Group 1 - The core investment thesis for Celestica (CLS) focuses on the company's shift from traditional contract manufacturing to Original Design Manufacturer (ODM) [1] - The author has a background in engineering and a strong interest in technology stocks, which influences the investment perspective [1] Group 2 - No stock or derivative positions in any mentioned companies are held by the author, and there are no plans to initiate such positions in the near future [1]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $110.5 million, down from $126.6 million in Q4 2024, primarily due to decreased demand from two large customers [5] - Full fiscal year 2025 revenue was $467.9 million, compared to $566.9 million in fiscal year 2024, reflecting a significant decline [5] - Gross margin for Q4 2025 was 6.2%, and operating margin was negative 2.1%, compared to 7.2% and 1.0% respectively in Q4 2024 [5] - The net loss for Q4 2025 was $3.9 million or $0.36 per share, compared to a net loss of $2.0 million or $0.18 per share in Q4 2024 [8] - For the full fiscal year 2025, the net loss was $8.3 million or $0.77 per share, compared to a net loss of $2.8 million or $0.26 per share in fiscal year 2024 [8] Business Line Data and Key Metrics Changes - The company cut approximately 300 jobs in 2025, totaling an 800 headcount reduction for the fiscal year, to align costs with current demand [6] - Despite revenue reduction, gross margins increased year over year due to operational efficiencies and cost-saving initiatives [6] Market Data and Key Metrics Changes - The company reduced inventory by approximately $8 million or 7% year over year, reflecting strategic initiatives to align inventory with current revenue [10] - Total liabilities were reduced by $32.7 million or 14% from the previous year [10] Company Strategy and Development Direction - The company is focusing on expanding its manufacturing footprint in the U.S. and Vietnam, with plans to invest over $28 million in a new facility in Arkansas [17] - The strategy includes enhancing production capabilities and mitigating tariff impacts by diversifying manufacturing locations [19] - The company anticipates that by the end of fiscal 2026, approximately half of its manufacturing will occur in the U.S. and Vietnam [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging year due to reduced demand and tariff uncertainties but expressed optimism about future growth driven by new programs and operational efficiencies [13][26] - The company is not providing forward-looking guidance due to uncertainties in product ramp-up timing [13] Other Important Information - Cash flow from operations was $18.9 million for fiscal year 2025, up from $13.8 million in fiscal year 2024, indicating two consecutive years of positive cash flow [11] - The company is investing selectively in production equipment and automation to prepare for growth [12] Q&A Session Summary Question: What is the range of sizes for the new wins in the quarter? - The new wins were predominantly around $5 million, with potential for a data processing contract to exceed $20 million [29] Question: How is the Vietnam medical device manufacturing capability being developed? - The company is certified to build medical products in Vietnam and expects to start a program in fiscal 2026, anticipating additional opportunities [32] Question: What is driving the increase in new program bids? - Cost reductions and improved global footprint have opened up opportunities, alongside pent-up demand for U.S. manufacturing [36][37] Question: Can you explain the reduction in accounts receivable? - The reduction was primarily due to decreased revenue and improved collection efforts, with no factoring involved [41][42] Question: What is the potential size of the manufacturing services contract with the data processor OEM? - The contract is expected to generate $20 million in revenue, which is significant due to its potential margin improvement [48][49] Question: How do you see Mexico operations growing in fiscal 2026? - Recent program wins are expected to drive growth in Mexico, leveraging the USMCA agreement for tariff mitigation [56] Question: What are the expectations for gross margin in fiscal 2026? - The company aims to improve gross margins and expects incremental gross margins of 15% to 20% as revenue increases [59][61]

