Suji Desilva • Roth Capital Partners, LLC

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CEO Joshua Ballard clarified that the 'backbone' equipment is being commissioned now, with finishing equipment arriving in Q1 2026. CFO Rob Steele confirmed the projected $60 million+ in CapEx for the rest of 2025 covers the bulk of Phase One. Ballard then detailed the inorganic strategy, which focuses on scaling, securing supply, and controlling the value chain via acquisitions, JVs, or investments. He also explained that capabilities for customized magnets will be phased in, starting with common sizes and adding specialized equipment based on ROI to serve a broad range of customers.

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CEO Amir Panush declined to provide a 2026 forecast but expressed confidence in the continued success and ramp-up of their technology with the U.S. OEM customer. CFO Yaniv Arieli added that Q4 is historically the strongest quarter for smartphones, independent of this specific customer. Regarding AI, Panush highlighted the scalability of CEVA's hardware IP and its comprehensive software stack as key drivers. He explained that their low-power Edge NPU architecture is now finding applications in cloud inference, creating a new market opportunity.

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CFO Adam Spice explained that modeling the cost transition will be challenging due to the shift from R&D for the first flight to COGS for subsequent vehicles, with reusability adding further volatility; ultimately, launch cadence will be the key driver of margins. CEO Sir Peter Beck stated that the payload strategy is a mix of both organic and inorganic efforts. He noted that acquiring best-in-class technology like GEOST is often more efficient for national security payloads that require extensive heritage.

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CFO Adam Spice explained that gross margins are currently similar across both Launch and Space Systems, and noted the solar business is steadily improving as it works through an older, low-margin contract. Both CEO Peter Beck and CFO Adam Spice characterized launch bookings as inherently 'lumpy' but confirmed it was a strong quarter for Electron, supported by a rising average selling price (ASP) that now stands at $8.2 million in the total backlog.

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Co-Founder, CEO & Director Donald McClymont confirmed the eMotion3d acquisition represents Indy's first significant move into generating a meaningful software licensing revenue stream. He also noted that the Photonics unit is engaging with customers in both quantum communications and quantum compute, with some revenue already generated.

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CFO Jonathan Baliff stated that program reviews are a regular, ongoing process and the significant EAC charge was identified during a standard review in July. CEO Peter Cannito highlighted the Stalker UAS's primary competitive advantages as its best-in-class flight duration and range, which are enabled by proprietary battery technology, as well as its extensive, combat-proven operational history with the U.S. Marine Corps and Special Forces.

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CEO Alan Baratz did not announce specific future milestones but elaborated on the company's strategic direction. He mentioned that D-Wave is actively working to apply its quantum systems to other modern AI approaches, such as transformer and diffusion models, with the goal of creating a comprehensive platform that supports these advanced methods.

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CEO Rajesh Vashist explained that new products, such as the Elite and Cascade families, carry significantly higher ASPs and are driving growth, particularly in data centers, with 2026 expected to be a significant year for new product revenue. He attributed higher dollar content wins to SiTime's unique ability to provide a complete system solution of natively produced oscillators and clocks. This system-level approach solves complex architectural problems for customers, justifying the increased content value through customized and multiple clock chip additions.

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CEO Gideon Ben-Zvi stated that the wins are with prestigious European OEMs, which is generating positive industry attention and helping to attract other potential customers. He emphasized that while the company is actively leveraging this success, further details on milestones or new engagements can only be disclosed once they become formal.

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CEO David Wang detailed ongoing evaluations with key customers in the U.S. and Korea for cleaning and plating tools, and noted strong interest from Taiwan for panel-level packaging. He highlighted the new Oregon facility as a key enabler for global expansion. CFO Mark McKechnie added that more tools are scheduled for delivery to the U.S. in Q3.

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CEO Jitendra Mohan explained that retimer usage depends on signal reach, not just architecture, with scale-up having more links but using retimers selectively on longer connections. President & COO Sanjay Gajendra confirmed the 10+ engagements are with unique customers, and within each customer, Astera is tracking multiple programs at various stages of development and qualification.

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CFO Saurabh Sinha stated that a customer typically reaches scale approximately two to three years after its Start of Production (SOP). CEO Soroush Salehian added that Daimler Truck's SOP is next year, with a ramp in 2027, and a major passenger car program is expected to follow about a year later, enabling concurrent scaling. Salehian also highlighted that industrial automation programs are progressing faster and are expected to ramp to production earlier than the automotive timelines.

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CEO Kishore Seendripu confirmed they are actively supporting customers with AEC designs, where MaxLinear's low-power technology is a key advantage. He strongly affirmed Panther's value in AI, stating it addresses critical power and latency bottlenecks and is becoming an AI-centric product.

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CEO Bill Brennan stated that the competitive environment has not changed meaningfully and that Credo's advantage lies in its system-level ownership, which enables faster innovation and time-to-market. He explained that the demand for longer rack-to-rack AECs is driven by next-generation data center designs using liquid cooling, which allows for higher compute density and creates a need to replace optical links to improve reliability. He cited one public customer, xAI, and a second customer ramping this year.

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CEO Fermi Wang provided a framework, noting a large installed base of cameras could be upgraded via edge infrastructure boxes that integrate 16-32 cameras, with Ambarella's content per box being in the low three-digit dollar range. VP of Corporate Development Louis Gerhardy described the competitive landscape as new, stating Ambarella competes against general-purpose processors by offering a more efficient solution in terms of performance-per-watt.

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