Financial Data and Key Metrics Changes - The company reported a net income of $1.8 million for the nine months ended September 30, 2025, compared to a net loss of $2.7 million for the same period in 2024, marking a $4.5 million improvement [13] - Basic net income per share was approximately $0.20 for the nine-month period ended September 30, 2025, compared to a net loss of $0.34 per share in the prior year [16] - Gross margin as a percentage of product sales increased to 43% during the third quarter of 2025, up from 26% in the same quarter of 2024 [18] Business Line Data and Key Metrics Changes - Total product sales decreased by 8% or $505,000 in the third quarter of 2025 compared to the third quarter of 2024 [16] - Domestic sales increased by 2% in the third quarter of 2025 compared to the same quarter in 2024, and were up 9.5% compared to the second quarter of 2025 [12] - International sales were down during the third quarter of 2025 compared to the same period in 2024, primarily due to timing of shipments and short supply management [12] Market Data and Key Metrics Changes - The U.S. market represented approximately 86% of total sales during the trailing 12-month period ended September 30, 2025 [12] - International sales for the nine-month period ended September 30, 2025, were 15% higher than the same period in the prior year [13] Company Strategy and Development Direction - The company aims to regain customers and expand the use of scour preventatives while exploring new market opportunities more aggressively [11] - The focus is on operational excellence and execution, with a priority on production capacity and quality [14] - The company is awaiting FDA approval for its Retain product, which targets subclinical mastitis, and is conducting investigational product use studies to gather market feedback [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position and the positive changes in the commercial team, emphasizing a shift from managing short supply to winning new customers [26] - The company is focused on maintaining strong production yields and driving growth from existing products while managing cash and inventory effectively [20][31] Other Important Information - The company has undergone significant management transitions, with Oliver Tebukurst appointed as the new President and CEO effective November 1, 2025 [6] - The company has improved its cash position to $3.9 million as of September 30, 2025, from $3.8 million at the end of 2024, while investing in inventory [20] Q&A Session Summary Question: What has changed regarding First Defense and the growth expectations? - Management indicated that they have reached a level of capacity set during the expansion project and have implemented quality measures to ensure predictable manufacturing levels [26] Question: How does the company plan to balance production with cash generation? - The CFO noted that inventory levels have increased to a more desirable level as they approach peak selling season, and they are closely monitoring inventory management [31] Question: What attributed to the margin improvement in Q3? - The CFO attributed the gross margin improvement to enhanced manufacturing performance and a composite price increase of around 6% in 2025 [34]

Financial Data and Key Metrics Changes - EZCORP achieved record revenue of $1.3 billion for fiscal 2025, up 12% year over year, with adjusted EBITDA of $191.2 million, up 26% [4] - EBITDA margin expanded to 14.7% from 13%, and net income surged 30% to $110.7 million [4][6] - Cash position increased to $469.5 million from $170.5 million in fiscal 2024, reflecting a $300 million senior notes offering [7] Business Line Data and Key Metrics Changes - Pawn loan (PLO) of $303.9 million increased 11%, with a same-store basis growth of 9%, driven by higher average loan sizes [12] - Merchandise sales of $176 million increased 9%, with same-store sales up 7%, and merchandise margin remained steady at 35% [12] - In the U.S. pawn segment, total revenues increased 13% to $238.9 million, with PLO growth of 9% on both total and same-store basis [13][14] Market Data and Key Metrics Changes - In Latin America, fourth quarter revenues were $96.9 million, up 17%, with PLO up 17% to $70.1 million [16] - Jewelry composition in PLO increased by 450 basis points to 41%, indicating a shift towards higher-value items [16] - The U.S. remains the largest market with 247 stores in Texas, followed by Florida with 95 stores [14] Company Strategy and Development Direction - The company is focused on expanding its store base and enhancing digital transformation to improve customer engagement [4][10] - Strategic initiatives include a targeted incentive compensation campaign and a robust loyalty program, with EZ Plus Rewards membership up 26% to 6.9 million members [9][10] - The M&A pipeline remains active, with multiple opportunities being evaluated for strategic integration and return on invested capital [20][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, stating that the company can adapt quickly to changes in gold prices [26][27] - The company anticipates continued robust revenue growth, particularly outside of scrap sales, despite potential economic pressures [44] - Management highlighted the importance of operational excellence and customer-centric initiatives in driving future growth [8][21] Other Important Information - The company has transformed its earnings profile significantly since fiscal 2021, with net income increasing from $21 million to $110 million [17] - Digital initiatives have led to a 42% year-over-year growth in online payments in the U.S., demonstrating