Financial Data and Key Metrics Changes - For the full year 2025, combined revenue grew approximately 4% to $2.1 billion, marking the highest full-year revenue for the company [9] - Adjusted EBITDA for the full year was approximately $312 million, with an adjusted EBITDA margin of 14.8% [24] - Full-year combined adjusted gross profit was $794 million, with an adjusted gross margin of 37.6%, up 14 basis points [19] Business Line Data and Key Metrics Changes - In the Inspection and Mitigation (I&M) segment, revenue was approximately $1.1 billion for 2025, roughly flat year-over-year, with adjusted gross margin at 27.8% compared to 28.5% in the prior year [19][20] - Consulting Engineering (CE) revenue was $714 million, up roughly 8% against 2024, with an adjusted gross margin of 47.0%, up 150 basis points [20][21] - Geospatial (Geo) revenue was $298 million, up roughly 6% against 2024, with an adjusted gross margin of 51.5%, down from 53.6% in the prior year [21] Market Data and Key Metrics Changes - Year-end backlog within CE and Geo was $1.07 billion, up about 10% from approximately $970 million last year [15] - Data center revenue increased significantly year-over-year, reaching nearly $70 million in 2025, more than doubling versus the prior year [12] - The federal funding lapse affected timing of work in Geo but did not result in material cancellations [14] Company Strategy and Development Direction - The company aims to accelerate organic growth with a focus on cross-selling and deeper client engagement across segments [10] - Plans to strengthen organizational alignment and cultural cohesion while driving margin expansion through cost management and service mix improvement [10][16] - A $200 million share repurchase program has been authorized to enhance capital allocation flexibility [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on growth targets, citing structural tailwinds in infrastructure reinvestment and regulatory compliance [34] - The company expects revenue for 2026 in the range of $2.15 billion to $2.25 billion, with adjusted EBITDA between $330 million and $355 million [27] - Anticipated growth in CE and Geo is expected to outpace growth in I&M for the full year [27] Other Important Information - A planned leadership transition was announced, with Ben Heraud set to become CEO effective March 31, 2026, succeeding Tal Pizzey [2][7] - The integration program is on track to deliver $25 million in cost synergies, with half expected to be realized during 2026 [26] Q&A Session Summary Question: Can you talk a little bit more about the integration process in a little more detail? - Management expressed high confidence in the integration process, focusing on communications and culture, with specific milestones being tracked [39] Question: Can you discuss the biggest potential synergies and go-to-market strategies? - Management highlighted exciting developments in cross-selling opportunities, particularly in the data center space, and emphasized the importance of servicing clients throughout the asset lifecycle [40][41] Question: What are your expectations on the inspection side for the energy and oil end markets? - Management indicated good visibility on planned outages and run and maintain contracts, suggesting stability in the energy sector [48] Question: Could you elaborate on the timing and rationale for the CEO transition? - The transition was planned as part of succession planning, allowing for a unified culture and strategic continuity [56] Question: How could the current situation in the Middle East and rising oil prices impact your business? - The Middle East represents a small portion of the business, and current impacts from rising oil prices are minimal, with potential for increased work around pipelines [60] Question: Can you talk about the primary variables that could affect revenue guidance? - Management expressed high confidence in revenue guidance, citing strong tailwinds across all end markets [62]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $120.5 million, representing nearly 9% year-over-year growth [7] - In Q4 2025, revenue reached $34.4 million, up nearly 22% year-over-year, indicating accelerating momentum [7] - GAAP net income for 2025 was $10.8 million, a year-over-year increase of more than 37%, with earnings per share of $0.10 [7] - Adjusted EBITDA expanded to $27.5 million with a 23% margin, up more than 14% year-over-year [8] - Free cash flow reached approximately $20.5 million for 2025, compared to $13.2 million in 2024, representing growth of more than 500% from 2023 [8] Business Line Data and Key Metrics Changes - The company completed multiple acquisitions in 2025, including Medsphere Systems, which expanded its capabilities into the inpatient hospital market [10] - The integration of AI tools into the