Financial Data and Key Metrics Changes - For Q4 2024, total revenue was approximately $44 million, representing an increase of 4.3% over Q4 2023 [20] - Year-to-date total revenue was approximately $182 million, reflecting a 4.6% increase over the full year 2023 [20] - Hotel EBITDA for Q4 was approximately $10.7 million, up 3.6% from the same quarter last year [20] - Year-to-date hotel EBITDA was approximately $46.8 million, representing a 4.5% increase over the full year 2023 [20] - Adjusted FFO for Q4 was approximately $2 million, an increase of about $850,000 from Q4 2023 [21] - Year-to-date adjusted FFO was approximately $14.3 million, a decrease of approximately $250,000 from the prior year [21] Business Line Data and Key Metrics Changes - RevPAR for Q4 increased by 2.9%, driven by a 7% increase in occupancy, despite a 3.7% decrease in ADR [7] - For the full year 2024, RevPAR performance increased by 3.5% over 2023, driven by a 6.1% increase in occupancy and a 2.5% decrease in rate [8] - The DoubleTree Resort in Hollywood, Florida, saw a RevPAR increase of 13.8%, fueled by a 13.4% increase in occupancy [13] - The Whitehall in Houston experienced nearly 50% RevPAR growth, driven by occupancy growth of 46.1% [14] - Hotel Ballast in Wilmington posted a RevPAR increase of 7.1%, supported by a 1.9% increase in occupancy and a 5% increase in rate [15] Market Data and Key Metrics Changes - The portfolio's occupancy growth was particularly strong in slower-to-recover urban markets, indicating normalization of lodging fundamentals post-pandemic [9] - Preliminary January RevPAR showed a 12.8% improvement over the prior year, driven by strong demand in urban and South Florida hotels [35] Company Strategy and Development Direction - The company is planning two upcoming PIP renovations, with a focus on enhancing properties to drive increased profitability [18] - A new ten-year franchise agreement with Hilton for the DoubleTree flag in Philadelphia has been executed, with an $11.5 million renovation budget [18] - The company aims to manage cash and portfolio structure effectively, considering refinancing options and potential asset sales [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's performance, highlighting improved operating fundamentals and occupancy growth [27] - Despite challenges in the debt markets, the company is focused on refinancing legacy loans to improve financial outcomes [33] - The company remains cautiously optimistic about the lodging industry, with expectations for continued occupancy growth [34] Other Important Information - Hurricane Helene impacted operations at Hotel Alba, but restoration efforts allowed the hotel to remain operational [11] - The company anticipates routine capital expenditures of approximately $7.2 million for 2025, with significant projects planned for the DoubleTree locations [24] Q&A Session Summary Question: Clarification on FFO trajectory despite revenue and EBITDA growth - Management indicated that rising interest costs from refinancing legacy loans are impacting FFO, despite improvements in revenue and EBITDA [38][39] Question: Thoughts on stock trading below a dollar and potential reverse split - Management confirmed they have 180 days to address the deficiency, potentially through a reverse split or if the stock price rises above a dollar [41] Question: Guidance on insurance recoveries related to hotel repairs - Management stated that guidance assumes normal operations and minimal business interruption impacts, with insurance proceeds already accounted for [44] Question: Consideration of selling assets to improve leverage - Management is exploring options for managing cash and portfolio structure but has not focused heavily on asset sales for this purpose [49][50]

