Group 1 - VEON Ltd. has launched "AI Tutor," an AI-powered learning assistant aimed at enhancing the learning experience in the Kazakh language for both children and adults, marking a significant step towards digital inclusion in Kazakhstan [1][4] - AI Tutor is integrated into Beeline Kazakhstan's super-app Janymda and utilizes the KazLLM large language model, offering six gamified learning modules focused on Kazakh language learning, with plans to expand into other subjects [2][3] - The KazLLM model was developed in collaboration with the Institute of Smart Systems and Artificial Intelligence and launched in December 2024, with Janymda reaching 4.9 million monthly active users as of April 2025 [3] Group 2 - The CEO of VEON Group emphasized that augmented intelligence can revolutionize education and make learning more accessible, particularly for Kazakh speakers, through the integration of AI Tutor into a leading digital platform [4] - QazCode's CEO highlighted that AI Tutor personalizes the learning experience for users, making Kazakh language and culture more accessible, and represents a significant advancement in addressing real human needs through technology [5] - QazCode, a major software development company in Kazakhstan, has developed various AI products, including the Kaz-RoBERTA conversational model, and collaborates with international institutions to enhance its capabilities in developing language models for low-resource languages [5][7] Group 3 - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed a digital ecosystem of 60 products since 2018 [6] - QazCode employs 750 people and specializes in creating private large language models, data security, and IT outsourcing services [7] - VEON operates across six countries, providing digital services to nearly 160 million customers, and is listed on NASDAQ [8]

Financial Data and Key Metrics Changes - Q1 2025 revenues reached $92 million, a 21% increase year over year from $76.1 million in Q1 2024 [7][26] - Adjusted EBITDA for Q1 2025 was $7.6 million, with an organic adjusted EBITDA of $11.2 million, representing a 20% year over year increase [7][31] - GAAP net loss in Q1 2025 was $6 million, or a loss per share of $0.10, compared to a net income of $5 million, or $0.09 per share in Q1 2024 [30] Business Line Data and Key Metrics Changes - Commercial segment revenues in Q1 2025 were $64.2 million, a 56% increase from $41.2 million in Q1 2024, primarily due to the acquisition of Stellar Blue [26] - Defense segment revenues increased by 34% to $23 million in Q1 2025 from $17.2 million in Q1 2024, driven by high deliveries to U.S. and Asia defense customers [27] - Peru segment revenues decreased to $4.8 million in Q1 2025 from $17.7 million in Q1 2024, attributed to delays in project renewals and slower progress on existing projects [27][28] Market Data and Key Metrics Changes - Demand for Gilat Defense solutions is increasing, particularly in North America, Europe, and Asia Pacific, with a notable rise in European defense budgets [12][11] - The company secured multiple contracts in Q1 2025, including over $5 million for U.S. DoD connectivity and $23 million for satellite transportable terminals [13][14] Company Strategy and Development Direction - The company is focusing on its newly aligned organizational structure, emphasizing growth in defense, VHTS, and NGSO constellations, as well as in-flight connectivity [6][10] - Gilat plans to increase investment in R&D and sales for its defense segment in 2025, launching several new products to enhance its market position [15][19] - The company aims to leverage its diverse product portfolio to support the growing demand for mission-critical defense connectivity and satellite communications [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty and shifting trade policies but expressed confidence in the company's proactive adjustments to sourcing and production [9][10] - The company reiterated its 2025 revenue guidance of $415 million to $455 million, representing a year-over-year growth of 42% at the midpoint [33] Other Important Information - The acquisition of Stellar Blue was completed on January 6, 2025, contributing approximately $25 million to Q1 revenues but also incurring an adjusted EBITDA loss of $3.6 million [7][26] - The company secured a $100 million credit line to finance the acquisition, utilizing $60 million for this purpose [32] Q&A Session Summary Question: Is the defense business expected to benefit from increases in European defense spending? - Management indicated that there is significant traction from increased European defense budgets, with expectations for decent business growth in the mid-term [37] Question: What milestones need to be achieved for the Boeing line fit program? - Management stated that adaptations to the terminal are ongoing, with certification expected within the next two to three quarters [38] Question: How should revenue linearity in Peru be viewed over the next few quarters? - Management expects a revenue run rate of $45 million to $50 million for Peru, with significant revenue anticipated in Q2 and Q3 due to project renewals and hardware deliveries [39][40] Question: How is the integration of Stellar Blue progressing? - Management reported good progress, with strong market acceptance and feedback, and expects to meet revenue goals for Stellar Blue [46][49] Question: What is the anticipated production rate for Sidewinder by the end of the year? - Management expects to reach a production rate of about 100 units per month by the end of the year [56] Question: What is the impact of tariffs on the business? - Management noted that the effect of tariffs is currently not significant, as proactive sourcing adjustments have been made [101][102]

Core Insights - Millicom has released its 2024 Annual Report, highlighting a transformative year in the telecommunications industry in Latin America [1][2] - The report emphasizes a renewed strategic focus, operational efficiency, and a commitment to expanding digital inclusion across the region [2] Company Overview - Millicom, operating under the TIGO brand, is a leading provider of fixed and mobile telecommunications services in Latin America, offering a wide range of digital services including mobile financial services, local entertainment, and pay TV [4] - As of December 31, 2024, Millicom employed approximately 14,000 people and served over 46 million customers, with a fiber-cable footprint reaching about 14 million homes [4] Strategic Positioning - The company is positioned to capitalize on new opportunities in the telecommunications sector, supported by robust fixed and mobile networks, comprehensive digital platforms, and diverse content offerings [3] - Millicom aims to meet the growing demand for connectivity and digital services while maintaining consistent financial performance [3]