Financial Data and Key Metrics Changes - For the full year 2025, consolidated revenues were $587.7 million, a modest increase from $581 million in 2024 [14] - Adjusted EBITDA for Q4 2025 was 53% higher compared to Q4 2024, while operating income increased by 373% year-over-year [12] - Net debt at the end of 2025 was $119.7 million, a significant improvement of $217.3 million from $337 million at the end of 2024 [13][17] Business Line Data and Key Metrics Changes - Parts and services revenue grew by over 17% in 2025, driven by increased coal generation usage and growing baseload demand in North America [5][14] - The backlog for continuing operations rose to $2.8 billion, a 470% increase compared to the end of 2024 [11] Market Data and Key Metrics Changes - The demand for power in North America is increasing, leading to a re-engagement of existing coal plants, which have been operating at less than 50% capacity [5][10] - The company’s pipeline of project opportunities exceeded $12 billion, growing by roughly 20% in 2025 [10][11] Company Strategy and Development Direction - The company aims to capitalize on the growing global demand for baseload electrical generation, particularly in the AI data center space [19] - A significant contract with Base Electron, valued at $2.4 billion, is expected to deliver 1.2 gigawatts of electricity, supporting AI factory campuses [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting construction timelines for the Base Electron project, with site visits and manufacturing processes already underway [30] - The company anticipates strong financial performance throughout 2026, driven by robust demand for its technologies [19][20] Other Important Information - The company has fully paid off outstanding bonds due in February 2026 and expects to pay off remaining bonds due in December 2026 [12][18] - The BrightLoop advancements are evolving, focusing on converting solid and gas fuels to hydrogen or steam generation while capturing CO2 [13][14] Q&A Session Summary Question: Can you talk about the dynamics of the Base Electron project and its timeline? - Management explained the transition from a limited notice to a full notice to proceed, highlighting the variability in project scope and contract terms [27][30] Question: What is the visibility into the guidance increase and expected contributions from the power generation project? - The guidance increase includes contributions from the power project, but specifics depend on the timing of costs incurred on-site [31][32] Question: Can you provide an update on the coal to gas project and its timeline? - Management confirmed that the project is on schedule, with completion expected in 2026 and into 2027 [38] Question: What is the capacity to take on additional projects in the pipeline? - The company is working closely with turbine manufacturers to ensure capacity and has confidence in meeting the demands of upcoming projects [48][50] Question: How have recent announcements impacted market interest? - Management noted a significant increase in inbound interest from various market participants following the announcement of the Applied contract [64][66]