Core Viewpoint - Allied Critical Metals Inc. has provided an update on its use of funds following a concurrent financing of approximately $4.6 million, emphasizing the prioritization of exploration at the Borralha Tungsten Project to achieve a preliminary economic assessment by summer 2025 [1][3][4]. Summary by Relevant Sections Use of Funds - The company plans to allocate the funds from the concurrent financing as follows: - Borralha Phase 1: $492,600 - Borralha Phase 2: $1,503,200 - Vila Verde Phase 1: $0 (not funded) - Vila Verde Phase 2: $0 (not funded) - Prepayment on 2027 Note: $100,000 - General and administrative costs: $180,000 - Investor relations services: $885,500 - Additional working capital: $231,866 - Total estimated use of funds is $3,574,811, which is $245,824 less than the maximum projected amount of $3,820,635 [2][5]. Exploration Focus - The company is prioritizing the Borralha project for exploration, which is expected to enable the completion of a preliminary economic assessment (PEA) or prefeasibility study (PFS) by the end of summer 2025. Drilling at Borralha is anticipated to commence on May 22, 2025 [3][4]. Investor Relations Strategy - A total of $885,500 has been allocated for investor relations services to enhance the company's profile and facilitate future capital raising efforts following the completion of the PEA/PFS [4][5]. Market Context - The tungsten market is currently valued at approximately $5 to $6 billion USD, with prices having risen by 25% from $320/MTU to $400/MTU over the past five months. This increase is attributed to a favorable macroeconomic environment for tungsten, which is considered a critical metal [4][12]. Management Changes - Sean Choi has been appointed as the new Chief Financial Officer, replacing Keith Margetson, who will continue as a consultant [8][9]. Stock Options and RSUs - The company has granted 3,500,000 stock options at an exercise price of $0.22 per share and 4,097,760 restricted share units (RSUs) to its directors, officers, employees, and consultants [10][11].

Company Overview - Allied Critical Metals Inc. is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha and Vila Verde tungsten projects in northern Portugal [3] - Tungsten has been designated a critical metal by the United States and other western countries, with China and Russia representing 90% of the total global supply and reserves [3] Market Context - The tungsten market is estimated to be valued at approximately $5 - $6 billion USD and is utilized in various industries such as defense, automotive, manufacturing, electronics, and energy [3] Recent Developments - Allied's common shares are now trading on the Frankfurt Stock Exchange under the symbol "0VJ0", which is expected to broaden the shareholder base in Europe and increase trading activity [1] - The listing coincides with Allied's presentation of its tungsten projects at the Deutsche Goldmesse investor conference in Frankfurt on May 16 & 17, 2025 [2]

Group 1 - Aecom Technology (ACM) has been outperforming its peers in the Construction sector, with a year-to-date return of approximately 0.2% compared to an average loss of 2.7% for the sector [4] - The Zacks Consensus Estimate for ACM's full-year earnings has increased by 1% over the past three months, indicating improved analyst sentiment and a stronger earnings outlook [4] - Aecom Technology is ranked 2 (Buy) in the Zacks Rank system, which highlights stocks with characteristics likely to outperform the market in the near term [3] Group 2 - Aecom Technology is part of the Engineering - R and D Services industry, which consists of 17 companies and currently holds a Zacks Industry Rank of 21, with an average loss of 1.2% this year [6] - In comparison, Primoris Services (PRIM), another outperforming stock in the Construction sector, has a year-to-date return of 0.6% and a consensus EPS estimate increase of 5.4% over the past three months [5] - The Building Products - Heavy Construction industry, which includes Primoris Services, is ranked 1 and has seen a year-to-date increase of 0.9% [7]

Group 1 - The core viewpoint is that ACM Research, Inc. (NASDAQ: ACMR) is seen as a promising investment due to its growth potential in the wafer cleaning segment, which is crucial for the semiconductor supply chain [1] - The company is emerging as a significant player in its industry, indicating a positive outlook for future performance [1] Group 2 - The analysis is based on thorough research and analysis of financial statements, market trends, and upcoming events that may impact the company or industry [1]

Core Viewpoint - Aecom Technology (ACM) is showing potential as a strong investment opportunity due to its recent technical indicators and positive earnings revisions [1][2][3] Technical Analysis - ACM has recently surpassed the 200-day moving average, indicating a long-term bullish trend [1] - The stock has appreciated by 12% over the past four weeks, suggesting upward momentum [2] Earnings Estimates - There have been two upward revisions in earnings estimates for the current fiscal year, with no downward revisions, indicating positive sentiment among analysts [3] - The consensus estimate for ACM has also increased, further supporting the bullish outlook [3] Investment Recommendation - Given the strong technical indicators and positive earnings revisions, ACM is recommended for investors to consider adding to their watchlist [3]

Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility [1] Group 1: Company Overview - Aecom Technology (ACM) is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 16.8%, with projected EPS growth of 13.9% this year, surpassing the industry average of 11.8% [5] Group 2: Key Metrics - Aecom's asset utilization ratio (sales-to-total-assets ratio) is 1.35, indicating the company generates $1.35 in sales for every dollar in assets, compared to the industry average of 1.21 [6] - The company's sales are expected to grow by 5.6% this year, while the industry average is projected at 0% [7] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for Aecom, with the Zacks Consensus Estimate for the current year increasing by 1% over the past month [8] - Aecom has earned a Growth Score of B and carries a Zacks Rank 2 due to positive earnings estimate revisions, indicating potential for outperformance [10]

Revenue Performance - Revenue for the three months ended March 31, 2025, was $3,771.6 million, a decrease of $172.3 million or 4.4% compared to $3,943.9 million for the same period in 2024[142] - Revenue for the three months ended March 31, 2025 decreased by $172.3 million, or 4.4%, to $3,771.6 million compared to $3,943.9 million for the same period last year[144] - Pass-through revenues for the three months ended March 31, 2025 were $1.9 billion, representing 50% of total revenue, down from $2.1 billion and 54% in the same period last year[146] - Revenue for the Americas segment decreased by $141.9 million, or 4.7%, to $2,896.7 million for the three months ended March 31, 2025, compared to $3,038.6 million for the same period last year[168] - Revenue for the International segment decreased by $30.0 million, or 3.3%, to $874.8 million for the three months ended March 31, 2025, compared to $904.8 million for the same period last year[176] - Revenue for the Americas segment for the six months ended March 31, 2025 decreased by $68.6 million, or 1.1%, to $6,008.7 million compared to $6,077.3 million for the same period last year[169] Profitability - Gross profit increased by $29.7 million or 11.4% to $290.8 million for the three months ended March 31, 2025, compared to $261.1 million for the same period in 2024[142] - Gross profit for the three months ended March 31, 2025 increased by $29.7 million, or 11.4%, to $290.8 million, with gross profit as a percentage of revenue rising to 7.7% from 6.6%[149] - Income from operations for the three months ended March 31, 2025, was $257.6 million, an increase of $57.1 million or 28.5% compared to $200.5 million for the same period in 2024[142] - Net income attributable to AECOM from continuing operations for the three months ended March 31, 2025, was $154.0 million, an increase of $42.7 million or 38.4% compared to $111.3 million for the same period in 2024[142] - Net income attributable to AECOM for the six months ended March 31, 2025, was $129.9 million[223] Expenses and Costs - Cost of revenue for the three months ended March 31, 2025 decreased by $202.0 million, or 5.5%, to $3,480.8 million compared to $3,682.8 million for the same period last year[147] - General and administrative expenses decreased by $4.7 million or 10.5% to $40.0 million for the three months ended March 31, 2025, compared to $44.7 million for the same period in 2024[142] - Interest expense decreased by $5.4 million or 11.3% to $42.3 million for the three months ended March 31, 2025, compared to $47.7 million for the same period in 2024[142] - Income tax expense for the three months ended March 31, 2025 was $51.2 million, an increase from $45.4 million in the corresponding period last year, primarily due to an increase in pre-tax income[161] Discontinued Operations - The company reported a net loss from discontinued operations of $10.3 million for the three months ended March 31, 2025, a decrease of $99.1 million or 90.6% compared to a net loss of $109.4 million for the same period in 2024[142] - Net loss from discontinued operations for the three months ended March 31, 2025 was $10.3 million, a decrease of $99.1 million from $109.4 million for the same period last year[164] Joint Ventures - The company’s equity in earnings of joint ventures decreased by $12.7 million or 65.1% to $6.8 million for the three months ended March 31, 2025, compared to $19.5 million for the same period in 2024[142] - The company reported a loss of $2.1 million in equity earnings from joint ventures for the three months ended March 31, 2025, a decrease of $11.8 million compared to the previous year[183] Cash Flow and Working Capital - Net cash provided by operating activities increased to $341.7 million for the six months ended March 31, 2025, compared to $237.4 million for the same period in 2024, driven by a net income increase of approximately $214.1 million[188] - Net cash used in investing activities decreased to $86.0 million for the six months ended March 31, 2025, from $121.9 million in the same period of 2024[189] - Net cash used in financing activities increased to $236.4 million for the six months ended March 31, 2025, compared to $188.4 million for the same period in 2024, primarily due to a $24.4 million increase in stock repurchases[190] - Working capital increased by $113.6 million, or 14.2%, to $915.6 million at March 31, 2025, from $802.0 million at September 30, 2024[191] Debt and Interest Rates - Total debt as of March 31, 2025, was $2,546.9 million, slightly up from $2,539.8 million at September 30, 2024[195] - The average effective interest rate on total debt decreased to 5.1% for the six months ended March 31, 2025, from 5.5% for the same period in 2024[210] - If short-term floating interest rates had increased by 1.00%, interest expense for the six months ended March 31, 2025, would have increased by $4.8 million[229] Stock Repurchase and Authorizations - The company had approximately $899.2 million remaining of the Board's stock repurchase authorization as of March 31, 2025, following an increase in the authorization to $1.0 billion on November 14, 2024[138] Restructuring and Future Outlook - The company expects to spend approximately $45 million for restructuring costs in fiscal 2025, aimed at delivering continued margin improvement and efficiencies[185] - The company anticipates seasonal trends, with typically higher revenue in the last half of the fiscal year, particularly in the fourth quarter[184] Pension Plans - As of March 31, 2025, the defined benefit pension plans had an aggregate deficit of approximately $112.1 million[215] - For the year ended September 30, 2024, contributions to multiemployer pension plans amounted to $2.5 million[215] Assets and Equity - Current assets increased to $3,491.6 million as of March 31, 2025, compared to $3,405.2 million as of September 30, 2024[221] - Total liabilities decreased to $5,750.1 million as of March 31, 2025, from $5,831.1 million as of September 30, 2024[221] - Total stockholders' equity increased to $699.8 million as of March 31, 2025, compared to $607.7 million as of September 30, 2024[221]

