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The CEO confirmed the energy storage business is currently majority U.S.-based but will be expanded internationally. He noted that while other products like desalination and bike charging are a small portion of revenue, the bike charging product in particular is generating significant interest.

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Desmond Wheatley, President, CEO, and Chairman, stated that Europe is expected to see tremendous spending on electrification, driven by grid capacity issues and aggressive timelines, making it a larger market than the U.S. He explained that certification is an evolving process globally, and the work being done for U.S. UL certification will directly benefit the parallel CE certification process in Europe. While the UL process has caused some order delays, it is also forcing product improvements that will lower costs and is expected to be completed by the end of Q1.

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President, CEO and Chairman Desmond Wheatley confirmed the plan is to introduce the Beam Spot product in 2024 and begin generating revenue from both U.S. and European markets in 2025. He also affirmed that the company is 'definitely aggressively selling' both legacy and new products to the existing European customer base, noting that the legacy business itself is seeing growth.

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Senior Business Consultant Faran Ali provided production figures, stating Worksport produced roughly 4,700 units in Q2 and 2,500 units in July alone. He detailed the Reg A offering as a preferred share with an 8% dividend and a $4.50 warrant, noting that the increase in shares outstanding is from a mix of conversions and new investors. Founder & CEO Steven Rossi added that the AetherLux commercialization is expected to be faster than previous products due to lessons learned in efficiency, supply chain management, and testing from the development of the CORE power station.

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The company produced approximately 4,700 units in Q2 and 2,500 in July alone, showing a significant ramp-up. The Reg A offering is a preferred share with an 8% dividend and a $4.50 warrant, convertible to common stock, which has led to some increase in shares outstanding. The Aetherlux heat pump is expected to have a faster path to market because the company is applying lessons learned from the development of the Core and Solis products, making the process more efficient.

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CEO Steven Rossi stated the goal is a 50/50 split between direct online sales and B2B channels, with a strategic focus on driving traffic to Worksport's own website over marketplaces like Amazon. He described customers as primarily individual DIY consumers and small businesses, with concentrations in Texas, Florida, and California. Rossi detailed a three-pronged launch strategy for the new energy products: the SOLIS cover sold alone, the COR power system sold alone, and a bundled 'Go kit' combining both, which is expected to be the most popular offering.

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CEO Richard Coleman explained that the Building Solutions division has opportunities to manage pricing during lumber market volatility, while the Energy Services division has been able to implement gentle price increases for in-demand tools. Executive Chairman Jeffrey Eberwein added that the company plans to close the merger as quickly as possible after the shareholder votes on August 21st.

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CFO David Noble attributed the Q1 margin variance to the timing and ramp-up of integrating ADT's results post-acquisition. Executive Chairman Jeff Eberwein added that ADT's consistently high margins and low maintenance CapEx were key attractions. Eberwein described the rental model as project-based with high equipment turnover, like a 'razor blade' business. Noble confirmed the ADT credit facility is a revolver similar to EdgeBuilder's, with a $3 million limit based on a borrowing base.

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EVP Richard Coleman highlighted Alliance Drilling's experienced management and growth potential. Executive Chairman Jeffrey Eberwein added that Alliance serves major energy companies, minimizing credit risk, and is diversified into geothermal and water wells. Regarding tariffs, Coleman stated that KBS primarily uses domestic lumber, while other businesses like EdgeBuilder have more exposure but employ hedging strategies to mitigate risk.

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CFO David Noble explained that Q3 revenue included contributions from all businesses, with Timber Technologies being particularly steady. Executive Chairman Jeffrey Eberwein added that an anticipated increase in large KBS projects should boost future revenue. Executive Richard Coleman confirmed that receiving non-refundable 10% deposits on large projects is standard procedure. Eberwein attributed the sequential margin improvement primarily to the full-quarter contribution from the high-margin Timber Technologies business, which was acquired during Q2.

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Executive Chairman and Interim CEO Casey Crenshaw clarified that the process is reversed: securing long-term contracts is the necessary step to underpin the project financing and Final Investment Decision (FID) for the new Gulf Coast facility. He explained that Stabilis is already conducting marine bunkering via a truck-to-ship process. Regarding customer types, Crenshaw confirmed discussions with multiple end markets within the marine space but preferred not to disclose specific customer details beyond their current work in the cruise sector.

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Executive Chairman and Interim CEO J. Crenshaw clarified the downtime was a single planned, non-sailing maintenance week for a cruise customer. He noted that demand indicators are sector-specific, with increased bidding and customer inquiries in their core markets. For aerospace, Crenshaw and CFO Andrew Puhala confirmed that rising commercial launch and testing schedules, along with LNG's use as a propellant, are key growth drivers.