platform has already resulted in new customer wins under the CareCloud umbrella [11] - The company aims to penetrate newly acquired health system customers with its RCM and AI products as part of its 2026 growth strategy [12] Market Data and Key Metrics Changes - The healthcare technology market is at an inflection point, with AI adoption moving from pilot programs to production deployment [12] - The company recognizes a multi-billion-dollar addressable opportunity in the U.S. for its AI front desk assistant [12] Company Strategy and Development Direction - The company’s 2026 growth strategy focuses on leveraging its dual platform footprint in ambulatory and inpatient markets to drive organic growth and acquisition synergies [13] - Strategic acquisitions have been a cornerstone of growth, with a disciplined approach to acquiring companies at attractive valuations [14] - The company plans to remain active in M&A in 2026 and beyond, identifying complementary targets that can benefit from its AI capabilities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance of $128 million-$130 million for 2026, with adjusted EBITDA of $29 million-$31 million [15] - The company anticipates GAAP EPS of $0.20-$0.23 per share, representing an increase of more than 100% over 2025 [15] - Management highlighted the importance of disciplined execution and innovation to create long-term value for stakeholders [35] Other Important Information - The company resumed dividends on its preferred shares at the beginning of 2025 and plans to pay double dividends on Series B preferred stock starting in 2026 [9] - The conversion of approximately 80% of Series A preferred shares into common eliminated more than $7 million in annual dividend obligations [9] Q&A Session Summary Question: Can you expand on how you're planning on monetizing AI in 2026? - Management discussed the favorable M&A environment and the strategy to integrate AI capabilities into acquired platforms to enhance their attractiveness and market position [38][41] Question: What was behind the recent contract wins and future opportunities? - Management noted the expansion of the sales team and the focus on cross-selling additional services to existing clients acquired through recent transactions [45][46] Question: How does CareCloud's exposure to AI disruption compare to being an AI beneficiary? - Management emphasized that CareCloud operates in a niche healthcare IT space with deep industry moats, making it less vulnerable to generic AI disruptions [54][56] Question: What are the focuses for the use of excess cash flow? - Management indicated that the focus would be on acquisitions, enhancing capital structure, and investing in AI development [73] Question: Who are CareCloud's main competitors? - Management identified competitors in the EHR space such as eClinicalWorks and athenahealth, and noted that the AI competitive landscape varies depending on the product [75][76]

Financial Data and Key Metrics Changes - For Q4 fiscal 2026, consolidated revenues totaled $84.9 million, a decrease from $86.4 million in the prior year [29] - Net income for Q4 was $2.5 million, or $0.09 per diluted share, compared to a net loss of $5.4 million, or -$0.19 per diluted share in the previous year [30] - Gross margin improved to 47.8% of net revenues, up from 46.8% in the prior year [31] - SG&A expenses decreased by $10.6 million to $37.3 million, representing 43.9% of net revenues, down from 55.4% [32] - Operating income from continuing operations was $3.6 million, compared to an operating loss of $7.3 million in the prior year [33] Business Line Data and Key Metrics Changes - Direct segment revenues for Q4 were $74.5 million, a 2.6% decrease from $76.5 million in the prior year [30] - Indirect segment revenues increased by 4.9% to $10.4 million, driven by a large wholesale spring collaboration [31] - Comparable sales declined by 0.7%, showing sequential improvement throughout the fiscal year [30] Market Data and Key Metrics Changes - The company experienced a revenue decline of 1.7% overall in Q4, with indirect channel revenue growth of just under 5% [9] - The direct channel registered a revenue decline of 2.6%, but showed significant sequential improvement from previous quarters [8] Company Strategy and Development Direction - The company is focused on Project Sunshine, which aims to reclaim brand relevance and increase market share through five strategic pillars [4][7] - The leadership transition reflects confidence in the strategic direction and momentum of the company [3] - The company plans to stabilize sales between $255 million and $270 million for FY 2027, emphasizing a focus on rebuilding the wholesale business [5][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformation plans and the potential for long-term sustainable