Redwood Trust (NYSE:RWT) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Speaker9Good afternoon, and welcome to the Redwood Trust, Inc. Fourth Quarter 2025 financial results conference call. Today's conference is being recorded. I will now turn the call over to Kaitlyn Mauritz, Redwood's Head of Investor Relations. Please go ahead, ma'am.Speaker7Thank you, operator. Hello, everyone, and thank you for joining us today for Redwood's fourth quarter 2025 and full year 2025 earnings conference call. With me ...

QuantumScape (NYSE:QS) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Speaker6Good day, and welcome to QuantumScape's fourth quarter and full year 2025 earnings conference call. Sam Camara, QuantumScape's Senior Director, Investor Relations, you may begin the conference.Speaker7Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's fourth quarter 2025 earnings call. To supplement today's discussion, please go to our IR website at ir.quantumscape.com to view our shareh ...

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $1.3 million, down from $1.6 million in Q2 2025 and $1.4 million in Q1 2026, primarily driven by government R&D contracts [13] - GAAP net loss for the quarter was $1.9 million, or $0.11 per share, compared to a net loss of $2.9 million, or $0.24 per share in the prior year, and a net loss of $1.5 million, or $0.09 per share in the previous quarter [14] - Adjusted EBITDA loss was $917,000, compared to a gain of $647,000 in the same period last year and a loss of $450,000 in Q1 2026 [16] - The company ended the quarter with $38.6 million in cash and cash equivalents, an increase of $425,000 from the previous quarter [16] Business Line Data and Key Metrics Changes - Government R&D contracts were the principal source of revenue, providing non-dilutive funding for R&D investments [13] - The company is witnessing a shift in customer conversations from interest to pricing and planning, indicating a transition towards commercialization [6] Market Data and Key Metrics Changes - The top four hyperscalers invested over $300 billion in data center CapEx in 2025, expected to surpass $1 trillion by 2029, presenting significant market opportunities [4] - Aeluma is targeting three primary markets: data centers, mobile, and defense, with increasing activities across all [5] Company Strategy and Development Direction - Aeluma aims to capitalize on the growing market horizon and pursue strategic opportunities to accelerate commercialization [12] - The company is focused on strengthening its technical foundation and expanding operations to scale [19] - Aeluma's technology is positioned to address AI hardware, electronic warfare, quantum, and infrared sensing, aligning with the Department of Defense's Microelectronics Commons [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum building within the company and the increasing visibility and engagement translating into opportunities [12] - The company remains focused on converting momentum into customer programs and transitioning to commercialization [19] Other Important Information - Aeluma appointed Bouch Nessar as Senior Vice President of Business Development and Product, expected to accelerate the go-to-market strategy [6] - The company expanded its patent portfolio to 35 issued and pending patents, enhancing its competitive advantage [11] Q&A Session Summary Question: What are the end markets that you're getting sales orders for? - The company is not sharing specific customer or product information but noted that initial sales orders are small in value and represent a step towards broader market adoption [21] Question: Is the quantum photonics work primarily for generating, routing, or sending photons? - The near-term focus is on generating photons, with interest in building a platform for various photon-related functions [23] Question: Can you provide more details on the magnitude of customer engagement for sales orders? - Sales orders are coming from multiple markets including mobile, AI, data centers, and defense, indicating a growing interest in Aeluma's technology [28] Question: Can you discuss the timeline for SWIR adoption in mobile applications? - The mobile industry is gearing up to adopt SWIR technology, but specific timelines cannot be commented on at this moment [31] Question: What strategic opportunities is the company pursuing for commercialization? - Aeluma is exploring various paths to market, including manufacturing partnerships and licensing, to enable market adoption across different sectors [35]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][14] - Q4 gross profit was $91 million, resulting in an 81% gross margin, while Q4 adjusted EBITDA was $23 million, a 21% margin [5][16] - Statutory surplus at the reciprocal grew approximately $50 million, ending 2025 almost 50% higher than 2024, with a total of $155 million in statutory surplus [3][12] Business Line Data and Key Metrics Changes - Insurance services revenue was $75.7 million in Q4, accounting for 60% of total revenue, with a gross margin of 86% [16][17] - Software and data segment revenue was $22.3 million, a 3% increase over the prior year, while consumer services revenue was $16.6 million, a 2% increase [18][20] - Reciprocal written premium (RWP) was $126 million in Q4, with a significant increase in new customer additions driving this growth [4][28] Market Data and Key Metrics Changes - The number of active agencies more than doubled year-over-year, with quote volumes increasing nearly 3x compared to the previous year [26][28] - New business premiums in December rose 104% compared to the January to October average, indicating strong market demand [6][28] - The competitive landscape is shifting from in-house agents to independent agents, which is favorable for the company [82] Company Strategy and Development Direction - The company aims for $600 million in organic reciprocal written premium in 2026, representing a 25% growth rate [4][23] - The launch of Porch Insurance is a key part of the strategy, providing a unique product that enhances conversion rates and agent profitability [8][51] - The company is focused on leveraging its data and technology to improve underwriting and risk assessment, creating a structural advantage in the market [9][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 growth targets, citing strong momentum in new customer additions and improved conversion rates [4][36] - The company noted that the insurance services division is offsetting soft U.S. housing conditions, which are expected to persist [24][71] - Management highlighted the importance of maintaining a healthy statutory surplus to support future growth [12][74] Other Important Information - The company ended 2025 with a cash position of $121.2 million, a $31.3 million increase from the beginning of the year [21][22] - A $2.5 million share repurchase program has been authorized by the board of directors [22] Q&A Session Questions and Answers Question: Can you provide insight into the pricing actions taken to drive acceleration and the flexibility for future pricing adjustments? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to improve conversion rates without dramatic changes [41][42] Question: How should we think about the operating leverage in RWP to EBITDA conversion as you scale RWP? - Management noted that the RWP to adjusted EBITDA conversion improved due to operating discipline and cost control, with expectations for continued improvement in 2026 [44][45] Question: Can you discuss the competitive landscape and any shifts observed in key markets? - Management acknowledged a shift from in-house agents to independent agents, which is beneficial for the company as it works with independent agents [82]

