Financial Data and Key Metrics Changes - Village Farms reported record net income from continuing operations of $21 million or $0.19 per share, a $49 million improvement compared to the prior year [5] - Adjusted EBITDA from continuing operations reached $50 million, an improvement of $48 million year-over-year [5] - Cash flow from continuing operations was $58 million, an increase of $44 million compared to 2024 [5] - Consolidated net sales increased by 9% to $49.6 million in Q4 2025 [25] - Net income from continuing operations improved to $2.3 million, compared to a net loss of $5.7 million in Q4 of last year [26] Business Line Data and Key Metrics Changes - Global cannabis sales grew by 70% year-over-year, with significant contributions from the Netherlands business [4] - Canadian cannabis sales for Q4 were $52.7 million, a 10% increase compared to Q4 of last year [27] - International export sales increased by 384% over Q4 of last year [27] - Retail branded sales in Canada were flat compared to Q4 last year, but gross margins improved to 43% [15][28] Market Data and Key Metrics Changes - The company maintained a top five overall market share position in Canada and held the number one position in dried flower as of the end of last month [15] - The Netherlands operations generated $3.3 million in sales during Q4, with adjusted EBITDA of $700,000 [31] - Canadian cannabis gross margin was 43%, significantly up from 3% in Q4 of last year [28] Company Strategy and Development Direction - The company is focused on improving margin performance, profitability, and cash generation to enable additional growth investments [5] - Village Farms is transitioning to a more robust cannabis operation, having privatized its legacy produce business to focus on cannabis [12] - The company is investing in capacity expansion projects in Canada and the Netherlands to meet increasing demand [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand fundamentals domestically and internationally, expecting continued profitable growth in 2026 and beyond [19] - The company acknowledged temporary supply constraints due to a labor strike in British Columbia, which impacted Q4 sales by approximately $2.5 million [17] - Management highlighted the importance of maintaining a balanced approach to capital allocation while pursuing growth opportunities [37] Other Important Information - The company ended the year with approximately $86 million in cash, positioning it well for future investments [24] - A share repurchase program was initiated, with the purchase of approximately 813,000 shares at an aggregate cost of $3 million during Q4 [34] Q&A Session Summary Question: Share repurchases and capital allocation - Management indicated that share repurchases reflect confidence in cash generation and do not hinder business operations or growth opportunities [40] Question: Growth in the German market - Management acknowledged a decline in German import volumes but expects growth to resume in Q1, citing regulatory changes that favor their business model [42][43] Question: Capacity constraints and market share - Management clarified that Canadian operations remain a priority, balancing international demand with commitments in Canada [49] - The company regained its number one flower share position in January and expects continued growth in 2026 [50]

Management View - Broadwind, Inc. (BWEN) CEO Eric Blashford emphasized that 2025 was a pivotal year for the company, marking its evolution as a manufacturing partner for global OEMs in power generation and critical infrastructure [2] - The company is becoming a leaner and more diversified entity, indicating a strategic shift in its operational focus [2] Revenue Target - Broadwind reaffirmed its revenue target for 2026, projecting between $140 million and $150 million [2]

Core Insights - The company has experienced significant growth in various segments, particularly in data centers and semiconductors, with a strong outlook for continued growth in the coming years [2][3][8]. Data Center Segment - The data center market has shown remarkable growth, with the company reporting over 100% growth last year, driven by new design wins and a focus on higher-precision applications [20]. - The company is pulling forward capital spending to meet the increasing demand in the data center sector, with plans for higher capital expenditures over the next four to six quarters [6][12]. - The company is also preparing for a new facility in Thailand, which will be 100% incremental to current capacity and is expected to begin manufacturing in early 2027 [13]. Semiconductor Segment - The semiconductor segment has seen two consecutive years of growth, with expectations for continued growth this year, particularly in the second half [2][14]. - The company has launched next-generation plasma power generator platforms and is working towards design wins that are expected to generate revenue starting in 2025, with greater contributions anticipated in 2026 and beyond [16][17]. Financial Performance and Margins - The company reported a revenue growth of 21% last year and is guiding for high-teens growth this year, with potential upside depending on market conditions [7][8]. - Gross margins are on track to approach 40%, up from approximately 35% at the beginning of 2024, with new product mix expected to contribute significantly [9][10]. - Operating expenses are being managed to grow at about half the rate of revenue, with a 7% increase in operating expenses compared to the 21% revenue growth last year [11]. Strategic Focus and Market Dynamics - The company is focusing on the fragmented industrial and medical market for potential M&A opportunities while driving growth in data centers and semiconductors through internal investments [23]. - Management emphasized the strategic value of having three strong pillars (industrial, medical, and semiconductor) and the potential for diversified growth across these markets [23].

Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses and the addition of high-quality acquisitions [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22x [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to the acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, reflecting the sale of certain assets to DK [12] - The investments in pipeline joint ventures contributed $26 million in Q4, up from $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the need for sour gas solutions is urgent, and anticipates a step change in utilization once the sour gas gathering infrastructure is complete [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders, supported by a strong financial position with approximately $940 million in available liquidity [11] - The management highlighted the importance of optimizing synergies and executing strategic priorities to capture the value of recent investments [10] Other Important Information - The Board of Directors approved the 52nd consecutive quarterly distribution increase, raising the distribution to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital spending for Q4 was approximately $32 million, with $26 million allocated to growth capital related to sour gas capabilities at the Libby complex [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the variance in guidance and emphasized a clear strategy focused on crude, gas, and water in the Permian Basin, highlighting a return on investment of 1x-3x [16][17] Question: EBITDA impact from transactions with DK - Management noted that the transactions helped further economic separation, with 82% of EBITDA now coming from third-party businesses, and indicated that the impact on EBITDA was not material to either entity [22][23] Question: Next steps on Libby processing expansion - Management mentioned prior investments for future expansion and is closely monitoring customer activity in the area, indicating positive macro and micro conditions [28][29] Question: Thoughts on sour gas midstream M&A - Management stated that Delek Logistics remains open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain financial discipline [34]

Core Insights - SPX Technologies reported strong fourth-quarter results with a 19.4% year-over-year revenue increase, driven by both acquisitions and organic growth across segments [2] - The company anticipates continued growth in 2026, with projected revenue between $2.535 billion and $2.605 billion, and adjusted EPS expected to rise by approximately 15% [6][20] HVAC Segment Performance - In the HVAC segment, fourth-quarter revenue grew by 16.4%, with organic revenue increasing by 10.3% and segment income rising by $17 million, or 18% [1] - The segment backlog reached $585 million, reflecting a 22% organic increase year-over-year [1] Detection & Measurement Segment Performance - The Detection & Measurement segment saw a revenue increase of 26.3% year-over-year, with organic revenue growth of 1.7% primarily due to higher project volumes [6] - Segment income grew by $10 million, or 27%, and backlog finished at $350 million, up 43% organically year-over-year [6] Financial Highlights - Adjusted earnings per share for the fourth quarter rose by 25% to $1.88, while full-year adjusted EPS increased by 21% to $6.76 [3] - Adjusted EBITDA for the fourth quarter increased by approximately 22% year-over-year, with a margin expansion of 50 basis points [2] Capital Investments and Capacity Expansion - SPX is investing approximately $100 million in capital expenditures for HVAC capacity expansion in 2026, following about $60 million in 2025 [5][9] - A new 459,000 square-foot facility in Alabama is expected to enhance manufacturing capabilities for custom air handling and data center solutions [7] Acquisitions and Strategic Growth - Recent acquisitions, including Thermelec and Air Enterprises, are expected to contribute approximately $35 million and low $80 million in annual revenue, respectively [11][12] - Data center revenue is projected to grow significantly, moving from about 9% of total revenue in 2025 to approximately 12% in 2026, with anticipated growth of around 50% [13] 2026 Guidance - Management provided guidance for 2026, forecasting HVAC revenue between $1.8 billion and $1.84 billion, and Detection & Measurement revenue between $735 million and $765 million [17] - The company expects adjusted EBITDA of $590 million to $620 million and adjusted EPS of $7.60 to $8.00 for 2026 [20]