strong customer adoption of digital platforms [10][63] - The company is committed to improving inventory efficiency and scaling operational best practices across all geographies [19] Q&A Session Summary Question: Concerns about gold prices and their impact on business - Management acknowledged that while rising gold prices are beneficial, the core business remains strong regardless of gold price fluctuations [26][27] Question: Future performance and growth potential in Latin America - Management indicated that there is still significant growth potential in Latin America, particularly in jewelry lending and digital adoption [30][33] Question: Insights on the M&A pipeline and future acquisitions - Management confirmed a robust M&A pipeline with a disciplined approach to acquisitions, focusing primarily on existing markets [35][36] Question: Impact of U.S. consumer behavior on store performance - Management noted strong demand for loan products, indicating that consumer pressure remains high, but specific impacts from external factors like government shutdowns are unclear [74] Question: Changes observed from digital initiatives - Management reported significant growth in online loan payments and customer engagement due to digital initiatives, enhancing store efficiency [62][64]

Financial Data and Key Metrics Changes - The company reported an EBITDA of COP 12.3 trillion for the third quarter of 2025, with an EBITDA margin of 41% and a net income of COP 2.6 trillion, reflecting a recovery from the previous quarter [26] - Year-to-date investment reached nearly $4.2 billion, representing 72% of the annual target, fully aligned with the strategic roadmap [6][34] - Cumulative EBITDA for the year reached COP 36.7 trillion, demonstrating strong adaptability through a commercial strategy [26] Business Line Data and Key Metrics Changes - The exploration and production segment achieved a total accumulated production of 751,000 barrels of oil equivalent per day, in line with the target range of 740,000-750,000 [11] - The midstream segment transported an average of 1,118,000 barrels per day, reflecting a 1% increase compared to the third quarter of 2024 [13] - Refining operations reached approximately 429,000 barrels per day, marking the second highest quarterly level in the segment's history [15] Market Data and Key Metrics Changes - The company reported a competitive crude differential enabled by a proactive marketing strategy, capturing value in a low-price environment [5] - The average production for the last nine months was 751,000 barrels per day, placing the company near the top of its annual guidance range [3] Company Strategy and Development Direction - The company is focused on reinforcing core business operations, maintaining strict financial discipline, and advancing profitable projects driven by energy transition [3] - A multimodal logistics initiative was launched to export solid asphalt monthly, with projected annual benefits ranging from $1 million to $2 million [5] - The company is committed to sustainability, having reduced greenhouse gas emissions by 379,000 tons of CO2 equivalent as of September [6][8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience and discipline in a challenging environment marked by a nearly 15% decline in Brent prices year to date [25] - The company anticipates a more challenging price environment in 2026, focusing on strengthening resilience and competitiveness [35] - Management emphasized the importance of cost optimization, efficiency enhancement, and operational agility to meet financial objectives for 2025 [36] Other Important Information - The company achieved a significant reduction in lifting costs, with total unit costs in the hydrocarbons business line standing at $45.5 per barrel, reflecting a reduction of $1.8 compared to the same period last year [17] - The company has made significant progress in its sustainability agenda, being recognized by the Global Compact Network Colombia for best practices in sustainable development [8] Q&A Session Questions and Answers Question: Clarification on the potential sale of the Permian asset - Management clarified that there is no interest in divesting the Permian asset, and any decision regarding the portfolio will be rigorously analyzed by the board of directors [37] Question: Risk of a senior management member being on the OFAC list - The company has a robust corporate governance and compliance system in place, continuously monitoring risks and ensuring operational compliance [38][39] Question: Impact of exchange rate fluctuations - Management indicated that a COP 100 variation in the exchange rate could impact net profit by COP 700 billion, with current rates contributing positively to net profit [42][43] Question: Assistance from the national government for the Sirius project - The company is working closely with the government and has established a timetable for consultations to facilitate the Sirius project [45] Question: Potential bond issuance plans - The company is currently working on its financial plan for 2026, which will determine the cash flow available for investments and financing needs [62]

