Q4 2025 Earnings Presentation © 2026 Granite Construction. All Rights Reserved. Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our strategic update, including our home market strat ...

Financial Data and Key Metrics Changes - Revenue for Q2 fiscal 2026 increased 120% to $16.4 million compared to $7.4 million in the same year-ago quarter [24] - Gross profit increased 212% to $6 million, representing 37% of total revenues, up from 26% in the prior year [24] - Net loss for Q2 fiscal 2026 totaled $9.4 million or $0.20 per share, compared to a net loss of $2.6 million or $0.07 per share in the same year-ago quarter [26] Business Line Data and Key Metrics Changes - Revenue from infrared components was $5 million (31%), visible components $3.4 million (21%), assemblies and modules $7.2 million (44%), and engineering services $0.7 million (4%) [24] - G5 Infrared contributed significantly to revenue growth, with over $80 million in new orders since acquisition, compared to $15 million in the prior year [5] Market Data and Key Metrics Changes - The company is positioned to benefit from increased NATO spending in Europe, particularly in defense [33] - The U.S. government is expected to launch numerous satellites for missile tracking, creating significant opportunities for the company [11][12] Company Strategy and Development Direction - The company has transitioned to a vertically integrated provider of high-value infrared optics and camera systems, focusing on higher revenue and gross margins [3] - The acquisition of Amorphous Materials is expected to enhance production capabilities and capacity, allowing for larger optics production [9][14] - The company aims to capture significant market share within a 3-4 year window, leveraging unique technologies and strategic investments [16][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet NDAA compliance and capitalize on domestic manufacturing opportunities [19] - The company anticipates gradual financial improvement and has set internal targets for gross margin and EBITDA positivity [28][29] - Management highlighted the importance of executing on existing contracts and converting backlog into revenue [31] Other Important Information - The company completed a secondary capital raise of $60 million to support growth initiatives [15] - Backlog totaled $97.8 million, with a significant portion being higher-margin systems and subsystems [28] Q&A Session Summary Question: Was the increase in sales to Europe due to a specific customer or NATO spending? - The increase was attributed to NATO spending in defense in Europe and Israel, with some G5 shipments included [33] Question: Are there plans for building lenses for optical intersatellite links? - The company already has a strong position in free space optical communication between satellites and is in discussions to increase capacity [34] Question: Can you elaborate on the three-year window for capturing market share? - The company has a unique opportunity to capture market share while competitors struggle with germanium supply, with a focus on long-term relationships in defense [37] Question: What are the main constraints in terms of capacity and product development? - The primary constraints are in glass production capacity and product development, with ongoing efforts to address these through acquisitions and investments [38] Question: What is the timeline for converting cameras to Black Diamond? - The goal is to complete the conversion of all relevant cameras to Black Diamond by autumn of this year [39] Question: What is the cost difference for customers between different lens sizes? - The cost difference is influenced by material costs and the number of lenses that can fit in a coating chamber, affecting overall production costs [42]

Karman (NYSE: KRMN) FY Conference Summary Company Overview - Karman is positioned as a new kind of space and defense company, having gone public in February 2025, with a focus on enabling prime contractors and providing integrated solutions across various defense sectors [4][22] - The company has over 1,500 employees and emphasizes its role in accelerating access to space and supporting national defense [2] Financial Performance - Karman reported a 24% compound annual growth rate (CAGR) in revenue from 2022 to 2024, with a 31% adjusted EBITDA margin for 2024 [7][19] - The funded backlog grew from mid-200 million to over 500 million by the end of 2024, with estimates of 750-780 million in Q3 [20] - The company maintains a diversified revenue base across over 130 programs, with the largest program accounting for only 11% of revenue [21] Market Segments and Growth Opportunities - Karman operates in high-growth segments such as hypersonics, strategic missile defense, tactical missiles, drones, and maritime defense, particularly following the acquisition of Seemann Composites and MSC [9][10] - The maritime defense market is highlighted as a significant growth area, with $25 billion in funding for Columbia-class and Virginia-class submarines in FY26 [25] - The company is focused on U.S. markets, with limited international revenue primarily through Foreign Military Sales (FMS) [10][38] Strategic Acquisitions - Karman has a history of strategic acquisitions to enhance its capabilities, including recent acquisitions of MTI, ISP, Five Axis Industries, and Seemann Composites [15][16][17] - The acquisitions are aimed at expanding the company's technological capabilities and market reach, particularly in composite materials and liquid-fueled rocket engines [16][30] Competitive Positioning - Karman differentiates itself through its vertically integrated manufacturing capabilities, allowing it to provide end-to-end solutions for prime contractors [13][15] - The company emphasizes its strong IP portfolio and the importance of maintaining qualified positions on key programs, which are difficult for competitors to replicate [14][33] Challenges and Capacity Expansion - Karman is actively preparing for increased demand from the Department of Defense (DoD) by investing in capital expenditures (CAPEX), hiring, and enhancing manufacturing throughput [27] - The company is focused on avoiding bottlenecks in its supply chain to meet customer demand effectively [28] Future Outlook - Karman is optimistic about the growth of all its end markets and is well-positioned to capitalize on increasing demand for defense solutions [24] - The company is exploring opportunities in international markets, particularly through FMS, as NATO allies increase their defense spending [38] Conclusion - Karman is positioned as a leading merchant supplier in the space and defense sector, with a strong focus on growth, diversification, and strategic acquisitions to enhance its capabilities and market presence [22][23]