Core Viewpoint - Golden Triangle Ventures, Inc. has completed its governance transition and appointed Javier Leal as CEO, aiming for unified leadership and a clear growth strategy [1][6] Company Structure and Strategy - The company is restructuring into three divisions: Construction & Development, Consumer Beverages & Wellness, and Manufacturing & Distribution, each targeting multi-billion-dollar industries for immediate revenue and long-term value [2] Division Summaries Construction & Development - The U.S. construction market exceeded $2.1 trillion in 2024, driven by technology infrastructure, renewable energy, and industrial expansion. This division aims to deliver projects that provide immediate contract revenue and long-term strategic value [3] Consumer Beverages & Wellness - The global functional beverage market is expected to surpass $200 billion by 2030. The division is launching consumer-first brands, starting with the relaunch of Go Fast Energy, to capture market attention and loyalty [4] Manufacturing & Distribution - The U.S. contract manufacturing market for food and beverages is projected to reach $186 billion by 2031. This division will support the company's portfolio and external clients, focusing on cost reduction and capacity expansion [5] Leadership and Operational Focus - Javier Leal emphasized the importance of the three-division strategy for strengthening operations and delivering market-driven products, while also focusing on balance sheet improvement and operational streamlining [6][8] Capital Structure - The company has confirmed that its noteholder will halt conversions, reducing immediate dilution pressure and allowing management to concentrate on operational growth with a stronger balance sheet [7]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was approximately $2.9 million, a 100% increase year over year and a slight sequential increase [5][17] - Gross margins improved to 43.6%, more than double the 20.3% reported in Q2 2024, and increased from 42.4% sequentially [5][18] - Adjusted EBITDA loss narrowed to negative $420,000 compared to negative $790,000 for the same period last year [6][20] - Net loss attributable to stockholders was $670,000, down from $890,000 in Q2 2024 [20] Business Line Data and Key Metrics Changes - Contract manufacturing revenue increased to $863,000, a 103% year over year increase from approximately $425,000 in 2024 [6] - Consumer products revenue increased by 95% year over year, driven by growth across the brand portfolio [12] Market Data and Key Metrics Changes - The company is seeing increased demand from domestic companies due to tariffs, although the impact on margins has been mild [35][36] - The partnership with Cintas remains strong, with ongoing sales of the SilverSeal product included in their wound care kits [7][75] Company Strategy and Development Direction - The company aims to continue expanding its contract manufacturing and white label business as a major driver of growth [11] - New product launches are planned, including an expanded beauty line and additional skincare solutions, reflecting the commitment to innovative, high-quality products [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive EBITDA by the end of the year and maintaining guidance for $13 million in revenue [15][81] - The company is preparing for potential economic downturns by focusing on high-margin consumer products and evaluating cost structures [66] Other Important Information - The company received $1 million in non-dilutive funding from STATA to support upcoming product launches and marketing initiatives [15][21] - The company has sufficient cash on hand, including recent capital raises, to support growth initiatives [21] Q&A Session Summary Question: Market opportunities for upcoming launches - Management discussed the potential for new digestive enzyme products, which target larger markets compared to existing products [22][23] Question: Retail strategy and brand consolidation - Management clarified that brands will maintain their unique identities and are currently exploring private label opportunities [25][27] Question: Manufacturing capacity and onboarding new customers - Current manufacturing capacity is underutilized, allowing for onboarding of new customers without immediate expansion [29][30] Question: Impact of tariffs on the business - Management noted a mild negative impact on margins but increased interest from domestic companies [35][36] Question: Status of AbbVie partnership - Management confirmed delays in the AbbVie project but remains optimistic about future developments [40][44] Question: New product details from Silly George - Management highlighted successful new product launches and strong sales performance [48][51] Question: Cash position and recession preparedness - Management is considering strategies for potential economic downturns while maintaining a focus on high-margin products [66] Question: Ranking of partnerships - Management identified key partnerships, including Cintas and AbbVie, as significant opportunities for growth [75]

