Core Viewpoint - Cavalry Capital Corp. has received conditional acceptance from the TSX Venture Exchange to proceed with its business combination with Advanced Energy Fuels, Inc., which will be classified as Cavalry's "Qualifying Transaction" [1][3]. Group 1: Transaction Details - The business combination is expected to close on or before December 31, 2025 [2]. - A filing statement dated December 12, 2025, has been submitted, which includes a technical report on the South Woodie Woodie Manganese Project in Western Australia [3]. - The summary financial information for Advanced Energy includes: - Interest income of $4,366 for the nine-month period ended September 30, 2025, compared to $1,559 for the year ended December 31, 2024 - Operating expenses of $350,266 for the nine-month period, up from $168,175 for the previous year - Net loss after tax of $345,900 for the nine-month period, compared to $155,966 for the year ended December 31, 2024 - Total assets of $1,256,932 as of September 30, 2025, compared to $540,394 at the end of 2024 - Shareholders' equity of $1,106,714 as of September 30, 2025, up from $423,409 at the end of 2024 [4]. Group 2: Corporate Changes - Following the completion of the Transaction, Cavalry will be renamed "AE Fuels Corporation" and will undergo a share capital consolidation at a ratio of 1.66 pre-Consolidation shares for each post-Consolidation share [4]. - The board of directors of the Resulting Issuer will consist of five members: Gary Lewis, Melissa Sanderson, Mitchell Smith, Derek Marshall, and Brandon Bonifacio [4]. Group 3: Management Team - Gary L. Lewis will serve as Chief Executive Officer and President, bringing over 30 years of experience in capital markets and resource projects valued over US$400 million [5]. - Jack Cartmel, as Chief Financial Officer, has over 20 years of experience in the mining industry and has held various senior financial roles [6]. - Melissa Sanderson, a director, has over 40 years of experience in geopolitics and ESG strategies, previously serving as a US diplomat [7]. - Mitchell Smith, another director, has over 15 years of experience in finance and capital markets, focusing on critical mineral supply chain security [8]. - Derek Marshall, a director, is an exploration geologist with nearly two decades of experience in mineral discovery and project development [9][10]. - Brandon Bonifacio has been the CEO of Cavalry since April 2021, with extensive experience in project development and mergers and acquisitions [11].

Core Insights - U.S. stock markets are experiencing a significant bull run in 2023, with major indexes near all-time highs [1] - Small-cap and mid-cap benchmarks have shown notable gains, with Russell 2000 up 14.3% and S&P 400 up 7.6% year to date [2] - Mid-cap stocks are seen as a good diversification strategy, combining benefits of both small and large-cap stocks [2][3] Mid-Cap Stocks Overview - Top-ranked mid-cap stocks have high potential for profitability and market share growth, with less exposure to international risks compared to large caps [3] - In a thriving economy, mid-cap stocks are expected to outperform small caps due to established management and access to capital [4] Recommended Mid-Cap Stocks - Five mid-cap stocks with favorable Zacks Ranks for 2026 are FirstCash Holdings Inc. (FCFS), Lyft Inc. (LYFT), Installed Building Products Inc. (IBP), Lumen Technologies Inc. (LUMN), and Advanced Energy Industries Inc. (AEIS) [5][9] - Each stock carries a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [5] Company-Specific Insights FirstCash Holdings Inc. (FCFS) - Operates pawn stores and payment solutions in the U.S. and Latin America, with expected revenue and earnings growth rates of 5.7% and 21.8% respectively for next year [8][10] Lyft Inc. (LYFT) - Engages in ridesharing in the U.S. and Canada, with expected revenue and earnings growth rates of 14.6% and 25.9% respectively for next year [11][13] - Aims to enter the robotaxi market through partnerships, avoiding high R&D costs [12] Installed Building Products Inc. (IBP) - Operates as a residential insulation installer, with expected revenue and earnings growth rates of 1.1% and 0.1% respectively for next year [14][15] Lumen Technologies Inc. (LUMN) - Focused on AI opportunities, with $10 billion in Private Connectivity Fabric deals and plans to eliminate $1 billion in costs [16][17] - Expected revenue and earnings growth rates of -5.2% and -71.9% respectively for next year [18] Advanced Energy Industries Inc. (AEIS) - Benefits from semiconductor and data center demand, with expected revenue growth of approximately 20% and earnings growth of 20.2% for next year [19][20][21]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Advanced Energy Industries (AEIS) - AEIS currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - AEIS shares have increased by 3.88% over the past week, slightly outperforming the Zacks Semiconductor Equipment - Wafer Fabrication industry, which rose by 3.8% [5] - Over the last quarter, AEIS shares have surged by 40.36%, and they have risen by 87.94% over the past year, compared to the S&P 500's increases of 5.71% and 15.31%, respectively [6] Trading Volume - The average 20-day trading volume for AEIS is 364,264 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, five earnings estimates for AEIS have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $5.68 to $6.23 [9] - For the next fiscal year, five estimates have also moved higher without any downward revisions [9] Conclusion - Given the strong performance metrics and positive earnings outlook, AEIS is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling option for investors seeking short-term gains [11]