Financial Data and Key Metrics Changes - Vicor recorded product revenue for Q4 2025 of $92.7 million, a 4.5% increase from Q3 2025 and a 15.3% increase from Q4 2024 [5] - Royalty revenue for Q4 totaled $14.5 million, a 33.1% decrease from Q3 and a 7.8% decrease from Q4 2024 [6] - For the full year 2025, product revenue increased by 12.1% to $350.3 million from $312.5 million in 2024, while royalty revenue totaled $57.4 million, a 23.2% increase from $46.6 million in 2024 [7] - Total revenue, including a $45 million patent litigation settlement, increased by 26.1% to $452.7 million from $359.1 million in the prior year [7] - Q4 gross profit margin was 55.4%, down 2.1% from the previous quarter, while the full year gross margin rose to 57.3% from 51.2% in the prior year [9][10] Business Line Data and Key Metrics Changes - Advanced products revenue, including royalty revenue, decreased 4.4% sequentially but increased 26% year-over-year to $248.6 million [8] - Brick products revenue decreased 1.6% year-over-year to $159.1 million [8] - Shipments to stocking distributors decreased 11.1% sequentially but increased 5.3% year-over-year [8] Market Data and Key Metrics Changes - Exports as a percentage of total revenue increased to approximately 49.3% in Q4 from 42.8% in Q3, and year-over-year increased to 50.8% from 48.2% [9] - Advanced product share of total revenue decreased to 58.1% in Q4 compared to 59.2% in Q3 [9] Company Strategy and Development Direction - The company is focusing on enforcing its intellectual property rights and expects significant growth in its licensing business due to potential exclusion orders affecting OEMs and hyperscalers [15][16] - The outlook for the industrial and aerospace and defense business is strong, particularly in the automatic test equipment market, with expectations to double revenues in these markets over the next four to six years [17] - The company is exploring options for a second ChiP fab to expand market opportunities, with discussions ongoing for an alternate source of high current density solutions [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record bookings, revenues, and profitability in 2026, with a strong demand forecast for the existing fab [15][18] - The company anticipates reaching optimal utilization of the first ChiP fab within a year, with a run rate potentially approaching $800 million in product revenue [79][103] Other Important Information - The company recorded a tax benefit in Q4 of approximately $27.3 million, resulting in an effective tax rate of -142% for the quarter [11] - Cash and cash equivalents totaled $402.8 million in Q4, with accounts receivable at $60.7 million and inventories at $91.3 million [12] Q&A Session Summary Question: Can you talk about the lead customer and the utilization of the Andover facility? - Management indicated that the Andover facility is being filled by a combination of demand from various customers, not just the lead customer [20][21] Question: Does the record revenue from the IP licensing business include the $45 million patent litigation settlement? - The royalty revenue of $57.4 million does not include the litigation settlement, which is expected to contribute to future growth [24] Question: Can you provide more detail on the launch customer for VPD? - The Gen 4 system is being utilized due to its maturity and success, while the Gen 5 system is expected to ramp up later [28] Question: What are the financials of capacity reservations? - Revenue recognition from capacity reservations occurs as shipments take place, with no acceleration of revenue from reservations [69] Question: How is the 800-V data center opportunity progressing? - The company has relevant technology and products in the pipeline but cautioned against the hype surrounding 800 V, emphasizing the importance of point-of-load solutions [71][73]

Financial Data and Key Metrics Changes - Adjusted EBITDA margin reached 31%, the highest on record, while operating margin was 17%, representing the second strongest annual performance in the company's history [7] - Total revenue for 2025 was $5.4 billion, a 2% increase over 2024, excluding extraordinary non-recurring items [19] - Adjusted EBITDA for the full year reached $1.7 billion with a 31% margin, the highest margin in the company's history [20] - Full year operating income was $928 million, with a 17% margin, the second-best annual performance in the company's history [21] Business Line Data and Key Metrics Changes - Passenger revenue declined 4.4% year-over-year for the full year 2025, but increased by 4.3% year-over-year in the fourth quarter [13][14] - Premium revenue now represents approximately 42% of total revenues, nearly 17 points above pre-pandemic levels [10] - Premium unit revenue growth was 6 points above the main cabin on a