Year-end fiscal 2025 update November 14, 2025 Forward-looking statements and use of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," "fore ...

Core Insights - Smart Sand, Inc. reported strong performance in Q3 2025, with increases in sales volumes, contribution margin, Adjusted EBITDA, and free cash flow compared to Q2 2025 [2][3] Financial Performance - In Q3 2025, tons sold reached approximately 1,472,000, a 3% increase from Q2 2025 and a 24% increase year-over-year [4] - Revenues for Q3 2025 were $92.8 million, up from $85.8 million in Q2 2025 and $63.2 million in Q3 2024, driven by higher sales volumes and average selling prices [5] - Cost of goods sold increased to $77.8 million in Q3 2025, up from $76.8 million in Q2 2025 and $56.7 million in Q3 2024, primarily due to increased sales volumes [6] - Gross profit for Q3 2025 was $14.9 million, compared to $9.0 million in Q2 2025 and $6.5 million in Q3 2024, reflecting higher sales volumes and a $4.4 million excess tons payment [7] - Operating expenses were $9.6 million in Q3 2025, up from $9.0 million in Q2 2025 but down from $11.4 million in Q3 2024 [8] - Net income for Q3 2025 was $3.0 million, or $0.08 per share, compared to $21.4 million in Q2 2025 and a net loss of $(0.1) million in Q3 2024 [10] - Contribution margin in Q3 2025 was $21.7 million, or $14.76 per ton sold, compared to $15.8 million in Q2 2025 and $13.2 million in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was $13.6 million, up from $7.8 million in Q2 2025 and $5.7 million in Q3 2024 [11] Cash Flow and Capital Management - Net cash provided by operating activities in Q3 2025 was $18.2 million, compared to $(5.1) million in Q2 2025 and $5.8 million in Q3 2024 [13] - Free cash flow for Q3 2025 was $14.8 million, resulting from net cash provided by operating activities of $18.2 million and capital expenditures of $3.4 million [14] - The company anticipates being free cash flow positive for the year 2025 [14] Shareholder Returns - In August 2025, the company paid a special cash dividend of $0.10 per share, totaling $4.3 million [18] - Year-to-date, Smart Sand has returned $6.4 million to shareholders through share repurchases and special dividends in 2025 [3] Market Position and Outlook - Smart Sand continues to expand its market presence, achieving record sales volumes in Canada and strengthening its customer base in Industrial Product Solutions [3] - The company is well-positioned to benefit from the increasing demand for natural gas production to support growing LNG export capacity in the U.S. and Canada [3] - Despite potential seasonal slowdowns, the company expects sales volumes for the year to be in the range of 5.1 million to 5.4 million tons [3]

Company Overview - PodcastOne (Nasdaq: PODC) is a leading podcast platform that offers a comprehensive solution in sales, marketing, public relations, production, and distribution for creators and advertisers [2] - The platform has achieved over 3.9 billion total downloads and has a community of 200 top podcasters [2] - PodcastOne's distribution network reaches over 1 billion monthly impressions across various channels, including YouTube, Spotify, Apple Podcasts, and iHeartRadio [2] Financial Guidance - PodcastOne has updated its guidance for the fiscal year ending March 31, 2026, expecting Adjusted EBITDA of $4.5-6 million on revenue of $55-60 million [1] - LiveOne has acquired an additional 347,000 shares of PodcastOne, increasing its total acquisitions to approximately 2.1 million shares at an average price of $2.11 since PodcastOne went public [1] Non-GAAP Financial Measures - The company presents non-GAAP financial measures such as Contribution Margin and Adjusted EBITDA to evaluate performance, which are not intended to replace GAAP measures [4][5] - Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, excluding certain non-recurring expenses and stock-based compensation [7] - The variability of certain items excluded from Adjusted EBITDA may significantly impact future GAAP financial results, making a quantitative reconciliation challenging [8]

Financial Performance - Q3 FY25 adjusted earnings were $001 per share, compared to $(014) in Q3 FY24[8] - The company affirms FY25 adjusted EPS guidance range of $440 to $460[8] - Q3 YTD FY25 capex reached $700 million, driven by Gas Utility investment[26] - The company raised FY25 capex target to $875 million from $840 million[26] Strategic Initiatives - The company entered into an agreement to acquire the Piedmont Natural Gas Tennessee business from Duke Energy for $248 billion[8] - Combined investment opportunities related to the Piedmont Natural Gas Tennessee acquisition are estimated at $44 billion over five years (2025-2029)[10] - The company's 10-year capex plan remains at $74 billion (FY25-FY34)[8, 30] Regulatory Updates - A unanimous settlement agreement was filed on August 4, 2025, in the Missouri rate case, projecting a $210 million annual revenue increase[8, 15] - The Missouri Public Service Commission (MoPSC) approved $190 million in Infrastructure System Replacement Surcharge (ISRS) revenues, effective May 2025[8] - The new rates in Missouri are expected to be effective October 24, 2025, leading to an average residential customer bill increase of approximately 11%, or around $9 per month[15] Growth Outlook - The company maintains a long-term adjusted EPS growth target of 5-7%, using the original FY24 guidance midpoint of $435 as a base[8, 9]

