Financial Data and Key Metrics Changes - nVenture reported total revenue of $1.2 million for 2024, marking the first commercial sales at Excelsius [24] - Adjusted EBITDA was a loss of $27.9 million in 2024, driven by costs associated with sales, R&D, and increased G&A expenses due to the transition to a public company [24][25] Business Line Data and Key Metrics Changes - Excelsius began delivering products to the market in Q3 2024 and gained momentum in Q4, although revenues have yet to scale significantly [5][7] - Aeroflex also started delivering products in 2024, with a partnership announced with Spectrum Brands for a pet shampoo product [12][13] - Refinitiv was launched in December 2024, focusing on opportunities in the waste-to-value space, with plans to commercialize a proprietary recycling process [16][17] Market Data and Key Metrics Changes - The top hyperscalers are estimated to spend over $250 billion on data center development in 2025, indicating a significant market opportunity for Excelsius [10] - Aeroflex's certifications, including ISO and BRCGS, enhance its credibility in the $400 billion packaging market [14] Company Strategy and Development Direction - nVenture aims to drive long-term value for shareholders and is focused on scaling its operating companies through strategic partnerships with multinational corporations [6][20] - The company plans to engage in engineering procurement and construction partnerships for its first plant and demonstrate the viability of its recycling technology [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, anticipating a steep revenue ramp for Excelsius as white label products become available [41][42] - The company remains committed to creating long-term shareholder value and is confident in its positioning for growth in 2025 [27][29] Other Important Information - nVenture completed a private placement of Series C preferred stock amounting to approximately $28.9 million to strengthen its balance sheet [27][28] - The company plans to consolidate cash flows at the nVenture level as it scales and launches new companies [29] Q&A Session Summary Question: Can you expand on the discussions with global OEMs and hyperscalers? - Management confirmed that they have a contract with a global OEM and are optimistic about securing firm commitments from hyperscalers, indicating significant revenue potential [33][36] Question: What is the status of product revenue for December? - Management indicated that product revenue details would be disclosed in the upcoming 10-K filing, with current revenue primarily from Excelsius [55][58] Question: What enabled the doubling of heat capacity removal for Excelsius? - The increase was attributed to engineering and design improvements that allow for higher heat flux removal [63][65] Question: Is Aeroflex's pet shampoo product an early-stage test? - Management confirmed that the product is available for purchase and represents a significant commercial contract, with expectations for follow-on orders [46][47] Question: What is the current OpEx rate and future expectations? - Management stated that while specific details would be available in the 10-K, they expect to keep OpEx as low as possible while managing costs effectively [72][75]