Financial Data and Key Metrics Changes - The company achieved net earnings from continuing operations of $139 million or $0.68 per share in Q2 2025, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [13] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [14] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [14][15] - Total cash costs were $10.64 per ounce sold and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company produced 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At Olympias, gold production was 15,978 ounces with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [28] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, impacted by higher labor costs and increased royalty expenses [31] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025 compared to $2,336 per ounce in the same period last year [15] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, aiming for the midpoint based on first-half performance [8] Company Strategy and Development Direction - The company is focused on advancing growth capital investments in Greece, particularly in the Scourias copper-gold project, which is expected to begin production in 2026 [20][36] - The company remains committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, supported by a strong balance sheet and quality assets [35] - The company acknowledged the need for continuous improvement in safety performance, with a lost time injury frequency rate of 0.95 in Q2 2025 [9][10] Other Important Information - The company repurchased over 2.8 million shares at a cost of $58.4 million year-to-date, reinforcing its disciplined capital allocation strategy [12] - The company was recognized as one of Canada's best companies in 2025 by Time for its strong performance in sustainability and employee satisfaction [11] Q&A Session Summary Question: CapEx spend in Q2 and future expectations - Management expects a ramp-up in Q3 and a decrease in Q4 as the company moves into commissioning and startup of the facility [38] Question: Critical path items in the project - The filter plant construction is on the critical path due to extensive geotechnical work required for its foundation [41][42] Question: Balance sheet and rationale for drawdown - The drawdown on the project financing facility is strategic to take advantage of favorable interest rates and maintain financial flexibility [50][54] Question: Kisladag metallurgical work delays - Delays were due to the initial drilling contractor's substandard equipment, leading to a three-month delay in the program [68] Question: Skilled labor retention and productivity - The company has secured additional accommodation and is confident in retaining skilled labor, with productivity meeting expectations [76] Question: Commercial production definition and ramp-up timeline - Commercial production is defined as exceeding 70% throughput with expected recoveries, with a ramp-up to nameplate capacity expected by Q3 [78][81]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $44 million, a decline of 13.7% compared to the prior year quarter, with adjusted EBITDA at $5.8 million, reflecting a margin of 13.3% [8][17][19] - Same store revenue declined approximately 22% year-over-year, while cases decreased by 14.1% to 3,392 [17][19] - Average revenue per case was approximately flat at $12,975 compared to the previous year [17] Business Line Data and Key Metrics Changes - The company experienced a sequential improvement in year-over-year revenue performance and a record level of lead growth, alongside a meaningful increase in consultation volume [6][7] - The percentage of patients using financing for procedures increased to 50%, up from 44% in the first quarter [18] Market Data and Key Metrics Changes - The company noted a challenging macro environment affecting consumer spending, leading to lower case volumes [9][17] - Despite the challenges, there was strong consumer interest in AirSculpt's offerings, with record high lead generation and improved marketing efficiency [11][12] Company Strategy and Development Direction - The company is focused on enhancing its culture and improving its go-to-market strategy, which includes reallocating marketing spend to proven strategies and optimizing sales processes [10][11][12] - New service offerings, such as a skin tightening procedure pilot, are being introduced to tap into consumer demand [13][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy to stabilize sales and return to growth, despite ongoing consumer spending uncertainty [15][16] - The company reiterated its annual outlook, expecting revenue in the range of $160 million to $170 million and adjusted EBITDA between $16 million and $18 