Financial Data and Key Metrics Changes - Total net revenue for the full year 2025 was $164.6 million, a decrease of $19.6 million or 10.7% from $184.2 million in 2024 [5] - Net income was $41.8 million, down from $61.6 million in 2024, representing a decrease of $19.8 million or 32.2% [10] - Diluted earnings per share were $0.74 compared to $2.48 in 2024 [10] - Book value per share increased to $22.20 from $20.45, an increase of $1.75 or about 8.6% [11] Business Line Data and Key Metrics Changes - Product sales decreased by $12.4 million or 9.6% to $116.9 million, with unit sales down to 1,703 from 2,129 in 2024, a decline of about 20% [5] - Consumer loan interest income increased to $43.7 million, up $2.5 million or 6.1% compared to 2024, driven by growth in the consumer loan portfolio [7] - The mobile home park note portfolio decreased by $9.1 million to $199.1 million due to early payoffs [8] Market Data and Key Metrics Changes - The manufactured housing industry faced headwinds, with industry shipments running at an annualized rate of approximately 106,000 last year [14] - Occupancy rates in mobile home parks, particularly in large metropolitan areas, remained very high [16] - The affordability gap between manufactured homes and site-built homes continues to widen, with manufactured homes averaging about $98.5 per sq ft compared to double that for site-built construction [14] Company Strategy and Development Direction - The company is focused on serving the approximately 63 million U.S. households with annual incomes below $75,000 [14] - There is a strategic emphasis on workforce housing and data center opportunities, with over 500 houses already ordered in this space [19] - The company is evaluating its share repurchase program and plans to continue to use its balance sheet strength to repurchase shares opportunistically [21] Management's Comments on Operating Environment and Future Outlook - Management noted that the manufactured housing industry is experiencing persistent housing affordability problems, falling consumer confidence, and tariff-driven price increases [14] - The company expects continued growth in its consumer loan portfolio and maintains strong credit quality, with over 97% of loans current [16] - Management expressed optimism about the potential for a good year in 2026, despite current challenges [85] Other Important Information - The company repurchased 346,000 shares last year and initiated a $10 million buyback program [17] - The acquisition of AmeriCasa added a consumer loan portfolio and retail location, although management's excitement about the acquisition has diminished [81][82] Q&A Session Summary Question: Clarification on ASP and gross margin changes - Management explained that the ASP per section dropped about 15% sequentially, but the ASP increased 12% due to selling more double-wides, which have higher unit profitability [25] Question: Demand perspective for commercial sales - Management noted that workforce housing opportunities in rural areas are robust, but general demand for commercial sales remains weak due to high park rents [33][34] Question: Update on Austin project and regulatory hurdles - Management indicated that the wastewater treatment plant is substantially delivered, and they expect to begin putting homes in the Austin project in 2026 [70][71] Question: Future plans for the Georgia plant - Management stated that they are considering either turning around the Georgia plant or disposing of it, as it has not contributed to earnings in several years [80] Question: Update on AmeriCasa acquisition - Management mentioned that the acquisition has not met initial expectations, but they are continuing to install software and have gained some valuable middle management [81][82]

Financial Data and Key Metrics Changes - Full year revenue increased by 376% to $4.5 million for the 2025 fiscal year, with Q4 revenue increasing 70% year-over-year to $0.9 million [8] - Total transaction volume for the year increased to $116.1 million, and gross profit rose to $2.5 million [9] - Cash and cash equivalents at year-end were approximately $7.8 million, reflecting a 149% year-over-year increase [10] Business Line Data and Key Metrics Changes - Growth in the home buying segment was driven by strong performance in the mortgage brokerage operation and the contribution from the Prevu acquisition [15] - The technology services segment, particularly AiChat subscription revenue, also saw significant growth, contributing to a more diversified revenue mix [16] Market Data and Key Metrics Changes - The company is expanding its market presence, with the Prevu acquisition adding operations in 13 additional states and Washington, D.C. [30] - The upcoming acquisition of InstaMortgage is expected to enhance lending capabilities and deepen mortgage participation [39] Company Strategy and Development Direction - The company aims to capture more of the home buying transaction across real estate, mortgage, and title services, focusing on integrating these services into a single platform [14] - The strategy emphasizes reducing fragmentation in the home buying process, improving customer experience through AI-enabled workflows [22] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a year of growth and improved financial flexibility, with a focus on investing in the AI platform and strategic acquisitions [11] - The pathway to profitability is linked to disciplined growth and the integration of additional services to enhance customer lifetime value [44][46] Other Important Information - The company is focused on maintaining capital flexibility while pursuing growth opportunities, with a methodical approach to capital allocation [24] - The integration of Prevu and the upcoming InstaMortgage acquisition are seen as critical milestones in building a comprehensive platform [29] Q&A Session Summary Question: What are the main drivers behind revenue growth? - Revenue growth was driven by strong performance in the mortgage brokerage operation and the contribution from the Prevu acquisition [15] Question: How is the company thinking about capital allocation going forward? - The company aims to preserve flexibility and liquidity while being methodical in capital allocation to support growth and strategic acquisitions [24] Question: What needs to happen operationally or regulatorily for the InstaMortgage acquisition? - The company is working with state regulators to ensure compliance and hopes to close the acquisition in late Q1 or early Q2, subject to approvals [36]

