Company Overview - As of March 31, 2025, Carl Icahn and his affiliates owned approximately 86% of IEP's outstanding depositary units[7,8] - As of May 15, 2025, IEP has a $200 annualized distribution, which is a 207% yield[7] - As of March 31, 2025, IEP has liquidity through its investment in the Investment Funds of approximately $25 billion[7] Financial Performance (LTM March 31, 2025) - Investment segment assets were $3850 million, with a net loss attributable to IEP of $333 million[7] - Energy segment assets were $4722 million, with net sales of $7393 million and a net loss attributable to IEP of $153 million[7] - Automotive segment assets were $1881 million, with net sales of $1470 million and a net loss attributable to IEP of $34 million[7] - Food Packaging segment assets were $434 million, with net sales of $397 million and a net loss attributable to IEP of $20 million[7] - Real Estate segment assets were $512 million, with net sales of $95 million and a net loss attributable to IEP of $6 million[7] - Home Fashion segment assets were $220 million, with net sales of $181 million and a net loss attributable to IEP of $9 million[7] - Pharma segment assets were $274 million, with net sales of $107 million and a net income attributable to IEP of $6 million[7]

Core Viewpoint - Aduro Clean Technologies Inc. has announced a public offering of 947,868 common shares at a price of US$8.44 per share, aiming to raise approximately US$8 million for research and development, construction of a demonstration-scale plant, and general corporate purposes [1][2]. Group 1: Offering Details - The offering includes 947,868 common shares and accompanying warrants to purchase 473,934 common shares, with each whole warrant exercisable at US$10.13 and expiring three years from issuance [1]. - The offering is managed by D. Boral Capital LLC as the sole book-running manager [2]. - An over-allotment option allows underwriters to purchase an additional 142,180 common shares and/or warrants for 71,090 common shares within 45 days [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to ongoing research and development costs, expenditures for the construction of a demonstration-scale plant, and any remaining funds for general corporate purposes and working capital [2]. Group 3: Regulatory Information - The offering is conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and a Canadian short form base shelf prospectus [4]. - The base shelf prospectus has been filed with applicable securities commissions in Canada and the SEC, and is available for public access [5]. Group 4: Company Overview - Aduro Clean Technologies specializes in patented water-based technologies for recycling waste plastics, converting heavy crude into lighter oil, and transforming renewable oils into higher-value fuels or chemicals [7]. - The company's Hydrochemolytic™ Technology utilizes water as a key agent in a low-temperature chemistry platform, aiming to convert low-value feedstocks into valuable resources for the 21st century [7].

Financial Data and Key Metrics Changes - The company recently closed a strategic direct Series A investment of $20 million for approximately 2% of Biolium Corporation, which is expected to exceed the previously discussed $700 million cap [2][31] - The valuation for the Series A is anticipated to be higher than the initial cap, with expectations of reaching over $1 billion [40][51] Business Line Data and Key Metrics Changes - Comstock Metals is experiencing rapid revenue growth and has achieved significant industry recognition, including becoming the first company in North America to earn stringent recycling certifications [55][56] - The solar panel recycling facility is fully operational with three shifts, handling increased demand and preparing for industry-scale production [95] Market Data and Key Metrics Changes - The renewable fuels market is currently facing challenges, but the company is positioned to capitalize on strategic partnerships and market demand for biolium oils and renewable diesel [36][94] - The company has secured a $3 million incentive grant and a $152 million bond application for its Oklahoma facility, indicating strong local support and investment interest [32] Company Strategy and Development Direction - The separation of Biolium Corporation from Comstock Inc. is seen as a strategic move to allow both entities to focus on their respective markets, with Biolium targeting renewable fuels and Comstock Metals focusing on mining and recycling [49][66] - The company aims to take Biolium public at the optimal time to maximize valuation, emphasizing the importance of achieving certain milestones before an IPO [36][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of both businesses, highlighting the importance of strategic partnerships and the need for capital to support ongoing development [64][68] - The company is focused on enabling energy independence and believes it has the technology to significantly impact the renewable fuels market [67][89] Other Important Information - The company holds $65 million in preferred stock in Biolium, convertible into 32.5 million common shares, which positions it favorably for future growth [49][50] - The management team is committed to ensuring that both companies are well understood by investors, with plans for ongoing communication and updates [41][91] Q&A Session Summary Question: When do you believe you will complete the Series A, and how much of Biolium do we own today? - Completion of the Series A could occur between June and September, with expectations that it will not exceed 10% of the company [72] Question: When will you start capital raising for the first Oklahoma refinery? - Capital raising efforts are underway, with significant bond allocations already secured, and project plans are progressing [74] Question: Is Marathon's contribution part of the $20 million Series A, or is it all cash? - The $20 million is cash, while Marathon's contribution was in kind, providing a state-of-the-art pilot facility [77][78] Question: When would you expect an IPO, and why not just spin it out public today? - An IPO is not expected until the company has matured and achieved revenue, as premature public offerings can lead to unfavorable valuations [81][83] Question: Will you be announcing additional offtakes and license agreements for Biolium Corp? - Additional offtake agreements are anticipated, with ongoing partnerships with Marathon and other strategic entities [91][94]