Financial Data and Key Metrics Changes - Revenue for the first quarter was $6.6 billion, an increase of 4% year over year [6][15] - Adjusted operating margin was 6%, with adjusted EPS reaching a record $0.72, reflecting a more than 40% increase [6][15] - Gross profit totaled $596 million, with gross margin improving to 9.1%, up 130 basis points [15] Business Line Data and Key Metrics Changes - Reliability Solutions revenue was $2.9 billion, down 2% year over year, impacted by macro-related pressures in Automotive and Renewables [16] - Agility Solutions revenue totaled $3.7 billion, up 10% year over year, driven by strong cloud and AI demand [17] - Operating income for Reliability Solutions improved to $172 million, while Agility Solutions saw operating income of $240 million [16][17] Market Data and Key Metrics Changes - Americas revenue rose to 49% in fiscal year 2025, up from 38% in fiscal year 2020, while Asia declined to 30%, down from 41% [12] - The company operates over 49 million square feet globally, with significant manufacturing footprints in the U.S. and Mexico [11] Company Strategy and Development Direction - The company is focusing on high-growth end markets such as data centers and power, positioning itself as a strategic end-to-end partner rather than just a contract manufacturer [14] - Investments are being made in advanced manufacturing capabilities, including AI and automation, to enhance productivity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite market uncertainties, highlighting a strong start to fiscal year 2026 [14] - The updated fiscal year 2026 guidance anticipates revenue between $25.9 billion and $27.1 billion, with adjusted EPS between $2.86 and $3.06 [21] Other Important Information - Free cash flow for the quarter was $268 million, representing a conversion rate of 98% [17] - The company acquired a new manufacturing site in Poland to double its power capacity in Europe [19] Q&A Session Summary Question: Margin outlook for the year - Management maintained a margin guidance range of 6% to 6.1%, citing tariff impacts and investments as factors affecting margins [28][30] Question: Data center revenue trends - Management confirmed a strong outlook for data center growth, with expectations of 35% year-over-year growth, driven by both cloud and power segments [31][33] Question: Market evolution and internal investments by hyperscalers - Management views the trend of hyperscalers investing in their own capabilities as positive, emphasizing the importance of integrated solutions [38][39] Question: Capacity constraints and investments - Management acknowledged capacity constraints but expressed confidence in new investments to meet demand, particularly in AI infrastructure [50][51] Question: End market growth expectations - Management indicated that automotive and consumer markets are expected to remain weak, while healthcare and industrial sectors are projected to grow [67][68]

Financial Data and Key Metrics Changes - Revenue for the first quarter was $6.6 billion, an increase of 4% year over year [5][14] - Adjusted operating margin was 6%, with adjusted EPS reaching a record $0.72, reflecting a more than 40% increase [5][14] - Gross profit totaled $596 million, with gross margin improving to 9.1%, up 130 basis points [14] Business Line Data and Key Metrics Changes - Reliability Solutions revenue was $2.9 billion, down 2% year over year, impacted by macro pressures in Automotive and Renewables, but operating income improved to $172 million [15] - Agility Solutions revenue reached $3.7 billion, up 10% year over year, driven by strong cloud and AI demand, with operating income at $240 million [16] Market Data and Key Metrics Changes - Americas revenue rose to 49% in fiscal year 2025, up from 38% in fiscal year 2020, while Asia declined to 30%, down from 41% [11] - The company operates over 49 million square feet globally, with significant manufacturing footprints in North America [10] Company Strategy and Development Direction - The company is focusing on high-growth end markets such as data centers and power, aiming to transform from a contract manufacturer to a strategic end-to-end partner [12][13] - Investments are being made in advanced manufacturing capabilities, including AI and automation, to enhance productivity and meet evolving customer needs [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite market uncertainties, highlighting a strong start to fiscal year 2026 [12][19] - The updated fiscal year 2026 revenue guidance is between $25.9 billion and $27.1 billion, reflecting an increase in the midpoint by approximately $600 million [21] Other Important Information - Free cash flow for the quarter was $268 million, representing a conversion rate of 98% [16] - The company acquired a new manufacturing site in Poland to double