Financial Data and Key Metrics Changes - Total net revenue for 2025 was $164.6 million, a decrease of $19.6 million or 10.7% from $184.2 million in 2024 [6] - Product sales decreased by $12.4 million or 9.6% to $116.9 million, with unit sales down 20% from 2,129 units in 2024 to 1,703 units in 2025 [6] - Net revenue per unit sold increased by 13% to $68,700 from $60,800 in 2024 [6] - Net income was $41.8 million, down from $61.6 million in 2024, a decrease of 32.2% [10] - Diluted earnings per share were $0.74 compared to $2.48 in 2024 [10] - Book value per share increased to $22.20 from $20.45, an increase of 8.6% [11] Business Line Data and Key Metrics Changes - Commercial sales to mobile home park customers fell by $16.8 million or 30% due to capital caution among park operators [7] - Direct sales increased by $2.3 million or 25%, and retail store sales rose by $2.5 million or 12.7% [7] - Consumer loan interest income increased to $43.7 million, up $2.5 million or 6.1% compared to 2024 [7] - The consumer loan portfolio grew by $24.7 million to $203.6 million at year-end, up 14% [8] Market Data and Key Metrics Changes - The manufactured housing industry faced headwinds, with industry shipments running at an annualized rate of approximately 106,000 [14] - The affordability gap between manufactured homes and site-built homes continues to widen, with manufactured homes averaging about $98.5 per sq ft compared to double that for site-built construction [14] Company Strategy and Development Direction - The company is focused on serving the 63 million U.S. households with annual incomes below $75,000 [15] - The company is exploring workforce housing and data center opportunities, having already taken orders for over 500 houses in this space [20] - A significant project in Austin is expected to begin delivering homes in 2026, with 10 land development projects in total [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the manufactured housing industry is experiencing persistent affordability issues and cost inflation [14] - The company believes the long-term structural case for affordable manufactured housing is strong, despite current challenges [14] - Management expressed optimism about 2026, indicating that the company has never had a quarterly loss and is well-positioned for future growth [22] Other Important Information - The company repurchased 346,000 shares last year and initiated a $10 million buyback program [18] - SG&A expenses increased by $7.3 million or 33% for the full year, primarily due to an increase in loan loss provisions [9] Q&A Session Summary Question: Clarification on ASP and gross margin changes - Management explained that the increase in gross margin was due to a higher mix of double-wides and effective pricing strategies despite a sequential drop in ASP [25][26] Question: Demand outlook for commercial sales - Management highlighted robust demand for workforce housing, particularly in rural areas, while noting challenges in general commercial sales due to high park rents [34][35] Question: Update on Austin project and regulatory hurdles - Management provided updates on the Austin project, indicating that wastewater treatment plant issues are being addressed and that construction is expected to begin soon [68][70] Question: Future of the Georgia plant - Management acknowledged the Georgia plant's underperformance and indicated that options are being considered, including potential sale or closure [77][78] Question: Impact of AmeriCasa acquisition - Management noted that while the acquisition brought some assets and technology, the anticipated management boost has not materialized, leading to a reassessment of its impact [79][80]

Financial Data and Key Metrics Changes - Vista Gold reported a net loss of $7.5 million for the year ended December 31, 2025, compared to a net income of $11.2 million for 2024, largely due to a $16.9 million gain recognized in 2024 related to a royalty interest grant [8][9] - Cash on hand at the end of 2025 was $13.6 million, bolstered by a recent equity offering that generated net proceeds of $41.9 million [6][19] - The company maintained a clean balance sheet with no debt [7] Business Line Data and Key Metrics Changes - Exploration and other expenses for the Mt Todd project were $5.6 million in 2025, up from $3.5 million in 2024, primarily due to capitalized development costs in the previous year [9] - Corporate administration expenses remained steady at $3.6 million in 2025 compared to $3.7 million in 2024 [10] Market Data and Key Metrics Changes - The feasibility study for the Mt Todd project indicated a net present value (NPV) of $1.1 billion at a gold price of $2,500 per ounce, with an internal rate of return (IRR) of 27.8% and a payback period of 2.7 years [11] - At a gold price of $3,300, the NPV increased to $2.2 billion with an IRR of 44.7% and a payback period of 1.7 years [12] - The company's shares increased by almost 252% in 2025 compared to the end of 2024, reflecting both the rise in gold prices and market support for the Mt Todd feasibility study [18] Company Strategy and Development Direction - The company aims to advance the Mt Todd Gold Project through detailed engineering and design, expected to begin in 2027, following the completion of permit modifications [15][17] - A focus on building a technical