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CFO Andrew Puhala clarified that full-year gallon volume growth was driven by the marine bunkering contract. Executive Chairman and Interim CEO J. Crenshaw added that Q4 volume dynamics were a mix of shifting end-market demand. Puhala confirmed that recent growth CapEx was primarily for relocating a liquefaction train and expanding storage capacity at the George West facility.

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CFO Stavros Gyftakis confirmed the total equity investment is now approximately $10.5 million, with a final $2 million payment due in November 2025. He added that subsequent costs will be debt-financed, with expected terms similar to existing facilities, targeting a 65-75% advance on the contract price depending on employment developments.

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The CFO confirmed the total equity commitment increased to approximately $10.5 million, with a final $2 million payment due in November. The remaining construction costs will be financed with debt. The lending terms are expected to be similar to previous financings, with an advance of 65-75% of the contract price, depending on employment developments.

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Stavros Gyftakis (executive) clarified that the offshore vessel is scheduled for a Q1 2027 delivery, with $4.5 million in equity commitments remaining for 2025. Stamatios Tsantanis (executive) noted that while the Red Sea disruption persists, a potential ceasefire in Ukraine could positively impact the Panamax segment in the second half of 2025. Mr. Gyftakis also confirmed the sale of the Gloriuship will enhance cash by approximately $7 million after debt repayment and fees.

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CEO Matthew Malone explained that the large Virginia-class submarine order extends to the mid-2030s, while the recently announced Mark 48 torpedo order is for a single option year with three additional option years possible. CFO Chris Thome confirmed that submarine and torpedo programs represent the bulk of the defense backlog.

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President & CEO Matthew Malone clarified that the $136.5 million Virginia-class order extends to the mid-2030s, while the recent Mark 48 torpedo order is for a single option year with three more potential option years. CFO Chris Thome confirmed that torpedo and submarine programs make up the bulk of the defense backlog, with a small amount remaining for the CVN-81 aircraft carrier.

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President & CEO Matthew Malone clarified that the $136.5M Virginia Class order extends to the mid-2030s, while the recent Mark 48 torpedo order is for a single option year with three additional options available. CFO Christopher Thome confirmed that submarine and torpedo programs comprise the bulk of the defense backlog.

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Chairman & CEO Aristides Pittas explained there are no immediate scrap candidates as the older vessels have passed their special surveys. He noted that while overall market scrapping has seen a slight pickup, EuroDry has not yet experienced port delays from tariffs. The primary change in trade patterns has been avoiding the Suez Canal. Pittas specified that the high stockpiles in China primarily consist of coal and iron ore.

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The company stated that the relationship with NRP is progressing well and they are open to future projects together; the JV's financials are consolidated with NRP's portion reported as minority interest. Regarding the market, the weakness is described as uniformly poor across all trade routes, largely driven by China's economic slowdown, with no particular region showing significantly more strength than others.

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Ben Heraud (Executive) confirmed that while NV5 already has clients in the industrial sector, the opportunity to leverage Acuren's large client base is immediate, especially since Acuren currently subcontracts some of this work out. Heraud clarified that NV5 has strong, in-house capabilities, including its own sensor technology for data capture and advanced proprietary analytics, and does not need to outsource these core functions.

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CEO Justin Jacobs confirmed the total monetization opportunity from the tax receivable, real estate, and inventory is at least as large as the $25 million gained from accounts receivable in 2024. He stated the month-to-month rental percentage should continue to decline with new long-term contracts. Jacobs also clarified that LNG export growth primarily boosts demand for small horsepower units and keeps the large horsepower market tight.

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CEO Justin Jacobs explained that the drop in the number of units is due to smaller, unutilized compressors coming offline. The company is currently reviewing these assets to determine the best economic path, which could include selling or scrapping them. Regarding deployment, Jacobs detailed a significant lag time of approximately 9 to 12 months from ordering a new unit to its fabrication and readiness for field deployment, with capital spent via progress payments over that period.

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President and CEO Jeffrey Householder noted ongoing discussions with state, NASA, and launch company stakeholders for the space industry but no substantive updates. He confirmed that the Marlin business is being capitalized appropriately to meet growth opportunities, particularly in Ohio, but there are no major expansion programs to announce, describing it as 'business as usual'.

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Beth Cooper, EVP & CFO, stated that hurricane impact was minimal and existing storm protection plans are sufficient, as the system proved resilient. Jeffrey Householder, Chair, President & CEO, confirmed that Florida City Gas's residential customer growth of 3.9% is very similar to their legacy Florida operations, with Port St. Lucie being a key growth driver, while commercial and industrial opportunities are significant in the Miami area.

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Executive Mark Learmonth stated that future retirement expenses will not be of the same magnitude as in 2024. Both Learmonth and COO James Mufara explained that severe electricity supply issues early in Q4 necessitated significant overtime and bonuses in December to meet production targets. Learmonth identified unpredictable electricity supply as the biggest cost risk for 2025, as interruptions force the use of expensive diesel generators.