DoubleDown Interactive Co. (NasdaqGS:DDI) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Speaker7Good afternoon and welcome to DoubleDown Interactive's earnings conference call for the fourth quarter ended December 31st, 2025. My name is Sheri, and I will be your operator this afternoon. Prior to this call, DoubleDown issued its financial results for the fourth quarter of 2025 in a press release, a copy of which is available in the investor relations section of the company's website at www.doubledownin ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $544 million, representing a 10% increase year-over-year, while full-year revenue reached $2.05 billion, exceeding initial expectations with a 10% growth in recurring and other revenue to $1.94 billion [9][10] - Adjusted EBITDA margin for Q4 was 43.4%, with full-year adjusted EBITDA growing 14% year-over-year to $882 million, reflecting a 180 basis point margin expansion to 43% [10][11] - GAAP net income for Q4 was $114 million, or $2.07 per diluted share, while full-year GAAP net income was $453 million, or $8.08 per diluted share [10][11] - Operating cash flow increased by 27% year-over-year to $679 million, with a free cash flow of $404 million, up 20% year-over-year [11][12] Business Line Data and Key Metrics Changes - The company achieved a record revenue retention rate of 91% in 2025, up from 90% in 2024, attributed to investments in automation and service quality [16] - The client count grew to approximately 39,200, a 4% increase compared to 2024, with significant success in acquiring larger clients [15][16] Market Data and Key Metrics Changes - The average daily balance on funds held for clients was approximately $2.8 billion in Q4 2025, up 11% year-over-year [14] - The company continues to capture opportunities in the market, holding less than 5% of the total addressable market, indicating substantial growth potential [5][17] Company Strategy and Development Direction - The company is focused on full solution automation, enhancing client ROI, and providing world-class service, which has led to strong revenue retention and client satisfaction [4][5] - Future strategies include extending technological leadership and targeting the remaining 95% of the addressable market, with a commitment to innovation and automation [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory despite a conservative revenue guidance for 2026, expecting total revenue growth of 6% to 7% [16][17] - The company is not seeing any reluctance from clients to purchase products, indicating a stable demand environment [34] Other Important Information - The company repurchased over 1.7 million shares in 2025, totaling $370 million, and has approximately $1.1 billion remaining under its buyback authorization [12][13] - The board approved a quarterly dividend of $0.375 per share, payable in mid-March [13] Q&A Session Summary Question: How to reconcile positive product developments with guidance suggesting a slowdown? - Management acknowledged the positive client retention and product automation but noted that sales opportunities remain a focus for improvement [19][20] Question: Will changes in sales leadership lead to significant go-to-market changes? - Management indicated that the focus is on enhancing the value proposition and training sales staff on new product enhancements [22][24] Question: What are the expectations for recurring revenue growth and guidance methodology? - Management clarified that the guidance reflects current visibility and is consistent with previous years, with a focus on new client acquisitions [26][28] Question: Are there any changes in client behavior or decision-making processes? - Management reported no changes in client willingness to buy, emphasizing ongoing training and product automation [34] Question: How is AI impacting internal productivity and efficiencies? - Management highlighted that AI is enhancing processing speed and overall productivity, allowing for rapid development and integration of new features [48][50] Question: What is the strategy for improving retention rates? - Management emphasized the importance of delivering world-class service and ensuring clients achieve full value from the product [44][45] Question: How is the competitive landscape affecting win rates and pricing? - Management remains optimistic about win rates, citing product differentiation and improved sales processes [86][87]

