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CEO Steve Towe acknowledged near-term caution due to customer CapEx sensitivity, particularly in the warehouse space, which led to a prudent pullback on some go-to-market investments. However, he emphasized that the underlying business health is strong, with significant momentum in AI video and the Unity platform. Towe confirmed two new telco partnerships, one in North America and one in Europe, and stated that the ramp-up of existing partners like AT&T and TELUS provides confidence for second-half acceleration.

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CEO Steve Towe described the MTM partnership as a significant, multi-country white-label deal for the Unity platform, launching in the second half of the year. He highlighted a 28% sequential pipeline increase with North American partners and strong AI video bookings from that channel. Towe also expressed confidence in achieving 10% SaaS growth by year-end, noting the company's successful pivot to software-led solutions has mitigated pressure on hardware sales, though he remains cautious about the broader economy.

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CEO Dinakar Munagala stated that customer ROI is the primary driver for hybridization, as pairing Blaize with GPUs provides a significant TCO advantage. CFO Harminder Sehmi added that the pipeline is a blend of pure edge, pure server, and mixed deployments. Munagala confirmed that as AI moves into real-world applications, inference is becoming the dominant workload, aligning with the 6-to-1 ratio seen in their customer discussions.

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Founder, Chairman & CEO Abel Avellan explained that the initial rollout uses low-band spectrum supported by all phones, while L and S-band support will align with future chipset availability. He noted that the gap between non-continuous and continuous service is relatively short, with early use focused on government applications. IoT is a service they can enable but is a smaller market compared to consumer broadband and government opportunities.

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CEO Abel Avellan projected that full L-band support in all new phones is about 1-2 device cycles away, noting it's already in the Android ecosystem. Regarding government business, Abel Avellan and Scott Wisniewski expressed confidence, highlighting that the U.S. government is a current user of their technology across six programs. They noted that key agencies like the DIU, with which they just signed a contract, are receiving increased funding, creating more opportunities.

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CEO Matthew McRae stated that subscriber growth was strong across all channels, including Amazon, Best Buy, and Walmart. CFO & COO Kurt Binder projected a 300-400 basis point tariff headwind to combined gross margin, which they expect to offset with BOM cost reductions, aiming for year-over-year growth in combined gross margin. McRae added that Arlo is competitively positioned regarding tariffs and remains focused on executing the ADT deal while exploring other opportunities like monetizing its unsubscribed base.

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CEO Matthew McRae stated that nearly all competitors manufacture in Asia and are similarly affected by tariffs, but the key differentiator is having a robust services business. He noted that hardware-focused competitors are struggling, leading to early POs for Arlo, and that Arlo has been gaining market share weekly. COO and CFO Kurt Binder reiterated that product pricing is a tool to drive point-of-sale volume and fill the conversion funnel, and the company is pleased with the resulting growth in combined gross margins. McRae explained that the current service plans and pricing were structured in anticipation of Arlo Secure 6, so no new pricing is planned. He also mentioned that 1-2 significant strategic partnerships are progressing well and are expected to be announced this year.

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CEO Matthew McRae explained that new pricing affects new subscribers immediately, monthly subscribers in February, and annual subscribers upon renewal. He attributed shelf space gains to the success of Arlo's products and its expanded 2025 product portfolio. McRae noted that engagement with insurance providers is accelerating. For the long-term, he stated the expectation is for ARPU to continue growing as Arlo expands into adjacent markets in 2026-2027, leveraging its strong business foundation.

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CEO Christopher Moore clarified that the ATG unit decline is primarily driven by customers upgrading from Classic to Advanced systems, not mass losses to competitors like Starlink. He highlighted strong Advanced shipments and the C1 rebate program as positive future drivers. CFO Zachary Cotner added that GEO ARPU is holding up better than expected as the high cost of swapping equipment deters churn, though modest long-term degradation is still assumed. Regarding 5G, Moore noted early-stage exploration of its use for military applications and UAVs, confirming over 300 aircraft are pre-provisioned for the Q4 launch.