Financial Data and Key Metrics Changes - In Q4 2024, Ballard reported revenue of $24.5 million, a 42% decrease compared to the same period last year. For the full year, revenue totaled $69.7 million, representing a 32% decline compared to 2023 [39] - The Q4 gross margin was negative 13%, an improvement of nine percentage points compared to Q4 2023. However, the full-year gross margin decreased by eleven percentage points from 2023, reaching negative 32% [40] - Total operating expenses for the year were $161.3 million, including a $17 million restructuring provision. Excluding one-time costs, underlying total operating expenses were $144.3 million [40] - Cash usage in 2024 was $147 million, down 10% from the prior year, with approximately $604 million in cash at year-end, a reduction of 20% from the previous year [42] Business Line Data and Key Metrics Changes - Ballard achieved record new order intake of approximately $113 million in 2024, with Q4 contributing $75.4 million. The year-ending order backlog reached $173.5 million, a 41% increase compared to Q3 [7][8] - Fuel cell engine deliveries grew by approximately 30%, increasing from over 500 engines in 2023 to more than 660 in 2024, with total shipments accounting for over 90% of total revenue [9][10] - The bus vertical saw revenue of approximately $44 million in 2024, a 51% increase compared to 2023, representing over 60% of total revenue [24] Market Data and Key Metrics Changes - In Europe, 378 fuel cell buses were registered in 2024, marking an 82% increase from the previous year. In the US, Federal Transit Administration low-no awards for fuel cell buses increased by over 150% compared to 2023 [23] - The truck market faced challenges with adoption timelines being pushed out, and several business failures among smaller integrators of zero-emission trucks [27] - The rail market saw significant progress, with a landmark supply agreement signed with CPKC for 98 fuel cell engines totaling approximately 20 megawatts for delivery in 2025 [29] Company Strategy and Development Direction - Ballard initiated a global corporate restructuring to reduce total annualized operating costs by more than 30%, with a focus on moderating investment intensity and aligning with delayed market adoption [14] - The company deferred any final investment decision on the proposed Gigafactory to 2026, pending market adoption and demand indicators [15] - Ballard continues to believe in the long-term role of hydrogen and PEM fuel cells in decarbonizing heavy mobility and stationary power applications [16] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 was a difficult year for the hydrogen fuel cell industry due to prolonged policy uncertainty and a challenging funding environment [5] - The company expects further industry rationalization and consolidation in 2025, while starting 2025 with over $600 million in cash and no bank debt [17] - Management emphasized a focus on customers and controllables, including prioritized product development and cost reduction programs for 2025 [37] Other Important Information - Ballard launched its ninth-generation high-performance fuel cell engine, FC Move XD, which aims to reset industry standards for PEM fuel cell engine performance [19] - The company divested its small backup power business to focus on high-power stationary applications aligned with its core product strategy [33] Q&A Session Summary Question: How does the order book look into 2025? - Management indicated that approximately half of the $173.5 million order backlog is in the bus market, with about 40% in the rail market, and expects continued activity in 2025 [48] Question: What is the demand growth in the stationary market? - Management highlighted opportunities in weak grid or microgrid applications and the data center market, focusing on larger stationary applications [55][58] Question: What percentage of the backlog is from long-term platform customers? - Management stated that roughly eight customers account for 70-80% of the business, all of which are repeat customers [63] Question: How does the rationalization in the market impact customers and supply chain? - Management noted that the current order book customers do not have the same risk profile as those that went bankrupt last year, and they feel strong about their key supplier list [84] Question: What are the expectations for gross margins in 2025? - Management expects to see a stepwise improvement in gross margins in 2025, although they do not expect to achieve positive gross margins for the year [122]

Duluth Holdings Inc. (NASDAQ:DLTH) Q4 2024 Results Conference Call March 13, 2025 9:30 AM ET Company Participants Nitza McKee - Senior Associate, IR, ICR Sam Sato - President and Chief Executive Officer Heena Agrawal - Senior Vice President and Chief Financial Officer Stephen Schlecht - Founder and Chairman Operator Good morning, and welcome to the Duluth Holdings Fourth Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note that the ...