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President and CEO Scott Salmirs confirmed the contracts were separate. He stated the NYC building is new construction that will be fully occupied by early next year, with ABM's work already underway. He clarified that backup power for new builds is typically handled by the general contractor, making ABM's opportunity in that area focused on existing facilities.

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President and CEO Scott Salmirs responded that the growth is a strong mix of both new and existing clients, with significant future opportunity to cross-sell into ABM's large customer base. He confirmed that this work complements their existing electrical services division and that recent acquisitions like Quality Uptime Services are helping ABM become a turnkey data center and mission-critical service provider.

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Executive Stamatios Tsantanis expressed strong optimism for the coal trade, citing rising global energy needs and over 100 gigawatts of new coal-fired power plant capacity being built globally. He confirmed that newbuild activity for Capesize vessels remains very limited, with shipyard slots largely unavailable until late 2028, posing no immediate threat to the supply-demand balance.

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Executive Stamatios Tsantanis expressed strong optimism for the coal trade, citing rising global energy needs for data centers and the construction of new coal-fired power plants, suggesting demand will continue to rise. He also confirmed that newbuild activity is extremely limited, with zero new orders year-to-date, due to uncertainty and shipyard slots being full until late 2028, which limits near-term supply threats.

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Executive Stavros Gyftakis explained the dividend increase was based on a strong market outlook, a solid cash position, and favorable Q4 coverage, leading the Board to distribute 50% of operating cash flow without extra reserves. He also clarified that cash outflow for recent acquisitions was minimal due to favorable financing. Executive Stamatios Tsantanis added that the 2025 market outlook is favorable due to a limited order book, heavy dry-docking schedules, and strong commodity demand.

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Stamatios Tsantanis, an executive, confirmed that the FFA market is quite liquid, providing Seanergy the flexibility to hedge more of its fleet if favorable rates appear. He also stated that the company generally tends to extend contracts with its current charterers, highlighting the long-term partnerships it has established and noting a recent acquisition was fixed for a period covering 2025.

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Executive Stamatios Tsantanis explained that Seanergy employs a dynamic hedging strategy, capitalizing on spikes in the FFA market, and has already fixed about one-third of its H2 2024 ownership days at approximately $30,000/day. He emphasized that the Capesize order book is at a 20-year low with no newbuild slots available before 2027, which supports a strong market outlook. Tsantanis also noted that even vessels over 20 years old are earning strong rates (around $23,000-$25,000/day) due to the tight supply.

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Brendan Riley explained their conservative deployment strategy, with about 10 buses delivered from the West Virginia facility and more being delivered weekly, noting solid performance and follow-on orders in California. Michael Sieffert clarified that the truck body division, which faced overcapacity, is being consolidated, but the primary driver for gross profit improvement will be higher manufacturing throughput, especially from West Virginia, rather than just consolidation efficiencies.

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President Brendan Riley explained that the company has taken a conservative deployment approach, delivering buses where they have the highest chance of success, and noted that performance has been solid, leading to follow-on orders. CFO Michael Sieffert clarified that the truck body division faced market overcapacity and lower-than-expected throughput. He stated that consolidating this division into a new single facility and increasing overall production throughput are the primary drivers for future gross profit margin improvement.

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The company detailed various West Virginia subsidies, including for employee training, tax benefits, and a rent-to-own building deal, confirming they've received direct payments. They also noted that East Coast orders include deliveries to New York and confirmed approximately $2 million in availability on their $5 million credit facility at quarter-end.

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President Brendan Riley and CFO Michael Sieffert detailed multiple forms of state support in West Virginia, including employee training programs, a rent-to-own building lease, and support for pilot projects, with CEO Fraser Atkinson confirming the company has received actual checks. Fraser Atkinson also clarified that the East Coast orders include deliveries to New York. Michael Sieffert confirmed there was approximately $2 million in available liquidity on the $5 million EDC facility at quarter-end.

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CEO Dan Batrack confirmed a minor amount of EPA research work was also paused but characterized it as small. He did not provide a specific backlog figure for USAID but noted it generally represents more than a year's worth of work. CFO Steven Burdick explained the Hunters Point settlement was a strategic decision to eliminate significant future litigation costs and uncertainty after a prolonged period.

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CEO Dan Batrack clarified that while U.K. water is growing rapidly, it's part of a large international revenue base, so its weighted contribution results in the 5-10% overall growth range. He also explained the current guidance is consistent with historical organic rates, as prior-year guidance was elevated by the RPS acquisition. He confirmed the 2030 targets are intact, noting that the plan is on track and does not even include the expected contribution from future acquisitions.

