Financial Data and Key Metrics Changes - Q2 2025 marked record bookings and revenues, with an 18% growth in adjusted EPS and a 90 basis point expansion in adjusted operating margins [8][11] - The backlog increased to $7.1 billion, up 6% compared to year-end 2024, despite a sequential decline of approximately $125 million due to expected reductions in shorter cycle businesses [9][11] - Organic revenues increased by 7%, with adjusted EBITDA margins expanding by 70 basis points [18] Business Line Data and Key Metrics Changes - Americas commercial HVAC organic bookings reached all-time highs, with a 20% increase in Q2, while applied solutions orders surged over 60% [8][12] - The services business represented one-third of enterprise revenues, delivering low teens growth, maintaining a low teens compound annual growth rate since 2020 [10][18] - Residential HVAC revenues fell mid-single digits due to a shortage of refrigerant cylinders, but year-to-date revenues were up 3% [14][56] Market Data and Key Metrics Changes - In EMEA, commercial HVAC bookings were down low single digits against a tough prior year growth comp of 20%, but two-year stack bookings were strong, up high teens [15] - In Asia Pacific, revenue declined by high single digits, primarily due to lower volumes in China, but the region is expected to meet full-year 2025 expectations for flat revenues [20][70] Company Strategy and Development Direction - The company is focused on a purpose-driven strategy addressing energy waste in buildings, aiming for sustainable solutions and long-term shareholder value [6][7] - Strategic investments in channel and M&A integrations are being made to support growth, despite impacting margins in the short term [19] - The company anticipates a strong rebound in the Americas transport refrigeration markets for 2026 and 2027, projecting over 20% growth each year [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in raising full-year revenue and EPS guidance, citing strong performance in the Americas commercial HVAC business [11][22] - Temporary headwinds in residential HVAC are expected to improve in Q3, with a forecasted revenue impact of approximately $150 million for the second half [20][21] - The company remains committed to a balanced capital allocation strategy, targeting organic leverage of 25% or higher for the year [24][26] Other Important Information - The company has deployed approximately $1.5 billion through its capital allocation strategy year-to-date, including $900 million for share repurchases [27] - The M&A pipeline remains active, with a disciplined approach to enhance long-term returns [27] Q&A Session Summary Question: What is driving the acceleration in commercial HVAC orders? - Management noted broad-based growth across various verticals, including healthcare, government, and data centers, with applied solutions leading the charge [32][34] Question: What is the outlook for service revenue growth? - Management indicated that service revenue growth is expected to continue, driven by applied solutions and connected services, with a compounding effect from past equipment sales [41][45] Question: How is the company addressing the residential HVAC cylinder shortage? - Management confirmed that the issue is largely resolved, with expectations for inventory normalization and a return to GDP-plus growth in the long term [56][58] Question: What are the expectations for the second half of the year regarding organic sales growth? - Guidance for Q3 is approximately 6% organic revenue growth, with expectations for low double digits in commercial HVAC [50][52] Question: How does the company view pricing and demand in the residential market? - Management believes the residential market will return to a GDP-plus growth trajectory, emphasizing that current challenges are temporary and not indicative of structural issues [107][108]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $25.5 million for Q2 2025, down from $41.8 million in Q2 2024, indicating a significant decline in profitability [17] - Adjusted earnings per share for Q2 2025 was $0.01, compared to $0.17 in the same period of 2024 [18] - Daily vessel operating expenses increased by 6% to $6,607 in Q2 2025, up from $6,254 in Q2 2024 [19] Business Line Data and Key Metrics Changes - The average time charter equivalent for vessels decreased to $14,857 in Q2 2025 from $18,650 in Q2 2024 [19] - The company operated an average of 46.75 vessels in Q2 2025, compared to 45.43 vessels in the same period of 2024 [19] Market Data and Key Metrics Changes - The drybulk fleet is projected to grow by about 2.8% on average in 2025 and 2026 due to stable new deliveries [6] - The global drybulk demand is forecasted to range from -0.5% to +0.5% in 2025, with growth expected to be between 1.5% to 2.5% in 2026 [11] - The increase in import tariffs led to a 57% year-on-year drop in U.S. grain volumes to China, affecting trade dynamics [12] Company Strategy and Development Direction - The company remains focused on fleet renewal, strong liquidity, and long-term value creation [5] - The company has declared a dividend of $0.05 per share, maintaining a consistent return to shareholders [6][14] - The company is positioning itself favorably with six new Phase three vessels on order, including two dual fuel vessels [9] Management Comments on Operating Environment and Future Outlook - Management noted a softer market in 2025, impacting revenues and profitability, but expressed confidence in fleet renewal and capital allocation strategies [5] - The global GDP growth expectations for 2025 and 2026 are projected at about 3%, which may positively influence the drybulk market [11] - Management highlighted the importance of decarbonization and energy-efficient new builds in the evolving market landscape [11] Other Important Information - The company maintains a strong liquidity position with $315 million in capital resources and a leverage ratio of 38% [14] - The company achieved zero vessels in D and E carbon intensity ratings for 2024, reflecting its commitment to sustainability [14][16] Q&A Session Summary - The Q&A session did not contain specific questions or answers, as the management concluded the presentation without engaging in a detailed Q&A segment [21][23]

