet.

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CEO Evan Gappelberg projected the Amazon Seller Central integration would occur in Q3 2023. He noted that while production capacity is currently stretched, technology improvements are expected to boost Q4 profitability and volume. Both Gappelberg and CFO Andrew Chan confirmed they anticipate higher gross margins in Q4 due to increased AI efficiency. Regarding the NASDAQ application, Gappelberg stated it is on track and moving forward.

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CEO Evan Gappelberg attributed their strong partnerships to providing 'white glove service' and acting as an extension of their clients' businesses, which they value highly. Gappelberg also stated that OpEx is expected to decrease as the company drives for more efficiencies and profitability. CFO Andrew Chan specified that the Toggle3D spin-out would reduce monthly OpEx by approximately $100,000 to $125,000. Finally, Gappelberg confirmed that an up-listing is a priority for 2023 to attract institutional investors, though he did not commit to a specific timeline.

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CEO Evan Gappelberg explained that Amazon alone represents a massive growth opportunity, especially with the upcoming ability to engage directly with Amazon's merchants. He stated that while current production capacity meets demand, the company's continuously improving AI will allow them to scale to meet the expected ramp-up. Gappelberg also noted that the company is driving hard to achieve cash flow positivity, which could eliminate the need for future capital raises.

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David Williams, Founder, Chairman & CEO, confirmed that channel partners are already generating revenue with growing momentum, noting that first revenues came just three months after signing. CFO & Exec. Director Nick Pointon detailed the cash runway, stating the current $41.5M balance and reduced monthly burn of $3.2M provide runway well into 2024, which could be extended by revenue and the satellite sale. Williams added that while a precise valuation for the satellite business is unknown, Arqit has invested approximately $53M in it, and its sale would materially reduce operating costs by eliminating the 40-person engineering team.

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Founder, Chairman and CEO David Williams explained that revenue from partners like Fortinet and AWS will be based on a price-times-volume model, with Arqit's software offered as a simple upgrade to a large existing customer base. He confirmed that partner sales teams are already being educated and there are no exclusivity arrangements. Williams expects the trade finance project to generate initial revenue in the current half-year. He also stated that macro uncertainty is not a significant factor, as the need to upgrade encryption is a new and rapidly growing market driven by recent government mandates.

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Founder, Chairman and CEO David Williams explained that vendor partnerships are a key sales channel tactic and expects monetization from recent integrations within months. He also detailed how demonstrations prove interoperability and build accreditation, accelerating new business. CFO Nick Pointon clarified that grant revenue is a balance sheet item amortized against costs, not reported as revenue. He distinguished QuantumCloud revenue (primary business) from ESA revenue (other operating income) and noted that while infrastructure is in place for growth, costs as a percentage of revenue should moderate over time.

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Chairman and CEO Grant Johnson attributed the guidance revision to a combination of factors: the seven-figure impact from exiting the Netherlands, historically low sportsbook hold, and COVID-related delays affecting live events and center openings. CFO Dan Marks added that sportsbook margins recovered in January and are expected to normalize, so internal models are not being permanently adjusted. Johnson clarified that event revenue is considered delayed, not lost, and that the VIE.gg New Jersey launch is awaiting exit from its 'soft play' phase before a full marketing push. He also noted that the LANDuel product has a faster path to market in the U.S. and that the UCLA Helix center opening is imminent, with other locations like the Hall of Fame Village in progress.

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CEO Grant Johnson clarified that no major franchise tournaments occurred in Q1 but are set to begin weekly, and that profitability requires converting only a small fraction of a team's fan base. CFO Dan Marks revealed that the company has only included a very prudent $1 million in revenue from New Jersey in its fiscal 2022 forecast, suggesting significant potential upside.

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CFO Dan Marks responded that he expects gross margins, which rose to 59% in Q4, to improve by a couple more basis points due to cost efficiencies from increased scale. CEO & Chairman Grant Johnson added that the company is taking a "breather" from M&A to focus on integrating its recent acquisitions and realizing synergies, though it remains open to unique strategic opportunities.

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CEO Grant Johnson stated that while COVID has slowed full integration, cross-marketing initiatives are set to begin in June, with a single wallet feature planned for the fall. An unidentified company representative clarified that Lucky Dino's revenue for March was $3.3 million. Regarding the crypto mining product, Mr. Johnson expressed strong optimism, noting that while specific numbers are not yet available, he expects it to have a 'substantially positive impact' on revenues.

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