Core Insights - IonQ is implementing an aggressive M&A strategy to enhance scaling, expand its total addressable market, and vertically integrate key components of the quantum value chain [1][10] M&A Strategy - The 2025 acquisitions are focused on technical acceleration and platform expansion, with the acquisition of Oxford Ionics bringing Electronic Qubit Control (EQC) technology in-house, supporting IonQ's semiconductor-based scaling strategy [2] - The acquisition of Vector Atomic allows IonQ to extend its capabilities into quantum sensing and precision timing, enhancing its full-stack quantum platform approach across various applications [3] - The January 2026 agreement to acquire SkyWater Technology, valued at $1.8 billion, aims for vertical integration by embedding U.S.-based semiconductor fabrication into IonQ's operations, significantly reducing development cycles for its 256-qubit chip [4] Financial Position - IonQ is well-capitalized for its expansion phase, with $1.5 billion in cash as of September 30, 2025, and an additional $2 billion equity raise completed in October 2025 [5][10] Peer Comparison - D-Wave Quantum focuses on commercial deployment of quantum annealing systems and has launched its Advantage2 system, improving coherence and qubit connectivity, while raising $400 million for R&D [6] - Rigetti Computing is advancing its superconducting quantum computing platform, achieving a median two-qubit gate fidelity of 99.5% and securing an $8.4 million order for a 108-qubit system [7] Stock Performance - Over the past six months, IonQ's shares have decreased by 22.2%, underperforming the industry's growth of 65.8% and the S&P 500's growth of 11% [8] Valuation - IonQ currently trades at a forward 12-month Price-to-Sales (P/S) ratio of 57.3X, significantly higher than the industry average of 4.9X [12]

Core Insights - Vision Marine Technologies Inc. has opened a new Nautical Ventures retail store in Palm City, Florida, marking a significant milestone with over 1,100 yacht tenders sold since 2021 [1][4][5] - The Palm City location serves as a high-volume tender rigging and logistics center, reflecting sustained customer demand and operational scale [2][5] - The yacht tender and inflatable boat segment is a substantial part of the global marine industry, with long-term demand driven by superyacht activity and charter fleets [3][6] Company Developments - The Palm City store will enhance Vision Marine's retail presence and support centralized rigging and delivery operations for tenders sold across the Nautical Ventures network [5][6] - The company is formalizing Palm City as a customer-facing dealership, which will improve customer access along Florida's Atlantic coast [5][6] - Vision Marine's strategy includes leveraging its E-Motion™ high-voltage electric propulsion system within the yacht tender segment, aiming for future integration on applicable platforms [6][7] Industry Context - The global inflatable boat market operates at a multi-billion-dollar scale, supported by increasing demand for performance and service in the yacht tender segment [3][4] - The evolution of the tender market has transformed it from a functional accessory to a central component of boating experiences, leading to increased expectations from customers [4][6] - Vision Marine's disciplined tender strategy focuses on asset optimization and scalable execution to capitalize on market opportunities [3][6]

Core Insights - Tether is expanding its gold exposure by investing $150 million into Gold.com, acquiring approximately 12% of the company and a board seat, indicating a strategic shift towards hard assets [1][2] - The investment is backed by Tether's strong financial position, reporting over $10 billion in annual profits, and aims to connect digital liquidity with the physical bullion market amid rising gold prices and inflation [2][7] Investment Strategy - Tether's acquisition of over 3.3 million shares in Gold.com is part of a strategy to create a vertically integrated ecosystem that combines digital assets with physical gold [3][4] - The move is designed to ensure that Tether's tokenized products, such as Tether Gold (XAUT), have a solid physical foundation, enhancing trust in Real World Asset (RWA) products [4] Financial Arrangements - As part of the investment, Gold.com will reinvest $20 million into XAUT, enhancing market depth and providing a significant on-ramp for the token through its retail platform [5] - Tether will also provide a gold leasing facility of at least $100 million to Gold.com, facilitating operations in the precious metals market and creating a yield-bearing instrument backed by physical gold [6] Market Position - Tether's market cap for USDT reached $187.3 billion in Q4, with an increase of $12.4 billion in just three months, showcasing its financial strength and ability to pivot into gold investments [7]