Core Insights - Southern California Gas Co. (SoCalGas) reported that its energy efficiency programs saved customers over $95 million on utility bills in the previous year, with energy savings equivalent to the annual natural gas needs of nearly 125,000 homes [1][2] - The company avoided more than 260,000 metric tons of CO2 emissions, comparable to removing over 56,000 cars from the road for a year [1] - SoCalGas expanded financing options through its Marketplace and GoGreen programs, supporting nearly $67 million in facility and appliance improvements for homes and small businesses [2] Energy Efficiency Programs - SoCalGas administers over 70 customer-facing energy efficiency programs, providing incentives and services to various customer segments including residential, commercial, industrial, agricultural, and public customers [3] - The company engaged more than 2 million customers in 2024 through direct installations, property assessments, and outreach, while educational programs reached over 30,000 students [3] Water Conservation Efforts - SoCalGas' energy efficiency programs also contribute to water conservation, with high-efficiency water devices installed saving over one billion gallons of water in 2024, and an expected total of 11 billion gallons over their lifetime [2] Recognition and Awards - In April 2024, SoCalGas received the ENERGY STAR Partner of the Year Award for the second consecutive year, being the only utility in California to be recognized [4] - The company also received the Organizational Leadership Award from The Climate Registry for its support of California's energy goals [4] Company Overview - SoCalGas is the largest gas distribution utility in the United States, serving over 21 million consumers across approximately 24,000 square miles of Central and Southern California [6] - The company is a subsidiary of Sempra (NYSE: SRE), a leading North American energy infrastructure company [6]

Group 1 - Legend Power Systems Inc. has received consent from the TSX Venture Exchange to extend the expiry date of 12,861,553 common share purchase warrants from July 31, 2025, and August 22, 2025, to July 31, 2026, and August 22, 2026, respectively [1] - The warrants have an exercise price of $0.25, which indicates the potential for future capital raising opportunities for the company [1] Group 2 - Legend Power Systems Inc. provides an intelligent energy management platform that significantly impacts asset management and corporate performance by analyzing and improving building energy challenges [2] - The company's solutions support proactive executive decision-making in a complex business and energy environment, reducing total energy consumption and power costs while maximizing the life of electrical equipment [2] - Legend Power's solutions contribute to corporate sustainability efforts and help meet utility energy efficiency targets [2] Group 3 - SmartGATE is a turnkey solution offered by Legend Power that identifies and resolves inefficiencies in commercial electrical systems, enhancing energy performance while reducing costs and emissions [3] - The SmartGATE system provides full voltage regulation (+/- 8%) tailored to specific requirements, focusing on reducing energy consumption and optimizing power performance [3]