Financial Data and Key Metrics Changes - Net sales increased by 4.5% to $10.3 billion in Q4 compared to $9.9 billion in the same quarter last year, marking the first time the company achieved fiscal year sales exceeding $40 billion [10][84] - Same-store sales rose by 1.2%, driven entirely by a 2.3% increase in average transaction amount, despite a 1.1% decline in customer traffic [11][86] - Gross profit as a percentage of sales was 29.4%, a decrease of 8 basis points, primarily due to increased markdowns and distribution costs [27][101] - Operating profit decreased by 49% to $294 million, with a negative impact of approximately $232 million from impairment charges related to the portfolio review [31][104] - EPS for the quarter decreased by 52.5% to $0.87, including a negative impact of approximately $0.81 per share from the portfolio review [32][105] Business Line Data and Key Metrics Changes - The consumable category drove the comp sales increase, while declines were noted in seasonal home and apparel categories [12][86] - The company closed 96 Dollar General stores and identified 51 Pop Shelf store closures, optimizing resource allocation [17][93] Market Data and Key Metrics Changes - The company continued to grow market share in both consumable and non-consumable product sales during Q4 [11][85] - Customer financial situations have worsened due to ongoing inflation, impacting traffic and spending behavior [13][87] Company Strategy and Development Direction - The company is focused on back-to-basics initiatives to enhance in-store experiences and optimize operations [16][58] - Plans for 2025 include net sales growth of 3.4% to 4.4%, same-store sales growth of 1.2% to 2.2%, and EPS guidance of $5.10 to $5.80 [36][110] - The company aims to increase non-consumable sales mix by at least 100 basis points by the end of 2027 [70] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate improvement in the macro environment for core customers entering 2025, emphasizing the need for value and convenience [14][88] - The company is optimistic about mitigating tariff impacts and is closely monitoring economic headwinds [15][89] - Management expressed confidence in the long-term growth framework and the strength of the business model [54][55] Other Important Information - The company generated cash flows from operations of $3 billion in 2024, an increase of 25% driven by improved working capital management [33][107] - Capital expenditures for 2024 were $1.3 billion, with plans for approximately 4,885 real estate projects in 2025 [34][112] Q&A Session Summary Question: What are the expectations for sales growth in 2025? - The company expects net sales growth in the range of 3.4% to 4.4% and same-store sales growth of 1.2% to 2.2% [36][110] Question: How is the company addressing the impact of inflation on customers? - Management acknowledged the ongoing financial pressures on customers and emphasized the commitment to providing value and convenience [14][88] Question: What are the plans for store openings and remodels in 2025? - The company plans to open 575 new stores and execute 2,000 full remodels, along with 2,250 Project Elevate remodels [112]

Financial Data and Key Metrics Changes - Total revenues increased by 3.6% to over $496 million, with pretax income growing by 5.1% to more than $67 million [10][41] - The company returned $42 million in capital to shareholders, including a 10% increase in quarterly dividends to $0.22 per share [35][36] Business Line Data and Key Metrics Changes - Net retail sales for Q4 were $139.5 million, up 4.7%, while commercial revenue rose 20.5% year-over-year [37][38] - The gross margin improved to 56.6%, reflecting a slight expansion in both retail and commercial gross margins [39] Market Data and Key Metrics Changes - Store traffic increased by 3%, significantly outpacing the national average decline of nearly 1% [38] - The company expanded its global footprint with 24 new locations, including 30 partner-operated locations in ten new countries [18][21] Company Strategy and Development Direction - The company focuses on three strategic initiatives: expanding experiential retail locations, advancing digital transformation, and investing in brand strength while returning capital to shareholders [11][26] - Plans for 2025 include opening at least 50 new net locations, primarily partner-operated, to enhance global brand reach [21][45] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, anticipating mid-single-digit revenue growth but potential challenges in pretax income due to tariff concerns [8][46] - The toy industry is viewed as recession-resistant, with a significant portion of sales driven by birthdays and collectors [56][100] Other Important Information - The company has reduced its dependency on China, expecting less than 50% of inventory shipped to North America to come from there in 2025 [70][112] - The introduction of a new retail experience in Orlando, Florida, is planned for 2026, aimed at capitalizing on tourist traffic [19][20] Q&A Session Summary Question: Overall consumer environment and business reaction to a slowdown - Management noted positive quarter-to-date results, with traffic outpacing national averages, indicating resilience in the toy industry [54][56] Question: Progress in e-commerce - Management acknowledged opportunities for improvement in e-commerce and emphasized efforts to integrate omnichannel capabilities [58][62] Question: Tariff impacts and inventory management - The company is proactively managing inventory purchases to mitigate potential tariff impacts and expects to maintain a diversified supply chain [68][70] Question: Revenue guidance and potential offsets - Management provided guidance for mid-single-digit revenue growth, citing macro-level headwinds as potential offsets to a more optimistic outlook [132]

Financial Data and Key Metrics Changes - Product sales decreased by $15.8 million or 10.9% in 2024 compared to 2023, primarily due to a decrease in unit volume shipped in direct sales and inventory finance sales categories [7] - Net revenue per product sold increased by 1.9% in 2024 compared to 2023, driven by a moderate increase in unit prices [8] - Net income increased by 13.2% to $61.6 million in 2024 compared to 2023, with basic earnings per share increasing by $0.32 or 14.3% [14] - Cash increased to approximately $1.1 million as of December 31, 2024, compared to $0.7 million as of December 31, 2023 [14] - Book value per basic share outstanding increased by 13.9% to $20.40 as of December 31, 2024 [15] Business Line Data and Key Metrics Changes - Consumer MHP and dealer loans interest income increased by $3.8 million or 10.1% from 2023 to 2024 due to growth in loan portfolios [8] - Other revenue increased by $7.0 million or 106.3% from 2023 to 2024, primarily due to $8.9 million in land sales [10] - Gross profit margin for product sales was 30.4% in 2024, down from 31.3% in 2023 [12] - Selling, general and administrative expenses decreased by $1.1 million or 4.4% in 2024 compared to 2023 [13] Market Data and Key Metrics Changes - The average price for a new single-family home in 2023 was $511,000, compared to a manufactured home price of $123,000 [18] - Legacy's average selling price in 2024 was approximately $61,000 per unit, up from $60,000 in 2023 [20] - Retail finance fundings in Q1 2025 are tracking well ahead of the 8% growth seen in 2024 [22] Company Strategy and Development Direction - The company continues to focus on the long-term fundamentals of manufactured housing, emphasizing high-quality, affordable homes and financing solutions [17] - Plans for 2025 include focusing on sales, particularly park sales in Texas and dealer sales in the Southeast, while streamlining product offerings and processes [28] - The company is in a strong net cash position and plans to repurchase shares aggressively if stock prices decline [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant market uncertainties, including politics, tariffs, and recession risks, but remains committed to closely managing the business [16] - The affordable housing crisis is highlighted as a critical issue, with the manufactured housing industry seen as a necessary part of the solution [21] - Management expects production rates to improve as they ramp up production at Texas facilities, with a focus on building backlog [52] Other Important Information - The company sold a mobile home park as part of a settlement agreement, resulting in a meaningful gain [26] - The company is actively developing properties in Austin, with plans to sell lots in Phase 1 of a development project [27] Q&A Session Summary Question: Can you provide more details on land sales during the quarter? - The significant sale was a mobile home park from a settlement agreement in Beaumont, Texas, with other land monetized throughout the year [32] Question: Did you purchase any land in Q4 in Texas? - The company did not purchase land but is focused on foreclosing on development loans secured by land [35] Question: What are the concerns regarding delinquencies and the ability to recover loans? - Past due balances have increased slightly, but recovery remains strong due to home price increases and down payment requirements [38] Question: How might changing immigration policies impact customers and labor? - The company has not seen a material change in business from immigration policies, as they have stable borrowers [45] Question: Are there any expectations for increasing SG&A expenses in 2025? - Management does not foresee any material changes in SG&A expenses [47]

US Energy (NASDAQ:USEG) Q4 2024 Earnings Conference Call March 13, 2025 9:00 AM ET Company Participants Mason McGuire ??? Vice President-Finance and Strategy Ryan Smith ??? Chief Executive Officer Mark Zajac ??? Chief Financial Officer Conference Call Participants Jesse Sobelson ??? D. Boral Capital Charles Meade ??? Johnson Rice Tom Kerr ??? Zacks Small Cap Research Operator Greetings and welcome to U.S. Energy Corporation Fourth Quarter and Year End 2024 Results Conference Call. At this time, all particip ...