year-over-year basis in the fourth quarter [15] Market Data and Key Metrics Changes - Demand strengthened in the second half of 2025, particularly in the last quarter, supported by improving traffic trends across both domestic and international markets [7] - The U.S. market saw passenger unit revenue up 5% year-over-year in the fourth quarter [14] - Corporate and high-income leisure segments continued to perform strongly, contributing to the overall revenue growth [10] Company Strategy and Development Direction - The company plans to grow capacity around 4% with a disciplined approach, focusing on resilient markets and prioritizing profitability [10] - Aeroméxico is selectively expanding its long-haul network, launching new routes to Barcelona and Paris [10] - The company aims to enhance customer experience through investments in technology and infrastructure, including a new app and improved check-in models [8][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changes and capture opportunities, expecting to build on the momentum generated in the second half of 2025 [9] - The Mexican economy is expected to grow between 1.2% and 1.5% in 2026, which supports the company's growth expectations [24] - The company anticipates revenue growth in the range of 7.5%-9.5% for 2026, with adjusted EBITDA margins expected between 28.5% and 30.5% [24] Other Important Information - Aeroméxico was recognized as the world's most on-time airline for the second consecutive year [8] - The company returned over $200 million to shareholders through capital disbursements in 2025 [23] - Cash and cash equivalents totaled $1 billion as of December 31, with total liquidity standing at approximately $1.2 billion [23] Q&A Session Summary Question: Demand impacts related to FX and purchasing power dynamics in Mexico - Management noted that a stronger Mexican peso typically leads to increased demand for travel, with historical trends showing a quick response in bookings [29][31] Question: Opportunities for deleveraging the business - Management indicated that the main opportunity for deleveraging comes from the present value of leases, with expectations of lower leverage through higher EBITDA and amortization of lease debt [33][35] Question: Sale of MRO joint venture and its impact on P&L - The MRO facility was sold to a third party, resulting in a profit of $71 million in the P&L, with maintenance operations continuing under a commercial agreement [40][42] Question: Regulatory situation regarding U.S. routes from Mexico City - Management confirmed that new routes cannot be added until the U.S. government lifts restrictions, but noted that existing capacity has grown significantly in recent years [65] Question: Guidance assumptions for FX and jet fuel prices - The company assumes an average exchange rate of around 18.3 pesos per dollar and a fuel price of approximately $69 per barrel for guidance [58] Question: Premium revenue growth expectations - Management expects continued growth in premium revenue, driven by consumer demand for better experiences and improved sales strategies [79]

Financial Data and Key Metrics Changes - Adjusted EBITDA margin reached 31%, the highest on record, while operating margin was 17%, representing the second strongest annual performance in the company's history [7] - Total revenue for 2025 was $5.4 billion, a 2% increase over 2024, excluding extraordinary non-recurring items [19] - Adjusted EBITDA for the full year reached $1.7 billion with a 31% margin, and for the fourth quarter, it was $502 million with a margin of 35%, the highest quarterly EBITDA on record [20][21] Business Line Data and Key Metrics Changes - Passenger revenue for the full year declined 4.4% year-over-year, but in the fourth quarter, it increased by 4.3% year-over-year [13][14] - Premium revenue now represents approximately 42% of total revenues, nearly 17 points above pre-pandemic levels [10] Market Data and Key Metrics Changes - Demand strengthened in the second half of 2025, particularly in the last quarter, supported by improving traffic trends across both domestic and international markets [7] - The European market showed particularly strong performance in the fourth quarter, with passenger unit revenue up 5% year-over-year in the U.S. portfolio [14] Company Strategy and Development Direction - The company plans to grow capacity around 4% with a disciplined approach, focusing on resilient markets and prioritizing profitability [10] - Aeroméxico is selectively expanding its long-haul network, launching new routes to Barcelona and Paris [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changes and capture