Financial Data and Key Metrics Changes - The company reported a 16% increase in net sales and a 23% increase in adjusted EBITDA for Q2 2025, with an adjusted EBITDA margin expansion of 200 basis points to 36% [7][20][24] - Adjusted diluted earnings per share rose by 29% year over year, marking the highest quarterly EPS growth rate since the separation from the flooring business in 2016 [7][20] - Year-to-date adjusted free cash flow increased by 29%, driven primarily by higher cash earnings and dividends from the Wave joint venture [22][21] Business Line Data and Key Metrics Changes - In the Mineral Fiber segment, net sales grew by 7%, with an average unit value (AUV) growth of 5% and adjusted EBITDA increasing by 16% [9][17] - The Architectural Specialties segment saw a 37% increase in net sales, with organic growth of 15% and adjusted EBITDA growth of 61%, achieving an adjusted EBITDA margin of approximately 22% [10][19] Market Data and Key Metrics Changes - The overall market conditions were described as stable and flattish, with no significant uptick in project delays or cancellations [32][46] - Bidding activity remained steady, with first-time bidding activity reflecting a level of uncertainty in the market [46][48] Company Strategy and Development Direction - The company is focused on innovation as a competitive advantage, particularly with the launch of the Temploc product line, which offers energy-saving ceiling tiles [28][29] - The strategy includes expanding the Architectural Specialties segment and pursuing bolt-on acquisitions to enhance the product portfolio [11][12] Management's Comments on Operating Environment and Future Outlook - Management anticipates softer market conditions in the second half of the year due to economic uncertainty, but remains confident in the ability to outperform the market through consistent AUV growth and margin expansion [32][33] - The updated guidance for 2025 reflects expectations of continued execution and improved performance, with total company net sales growth projected at 11% to 13% [24][25] Other Important Information - The company is successfully mitigating the impacts of tariffs, which are expected to have a modest headwind effect on costs [25][26] - The recent tax legislation is anticipated to result in a cash tax benefit in 2025, with a normalized full-year cash tax rate expected to be around 22% [26] Q&A Session Summary Question: Can you provide more detail on the Architectural Specialties segment's organic growth? - Management highlighted the success of commercial teams in penetrating the market and the importance of the ProjectWorks software platform in driving growth [39][41] Question: What are the expectations for bidding activity in the second half? - Management noted stable ground-level bidding activity but acknowledged softness in first-time bidding due to market uncertainty [46][48] Question: Can you elaborate on the cost side for Architectural Specialties? - Management indicated that improved operating margins are driven by volume growth and efficiency in manufacturing operations [55][56] Question: How is the Temploc product performing in terms of customer interest? - Management expressed optimism about customer enthusiasm and the potential for Temploc to drive future sales growth [68][69] Question: What is the outlook for Mineral Fiber margins? - Management expects continued strong margins driven by AUV growth and productivity improvements, despite lower volumes [78][79] Question: How does the recent distribution consolidation affect the company? - Management indicated that the consolidation has been beneficial and that relationships with key distributors remain strong [86][87] Question: What is the expected impact of the new tax legislation? - Management anticipates a cash tax benefit in 2025, contributing positively to financial performance [26][26]

Company Overview - Orion Energy Systems, Inc. specializes in energy-efficient LED lighting, electric vehicle charging solutions, and electrical maintenance services [3] - The company focuses on providing turnkey design-through-installation solutions for large national customers and projects through ESCO and distribution partners [3] Upcoming Financial Event - Orion will host a conference call and webcast to review its fiscal 2026 first quarter results on August 6, 2025, at 10:00 a.m. ET [1] - The results will be released prior to the market's opening on the same day [1] Engagement and Communication - Live call participants must pre-register to receive dial-in information, and re-registration is available if they lose the dial-in or PIN [2] - Investor relations contacts are provided for further inquiries, including CFO Per Brodin and Catalyst IR representatives [4]

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Core Points - Thermal Energy International Inc. has received a $1 million turnkey heat recovery order from a leading multinational building materials company [1][2] - The project involves the installation of three HeatSponge multi-pass two-stage boiler economizers, which are proprietary to the company's subsidiary, Boilerroom Equipment Inc. [1][2] - The project is expected to provide annual natural gas savings of 41,545 mmBTU and reduce greenhouse gas emissions by up to 2,202 metric tons CO₂ per year, representing a 10% reduction in the site's total CO₂ emissions [2] Financial Expectations - Revenue from this order is anticipated to be recognized within 12 months, with gross margins expected to align with historical amounts for similar turnkey projects [3] - The company’s overall gross margins are detailed in its quarterly disclosure materials [3] Company Overview - Thermal Energy International Inc. specializes in energy efficiency and emissions reduction solutions for large corporations, aiming to save customers money by reducing fuel use and carbon emissions [4][5] - The company’s proprietary solutions can recover up to 80% of energy lost in typical boiler plant and steam system operations, offering a high return on investment with a short payback period [4][5] - Thermal Energy operates engineering offices in Ottawa, Pittsburgh, and Bristol, with sales offices across several countries including Canada, the UK, the USA, Germany, Poland, and Italy [5]

Core Insights - Accelsius will deploy its NeuCool™ IR80 system at Equinix's Co-Innovation Facility in Q3 2025, enhancing data center cooling solutions [1] - The collaboration aims to demonstrate technology in real-world scenarios, making it tangible for customers [2] - The two-phase, direct-to-chip cooling solution allows for warmer inlet water temperatures, leading to energy efficiency and reduced reliance on compressors [2] - The deployment will showcase the benefits of two-phase cooling for GPUs, with a non-conductive dielectric fluid ensuring safety [3] Company Overview - Accelsius, founded by Innventure, Inc. (NASDAQ:INV), focuses on advanced cooling solutions for data centers and edge operators [4] - The NeuCool platform offers thermal efficiencies through a safe, scalable two-phase liquid cooling system [4]

Power Supply & Energy Efficiency - China's power supply this summer is being bolstered by a government trade-in program [1] - The program facilitates millions of households upgrading to more efficient air-conditioners [1]