Joining us now with more on this deal in an exclusive, Paul Prager, co-founder and CEO of Terwolf. First off, congrats Paul to you, your team, your employees, and your investors. In plain English, what does this deal do for both Terowolf Fluid Stack and Google.>> You know, I was here uh early in the winter and we were at that point discussing our very first tenant, Core 42, G42. Uh today we announced our second tenant at the site, Fluid Stack Google. We're building out one of the largest data center campuse ...

Financial Data and Key Metrics Changes - Q2 2025 revenues were $14.5 million, in line with guidance despite industry headwinds [6][26] - Gross margin improved to 38.5% from 38.1% in Q1 2025, attributed to a favorable product mix [27] - Operating expenses decreased sequentially from $17.2 million to $16.1 million, with SG&A expenses down 17% [27][30] - Loss from operations improved to $10.6 million from $11.8 million in Q1 2025 [27] Business Line Data and Key Metrics Changes - The company is shifting focus from mainstream price-sensitive applications to high-end performance applications in mobile consumer and appliance sectors [9] - The transition to PowerChip's eight-inch manufacturing platform is expected to yield higher gross margins and better price points for customers [8][9] Market Data and Key Metrics Changes - The semiconductor industry is experiencing a downturn, particularly in the solar, industrial, and EV sectors, exacerbated by tariff conflicts and the removal of tax credits [6] - The AI data center market is projected to grow significantly, with power consumption expected to increase from 7 gigawatts in 2023 to over 70 gigawatts by 2030 [10][11] Company Strategy and Development Direction - The company is investing in AI data centers, aiming to establish a leadership position in this emerging market [7][24] - A strategic decision was made to reduce focus on lower-margin mobile business while increasing investments in AI data centers and energy infrastructure [31][32] - The company anticipates a significant market opportunity of $2.6 billion per year by 2030 in AI data centers and related energy infrastructure [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term headwinds but expressed confidence in long-term growth potential driven by AI data centers [24][31] - The transition to AI data centers is expected to take multiple quarters, with a focus on maintaining spending discipline [31][32] - Management expects revenue to decline to approximately $10 million in Q3 2025 due to tariff risks and strategic decisions [30][31] Other Important Information - The company raised nearly $100 million in new capital during Q2 2025 to support growth plans [7] - Cash and cash equivalents at the end of Q2 2025 were $161 million, with no debt [30] Q&A Session Summary Question: Revenue expectations during the transition period - Management indicated that revenues may soften in the near term due to reduced dependency on mobile, but new design wins will help offset this in the future [35][36] Question: Margin structure in the AI data center market - Management expects long-term gross margins to exceed 50%, driven by high-value markets focused on performance and efficiency [39][41] Question: Impact of mobile business transition on revenue - The company is refocusing on higher-margin ultra-fast chargers while reducing exposure to lower-margin products, which may lead to a decrease in revenue but is expected to be offset by AI data center growth [44][46] Question: Supply chain and inventory during the transition to PowerChip - Management confirmed no supply issues and that TSMC will provide a two-year supply, ensuring a smooth transition to PowerChip [56][58] Question: Drivers for expected decline in Q3 revenue - The decline is attributed to tariff impacts, reduced mobile dependency, and a slowdown in new design wins [61][63] Question: Engagement with other data center customers post-NVIDIA announcement - The NVIDIA partnership has opened doors for engagement with other data center customers, although the focus will remain on NVIDIA for the foreseeable future [65] Question: Competition in the AI data center market - The company believes it has a competitive edge due to its range of products and focus on high efficiency and reliability [70][72]