growth [27] - The company is optimistic about the early successes of Project Sunshine and the stabilization of the business [12][13] - Management acknowledged the need to navigate through inventory challenges from previous projects while building a strong foundation for future growth [40][41] Other Important Information - The company generated $17 million in operating cash flow in Q4, allowing for the payoff of its ABL facility [12] - Inventory decreased by nearly 17% year-over-year, with inventory turns improving to 1.6 from 1.5 [34][35] - The company will not hold its annual outlet sale in Q1 to focus on inventory for stores [36] Q&A Session Summary Question: When should product flows and mix be where the company wants them to be? - Management indicated that about 80% of the spring/summer product mix has been influenced, with a blank slate for fall/winter [39] Question: What is the focus on stores versus digital channels? - Management emphasized the importance of both digital and brick-and-mortar channels, with plans to optimize the existing store fleet and selectively open new brand stores [43][45] Question: Will more Outlet 2.0 stores open in FY 2027? - Management expressed an inclination to open a few more Outlet 2.0 stores in the fiscal year, refining the approach based on early results [47][50]

Financial Data and Key Metrics Changes - For Q4 2026, consolidated revenues totaled $84.9 million, a decrease from $86.4 million in the prior year [29] - Net income for Q4 was $2.5 million, or $0.09 per diluted share, compared to a net loss of $5.4 million, or -$0.19 per diluted share in the previous year [30] - Gross margin improved to 47.8% of net revenues, up from 46.8% in the prior year [31] - SG&A expenses decreased by $10.6 million to $37.3 million, representing 43.9% of net revenues, down from 55.4% [32] - Operating income from continuing operations was $3.6 million, compared to an operating loss of $7.3 million in the prior year [33] Business Line Data and Key Metrics Changes - Direct segment revenues for Q4 were $74.5 million, a 2.6% decrease from $76.5 million in the prior year [30] - Indirect segment revenues increased by 4.9% to $10.4 million, driven by a large wholesale spring collaboration [31] - Comparable sales declined by 0.7%, showing sequential improvement throughout the fiscal year [30] Market Data and Key Metrics Changes - The company experienced a positive year-over-year indirect channel revenue growth of just under 5% [9] - The direct channel registered a revenue decline of 2.6% compared to the prior year, but showed significant sequential improvement [8] Company Strategy and Development Direction - The company is focused on Project Sunshine, which aims to reclaim brand relevance and expand market share [4][5] - Five strategic pillars under Project Sunshine include sharpening brand focus, resetting go-to-market approach, rewiring digital ecosystem, implementing Outlet 2.0, and reimagining organizational structure [6][7] - The company plans to stabilize direct business and rebuild wholesale under new leadership, with sales guidance for FY 2027 set between $255 million and $270 million [5][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformation plans and the ability to deliver long-term sustainable results [5][27] - The company acknowledged the need to navigate through inventory challenges from previous management while focusing on product improvement [40] - Management views FY 2027 as a year for stabilization and building a foundation for growth in FY 2028 and beyond [41] Other Important Information - The company generated $17 million in operating cash flow in Q4, allowing for the payoff of its ABL facility [12] - Inventory decreased by nearly 17% year-over-year, with inventory turns improving to 1.6 from 1.5 [34] Q&A Session Summary Question: When should we feel that the product flows and product mix are where you want them to be? - Management indicated that about 80% of the spring/summer assortment has been influenced, and they expect to have full impact on fall/winter products [39] Question: Where should we be thinking about the depth and focus on stores versus digital? - Management emphasized the importance of both digital and brick-and-mortar channels, with plans to optimize existing stores and selectively open new brand stores [42][45] Question: Will more Outlet 2.0 stores open in FY 2027? - Management expressed inclination to open a few more Outlet 2.0 stores in FY 2027, refining the approach based on current learnings [50]

