This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Dive Brief: Johnson Controls on Wednesday announced an agreement to acquire Alloy Enterprises, a Boston-based company providing a thermal management platform for high-performance data centers and other mission-critical industrial applications. The Boston-based company’s platform uses direct liquid-cooling components to enable up to a 35% improvement in therm ...

Financial Data and Key Metrics Changes - Q4 2025 sales reached $202 million, a 5% increase compared to Q4 2024, and adjusted EPS was $0.89, nearly double the prior year [4][13] - Adjusted EBITDA margin improved by 500 basis points to 17.1%, with adjusted EBITDA of $34.4 million compared to $23.3 million in Q4 2024 [14][4] - Free cash flow for the year was $71 million, with $52 million in share repurchases and $197 million in net cash at year-end [9][16] Business Line Data and Key Metrics Changes - Industrial sales, the largest segment, accounted for 27% of total revenue, with high single-digit growth year-over-year [5][6] - Aerospace and Defense sales represented 16% of revenue, growing at a high single-digit rate for the full year despite a slight decline in Q4 [6] - EV and HEV sales remained at 14% of revenue, with Q4 sales declining year-over-year due to challenges in certain regions [7] - ADAS sales grew at a double-digit rate for the full year, benefiting from increased adoption and vehicle autonomy [8] Market Data and Key Metrics Changes - The company noted gradual improvements in end markets, particularly in industrial, ADAS, and renewable energy sectors [4][5] - Portable electronics sales declined in Q4 and for the full year, primarily due to a product reaching end of life [8] Company Strategy and Development Direction - The company aims to improve multi-year growth outlook and profitability initiatives, with a focus on securing design wins across various market segments [5][10] - Data centers have been identified as a significant new market opportunity, with initial design wins in the EMS business [10][26] - The company plans to maintain disciplined capital allocation and continue investing in facilities and operating structures [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q1 2026, expecting continued growth in industrial sales but uncertainty in automotive and EV sectors [23][24] - The company anticipates significant year-over-year improvements in Q1 2026 sales and profitability, with guidance for revenues between $193 million and $208 million [17][18] Other Important Information - The company realized $25 million in cost and operating expense improvements in 2025, with an additional $20 million expected by the end of 2026 [9][11] - Restructuring costs related to Curamik operations in Germany are expected to deliver $13 million in annual savings [19][38] Q&A Session Summary Question: Guidance for Q1 and near-term outlook for ADAS and renewables - Management expects stronger growth in industrial sales but sees uncertainty in automotive and EV sectors, with guidance reflecting these conditions [22][23] Question: Key applications in data centers - The company is focusing on thermal management and signal integrity technologies, with opportunities expected to materialize in 2026 and 2027 [25][26] Question: Broader initiatives for growth beyond data centers - Management highlighted growth targets across all business segments, with efforts to engage directly with OEMs and develop new technologies for EV and renewables [32][34] Question: Profitability improvement initiatives for 2026 - Current initiatives are in progress, with expected benefits from restructuring in Germany anticipated in the second half of 2026 [36][38] Question: Impact of tariffs on business operations - The company's global manufacturing capabilities help mitigate tariff impacts, allowing for local supply to customers in various regions [56][57]