opportunities, expecting to build on the momentum generated in the second half of 2025 [9] - The Mexican economy is expected to grow between 1.2% and 1.5% in 2026, with revenue growth projected in the range of 7.5%-9.5% [24] Other Important Information - The company maintained industry-leading reliability and was recognized as the world's most on-time airline for 2025 [8] - Aeroméxico returned over $200 million to shareholders through capital disbursements in 2025, demonstrating a commitment to delivering shareholder value [23] Q&A Session Summary Question: Demand impacts related to FX and purchasing power dynamics in Mexico - Management noted that a stronger Mexican peso typically leads to increased demand for travel, with a quick response in booking trends [29][31] Question: Opportunities for deleveraging the business - Management indicated that the primary opportunity for deleveraging comes from the present value of leases, with expectations of lower leverage through higher EBITDA and amortization of lease debt [33][35] Question: Sale of MRO joint venture and its impact on P&L - The MRO facility was sold to a third party, resulting in a profit of $71 million, with minimal impact on maintenance expenses due to existing commercial agreements [40][42] Question: Regulatory situation regarding U.S. routes from Mexico City - Management confirmed that new routes cannot be added until the U.S. government lifts restrictions, but noted that existing capacity has grown significantly in recent years [65][66] Question: Guidance assumptions for FX and jet fuel prices - The company assumes an average exchange rate of around 18.3 pesos per dollar and a jet fuel price of approximately $69 per barrel for guidance [58][59] Question: Premium revenue growth expectations - Management expects continued growth in premium revenue, driven by consumer demand for better experiences and improved sales strategies [79]

Financial Data and Key Metrics Changes - For the full year 2025, total revenue reached $5.4 billion, a 2% increase over 2024, excluding extraordinary non-recurring items [20] - Adjusted EBITDA for the full year was $1.7 billion with a margin of 31%, the highest in the company's history [22] - Operating income for the full year was $928 million, with a 17% margin, marking the second-best annual performance [23] - In Q4 2025, adjusted EBITDA reached $502 million with a margin of 35%, the highest quarterly EBITDA on record [23] Business Line Data and Key Metrics Changes - Passenger revenue for the full year declined 4.4% year-over-year, while passenger unit revenue declined 4.9% due to currency and economic headwinds [14] - In Q4, passenger revenue increased by 4.3% year-over-year, and passenger unit revenue rose by 6.2% [15] - Premium revenue now represents approximately 42% of total revenues, nearly 17 points above pre-pandemic levels [12] Market Data and Key Metrics Changes - The U.S. market saw improvements with passenger unit revenue up 5% year-over-year in Q4 [15] - European performance was particularly strong in Q4, indicating a stretching of demand into traditionally weaker periods [15] Company Strategy and Development Direction - The company plans to grow capacity by around 4% in 2026, focusing on resilient markets and prioritizing profitability [12] - Investments in fleet modernization and customer experience enhancements are ongoing, including the rollout of a new app [9] - The company aims to maintain its position as the only true premium product in Mexico while increasing long-term shareholder value [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong results despite ongoing regulatory constraints affecting U.S. operations [9] - The outlook for 2026 includes expected revenue growth of 7.5%-9.5% and adjusted EBITDA margins between 28.5% and 30.5% [26] - The Mexican economy is projected to grow between 1.2% and 1.5% in 2026, which supports the company's growth expectations [26] Other Important Information - The company was recognized as the world's most on-time airline for the second consecutive year [10] - A significant cash flow generation of $913 million was reported for the full year, providing financial flexibility for investments and debt reduction [24] Q&A Session Summary Question: Impact of FX on Demand - Management noted that a stronger Mexican peso typically leads to increased travel demand, with a quick response in booking trends [30][32] Question: Deleveraging Priorities - The company plans to focus on amortization of lease debt and operational leverage to reduce leverage over time [34][35] Question: Sale of MRO Joint Venture - The MRO joint venture was sold to a third party, with Delta retaining its 50% stake, and the sale resulted in a profit of $71 million [39][41] Question: Regulatory Restrictions on U.S. Routes - Current restrictions prevent adding new routes from Mexico City to the U.S., but management is optimistic about resolving these issues soon [53][55] Question: Guidance Assumptions - The company expects an average exchange rate of 18.3 pesos per dollar and a fuel price of around $69 per barrel for guidance [58] Question: Premium Revenue Growth - Management anticipates continued growth in premium revenue, driven by consumer demand for better experiences and improved sales strategies [78]