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CEO Christopher Moore confirmed the 5G chip has completed fabrication and is moving to packaging and bring-up, maintaining a cautious but optimistic outlook for a Q4 launch. On Galileo, Moore highlighted a strong pipeline of over 300 customers for HDX and noted the FDX terminal is ahead of schedule. He emphasized that Gogo's competitive advantage lies in its global enterprise solution, deep MRO partnerships, and a strong international sales presence driving a 60/40 North America/international pipeline split.

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CEO Chris Moore affirmed that 5G is a key part of the multi-orbit strategy for both primary and backup connectivity. Executive Chairman Oakleigh Thorne detailed an expected $60 million net reduction in investments from 2025 to 2026 as major projects and promotional spending conclude. CFO Zach Cotner noted that the legacy Satcom Direct business aviation segment had been growing at low-to-mid double digits and that the company's 2025 EBITDA guidance is expected to be relatively steady throughout the year.

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EVP and CFO Jessica Betjemann confirmed the AOL decline was less than anticipated due to strong new activations and fewer deactivations, though the company remains conservative in its forecasts. Chairman and CEO Oakleigh Thorne stated that the Galileo shipment forecast for 2025 has doubled from approximately 200 to over 400 units due to overwhelming market demand. He affirmed the LEO/GEO strategy extends beyond Satcom's existing base, as Satcom's superior GEO terminals and strong OEM relationships are expected to drive new growth for both technologies in the heavy jet market.

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President, CEO & Director Ron Konezny highlighted demand strength in utilities, water, and mass transit, which is offsetting weakness in renewables, with North America outperforming a softer APAC region. He noted that tariff certainty helps decision-making and Digi's diversified supply chain provides a competitive advantage. EVP, CFO & Treasurer Jamie Loch confirmed that M&A remains the top priority for capital deployment over share buybacks.

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President and CEO Ronald Konezny stated that sales cycles have stabilized, except in the APAC region. He explained that Digi is normalizing its inventory levels after a post-COVID buildup and has supply chain flexibility to mitigate tariff impacts without stockpiling. The current outlook incorporates existing tariffs, though he noted reciprocal tariffs could create challenges. In the solutions segment, growth is offsetting some soft churn, and the company is extending its Ventus subscription model to the cellular router business, which he described as a multi-quarter evolution.

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CFO Keith Jones noted that a substantial portion of Q2 revenue was recurring and that new deals would contribute more significantly in the future. CEO & Director Paul Davis highlighted the 28% year-over-year growth in non-pay TV recurring revenue. Regarding the large semi deal, Davis affirmed the goal is to close it this year but emphasized the company has alternative paths to meet its targets. He described RapidCool as a promising medium-to-long-term opportunity.

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CFO Brian Millard identified IT and automotive as the primary segments for tandem architecture, noting it's a key growth driver. He stated that new Gen 8.6 fabs are critical for meeting IT demand and contribute to the previously guided 10-15% capacity increase. While stating industry utilization is strong, he did not provide a specific number and noted that the IT market will likely feature a mix of both tandem and single-stack displays.

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CFO Brian Millard affirmed that LG Display's announcement demonstrates UDC's material is performing at commercial levels and that material consumption depends on customer recipes. He confirmed a heightened level of orders from China in April, likely as a pull-in, but maintained full-year revenue guidance. He also noted that while tandem is used in IT, most smartphones are expected to remain single layer.

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CFO Brian Millard stated that customer inventory patterns are normal but acknowledged that macro factors like tariffs create uncertainty, which the company is actively monitoring. He confirmed that developmental blue material revenue is included in the 2025 guidance. Millard noted that new fab construction by major customers is a positive sign for future growth but declined to provide a specific forecast for 2026.