Company Overview - Advanced Energy is headquartered in Denver, Colorado, and has been operating for approximately 45 years, initially providing power solutions for etch chamber manufacturers like Applied Materials and Lam [3] - Currently, about 50% of the company's business is in semiconductor equipment, where it supplies critical subsystems [3] - The other half of the business is categorized as system power, primarily serving AI data centers, along with significant contributions from industrial and medical products [4] Revenue Composition - Over 70% of Advanced Energy's revenue is derived from sole-source products, indicating a strong market position in high-end applications [4]

Summary of Advanced Energy Industries FY Conference Call Company Overview - **Company**: Advanced Energy Industries (NasdaqGS: AEIS) - **Headquarters**: Denver, Colorado - **Industry**: Semiconductor Equipment and Power Solutions - **Business Segments**: Approximately 50% in semiconductor equipment and 50% in system power, including AI data centers, industrial, and medical products [3][4] Key Points and Arguments Growth Strategy and Market Position - Advanced Energy aims to double its revenue to $3 billion and achieve approximately $15 in earnings per share over the next few years [3] - The company has shifted focus in its data center business from commodity solutions to higher-end solutions, resulting in improved margins [4][5] - The data center business is expected to grow over 100% in 2024 and forecasted to grow 25%-30% in 2026 [4][9] Capacity and Investment - Significant investments have been made in development and production capacity, particularly in the Philippines, Mexico, and a new factory in Thailand [7][8] - The payback period for new investments is typically nine months or shorter, indicating a quick return on investment [8] - Advanced Energy has maintained good visibility with customers, typically receiving forecasts and purchase orders for about nine months [9] Semiconductor Market Insights - The semiconductor segment is expected to see low teens growth for the full year, driven by new product introductions like Everest and Evos [12][13] - The company anticipates significant revenue growth in the dielectric etch area starting in 2027 [13] - Demand for leading-edge logic and memory products is strong, driven by AI and new process developments [16] Industrial and Medical Segment - The industrial and medical segment has been in a correction phase for nearly two years, but is expected to show gradual growth starting in 2026 [20][21] - Advanced Energy is focusing on strengthening its channel and direct sales force in this segment to improve market position [22][23] Financial Performance and Projections - The company is on track for low to mid $6 EPS this year, aligning with a revenue model of approximately $1.75 billion [24] - The data center market's growth has exceeded initial expectations, with projections for achieving the 2030 target earlier than anticipated [25][26] - Gross margins have improved by nearly 400 basis points over the last five quarters, with a target of 43% [28][29] M&A Strategy - Advanced Energy sees opportunities for M&A in the fragmented industrial and medical market to increase market share [32] Additional Important Insights - The company has not experienced double ordering issues, indicating stable demand management [37] - The lifetime of products, especially in data centers, is typically seven to ten years, contributing to a stable service business [39] - Advanced Energy's diversified business model allows it to thrive during cyclical downturns in specific markets [40] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Advanced Energy's growth potential and market dynamics.

Core Viewpoint - Advanced Energy Industries (AEIS) reported strong Q3 earnings, beating estimates and showing significant year-over-year revenue growth, despite some declines in specific segments [3][4][10]. Financial Performance - AEIS reported non-GAAP earnings of $1.74 per share, exceeding the Zacks Consensus Estimate by 18.37%, with a year-over-year increase of 77.6% and a sequential increase of 16% [3]. - Revenues reached $463.3 million, surpassing estimates by 5.14% and increasing 23.8% year over year, with a sequential growth of 5% [3]. Segment Performance - Semiconductor Equipment revenues, accounting for 42.4% of total revenues, decreased by 0.5% year over year to $196.6 million and fell 6.2% sequentially [4]. - Industrial & Medical revenues, making up 15.4% of total revenues, declined 7.4% year over year to $71.2 million but increased 3.8% sequentially [4]. - Data Center Computing revenues, representing 37% of total revenues, surged 113% year over year to $171.6 million, with a sequential jump of 21.2% [4]. - Telecom & Networking revenues, comprising 5.2% of total revenues, rose 24.5% year over year to $24 million and increased 9.6% sequentially [5]. Operating Results - The non-GAAP gross margin improved to 39.1%, up 280 basis points year over year and 100 basis points sequentially, aided by factors such as factory closures in China and lower tariff costs [6]. - Non-GAAP operating expenses were $103.4 million, up 6.8% year over year but down 0.2% sequentially, with the operating margin increasing to 20.8% compared to 9.6% in the previous year [7]. Balance Sheet & Cash Flow - As of September 30, 2025, cash and cash equivalents stood at $758.6 million, an increase from $713.5 million as of June 30 [8]. - Cash flow from operations was $79 million, up from $46.5 million in the previous quarter [8]. Guidance & Outlook - For Q4 2025, AEIS expects non-GAAP earnings of $1.75 per share, with anticipated revenues of $470 million, reflecting sequential growth [9][10]. - The company projects overall revenue growth of approximately 20% for 2025, with Data Center revenues expected to double [11]. - Estimates for the stock have been trending upward, with a consensus estimate shift of 19.05% in the past month, leading to a Zacks Rank of 1 (Strong Buy) [12][14].

