英伟达(NVIDIA) (NVDA US) 焦点转向 GTC，关注 Groq 整合和 CPO 产品细节 证券研究报告 2026 年 2 月 26 日│美国 半导体 英伟达于美东 2/25 发布 FY26Q4 财报，业绩与指引均超预期，盘后一度上 涨约 4%；但因电话会缺乏新增信息，涨幅后回落至持平。FY26Q4 营收 681 亿美元（同比+73%），高于 VA 一致预期（下同）的 659 亿美元和指引中 值的 650 亿美元。Non-GAAP EPS 1.62 美元，高于预期的 1.52 美元。数 据中心营收 623 亿美元（环比+22%，同比+75%，占总营收的 91%），其 中 GB 系列营收占比约 2/3。Networking 营收 110 亿美元（环比+34%，同 比+263%，占数据中心营收的18%），主系NVLink、Spectrum-X与InfiniBand 在企业级 AI 集群中的渗透率提升。游戏营收 37 亿美元、汽车营收 6 亿美元， 均低于预期；但公司指出 Physical AI 落地加速，FY26 营收达 60 亿美元。 公司指引 FY27Q1 营收 780 亿美元（±2%），高于预期 ...

Innodata (NasdaqGM:INOD) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAmy Agress - SVP and General CounselHamed Khorsand - Principal and Director of ResearchJack Abuhoff - President and CEOMarissa Espineli - VP and Corporate ControllerConference Call ParticipantsAllen Klee - Managing Director and Senior Research AnalystGeorge Sutton - Senior Research AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the Innodata to report fourth quarter and fiscal year 2025 resul ...

Financial Data and Key Metrics Changes - Revenue increased by 10% year-over-year, primarily driven by the ramp-up of oxide sales within the materials segment and initial precursor product sales in the magnetic segment [13][16] - Adjusted EBITDA improved significantly year-over-year, contributing to the increase in adjusted diluted earnings per share [14][17] - The price protection agreement (PPA) income totaled $51 million in the quarter, reflecting the realization of the full $110 per unit purchase price floor for sold products [13][16] Business Line Data and Key Metrics Changes - In the materials segment, NdPr oxide output doubled to 2,599 metric tons, with total oxide sales volumes rising 75% to nearly 2,000 metric tons for the year [5][7] - The magnetic segment generated $66.9 million in revenue and $26.4 million in adjusted EBITDA for the year, with a slight decline in revenue and segment-adjusted EBITDA sequentially due to improved yields and cost efficiencies [16][21] Market Data and Key Metrics Changes - The company remains the world's second-largest producer of total REO, with over 50,000 metric tons produced in 2025, a 12% increase compared to 2024 [7][14] - Demand for NdPr oxide remains robust, reinforced by a significant long-term offtake agreement with a leading technology company [7][8] Company Strategy and Development Direction - The company aims to be a vertically integrated global leader in rare earth magnetics, focusing on expanding its NdPr business and advancing its heavy rare earth separation circuit [5][8] - The construction of the new 10X facility in Northlake, Texas, is underway, with over $200 million in incentives and grants secured [9][25] - The company is strategically positioned to benefit from the growing demand for NdPr in physical AI and electrified mobility sectors [33][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand growth and pricing strength for NdPr, anticipating that it will outpace that of dysprosium and terbium [11][12] - The company is focused on disciplined execution and thoughtful capital allocation to drive enduring value amidst increasing competitive intensity in the market [33][36] Other Important Information - The company expects total capital expenditures to be in the range of $500 million to $600 million in 2026, primarily reflecting accelerated investment in the 10X facility and other growth initiatives [25][24] - The company has over $1.8 billion in cash on hand, providing ample capital to execute on its initiatives [25] Q&A Session Summary Question: Is the OEM agreement with a U.S.-based auto OEM or a foreign OEM? - Management indicated that the agreement is with one of America's leading technology companies, emphasizing the accelerating demand for NdPr and the value of their platform [38] Question: Can the timeline for the 10X project be moved forward? - Management stated that they are focused on getting the project online as quickly as possible, with commissioning expected in 2028, while making progress to potentially accelerate the timeline [40][41] Question: How does the company view the trade-off between selling oxide directly or selling magnets? - Management explained that Independence is currently sold out, and they are methodical in delivering commercial syndication from that facility, capturing value from raw materials while opening opportunities downstream [49] Question: What is the outlook for NdPr prices in China? - Management noted that NdPr is seeing increased demand, particularly from EV and hybrid makers, and they expect continued acceleration in NdPr prices due to market dynamics [52][55] Question: What are the implications of policy initiatives like Project Vault on the business? - Management indicated that these initiatives are still in early stages but expect to benefit from them, as they open up capital markets and create opportunities for the company [66]

Innodata (NasdaqGM:INOD) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAmy Agress - SVP and General CounselHamed Khorsand - Principal and Director of ResearchJack Abuhoff - President and CEOMarissa Espineli - VP and Corporate ControllerConference Call ParticipantsAllen Klee - Managing Director and Senior Research AnalystGeorge Sutton - Senior Research AnalystOperatorGood afternoon, ladies and gentlemen, and welcome to the Innodata to report Fourth Quarter and Fiscal Year 2025 Resul ...

MP Materials (NYSE:MP) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsJames Litinsky - Founder, Chairman, and CEOMartin Sheehan - SVP of Investor RelationsMichael Rosenthal - Founder and COORyan Corbett - CFOConference Call ParticipantsBill Peterson - Equity Research AnalystBrian Lee - Equity Research AnalystCarlos de Alba - Managing Director and Senior Equity Research AnalystCorinne Blanchard - Equity Research AnalystGeorge Gianarikas - Managing Director and Senior AnalystLaurence ...

Aeva Technologies (NYSE:AEVA) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAndrew Fung - Senior Director of Investor Relations and Corporate DevelopmentColin Rusch - Managing Director and Head of Sustainable Growth and Resource Optimization ResearchJoe Moore - Managing DirectorMatthew Paciulli - Equity Research AssociateSaurabh Sinha - CFOSoroush Salehian - Co-Founder and CEOConference Call ParticipantsRichard Shannon - Senior Research AnalystSuji Desilva - Managing Director and S ...

Aeva Technologies (NYSE:AEVA) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAndrew Fung - Senior Director of Investor Relations and Corporate DevelopmentColin Rusch - Managing Director and Head of Sustainable Growth and Resource Optimization ResearchJoe Moore - Managing DirectorMatthew Paciulli - Equity Research AssociateSaurabh Sinha - CFOSoroush Salehian - Co-Founder and CEOConference Call ParticipantsRichard Shannon - Senior Research AnalystSuji Desilva - Managing Director and S ...

Innodata (NasdaqGM:INOD) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker6Good afternoon, ladies and gentlemen, and welcome to the Innodata to report fourth quarter and fiscal year 2025 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Thursday, February 26th, 2026. ...

MP Materials (NYSE:MP) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker8assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's sli ...

Aeva Technologies (NYSE:AEVA) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker7Good day. My name is Stephanie, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies' 4th quarter and full year 2025 earnings conference call. During opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question-and-answer session. As a reminder, today's conference is being recorded and simultaneously webcast. I wou ...