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    Thomas Sellers Meric • Janney Montgomery Scott

    Thomas Sellers Meric's questions to BWX Technologies Inc (BWXT) leadership

    Thomas Sellers Meric's questions to BWX Technologies Inc (BWXT) leadership • Q1 2025

    Question

    Thomas Meric of Janney Montgomery Scott asked for a walkthrough of the next phases of the domestic uranium enrichment pilot program and BWXT's view on the associated LEU market. He also inquired about the expected free cash flow seasonality for the year.

    Answer

    CEO Rex Geveden detailed the enrichment program's next phase is a sole-source award for a pilot plant, with the long-term strategy dependent on how LEU and HALEU supply emerges. EVP and CFO Robb LeMasters confirmed that free cash flow seasonality is expected to follow a typical pattern, with a stronger second half and Q4 being the most significant contributor.

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    Thomas Sellers Meric's questions to BWX Technologies Inc (BWXT) leadership • Q4 2024

    Question

    Thomas Sellers Meric of Janney Montgomery Scott asked about BWXT's potential expansion into hexafluoride conversion and how the pending Kinectrics acquisition might enhance commercial win rates and project scope.

    Answer

    President & CEO Rex Geveden explained that any move into hexafluoride conversion would be an organic expansion of internal capabilities, not an acquisition. He clarified that the Kinectrics deal provides a vertically integrated service offering, enabling BWXT to pursue larger and more complex projects rather than simply increasing win rates on existing bids.

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    Thomas Sellers Meric's questions to Lanzatech Global Inc (LNZA) leadership

    Thomas Sellers Meric's questions to Lanzatech Global Inc (LNZA) leadership • Q2 2024

    Question

    Thomas Sellers Meric from Janney Montgomery Scott asked about the significance of the second-generation bioreactor for the Jakson Green project, the nature of potential project delays impacting back-half guidance, and for an update on the Brookfield Renewable Partners partnership.

    Answer

    CEO Jennifer Holmgren stated that the second-generation bioreactor enhances project efficiency and profitability but was not a prerequisite for the project's viability. CFO Geoffrey Trukenbrod clarified that the Q4-weighted guidance reflects the timing of several large projects reaching key milestones like FID, rather than fundamental project risk. Holmgren added that the company is working closely with Brookfield on a single initial project to perfect the transfer process before scaling up with the broader pipeline.

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