Blink Charging Co. (NASDAQ:BLNK) Q4 2024 Earnings Conference Call March 13, 2025 4:30 PM ET Company Participants Vitalie Stelea - Vice President of Investor Relations Michael Battaglia - President & Chief Executive Officer Michael Rama - Chief Financial Officer Conference Call Participants Sameer Joshi - H.C. Wainwright Chris Pierce - Needham Craig Irwin - Roth Capital Partners Mickey Legg - Benchmark Noel Parks - Tuohy Brothers Operator Please continue to hold. Please continue to hold, ladies and gentlemen ...

PLBY Group, Inc. (NASDAQ:PLBY) Q4 2024 Earnings Conference Call March 13, 2025 5:00 PM ET Company Participants Matt Chesler - Investor Relations Ben Kohn - Chief Executive Officer & President Marc Crossman - Chief Financial Officer & Chief Operating Officer Conference Call Participants Matt Chesler Good afternoon, everybody. And welcome to the PLBY Group, Inc.'s fourth quarter 2024 earnings conference call. Hosting today's call are Ben Kohn, Chief Executive Officer, and Marc Crossman, Chief Financial Offic ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 reached USD 456.8 million, a decrease of 1% year-over-year, or relatively flat on a constant currency basis [10] - Total ad revenue for Q4 2024 was USD 385.9 million, a decrease of 4% year-over-year [11] - Value-added service revenues for Q4 2024 reached USD 71 million, an increase of 18% year-over-year [11] - For the full year 2024, total revenue was USD 1.75 billion, relatively flat year-over-year, or an increase of 1% on a constant currency basis [11] - Non-GAAP operating income for Q4 2024 was USD 136.2 million, representing a non-GAAP operating margin of 30% [11] - Full year 2024 non-GAAP operating income was USD 584.1 million, with a margin of 33% [12] Business Line Data and Key Metrics Changes - Advertising and marketing revenues for Q4 2024 were USD 385.9 million, a decrease of 4% year-over-year [52] - Mobile ad revenue contributed approximately 94% of total ad revenue in Q4 2024 [53] - Value-added service revenue for the full year 2024 increased by 13% to USD 256 million [53] Market Data and Key Metrics Changes - In Q4 2024, the automotive sector saw solid growth, driven by the increasing market penetration of new energy vehicles [23] - Ad revenue from the online game, cosmetics, personal care, and luxury industries showed a declining trend in Q4 2024 [24] - The government introduced stimulus policies in Q4 2024, positively impacting the digital product and e-commerce sectors [25] Company Strategy and Development Direction - The company plans to focus on user growth, content ecosystem enhancement, and operating efficiency in 2025 [29] - There is an emphasis on integrating social products and revamping the recommendation system to drive user engagement [30] - The company aims to strengthen its competitive edge in the content ecosystem and enhance operating efficiency as key goals for 2025 [27] Management's Comments on Operating Environment and Future Outlook - Management noted that while some industries fell short of expectations in 2024, effective cost management allowed for stable operating income [27] - The company expects to see a rebound in macroeconomic conditions and consumer spending as government policies take effect [26] - Management remains cautious about the gaming industry due to a lack of major game launches in 2024 [94] Other Important Information - The company announced an annual cash dividend of USD 0.82 per ordinary share for the fiscal year 2022, totaling approximately USD 200 million [68] - The Board's capital allocation strategy focuses on balancing long-term growth with shareholder returns [106] Q&A Session Summary Question: Future strategy of AI applications - Management highlighted ongoing integration of multiple AI models and the development of products based on large language models, with a focus on enhancing search capabilities and monetization [72][73][81] Question: 2025 outlook for advertisement - Management expects positive impacts from national subsidy policies on automotive and e-commerce sectors, while remaining cautious about discretionary industries like beauty and personal care [86][88][96] Question: Shareholder return policy - Management emphasized a balanced capital allocation strategy that supports long-term growth while delivering value to shareholders, including the potential for share buybacks [102][106]