Financial Data and Key Metrics Changes - Stantec reported net revenue of CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [2][7] - Adjusted EBITDA grew by close to 18% year over year, achieving a record margin of 19% [2][7] - Adjusted EPS increased by 17.7% to CAD 1.53 compared to Q3 2024 [2][8] - Year-to-date operating cash flows rose 86% from CAD 296 million to CAD 551 million [8] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [2] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [3] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [3] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, entirely from organic growth, with double-digit growth in water and energy resources [4] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [5] - The U.K., Australia, and New Zealand saw continued double-digit organic growth in the water business due to public sector investment [5] Company Strategy and Development Direction - Stantec maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [12] - The company aims to achieve net revenue of CAD 7.5 billion by the end of next year, supported by ongoing high levels of activity in its water business [14] - Stantec is optimistic about the long-term support for infrastructure investments following the recent federal budget release in Canada [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong momentum going into 2026, driven by ongoing demand in water, energy transition, and infrastructure projects [16][18] - The company acknowledges some near-term challenges in the U.S. market but remains optimistic about long-term growth drivers [28][30] - Management highlighted the importance of maintaining a diversified portfolio to mitigate risks associated with changing market conditions [32] Other Important Information - Stantec's contract backlog stood at CAD 8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work [10] - The integration of the Page acquisition is progressing well, with expected revenue synergies already being realized [48][49] Q&A Session Summary Question: Outlook for 2026 - Management indicated strong momentum going into 2026, with continued support in water and infrastructure projects [16][18] Question: Canadian Infrastructure Opportunities - Management noted solid organic growth in Canada, particularly in land development and transportation projects, with strong public sector demand [20][22] Question: Concerns about Economic Indicators - Management acknowledged some uncertainty in the U.S. market but emphasized strong long-term demand drivers [28][30] Question: M&A Pipeline Update - Management confirmed ongoing discussions regarding potential acquisitions, maintaining a positive outlook for M&A activity [33][34] Question: Margin Sustainability - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue growth and operational efficiencies [54] Question: Exposure to Defense Sector - Management indicated limited exposure to the defense sector but sees potential growth opportunities in related infrastructure projects [57] Question: Free Cash Flow Performance - Management highlighted strong free cash flow performance due to effective working capital management and collection efforts [60]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $30.5 million, up from $25.7 million in the prior quarter and $22.8 million year-over-year [10] - Ethereum staking revenue grew to $2.9 million, a 542% increase from the previous year [10] - Net income for Q3 2025 was $146.7 million, or $0.47 per diluted share, compared to a net loss of $38.8 million in the same period last year [12] - Adjusted EBITDA was $166.8 million, compared to $27.8 million in Q2 and -$19.7 million a year ago [12] Business Line Data and Key Metrics Changes - Staking revenue increased significantly due to a larger stake balance and higher realized ETH price, with 644 ETH earned from native staking and 53 ETH from liquid staking [10] - Digital asset mining revenue was $7.4 million, compared to $6.6 million in the prior quarter and $10.1 million in the same period last year [10] - The company produced 65 BTC in Q3 2025, down from 83 BTC in the prior quarter [5] Market Data and Key Metrics Changes - The company held approximately 122,000 ETH at the end of September, with about 100,000 ETH staked, representing roughly 82% of total holdings [10] - By the end of October, ETH holdings increased to over 153,000, with approximately 132,000 actively staked [4] Company Strategy and Development Direction - The company aims to grow its Ethereum holdings and staking activity responsibly, focusing on long-term value creation rather than rapid expansion [3] - The strategy includes disciplined capital allocation and careful risk management, with a focus on staking income as a recurring cash flow source [5][8] - The company emphasizes its unique position in the digital asset space, combining Ethereum exposure with AI infrastructure through its ownership of White Fiber [15][16] Management's Comments on Operating Environment and Future Outlook - Management believes Ethereum's role as a foundation for digital assets and decentralized finance will continue to strengthen [8] - The company is confident in its long-term strategy and the value of its assets, particularly in light of regulatory clarity surrounding stablecoins [16][20] - Management expressed optimism about the future of Ethereum and its potential for appreciation, despite current market fluctuations [59] Other Important Information - The company completed a $150 million convertible notes offering to support continued ETH accumulation [4][13] - General and administrative expenses increased due to higher share-based compensation and consulting costs related to the White Fiber IPO [12] Q&A Session Summary Question: How does the company view Ethereum relative to other blockchain options? - Management believes Ethereum has no downtime and is the best blockchain for security, making it the preferred choice for institutional backing [19][20] Question: Is there a limit on the percentage of ETH that will be staked? - The company can stake up to 100% of its ETH holdings, currently around 85% due to external management strategies [21][23] Question: What sets Bit Digital apart from competitors? - The company highlights its successful business model, financial engineering capabilities, and deep involvement in Ethereum technology as key differentiators [25][27][29] Question: What are the expectations for staking yields going forward? - Current native staking yields are around 3%, with goals to achieve 4% through external management strategies [47][49] Question: What challenges has White Fiber faced in ramping revenue? - Management cited complexities in negotiating long-term contracts as the primary challenge, but expressed confidence in the team's capabilities [51][53]