Core Viewpoint - Comstock Inc. has appointed Mr. Judd B. Merrill as Chief Financial Officer and President of its wholly-owned mining subsidiary, Comstock Mining LLC, effective May 19, 2025, to enhance its financial and operational capabilities in the mining sector [1][3]. Group 1: Appointment Details - Mr. Judd B. Merrill brings extensive experience in the mining and clean mineral technology industries, having served as CFO of Aqua Metals, Inc. and held key financial positions at Klondex Mines Ltd., Fronteer Gold Inc., and Newmont Mining Corporation [2][3]. - Mr. Merrill previously worked with Comstock for over six years in various roles, including CFO and Corporate Secretary, indicating familiarity with the company's operations [3]. Group 2: Executive Commentary - Mr. Corrado De Gasperis, Executive Chairman and CEO, expressed enthusiasm about Mr. Merrill's return, highlighting his systems-based approach and experience in Nevada-based mining and metal recycling, which aligns with the company's strategic goals [3]. - Mr. Walter "Del" Marting, Chairman of the Audit Committee, noted that Mr. Merrill's expertise will strengthen the company's financial organization, particularly in liquidity management, financial reporting, and regulatory compliance [5]. Group 3: Company Overview - Comstock Inc. focuses on innovating and commercializing technologies for efficient extraction and conversion of under-utilized natural resources into renewable fuels and recovered electrification metals [5].

Core Viewpoint - Aemetis, Inc. has signed a $27 million agreement with Centuri Holdings to construct biogas cleanup systems for 15 dairy digesters, which will enhance the production of renewable natural gas (RNG) from dairy waste [2][3]. Group 1: Agreement and Impact - The agreement with Centuri will facilitate the rapid scaling of dairy digesters, enabling Aemetis Biogas to produce RNG for a total of 50 dairies [3]. - Aemetis Biogas plans to have 16 dairies operational this summer as part of the Central Digester Project near Modesto, California, which includes a biogas pipeline and a production facility delivering RNG into the PG&E utility gas pipeline [3]. Group 2: Strategic Relationship - Aemetis is expanding its strategic relationship with Centuri, which includes plans for construction management and pipe assembly for future energy efficiency and carbon sequestration projects [4]. - Centuri's expertise in utility distribution and renewable natural gas projects aligns well with Aemetis' goals, adding significant value to upcoming projects [5]. Group 3: Renewable Energy Projects - Aemetis aims to generate over 1 million MMBtu of RNG from the 50 dairies involved in the project [6]. - Other projects include a Keyes ethanol plant expected to generate $32 million in annual cash flow starting in 2026, and a carbon sequestration project to inject 1.4 million tons of CO2 per year [6]. - Aemetis is also developing a sustainable aviation fuel and renewable diesel plant, which has received necessary permits and approvals [6]. Group 4: Company Overview - Aemetis is focused on the operation, acquisition, development, and commercialization of technologies that replace petroleum products and reduce greenhouse gas emissions [7]. - The company operates a biogas digester network and pipeline system in California, converting dairy waste gas into RNG, and has ethanol production facilities in both California and India [8].