Financial Data and Key Metrics Changes - Revenues for the year ended December 31, 2024, were $268 million, up from $187 million in 2023, with all three segments reporting increases [7] - Cost of goods sold increased from $184.7 million in 2023 to $268.2 million in 2024, aligning with revenue changes [8] - Net loss was $87.5 million for 2024, compared to a net loss of $46.4 million in 2023 [10] Business Line Data and Key Metrics Changes - California ethanol revenue increased by $57.7 million, India biodiesel revenue increased by $15.7 million, and California renewable natural gas revenue increased by $7.6 million [8] - The dairy renewable natural gas segment accounted for $5.4 million of gross profit, primarily from the sale of environmental attributes [9] Market Data and Key Metrics Changes - The price of California LCFS credits increased from $44 to $75 by February 2025, but a recent delay in implementation caused a 30% decrease in prices [15][16] - The expected increase in LCFS credit prices could reach $200 per ton, significantly benefiting Aemetis' biogas and ethanol businesses [17] Company Strategy and Development Direction - Aemetis aims to benefit from supportive public policies for domestic energy producers, focusing on biogas, ethanol, and biodiesel growth [12] - The company is preparing for an IPO of its India biodiesel business, expected in late 2025 or early 2026, contingent on new OMC orders [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the REAP program and expects approvals for new funding soon [45][46] - The company anticipates that the approval of E15 blends will significantly expand the U.S. ethanol market by up to 50% [22][24] Other Important Information - Capital expenditures for carbon intensity reduction projects were $20.3 million in 2024, with ongoing projects aimed at increasing production capacity [10] - Aemetis has received conditional commitments for $75 million in USDA guaranteed loans for biogas digester construction [31] Q&A Session Summary Question: Confidence levels around refinancing given government spending reductions - Management has high confidence in the REAP program and expects approvals soon [45][46] Question: Insight into the OAL's request for revisions and expected delays - The complexity of the LCFS legislation led to the OAL's request for clarifications, causing a potential 120-day delay [57][58] Question: Status of India biodiesel production and OMC tender process - A new tender is expected to be issued soon, with significant inventory available for initial shipments [64][65] Question: Expected spending plans for 2025 amid regulatory turbulence - Aemetis plans a $75 million capital budget supported by USDA loans and grants, with an acceleration in biogas investments [78][79] Question: Impact of E15 approvals on ethanol margins - E15 adoption is expected to be gradual, with significant margin improvements anticipated by 2027 [84][90] Question: Timing of CARB policy implementation - Management estimates a 2-3 month timeline for CARB policy implementation, with no definitive endpoint [92] Question: Drivers of negative EBITDA results in Q4 - Oversupply and high corn prices were significant factors, but operational adjustments are expected to improve Q1 performance [98][100] Question: Expectations on D3 RVO going forward - The EPA's recent actions suggest a lower D3 RIN mandate for 2024, impacting future investment growth [106][112]

Financial Data and Key Metrics Changes - For the full year 2024, the company achieved revenues of $559.4 million, representing a 56% growth over the prior year [30] - Adjusted EBITDA for the full year was $43 million, reflecting a 114% increase from 2023 [31] - Adjusted net income for the full year was $24.5 million, or $0.15 per diluted share [32] - The company generated $44.9 million in operating cash flow and $21.7 million in adjusted free cash flow [40] Business Line Data and Key Metrics Changes - The company secured orders totaling 4,245 railcars valued at approximately $447 million for the full year [22] - The backlog at year-end was 2,797 units valued at approximately $267 million [24] - The company maintained a leading position in open-top hoppers and expanded its presence in covered hoppers and tank cars [12][23] Market Data and Key Metrics Changes - The company achieved a 21% share within its addressable market segments and captured approximately 12% of the total railcar market [25] - Overall industry railcar deliveries were steady at roughly 42,000 units, with order activity totaling around 25,000 units, below typical replacement demand [24] Company Strategy and Development Direction - The company aims to drive continued growth and enhanced cash generation through disciplined financial management and operational excellence [20] - The strategic focus includes expanding into the tank car segment and maintaining a strong capital structure [10][12] - The company is well-positioned to capitalize on emerging opportunities and maintain market share despite industry headwinds [11][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing uncertainty surrounding tariffs but emphasized the resilience of the railcar sector [13][19] - The company expects deliveries between 4,400 to 4,900 railcars in 2025, with revenues projected between $530 million and $595 million [43] - Management remains optimistic about inquiry levels and customer engagement, indicating readiness to convert inquiries into orders [75][78] Other Important Information - The company redeemed all outstanding preferred shares to strengthen its balance sheet, resulting in approximately $9.2 million in cost savings [10] - A new $35 million asset-based revolving credit facility was established to provide working capital flexibility [35] - The company is preparing for a tank car retrofit program, with capital expenditures expected