and organizational foundation for project execution, including hiring key personnel for project management and operations [16][51] - The company is committed to developing Mt Todd in compliance with high mining and ESG standards [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the intrinsic value of the Mt Todd project, anticipating it will generate $300 million in free cash flow annually at conservative gold prices [17] - The company views the current market environment as favorable for advancing the Mt Todd project, given the strong project economics and favorable jurisdiction [19] Other Important Information - The company has surpassed four years without a workplace incident and maintained zero reportable environmental events [5][14] - Recent drilling has provided core for metallurgical testing to confirm optimal processing parameters [13] Q&A Session Summary Question: Outlook on discount rates for projects in safe jurisdictions - Management indicated that projects like Mt Todd in the Northern Territory will likely see better discount rates and cost of debt due to their tier one jurisdiction status [24][25] Question: Concerns about input cost changes due to rising gold prices - Management noted that while construction costs may see modest increases, they do not foresee significant changes that would impact their views on Mt Todd [26][27] Question: Financing outlook and shareholder dilution concerns - Management explained that financing for Mt Todd could involve various forms, including traditional bank debt, and emphasized that the goal is to ensure financing is accretive to shareholders [38][43] Question: Information on Sun Valley Gold's share sales - Management clarified that Sun Valley Gold Fund's share sales were part of a transition to a family office and not indicative of a loss of confidence in Vista Gold [44][46]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of approximately $2.3 billion, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [20][22] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [20] - Operating cash flow reached $746 million, a 134% increase compared to the fourth quarter of 2024 [20][21] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [21] Business Line Data and Key Metrics Changes - Overall production in Q4 2025 was 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [11] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record, representing a 5% increase compared to the prior year [11] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow from levels achieved in 2025, driven by contributions from newly acquired operating streams at Antamina and Hemlo [14] - Attributable production at Peñasquito is expected to increase in 2026, while production at Constancia is anticipated to decline due to the depletion of the Pampacancha pit [15] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4][22] - The company is focused on acquiring high-quality assets and maintaining attractive margins with long-term growth potential [6] - The company expects production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and the ability to support future growth, emphasizing the importance of disciplined capital allocation [5][10] - The management highlighted the strong cash flow profile, expecting to generate over $10 billion in operating cash flow through the end of 2028 at current spot prices [24] Other Important Information - The company announced the largest fresh metal streaming transaction ever completed, expanding its exposure to the Antamina mine in partnership with BHP [6][26] - The company has a robust pipeline of opportunities, with a focus on both larger and smaller transactions [78] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and this estimate includes returning to a net cash position [30] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and their high-quality operations [31] Question: What is the key source of upside for Antamina? - Management believes Antamina is a generational asset with significant potential for mine life extension and ongoing resource replenishment [36] Question: How does the company view its leverage in relation to new transactions? - The company is comfortable with its current cash and debt position, expecting to generate around $3 billion in free cash flow over the next 12 months [38] Question: How is the dividend related to gold prices? - The current dividend represents just over 10% of operating cash flows, and management believes it is sustainable even with a significant drop in gold prices [49] Question: What is the expected timing for the last Koné payment? - The last payment of $156 million for Koné is expected to occur sometime in 2026 [89] Question: What is the status of accounts receivable? - Accounts receivable is expected to decrease over time as it is a mark-to-market item related to concentrate sales [92]

Financial Data and Key Metrics Changes - In Q1 2026, the average sales price was $374,000, down 8% year-over-year, reflecting the use of incentives to drive volume [23] - Gross margin for Q1 was 15.2%, with net margin at 5.3%, resulting in net income of $229 million and EPS of $0.93 [24] - Inventory turn improved to 2.5x, up from 1.7x a year ago, with a return on inventory of 17.4% [24][25] - The company ended the quarter with $2.1 billion in cash and a homebuilding debt-to-capital ratio of 15.7% [25][51] Business Line Data and Key Metrics Changes - The company started 17,425 homes and sold 18,515 homes, maintaining a balanced inventory [22] - Sales incentives on deliveries were 14.1%, roughly flat compared to Q4 of the previous year [23] - The financial services segment reported operating earnings of $91 million, primarily impacted by the mix of mortgage products [49] Market Data and Key Metrics Changes - The housing market remains challenging, with high home prices and mortgage rates around 6.2%-6.4%, affecting affordability [8][9] - Institutional purchasers have been