Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $79 million, or $1.54 per dilutive share, and adjusted EBITDA of $103 million, which includes $25 million of fire and idle costs from Leer South and $11 million from West Elk [13][14] - For the full year 2025, the net loss was $153 million, or $2.98 per dilutive share, with adjusted EBITDA of $512 million, impacted by $101 million related to Leer South fire and idle costs and $11 million from West Elk idle costs [15][16] - The company returned a total of $245 million to stockholders in 2025, constituting nearly 100% of free cash flow generation [8][9] Business Line Data and Key Metrics Changes - The Leer South mine resumed longwall mining in mid-December 2025 after a combustion event in early 2025, achieving its production target in January 2026 [5][6] - The West Elk mine transitioned to the B seam, which has shown significantly improved mining conditions, and is expected to run at high productivity levels in 2026 [7][8] Market Data and Key Metrics Changes - U.S. utility coal consumption increased by 12% in 2025 compared to 2024, with coal-fired generation in the PJM and MISO areas rising over 19% and 15%, respectively [16][17] - Global coal demand rose by approximately 0.5% to 8.9 billion metric tons in 2025, indicating a multi-year growth pattern [18] Company Strategy and Development Direction - The company is focused on capturing synergies from the merger, operational excellence across its segments, and establishing a safety-driven culture [4][5] - The company plans to return approximately 75% of free cash flow to shareholders, with a significant portion directed to share repurchases and a quarterly dividend of $0.10 per share [8][9] - The company is also advancing efforts in rare earth elements and critical materials, with ongoing projects in the PRB and Northern Appalachia [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance for 2026, expecting strong results from both Leer South and West Elk mines [27][28] - The company anticipates a reduction in idling costs and an increase in insurance recovery compared to 2025, contributing to improved financial performance [24][28] Other Important Information - The company is benefiting from supportive coal policies under the current administration, including a production tax credit for coal and delayed retirements of coal-fired generation units [10][11] - The company is optimistic about the growth in demand for coal driven by the expansion of data centers, particularly in the Americas [17][18] Q&A Session Summary Question: Can you break out the high CV committed and priced for the PAMC portion? - The company has approximately 20.5 million tons committed for high CV, with 12 million domestic and 8.5 million for export, linked to API2 pricing [33][34] Question: What is the outlook for the order book in outer years? - The company contracted over 38 million tons last quarter, with pricing in contango for forward years [38][39] Question: What does the 45X credit mean for shareholder returns? - The company expects higher insurance proceeds and a reduction in idling costs, which will positively impact cash flow and shareholder returns [40][44] Question: How are synergies showing up in the P&L? - Synergies are primarily seen in headcount reductions and improved marketing and logistics, but overall market conditions have impacted their full realization [51][52] Question: What tangible steps have been taken to improve operational delivery for 2026? - The company has all assets running and has implemented schedule changes and production strategies to enhance efficiency [90][91]

Fourth Quarter 2025 Earnings Supplement February 12, 2026 FORWARD-LOOKING STATEMENTS This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "years ahead," "look forward" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in thi ...

