Financial Data and Key Metrics Changes - Revenue decreased 1% sequentially to $3 billion, with the Alumina segment seeing a 9% decrease in third-party revenue due to lower volumes and bauxite prices [16] - Net income attributable to Alcoa was $232 million, up from $164 million in the prior quarter, with earnings per share increasing to $0.88 [17] - Adjusted EBITDA was $270 million, reflecting a sequential decrease of $43 million primarily due to increased U.S. Section 232 tariff costs [18][19] - Year-to-date return on equity was 14.5%, and cash flow activities included a tax refund of $69 million from the Australian Tax Office [21][22] Business Line Data and Key Metrics Changes - In the Alumina segment, third-party revenue decreased 9% due to lower volumes and prices, while the Aluminum segment saw a 4% increase in revenue driven by higher average realized prices [16] - Adjusted EBITDA for the Alumina segment decreased by $72 million, while the Aluminum segment's adjusted EBITDA increased by $210 million due to higher metal prices and lower alumina costs [19] Market Data and Key Metrics Changes - Alumina prices have declined significantly, with recent prices around $315 per metric ton due to ample spot availability and refinery expansions in Indonesia and China [26] - LME prices rose approximately 7% sequentially, recently reaching $2,775 per metric ton, reflecting a combination of factors including a weaker U.S. dollar and persistent supply tightness [29] - The Midwest premium increased during the third quarter, reaching import parity, which reflects declining inventories and reduced aluminum imports [30] Company Strategy and Development Direction - The company is focused on increasing profitability through higher shipments, improved operations, and key investments such as the Messina Energy contract and anode bake furnace [14] - A new long-term energy contract for Messina operations was announced, along with a $60 million investment in the anode bake furnace to enhance operational efficiency [12] - The company is evaluating M&A opportunities across the product line but does not have a specific focus at this time [41] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety following a workplace fatality and reiterated their commitment to providing a safe working environment [5][6] - The outlook for the Alumina segment is expected to improve by approximately $80 million in 2025, while the Aluminum segment anticipates unfavorable impacts of about $20 million due to restart inefficiencies [23][24] - Management noted that demand remains steady across Europe and North America, with healthy growth in packaging and electrical sectors, while the automotive sector is weak [31][32] Other Important Information - The company announced a partnership with the U.S. and Australian governments to develop a gallium plant at the Wagerup alumina refinery, which is expected to provide strategic benefits [10][11] - The Kwinana refinery's permanent closure resulted in significant asset retirement obligations, impacting the financial results [8][17] Q&A Session Summary Question: Capital allocation and M&A opportunities - Management indicated that they are close to their net debt target and will prioritize debt repayment while evaluating returns to shareholders and growth options [40][41] Question: U.S.-Australia Alcoa partnership - The partnership was initiated with Japanese entities and aims to establish a gallium supply chain outside of China, with first production expected by 2026 [45][48] Question: Canadian negotiations and domestic capacity expansion - Management is providing information to both U.S. and Canadian governments regarding trade flows and noted that competitive energy prices for long-term contracts in the U.S. are still lacking [54][55] Question: Gallium project economics and mining permitting - The gallium project is not a large investment and will be financed by several governments, with no impact on the ongoing mining permitting process [66][67] Question: Interest in idled assets and data centers - Management confirmed ongoing interest in data centers and AI centers, with significant efforts to market sites with existing electrical infrastructure [120] Question: Demand profile and market conditions - Management does not see significant demand destruction but noted weakness in the automotive sector, attributing it to potential substitution by electric vehicles from China [122]

Company Overview - Crazy Woman Creek Bancorp, Inc. operates as the bank holding company for Buffalo Federal Bank, providing a range of banking products and services to individuals, families, and businesses in North-Central Wyoming [3] - Buffalo Federal Bank was founded in 1936, and Crazy Woman Creek Bancorp, Inc. was formed in 1995 as its parent company, headquartered in Buffalo, Wyoming [3] - The shares of Crazy Woman Creek Bancorp, Inc. are traded on the OTCPK under the symbol "CRZY" [3] Financial Actions - The company announced a full redemption of its $2.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due August 14, 2030, at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest [1] - The primary use of the proceeds from the Notes was to fund a block repurchase of 93,000 outstanding shares at a purchase price of $14.50 per share in August 2020 [2] - The Notes, originally issued in August 2020, had a fixed-to-floating interest rate yielding 5.0% before redemption [2] Management Commentary - Paul M. Brunkhorst, President and CEO, expressed satisfaction in completing the redemption at the earliest permitted opportunity, coinciding with the conclusion of the 5.0% fixed-rate period [2]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 increased 18% year over year to $35.3 million, driven primarily by volume gains [19][20] - Gross profit rose 23.1% to $9.2 million, with gross margin improving to 26.1% from 25% in the same quarter last year [20] - Net income surged 123% to $1.2 million, translating to $0.03 per diluted share, compared to $0.01 per diluted share in the prior year [22] - Cash and cash equivalents increased to $12 million from $7.2 million, driven by $6 million in cash flow from operations [23] Business Line Data and Key Metrics Changes - The company achieved significant operational