million for fiscal 2025 [22][23] Other Important Information - The CFO announced plans to retire later this year, with a search underway for a replacement [5] - The company repaid $16 million in debt during the quarter, improving its financial position and reducing its leverage ratio to 2.87 times [20][21] Q&A Session Summary Question: Guidance implies revenues that are flattish in the second half, what are the drivers for that acceleration? - Management noted that while consumer uncertainty remains, there is strong interest in AirSculpt, with record high leads and consultations, which should help stabilize revenue [26][27] Question: Update on the skin tightening offering and its impact on revenue? - Management confirmed that there are no standalone skin tightening expectations in guidance yet, but strong interest has been observed [29][30] Question: Performance of the new centers opened in 2024? - The new centers are performing in line with expectations but are facing similar consumer pressures as existing locations [35] Question: Any seasonal considerations for the third quarter? - Management indicated a typical softening in Q3, with expectations for improvement in Q4 due to cost initiatives and marketing efforts [37] Question: Update on the London facility's performance? - The London facility has shown improvement but remains cash flow negative, with management focused on enhancing results [40] Question: Insights on consumer sentiment and market dynamics? - Management observed tentative consumer behavior, with leads and consultations strong but consumers hesitant to commit to purchases [44] Question: What needs to happen before considering expansion opportunities? - The focus remains on improving same store sales growth before revisiting expansion plans [46][47]

Core Insights - Gran Tierra Energy reported record production of 47,196 barrels of oil equivalent per day in Q2 2025, driven by an expanded Canadian portfolio [1][5] - Despite operational growth, revenue declined by 8% year over year to $152 million due to weaker commodity prices, resulting in a net loss of $13 million compared to a profit of $36 million in Q2 2024 [1][2] Financial Performance - Net income decreased significantly to $(13 million) from $36 million, marking a 136.1% decline [2] - Revenue fell to $152 million from $165 million, an 8.4% decrease [2] - Adjusted EBITDA dropped 25.2% to $77 million [2] - Funds flow from operations increased by 17.4% to $54 million [2] - Free cash flow turned positive at $2.7 million, improving from $(15.1 million) [2] Production and Operational Highlights - Average daily production increased by 43.9% year over year, reaching 47,196 boe/d [2] - The Canadian segment contributed 17,496 boe/d, with new wells exceeding expectations despite lower realized prices [6] - Colombia's Acordionero field benefited from waterflood optimization, enhancing oil recovery [5][14] Cost Management and Efficiency - Operating costs per barrel improved to $13.42, the lowest since Q1 2022 [7] - Drilling costs in the Colombian Cohembi field decreased by 47% compared to previous operators [7] - Operating netback fell to $21.39, significantly lower than $38.80 in Q2 2024 due to lower sales prices and the inclusion of Canadian volumes [11] Strategic Developments - The company entered a binding agreement to exit the UK North Sea, expected to close in Q3 2025 [8] - A $14 million gain from hedging activities helped mitigate the impact of lower oil prices [8][10] - A $200 million prepayment facility was signed to enhance liquidity and balance sheet flexibility [9][12] Regional Performance - Colombia remained the core revenue source, with the Acordionero field averaging around 14,200 barrels per day [14] - Ecuador's operations showed positive results from successful drilling in the Iguana Block [15] - Canadian operations, while adding scale, realized lower prices and margins compared to South America [15] Management Outlook - No updated financial guidance was provided, but prior expectations for FY2025 production were set at 47,000 to 53,000 boe/d [17] - Investors are advised to monitor realized oil pricing and the integration of Canadian assets for future performance [18]

