Financial Data and Key Metrics Changes - Consolidated new awards for 2025 were $12 billion, with 87% being reimbursable, showing a recovery from previous geopolitical and trade uncertainties [9] - The backlog ended at $25.5 billion, with 81% reimbursable, indicating strong earnings potential [9] - Adjusted EBITDA for 2025 was $504 million, down from $530 million in 2024, while adjusted EPS decreased to $2.19 from $2.32 [25][30] - Operating cash flow was negative $387 million, primarily due to a $642 million payment to Santos [26] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $205 million for 2025, down from $304 million in 2024, affected by cost growth on infrastructure projects [10] - Energy Solutions reported a segment loss of $414 million for 2025, compared to a profit of $256 million in 2024, largely due to the Santos ruling and project completions [12] - Mission Solutions reported a profit of $94 million for the year, down from $153 million in 2024, with new awards totaling $1.8 billion [16] Market Data and Key Metrics Changes - The company is seeing improved confidence across its client base, with expectations for new awards in 2026 to be significantly higher than in 2025 [6] - The power market in the U.S. has evolved, with utilities showing more willingness to engage in reimbursable contracts that convert to lump sum [42] Company Strategy and Development Direction - The company has transitioned to a "Grow and Execute" strategy, focusing on growth, project delivery, and returning value to shareholders [4] - The company is actively pursuing opportunities in LNG, mining, advanced technologies, and nuclear fuels, with a focus on diversifying its revenue mix [8] - The company plans to spend approximately $1.4 billion on share repurchases in 2026, indicating a strong commitment to returning capital to shareholders [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a recovery in client confidence and a robust pipeline of projects [6][76] - The company anticipates that new awards for 2026 will be significantly higher than in 2025, with a Book-to-Burn Ratio exceeding 1 [8] - Management highlighted the importance of AI as a strategic advantage, enhancing project planning and execution [19] Other Important Information - The company completed the sale of Stork and is in the process of monetizing its investment in NuScale, having received $2 billion since September 2025 [5] - The company is focusing on building additional expertise and depth in its workforce while reviewing tuck-in M&A opportunities [29] Q&A Session Summary Question: Initial guidance and customer confidence - Management noted that the initial guidance for 2026 was better than expected due to increased customer confidence and a diverse range of prospects [34][35] Question: Power market opportunities - Management indicated that the power market has improved, with utilities more accommodating in contract terms, and expects to execute multiple large projects simultaneously [41][43] Question: Backlog conversion rates - Management estimated that 50%-60% of the backlog would convert to revenue in the next 12 months, depending on execution and client materials [82] Question: Share repurchases vs. capital allocation - Management confirmed that share repurchases would be prioritized initially, with plans to reinvest in the business and explore smaller-scale acquisitions later [85][86] Question: Competitive advantages in end markets - Management emphasized targeting markets where the company has a competitive advantage, such as LNG, copper, and nuclear fuels, while acknowledging challenges in newer markets like data centers [88][89]

Core Viewpoint - Nature's Miracle Holding Inc. has signed a Memorandum of Understanding for a $150 million EPC contract to build a large-scale indoor cannabis cultivation facility in California, which is expected to be one of the largest in the state [1]. Group 1: Project Details - The facility will cover 88.38 acres, with approximately 660,000 square feet dedicated to indoor greenhouse space for year-round cannabis cultivation [1]. - The greenhouse will feature a fully controlled environmental system, including precise regulation of temperature, humidity, and CO levels, supported by advanced indoor grow lighting [1]. - The project is expected to be completed within 12 to 18 months, with Nature's Miracle serving as the primary EPC provider [1]. Group 2: Financial Aspects - The estimated production cost for cannabis from the facility is projected to be less than $200 per pound, positioning it among the lowest-cost producers in the United States [1]. - The facility will utilize a 40-megawatt off-grid photovoltaic solar generation system, with an estimated electricity cost of approximately $0.10 per kilowatt-hour [1]. Group 3: Strategic Importance - The project is designed to become a leading cannabis cultivation facility in the country and is expected to generate significant revenue for Nature's Miracle over the next 12 to 18 months [1]. - The advanced cultivation platform and technology are anticipated to enhance operational efficiency and yield consistency [1].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, indicating a looming crisis in power supply as AI continues to grow [2][3] Investment Opportunity - A specific company is noted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for supporting the increasing energy needs of AI data centers [3][7] - This company is described as a "toll booth" operator in the AI energy boom, benefiting from the surge in demand for electricity driven by AI advancements [4][5] Market Position - The company is positioned at the forefront of America's energy strategy, owning significant nuclear energy infrastructure and being capable of executing large-scale projects across various energy sectors [7][8] - It is noted that the company is debt-free and has substantial cash reserves, equating to nearly one-third of its market capitalization, which provides a strong financial foundation [8][10] Growth Potential - The company also holds a significant equity stake in another AI-related venture, offering investors indirect exposure to multiple growth opportunities in the AI sector [9][10] - The stock is described as undervalued, trading at less than 7 times earnings, which presents a compelling investment case given its ties to the rapidly growing AI and energy markets [10][11] Industry Trends - The article discusses the broader trends of onshoring and increased U.S. LNG exports, driven by political factors, which further enhance the company's strategic position [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12]

As filed with the U.S. Securities and Exchange Commission on January 20, 2026 Registration No. 333-292504 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________ BW Industrial Holdings Inc. (Name of registrant as specified in its charter) ___________________________________ (State or jurisdiction of incorporation or organization) (Primary Standard ...

Core Viewpoint - A class action has been filed against Fluor Corporation for allegedly misleading investors regarding its business prospects and financial guidance during a specific period in 2025 [1][2]. Allegations - The complaint alleges that Fluor failed to disclose increasing costs related to several infrastructure projects due to subcontractor design errors, price increases, and scheduling delays [2]. - It is claimed that these issues, along with reduced capital spending by customers and economic uncertainty, significantly impacted the company's business and financial results [2]. - The financial guidance provided by Fluor for FY 2025 was deemed unreliable, with overstated risk mitigation strategies and understated impacts of economic uncertainty [2]. Financial Results - On August 1, 2025, Fluor reported disappointing second-quarter results, attributing them to rising costs in infrastructure projects and reduced customer capital spending [3]. - The company revised its FY 2025 financial outlook, projecting adjusted EBITDA of $475 million to $525 million, down from a previous range of $575 million to $675 million [3]. - Adjusted EPS guidance was also lowered to $1.95 to $2.15 per share, down from $2.25 to $2.75 per share, citing client hesitation due to economic uncertainty [3]. - Following these disclosures, Fluor's stock price dropped by $15.35 per share, or 27.04%, closing at $41.42 per share on August 1, 2025 [3]. Class Action Participation - Shareholders may be eligible to participate in the class action against Fluor Corporation, with a deadline to submit papers by November 14, 2025, for those wishing to serve as lead plaintiff [4].