to be in the range of $5 million to $6 million for 2025 [41][82] Q&A Session Summary Question: Can you elaborate on the fourth-quarter product mix and its impact on 2025? - Management noted that while there is variation in average selling price, the focus remains on driving EBITDA growth despite revenue fluctuations [48][49] Question: How is FreightCar America positioned relative to competitors regarding potential tariff actions? - Management expressed confidence in the company's agility and ability to respond to market conditions, emphasizing the essential nature of rail transportation [54][55] Question: Can you quantify the timing issue that might push some deliveries to 2025? - Management clarified that the timing was due to normal transit times and not significant delays [67] Question: What factors contribute to the variance between delivery growth and revenue growth in 2025 guidance? - Management explained that the variance is due to differences in average selling prices across various railcar types [69][71] Question: What is the addressable market for tank car retrofit orders? - Management refrained from providing specific market size but indicated readiness to meet customer inquiries for conversion work [81]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $14.7 million, a decrease of $8 million or 35.2% compared to Q4 2023's $22.7 million [25] - For the full year 2024, revenue was $59.1 million, down $30.6 million or 34.1% from $89.7 million in 2023 [27] - Net loss for Q4 2024 was $3.5 million compared to a net income of $81,000 in Q4 2023, and for the full year, the net loss was $20 million compared to a net income of $485,000 in 2023 [31][32] - EBITDA for Q4 2024 was a loss of $3 million compared to income of $434,000 in Q4 2023, and for the year, EBITDA loss was $13.8 million compared to income of $3.3 million in 2023 [32] Business Segment Data and Key Metrics Changes - Treatment segment revenue decreased by $1.4 million in Q4 and $8.5 million for the year, impacted by lower volumes and pricing [26][27] - Services segment revenue dropped by $6.6 million in Q4 and $22.1 million for the year, primarily due to a lack of large projects [26][27] - Gross profit for Q4 was $594,000, down from $4.3 million in Q4 2023, with both segments experiencing declines due to lower revenue and higher costs [28] Market Data and Key Metrics Changes - Treatment backlog as of December 2024 was $7.9 million, down from $10.7 million at the end of 2023 [35] - Cash on the balance sheet increased to $29 million from $7.5 million at year-end 2023, primarily due to equity raises [33] Company Strategy and Development Direction - The company aims to return to growth and profitability in 2025, driven by a solid backlog and improving project execution [22] - Expansion in the industrial waste market and pursuit of government contracts are key strategic focuses [13][14] - The company is diversifying revenue by expanding into international markets and developing PFAS destruction technology [18][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2024 due to project delays and federal budget issues but remains optimistic about long-term growth [8][9] - The DF Law program at Hanford is expected to begin operations in August 2025, which is seen as a significant growth driver [11][12] - Management expressed confidence in the company's positioning for upcoming projects despite ongoing federal budget uncertainties [16][17] Other Important Information - The company appointed Troy Echeman as Chief Operating Officer, effective January 23, 2025, to enhance operational efficiency [22] - The second-generation PermaFAST unit is expected to triple processing capacity and is scheduled for deployment in late Q3 2025 [20] Q&A Session Summary Question: Impact of federal budget delays - Management indicated that a government shutdown would have limited impact if it lasts less than two weeks due to a strong backlog [42][44] - They expect limited impact from continuing resolutions, with most projects still moving forward [45][46] Question: Update on DF Law program - The DF Law facility is undergoing an operational readiness review, and initial waste treatment operations are expected to start in mid-Q3 [55][56] Question: Costs associated with PFAS initiatives - The company spent approximately $3 million on PFAS initiatives in 2024, with projections of around $5 million for 2025 [67] Question: Core business profitability - Management acknowledged the need to return to a breakeven base business of $80 million annually and is focused on cost reduction and revenue growth [101][102]

Kevin Miller Good morning, and thank you for joining us. This is Kevin Miller, Chief Financial Officer of RCM Technologies. I am joined today by Brad Vizi, RCM's Executive Chairman. Our presentation and this call will contain forward-looking statements. The information contained in the forward-looking statements is based on our beliefs, estimates, assumptions and information currently available to us, and these matters may materially change in the future. Many of these beliefs, estimates and assumptions are ...