Financial Data and Key Metrics Changes - The company reported a net income from continuing operations of $21 million or $0.19 per share, a $49 million improvement compared to the prior year [5] - Adjusted EBITDA from continuing operations reached $50 million, an improvement of $48 million year-over-year [5] - Cash flow from continuing operations was $58 million, an increase of $44 million compared to 2024 [5] - For Q4, net sales grew by 9% year-over-year to just shy of $50 million, with net income from operations at $2.3 million and adjusted EBITDA of $8.6 million [13][26] Business Line Data and Key Metrics Changes - Global cannabis sales increased by 70% year-over-year, with significant contributions from the Netherlands business [4] - Canadian cannabis sales for Q4 were $52.7 million, a 10% increase compared to the same quarter last year, driven by international medicinal exports which grew by 384% [27] - Retail branded sales in Canada were flat compared to Q4 last year, but gross margins improved to 43%, above the target range of 30%-40% [14][28] Market Data and Key Metrics Changes - The company maintained a top five overall market share position in Canada and held the number one position in dried flower as of the end of the last month [14] - International export sales increased more than six-fold, benefiting from the company's leadership position as one of the largest EU GMP-certified cannabis operators [4] Company Strategy and Development Direction - The company is focused on improving margin performance, profitability, and cash generation to enable further growth investments [5] - The strategy includes a methodical approach to scaling operations, with a focus on high-margin products and international expansion [6][12] - The company is investing in capacity expansion projects in Canada and the Netherlands to meet increasing demand [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, with strong demand domestically and internationally [19] - The company expects to return to sequential growth in international exports in Q1 and anticipates shipping to multiple new jurisdictions [19] - Management highlighted the importance of maintaining a balanced approach to capital allocation while pursuing growth opportunities [36] Other Important Information - The company ended the year with approximately $86 million in cash and a strong net cash position of $53 million [33] - The company has been active in its share repurchase program, purchasing nearly 813,000 shares at an aggregate cost of $3 million during Q4 [33] Q&A Session Summary Question: Share repurchases and capital allocation - Management indicated that share repurchases reflect confidence in cash generation and do not impact operational opportunities [39] Question: Growth in the German market - Management acknowledged a decline in import volumes but expects growth to resume, citing regulatory changes that favor their business model [41][42] Question: Capacity constraints and market share aspirations - Management clarified that Canadian operations remain a priority, balancing international demand with commitments in Canada [47] - The company regained its number one flower share position in January and expects continued growth in 2026 [48]

Financial Data and Key Metrics Changes - Total fourth quarter revenue reached $11.3 million, representing a 37% year-over-year growth and a quarterly record, exceeding previous guidance [8][17] - Product revenue increased by 78% to $9.3 million in Q4, driven by strong system placements [10][17] - Recurring revenue, which includes consumables and service contracts, increased by 10% to $4.6 million [18] - Net loss for Q4 was $12.5 million, compared to a net loss of $9.7 million in the same quarter last year [22] Business Line Data and Key Metrics Changes - 16 Growth Direct systems were placed in Q4, a record number, bringing the total to 190 systems globally, with 155 fully validated [8][17] - Consumable revenue grew by 11% in Q4 compared to the previous year, indicating strong utilization across the installed base [18] - Service revenue was $2 million in Q4, down from $3 million in Q4 2024, primarily due to timing of validations [18] Market Data and Key Metrics Changes - The partnership with MilliporeSigma is entering its second year, with progress in establishing customer demo labs across Europe and Asia [11] - The expansion of the Growth Direct platform by Samsung Biologics highlights the demand for automation in pharmaceutical manufacturing [7][13] Company Strategy and Development Direction - The company aims to accelerate system placements, expand gross margins, innovate new products, and manage cash prudently [12][28] - A new cloud-native software platform is expected to be released in the second half of 2026, enhancing customer experience and providing AI-driven analytics [15][66] - The company anticipates revenue guidance for 2026 to be between $37 million and $41 million, with expectations for 30-38 system placements [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a gross margin of approximately 20% for 2026, driven by cost reductions and