Core Viewpoint - Rivian Automotive has achieved its first positive gross margin in Q4 2024, marking a significant milestone in its journey towards becoming a sustainable business, although challenges remain ahead [2][10]. Financial Performance - Rivian reported a quarterly gross profit of $170 million with a gross margin rate of 9.8%, a significant improvement from a negative 46% a year ago [2][3]. - Q4 revenue increased by 32% to $1.73 billion, with automotive revenue rising 26% to $1.52 billion and software and services revenue doubling to $214 million [4]. - Adjusted EBITDA loss improved from $1 billion in the prior year to a loss of $277 million [5]. Production and Delivery - The company delivered 14,183 vehicles in Q4, a 2% increase from the previous year, but manufactured only 12,727 vehicles due to supply constraints [4]. - Rivian plans to deliver between 46,000 and 51,000 vehicles in 2025, with a temporary shutdown of its current plant to prepare for the launch of the R2 SUV [8]. Cost Management - Rivian reduced manufacturing costs by $31,000 per vehicle year over year, primarily through lower material costs and improved manufacturing processes [3]. - The company aims to achieve a modest full-year gross profit in 2025, despite projected negative adjusted EBITDA of $1.7 billion to $1.9 billion [8]. Strategic Partnerships and Future Plans - Rivian secured a loan of up to $6.6 billion from the Department of Energy to support its new manufacturing facility in Georgia and formed a joint venture with Volkswagen, which will invest up to $5.8 billion [6][11]. - The R2 SUV, expected to launch in the first half of 2026, will have a base price around $45,000, aimed at increasing market appeal compared to the R1S SUV [7][10].

Financial Data and Key Metrics Changes - The company reported net gaming revenues of €53 million for Q4 2024, a 5% increase compared to Q4 2023. In constant currency terms, this would have been €57 million, reflecting a 15% increase year-on-year [10][14][20] - Adjusted EBITDA for Q4 2024 was €1.9 million, with a total of €6.4 million for the full year, marking positive adjusted EBITDA in each quarter throughout 2024 [15][16] - The average cost per acquisition (CPA) decreased to €211, the lowest since Q4 2023, indicating improved efficiency in customer acquisition [12][48] Business Line Data and Key Metrics Changes - The casino segment contributed 62% of total net gaming revenue in Q4 2024, driven by a seasonal decline in sports betting [10] - In Spain, net gaming revenue grew by 10% to €23 million, while in Mexico, it remained flat at €25 million due to currency and sports betting margin headwinds [14][20] - The number of average monthly active customers increased by 6%, reaching nearly 70,000, which is 16% higher than Q4 2023 [21] Market Data and Key Metrics Changes - The Mexican peso devalued by 14% in Q4 2024, impacting net gaming revenue by approximately €3.4 million [20][22] - Despite the challenges in Mexico, the company remains optimistic about growth opportunities in the market, citing a strong customer base and retention strategies [21] Company Strategy and Development Direction - The company has approved a one-year share buyback plan for up to $5 million, reflecting confidence in its cash position and future cash flow generation [12] - The focus remains on core markets like Spain and Mexico, with cautious exploration of new markets such as Brazil, Peru, and Chile, where significant investments are not yet justified [80][81] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by currency fluctuations and new taxes in Colombia, which could impact future investments [24][40] - The outlook for 2025 anticipates net gaming revenue between €220 million and €230 million, representing a 6% increase at the midpoint compared to 2024 [23][24] Other Important Information - The company successfully transitioned to a new auditor, MaloneBailey, after the unexpected resignation of its former auditor, which allowed it to meet compliance deadlines with NASDAQ [7][9] - The company ended Q4 2024 with €40 million in total cash, of which approximately €35 million was available [22] Q&A Session Summary Question: Can you share the Euro assumption embedded in the 2025 guidance? - The CFO indicated that specific FX forecasts for 2025 would be provided post-call [33] Question: Is the implied flow-through to EBITDA a function of conservatism around user acquisition investment? - The CFO noted that upcoming events like the Club World Cup could influence marketing strategies and investments [36] Question: Have competitors shifted focus to Brazil, impacting competitive intensity in Mexico? - Management suggested that some competitors may have temporarily reduced their focus on Mexico, providing an opportunity for the company [58] Question: What are the growth investment plans outside of Mexico? - The company is currently prioritizing investments in core markets where ROI is well understood, while exploring partnerships in Brazil [80][81] Question: Can you provide an update on Argentina? - Management expressed challenges in entering key provinces in Argentina, limiting growth potential in that market [83][84]