Financial Data and Key Metrics Changes - The company recorded deferred revenue of €600,000 in Q4 2024, with recognized revenue of €1.3 million for the quarter and €4.5 million for the full year 2024 [27][28] - Total operating loss for Q4 2024 was €18.3 million, compared to €10.8 million in Q4 2023, driven by increased R&D spending and commercial investments in the U.S. [28] - Cash position improved to €85.6 million at the end of 2024, up from €57.7 million at the end of 2023 [28] Business Line Data and Key Metrics Changes - Revenue for Q4 2024 would have been €1.9 million excluding the impact of deferred revenue, representing a 46% sequential growth over Q3 2024 [23] - Full-year revenue increased by 18% to €5.1 million compared to 2023 [23] Market Data and Key Metrics Changes - The company launched Genio in the UK and UAE, with the UK expected to become one of the largest international markets due to NHS coverage [24][25] - The first successful implant in the UK generated excitement, and the company plans to expand into more hospitals [25] Company Strategy and Development Direction - The company aims to launch Genio in the U.S. by the end of March 2025, focusing on high-volume HGNS implanting centers and developing referral networks with sleep physicians [17][19] - A two-pronged strategy will be employed for market penetration, targeting both existing HGNS centers and sleep physicians managing OSA patients [17][19] - The company plans to utilize CPT code 64568 for reimbursement, which is recognized by commercial and government payers for OSA indications [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in receiving FDA approval by the end of March 2025, with ongoing discussions focused on labeling [31][50] - The company anticipates significant growth in 2025, with a focus on U.S. market entry and further international expansion [32][30] Other Important Information - The DREAM study demonstrated a strong AHI responder rate of 63.5% and an ODI responder rate of 71.3%, with a median AHI reduction of 70.8% [8][12] - Genio's safety profile showed an 8.7% severe adverse event rate, which is expected to positively influence therapy selection by physicians [14] Q&A Session Summary Question: Update on reimbursement and CPT code 64568 - Management acknowledged that while the reimbursement level may not be overly attractive, having a recognized CPT code is crucial for market entry [36][38] Question: Trajectory of U.S. launch and account openings - Management indicated that they are targeting approximately 300 to 350 high-volume HGNS sites for initial account openings, with plans to scale up quarterly [40][44] Question: Confidence in FDA approval timeline - Management remains confident in the March approval timeline, citing a 90-day review clock and positive interactions with the FDA [49][50] Question: Manufacturing and supply chain readiness - Management confirmed that they have sufficient manufacturing capacity and inventory for the U.S. market, with products being manufactured domestically [63][64] Question: Need for real-world data post-approval - Management plans to collect real-world data as part of their post-market study to support clinical and economic justification [70][71] Question: Key differentiators for Genio versus competitors - Management highlighted the benefits of bilateral stimulation and the ability to upgrade the system without additional surgery as key differentiators [78][80] Question: Timing of DREAM publication and ACCCESS enrollment - Management expects the DREAM study publication in a leading medical journal in the coming months and anticipates completing ACCCESS enrollment by mid-2025 [83][84]

Financial Data and Key Metrics Changes - The company reported a 6% increase in net sales for Q4 2024, reaching $215 million compared to $203 million in the same period last year [7][39] - Gross margin expanded by 130 basis points to 37.7% from 36.4% year-over-year [41] - Net income for Q4 2024 was $8.9 million or $0.41 per diluted share, up from $2.7 million or $0.13 per diluted share in Q4 2023 [38] Business Line Data and Key Metrics Changes - US segment sales increased by 5.8% to $196 million, driven by strong online sales and seasonal demand [39] - International segment sales rose by 7.2% to $19.2 million, supported by e-commerce growth and new regional brand launches [40][16] - E-commerce sales accounted for 24% of total sales in Q4, with US e-commerce sales growing by 10% year-over-year [10][11] Market Data and Key Metrics Changes - The company experienced a decline in the mass channel, particularly affecting KitchenAid products, which impacted overall performance [51] - The international business showed positive momentum in Europe and Asia Pacific, although UK markets remained soft [19][20] Company Strategy and Development Direction - The company is focusing on organic growth through the Dolly Parton program, which is expected to generate $4 million in incremental sales in Q1 2025 [13][15] - Project Concorde was launched to accelerate international business profitability and streamline operations [33][34] - The company is actively pursuing M&A opportunities in new product adjacencies and food services, with a focus on maintaining financial discipline [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cautious consumer environment due to