Core Insights - LiveOne reported record revenue and adjusted EBITDA for fiscal 2025, surpassing guidance significantly, indicating strong operational performance and effective cost-reduction initiatives [1][2]. Financial Performance - Fiscal 2025 consolidated revenue reached $114.4 million, exceeding guidance by $2.4 million [1]. - Adjusted EBITDA for fiscal 2025 was $18.2 million, beating guidance by over 51% or $6.2 million [1]. - Q4 Fiscal 2025 revenue was $19.3 million, down from $30.9 million in Q4 Fiscal 2024, primarily due to reduced Slacker radio revenues [4]. - The operating loss for Q4 Fiscal 2025 was $8.2 million, compared to a loss of $1.2 million in Q4 Fiscal 2024 [4]. - Q4 Fiscal 2025 adjusted EBITDA was $1.6 million, down from $2.8 million in Q4 Fiscal 2024 [5]. Operational Highlights - The Audio Division, which includes Slacker Radio and PodcastOne, contributed an adjusted EBITDA of $4.1 million in Q4 Fiscal 2025, driven by improved contribution margins and reduced operating expenses [5]. - The company implemented cost-reduction initiatives that improved profitability and strengthened market position [2]. Future Outlook - LiveOne plans to host a conference call and webcast on June 26, 2025, to discuss earnings and current B2B partnerships, including with Tesla [1][8].

Financial Performance - Q2 FY25 adjusted earnings were $360 per share, compared to $345 in Q2 FY24[10] - The company reaffirmed FY25 adjusted EPS guidance range of $440 to $460[10] - Overall adjusted earnings were $178 million higher due to Gas Utility growth, Midstream growth, and other factors[22] Capital Expenditure - Q2 YTD FY25 capex reached $479 million, driven by Gas Utility investment[16] - FY25 capex target was raised to $840 million from $790 million[16] - The company maintains a 10-year capex target of approximately $74 billion[10, 16] Regulatory Matters - Missouri Public Service Commission (MoPSC) Staff recommended a $2462 million revenue increase for Spire Missouri in the rate case[10, 17] - Spire Missouri originally requested a $2895 million revenue increase in November 2024[17, 19] - Senate Bill 4 was signed into law in Missouri, enabling future test year ratemaking beginning July 2026[10] Segment Performance - Gas Utility earnings (pre-tax) grew due to higher Missouri ISRS revenues (+$87 million), Missouri usage net of weather mitigation (+$65 million), Alabama RSE (+$57 million), and lower run-rate O&M (+$08 million)[23] - Midstream growth was driven by additional storage capacity, contract renewals at higher rates, and asset optimization[23]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $1.1 billion, a 25% increase compared to Q4 2023, with 2,822 homes sold [16] - Full-year revenue for 2024 was $5.2 billion, down from $6.9 billion in 2023, primarily due to a lower starting inventory balance [17] - Contribution profit for Q4 was $38 million, up from $30 million in Q4 2023, resulting in a contribution margin of 3.5% [18] - For the full year, contribution profit improved to $242 million from a loss of $258 million in 2023, with a contribution margin of 4.7% compared to negative 3.7% the previous year [19] - Adjusted EBITDA loss for Q4 was $49 million, a $20 million improvement year-over-year, while the full-year adjusted EBITDA loss was $142 million, down from $627 million in 2023 [19][20] Business Line Data and Key Metrics Changes - The company acquired 2,951 homes in Q4 2024, compared to 3,683 in the same quarter last year, but full-year acquisitions increased by 31% to 14,684 homes [17][18] - The company is focusing on optimizing contribution profit dollars and exploring new revenue opportunities, particularly in its cash offer business [9][10] Market Data and Key Metrics Changes - The spring selling season in 2025 is expected to start slower, with clearance rates down 25% compared to the previous year [8] - Active listings increased by nearly 20%, indicating a slowing market, while new listings are down 20% to 25% [9] - The company anticipates continued macro pressures affecting performance in the near term [21] Company Strategy and Development Direction - The company aims for profitable, sustainable growth by refining its approach to home acquisitions and enhancing customer experience [9][10] - Key strategies include optimizing spreads, improving pricing models, aligning marketing strategies with seasonal patterns, and expanding offerings to serve more sellers [10][12][13] - The company is also focused on expanding its marketplace and list with Opendoor offerings to provide more choices for sellers [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges persistent macro headwinds, including high interest rates and low mortgage rates for sellers, which are expected to continue impacting performance [21] - The outlook for Q1 2025 includes expected revenue between $1 billion and $1.075 billion, with a contribution profit of $40 million to $50 million [21] - The company is committed to reducing adjusted net losses and improving operational efficiencies throughout 2025 [22] Other Important Information - The company ended 2024 with 6,417 homes in inventory, valued at $2.2 billion, a 22% increase from the prior year [20] - The company has successfully renewed credit facilities, increasing borrowing capacity and extending terms through 2027, demonstrating strong support from capital partners [20] Q&A Session Summary Question: Can you elaborate on cost savings and efficiency opportunities? - Management discussed significant actions taken to reduce fixed costs, including a workforce reduction and the disposition of Mainstay, expecting $85 million in cost savings [27] Question: What updates can you provide on the marketplace in Charlotte and Raleigh? - Management noted high customer acceptance and clearance rates in these markets, indicating confidence in expanding the offering [30] Question: What is the opportunity for "list with Opendoor" and how does it fit into the overall strategy? - Management highlighted that this offering allows sellers to test the market while having the assurance of a cash offer, which is appealing in the current market [36] Question: How does the company plan to manage operating expenses throughout the year? - Management indicated that while Q1 operating expenses are expected to rise slightly, they anticipate costs to decrease over the year as cost-saving initiatives take effect [64] Question: How is the company balancing expansion with current market challenges? - Management stated that they are not pulling back on market expansion but are focusing on improving pricing effectiveness and contribution margins [40]