Financial Performance Highlights - Q2 2025 Adjusted EBITDA reached $694 million, exceeding guidance of approximately $670 million[7] - Q2 2025 Adjusted EPS was $051, meeting guidance despite an $008 impact from foreign exchange[7] - Net Yield increased by 31% compared to 2024, surpassing guidance by 60 bps[7] - Adjusted Net Cruise Cost Excluding Fuel per Capacity Day was $163, flat compared to 2024 and better than the guidance of $165[7] - The company expects to deliver over $200 million in cumulative total savings by the end of 2025 and is confident in achieving a $300 million+ target through 2026[30] Growth and Capacity - The company anticipates a net capacity growth with a 4% CAGR[22] - The company has 7 new ships on order, representing approximately 31,250 berths[22] - Oceania Cruises has 4 new ships on order, representing approximately 5,560 berths[22] - Regent Seven Seas has 2 new ships on order, representing approximately 1,650 berths[22] Financial Targets and Leverage - The company targets an Adjusted Operational EBITDA Margin of approximately 39% and Adjusted EPS of approximately $245 for 2026[35] - The company aims to reduce Net Leverage to the mid-4x range[35] - Q2 2025 Net Leverage decreased to 53x and is expected to end 2025 at approximately 52x[7,68] Sustainability - The company aims for a 10% reduction in GHG intensity from the 2019 baseline[36] - By the end of 2024, 59% of the company's fleet was equipped with shore power technology[45] - 47% of the company's fleet was tested with biofuel blends, exceeding the 40% goal by 2024[52]

Core Insights - Scotts Miracle-Gro reported a significant profit beat with non-GAAP diluted EPS of $2.59, exceeding the analyst forecast of $2.26, while GAAP revenue was $1.19 billion, slightly below both the previous year's $1.20 billion and the analyst estimate of $1,226.93 million [1][2][5] - The company experienced a 1% increase in U.S. Consumer revenue, but total revenue slipped 1.2% year over year, indicating progress in cost control and profitability despite softness in top-line growth [1][5] Financial Performance - Non-GAAP diluted EPS reached $2.59, outperforming the analyst estimate by 14.6% [5] - GAAP revenue was $1.19 billion, down 1% from the prior year and missing the analyst forecast [2][5] - Gross margin rate (non-GAAP) improved by 2.9 percentage points to 32.1% due to reduced material and manufacturing costs [2][6] - Adjusted EBITDA (non-GAAP) was $256.1 million, an 8.1% increase from $236.8 million in Q3 2024 [2][6] Business Overview - Scotts Miracle-Gro is a leading manufacturer of consumer lawn and garden products in North America, with core brands including Scotts, Miracle-Gro, Ortho, and Roundup [3] - The company maintains strong partnerships with major retailers and focuses on cost management, expanding gross margin, and increasing consumer engagement through product innovation [4] Segment Performance - The U.S. Consumer segment, which accounts for the majority of results, saw a 1% increase in net sales, with segment profit growing 12% to $235.5 million [5] - The Hawthorne segment, focused on hydroponics, experienced a significant decline in net sales, dropping 54% to $31.2 million in Q3 FY2025, with plans for divestiture [7] - The "Other" segment, including Canada and miscellaneous international business, saw net sales rise 8% and segment profit climb 44% [7] Strategic Initiatives - The company launched new products in FY2025, including organic fertilizers and natural grass seed, capturing demand from new consumers [8] - Promotional efforts led to a 6% growth in U.S. Consumer point-of-sale units, despite discounting affecting average selling prices [8][9] Future Guidance - Management expects U.S. Consumer net sales to grow at a low single-digit rate for FY2025, with a non-GAAP adjusted gross margin around 30% [10] - Adjusted EBITDA is projected to be between $570 and $590 million, with non-GAAP adjusted EPS of at least $3.50 for FY2025 [10] - Free cash flow is anticipated to be about $250 million for FY2025, with leverage ending Q3 FY2025 at 4.15x [10]

Core Insights - Kelso Technologies Inc. reported its second consecutive profitable quarter with a net income of $72,175 for Q2-2025, despite a revenue decline of 8.6% year-over-year due to macroeconomic challenges [5][12][14] - The company anticipates flat to slightly positive sales growth of 0% to 5% for FY2025 compared to FY2024, while maintaining disciplined cost management to prepare for future demand increases [5][14][16] - Kelso is actively seeking full approval from the Association of American Railroads (AAR) for its new products, which is expected to create new revenue opportunities [15][17] Financial Performance Summary - For the three months ended June 30, 2025, revenues were $2,643,208, down from $2,891,591 in the same period of 2024, with a gross profit of $1,075,446 and a gross profit margin of 41% [4][5] - In the first half of 2025, total revenues reached $5,801,283, slightly up from $5,544,195 in the first half of 2024, with a gross profit of $2,485,201 and a gross profit margin of 43% [4][5] - The company reduced total expenses by 30% year-over-year, amounting to $580,303, demonstrating