Core Viewpoint - ACM Research (ACMR) is expected to report first-quarter 2025 results with projected revenues between $165 million and $170 million, reflecting year-over-year growth of 8.4%-11.7% despite a decline in earnings per share by 28.85% compared to the previous year [1][2]. Financial Performance - The Zacks Consensus Estimate for earnings is 37 cents per share, unchanged over the past 30 days [1]. - ACMR has consistently beaten earnings estimates in the past four quarters, with an average surprise of 97.86% [2]. Market Demand and Product Expansion - The first-quarter performance is anticipated to benefit from strong demand for single-wafer cleaning, electroplating, furnace tools, and advanced packaging, particularly in Mainland China [3]. - New products, including the high-temperature Sulfuric Peroxide Mixture (SPM) and Tahoe, are expected to drive revenue growth [3][5]. - ACMR is expanding its market presence outside Mainland China, engaging with global customers in the U.S., Europe, Korea, Taiwan, and Singapore [4]. Customer Base and Revenue Growth - The diverse customer base includes major players like Huahong Group, SMIC, and YMTC, contributing to solid demand and revenue growth [5]. - The furnace product line is gaining traction, particularly among memory and logic customers, leading to increased revenues from this segment [5]. Challenges - ACMR faces challenges from macroeconomic uncertainties, increasing competition in the semiconductor industry, and U.S. export restrictions [6][16]. Stock Valuation - ACMR shares are considered undervalued, with a forward 12-month Price/Sales ratio of 1.18X compared to the sector's 5.82X and peers like Applied Materials and Lam Research [7]. - The company's shares have increased by 28.3% year-to-date, outperforming the Zacks Computer & Technology sector, which has declined by 8% [10]. Competitive Landscape - ACMR has outperformed key competitors such as Applied Materials, Lam Research, and Tokyo Electron in the year-to-date period [13]. - The company has diversified its product offerings across cleaning, plating, and advanced packaging, targeting a global semiconductor market estimated at approximately $18 billion [14]. Technological Advancements - A major logic device manufacturer in Mainland China has qualified ACMR's Single-Wafer High-Temperature SPM tool, designed for advanced semiconductor applications [15].