Group 1 - Advanced Energy Industries (AEIS) is currently outperforming its peers in the Computer and Technology sector, with a year-to-date performance increase of approximately 81.5% compared to the sector's average return of 26.5% [4] - AEIS holds a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook and improving analyst sentiment, as the consensus estimate for full-year earnings has risen by 8.1% over the past three months [3][4] - The company is part of the Semiconductor Equipment - Wafer Fabrication industry, which has seen an average gain of 50.7% this year, further highlighting AEIS's strong performance within its specific industry [6] Group 2 - The Computer and Technology sector includes 603 individual stocks and currently has a Zacks Sector Rank of 2, reflecting the strength of the sector as a whole [2] - Another notable stock in the sector is Reddit Inc. (RDDT), which has increased by 27% year-to-date and also holds a Zacks Rank of 1 (Strong Buy) [5] - The Internet - Software industry, to which Reddit Inc. belongs, is ranked 69 and has only moved up by 5% this year, indicating that AEIS is performing significantly better than RDDT's industry [6]

Group 1 - Advanced Energy Industries (AEIS) has experienced a solid recovery in revenue growth, which has positively impacted its share price appreciation [1] - The core semiconductor business of AEIS has been somewhat disappointing despite the overall revenue recovery [1]

Group 1: Company Overview - Advanced Energy Industries (AEIS) is part of the Computer and Technology sector, which includes 604 individual stocks and holds a Zacks Sector Rank of 3 [2] - AEIS currently has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook based on earnings estimates and revisions [3] Group 2: Performance Metrics - Over the past 90 days, the Zacks Consensus Estimate for AEIS' full-year earnings has increased by 10.9%, reflecting improved analyst sentiment [4] - Year-to-date, AEIS has returned approximately 86.8%, significantly outperforming the Computer and Technology sector's average return of 26.9% [4] Group 3: Industry Context - AEIS is categorized under the Semiconductor Equipment - Wafer Fabrication industry, which consists of 2 companies and currently ranks 4 in the Zacks Industry Rank [6] - The Semiconductor Equipment - Wafer Fabrication industry has gained about 48.1% year-to-date, indicating that AEIS is also performing better than its immediate industry peers [6] Group 4: Comparison with Peers - Reddit Inc. (RDDT), another stock in the Computer and Technology sector, has returned 27.4% year-to-date and also holds a Zacks Rank of 1 (Strong Buy) [5] - The Internet - Software industry, to which Reddit belongs, has moved +9.4% year-to-date, showing that AEIS is outperforming this peer group as well [7]

Core Insights - Advanced Energy Industries (AEIS) is experiencing solid improvement in earnings estimates, indicating potential investment opportunities as the stock has gained short-term price momentum [1][10] - The rising trend in earnings estimate revisions reflects growing analyst optimism about the company's earnings prospects, which is expected to positively influence its stock price [2][9] - The Zacks Rank system, which categorizes stocks from 1 (Strong Buy) to 5 (Strong Sell), shows that AEIS has received a Zacks Rank 1, suggesting strong potential for outperformance [3][9] Current-Quarter Estimate Revisions - For the current quarter, Advanced Energy is expected to earn $1.71 per share, representing a year-over-year increase of +31.5% [6] - Over the past 30 days, the Zacks Consensus Estimate for the company has risen by 20.59%, with two estimates moving higher and no negative revisions [6] Current-Year Estimate Revisions - For the full year, the earnings estimate for Advanced Energy is projected at $6.13 per share, reflecting a year-over-year change of +65.2% [7] - The trend for current-year estimate revisions is positive, with four estimates moving higher and no negative revisions, leading to an 8.08% increase in the consensus estimate [8] Favorable Zacks Rank - The positive estimate revisions have contributed to Advanced Energy achieving a Zacks Rank 1 (Strong Buy), indicating strong potential for investment [9] - Research indicates that stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500 [9] Bottom Line - Strong estimate revisions have led to a 20.4% increase in Advanced Energy's stock over the past four weeks, suggesting further upside potential [10]