its power capacity in Europe [18] Q&A Session Summary Question: Margin outlook for the year - Management maintained a margin guidance of 6% to 6.1%, citing tariff impacts and investments as factors affecting margin performance [27][28] Question: Data center revenue trends - Management confirmed a strong outlook for data center growth, with expectations of 35% year-over-year growth, driven by both cloud and power segments [31][32] Question: Market evolution and internal investments by hyperscalers - Management views the trend of hyperscalers investing in their own capabilities positively, emphasizing the importance of integrated solutions [36][38] Question: Full year guidance context - Management clarified that while Q1 results were strong, the full year guidance reflects a cautious approach and ongoing investments in growth [39][41] Question: Capacity constraints and investments - Management acknowledged capacity constraints but expressed confidence in new investments to meet demand, particularly in AI infrastructure [48][50] Question: Tariff impact on guidance - Management indicated that tariffs are largely pass-through costs and will not materially impact revenue growth rates, though they do affect margin performance [59][61] Question: Segment growth expectations - Management expects automotive and consumer markets to remain weak, while healthcare and industrial sectors are projected to grow [64][66]

Group 1 - Flex will announce its first quarter fiscal 2026 financial results on July 24, 2025, before the market opens [1] - A conference call to discuss the results will take place on the same day at 7:30 AM (CT) / 8:30 AM (ET) [1] - The live webcast presentation will be available on the Flex Investor Relations website [2] Group 2 - Flex is a manufacturing partner that helps a diverse customer base design and build products [3] - The company operates in 30 countries and focuses on responsible, sustainable operations [3] - Flex delivers technology innovation, supply chain, and manufacturing solutions to various industries and end markets [3]

Group 1 - President Trump urged Walmart to absorb the costs of tariffs instead of passing them onto consumers, stating that the retailer should "EAT THE TARIFFS" [1][4] - Walmart's CFO, John David Rainey, expressed concerns that the increase in tariffs is too high for suppliers to absorb, leading to potential price increases for consumers by late May and more significantly in June [2] - Walmart CEO Doug McMillon indicated that tariffs on imports from countries like Colombia, Peru, and Costa Rica are affecting prices of certain products, including bananas, avocados, and coffee, but assured that food prices would not be pressured by tariff-related costs on general merchandise [3] Group 2 - Other companies, such as Foxconn and Toyota, have also warned about the impacts of tariffs, with Foxconn downgrading its growth outlook and Toyota estimating a $1.25 billion profit loss due to U.S. tariffs [4] - Tariffs are essentially taxes on imported goods, which increase costs for importing companies, leading them to raise retail prices to maintain margins [5] - The uncertainty surrounding tariffs has been exacerbated by President Trump's fluctuating tariff policies, which have included rates as high as 145% on Chinese goods, contributing to market volatility and inflation concerns [7]

Financial Data and Key Metrics Changes - Net sales for Q1 2025 totaled $26.9 million, a decrease of 21.4% from $34.2 million in Q1 2024, impacted by delays in customer approvals and manufacturing efficiencies [15][16] - Gross profit for Q1 2025 was $3.1 million, or 11.1% of net sales, compared to $5.4 million, or 15.9% in the same quarter last year, due to lower sales and reduced facility utilization [16] - Adjusted EBITDA for Q1 2025 was negative $1 million, down from $1.6 million in Q1 2024, reflecting ongoing operational challenges [18] Business Line Data and Key Metrics Changes - The aerospace and defense segment faced revenue impacts due to the closure of the Blue Earth facility and delays in customer approvals for the transfer of programs to the Bemidji facility [4][5] - Customer backlog has stabilized as of March 31, 2025, consistent with the year-end 2024 backlog, with expectations for improved order volume as approvals are completed [16] Market Data and Key Metrics Changes - The company is closely monitoring supply chain strategies as customers evaluate their operations in light of tariff uncertainties, particularly regarding facilities in China and Mexico [6][7] - Opportunities are emerging in China as companies seek to consolidate manufacturing within the region, aligning with the company's nearshoring strategy [7] Company Strategy and Development Direction - The company is