macroeconomic factors and inflation but expressed confidence in the resilience of the business model [12] - The company expects to achieve breakeven in the international segment by 2026, with significant improvements anticipated in 2025 [58][60] - Management highlighted the importance of adapting to tariff changes and reducing dependency on China-sourced products [30][64] Other Important Information - The company announced a strategic relocation of its East Coast distribution center to Maryland, which is expected to enhance operational efficiency [25][28] - The effective tax rate for the full year 2024 was reported at 75.5%, influenced by foreign losses and local income taxes [44] Q&A Session Summary Question: Can you provide more detail about the mass channel softness? - Management noted a loss of market share in the KitchenAid side, which affected performance, but they expect to rebound [51] Question: What is the update on your exposure to China regarding tariffs? - The company is working to reduce its production dependency on China, aiming to move the majority of production out by the end of 2025 [55][64] Question: What is the expected operating loss for the international segment? - The EBITDA loss for the international segment was just under $10 million, with a goal to reach breakeven by 2026 [59][58] Question: Can you quantify your tariff exposure? - The company is looking to reduce its production in China from 75% to below 50% by the end of the year [64] Question: What brands performed well last year? - Brands like Makasa and Farberware saw growth, while Taylor and False Graph experienced declines, with plans to revitalize the lagging brands [72][74]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $14.2 million, a decrease of 3% compared to $14.7 million in Q4 2023 [7][23] - Gross profit for Q4 2024 increased to $9 million, with a gross profit margin of 63.0%, up from 60.9% in the prior year [25] - Net loss attributable to stockholders was $4.6 million or $0.12 per share for Q4 2024, compared to a net loss of $9.6 million or $0.28 per share in Q4 2023 [28] Business Segment Data and Key Metrics Changes - Advanced Energy segment revenue was flat at approximately $12.1 million, with a 30% increase compared to Q3 2024 [8][24] - OEM segment sales decreased by 16% to approximately $1.6 million in Q4 2024 compared to Q4 2023 [24] - Domestic revenue increased by 1% year-over-year to $10.6 million, while international revenue decreased by 8% to $3.7 million [25] Market Data and Key Metrics Changes - The aesthetic market has faced challenges due to the macroeconomic environment and the adoption of GLP-1 drugs, which have diverted discretionary spending [9][10] - The company believes that patients who have lost weight due to GLP-1 drugs will seek surgical solutions, positioning the Renuvion system favorably [11][12] Company Strategy and Development Direction - The company is focusing on the launch of the AYON Body Contouring System, expected in the second half of 2025, which integrates multiple surgical technologies [16][18] - Apyx Medical aims to capitalize on the growing demand for surgical aesthetics, particularly for patients experiencing skin laxity after significant weight loss [12][60] - A restructuring program was implemented to reduce U.S. workforce by nearly 25%, aiming for annualized cost savings of approximately $4.3 million [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the Advanced Energy segment and the potential for growth in 2025 [8][9] - The company anticipates total revenue for 2025 to be in the range of $47.6 million to $49.0 million, reflecting a slight increase from 2024 [30] - Management noted that the aesthetic space is experiencing disruption due to the impact of GLP-1 drugs, which could benefit companies with the right technologies [62] Other Important Information - The company completed a registered direct offering with net proceeds of approximately $6.8 million to strengthen its balance sheet [21] - Cash and cash equivalents as of December 31, 2024, were $31.7 million, down from $43.7 million a year earlier [29] Q&A Session Summary Question: Confirmation of gross margin for 2025 - Management confirmed that they expect gross margins to be around 60% for 2025 [34][35] Question: Timing and revenue expectations for AYON - Management indicated that the guidance for AYON has not been updated despite the earlier submission for FDA approval, and revenue expectations remain conservative [40][41] Question: Changes in direct-to-consumer campaign and future outlook - Management highlighted the success of the DTC campaign and the importance of addressing the needs of patients experiencing skin laxity due to weight loss [50][52] Question: Domestic vs. international market performance - Management noted that the U.S. market is performing better due to early adoption of GLP-1 drugs, with expectations for similar trends internationally [56][58] Question: Adoption of GLP-1s and utilization of Renuvion - Management reported growth in handpiece sales in the U.S. and noted that surgical practices are adapting to treat patients with skin laxity effectively [66][70] Question: Upgrades for the Apyx One Console - Management stated that there is still a significant number of customers who need to upgrade to the Apyx One Console before AYON's launch [72][75]