Group 1 - The acquisition of Hawthorne Gardening from Scotts Miracle-Gro by Vireo Growth is expected to significantly enhance Vireo's operations and market position in the cannabis industry [2][6] - Vireo Growth has rapidly expanded its footprint, increasing its dispensaries from 16 to 166 across 10 states, and has made several strategic acquisitions to bolster its market presence [8][9] - The company reported a revenue of $164 million for the first nine months of the year, reflecting a 121% year-over-year increase, and an adjusted EBITDA of $45 million, up 145% compared to the previous year [7] Group 2 - The acquisition of Hawthorne is anticipated to provide Vireo with vertical integration, leading to cost savings and improved quality control over its products [6] - Vireo's cash position was $117 million at the end of the third quarter, indicating a strong financial base to capitalize on opportunities in a distressed cannabis market [7] - Despite the growth and potential benefits of acquisitions, there are concerns regarding the complexities and costs associated with rapid expansion, as well as the company's increasing debt of $60.8 million [9]

Group 1: SpaceX and xAI Acquisition - SpaceX's acquisition of xAI represents a significant move towards vertical integration, allowing the company to control an end-to-end AI compute supply chain from Earth to orbit [2][3] - By combining launch capabilities, satellite manufacturing, and AI models, SpaceX aims to become a foundational infrastructure layer in the AI sector, potentially deploying up to one million orbital "data center" satellites [3] - The acquisition is framed by Elon Musk as a pivotal moment, indicating a shift in strategy that emphasizes ownership of the entire supply chain [2] Group 2: Benefits from Tesla's Success - SpaceX benefits from Tesla's advancements, which serve as both a financial engine and a testing ground for technologies applicable to aerospace [4] - Tesla's cash flow and market value enable SpaceX to fund long-term projects without relying solely on external financing, while innovations in AI and manufacturing from Tesla can be leveraged to enhance SpaceX's operations [4] Group 3: Vertical Integration in AI and Supply Chain Control - The strategic advantage of vertical integration is highlighted, as it addresses AI's bottlenecks in compute, power, and data movement [5] - SpaceX's ownership of the cheapest launch system and the world's largest satellite constellation positions it to deploy infrastructure at unmatched costs, reshaping the competitive landscape [5][6] Group 4: Kraig Labs and Advanced Materials - Kraig Biocraft Laboratories is adopting a similar vertical integration strategy by securing access to mulberry gardens for spider silk production, enhancing logistics and cost stability [7][8] - Spider silk's unique properties make it a compelling material for various applications, including defense, aerospace, and medical fields, with potential multi-billion-dollar market opportunities [9][10] Group 5: Other Companies Following the Trend - Apple's move to mass-produce its own AI server chips and develop proprietary data centers reflects a strategy to enhance control over costs and scalability in AI [12][13] - Amazon's development of custom AI accelerators and ownership of power infrastructure allows it to optimize performance and reduce dependence on third-party suppliers, reinforcing its competitive edge in cloud and AI services [14][15]

Core Insights - Elon Musk is strategically blurring the lines between his companies, particularly SpaceX and XAI, to create a vertically integrated business model that leverages the strengths of each company [2][4][6] - The combined valuation of SpaceX and its associated ventures is projected to be lower than previously estimated, with a new valuation of $1.25 trillion compared to earlier expectations of $1.5 trillion [4] - Musk's approach to integrating AI capabilities into SpaceX is seen as a way to sustain growth in the AI sector, especially in light of significant investments from competitors like Google and OpenAI [6][7] Company Strategies - SpaceX is planning to launch a million satellites into low Earth orbit, which will serve as data centers and energy sources, enhancing its business model [2][9] - XAI is positioned as a digital AI company, while Tesla focuses on real-world AI applications, such as autonomous vehicles and robotics, maintaining a connection between the two [3] - The integration of XAI into SpaceX may allow for more sustainable operations without the need for an IPO, keeping the companies private and potentially allowing for better capital management [7][8] Market Dynamics - The competitive landscape for AI companies is intensifying, with major players like Google investing heavily in data centers and AI technologies [6] - Musk's strategy may involve delaying an IPO for XAI to maintain control and leverage SpaceX's cash flows for reinvestment [7][8] - The long-term vision includes establishing a robust infrastructure in space that could revolutionize energy generation and data processing capabilities [9]

Core Viewpoint - La-Z-Boy Incorporated will report its Fiscal 2026 Third Quarter results on February 17, 2026, and will hold an investor conference call on February 18, 2026 [1] Company Overview - La-Z-Boy Incorporated is a leading vertically integrated retailer and manufacturer of high-quality, custom furniture, with a history of nearly 100 years [4] - The company operates a retail network of 370 La-Z-Boy stores, including 222 company-owned locations, and has a digital platform at La-Z-Boy.com [5] - Approximately 90% of La-Z-Boy's products are produced in North America, and the company employs about 11,000 people [5] - La-Z-Boy was recognized in TIME's 2026 list of America's Most Iconic Companies and ranked No. 1 in the furniture category in Newsweek's 2025 list of America's Best Retailers [5]