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $9.4 million for Q3 2024, representing an 89% increase year-over-year and a 31% sequential increase from Q2 2024 [5][11] - Gross margin improved to 75.5%, up from 71.5% in the same period last year, primarily due to a line transfer at a new contract manufacturer and positive pricing impacts [12] - Operating income for Q3 2024 was $2 million, an improvement of $2.5 million compared to the same period last year [12] - The net loss decreased to $20.7 million from $23.7 million year-over-year, attributed to a change in the fair value of derivative liabilities and increased operating income [13] Business Line Data and Key Metrics Changes - Consumables revenue, which constitutes approximately 58% of total revenue, grew 75% year-over-year and 14% sequentially [5] - Ultimate Systems sales saw a significant increase of 144% year-over-year and 74% sequentially, indicating strong demand and successful sales strategies [6] Market Data and Key Metrics Changes - The company is focusing on the U.S. market, where it has seen substantial growth, while international sales remain sluggish, primarily associated with the dermaPACE and profile product line [38] Company Strategy and Development Direction - The company aims to transition from a small to a medium-sized business by engaging with larger, more sophisticated customers, which presents both opportunities and challenges in revenue forecasting [8][10] - There is a focus on maintaining multiple sourcing for manufacturing to avoid single points of failure, with plans to enhance gross margins through new manufacturing processes [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong customer pipeline and the potential for continued growth, particularly in the U.S. market [26] - The company is guiding for Q4 revenue between $9.7 million and $10.5 million, which would represent a 40% to 50% growth compared to the same quarter last year [15] Other Important Information - The company has successfully repaid certain debts and regained compliance with loan covenants, simplifying its capital structure [7] - A full-time employee has been hired to address material weaknesses in internal controls over reporting, indicating a commitment to improving operational integrity [40] Q&A Session Summary Question: Can you discuss the transition to new manufacturers? - The company has successfully transitioned to two new contract manufacturers for systems, achieving a production rate of 25 to 30 systems per week [20] Question: How many systems sold this quarter were from the new manufacturing? - Only a few systems were produced by the new manufacturers by the end of Q3, with a more significant impact expected in Q4 [22] Question: Can you provide details on the customer pipeline? - The current customer pipeline is the best seen, with larger and more sophisticated customers showing interest, although the sales process is more complex [26] Question: What is the outlook for operating expenses? - Operating expenses are expected to remain flat in Q4 compared to Q3, with modest growth anticipated in 2025 [33] Question: What is the status of the company's debt obligations? - The company has repaid a $1.3 million note and is no longer in default on its debt obligations [37] Question: What is the company's focus on international sales? - The company is primarily focused on the U.S. market due to its size and potential, with limited focus on international sales for the time being [38]

Table of Contents Registration No. 333-277042 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to FORM S-1 REGISTRATION STATEMENT 2034 (Primary Standard Industrial Classification Code Number) 27-2345075 (I.R.S. Employer Identification No.) 1440 N. Union Bower Rd Irving, Texas 75061 (214) 623-6055 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) UNDER THE SECURITIES ACT OF 1933 SOW GOOD INC. (Exact nam ...

Table of Contents As filed with the Securities and Exchange Commission on April 23, 2024 Registration No. 333-278475 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Loar Holdings Inc. (Exact name of registrant as specified in its charter) Delaware 3728 82-2665180 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Ide ...

Table of Contents As filed with the Securities and Exchange Commission on April 2, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Loar Holdings, LLC to be converted as described herein to a corporation named Loar Holdings Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3728 82-2665180 (Primary Standard Industr ...

Registration No. 333- Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SOW GOOD INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 2034 27-2345075 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 1440 N. Union Bower Rd Irving, Texas 75061 (214) 623-6055 (Address, including zip code ...