effective cost management [5][12] Liquidity and Capital Resources - As of June 30, 2025, the company had cash of $488,273 and accounts receivable of $1,303,613, compared to cash of $153,147 and accounts receivable of $1,091,304 as of December 31, 2024 [8][9] - The working capital position improved to $2,682,405 as of June 30, 2025, up from $2,125,386 at the end of 2024 [9] - The company fully repaid $250,000 drawn from its $500,000 line of credit, now having access to the entire amount [10] Strategic Outlook - The company is preparing for a potential rebound in tank car builds, expecting lower production in 2026 but a rise to 13,000 units in 2027 [16] - Kelso's strategic focus includes maintaining operational readiness and cost management to capitalize on anticipated demand increases in the rail industry [14][16] - The company aims to enhance profitability through a wider array of new proprietary products and improved operational efficiency [17][18]

Financial Data and Key Metrics Changes - Total revenue in Q2 2025 was $127.8 million, down 18.2% from the previous year, primarily due to lower volumes in the U.S. Consumer business as retailers paused purchases [18] - Gross profit was $35.1 million, compared to $40.5 million in the same period last year, with a gross margin increase of 160 basis points to 27.5% [19] - Operating profit was $5.9 million, or 4.7% of total revenue, down from $10 million or 6.4% in the previous year [21] - Net income was $4.5 million, or $0.33 per diluted share, compared to $6 million, or $0.42 per diluted share, a year ago [21] - For the first half of 2025, revenue was $261.1 million, down 8.2% from 2024, with gross margin increasing 120 basis points to 26% [21] Business Line Data and Key Metrics Changes - The core business maintained its number one position in units in North America despite top-line headwinds [12] - The Health business generated $1.7 million in revenue for Q2, significantly improving from $859,000 last year, while reducing operating segment loss from $2 million to $864,000 [32] - The commercial business contributed positively to gross margin expansion and profitability, with expectations for SunCast revenue to be about 5% of the commercial business in 2025 and double in 2026 [14] Market Data and Key Metrics Changes - The U.S. business was adversely affected by increased tariffs, leading to a decrease in retailer demand [6] - Retailers paused purchasing in response to new tariffs, impacting sales volume [18] - Visibility remains limited due to ongoing tariff negotiations and their potential impact on consumer buying [23] Company Strategy and Development Direction - The company is diversifying manufacturing away from China to other Asia Pacific countries to minimize tariff exposure [7] - Strategic pricing actions were taken in June to align with current tariff rate increases, which were accepted by retail partners [9] - The company is optimistic about market opportunities for its core business, with key placements secured for the holiday season [12] - The Lotus brand launch is expected to be heavily supported with over $5 million in marketing over the next 18 months [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and brand strength despite near-term challenges [15] - The company is focused on maintaining market leadership and achieving long-term success through proactive measures [15] - Ongoing geopolitical events and trade negotiations create uncertainty in retailer planning and consumer demand [23] Other Important Information - The company realized $10 million in annualized savings from cost management measures, including an 8% reduction in force [9] - Net cash used for operating activities was $23.8 million for the first half of 2025, compared to a net cash provided of $37.1 million in the same period last year [22] - The restructuring charge for the quarter was approximately $800,000 [49] Q&A Session Summary Question: Performance of Health Beacon in Q2 - Management reported that the Health business had $1.7 million in revenue for Q2, significantly improving from last year, and is on track to meet growth targets [32] Question: Capital allocation plan regarding buybacks - Management indicated that stock buybacks are opportunistic and aim to avoid dilution from stock issuances [34][36] Question: Cost savings program details - A significant portion of the $10 million in annualized savings is headcount-related, primarily from the retail segment [41] Question: Pricing increases and competitive landscape - Management noted that pricing adjustments were made to cover tariffs, and competitors face similar challenges [43][48] Question: Long-term growth strategy - Management emphasized a focus on growth, particularly in the premium space, and expressed confidence in the company's strategy despite recent challenges [56][60]