Core Viewpoint - Alto Ingredients, Inc. reported improved year-over-year gross margin and Adjusted EBITDA for Q1 2025, driven by operational efficiencies from its recent acquisition of Alto Carbonic and a corporate reorganization aimed at cost savings [2][4]. Financial Performance - Net sales for Q1 2025 were $226.5 million, down from $240.6 million in Q1 2024 [8][14]. - Cost of goods sold decreased to $228.3 million from $243.0 million, resulting in a gross loss of $1.8 million compared to a gross loss of $2.4 million in the previous year [8][14]. - Selling, general and administrative expenses were reduced to $7.2 million from $7.9 million [8][14]. - The net loss attributable to common stockholders was $12.0 million, or $0.16 per share, compared to a net loss of $12.0 million, or $0.17 per share, in the prior year [8][14]. Operational Highlights - The acquisition of Alto Carbonic has led to lower combined costs and improved operational coordination, contributing to an expected annual savings of approximately $8 million starting Q2 2025 [2][3]. - The company shifted production to ISCC renewable fuel for European markets, which is experiencing strong demand, partially offsetting the domestic softening of premiums on high-quality alcohol and essential ingredients [3][4]. Cash and Liquidity - Cash and cash equivalents were reported at $26.8 million as of March 31, 2025, down from $35.5 million at the end of 2024 [5][16]. - The company's borrowing availability stood at $76.7 million, including $11.7 million under the operating line of credit and $65.0 million under its term loan facility [5][16]. Market Metrics - Total renewable fuel gallons sold decreased to 65.3 million in Q1 2025 from 72.7 million in Q1 2024 [19]. - The average sales price per gallon for alcohol increased to $1.93 from $1.86 year-over-year [20]. - Essential ingredients sold totaled 310.8 thousand tons, slightly down from 313.4 thousand tons in the previous year [20].

Group 1 - Alto Ingredients, Inc. will release its first quarter 2025 financial results on May 7, 2025, after market close [1] - A conference call will be held at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time, featuring prepared remarks and a Q&A session [1] - The webcast will be archived for one year on the Alto Ingredients website, with a telephonic replay available from May 7 to May 14, 2025 [1] Group 2 - Alto Ingredients, Inc. is a leading producer and distributor of specialty alcohols, renewable fuels, and essential ingredients [2] - The company serves a diverse range of markets including Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels [2] - More information about the company can be found on its website [2]

Financial Performance - CVR Energy reported a first quarter 2025 net loss attributable to stockholders of $123 million, or $1.22 per diluted share, compared to a net income of $82 million, or 81 cents per diluted share in the first quarter of 2024 [1][10] - Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings of 4 cents in the first quarter of 2024 [1][10] - The company's EBITDA loss for the first quarter of 2025 was $61 million, down from an EBITDA of $203 million in the same period of 2024 [1][10] Segment Performance - The Petroleum Segment reported a first quarter 2025 net loss of $160 million and an EBITDA loss of $119 million, compared to a net income of $127 million and EBITDA of $171 million for the first quarter of 2024 [3][11] - The Renewables Segment achieved a net income of less than $1 million and EBITDA of $6 million for the first quarter of 2025, improving from a net loss of $10 million and EBITDA loss of $4 million in the first quarter of 2024 [7][9] - The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024 [11] Operational Metrics - Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day, down from approximately 196,000 barrels per day in the first quarter of 2024, primarily due to the turnaround at the Coffeyville refinery [4][46] - The refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel during the same period in 2024 [5][45] - The Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025, compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024 [9][49] Cash and Debt Position - Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024 [15] - Total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment [15][39] Market Indicators - Average realized gate prices for ammonia increased by 5 percent to $554 per ton in the first quarter of 2025, while UAN prices decreased by 4 percent to $256 per ton [13][55] - The West Texas Intermediate (WTI) crude oil price averaged $71.42 per barrel in the first quarter of 2025, down from $76.91 per barrel in the same period of 2024 [48]