increased service revenue [16][27] - The company sees strong tailwinds in the market, including increased automation adoption and a focus on data integrity [14] - Management remains optimistic about the long-term growth potential in the pharmaceutical market, supported by partnerships and product innovations [13][28] Other Important Information - The company ended the year with $39 million in cash and investments, maintaining a strong liquidity position [23] - Operating expenses for Q4 were $11.9 million, slightly higher than the previous year, but total operating expenses for the full year decreased by 3% [20][22] Q&A Session Summary Question: What is being done to reduce the gap between placed and validated systems? - Management indicated that the gap is largely due to timing and expects to see improvements as they work with customers like Amgen to complete validations [31][32] Question: What percentage of placed systems are within CDMOs, and how is that space evolving? - Management noted a significant presence in CDMOs and emphasized the strong value proposition for both CDMOs and principal manufacturers [34][35] Question: What are the key drivers for achieving the 20% gross margin target for 2026? - Key drivers include locked-in product cost reductions, expected increases in service revenue, and higher manufacturing volumes [40][42] Question: How will the next-gen cloud-native software platform be integrated into existing systems? - The new platform will be a complete rewrite of the application software, providing easier integration and potential future revenue from cloud services [63][66] Question: What moves are being made to drive consumable cost reductions? - Management highlighted ongoing efforts with vendors to achieve significant cost reductions that will benefit margins in 2026 [69][71]

Financial Data and Key Metrics Changes - For the full year 2025, combined revenue grew approximately 4% to $2.1 billion, marking the highest full-year revenue for the company [10][20] - Adjusted EBITDA for the full year was approximately $312 million, with an adjusted EBITDA margin of 14.8% [10][25] - In the fourth quarter, total revenue was $508 million, reflecting a flat year-over-year performance, with adjusted gross profit increasing to $197 million, up 8% from the previous year [21][22] Business Line Data and Key Metrics Changes - In the Inspection and Mitigation (I&M) segment, revenue was approximately $1.1 billion for 2025, remaining roughly flat year-over-year, with adjusted gross margin at 27.8% [20] - Consulting Engineering (CE) revenue was $714 million, up roughly 8% against 2024, with an adjusted gross margin of 47.0% [20] - Geospatial (Geo) revenue was $298 million, up roughly 6% against 2024, with an adjusted gross margin of 51.5% [21] Market Data and Key Metrics Changes - Data center revenue increased significantly, reaching nearly $70 million in 2025, more than doubling from the prior year, with expectations to approach $100 million supported by contracted backlog [13][48] - Year-end backlog within CE and Geo was $1.07 billion, up about 10% from approximately $970 million last year [16] Company Strategy and Development Direction - The company aims to accelerate organic growth, focusing on cross-selling and deeper client engagement across segments [11][36] - A planned leadership transition was announced, with Ben Heraud set to become CEO on March 31, 2026, to ensure continuity and strategic execution [2][6] - The company is focused on margin expansion through prudent cost management and service mix improvement [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural tailwinds in markets, including infrastructure reinvestment and increasing regulatory complexity [36] - The company expects revenue for 2026 in the range of $2.15 billion to $2.25 billion, with adjusted EBITDA between $330 million and $355 million, indicating a growth outlook [28][29] Other Important Information - The company completed a $250 million private placement to strengthen its balance sheet and provide flexibility for growth opportunities [26] - An integration program is underway, targeting $25 million in cost synergies, with expectations to realize half of these savings in 2026 [27] Q&A Session Summary Question: Can you talk more about the integration process and specific milestones for 2026? - Management highlighted strong momentum in the integration process, focusing on communication and culture, with weekly meetings on milestones [41] Question: What are the biggest potential synergies and go-to-market strategies? - Management noted exciting developments in cross-selling opportunities, particularly in the data center space, and emphasized the ability to service clients throughout the asset lifecycle [42][43] Question: What are the expectations for the energy and oil