Core Viewpoint - Kinder Morgan reported strong second quarter results for fiscal 2025, with significant revenue growth and a notable increase in net income, reflecting operational strength in its core pipeline and storage businesses [1][5]. Financial Performance - Revenue reached $4.04 billion, exceeding analyst estimates by $213 million, and showing a year-over-year increase of 13.2% from $3.57 billion [2][5]. - Adjusted earnings per share (Non-GAAP) were $0.28, matching consensus estimates and representing a 12% increase from $0.25 in Q2 2024 [2]. - Net income rose to $715 million, a 24.3% increase from $575 million in the prior-year quarter [2]. - Adjusted EBITDA was $1.97 billion, a 6% increase from $1.86 billion in Q2 2024, marking a company record [2][5]. - Free cash flow declined to $1.00 billion, down 9.4% from $1.11 billion in the previous year [2]. Operational Highlights - The Natural Gas Pipelines segment saw a 10% increase in adjusted segment earnings, with transport volumes up 3% due to higher LNG and power generation deliveries [6]. - The Products Pipelines segment experienced a 3% decline in earnings despite a 2% increase in volumes, attributed to weaker commodity prices [6]. - The Terminals segment's adjusted earnings increased by 7%, supported by high capacity utilization in liquid storage at 94.4% [6]. - The CO2 and Energy Transition Ventures segment reported a 10% decrease in earnings, impacted by lower prices for CO2 and regulatory credits [6]. Project Backlog and Investments - Kinder Morgan's project backlog grew by $1.3 billion to $9.3 billion, with 93% dedicated to natural gas projects [7]. - Significant investments include the Trident, Mississippi Crossing, and South System Expansion 4 projects, aimed at meeting rising natural gas demand [7]. - The company placed $750 million worth of projects in service during the quarter [7]. Environmental and Safety Initiatives - The quarter showed progress in environmental and safety initiatives, with no major incidents reported [8]. - Renewable natural gas (RNG) production capacity increased to 6.9 billion cubic feet per year [8]. - Hedging strategies were implemented to protect commodity prices in renewables and CO2 through 2028 [8]. Dividend and Shareholder Returns - The board declared a quarterly dividend of $0.2925 per share, reflecting a 2% year-over-year increase, supported by fee-based cash flows [9][13]. Business Model and Strategic Focus - Kinder Morgan's business model relies on long-term, take-or-pay contracts, providing stable cash flows and insulation from market volatility [10]. - The company focuses on expanding natural gas capacity, growing its project backlog, and securing new contracts to meet demand growth, particularly for LNG exports [4][11]. Future Guidance - Management reaffirmed its fiscal 2025 outlook, projecting net income of $2.8 billion (up 8%), adjusted earnings per share of $1.27 (up 10%), and adjusted EBITDA of $8.3 billion (up 4%) [12]. - The guidance assumes a West Texas Intermediate oil price of $68 per barrel and a Henry Hub natural gas price of $3.00 per million British thermal units [12].

Energy Demand & Infrastructure - Data center companies are exploring new energy sources, including nuclear, to power their operations [2] - The US needs to scale its energy infrastructure to support the computing infrastructure for AI, ensuring America's leadership in the field [3] - The pace of builds needed to ramp up power is in the gigawatts [4] - Hundreds of new nuclear reactors or other clean energy technologies may be needed to power data centers [5] - AI companies would purchase gigawatts of nuclear energy today if it were available [9] Nuclear Energy - Nuclear energy is well-suited for supporting AI and data centers due to its reliability, scalability, and small land footprint [8] - Nuclear energy is emissions-free, aligning with tech companies' clean energy commitments [8] - Nuclear construction needs to start now to meet the 2030-2035 timeline [9] - Nuclear operators estimate it will take until the end of the decade to come online [7] Regulatory Environment - The Nuclear Regulatory Commission is working on accelerating licensing [5] - Concerns exist regarding the Trump administration's efforts to reduce the regulator's independence [6]

AI and Energy Investment - $92 billion is being committed to AI energy and AI infrastructure [1] - Major companies like Blackstone are making significant announcements regarding AI investment [2] - Pittsburgh aims to become the ecosystem for AI, leveraging its resources [3] Natural Gas and AI - Natural gas is positioned as the fastest, most cost-effective, and cleanest energy solution for the AI revolution [5] - EQT announced it will supply over 1.4 billion cubic feet (BCF) a day of natural gas [6] - 1 BCF a day of natural gas is enough energy to power New York City, which requires about 5.5 gigawatts [7][8] Infrastructure and Permitting - Permitting and building infrastructure, such as power lines, are critical challenges [9] - Pennsylvania's leaders are working to clear roadblocks to build infrastructure and create opportunities [11] - Permitting reform is essential to enable the construction of various facilities, including pipelines, transmission lines, solar facilities, and wind farms [12][13] Competitive Landscape - The US is in a race with China and must maintain its edge in the AI revolution [13]