Financial Data and Key Metrics Changes - The company reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 33% increase in pricing compared to the previous quarter [4][5] - Operating margin increased by 42% and net margin increased by 67% year-on-year [6][5] - Cash increased by 42% compared to the last quarter, totaling $21 million, plus $8 million in incremental trade receivables [7][6] Business Line Data and Key Metrics Changes - The company has approximately 1 million tons of high-purity middlings, which are expected to generate additional cash flow [4] - The plant has restarted operations, and the mine is expected to resume within two to three weeks [5][6] Market Data and Key Metrics Changes - The current market price for lithium is around $1,000 per ton, with expectations of free cash flow generation of $132 million based on this pricing [18][70] - The company is positioned as one of the lowest-cost producers globally, maintaining a competitive edge despite market volatility [13][14] Company Strategy and Development Direction - The company aims to upgrade mining operations to match the production capabilities of its Greentech Industrial Plant, targeting full operational capacity of 300,000 tons of lithium oxide concentrate by 2026 [22][24] - The company plans to finalize offtake agreements and monetize existing lithium products to capitalize on the current pricing environment [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer in a volatile market [70] - The company is focused on maintaining operational excellence and safety while increasing efficiency and reducing costs [8][6] Other Important Information - The company has achieved 787 consecutive days without accidents, demonstrating a strong commitment to safety [7][8] - The company has successfully reduced short-term trade finance debt by 43% this year, with a remaining balance of $33.8 million [6][12] Q&A Session Summary Question: Is the current cash balance at $29 million plus $33 million or only $29 million? - The current cash balance is $29 million, while the $33 million refers to bids received for lithium material [29] Question: What is the origin of lithium middlings from the process circuits? - The middlings are processed through the DMS circuit, with a lithium grade ranging from 1% to 1.3% [30] Question: Could you provide more info on the $100 million shareholders credit and the status of your BNDES loan disbursement for phase two? - The company is awaiting a quarter of lithium price stability before greenlighting equipment purchases, with potential disbursement as early as January 2026 [33][39] Question: Will production be fast-tracked if the lithium market tightens? - Yes, the mining upgrade is aimed at matching the plant's capabilities to increase production in response to market conditions [41][42] Question: What is the estimated CapEx for bringing phase two and three online? - The company has a credit signed with BNDES, and proceeds from offtakes will be redirected to fund the growth [46][48] Question: How much working capital will be required to restart the mine in Q1 2026? - The company plans to issue guidance for Q4 and Q1 together, with a focus on mobilizing large tonnage equipment [50][66]

Financial Data and Key Metrics Changes - The company reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 33% increase in pricing compared to the previous quarter [4][5] - Operating margin increased by 42% and net margin increased by 67% year-on-year [6][7] - Cash increased by 42% compared to the last quarter, totaling $21 million, plus $8 million in incremental trade receivables [7][10] Business Line Data and Key Metrics Changes - The company has approximately 1 million tons of dry stacked high-purity materials, which are expected to generate cash from sales [4][11] - The Greentech Plant has achieved a production capacity of 300,000 tons of lithium concentrate, with a recovery rate of 70% [20][22] - The company is in the process of upgrading mining operations to enhance production efficiency [5][23] Market Data and Key Metrics Changes - The current market price for lithium is around $1,000 per ton, with expectations of free cash flow generation of $132 million based on this pricing [18][70] - The company is experiencing a robust pricing environment, with bids for lithium middlings at $120 per ton [31][63] Company Strategy and Development Direction - The company aims to achieve an all-in sustaining cost of $560 per ton for 2026, focusing on increasing production efficiency and reducing costs [14][18] - Plans include finalizing offtake agreements and monetizing existing lithium products to capitalize on the current pricing environment [25][26] - The company is committed to maintaining its position as a low-cost and sustainable producer in the lithium market [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer amidst price volatility [70] - The company is focused on upgrading mining operations to match the capabilities