focused on reducing operating costs and aligning operations with market demand to drive sustainable long-term EBITDA growth [21] - A three-tier global manufacturing strategy across the US, Mexico, and China is in place to enhance competitiveness and operational flexibility [10][11] - The company is investing in engineering expertise and product innovation, particularly in fiber optic technologies, to meet evolving customer needs [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of customer backlogs and the potential for revenue recovery in the second half of 2025 [5][9] - The company is committed to monitoring geopolitical uncertainties and adjusting strategies to mitigate risks associated with tariffs and supply chain disruptions [6][7] Other Important Information - The company plans to further reduce inventory investments throughout 2025, aiming to improve cash flow and operational efficiency [19][21] - The focus on sustainability and innovation in fiber optics is expected to align with industry trends and customer demands for environmentally friendly solutions [26][27] Q&A Session Summary Question: What are the expectations for future revenue recovery? - Management expects revenue recovery in the second half of 2025 as customer approvals are completed and operational efficiencies improve [5][9] Question: How is the company addressing tariff impacts? - The company is closely monitoring tariff implications and adjusting pricing and sourcing strategies to mitigate adverse effects [7] Question: What innovations are being pursued in product development? - The company is advancing fiber optic technologies, including EBX and AOX, to enhance product performance and meet customer needs [24][26]

Financial Data and Key Metrics Changes - Net sales for Q4 2024 totaled $28.6 million, a decrease of 20.6% from $36.1 million in Q4 2023 [22] - For the year ended December 31, 2024, net sales were $128.1 million, down 8% from $139.3 million in 2023 [22] - Gross profit for Q4 2024 was $2.8 million, or 9.9% of net sales, compared to $6.8 million, or 18.9% of net sales in Q4 2023 [25] - Adjusted EBITDA for Q4 2024 was a negative $585,000, compared to a positive $3.2 million in Q4 2023 [29] - Year-end 2024 adjusted EBITDA was $2.1 million, down from $8 million in 2023 [30] Business Line Data and Key Metrics Changes - Aerospace and defense net sales were negatively impacted by the closure of the Blue Earth facility and transfer of customer programs to Bemidji, leading to unexpected delays [7][24] - Industrial and medical customers faced revenue headwinds due to market softness and inventory reductions [23] Market Data and Key Metrics Changes - The company experienced a reduction in customer backlog in Q4 2024 as customers requested shorter lead times with new orders [24] - Inventory levels were $21.6 million as of December 31, 2024, slightly down from $21.7 million in 2023, reflecting a buildup in anticipation of the Blue Earth facility transition [32] Company Strategy and Development Direction - The company is focused on consolidating its North American footprint and optimizing its facilities to improve long-term EBITDA generation [16] - Investments in core infrastructure and leadership teams are aimed at driving long-term growth [13] - The three-tier global manufacturing strategy across the U.S., Mexico, and China provides flexibility to respond to market dynamics [17] Management's Comments on Operating Environment and Future Outlook - Management expects aerospace and defense business to normalize in the second half of 2025, despite ongoing revenue headwinds in the first half [8] - The company is closely monitoring geopolitical uncertainties and trade policies that may impact operations [11] - Management remains optimistic about future growth and is committed to investments that accelerate long-term growth [15] Other Important Information - The company completed a 30% reduction in lease space at its Maple Grove facility, resulting in annual savings of at least $1.6 million starting in 2025 [12] - The company is focusing on reducing inventory investments in 2025 by several million dollars [27] Q&A Session Summary Question: What are the expectations for the aerospace and defense market? - Management expects the aerospace and defense business to return to normal in the second half of 2025, despite current challenges [8] Question: How is the company addressing the impact of tariffs? - The company is monitoring tariff impacts closely and adjusting customer pricing and sourcing strategies as needed [10] Question: What are the company's plans for innovation and technology? - The company is committed to advancing its engineering capabilities and product innovations, particularly in fiber optic technology [39][40]