Tyler DiMatteo

Tyler DiMatteo inquired about the expected contribution from the VIDAA partnership in 2026 on an ex-TAC basis and how that revenue would flow through.

Answer

Ofer Druker, CEO of Nexxen International, stated it is too early to provide an exact number for VIDAA's net revenues in 2026 but confirmed it would be 'much more meaningful' than the current very small contribution, driven by ACR data licensing, exclusive third-party ad monetization, and the programmatic smart TV on-screen activation solution.

Tyler DiMatteo asked what specific product solutions and business actions are needed to return Nexxen to double-digit growth, identifying the 'needle mover.' He also inquired about the expected contribution from the VIDAA partnership in 2026 on an ex-TAC basis and how it will flow through.

Answer

CEO Ofer Druker identified CTV, driven by the VIDAA partnership and new programmatic TV ad solutions, as the main growth driver for next year. He also highlighted the continued growth of the self-service DSP, the promising results from new in-app mobile media partnerships, and the increasing market attention and monetization of Nexxen's unique ACR and TV data. He stated it's too early to give an exact ex-TAC number for VIDAA in 2026 but expects it to be much more meaningful than current contributions.

Tyler DiMatteo asked how Blue Bird balances its pricing strategy with its bid win rate, particularly given the option to substitute EVs with other alternative-powered buses, and inquired about the cost-sharing dynamics and conversations with the supplier base regarding tariffs.

Answer

CEO John Wyskiel and CFO Razvan Radulescu explained that it's too early to see a definitive shift from EV to propane but noted Blue Bird is well-positioned as the sole provider of propane buses. Radulescu added that since competitors are similarly affected by tariffs, there has been no material effect on the company's win rate. Regarding suppliers, he stated that conversations are ongoing and vary by partner, with a focus on mitigating impacts through sourcing alternatives or stair-stepping cost increases.

Tyler DiMatteo questioned the remaining opportunity for productivity improvements and how Blue Bird is managing its product portfolio mix, particularly given potential EV delivery delays due to infrastructure build-outs.

Answer

CEO Phil Horlock detailed ongoing productivity gains from lean manufacturing, improved material management, and a significant reduction in vehicle throughput time from over 40 days to 12-14 days. CFO Razvan Radulescu added that the company is managing its production schedule with its strong existing EV backlog and expects new EPA-funded orders to fill the second half of fiscal 2025, while continuing to actively promote its propane buses.

Asked for clarification on the Blue Arc order completion timeline, the future order pipeline for Blue Arc, and an update on the battery supply situation.

Answer

The current 150-unit Blue Arc order will be completed in Q2. The future pipeline includes potential orders and ongoing customer trials. The company is confident in its battery supply from ONE, citing good performance and communication.

Asked for more detail on the expected Q1 seasonality and how the company's strategy for its service and upfitting business has evolved.

Answer

Executives reiterated that Q1 seasonality will be similar to prior years, with weakness in walk-in vans and motorhomes being offset later in the year. The service body strategy focuses on achieving nationwide coverage, increasing vertical integration with partners, and leveraging the upcoming Aebi Schmidt merger for further growth and synergies.

Asked for clarification on the strategic rationale for the ITU acquisition, specifically regarding its complex product portfolio versus cross-selling opportunities, and how the deal enhances the company's national footprint.

Answer

The ITU acquisition is strategic on two fronts: it provides immediate cross-selling opportunities for existing Shyft brands and adds new expertise in more complex specialty vehicles like cranes. Geographically, it strengthens the company's presence in the Midwest, continuing its strategy to build a national footprint and better utilize its manufacturing facilities.

Tyler DiMatteo questioned if the execution of hashrate growth would differ as the company scales to 50 and 60 exahash, and also asked for commentary on current rig market dynamics.

Answer

Executive Zachary Bradford emphasized that growth is based on a 'repeatable' blueprint, which becomes more efficient with scale, highlighting the benefits of immersion cooling. He described the rig market as one where CleanSpark's scale and vendor relationships allow it to be selective and secure competitive pricing. Executive Gary Vecchiarelli reinforced this by pointing to the company's track record of growing from 10 to 40 exahash in the past year.

Tyler DiMatteo of BTIG sought details on the timeline and integration process for finding an ideal partner for Carolina Lithium and asked about opportunities for further operational improvements at the North American Lithium (NAL) project.

Answer

President and CEO Keith Phillips noted strong interest in Carolina Lithium but emphasized the need to protect shareholder value and not rush into a deal at the market trough. He stated that integrating a partner would be straightforward. Regarding NAL, he highlighted that while the mill is performing well, a significant opportunity exists to lower mining costs by 15-20% by 2026. The most exciting long-term opportunity is a potential brownfield expansion to double production, leveraging the project's expanded mineral resource.

Tyler DiMatteo of BTIG inquired about the strategic shift to consolidate the Tennessee project into North Carolina, asking if Tennessee is now shelved and what constitutes "appropriate market levels" for the Carolina project's timeline. He also asked about the offtake timeline for the Ewoyaa project in Ghana.

Answer

Keith Phillips, President and CEO, explained that consolidating into a larger Carolina project is more efficient and appealing to partners. He clarified that a Final Investment Decision (FID) for Carolina is unlikely in the next 24 months due to market conditions. Regarding Ghana, he stated the Ewoyaa project needs a stronger market and that funding will likely come from offtake partners on a non-dilutive basis.

Tyler DiMatteo inquired about how the customer sourcing process for HPC has changed since securing the full 500-megawatt CoreWeave contract. He also asked about the company's power strategy for new, custom-built HPC facilities.

Answer

CEO Adam Sullivan explained that completing the large CoreWeave contract has significantly boosted the company's credibility, positioning them as 'thought leaders' in HPC infrastructure design and operations. This, he said, puts them 'in the driver's seat' during negotiations with hyperscalers and other providers. He also highlighted that Core Scientific's in-house power team manages utility relationships and negotiations on behalf of clients, which is a key strategic advantage.

Tyler DiMatteo of BTIG asked how the customer sourcing process for HPC has changed since securing the full CoreWeave contract and inquired about the company's power strategy for new custom-built HPC facilities.

Answer

CEO Adam Sullivan explained that completing the 500 MW CoreWeave contract has significantly boosted Core Scientific's credibility, positioning it as a thought leader in HPC infrastructure design. For power strategy, he highlighted the company's in-house power team, which leverages strong utility relationships to manage procurement and pricing on behalf of clients, a key part of their value proposition.

Inquired about the operational flexibility and lead times for switching between BEV and FCEV production, and the factors influencing the full-year fuel cell wholesale delivery guidance range.

Answer

Executives explained a 3-6 month lead time is needed to restart the BEV production line due to long-lead items. They currently have about 230 BEVs (recalled and inventory) to provide optionality. This flexibility helps manage situations where truck demand gets ahead of fuel availability. The guidance range for FCEV wholesales is wide because it's hard to pinpoint timing with new technology and new national account customers, though the sales funnel is large.