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CEO Paul Weibel confirmed the first sale of 22 super sacks occurred in the current quarter, with the revenue being credited against the small-scale facility's production costs to optimize cash flow. He clarified that the facility is currently producing gypsum but has produced calcium chloride in the lab, and the shift to calcium chloride in the commercial design is expected to reduce CapEx. Weibel also stated the 7-8 month FEED engineering timeline is consistent with plans. VP of Commercial Products Mark Zamek explained that covering 80% of global demand refers to having commercial leaders focused on the high-margin U.S. and APAC markets, which constitute 20% and 60% of global demand, respectively.

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CEO Paul Weibel and CSO Jason Starzecki explained that the 1 ton per day production rate is sufficient for customer qualification, which prioritizes specific purity and particle size over sheer volume. Weibel noted fixed costs are the main driver of opex and that the 10-K filing is expected early the following week. Starzecki added that inclusion on the USGS Critical Minerals list would unlock significant additional federal funding opportunities, particularly from the Department of Energy.

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The $5 million is for finalizing piping, electrical work, and leased equipment. The company declined to comment on the Matrix dispute due to active litigation. A non-significant portion of initial production will be used for customer qualification, with the rest available for sale once cleared.

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The incremental $5 million CapEx is for finalizing piping, electrical work, and leased equipment. The company declined to comment on the active litigation with Matrix. A non-significant portion of initial production will be used for customer qualification, with the remaining volume available for sale once cleared.

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The larger newbuilds were ordered due to the aging global fleet and low order book in that segment. The chosen shipyard, New Yangzi, is a top-tier private yard in China with which the company has prior experience. The early January 2025 delivery dates were confirmed and were intentionally delayed from late 2024 to secure a 2025 vessel notation.

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Executive Aristides Pittas explained the newbuild strategy targets the intermediate vessel segment due to its favorable supply dynamics: a very low order book (4-5%) and a large portion of the existing fleet being over 15 years old (50-60%). He clarified that the shipyard is a top-tier, established private yard in China. He confirmed the early January 2025 delivery dates, noting the company intentionally delayed them from late 2024 to secure a 2025 build notation.

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The remaining equity commitment for newbuilds is about $20 million, with an additional $100 million in debt to be added. The next newbuild is expected to be chartered at a rate similar to the M/V Monica's $16,000/day for about a year. Financing is secured upon delivery, with the next two vessels already financed. The gain on the M/V Astoria sale is the sale price minus its book value and commission expenses.

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CFO Anastasios Aslidis estimated the remaining equity commitment for newbuilds is approximately $20 million and clarified that the company arranges delivery financing in advance, with the next two vessels already financed. Executive Aristides Pittas stated they expect to fix the next newbuild at a rate similar to the M/V Monica's $16,000/day for about a year. Regarding the vessel sale, Mr. Aslidis confirmed the gain would be the sale price less the carrying value and commissions.

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The company declined to comment on PVC pricing specifics due to ongoing litigation. They confirmed BTD is the larger part of the Manufacturing segment and clarified that the $45-50M forecast for the Plastics segment refers to its future annual net income.

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President and CEO Chuck MacFarlane declined to comment on PVC pricing dynamics or its underlying drivers, citing ongoing industry litigation. CFO Todd Wahlund confirmed that BTD is the significantly larger entity by revenue within the Manufacturing segment. Mr. MacFarlane also clarified that the $45-$50 million figure represents the company's forecast for the Plastics segment's annual net income in 2026 and beyond.

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President and CEO Chuck MacFarlane declined to comment on specific PVC pricing inputs or distributor behavior, citing ongoing class-action litigation. CFO Todd Wahlund confirmed that BTD is the significantly larger entity within the Manufacturing segment. MacFarlane clarified that the $45-$50 million figure represents the company's forecast for the Plastics segment's annual net income in 2026 and beyond.

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CEO Rex Geveden confirmed that BWXT was the sole awardee of the study contract, making it possible they could become the sole supplier for both centrifuges and the enrichment capability, depending on the government's long-term decision. He stated the next step is to deliver a report in late summer of next year on the concept for the manufacturing site, with the hope of then proceeding to Phase 1 of the project.

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Chairman, President and CEO Kenneth Bockhorst stated that the company has been growing globally, leveraging the international footprints of recent acquisitions like s::can and ATi. He noted that while this growth is sometimes muted by outstanding North American performance, the company is excited about expanded global relationships. He provided a specific example of engaging with U.K. utilities on their AMP8 cycle needs, offering a range of solutions from smart metering to leak detection.

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The primary development partner is currently CBRE, though they have worked with Blackstone in the past. Community solar growth involves both the existing portfolio (290 MW already serve community solar) and a large pipeline of new opportunities, particularly on sites without on-site demand.

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