Financial Data and Key Metrics Changes - Q4 2025 sales reached $202 million, a 5% increase compared to Q4 2024, approaching the high end of guidance [4] - Adjusted EPS for Q4 was $0.89, nearly double the prior year, with adjusted EBITDA margins improving by 500 basis points to 17.1% [4][13] - Free cash flow generated in Q4 was $71 million, with $14 million allocated for share repurchase [9][16] Business Line Data and Key Metrics Changes - Industrial sales, the largest segment, accounted for 27% of total revenue, increasing at a high single-digit rate year-over-year [5] - Aerospace and Defense sales represented 16% of revenue, with a slight decline in Q4 but a high single-digit growth for the full year [6] - EV and HEV sales remained at 14% of revenue, with Q4 sales lower year-over-year due to challenges in certain regions [7] - ADAS sales grew at a double-digit rate for the full year, benefiting from increased adoption [8] Market Data and Key Metrics Changes - The company noted gradual improvements in end markets, particularly in industrial, ADAS, and renewable energy sectors [5] - Portable electronics sales declined in Q4 and for the full year, primarily due to a product reaching end of life [8] Company Strategy and Development Direction - The company aims to improve multi-year growth outlook and profitability initiatives in 2026, focusing on securing design wins and expanding market share [10][11] - Data centers have been identified as a significant new market opportunity, with initial design wins secured [10] - The company plans to maintain a disciplined capital allocation strategy, with capital expenditures expected to be comparable to 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding uncertainties in the automotive sector, particularly for EVs and portable electronics [24] - The company anticipates continued growth in industrial sales and is focused on addressing macroeconomic challenges [24] - Management highlighted the importance of innovation and new product introductions to drive future growth [39] Other Important Information - The company achieved $25 million in cost and operating expense improvements in 2025, with an additional $20 million expected by the end of 2026 [9] - The restructuring of ceramic operations in Germany is on track, with anticipated annual savings of $13 million [19] Q&A Session Summary Question: Guidance for Q1 and near-term outlook for ADAS and renewables - Management expects continued growth in industrial sales but notes uncertainty in the automotive sector, particularly for EVs [24] Question: Key applications in data centers - Management highlighted opportunities in thermal management and signal integrity technologies, with potential revenue impacts expected in 2026 or 2027 [27] Question: Broader initiatives for growth beyond data centers - Management indicated growth targets across all business segments, with a focus on new technologies for EV and renewables [35] Question: Profitability improvement initiatives for 2026 - Management confirmed ongoing initiatives are in place, with expected benefits from restructuring activities in the second half of 2026 [39] Question: Impact of tariffs on business operations - Management stated that the company's global manufacturing capabilities mitigate tariff-related issues, allowing for local supply to customers [57]

AI芯片及功率器件热管理大会暨展览会 2026年6月10-12日 上海新国际博览中心 01 大会信息 人工智能大模型、新能源汽车、储能系统及具身智能等新兴产业加速落地，算力密度与功率密度的同步跃 升，正将热管理推向前所未有的工程高度。一方面， AI服务器与专用芯片持续突破单芯片与单机柜功耗 上限； 此外 功率器件在新能源汽车、电力电子与储能系统中的高频、高压、高集成化应用，使系统发热 集中度与热失控风险显著上升。 在此背景下 ，本届 " AI芯片及功率器件热管理大会暨展览会 " 将聚焦高热流密度场景下的热管理系统工 程问题，围绕 高性能 导热材料、封装基板、液冷技术等方向 ， 系统性探讨 材料层面 、模块级、系统级 的关键技术路径与工程实践。 同期 "FINE2026 AI芯片及功率器件热管理 展区 " 将汇聚上下游材料、设备、产业链资源，精准对接市场 需求，全力助推液冷产业的高质量发展。 扫码报名参展参会 主题 ： 中国未来产业崛起引领全球新材料创新 时间 ： 2026年6月10-12日（6月8-9日布展） 地点 ：上海新国际博览中心 N1-N5 规模： 50,000平 ,10W+观众 02 组织机构 主办 ...

Core Viewpoint - KULR Technology Group (KULR) is recognized as a Zacks Rank 2 (Buy) stock, despite having low ratings for Value and Growth, indicating potential investment interest due to its thermal management technology developments [1] Company Overview - KULR Technology Group, Inc. specializes in developing, manufacturing, and licensing advanced carbon fiber thermal management technologies for batteries and electronic systems, with products including cellcheck, safecase, thermal capacitor, and thermal runaway shield [2] Earnings History - KULR has not exceeded the Zacks Consensus Estimate in the last four quarters, with the most recent earnings per share (EPS) reported at -$0.26, although there was no consensus estimate available at that time [4] Earnings Estimates Revisions - Earnings estimates for KULR have shown mixed trends, with the fiscal year 2025 estimate declining from a loss of $0.26 to a loss of $0.65, while the fiscal year 2026 estimate improved from a loss of $0.60 to a loss of $0.55 over the past 60 days [5] Valuation - KULR's valuation reflects promising growth prospects, with projected sales of $17.3 million for 2025, indicating a 61% growth, and an anticipated revenue of $35.5 million for 2026, representing a 105% growth. The price-to-book ratio stands at 1.02x, appealing to value-focused investors, while the price-to-sales ratio is 9.7x, consistent with most chip stocks [6]