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Brian Millard, VP and CFO, characterized the Q4 forecast adjustment as a temporary issue, not a persistent trend, noting that 2025 planning is still underway. Regarding the phosphorescent blue, CEO Steven V. Abramson and CFO Brian Millard described the commercialization as an iterative process with customers. They stated that achieving commercial specs will initiate a design-in cycle before mass production, making it difficult to predict the adoption curve at this stage.

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CEO Liren Chen expressed optimism that 6G will open new verticals but noted they have not yet quantified these opportunities. He explained that their foundational R&D model does not require significant incremental investment for new verticals. Regarding streaming, Chen stated that dialogues with major players are ongoing without concrete progress to report, and that the Disney litigation is proceeding with procedural wins but is not slowing down discussions with other potential licensees.

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CFO Rich Brezski confirmed that Q2 guidance is based on existing contracts, including the recent HP deal, and does not factor in potential new agreements or the pending Samsung arbitration result. President and CEO Liren Chen stated that the current geopolitical environment has not impacted the business. Rich Brezski added that the convertible debt matures in 2027 and early conversion is not typical at current levels, though the company continuously evaluates its capital structure.

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President and CEO Liren Chen stated that the Disney litigation timeline is uncertain but the company is committed, noting that enforcement was necessary after 2.5 years of negotiations. He confirmed engagement with other major streaming players. Regarding guidance, Chen mentioned key opportunities across smartphones (Vivo), consumer electronics, and services. CFO Rich Brezski explained that the Q1 recurring revenue step-down was due to $17 million in 2024 expirations. Brezski also discussed the convertible notes, noting the company has more options for its capital structure now due to its strong cash position and that dilution is factored into guidance based on share price.

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CFO Rich Brezski confirmed that Q4 guidance includes revenue from both the new OPPO agreement and the Lenovo arbitration agreement, with Lenovo revenue being booked at a conservative estimate, similar to the Samsung approach. President and CEO Liren Chen added that the Samsung arbitration decision is now expected shortly after year-end. Regarding litigation costs, Brezski noted that current expectations are factored into Q4 guidance but did not provide a forward-looking forecast. Chen described the video services space as a major greenfield opportunity where the company is actively engaging major players, preferring bilateral negotiations but prepared for litigation if needed.

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CEO Chris Diorio expressed significant excitement for the food opportunity, driven by clear ROI on freshness and waste reduction, and projected meaningful item-level volumes in 2026. He noted that while food freshness use cases are driven by handheld readers, there is a broader resurgence in autonomous fixed reading for logistics and loss prevention, which is fueling demand for readers and gateways. He added that while other retailers are exploring deployments, he could not comment on specific timelines.

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CFO Cary Baker stated that channel inventory is not considered high relative to evolving production strategies and the belief that Impinj is currently undershipping consumer demand. CEO Chris Diorio noted the business has diversified, with a significant portion of ICs going on 'staples' rather than discretionary items, though he did not provide a specific seasonal breakdown. Regarding new initiatives, Cary Baker confirmed projects are progressing but refrained from giving a back-half outlook due to tariff uncertainty, while Chris Diorio emphasized that enterprise engagement remains strong.

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CEO Chris Diorio found it difficult to project the full-year 2025 growth rate but reiterated that long-term secular tailwinds remain strong. He explained the tariff issue is causing "sourcing uncertainty" for partners, leading to delayed orders. On the pipeline, he confirmed ongoing expansion opportunities in retail apparel, general merchandise, and logistics, and noted the potential for enterprise mobile as a future catalyst.

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CEO Chris Diorio stated that while no technology is formally approved for DPP yet, RAIN has moved into a 'pole position.' CFO Cary Baker noted that Q1 endpoint IC seasonality is now viewed as 'flattish,' and pricing negotiations for 2025 are just beginning. For systems, Q1 is typically down 10-20% from a strong Q4. Chris Diorio added that the solutions pipeline is large and that a major grocer's entry will galvanize the food sector.