Financial Data and Key Metrics Changes - The company ended 2024 with cash and cash equivalents of $23.3 million, up from $9.6 million as of December 31, 2023 [20] - The net loss for the full year ended December 31, 2024, was $44.6 million or $1.22 per basic share, compared to a net loss of $42.8 million or $3.50 per basic and fully diluted share during 2023 [23] Business Line Data and Key Metrics Changes - Research and development expenses for the full year 2024 were approximately $26.1 million, down from $27.3 million in the prior year, primarily due to timing of expenditures for the WM Phase 2 study [20][21] - Selling, general and administrative expenses for the full year 2024 were $25.6 million, compared to $11.7 million in the prior year, driven by pre-commercialization initiatives [21][22] Market Data and Key Metrics Changes - The company is focused on the relapsed/refractory Waldenstrom's macroglobulinemia (WM) market, with iopofosine showing a significant clinical benefit rate of 98.2% and an overall response rate of 83.6% in the CLOVER-WaM study [9][10] - The company is also advancing its solid tumor-focused radioisotope programs, including alpha emitters for pancreatic cancer and Auger emitters for triple-negative breast cancer [15] Company Strategy and Development Direction - The company aims to address its NASDAQ status and future funding through non-dilutive funding opportunities and collaborations [8][15] - A strategic restructuring was implemented to reduce headcount by approximately 60%, expected to save about $7.5 million annually [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential value of iopofosine for patients with relapsed/refractory WM, despite regulatory setbacks delaying the NDA submission [11][12] - The company anticipates rapid enrollment in the upcoming Phase 3 study for iopofosine, with a clear regulatory pathway established with the FDA [28][47] Other Important Information - The company is preparing for Phase 1 studies for both CLR 121225 and CLR 121125 in 2025, targeting pancreatic cancer and triple-negative breast cancer respectively [49][42] - The company is exploring various deal types for licensing iopofosine, including global partnerships and regional rights [81][84] Q&A Session Summary Question: Does the NDA acceptance require data from the confirmatory study or just the CLOVER study? - The accelerated approval will require data from the additional study as well [56] Question: What is the timeline for patients to achieve and be evaluated for an MRR response? - Enrollment is expected to take approximately 24 months, with major response rate outcomes assessed about one month after enrollment [62] Question: What would be the comparator in the study? - The study will have an investigator choice design with two comparators, one being rituximab monotherapy [66][67] Question: Does the cash runway include costs for IND filings for CLR 121225 and 125? - Yes, the runway includes costs for IND filings, estimated to be relatively modest [71] Question: Why is pancreatic cancer chosen for CLR 121225? - The choice is based on significant market need and strong preclinical efficacy signals [90]

Financial Data and Key Metrics Changes - Revenue for fiscal year 2024 was $8.8 million, essentially flat compared to fiscal year 2023 revenue of $8.8 million [30] - Bookings for fiscal year 2024 reached a record $23.9 million, an increase of 128% from fiscal year 2023 bookings of $10.5 million [30] - GAAP gross profit for fiscal year 2024 was $5.6 million, a 20% increase from fiscal year 2023 gross profit of $4.6 million [31] - Net loss for fiscal year 2024 was $143.9 million, compared to a net loss of $82.7 million in fiscal year 2023 [32] - Adjusted EBITDA loss for fiscal year 2024 was $56 million, an increase of 3% from the adjusted EBITDA loss of $54.3 million in fiscal year 2023 [33] Business Line Data and Key Metrics Changes - The fourth quarter revenue totaled $2.3 million, a decrease of 21% from the fourth quarter of fiscal year 2023 revenue of $2.9 million [34] - Bookings for the fourth quarter were a record $18.3 million, an increase of over 500% compared to the fourth quarter of fiscal year 2023 bookings of $3 million [34] - Non-GAAP gross profit for the fourth quarter was $1.7 million, a decrease of 28% from the fourth quarter of fiscal year 2023 non-GAAP gross profit of $2.3 million [34] Market Data and Key Metrics Changes - D-Wave had a total of 135 customers in fiscal year 2024, compared to 133 customers in fiscal year 2023 [30] - The customer base included 59 research institution and government customers in 2024, up from 55 in fiscal year 2023 [30] - The number of commercial customers was 76 in fiscal year 2024, down from 78 in fiscal year 2023 [30] Company Strategy and Development Direction - D-Wave aims to be the first pure play quantum company to reach profitability with less cash invested than competitors [10] - The company is focusing on a quantum compute as a service model for the majority of its commercial customers while also pursuing system sales [18] - D-Wave is developing a sixth generation annealing quantum computer, Advantage 2, which is expected to deliver significant