efficiency improvements, particularly in chicken operations, with capacity more than doubling year over year [11] - Trade promotion investments increased to a record 6% of gross revenue, up from 2% in the previous quarter, reflecting a strategic focus on brand building [9][15] - The company reported a 71% year-over-year increase in marketing spend, aimed at driving repeatable and profitable brand growth [21] Market Data and Key Metrics Changes - The company is benefiting from a shift towards deli prepared foods, with more than two-thirds of shoppers purchasing deli prepared meals recently, particularly among millennials and Gen Z consumers [10] - CPI data indicates a nearly two-fold disparity between at-home and away-from-home inflation rates, with grocery store inflation notably lower, positioning the company to capture incremental consumer spending [10] Company Strategy and Development Direction - The company is focused on executing its foundational four Cs strategy: cost, controls, culture, and catapult, which aims to enhance operational efficiency and market presence [11] - Strategic investments in production capabilities and automation are expected to deliver meaningful returns, positioning the company for sustainable growth [24] - The company is actively evaluating potential M&A opportunities to enhance category leadership and expand capabilities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining double-digit growth rates despite macroeconomic challenges, citing strong demand from retailers [27][28] - The company is optimistic about gross margin improvements, supported by hedging strategies and operational efficiencies [30][31] - Management highlighted the importance of profitable growth and the need to balance trade promotion investments with margin targets [22][36] Other Important Information - The company has refined its acquisition criteria, focusing on targets that enhance category leadership and operational scale [52] - New distribution wins were secured during the quarter, expanding customer accounts and product placements at major national retailers [14] Q&A Session Summary Question: Growth rate expectations for the rest of the year - Management remains confident in achieving double-digit growth, supported by retailer demand and consumer trends [27][28] Question: Gross margin outlook amidst chicken price volatility - Management believes gross margins can improve due to hedging and operational efficiencies, despite ongoing commodity headwinds [30][31][36] Question: In-house chicken trimming capabilities - The company aims to achieve 100% in-house chicken trimming this year, with operational capabilities already in place [42][44] Question: Future CapEx projects - No major CapEx projects are anticipated this year, with a focus on potential acquisitions instead [46][48] Question: M&A criteria refinement - The company has become more focused in its M&A criteria, seeking deli companies with manufacturing capabilities [52] Question: Costco promotions and opportunities - Management confirmed ongoing discussions for additional promotions with Costco and expressed optimism about the club channel [60][61] Question: Pricing strategy and quantification - Management refrained from providing specific quantification on pricing changes, indicating it varies by item and customer [64] Question: Update on Walmart, Kroger, and Target rollouts - Progress is being made with Walmart, Kroger, and Target, with new items being introduced and expanded [71][72]

Financial Data and Key Metrics Changes - Revenue for Q4 2023 totaled $7 million, a 27% increase compared to $5.5 million for the same period in 2022, slightly exceeding previous guidance of 20% to 24% growth [11] - Fiscal year 2023 revenue reached $20.4 million, up 22% from $16.7 million in 2022 [11] - Gross margin for Q4 2023 was 69.1%, down from 78.1% in Q4 2022, primarily due to non-recurring inventory write-offs [12] - Adjusted EBITDA for Q4 2023 was $700,000, an improvement of $2 million from negative $1.3 million in Q4 2022 [13] Business Line Data and Key Metrics Changes - Ultramist systems sold increased by 44% from Q3 2023, with total placements for the quarter reaching 98, compared to 55 in Q3 [6] - Applicators revenue grew by 16% sequentially, accounting for 51% of overall revenues in the quarter [7] - The number of active systems in the field rose by 14% sequentially, indicating strong growth in the core business [9] Market Data and Key Metrics Changes - The company is focusing on expanding its user base, with 47% of systems sold in Q4 2023 going to new customers [7] - The company is targeting high usage environments and physician practices to increase applicator usage per active system [10] Company Strategy and Development Direction - The company aims to improve operational profitability and manage expenses while expanding its commercial operations and clinical training teams [10] - A merger with SEPA is ongoing, which is expected to simplify the capital structure and eliminate complexities in financial reporting [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2024 as a breakout year, expecting revenue growth of 50% compared to 2023, with revenues projected to exceed $30 million [18] - Gross margins are anticipated to recover to the mid-seventies range in 2024 [17] Other Important Information - Total current assets as of December 31, 2023, were $9.8 million, up from $6.6 million a year earlier [13] - Cash totaled $1.8 million as of December 31, 2023 [13] Q&A Session Summary Question: Status of patents and talks with Shockwave - Management confirmed an intellectual property deal was announced earlier in the month, emphasizing the value of its intellectual property portfolio [22] Question: Timeline for the merger and listing - Management indicated that finalizing the exchange listing depends on factors outside their control, but they hope it will not take long [26] Question: Legal matters regarding the merger - Management clarified that there are no legal matters holding up the merger, only the completion of pro forma SEC filings [31] Question: Contact for doctors interested in trials - Interested parties can contact Tim Hendrix, the head of sales, through the company's website for product trials [32]