Financial Data and Key Metrics Changes - The company reported Q4 2025 revenue of $440 million, reflecting an 11% quarter-over-quarter growth and a 14% year-over-year growth, meeting the target for sequential growth [6][36] - Full year revenue for 2025 was $1.566 billion, a $130 million or 9% increase compared to 2024 [7][39] - Q4 net profit was $80 million, representing an 18% net margin, up from 11% in Q1 2025, 13% in Q2 2025, and 14% in Q3 2025 [6][37] - Full year net profit for 2025 was $220 million, or $1.97 basic and $1.94 diluted earnings per share, compared to $208 million in 2024 [39] Business Line Data and Key Metrics Changes - RF infrastructure revenue increased by 75% year-over-year, driven by the adoption of silicon photonics in 800G and 1.6T pluggable transceivers [9] - Silicon germanium and silicon photonics revenues accounted for 27% of corporate revenues, totaling $421 million, up from $241 million in 2024 [10] - Power Management grew by 20% year-over-year, representing 16% of corporate revenues in 2025 [22] - Sensors and displays grew by 10% year-over-year, also representing 16% of corporate revenue [24] Market Data and Key Metrics Changes - RF mobile represented 23% of corporate revenue in 2025, with a 15% year-over-year decline due to a strategic shift towards higher value offerings [19] - The company noted strong demand for silicon photonics, with over 70% of total capacity reserved or in the process of being reserved through 2028 [27] Company Strategy and Development Direction - The company is focusing on expanding its silicon photonics and silicon germanium capacity, with a total CapEx plan of $920 million, including an additional $270 million announced for 2026 [45][27] - The updated financial model targets $2.84 billion in annual revenue by 2028, reflecting a significant increase from 2025 levels [50] - The company aims to achieve a gross margin of approximately 40% and a net profit of $750 million by 2028 [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting future demand, citing strong customer partnerships and a robust operational execution plan [78][85] - The company acknowledged potential concerns regarding memory shortages in the mobile market but emphasized proactive planning to mitigate risks [90][92] - Management highlighted the importance of maintaining strong relationships with both customers and suppliers to ensure operational success [86] Other Important Information - The company has successfully ramped silicon photonics production in multiple fabs and is on track for significant capacity increases [12][27] - Utilization rates for various fabs were reported, with Fab 3 at 85% and Fab 7 fully utilized, indicating strong operational efficiency [28] Q&A Session Summary Question: Clarification on NVIDIA collaboration - Management clarified that the partnership with NVIDIA involves output parameters for photonics and drivers, not direct shipping to NVIDIA [56] Question: Impact of increased silicon photonics capacity - Management confirmed that the 5x capacity increase is in response to total demand, including from NVIDIA [57] Question: Concerns about high voltage capabilities for AI servers - Management stated that while they do not currently have an 800-volt platform on an IC, they have higher voltage IC capabilities [61] Question: Clarification on shipping to NVIDIA - Management confirmed that they do not ship directly to NVIDIA but through module makers [64] Question: Timeline for CapEx rollout - Management indicated that the majority of the $920 million CapEx should be online by the third quarter of 2026, with qualification processes ongoing [70] Question: Expectations for silicon photonics contribution - Management expressed confidence in meeting demand and operational execution for silicon photonics in 2026 and 2027 [78][85] Question: Concerns about memory shortages - Management acknowledged concerns regarding memory shortages but emphasized proactive planning to mitigate potential impacts [90][92]