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $1.3 million, down from $1.6 million in Q2 2025 and $1.4 million in Q1 2026, primarily driven by government R&D contracts [13] - GAAP net loss for the quarter was $1.9 million, or $0.11 per share, compared to a net loss of $2.9 million, or $0.24 per share in the prior year, and a net loss of $1.5 million, or $0.09 per share in the previous quarter [14] - Adjusted EBITDA loss was $917,000, compared to a gain of $647,000 in the same period last year and a loss of $450,000 in Q1 2026 [16] - The company ended the quarter with $38.6 million in cash and cash equivalents, an increase of $425,000 from the previous quarter [16] Business Line Data and Key Metrics Changes - Government R&D contracts were the principal source of revenue, providing non-dilutive funding for R&D investments [13] - The company is witnessing a shift in customer conversations from interest to pricing and planning, indicating a transition towards commercialization [6] Market Data and Key Metrics Changes - The top four hyperscalers invested over $300 billion in data center CapEx in 2025, expected to surpass $1 trillion by 2029, presenting significant market opportunities [4] - Aeluma is targeting three primary markets: data centers, mobile, and defense, with increasing activities across all [5] Company Strategy and Development Direction - Aeluma aims to capitalize on the growing market horizon and pursue strategic opportunities to accelerate commercialization [12] - The company is focused on strengthening its technical foundation and expanding operations to scale [19] - Aeluma's technology is positioned to address AI hardware, electronic warfare, quantum, and infrared sensing, aligning with the Department of Defense's Microelectronics Commons [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum building within the company and the increasing visibility and engagement translating into opportunities [12] - The company remains focused on converting momentum into customer programs and transitioning to commercialization [19] Other Important Information - Aeluma appointed Bouch Nessar as Senior Vice President of Business Development and Product, expected to accelerate the go-to-market strategy [6] - The company expanded its patent portfolio to 35 issued and pending patents, enhancing its competitive advantage [11] Q&A Session Summary Question: What are the end markets that you're getting sales orders for? - The company is not sharing specific customer or product information but noted that initial sales orders are small in value and represent a step towards broader market adoption [21] Question: Is the quantum photonics work primarily for generating, routing, or sending photons? - The near-term focus is on generating photons, with interest in building a platform for various photon-related functions [23] Question: Can you provide more details on the magnitude of customer engagement for sales orders? - Sales orders are coming from multiple markets including mobile, AI, data centers, and defense, indicating a growing interest in Aeluma's technology [28] Question: Can you discuss the timeline for SWIR adoption in mobile applications? - The mobile industry is gearing up to adopt SWIR technology, but specific timelines cannot be commented on at this moment [31] Question: What strategic opportunities is the company pursuing for commercialization? - Aeluma is exploring various paths to market, including manufacturing partnerships and licensing, to enable market adoption across different sectors [35]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **U.S. electricity market** and the impact of **AI** on electricity demand and supply dynamics, particularly in the context of the **electrification era** [1][2][12]. Core Insights and Arguments Electricity Demand Trends - U.S. electricity demand growth has significantly increased from **0.2%** (2005-2021) to **1.5%** (2021-2024), with projections of **2.3%-3.7%** for 2025-2030, driven mainly by the return of manufacturing and the development of data centers [1][2][12]. - Data centers are expected to contribute **60%-70%** of the incremental demand in the commercial sector, with total growth expected to be around **50-130 GW** by 2030 [3][11]. Supply-Side Challenges - The U.S. electricity supply is facing a capacity shortage, with stable energy sources (hydro, thermal, nuclear) declining from **990 GW** in 2011 to **910 GW** in 2024, while coal capacity has dropped from **320 GW** to **170 GW** [1][4][6]. - The aging transmission and distribution system is a significant issue, with **70%** of lines over **35 years** old and insufficient investment in new lines, leading to difficulties in resource allocation and extended connection times for new units [5][16]. Future Supply-Demand Gap - The supply-demand gap is projected to widen from **10-20 GW** currently to **30-40 GW** by 2025-2030, with potential mitigation if coal retirements are reduced [6][21][23]. - Short-term solutions include increasing storage and fuel cell capacity, with approximately **20 GW** of storage capacity expected to be scheduled for 2026-2027 [6][23]. Regional Demand Concentration - Demand growth is concentrated in regions like **Texas** and **Virginia**, which are expected to account for **30%** of the new load by 2030 due to favorable conditions such as abundant wind and solar resources [3][17][12]. Policy Implications - The potential rollback of environmental regulations under the Trump administration could adjust coal retirement expectations from **100 GW** to **50 GW**, impacting future supply-demand balance [3][22]. Additional Important Insights - The U.S. electricity market is undergoing a transformation due to the increasing volatility of demand from AI data centers, necessitating new management strategies and technologies to ensure grid stability [14][15]. - The investment in the U.S. grid has increased from approximately **$5 billion** in 2001 to **$31 billion** in 2024, but most of this is directed towards upgrading old equipment rather than expanding capacity [15][24]. - The competition among different energy sources shows that wind and solar are the most cost-effective, followed by gas, coal, and nuclear [20]. Conclusion - The U.S. electricity market is at a critical juncture, with rising demand driven by technological advancements and significant supply-side challenges. The interplay of policy changes, regional demand dynamics, and infrastructure investment will shape the future landscape of the electricity sector.