Applovin (NasdaqGS:APP) Q4 2025 Earnings call February 11, 2026 05:00 PM ET Speaker6Welcome to AppLovin's earnings call for the fourth quarter and year ended December 31, 2025. I'm David Hsiao, Head of Investor Relations. Joining me today to discuss our results are Adam Foroughi, our Co-founder, CEO, and Chairperson, and Matt Stumpf, our CFO. Please note, our SEC filings to date, as well as our financial update and press release discussing our fourth quarter and annual performance, are available at investor ...

Financial Data and Key Metrics Changes - Revenue for Q2 fiscal 2026 increased 120% to $16.4 million compared to $7.4 million in the same year-ago quarter [24] - Gross profit increased 212% to $6 million, representing 37% of total revenues, up from 26% in the prior year [24] - Net loss for Q2 fiscal 2026 totaled $9.4 million or $0.20 per share, compared to a net loss of $2.6 million or $0.07 per share in the same year-ago quarter [26] Business Line Data and Key Metrics Changes - Revenue from infrared components was $5 million (31%), visible components $3.4 million (21%), assemblies and modules $7.2 million (44%), and engineering services $0.7 million (4%) [24] - G5 Infrared contributed significantly to revenue growth, with over $80 million in new orders since acquisition, compared to $15 million in the prior year [5] Market Data and Key Metrics Changes - The company is positioned to benefit from increased NATO spending in Europe, particularly in defense [33] - The U.S. government is expected to launch numerous satellites for missile tracking, creating significant opportunities for the company [11][12] Company Strategy and Development Direction - The company has transitioned to a vertically integrated provider of high-value infrared optics and camera systems, focusing on higher revenue and gross margins [3] - The acquisition of Amorphous Materials is expected to enhance production capabilities and capacity, allowing for larger optics production [9][14] - The company aims to capture significant market share within a 3-4 year window, leveraging unique technologies and strategic investments [16][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet NDAA compliance and capitalize on domestic manufacturing opportunities [19] - The company anticipates gradual financial improvement and has set internal targets for gross margin and EBITDA positivity [28][29] - Management highlighted the importance of executing on existing contracts and converting backlog into revenue [31] Other Important Information - The company completed a secondary capital raise of $60 million to support growth initiatives [15] - Backlog totaled $97.8 million, with a significant portion being higher-margin systems and subsystems [28] Q&A Session Summary Question: Was the increase in sales to Europe due to a specific customer or NATO spending? - The increase was attributed to NATO spending in defense in Europe and Israel, with some G5 shipments included [33] Question: Are there plans for building lenses for optical intersatellite links? - The company already has a strong position in free space optical communication between satellites and is in discussions to increase capacity [34] Question: Can you elaborate on the three-year window for capturing market share? - The company has a unique opportunity to capture market share while competitors struggle with germanium supply, with a focus on long-term relationships in defense [37] Question: What are the main constraints in terms of capacity and product development? - The primary constraints are in glass production capacity and product development, with ongoing efforts to address these through acquisitions and investments [38] Question: What is the timeline for converting cameras to Black Diamond? - The goal is to complete the conversion of all relevant cameras to Black Diamond by autumn of this year [39] Question: What is the cost difference for customers between different lens sizes? - The cost difference is influenced by material costs and the number of lenses that can fit in a coating chamber, affecting overall production costs [42]