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CFO Cory Sindelar stated the reclassification impact was in the 'mid-single digits.' CEO Michael Weening explained that AgenTeq AI investment fits within their existing financial model, leveraging 15 years of platform development. He detailed that monetization occurs by enabling customers to improve their own revenue and margins, of which Calix shares. The platform is in pre-production, with components rolling out in August and full impact expected through 2026.

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CEO Michael Weening clarified that small customer demand has been consistently strong, not just 'coming back,' and confirmed the growth outlook does not include BEAD funding. He detailed the RPO growth drivers, ranking them by maturity: 1) continued consumer penetration, 2) small business growth with SmartBiz, and 3) the new SmartMDU solution, which he described as a total addressable market (TAM) expansion opportunity.

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CEO Michael Weening explained that service adoption depends on a customer's maturity, with the company guiding them on a journey from network operator to experience provider. He noted the timeline for adoption is often accelerated by competitive pressure. He confirmed that customer inventory has normalized. Regarding competitive wins, he stated they are less about displacing network hardware and more about customers choosing Calix's platform and go-to-market strategy to transform their business model.

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CEO Michael Weening and CFO Cory Sindelar confirmed that Q2 was the trough and that appliance buying patterns are now in a 'new normal.' Regarding BEAD, they reiterated their consistent forecast that initial orders will trickle in during Q1 2025, with shipments building throughout the year as part of a multi-year program, which aligns with their long-standing expectations.

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President & CEO Hong Hou suggested core data center growth should track or exceed transceiver market growth, with strong second-half conviction from multiple compounding growth drivers. EVP & CFO Mark Lin noted the seven consecutive quarters of bookings growth in cellular modules provides long-term sustainability, with revenue guided to increase in Q2 and a focus on margin expansion.

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CEO Hong Hou stated the PON business remains primarily China-focused, with products ready for the next tender, but they are also actively engaging with U.S. manufacturers for BEAD-funded opportunities. For LoRa, he noted that the market is seeing clear growth signals post-Helium, with traction in smart metering, asset tracking, and connected spaces, supported by ecosystem partners like Netmore.

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Executive Mark Lin provided the LoRa revenue figure of $28.7 million. President and CEO Hong Hou then explained that the current ACC opportunity will see limited shipments in Q3, with a significant ramp in Q4. He clarified that ACCs will first compete with AECs by offering lower power and latency, and will also displace Direct Attach Copper (DAC) cables in next-generation high-speed switches. He also confirmed system-level verification with the lead customer is complete.

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CEO Ronald Totton explained that direct historical comparisons for the new eARR metric are not available but offered to follow up. He noted that sales cycles have not elongated and may have even compressed slightly. CFO Paul Holtz confirmed the normalized quarterly OpEx is approximately $25 million and that the 40% gross margin for IoT Solutions is the new target. Holtz also addressed the ARPU decline, citing a tough year-over-year comparison and the mix of new connections. Totton expressed optimism about future growth but stated it was too early to forecast double-digit growth for 2026.

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CFO Paul Holtz stated that IoT Solutions revenue is expected to be flat, with margins remaining above 40% due to a focus on profitable deals, and projected quarterly OpEx in the $27M-$30M range. He guided to mid- to low-single-digit connectivity growth, citing a conservative outlook due to tariff uncertainty. CEO Ronald Totton confirmed they are not yet seeing a slowdown but are being cautious. On product evolution, Totton highlighted growing demand for eSIM and active customer conversations around AI. Regarding the balance sheet, Holtz noted there is no specific debt coverage target, but the plan is to use improving free cash flow to pay down debt.

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CEO Pete Smith explained that North America's private network business is strong but the company is currently between projects with a U.S. Tier 1. CFO Michael Connaway quantified the potential near-term tariff impact as 2-2.5% of COGS, but stated the goal is to achieve earnings-per-share neutrality through mitigation efforts. Regarding MDUs, Pete Smith acknowledged the fixed wireless access trend and confirmed Aviat has a hardware platform for this market, but avoided commenting on specific customer projects due to disclosure constraints.