end markets? - Management indicated good visibility on planned outages and run-and-maintain contracts, suggesting stability in the energy sector [55] Question: Can you elaborate on the EBITDA margins in the latest 2026 guidance? - Management acknowledged a lower EBITDA margin outlook due to a shift in compensation structure but emphasized growth and margin expansion from improved execution [62] Question: How does the current situation in the Middle East impact the business? - Management stated that the Middle East represents a small portion of the business, with minimal current impacts from rising oil prices [67] Question: What is the capital allocation strategy moving forward? - Management confirmed a robust tuck-in acquisition pipeline while maintaining flexibility for share buybacks based on market conditions [83][85]

Financial Data and Key Metrics Changes - Full year net sales were $1.41 billion, in line with guidance despite reduced marketing spend and lower traffic [4] - Adjusted EBITDA was $78 million, exceeding guidance of $70 million [4] - Full year pro forma adjusted EBITDA margin was approximately 9%, a 200 basis point improvement versus the prior year [20] - Gross profit margin for Q4 was 55.6%, a 430 basis point decline year-over-year, primarily due to a non-recurring inventory obsolescence charge [18] - Full year gross margin was 59%, down 60 basis points year-over-year [20] - Total liquidity at year-end was $58 million, well above the amended $30 million covenant floor [20] Business Line Data and Key Metrics Changes - The launch of the ComfortMode mattress resulted in sales being 3.5 times what was expected, nearly twice the sales of the three c-series beds it replaces [7][8] - The ComfortMode bed has a gross margin improvement of 10 percentage points compared to the beds it replaces [31] Market Data and Key Metrics Changes - The company experienced significant sales declines in January due to store closures and macroeconomic impacts, with 236 stores closed for at least one day [6] - Sequential improvement in sales was observed in February and March, driven by the product launch [6] Company Strategy and Development Direction - The company is focused on a turnaround strategy that includes cost-cutting measures and a new product line launch [3][4] - A total of $185 million in annualized cost reductions have been executed, with an additional $50 million identified for 2026 [16][33] - The product line has been simplified from 12 mattresses to 7, organized into three clear collections to enhance customer experience [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in the industry, including severe weather and macroeconomic pressures [5] - The company expects Q1 net sales to decline in the high teens percentage but anticipates significant improvement in Q2 due to new product launches and increased marketing spend [23] - Adjusted EBITDA for the full year is expected to increase in the high teens to mid-20s percentage range year-over-year [23] Other Important Information - The company has engaged Guggenheim Securities to evaluate refinancing opportunities for its credit facility [14][24] - The marketing strategy has been modernized, with a focus on improving customer acquisition costs and brand consideration [12] Q&A Session Summary Question: What were the main pain points addressed by the new product launches? - The company aimed to expand its audience and focus on comfort, value, and durability in the new product line [27] Question: What are the major sources of the $50 million of additional savings? - The savings will come from logistics, delivery, labor model resets, and corporate overhead structure adjustments [33] Question: What is the phasing for getting the new beds across the portfolio? - The new beds will be available for purchase starting March 23rd, with most stores set by mid-April [46] Question: Will marketing spend increase in 2026? - Marketing spend will be held flat in 2026 compared to 2025, with a more even distribution throughout the year [59] Question: Will the EBITDA growth translate into positive free cash flow for the year? - Yes, the company expects positive free cash flow if the projected EBITDA growth is achieved [52]