Core Insights - Lattice Semiconductor Corporation (LSCC) reported modest fourth-quarter 2025 results, with revenues exceeding estimates and adjusted earnings meeting expectations, driven by AI and data center demand [1][10] Financial Performance - The company reported a GAAP net loss of $7.6 million or 6 cents per share, compared to a net income of $16.5 million or 12 cents per share in the same quarter last year, primarily due to higher operating costs and tax expenses [2] - Non-GAAP net income for the quarter was $43.7 million or 32 cents per share, up from $20.2 million or 15 cents per share in the prior year, aligning with consensus estimates [3] - For the full year 2025, GAAP net income was $3.1 million or 2 cents per share, down from $61.1 million or 44 cents per share in 2024, while non-GAAP net income increased to $145.2 million or $1.05 per share from $124.4 million or 90 cents per share in 2024 [3] Revenue Breakdown - Net sales for the fourth quarter rose to $145.8 million from $117.4 million year-over-year, driven by growth in the Communications & Computing segment, surpassing the Zacks Consensus Estimate of $143.5 million [4][10] - Communications and Computing revenues increased significantly to $92.6 million from $58 million, while revenues from Industrial and Automotive declined to $44.1 million from $49.2 million, and Consumer revenues fell to $9.1 million from $10.2 million [5] Geographic Distribution - In Q4 2025, 73% of revenues were generated from Asia, 14% from the Americas, and 13% from Europe and Africa [6] Profitability Metrics - Non-GAAP gross profit for the quarter was $101.2 million, up from $72.9 million in the prior year, with margins improving to 69.4% from 62.1% [7] - Non-GAAP operating expenses increased to $56.4 million from $52.8 million year-over-year, while adjusted EBITDA rose to $53.2 million from $29.1 million, with respective margins of 36.5% and 24.8% [8] Cash Flow and Liquidity - The company generated $57.6 million in cash from operations in Q4, compared to $45.4 million in the same quarter last year, and for 2025, cash from operating activities totaled $175.1 million, up from $140.9 million in 2024 [11] Future Outlook - For Q1 2026, Lattice expects revenues between $158 million and $172 million, with non-GAAP gross margins projected to be between 68.5% and 70.5%, and non-GAAP earnings anticipated to be in the range of 34-38 cents per share [12]

Core Insights - The company experienced a strong financial performance in 2025, with total revenue growth exceeding 20% and earnings per share increasing by over 70% [3][10][17] - The semiconductor and data center markets showed significant growth, with data center revenue more than doubling year on year [2][15] - The company expects continued growth in 2026, driven by new product introductions and a recovery in the industrial medical market [7][8][20] Financial Performance - Revenue for Q4 2025 reached nearly $490 million, marking a 6% sequential increase and an 18% year-over-year growth [3][10] - Gross margin improved to just shy of 40%, the best performance in five years, with operating cash flow reaching a record $235 million [3][10][17] - For the full year 2025, total revenue was $1.8 billion, up 21% year over year, with semiconductor revenue at $840 million, a 6% increase [15][17] Market Dynamics - The industrial medical market saw a sequential revenue increase of 10% in Q4, returning to year-over-year growth after two years of decline [6][11] - Data center computing revenue was a record $178 million in Q4, up 101% year over year, driven by AI data center investments [11][15] - The company anticipates that the semiconductor market will see stronger demand in the second half of 2026, supported by customer forecasts [7][25] Product Development and Strategy - The company launched 26 new products in 2025 and expects to continue leveraging its design win pipeline for future growth [1][2][4] - Investments in new product development, customization capabilities, and digital marketing are expected to enhance market share in the industrial medical sector [5][60] - The company is focused on expanding its manufacturing capacity, including a new factory in Thailand expected to generate over $1 billion in annual revenue capacity [5][21][38] Future Outlook - The company projects high teens revenue growth for 2026, following a 21% growth in 2025, with expectations of over 30% growth in the data center segment [8][20] - Gross margin is expected to exceed 40% in 2026, supported by improved efficiency and a favorable product mix [6][21][48] - The company is actively pursuing acquisition opportunities to expand its technology portfolio, particularly in the industrial and medical sectors [54][60]

NYSE: WCC Fourth Quarter 2025 Webcast Presentation February 10, 2026 Forward-Looking Statements and Non-GAAP Measures All statements made herein that are not historical facts should be considered as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding busi ...