Industry Insights - The build-out of artificial intelligence (AI) infrastructure is facing significant energy constraints, with data center electricity consumption projected to grow from approximately 448 terawatt-hours (TWh) in 2025 to around 980 TWh by 2030, and AI-optimized servers expected to account for 21% of total data center electricity usage in 2025, potentially rising to 44% by 2030 [1] - Thermal management is becoming as critical as power delivery in modern AI data centers due to the heat generated by AI chips, necessitating efficient cooling systems to prevent hardware damage and performance issues [2] Company Performance - Vertiv's revenue increased by 29% year over year to $2.68 billion in the third quarter, with adjusted diluted earnings per share (EPS) rising 63% to $1.24 [4] - The company reported a book-to-bill ratio of 1.4, with orders up 60% year over year, and exited the third quarter with a backlog of $9.5 billion, reflecting a 30% year-over-year increase and providing strong revenue visibility into 2026 [4][6] - Vertiv is positioned to benefit from the 59% increase in global data center capital expenditures and the 85% expansion of the direct liquid cooling market, as it offers critical power distribution, thermal management solutions, and software services for complex AI workloads [3][6] Future Outlook - Vertiv anticipates significant benefits from its services platform, which includes remote monitoring, predictive analytics, thermal mapping, power quality analysis, and energy optimization, as data center racks become denser and systems more complex [5]

【DT新材料】 获 悉， 北京证券交易所上市委员会2025年第45次审议会议结果公布，专业 从事陶瓷管壳和封装散热基板等功率半导体器件关键部件研发、制 造和销售的 赛英电子 ，符合发行条件、上市条件和信息披露要求，成功过会。 公司的主要产品是晶闸管用 陶瓷管壳、平板压接式IGBT用陶瓷管壳、平底型散热基板、针齿型散热基 板 。产品应用于特高压、新能源汽车、轨道交通等领 域。公司掌握高密度等静压陶瓷金属化等核心技术，主导制定IGBT平板 陶瓷管壳行业标准。 凭借多年技术积累，公司已与 英飞凌、日立能源、中车时代、 斯达半导等国内外功率半导体龙头企业 建立长期合作关系，其产品质量与技术实力获得行业认可。 01 功率模块的"上限瓶颈"，正在被散热结构重新定义 功率器件封装结构示意图（ 来源：洞见热管理绘制 ） 常见的几种散热技术如下所示： 功率器件热管理技术（来源：洞见热管理整理） 02 平底型与针齿型散热基板，为什么开始成为"量产标配" 赛英电子的产品主要用于的就是该功率器件模块结构中的 散热基板（平底型封装散热基板、针齿型封装散热基板） 如下图所示，主要 用于IGBT功率器件、 工业控制、新能源发电、新能源汽车 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI and data center industry**, particularly the challenges related to thermal management as AI compute demand increases. [2][8] Core Insights and Arguments 1. **Thermal Bottleneck**: AI accelerators are consuming between **700-1,200 W** per device, leading to significant thermal management challenges. This has been highlighted by recent data center outages due to overheating. [2][8] 2. **Sustainability Pressures**: The increasing power demand from data centers is expected to more than double this decade, raising concerns about energy expenditure, emissions, and water intensity in cooling systems. [2][5] 3. **High Purity Alumina (HPA)**: HPA is gaining attention as a critical material for improving thermal efficiency in AI hardware due to its superior thermal conductivity, electrical insulation, and mechanical compatibility. It can be produced at a cost of **$20-30/kg**. [3][4] 4. **Performance Improvements**: Replacing traditional silica-based thermal interface materials (TIMs) with HPA can improve effective conductivity by **2-3 times**, leading to a **4-5°C** reduction in junction temperatures and a **1.1-1.2%** uplift in sustained performance. [4][49] 5. **Market Potential**: The total addressable market (TAM) for HPA in thermal packaging is projected to reach **$195 million** at a **20% penetration rate** by 2030, with potential growth to **$0.6 billion** at a **50% penetration rate**. [4][5] 6. **Energy Savings**: Full-stack adoption of HPA could yield **20-30 TWh/year** of energy savings by 2030, which would help mitigate the growth of data center power demand and associated emissions. [5] Additional Important Insights 1. **Cooling Solutions**: Traditional cooling methods are reaching their limits, necessitating a shift towards advanced packaging materials that enhance heat dissipation. [10][11] 2. **Reliability Concerns**: The use of HPA can reduce thermal strain and improve the reliability of chips, particularly in high-density packages where heat dissipation is critical. [42][43] 3. **Production Innovations**: Alpha HPA is developing a new refining process that significantly reduces waste and emissions, producing ultra-pure HPA suitable for semiconductor applications. [31][32][39] 4. **Strategic Importance**: The establishment of HPA production in Australia is seen as a move to diversify supply chains and enhance security for Western tech sectors, which currently rely heavily on a few producers. [37][38] 5. **Environmental Impact**: The production of HPA using modern methods is less energy-intensive and generates lower emissions compared to traditional processes, aligning with sustainability goals. [39] Conclusion The conference highlighted the critical role of thermal management in the AI and data center industry, emphasizing the potential of High Purity Alumina as a transformative material for improving thermal efficiency and sustainability in high-performance computing environments. The insights provided a comprehensive overview of the challenges and opportunities within this rapidly evolving sector.