performance gains [15] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the recent demonstration of quantum supremacy as a significant milestone for the quantum industry [57] - The company expects to see increased interest in system sales and believes that the recent achievements will positively impact customer engagement [49] - Management anticipates fiscal year 2025 Q1 revenue to exceed $10 million, driven by the sale of an Advantage annealing quantum computer [39] Other Important Information - D-Wave's cash balance exceeded $300 million, which is believed to be sufficient to reach sustained profitability [10] - The company completed two separate ATM programs in the fourth quarter that brought in a total of $175 million in gross proceeds [25] - D-Wave announced a quantum uplift program to attract organizations dissatisfied with competitors' quantum systems [22] Q&A Session Summary Question: Insights on Advantage 2's impact on existing commercial engagements - Management confirmed that Advantage 2's capabilities will enhance performance for existing customers and attract new ones [44] Question: Future system sales and revenue expectations - Management indicated ongoing discussions with three other institutions for potential system sales, but did not provide specific revenue guidance [50] Question: Impact of recent publications on industry perception - Management noted that the recent achievement has positively influenced both the academic community and commercial entities, despite some resistance [56] Question: Breakdown of revenue recognition from the Jülich system sale - Management clarified that revenue from the Jülich system sale will be recognized in the first quarter following installation and acceptance [105] Question: Future revenue models for system sales - Management stated that future deals will be tailored to customer needs, affecting the structure of revenue recognition [75] Question: Potential for scaling and R&D acceleration - Management expressed interest in accelerating R&D efforts, particularly in scaling quantum systems and exploring gate model opportunities [86]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved a net income of $22 million and EBITDA of $67 million, marking a strong quarter with the highest production of 57,364 ounces for the year [5][10] - Gold revenue for Q4 was $148 million, a 13% increase compared to Q3, driven by a higher realized gold price of $2,642 per ounce and increased sales volumes [14] - For the full year 2024, adjusted EBITDA totaled $163.1 million and adjusted earnings were $55.9 million, or $0.35 per share [15][19] Business Line Data and Key Metrics Changes - Segovia produced 188,000 ounces of gold, while the Marmato Upper Mine contributed 23,000 ounces, totaling 211,000 ounces for the year [10] - In Q4, Segovia's production increased by 8% to 51,477 ounces, with a 7% rise in average gold grade processed [11] - The all-in sustaining costs (AISC) at Segovia reduced by 4% to $1,485 per ounce in Q4, despite an 8% increase in realized gold costs [11] Market Data and Key Metrics Changes - The company expects annual production from Segovia to reach between 210,000 to 250,000 ounces in 2025, with a target of 300,000 ounces from 2026 onwards [6][32] - The AISC margin at Segovia reached a three-year high of $58 million in Q4, a 32% increase from the previous quarter [17][40] Company Strategy and Development Direction - The company is focused on expanding its processing facilities at Segovia and Marmato to increase production capacity, targeting over 500,000 ounces of gold annually once expansions are fully operational [8][30] - The Segovia processing plant expansion is expected to ramp up to 300 tonnes per day by the end of 2025, with a total cost of $15 million for the project [23][28] - The Marmato Lower Mine construction is progressing, with plans to expand processing capacity from 4,000 tonnes per day to 5,000 tonnes per day, aiming for an annual production of 200,000 ounces [25][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position, with a year-end cash balance of $253 million, positioning it well for growth [8][40] - The company remains focused on operational efficiencies and cost control, despite the strong gold price environment [17][34] Other Important Information - The company generated a cash inflow of $164 million in Q4, including $136 million from refinancing bonds and $40 million from a precious metals stream [20] - The total estimated cost to complete the Marmato Lower Mine construction is $365 million, with a net construction cost to the company of $208 million after considering remaining stream funding [28][29] Q&A Session Summary Question: How long has the company been considering the expansion and why now? - Management indicated that the expansion has been under consideration for over a year, with the decision to reshape plans based on insights gained from the Upper Mine [45][46] Question: What is the expected capital expenditure for this year versus next year for the expansion? - The company forecasts approximately $260 million in capital expenditure for this year, with an additional $50 million possible depending on spending [48]