Core Insights - The company reported improved margins with an adjusted gross margin of 37.6%, up 50 basis points year over year, driven by synergies, price realization, and volume leverage [1] - Fourth-quarter organic revenue rose 2.9% year over year, with significant growth in the Automation and Motion Control (AMC) segment, which grew over 15% organically [2] - The CEO highlighted solid adjusted EPS growth, strong orders, and a rising backlog, with fourth-quarter orders increasing 53.8% year over year and a book-to-bill ratio of 1.48 [4][5] Financial Performance - Adjusted EBITDA margin was 21.6%, roughly flat year over year, while adjusted EPS for the quarter was $2.51, reflecting a 7.3% increase [1] - For fiscal year 2025, orders grew 15.5% on a daily basis, with adjusted EPS rising to $9.65, up nearly 6% [14] - The company generated $141 million of free cash flow in the quarter and ended with net leverage of 3.1x [7] Segment Performance - The AMC segment saw organic sales grow 15.2% year over year, with adjusted EBITDA margin at 20.5%, down about one point from the prior year [17] - Industrial Powertrain Solutions (IPS) reported organic sales growth of 3.7% year over year, with adjusted EBITDA margin at 25.7% [17] - Power Efficiency Solutions (PES) experienced a decline in organic sales by 10.7% year over year, primarily due to weaker residential HVAC performance [17] Order Activity and Backlog - The company highlighted $735 million in fourth-quarter orders for its E-Pod data-center power solution, contributing to a backlog that is approximately 50% higher year over year [5][7] - Daily order growth surged 53.8% in Q4, with a current pipeline of about $600 million for the broader data center business [6][13] - Management expects E-Pod projects to carry adjusted EBITDA margins in the 20%+ range, with shipments anticipated to begin in early 2027 [10][12] Guidance and Future Outlook - For 2026, management guided to roughly 3% sales growth, an adjusted EBITDA margin of 22.5%, and adjusted EPS of $10.20–$11.00 [6][17] - The company plans to lower net leverage to approximately 2.7x by year-end 2026, with a focus on debt paydown as a primary capital allocation priority [20] - Management expects to realize $40 million of cost synergies in 2026, treating it as a contingency against potential P&L pressures [16] Strategic Focus - The company is addressing ongoing headwinds from rare earth magnet availability, particularly affecting parts of AMC, with mitigation plans in place [19] - Data centers remain a strategic focus, with management emphasizing the importance of this segment for future growth [13]

Core Insights - GE Vernova Inc.'s shares have increased by 9.7% over the past month, outperforming the Zacks Alternate Energy – Other industry's growth of 5.4% [1][8] - The demand for electricity from AI data centers is a significant growth driver for GE Vernova, as the company can supply this demand with its turbines and grid equipment [1][5] Performance Comparison - Other alternative energy stocks, such as Crescent Energy Company and Bloom Energy, have also shown strong performance, with shares rising by 23.9% and 26.5%, respectively, over the same period [3] Factors Supporting Growth - GE Vernova is enhancing profitability in its wind business through cost discipline, while its gas and power services remain robust [5] - The company received orders to repower 1.1 gigawatts (GW) of onshore wind turbines in the U.S., expected to reach commercial operation between 2026 and 2027, which will increase the output and longevity of existing turbines [6] - A strategic alliance with Xcel Energy is expected to secure significant equipment reservations and long-term collaboration opportunities, boosting sales [7] - The launch of GridOS for Distribution aims to enhance the operation of distribution grids, increasing long-term recurring revenue potential from software services [9] - The full acquisition of Prolec GE expands GE Vernova's Electrification segment footprint and enhances its product portfolio [10] Earnings Estimates - The Zacks Consensus Estimate for GE Vernova's 2026 earnings per share (EPS) indicates