of its Greentech Plant, ensuring a strong operational position [22][70] Other Important Information - The company has achieved 787 consecutive days without accidents, demonstrating operational excellence [8] - Deleveraging efforts have reduced short-term trade finance debt by 43% this year, with a remaining balance of $33.8 million [6][12] Q&A Session Summary Question: Current cash balance clarification - The current cash balance is $29 million, with an additional $33 million in bids for lithium material [29] Question: Origin and grade of lithium middlings - Lithium middlings are processed through the DMS circuit, with a grade range of 1% to 1.3% [30] Question: Status of $100 million shareholder credit and BNDES loan - The company is awaiting a quarter of price stability to greenlight equipment purchases, with plans to utilize large customer balance sheets for disbursement [33][39] Question: Production acceleration if lithium market tightens - The company is upgrading mining operations to match plant capabilities, preparing for increased production in a robust market [41][44] Question: Estimated CapEx for phases two and three - The company has a credit signed with BNDES, and proceeds from offtakes will be redirected to fund growth [46][48] Question: Inventory management strategy - The company plans to monetize all lithium inventory, including high-purity middlings, taking advantage of current prices [59] Question: Working capital required to restart the mine - The increase in cash balance is attributed to final price settlements and monetization of middlings [61][63] Question: Expected lithium concentrate production volume for Q4 2025 - Guidance for Q4 production will be issued once the mobilization curve for large equipment is completed [66][68]

Financial Data and Key Metrics Changes - Quarterly revenue reached $6.09 million, a 115% increase compared to $2.83 million in Q3 2024 [4] - Gross profit more than doubled to $2.96 million, representing a 48.6% gross margin, up from 47.5% in the prior year [4] - EBITDA positive of nearly $200,000, indicating substantial improvement in operating performance [4] - Net loss narrowed significantly to $188,000 compared to a net loss of $1.19 million in Q3 2024 [4] - Year-to-date revenue surged 171% to $20.7 million compared to $7.7 million in the same period last year [5] - Net loss reduced by nearly 50%, improving from $7.4 million in 2024 to $3.8 million in 2025 [5] Business Line Data and Key Metrics Changes - Growth driven by the successful integration of AmpliTech's 5G ORAN technology and strong momentum in low-noise amplifiers and 5G infrastructure systems [5] - Continued investment in R&D increased by 60%, supporting new product development in MIMO 64P64R ORAN radios and private 5G network systems [5] Market Data and Key Metrics Changes - The company anticipates double-digit gross margins in Q4 2025 and 2026 as production costs normalize [7] - Projected revenue for fiscal year 2026 is at least $50 million, effectively doubling the projected record fiscal year 2025 revenue of at least $25 million [7] Company Strategy and Development Direction - The integration of ORAN IP portfolio positions AmpliTech as a U.S.-based vertically integrated supplier for next-generation open RAN 5G radios [6] - The company aims for a 25%-30% annual revenue growth through 2030, driven by ORAN 5G LOIs with two different customers [10] - The rights offering is designed to strengthen the balance sheet without incurring expensive debt, supporting growth while respecting long-term shareholders [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in fiscal year 2026, assuming the continuation of current order pace and margin recovery [7] - The company is positioned to deliver successive quarters of growth and enhanced shareholder value, with a healthy balance sheet and zero long-term debt [16] Other Important Information - The rights offering is priced at $4 per unit, providing growth capital for scaling ORAN product lines and expanding domestic production [6] - The company plans to use proceeds from the rights offering to scale production, fund inventory, and complete necessary certifications [14][15] Q&A Session Summary Question: Will the rights be traded when distributed? - Yes, the rights are expected to be traded when distributed [20][21] Question: Can you provide more details on gross margins for new products? - Specific gross margin information cannot be disclosed due to competitive nature, but the company expects at least double-digit gross margins on all products [23][24] Question: Historically, gross margins have been around 30-40%. Will this continue? - The company has recovered to over 40% gross margins in Q3 and will continue to allocate capital to improve margins [24][25]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.4 million, a slight decrease from $2.5 million in Q3 2024. For the nine months ended September 30, 2025, revenue was $6.9 million, compared to $6.6 million for the same period in 2024 [10] - Gross profit for the nine months ended September 30, 2025, was approximately $4.9 million, reflecting no material year-over-year change [10] - Operating expenses were approximately $1.1 million for Q3 2025, down over $500,000 compared to the same period last year [5][10] Business Line Data and Key Metrics Changes - In the dental segment, international sales increased year-over-year, partially offsetting a decline in domestic revenue [7] - Utilization of CompuFlow disposables rebounded slightly, indicating a re-engagement with current customers [7] Market Data and Key Metrics Changes - The company has a market share of