Group 1 - The company Blue Harbinger Research was founded in 2015 to assist individuals in managing their investments [1] - The owner of Blue Harbinger Research also established a private investment management firm in 2021 [1] - The founder has a background as a multibillion-dollar pension fund manager and buyside portfolio manager [1] Group 2 - The founder holds an MBA from the University of Chicago Booth School of Business [1] - The founder has a BS in Finance from the University of Illinois at Urbana-Champaign [1]

Market Volatility & Geopolitical Landscape - The market is experiencing volatility due to recent geopolitical developments, particularly the conflict in the Middle East, but not as significantly as the tariff impacts earlier in the year [2] - Investors and advisors are becoming more accustomed to increased volatility [3] - Increased interest in fixed income ETFs, especially short-term ones, is observed as investors seek income with lower risk [3] - Broadly diversified ETFs, like the Vanguard 500 ETF, are attracting inflows, indicating investors are using sell-offs as buying opportunities [3][4] Tech Investment & Safe Haven Status - Tech is heavily weighted in broadly diversified large-cap ETFs, suggesting many investors include tech and AI as part of a broader portfolio [5] - Technology was considered a safe haven during the COVID selloff in 2020 [6] - Investors are now showing interest in more traditional defensive sectors like utilities and consumer staples [7] - Large-cap tech is still seen as a relative safe haven, but investors also seek diversification with traditional defensive sectors [7] AI Revolution & Tech Valuation - Focusing solely on valuation can lead to missing transformational tech stocks [9] - The market is believed to be underestimating the growth potential of the AI revolution in tech [9] - Geopolitical events are viewed as opportunities to acquire tech stocks at lower prices [9]

Financial Data and Key Metrics Changes - The company reported revenue of $189 million for the first quarter of 2025, reflecting an increase of over 17% compared to the previous year [16] - Adjusted EBITDA doubled to $8.2 million, with an adjusted EBITDA margin improving by 180 basis points to 4.3% [18][19] - Consolidated gross profit margin increased to $23 million, or 12.2% of revenue, up from 9.7% in the same period last year [16][18] Business Line Data and Key Metrics Changes - Marine revenue increased by over 19%, while concrete revenue rose by 13% [16] - Adjusted EBITDA margin in the Marine segment was 8.6%, compared to 0.9% last year, while the Concrete segment's adjusted EBITDA margin was negative 4.4%, down from positive 5.7% in the prior year [19] Market Data and Key Metrics Changes - The company secured nearly $350 million in new project wins, with $161 million in marine and $188 million in concrete projects [11] - The backlog plus awarded work reached $890 million, with $607 million related to the Marine segment and $232 million to the Concrete segment [21] Company Strategy and Development Direction - The company is focused on building a profitable backlog from a strong pipeline of opportunities, particularly in marine facilities, dredging, bridges, and data centers [11][12] - The management emphasized the importance of the current administration's policies, which are expected to provide tailwinds for the business, particularly in shipbuilding and defense [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong demand in the data center market and a lack of signs of a slowdown [13][14] - The company reiterated its full-year guidance for 2025, expecting revenue between $800 million and $850 million and adjusted EBITDA between $42 million and $46 million [25] Other Important Information - The company is transitioning to new IT systems to enhance operational efficiency and is consolidating its Houston area offices to reduce costs [22][24] - Cash flow from operations was negative $3.4 million, an improvement from negative $22.8 million in the prior year quarter [21][22] Q&A Session Summary Question: Outlook on defense spending and RFPs - Management expects awards related to defense spending to materialize late this year or early next year, with potential project sizes around $500 million [28][30] Question: Concrete business outlook - Management has not seen a slowdown in bidding activity and expects concrete margins to improve as the year progresses [31][33] Question: Input costs and pricing - Management anticipates increased costs for steel and other materials but plans to manage these risks through contingency measures [65] Question: Marine segment margins - The strong margins in the Marine segment are expected to continue, although they may fluctuate due to project mix [40][41] Question: Capital position for future projects - The company has sufficient capital capacity to support upcoming projects and is in discussions with financing partners for potential equipment acquisitions [56][57]

Group 1 - Big Tech companies, including Microsoft, Meta, Amazon, and Apple, are set to report earnings, with a bullish outlook despite tariff concerns [1][2] - Analysts expect strong results driven by cloud spending, digital advertising, and enterprise AI budgets, indicating a focus on demand trends [2][3] - Approximately 15% of IT budgets are now allocated to AI, highlighting the growing importance of AI investments [4] Group 2 - Apple faces potential tariff impacts, with a worst-case scenario predicting a 15-20% hit to its 2025-26 numbers, while a quicker resolution could limit the damage to 2-5% [5] - Despite tariff challenges, Apple is supported by a large installed base of 1.5 billion iPhones and 2.4 billion iOS devices, along with a robust Services business [6] - Overall, Big Tech's earnings could act as a confidence booster for investors if they maintain a long-term perspective on AI developments [6]

Nvidia Corp NVDA has gone from being an AI crown jewel to a geopolitical chess piece. And, it looks like Wall Street just got a front-row seat to a high-stakes poker game between Washington and Beijing.After weeks of tension, the first real blow in the U.S.-China tech trade war has landed: the White House is blocking Nvidia's H20 chip sales to China. "This week were the first shots fired in the trade war in the tech world," said Wedbush analyst Dan Ives.With 145% reciprocal tariffs in play, and tech still a ...

Core Insights - Tomas Riba is an economist and former CFO who focuses on investing in high-quality companies capable of compounding cash flow over the long term [1] - His investment strategy emphasizes companies with strong competitive advantages, operating in growing industries, expanding margins, low debt, and aligned management [1] Background and Experience - Tomas Riba began his journey in financial markets at a young age and has been investing since 2007 [1] - He has a background in accounting and has served as CFO for a holding company involved in various sectors including pharma, medical devices, textiles, food, and real estate [1] - Currently, he teaches courses on "Derivatives for risk management" and "Investment analysis" at a Master's Degree program in Financial Management [1]