Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $10 million, with an adjusted net loss of $0.94 per share, reflecting off-season conditions and the impacts of the Wyoming outage [4][15] - Total adjusted EBITDA for the last twelve months exceeded $80 million for the first time [6] - Ending liquidity was $525 million after share repurchases, with gross term debt at $642 million, representing a leverage ratio of 3.2 times [8][20] Business Line Data and Key Metrics Changes - Refining segment reported an adjusted EBITDA loss of $14 million in Q1, an improvement from a loss of $22 million in the previous quarter [15] - Retail segment adjusted EBITDA was $19 million, down from $22 million in the fourth quarter, but still reflecting strong fuel margins and improving in-store performance [18] - Logistics segment adjusted EBITDA was $30 million, in line with mid-cycle run rate guidance [18] Market Data and Key Metrics Changes - First quarter combined throughput was 176,000 barrels per day, with Hawaii throughput at 79,000 barrels per day and production costs at $4.81 per barrel [10] - Washington throughput was 39,000 barrels per day, with production costs at $4.16 per barrel, while Wyoming throughput was 6,000 barrels per day, impacted by a furnace incident [11][12] - Montana throughput was 52,000 barrels per day, with production costs at $10.56 per barrel, as the facility neared mechanical completion of a turnaround [12][13] Company Strategy and Development Direction - The company is focused on enhancing flexibility and competitiveness, with significant progress on strategic objectives, including a 5% reduction in shares outstanding [6][8] - The Hawaii SAF project construction is progressing as planned, with startup scheduled for the second half of the year, despite policy uncertainties [7][8] - The company aims to achieve $30 million to $40 million in annual cost savings relative to 2024 [18] Management's Comments on Operating Environment and Future Outlook - Management noted improving market conditions, with a combined index up by $6 per barrel so far this quarter [4] - The outlook for the Hawaii refining business is strong, with expectations of increased throughput in the second quarter [4][14] - Demand across niche markets is steady to increasing, with no signs of recessionary demand observed [56] Other Important Information - The company opportunistically repurchased $51 million of common stock in Q1, reducing basic shares outstanding by 5% [20] - Cash used in operations was $1 million, including $28 million of turnaround expenditures [19] Q&A Session Summary Question: Factors that allowed Wyoming to restart earlier than expected - Management credited a strong team effort and support from third-party contractors for the efficient response and early restart [23][25] Question: Outlook on crude differentials and tight Canadian discounts - Management indicated that excess pipeline capacity in Canada is affecting differentials, suggesting a tight market that may persist until production increases [26][27] Question: Impact of West Coast and Asian market dynamics - Management noted a favorable outcome for the West Coast position due to increased product imports from Asia, benefiting sales in Eastern Washington and Montana [30][31] Question: Capital allocation strategy and free cash flow expectations - Management expressed confidence in the balance sheet and indicated a willingness to be opportunistic in capital allocation, including share repurchases [33][34] Question: Demand outlook for Q2 and market conditions in Asia - Management reported steady to increasing demand across product categories, with flat year-over-year Chinese exports impacting the Singapore market [37][38] Question: Refining capture rates and turnaround impacts - Management provided guidance on capture rates, indicating expectations of 100% to 110% in Hawaii and 85% to 95% in Tacoma, with some noise expected in Montana due to turnarounds [40][41] Question: SAF project outlook and market positioning - Management remains constructive on the Hawaii SAF project, citing competitive operating costs and encouraging interest from international airlines [49][50]

Financial Data and Key Metrics Changes - Consolidated total revenue for Q1 2025 was $274.2 million, a decrease of 13% compared to $315.2 million in the prior year period [20] - Net loss attributable to common stockholders for Q1 2025 was $24.8 million, or $1.89 per fully diluted share, compared to a net loss of $17.7 million, or $2.21 per fully diluted share in the prior year [20] - Total adjusted EBITDA was $7.2 million in Q1 2025, down from $12.8 million in the prior year period [20] Business Line Data and Key Metrics Changes - Infrastructure segment revenue decreased 14% to $264.9 million from $307.9 million in the prior year quarter, primarily due to project timing [21] - Life Sciences segment revenue increased 210% to $3.1 million from $1 million in the prior year quarter, driven by increased unit sales [23] - Spectrum segment revenues were $6.2 million, down $100,000 compared to the first quarter of 2024, with adjusted EBITDA of $1.4 million, a decrease of $200,000 [23] Market Data and Key Metrics Changes - DBM Global achieved revenues of $264.9 million and adjusted EBITDA of $16.7 million during the quarter, with a backlog now reaching $1.4 billion [6][8] - R2 tripled its year-over-year revenue to $3.1 million in Q1 2025, with significant growth in North America [12] - The company is currently serving 28 countries and continues to expand its global footprint [13] Company Strategy and Development Direction - The company is focused on leveraging valuable assets to achieve a sustainable capital structure before debt maturities [6][7] - The strategic vision emphasizes maximizing the value of assets, with ongoing exploration of strategic alternatives [18] - The company is pursuing commercial opportunities in data casting and modernizing broadcasting capabilities [16][18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute on strategic objectives and highlighted the strong backlog and robust pipeline for DBM [6][8] - The ongoing tariff situation is being monitored, with no material impact observed on DBM's business as of now [9] - Management remains optimistic about the market opportunity for R2 and the momentum experienced year over year [15] Other Important Information - The company had $33.3 million in cash and cash equivalents as of March 31, 2025, down from $48.8 million at the end of 2024 [25] - Total principal outstanding indebtedness was $672 million, an increase from $668.3 million at the end of 2024 [26] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with closing comments from management expressing satisfaction with the momentum to start the year [27][28]