approximately 1.5%-2% in both domestic and international markets, indicating significant room for growth [16] Company Strategy and Development Direction - The company is focused on three strategic priorities: streamlining operations, strengthening commercial execution in dental and medical sectors, and advancing reimbursement strategies for CompuFlow [6][8] - The addition of Dr. Dawood Syed to the board aims to enhance clinical and payer expertise, supporting the strategy for broader adoption within hospital systems [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of disciplined execution and operational excellence to build value for shareholders and customers [12] - The company plans to focus on a handful of states for CompuFlow's rollout, ensuring proper data collection for Medicare reimbursement [21][22] Other Important Information - As of September 30, 2025, the company had cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.1 million [11] Q&A Session Summary Question: How to convince dental clinics to invest in new equipment? - Management acknowledged the need to reconnect with old customers and expand digital marketing efforts to raise awareness about the benefits of their products [15][16] Question: Update on the medical side and broader commercialization plans? - The focus is on supporting current clinics using CompuFlow and collecting data for Medicare reimbursement, with plans for broader commercialization in the near future [21][22] Question: Impact of tariffs on supply chain and customer behavior? - Management reported minimal impact from tariffs and is considering a bonded warehouse in the U.S. to mitigate potential issues [29] Question: Structure of the salesforce and reimbursement specialists? - The company plans to ramp up the salesforce and is considering pursuing reimbursement codes for pediatric use [31] Question: Is there a seasonality pattern in sales? - Management indicated that the business is steady without significant seasonal fluctuations, expecting a similar performance in Q4 [32] Question: Future prospects and challenges for Milestone Scientific? - Management acknowledged past challenges but emphasized a focused approach with strong technology and a structured plan for growth [39][40] Question: Current cash position and capital needs? - The company has sufficient cash to operate for several quarters and is looking for opportunities to improve its financial position [47]

Financial Data and Key Metrics Changes - The company is facing unprecedented demand growth for power, primarily driven by AI data centers and re-onshoring of U.S. manufacturing [5][11] - The average active coal, gas, and nuclear plant in the U.S. is over 40 years old, indicating a need for new baseload power generation capacity [4] Business Line Data and Key Metrics Changes - The company is pivoting towards conventional gas power with Post-Combustion Carbon Capture (PCC) technology, which is seen as a more immediate opportunity compared to its oxycombustion technology [20][27] - The first phase of the Project Permian in West Texas is targeting a levelized cost of energy (LCOE) below $80 per MWh, with plans to scale to 300 MW and beyond [24][25] Market Data and Key Metrics Changes - The U.S. has over 50 years of ultra-low-cost natural gas reserves, positioning it uniquely compared to other countries [12] - The market is increasingly favoring natural gas as a reliable and scalable power source, especially for data centers [12][15] Company Strategy and Development Direction - The company aims to transform natural gas into the lowest-cost form of clean, reliable power while also focusing on speed to market [11][27] - A partnership with Entropy is being pursued to accelerate the deployment of clean gas projects in the U.S., leveraging their expertise in PCC technology [24][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the urgent need for new power generation to meet increasing demand, particularly from AI and data centers [11][69] - The company believes that the deployment of clean gas technology can occur much sooner than previously anticipated, positioning it ahead of competitors [46][68] Other Important Information - The company has faced rising costs for its first facility, leading to a reassessment of its capital allocation strategy [19][20] - The partnership with Entropy is expected to enhance the company's ability to deliver clean, firm power projects quickly [24][30] Q&A Session Summary Question: What makes NET Power uniquely positioned to take advantage of this opportunity? - Management highlighted the company's understanding of both power generation and subsurface resources, as well as its existing high-quality sites for deployment [42][44] Question: Why partner with Entropy? - The partnership is based on Entropy's operational experience and proven technology, which allows for the acceleration of clean power projects in the U.S. [49][50] Question: What is the financing strategy for phase one and follow-on projects? - The financing strategy involves leveraging proven technologies for project financing, reducing the need for equity financing compared to previous plans [59][61] Question: What enables the sub-$80 LCOE in the Permian compared to $100 in MISO? - The lower cost in West Texas is attributed to cheaper natural gas and the ability to utilize CO2 for industrial purposes, enhancing project economics [74][78] Question: How is the business model changing from capital light to capital heavy? - The company is focusing on appropriately sizing projects to accommodate its balance sheet and access to capital while ensuring a competitive edge in the market [82]