Core Viewpoint - AECOM reported mixed results for Q2 fiscal 2025, with earnings exceeding estimates while revenues fell short of expectations and declined year-over-year, although net service revenues (NSR) increased [1][3]. Financial Performance - Adjusted earnings per share (EPS) reached $1.25, surpassing the consensus estimate of $1.15 by 8.7% and marking a 20% increase from the previous year [3]. - Total revenues amounted to $3.77 billion, a 4% decline year-over-year, while adjusted NSR grew by 4% to $1.87 billion [3]. - Adjusted operating income rose to $218 million, reflecting a 13% year-over-year increase, with an adjusted operating margin of 19.4%, up 130 basis points [6]. Backlog and Pipeline - Total backlog at the end of Q2 was $24.27 billion, an increase from $23.74 billion a year ago, with design backlog reaching a record high [4]. - The book-to-burn ratio in the U.S. design business was 1.2x, marking the 18th consecutive quarter above 1.0, indicating sustained demand [4]. Segment Performance - Revenues in the Americas segment were $2.9 billion, down 5% year-over-year, but NSR increased by 6% to $1.1 billion, driven by strong performance in the design business [5]. - International revenues decreased by 3% to $875 million, while NSR grew by 1% to $742 million, supported by growth in the U.K. and Hong Kong [7]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1.6 billion, slightly up from $1.58 billion at the end of fiscal 2024, with total debt at $2.55 billion [11]. - Operating cash flow increased by 102% year-over-year to $191 million, and adjusted free cash flow rose by 141% to $178 million [11]. Guidance and Outlook - AECOM raised its fiscal 2025 guidance for adjusted EBITDA and EPS, expecting adjusted EPS in the range of $5.10-$5.20, indicating a 14% improvement from fiscal 2024 levels [12][13]. - The company anticipates 5-8% organic NSR growth for fiscal 2025 and expects adjusted EBITDA between $1.180-$1.210 billion, reflecting 9% year-over-year growth at the midpoint [13][14].

Financial Data and Key Metrics Changes - The second quarter saw record net service revenue (NSR), margins, and earnings per share (EPS) [11][29] - Adjusted EBITDA increased by 8% to $290 million, and adjusted EPS rose by 20% to $1.25, both setting new second-quarter highs [13][29] - Free cash flow increased by 141% to $178 million, with $110 million returned to shareholders through share repurchases and dividends during the quarter [13][29] Business Line Data and Key Metrics Changes - NSR in The Americas increased by 6%, with adjusted operating margin rising by 130 basis points to 19.4%, a new second-quarter high [31][32] - In the international segment, NSR increased by 1%, with adjusted operating margin increasing by 10 basis points to 11.1% [33] - Contracted backlog in the design business increased by 5%, supporting confidence in future growth [30] Market Data and Key Metrics Changes - The US market remains robust, accounting for over 50% of NSR, with a record backlog driven by a 1.2 book to burn ratio [20][21] - Canada experienced double-digit growth in revenue and backlog, supported by a $150 billion investment plan [23] - The UK saw increases in NSR and backlog, although larger transportation projects faced delays due to budgetary challenges [24] Company Strategy and Development Direction - The company aims to deliver 50% of revenue from advisory and program management over time, with ongoing investments to accelerate organic growth [16][20] - The competitive edge platform is delivering record high win rates, with an 80% success rate on large enterprise critical pursuits year to date [14] - Investments in innovation, technical excellence, and business development are expected to accelerate in the second half of the year [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, supported by a record backlog and a growing pipeline of opportunities [14][19] - The company noted that delays in project decisions are common during changes in administration, but the impact on backlog was minimal [12][48] - Management highlighted that the work is highly technical and critical, with a versatile workforce that can adapt to growth opportunities [18] Other Important Information - The company is maintaining its capital allocation strategy, focusing on share repurchases consistent with free cash flow generation [61] - The backlog remains near all-time highs, with a strong pipeline of opportunities across various markets [19][30] Q&A Session Summary Question: Guidance for second half EBITDA growth - Management indicated balanced growth expectations, with both top-line growth and margin improvement anticipated [38][39][44] Question: Is the company through the worst of the isolated delays? - Management expressed confidence in managing delays, noting that disruptions are typical during transitions in administration [45][48] Question: Free cash flow expectations for 2025 - Management aims to maintain a 10% free cash flow conversion rate, with expectations for continued strong performance [50][52] Question: Private sector exposure and customer confidence - Private sector accounts for approximately 30% of business, with growth expected to continue, particularly in water and environment sectors [56][57] Question: Capital allocation and share buybacks - No changes to capital allocation strategy, with share repurchases aligned with free cash flow generation [60][61] Question: Margin performance in The Americas - Management highlighted significant organic investments and improvements in pricing and efficiency as key drivers of margin expansion [78][80] Question: Expectations for international margins - Management expects international margins to continue improving, although not at the same rate as The Americas [101][103] Question: Update on AECOM Capital wind down - Management confirmed that AECOM Capital should not be modeled for 2026 [111][112]