Financial Data and Key Metrics Changes - In Q2, consolidated revenue was $459 million, with gross margins at 9% and breakeven adjusted operating margins [23] - Adjusted EBITDA was $16 million, or 3.6% of sales, while adjusted net income attributable to common stockholders was negative $6.1 million, or negative $0.15 per diluted share [23] - Year-to-date operating cash flow was negative $16.1 million, with liquidity at $312 million as of June 30 [24] Business Line Data and Key Metrics Changes - Transportation Solutions generated revenue of $400 million and operating income of $13 million, while Parts and Services generated revenue of $60 million and operating income of $9.1 million [24] - Parts and Services segment grew 15% sequentially and 8.8% year over year, with EBITDA margins returning to the high teens [16] Market Data and Key Metrics Changes - Demand remains muted across the trailer industry, with shipment volumes expected to fall below basic replacement demand in 2025 [12] - The backlog declined to approximately $1 billion at the end of Q2, reflecting cautious customer behavior in capital spending [12] Company Strategy and Development Direction - The company is focusing on building resilient and recurring revenue streams through the Parts and Services segment, which is seen as a key driver of long-term stability and growth [6][21] - The company is committed to operational efficiency and cost discipline to offset inflationary pressures and rising costs [10] Management's Comments on Operating Environment and Future Outlook - Management noted that economic conditions remain softer than anticipated, with customers showing increased hesitation in capital spending [5] - The company expects to be near free cash flow breakeven for 2025, excluding capital investments in trailers as a service, and is cautiously optimistic about a return to growth in 2026 [13][30] Other Important Information - The company is actively engaged in legal matters stemming from a 2019 motor vehicle accident and is pursuing all available legal options [11] - Capital allocation priorities remain disciplined and growth-oriented, with a focus on maintaining dividends and evaluating share repurchases [25] Q&A Session Summary Question: Update on the overall trailer cycle for 2026 - Management indicated that capacity exiting the market is a key factor to watch for order rates to pick up, along with the fundamental freight-producing subsectors [35][36] Question: Industry efficiency with fewer assets - Management noted that there hasn't been substantial efficiency gains at scale, and the net inefficiency remains greater than efficiency created [40] Question: Details on parts and service growth - Management expressed confidence in continued growth for the Parts and Services segment, expecting a 20% improvement in the second half of the year [41][42] Question: Clarification on CapEx and investment in trailers as a service - Management confirmed that the $30 million to $40 million CapEx does not include investments in trailers as a service, which is separate [46] Question: Average sales price changes and driving factors - Management explained that the sequential drop in average sales price was primarily mix-driven, with a higher percentage of dry vans affecting ASP [49][51] Question: Market outlook and potential recovery - Management acknowledged the current market challenges but expressed hope that the darkest days may be behind, contingent on future market conditions [60][62]

Core Insights - CTS reported Q2 2025 results with non-GAAP EPS of $0.57 and GAAP revenue of $135.3 million, reflecting a year-over-year revenue increase of 3.8% from $130.2 million in Q2 2024 [1][2] - The adjusted gross margin improved by 2.9 percentage points to 38.7% compared to Q2 2024, indicating ongoing progress in margin expansion and profitability [1][2][5] - The company is focusing on diversification in industrial, medical, and aerospace/defense sectors to mitigate risks associated with transportation market fluctuations [4][7] Financial Performance - Non-GAAP free cash flow increased significantly from $15.0 million in Q2 2024 to $25.1 million in Q2 2025, showcasing strong cash generation capabilities [2][6] - Adjusted EBITDA margin rose to 23.0%, up 1.3 percentage points from the previous year, reflecting improved profitability metrics [2][5] - Revenue from the medical and aerospace/defense markets showed strong volume gains, while transportation revenue faced challenges due to softer demand in China and increased competition [7][8] Business