an increase of 8.64% over the past 60 days, with a long-term earnings growth rate of 18% [11] Challenges - The company faces challenges due to reliance on complex global supply networks for components, with nearly $20 billion in materials sourced from over 100 countries, which may impact production timelines and costs [13] - Global tariffs imposed in 2025 resulted in additional costs of nearly $250 million, affecting profitability [14] Financial Performance - GE Vernova has beaten earnings estimates in three of the last four quarters, with an average surprise of 112.41% [15] - The company's trailing 12-month return on equity is 46.91%, significantly higher than the industry average of 6.39% [17] Valuation - GE Vernova is currently trading at a forward P/E ratio of 52.15, which is a premium compared to the industry's 22.39 [18] Investment Outlook - The company is positioned for growth through improved wind profitability and strategic alliances, while the premium valuation suggests current shareholders may stay invested, and new investors might wait for a better entry point [21][22]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $30.9 billion, up 10% year-over-year, or 9% on a constant currency basis [17] - Non-GAAP diluted EPS for the full year increased 4% to $11.02 [17] - Fourth quarter revenue increased 20% year-over-year to $8.7 billion, exceeding guidance [18] - Non-GAAP diluted EPS for the fourth quarter increased 48% to $4.39, above guidance [20] Business Line Data and Key Metrics Changes - Global Components revenue increased 8% year-over-year, while ECS revenue increased 18% [17] - Global Components sales in the fourth quarter were $5.9 billion, up 6% sequentially [21] - ECS sales increased 16% year-over-year to $2.9 billion, with total ECS billings at $7.1 billion, also up 16% [25] Market Data and Key Metrics Changes - Demand trends improved across core markets such as transportation, industrial, and aerospace and defense [22] - Book-to-bill ratios improved across all regions, indicating a healthy backlog growth [22] - Inventory at the end of the fourth quarter was $5.1 billion, with improved inventory turns reflecting disciplined working capital management [28] Company Strategy and Development Direction - The company focuses on growing higher-margin value-added services, which now account for roughly 30% of total operating income, up from less than 20% historically [9] - The strategic priority includes shifting towards higher quality results and profitable growth as the market gradually recovers [7] - The company aims to expand its role from traditional distribution to strategic partnerships, particularly in the ECS segment [11] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about gradual recovery in 2026, with expectations of profitable growth [15][30] - Visibility beyond 90 days remains cloudy, but backlogs are extending, indicating positive momentum [77] - The company is focused on managing costs and working capital carefully while aligning investments with demand [32] Other Important Information - The company repurchased $50 million in stock in Q4 and $150 million in 2025, reflecting confidence in its business model [14] - The search for a permanent CEO is ongoing, with updates to be provided when the process is complete [34] Q&A Session Summary Question: Can you comment on billing linearity through the quarter? - Management indicated that there was nothing unusual in billing or booking patterns during the fourth quarter, with all regions performing ahead of normal seasonality [41][42] Question: What drove strong sales in the Americas and ECS segment in EMEA? - Demand trends in key verticals such as transportation and aerospace are healthy, with gradual improvements noted in Western regions [55][58] Question: Can you elaborate on the strength in ECS hardware and value-added services? - ECS hardware comprises 25% of revenue, primarily from storage, compute, and networking, with growth driven by security and networking segments [60] - Value-added services are an extension of existing offerings across multiple verticals, contributing significantly to operating income [61][62]