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CEO Pete Smith stated that Aviat is using its 'COVID playbook' to manage potential supply chain ripples from tariffs and noted that inventory would likely peak in Q3 before turning to cash. CFO Michael Connaway confirmed that Q2 saw the first material working capital reduction since the Pasolink acquisition. Smith also highlighted strength in public safety and utilities for private networks and identified Southeast Asia, Latin America, and Eastern Europe as strong service provider regions. He added that faster conversion of private network projects and global MNO spending are key swing factors for guidance.

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CEO Pete Smith expressed confidence in a demand rebound, citing a book-to-bill ratio above 1.05 in recent quarters and sequentially building demand for Pasolink products. He stated that Pasolink was accretive in Q1 and that he is increasingly confident the business will exit fiscal 2025 at the originally anticipated $140 million annual run rate. Regarding India, he described it as a lumpy but growing market. For MDUs, he noted that while Aviat is not in the lead for a specific project, the overall trend drives favorable backhaul demand.

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CFO Michael Connaway attributed the material weakness to personnel turnover and control framework issues, which are being remediated. He provided Q1 revenue guidance of $93M-$99M, expecting it to be the lowest point of the year. CEO Pete Smith added that U.S. Tier 1 softness would be most pronounced in Q1 but noted that the Pasolink business is ramping up and performing well, offsetting some of the Tier 1 weakness.

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CEO Georges Karam confirmed the pipeline's growth, noting the design-in opportunity increased by approximately $40 million in 60 days. He explained that some new wins could generate revenue in under 12 months due to customers swapping existing modems. Karam expressed confidence in a second-half revenue acceleration, driven by metering projects moving to pilot phase and progress in the fleet and automotive segments, though the exact ramp magnitude has some uncertainty. He also detailed a new RF transceiver opportunity, targeting markets like defense and public safety, which could generate significant revenue starting in 12-18 months. On licensing, he noted a Chinese partner is expected to generate royalties in 2026 and that new RedCap/eRedCap deals are in advanced discussion. CFO Deborah Choate clarified the cash position, stating the company expects to receive $10 million from a Qualcomm escrow in September and $5.5 million in government grants in the second half of the year.

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CEO Georges Karam confirmed that the $250 million design win pipeline translates to an average of approximately $60 million in annual revenue over a four-plus-year period, with contributions ramping up towards 2026. He explained that the new $200 million pipeline is driven by renewed customer confidence post-Qualcomm deal and is focused on faster-to-revenue segments like telematics and security, with significant traction for their Cat 1bis product. Karam affirmed that restrictions on Chinese competitors and consolidation in the module market are creating favorable dynamics for Sequans. He also noted progress in developing new licensing and vertical market opportunities, leveraging their 5G IP for the RedCap roadmap. CFO Deborah Choate addressed the cash position, stating the company is structured to reach breakeven with its current cash, targeting net cash operating expenses below $10 million per quarter and anticipating government R&D financing and a $10 million escrow payment from Qualcomm.

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Georges Karam, an executive at Sequans, detailed that the product revenue recovery is driven by the intact $250 million design win pipeline. He anticipates sequential growth in 2025, with Cat 1bis (Calliope 2) revenue ramping significantly to complement the existing Monarch 2 (Cat M) business. Karam explained that 5G RedCap products are slated for 2025, followed by eRedCap, to meet customer demand for future-proof solutions as networks evolve. He also expressed confidence in securing new, high-margin licensing deals in 2025, continuing the company's historical success in this area.

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Executive Georges Karam addressed the questions by stating the Qualcomm deal is structured to increase market competition by strengthening Sequans, not limit it. He explained that while the design win pipeline faced challenges due to financial uncertainty, he expects customer decisions to accelerate now that the company's balance sheet is being resolved. Regarding 5G, Karam noted that the company is accelerating its RedCap and eRedCap development, which was previously delayed, and anticipates a mass market for these technologies in approximately 2-3 years as 5G stand-alone networks become more prevalent.

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