sidelined, reducing demand in the market [11] - The company is positioned as the number 1 builder by market share in 22 of the top 50 homebuilding markets [34] Company Strategy and Development Direction - The company focuses on three core tenets: driving consistent volume, refining an asset-light balance sheet, and incorporating new technologies [14] - The strategy includes adapting to current market conditions rather than waiting for a market recovery [15] - The company aims to reduce costs and improve efficiencies through technology and operational improvements [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting that conditions are building for an eventual recovery [26] - The company is focused on maintaining volume and pricing to market while managing costs [53] - Management highlighted the importance of adapting to the current environment and not relying on past market conditions [82] Other Important Information - The company has reduced its total homebuilding inventory from just under $20 billion two years ago to $10.5 billion today [25] - The company repurchased 2 million shares for $237 million and paid dividends totaling $123 million [51] - The company expects Q2 new orders to be in the range of 21,000-22,000 homes, with deliveries between 20,000-21,000 homes [52] Q&A Session Summary Question: Recent activity and impact of rate changes on incentives - Management noted that there has not been significant movement in traffic or sales despite recent rate changes, and they are closely monitoring local market conditions [56][59] Question: SG&A expectations for 2026 - Management indicated that while SG&A as a percentage of revenue may be up year-over-year, they expect overhead costs to decrease meaningfully by the end of the year [65][66] Question: Optimal volume levels for efficiencies - Management clarified that volume targets are market-specific and not driven by a unified strategy, focusing instead on maintaining consistent volume to achieve efficiencies [74][75]

Financial Data and Key Metrics Changes - In 2025, the company reported a revenue increase of $44 million or 5.2% year-over-year, with adjusted EBITDA reaching $60.7 million, a roughly 12% improvement over 2024 [11][12] - For the fourth quarter, revenue was up $11.5 million or 5.4% compared to the prior year, with operating income increasing by $4.4 million or 200% year-over-year [10][11] - The adjusted EBITDA margin expanded to almost 7% for 2025, up from 6.4% in 2024, indicating improved operational efficiency [12] Business Line Data and Key Metrics Changes - The Mechanical Services segment saw an 8.9% increase, while the Inspection and Heat Treating segment increased by 1.9% in the fourth quarter [10] - For the full year, the Inspection and Heat Treating segment increased by 7.5%, and the Mechanical Services segment increased by 2.8% [12] Market Data and Key Metrics Changes - The company is focusing on expanding its wallet share with existing customers and accelerating growth in end markets such as aerospace and midstream [6] Company Strategy and Development Direction - The company aims to strengthen its organization through further investment in people and infrastructure to enhance profitability and efficiency [6] - There is a commitment to continuous improvement and strategic growth to unlock substantial value for shareholders [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute on growth goals and deliver strong results, although no guidance for fiscal year 2026 was provided at this time [15] - The CEO emphasized the importance of maintaining open communication with stakeholders and building on past successes [5] Other Important Information - The company successfully refinanced its capital structure in March 2025, lowering its blended interest rate by more than 100 basis points and extending term loan maturities to 2030 [8] - Net debt at the end of 2025 was $279 million, down from approximately $289.6 million at the end of 2024, with strong liquidity of $77.4 million [9] Q&A Session Summary - No specific questions or answers were provided in the content, indicating that the conference call may have concluded without a Q&A segment [17]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of approximately $2.3 billion, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [20][21] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [20] - Operating cash flow reached approximately $746 million, a 134% increase compared to the same quarter in 2024 [20][21] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [21] Business Line Data and Key Metrics Changes - Overall production in Q4 2025 was 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [11] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record, representing a 5% increase compared to the prior year [11] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with the startup of several development projects [14] - Attributable production at Peñasquito is expected to increase in 2026, while production at Constancia is anticipated to decline due to the depletion of the Pampacancha pit [15] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][16] - The company is focused on acquiring high-quality assets and structuring agreements with strong counterparties to maintain attractive margins and long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and the ability to support future growth, emphasizing the importance of maintaining a robust cash flow profile [10][29] - The management team highlighted the challenges in sourcing quality silver production while demand continues to rise, positioning Wheaton as one of the largest silver producers globally [7] Other Important Information - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its expectation to return to a net cash position within one year [32] - The company expects to generate over $10 billion in operating cash flow through the end of 2028 at current spot prices [24] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and this estimate includes returning to a net cash position [32] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [33] Question: What is the key source of upside for Antamina? - Management believes Antamina is a generational asset with significant upside potential due to ongoing reserve replenishment and various expansion methodologies [39] Question: How does the company view its leverage and ability to compete for new transactions? - The company is comfortable with its current cash and debt position, generating over $3 billion in free cash flow over the next 12 months, allowing it to fund transactions in the $1.5-$3 billion range [41] Question: How is the dividend related to gold prices? - The current dividend policy represents just over 10% of operating cash flows, and management believes it is sustainable even with a significant drop in gold prices [52][54]

Financial Data and Key Metrics Changes - The company reported record revenue of approximately $2.3 billion for the full year of 2025, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [21][24] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [21] - Operating cash flow for Q4 2025 reached $746 million, a 134% increase compared to the same quarter in 2024 [21][22] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [22] Business Line Data and Key Metrics Changes - In Q4 2025, overall production totaled 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [12][19] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record and a 5% increase compared to the prior year [12] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase, driven by higher grades and improved throughput [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with several development projects [14][15] - The estimated attributable production in 2026 is forecasted to be 400-430 thousand ounces of gold and 27-29 million ounces of silver, resulting in total production of approximately 860-940 thousand GEOs [16] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4][24] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][17] - The company is focused on acquiring high-quality assets and maintaining attractive margins with long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash flow generation, forecasting over $10 billion in operating cash flow through the end of 2028 at current spot prices [26] - The transition in leadership was highlighted, with Haytham Hodaly set to assume the role of CEO, indicating continuity in strategic direction [5][29] Other Important Information - The company completed the largest fresh metal streaming transaction ever, expanding its exposure to the Antamina mine in partnership with BHP [6][28] - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its cash flow projections [33] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and it expects to return to a net cash position within one year while paying dividends at the current level [32][33] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [34] Question: What is the expected depletion rate for Antamina? - The depletion rate for Antamina going forward will be combined between the legacy Glencore stream and the new BHP stream, estimated at around $27 an ounce [72] Question: When should the last $156 million payment for Koné be expected? - The Koné payment is expected to occur sometime in 2026, either in Q1 or Q2 [90] Question: What is the status of the Santo Domingo $30 million refund? - The refund is due to the project not coming online, allowing the partner to repay the amount and defer additional interest payments [91]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue increase of $44 million or 5.2% year-over-year, with adjusted EBITDA reaching $60.7 million, a roughly 12% improvement over 2024 [11][12] - The operating income for the fourth quarter was up $4.4 million or 200% year-over-year, reflecting a strong operational performance [10] - The adjusted EBITDA margin expanded to almost 7% for 2025, up from 6.4% in 2024, indicating improved profitability [12] Business Line Data and Key Metrics Changes - The Mechanical Services segment saw an 8.9% increase in revenue, while the Inspection and Heat Treating segment increased by 1.9% in the fourth quarter [10] - For the full year 2025, the Inspection and Heat Treating segment revenue increased by 7.5%, and the Mechanical Services segment increased by 2.8% [12] Market Data and Key Metrics Changes - The company is focusing on expanding its wallet share with existing customers and accelerating growth in end markets such as aerospace and midstream [6] - The company has successfully refinanced its capital structure, lowering its blended interest rate by more than 100 basis points and extending term loan maturities to 2030 [8] Company Strategy and Development Direction - The company aims to continue strengthening its organization through further investment in people and infrastructure to enhance efficiency and profitability [6] - There is a commitment to continuous improvement and strategic growth to unlock substantial value for shareholders [15] Management's Comments on Operating Environment and Future Outlook - The CEO expressed excitement about the company's future, emphasizing the importance of talented employees and differentiated offerings for customers [14] - The management will not provide guidance for fiscal year 2026 at this time to allow for a deeper review of operational performance and strategic priorities [14] Other Important Information - The company successfully closed a $75 million private placement of preferred stock and warrants, which helped pay down about $67 million of debt [9] - The net debt at the end of 2025 was $279 million, down from approximately $289.6 million at the end of 2024, with strong liquidity of $77.4 million [9] Q&A Session Summary - No specific questions or answers were provided in the content, thus this section is not applicable.