Event Overview - The iTherM2025 (Thermal Management Expo) will take place from December 3 to December 5, 2025, at the Shenzhen International Convention and Exhibition Center, Hall 10 [2][3]. - The exhibition hours are as follows: December 3 and 4 from 09:00 to 17:00, and December 5 from 09:00 to 16:00 [2]. Registration and Venue - Attendees must register at the South Entrance Hall of the Shenzhen International Convention and Exhibition Center [3][4]. - It is important for exhibitors and attendees driving to the venue to avoid going directly to the second floor and to collect their credentials at the registration area [4]. Transportation - The venue is accessible via metro lines 1 and 4, with the nearest station being the Convention Center Station (Exit D) [6]. - Shuttle buses are available to connect various metro stations and the exhibition center [6]. - For those driving, parking is available at the P1 and P2 underground parking lots [7]. Accommodation - A list of nearby hotels with pricing and amenities is provided, including options for luxury and standard accommodations [8]. - Contact information for booking is available, ensuring convenience for attendees [8]. Exhibitor List - A comprehensive list of exhibitors includes companies such as Shenzhen Huaar Technology Co., Ltd., and Suzhou Datong Thermal Control Technology Co., Ltd. [9][10]. - The exhibitor list highlights a diverse range of companies involved in thermal management technologies [9][10]. Conference Agenda - The conference will feature various sessions on topics such as thermal interface materials, chip and electronic device thermal management, and liquid cooling technologies [14][24][27]. - Notable speakers include professors and researchers from prestigious institutions, discussing advancements and challenges in thermal management [19][20][26]. Supporting Organizations - The event is organized by DT New Materials, with support from various academic and industry partners [13]. - Prominent figures in the field, including academicians and industry leaders, are involved as advisors and speakers [13].

Core Insights - Panoramic Capital increased its stake in Modine Manufacturing Company by purchasing an additional 26,547 shares, bringing its total holdings to 65,116 shares valued at $9.26 million as of September 30, 2025 [1][2][8] Company Overview - Modine Manufacturing Company is a global leader in engineered heat transfer solutions, focusing on complex thermal management needs for OEMs and commercial clients [6] - The company operates with a diverse product portfolio and a multi-segment approach, providing a competitive advantage in both established and emerging markets [6] Financial Performance - As of November 14, 2025, Modine's stock price was $132.02, with a market capitalization of $6.95 billion [4][8] - The company reported trailing twelve months (TTM) revenue of approximately $2.69 billion and net income of approximately $186.20 million [4][8] Market Position - Modine's Climate Solutions segment is experiencing accelerating demand, particularly for data center solutions, with management expecting net sales to rise between 15% and 20% in the fiscal year ending next March [11] - Adjusted EBITDA is projected to increase between 12% and 20%, reaching a range of $440 million to $470 million [11] Investment Insights - Panoramic Capital's investment in Modine represents 4.16% of its 13F assets under management (AUM), ranking as the fund's 5th-largest holding [8] - The value of Modine shares held by Panoramic Capital rose by 144% over the three-month period following the purchase [7]