Investment Highlights - Over $92 billion (超过 920 亿美元) invested in AI and energy infrastructure [1] Geographic Focus - Pennsylvania is the location of the AI and energy infrastructure investments [1]

Core Viewpoint - Bowman Consulting Group Ltd. has entered into a definitive purchase agreement to acquire e3i Engineers, enhancing its capabilities in data center engineering and energy infrastructure [1][3]. Company Overview - Bowman Consulting Group Ltd. is a national engineering services firm headquartered in Reston, Virginia, with over 2,400 employees across 100 locations in the U.S. [5]. - e3i Engineers, based in Boston, Massachusetts, specializes in the design of data centers and energy infrastructure, with a portfolio exceeding 3.2 million square feet of designed data center space [2][4]. Strategic Importance of Acquisition - The acquisition of e3i is seen as a strategic move to expand Bowman's services beyond site and civil infrastructure into the core of data center engineering [3]. - e3i's expertise in AI-optimized data center design and innovative cooling technologies positions Bowman for long-term growth in data, digital, and distributed energy markets [2][3]. Financial Aspects - The acquisition will be financed through a combination of cash, seller notes, and a convertible note, aligning with previously discussed target multiples and operating metrics [3]. - Bowman anticipates that the acquisition will initially operate at an annualized net service billing run rate of approximately $2.0 million [3].

Yeah. Well, I think the bigger thing that markets were worried about at least in the short term here was everything that's going on in the Middle East. And I think the big concern was if you did see some sort of closure of the straight horses or you saw any sort of damage to energy infrastructure, that is actually a much bigger risk that inflation's going higher from there.Because realistically, if you do see oil going above $100 a barrel, which people talk about if the straight were to be closed, you could ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue growth of 23% to $193.7 million for the first quarter of fiscal 2026, with a gross margin of 19% [6][21] - Net income increased to approximately $22.6 million or $1.6 per diluted share, up from $7.9 million or $0.58 per diluted share year over year [6][24] - EBITDA rose to $30.3 million, representing 15.6% of revenues, compared to $11.9 million or 7.5% for the same period last year [6][25] - The company achieved a record backlog of $1.9 billion as of April 30, 2025, reflecting a 36% increase from January 31, 2025 [7][17] Business Segment Data and Key Metrics Changes - Power Industry Services segment revenues increased by 45% to $160 million, contributing 83% of total revenues, with a pretax book income of approximately $31 million [11] - Industrial Construction Services segment revenues decreased to $29 million from $44 million, contributing 15% of total revenues, with a pretax book income of approximately $2 million [11][12] - Telecommunications Infrastructure Services segment contributed 2% of total revenues, with a gross margin of 18% [13][23] Market Data and Key Metrics Changes - The company noted a substantial increase in power demand, reaching its highest level in two decades, driven by AI data centers, onshoring of manufacturing, and electric vehicle adoption [8][14] - The current project backlog is comprised of approximately 67% natural gas projects and 28% renewable energy projects [14][15] Company Strategy and Development Direction - The company plans to maintain its presence in renewable energy while focusing on natural gas projects as the core growth engine [18][29] - The company aims to leverage its capabilities in constructing both traditional and renewable energy facilities to meet the increasing demand for reliable power [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, expecting attractive project opportunities for the next decade [9][30] - The company highlighted the urgency to meet power consumption increases coinciding with aging infrastructure and underinvestment in energy [29][30] Other Important Information - The company has a strong balance sheet with $546 million in cash and investments, net liquidity of $315 million, and no debt as of April 30, 2025 [9][26] - The board increased the share repurchase program to $150 million, reflecting a disciplined capital allocation strategy [9][28] Q&A Session Summary Question: What does the pipeline look like for the rest of the year? - Management indicated a strong pipeline and expects to add several power industrial jobs, potentially exceeding $2 billion in backlog later this year [35][37] Question: What is the outlook for the Industrial business segment? - Management acknowledged a slight contraction but noted strong interest in the segment, expecting revenues to increase meaningfully over the next several quarters [39] Question: Can you quantify the excess margin from projects like Trumbull? - Management stated that the gross margins reflect strong execution and a favorable project mix, expecting to exceed last year's margin profile [42] Question: Is the current project timeline of three to four years a permanent change? - Management attributed the extended timeline primarily to supply chain issues, indicating that it may not revert to previous timelines [48]