Strategy - CTS has shifted its strategy to prioritize growth in industrial, medical, and aerospace/defense sectors, which helps offset risks from declining transportation sales [4] - The company emphasizes continuous innovation, disciplined cost management, and a strong pipeline of new program wins in targeted growth markets as key success factors [4] - Management is focused on M&A-driven growth and shareholder returns, with planned capital expenditures expected to be approximately 4% of sales for FY2025 [10] Outlook - CTS maintains its fiscal 2025 guidance, expecting GAAP net sales between $520 million and $550 million and non-GAAP adjusted diluted EPS of $2.20 to $2.35 [9] - Investors should monitor margin performance, customer concentration dilution, and the pace of end-market diversification, as these factors will be critical for future performance [11]

Financial Data and Key Metrics Changes - Revenue increased by 7% to $508.3 million in Q4 and up 2% to $1.6255 billion for the fiscal year [28] - Adjusted operating income decreased to $63.4 million in Q4 from $66.8 million in the prior year, with full year adjusted operating income at $35.8 million compared to $44.7 million [29] - Adjusted EBITDA increased by 1% to $91.2 million in Q4 and up 6% to $145.4 million for the fiscal year [29] Business Line Data and Key Metrics Changes - Children's book publishing and distribution revenue increased by 9% to $288.2 million in Q4, driven by strong performance in book fairs and trade publishing [29] - Education segment revenue decreased by 7% in Q4 to $125.7 million and down 12% for the full year to $309.8 million, reflecting continued headwinds in the supplemental curriculum market [31] - Entertainment segment revenue increased to $14.8 million in Q4 compared to $0.6 million in the prior year, with full year revenue at $61 million compared to $1.9 million [32] Market Data and Key Metrics Changes - International segment revenue increased by 8% to $76.8 million in Q4 and up 2% to $279.6 million for the fiscal year, driven by strong trade channel performance [34] - Foreign exchange had an unfavorable impact of $600,000 in Q4 and $1.6 million for the full year [34] Company Strategy and Development Direction - The company aims to strengthen its core businesses and unlock value from its iconic intellectual property while positioning for long-term profitable growth [7][8] - Strategic integration of trade publishing, book fairs, and book clubs is expected to drive long-term revenue growth and increase profitability [19][20] - The company is exploring monetization opportunities for its real estate assets to unlock value for shareholders [38][39] Management's Comments on Operating Environment and Future Outlook - Management noted continued pressure on consumer and school spending but expects modest revenue growth in fiscal 2026 [14][15] - The company anticipates adjusted EBITDA growth of approximately 20% in fiscal 2026, excluding expected tariff expenses [14][40] - Management expressed optimism about the education segment's potential for growth through state-sponsored programs and literacy partnerships [25][60] Other Important Information - The company returned over $92 million to shareholders in fiscal 2025, including $35 million in Q4 [37] - The company appointed two new independent directors to support business transformation and growth strategies [26] Q&A Session Summary Question: What are the sources of cost savings going forward? - Cost actions are primarily from non-discretionary functions, focusing on areas that are not revenue-driven [51][52] Question: What are the driving factors behind flat revenue expectations in the Education Solutions business? - Parts of the education business are performing well, particularly state-sponsored work, but overall market conditions remain cyclically difficult [54][55] Question: Is there a shift towards science-based reading approaches in literacy instruction? - There is a growing importance of science-based reading, and the company has materials aligned with this approach [57] Question: What is the pipeline for additional state partnerships in literacy programs? - The company is optimistic about expanding partnerships with state governments, although sales cycles are long [60][61] Question: What is the expectation for profitability in the entertainment business for fiscal 2026? - Profitability is expected to be slightly lower but in line with the current year, impacted by inflation [64] Question: What is the timing for potential sale leaseback transactions of real estate assets? - The company is working towards having something within the next 90 to 120 days regarding real estate monetization [66]