Cisco Systems (NasdaqGS:CSCO) Q2 2026 Earnings call February 11, 2026 04:30 PM ET Company ParticipantsAaron Rakers - Managing DirectorAmit Daryanani - Senior Managing DirectorBen Reitzes - Managing Director and Head of Technology ResearchChuck Robbins - Chairman and CEOJames Fish - Managing DirectorKarl Ackerman - Managing DirectorMark Patterson - CFOMeta Marshall - Managing DirectorMichael Ng - Managing DirectorSami Badri - Head of Investor RelationsSamik Chatterjee - Managing DirectorConference Call Parti ...

Financial Data and Key Metrics Changes - Neurocrine's total product sales grew to over $2.8 billion, representing a 22% year-over-year growth, driven by INGREZZA and the successful launch of CRENESSITY [11][12] - INGREZZA generated just over $2.5 billion in revenue, up 9% year-over-year, with expectations of sales in the range of $2.7 billion to $2.8 billion in 2026, indicating approximately 10% growth [11][12] - The company's cash position increased by approximately $700 million, from $1.8 billion at the end of 2024 to $2.5 billion at the end of 2025, reflecting strong operating performance [14] Business Line Data and Key Metrics Changes - INGREZZA's performance continues to impress, with record levels of new and total prescriptions, supported by strategic investments in access and sales force expansion [5][11] - CRENESSITY achieved over $300 million in net product sales in its first full year, with prescriptions covering over 10% of the classic congenital adrenal hyperplasia patient population [12][13] - The company expects double-digit volume-driven growth for INGREZZA, supported by continued demand from patients not currently taking a VMAT2 inhibitor [6][11] Market Data and Key Metrics Changes - Approximately 10% of the classic CAH population in the U.S. has been prescribed CRENESSITY, with the potential for further growth as the company expands its reach beyond endocrinologists [22][82] - The market for VMAT2 inhibitors, including INGREZZA, remains underpenetrated, with only about 10% of the prevalent TD population currently taking a VMAT2 inhibitor [23] Company Strategy and Development Direction - Neurocrine aims to lead the VMAT2 category by leveraging its experience with INGREZZA to advance next-generation VMAT2 inhibitors [8] - The company is focused on expanding its pipeline, with late-stage programs in neuropsychiatry and ongoing investments in R&D to support future growth [9][27] - The strategy includes expanding the CRENESSITY sales force and leveraging technology to identify and engage potential prescribers [21][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and momentum entering 2026, with expectations for continued growth and successful execution of its strategies [10][16] - The management team highlighted the importance of ongoing education for prescribers and patients regarding the benefits of CRENESSITY and the limitations of existing treatments [88] Other Important Information - The company achieved its phase I through phase III objectives for the first time in 2025, marking it as the most productive clinical year in its history [9] - Neurocrine's R&D expenses are expected to increase in 2026 due to investments in phase III programs, with a focus on delivering one new medicine every two years at steady state [15][47] Q&A Session Summary Question: Insights on CRENESSITY's early performance and patient dynamics - Management noted that while they are not providing specific guidance for CRENESSITY, they anticipate steady new patient additions and a strong growth year based on positive feedback and demand dynamics [34][51] Question: Impact of receptor occupancy data on future VMAT2 inhibitors - The management highlighted that INGREZZA demonstrated nearly double the VMAT2 target occupancy compared to Austedo XR, indicating superior efficacy, which will inform the development of next-generation VMAT2 inhibitors [38] Question: Barriers to further adoption of CRENESSITY - Management identified lack of knowledge among endocrinologists as a barrier and emphasized the importance of educational efforts to inform prescribers about the benefits of CRENESSITY over traditional glucocorticoid treatments [86]