Financial Data and Key Metrics Changes - Total revenues grew by 15% in Q4 2025 and by 27% for the full year, reaching EUR 376.1 million [3][26] - Operating profit for 2025 was $26 million, a significant improvement from a loss in 2024 [3][29] - Operating cash flow was $55 million in 2025, with cash position at year-end above that of 2024 [4][29] - Adjusted operating profit was EUR 36.4 million, compared to a loss of EUR 8.6 million in 2024 [29] Business Line Data and Key Metrics Changes - RUCONEST revenue grew 26% year-over-year and 9% in Q4 2025, with U.S. volume growth of 20% [4][9] - Joenja experienced a 29% year-over-year growth and a 53% growth in Q4 2025, reaching $19.8 million globally [5][12] - Joenja's annual revenues exceeded EUR 50 million for the first time, triggering a EUR 5 million sales milestone payment [26] Market Data and Key Metrics Changes - Joenja's growth was fueled by new patient acceleration in the U.S. and increased demand in international markets, particularly in the U.K. [5][13] - The number of identified APDS patients in the U.S. increased significantly, reflecting successful educational efforts [13][16] Company Strategy and Development Direction - The company aims to maintain strong financial discipline while optimizing capital allocations to growth drivers [6][8] - Pharming is transitioning from a single asset company to a high-growth biotech with two commercial products and a late-stage pipeline [5][6] - The company is focused on expanding Joenja's market presence and preparing for pediatric approvals in the U.S. [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth for RUCONEST and Joenja, with expectations for 2026 revenue between EUR 405 million and EUR 425 million [6][30] - The company anticipates challenges in early 2026 due to inventory drawdowns but expects mid-single-digit growth for RUCONEST [30][31] - Management highlighted the importance of upcoming clinical data readouts as potential value inflection points [33] Other Important Information - The company completed the enrollment of two leniolisib phase 2 trials and expects data readouts in the second half of 2026 [7][19] - The company is actively pursuing regulatory approvals in multiple regions, including Europe and Japan, for its pipeline products [24][25] Q&A Session Summary Question: Joenja growth expectations from U.S. vs. international markets - Management expects approximately 70%-75% of Joenja's growth in 2026 to come from the U.S. market [42][43] Question: Dynamics of RUCONEST and patient returns - Patients tend to return to RUCONEST quickly after trying other treatments that do not adequately control their crises [38][50] Question: Access to paid therapies in international markets - The reimbursement process in international markets is slower initially but becomes efficient once negotiated [54] Question: Timeline for additional trials for Joenja - Management anticipates a phase 3 randomized study following the results of ongoing trials [56] Question: Variants of uncertain significance (VUS) and their potential - New experiments are planned to better understand VUS, but timelines for results are still uncertain [76]

Financial Data and Key Metrics Changes - Total revenues in 2025 were $176.4 million, flat compared to $175.7 million in 2024 [12] - Net income for 2025 was $1.7 million, a decrease of $8 million or 84.5% compared to $9.7 million in 2024 [32] - Adjusted EBITDA for 2025 was $35.6 million, a decrease of $7 million or 16.5% compared to $42.6 million for 2024 [31] - EBITDA for 2025 was $32.3 million, a decrease of $8.7 million or 21.2% compared to EBITDA of $41 million in 2024 [32] Business Line Data and Key Metrics Changes - RNG production in 2025 was approximately 5.6 million MMBtu, consistent with 2024 [15] - Revenues from the renewable natural gas segment in 2025 were $155.7 million, a decrease of $2.3 million or 1.4% compared to $158 million in 2024 [16] - Renewable electricity revenues in 2025 were $17.2 million, a decrease of $0.6 million or 2.9% compared to $17.8 million in 2024 [21] Market Data and Key Metrics Changes - The average realized RIN price in 2025 was $2.33, a decrease of approximately 29% compared to $3.28 in 2024 [12] - The natural gas index price increased approximately 51.1% during 2025, moving from $2.27 in 2024 to $3.43 in 2025 [13] Company Strategy and Development Direction - The company is evaluating additional development expansion opportunities to ensure the beneficial processing of all available feedstock volumes [4] - The commissioning of the Turkey, North Carolina facility is expected to process feedstock from approximately 400-450,000 hog spaces, with production and revenue generation activities anticipated to commence in April 2026 [9] - The company has completed a $200 million senior credit facility to support growth initiatives and the completion of the Turkey project [9][28] Management's Comments on Operating Environment and Future Outlook - Management expects RNG production volumes in 2026 to range between 5.8 and 6.1 million MMBtu, with corresponding RNG revenues between $175 million and $190 million [34] - The company anticipates renewable electricity production volumes in 2026 to range between 195,000 and 207,000 megawatt hours, with corresponding revenues between $35 million and $41 million [34] Other Important Information - Operating profit in 2025 was $0.9 million, a decrease of $15.2 million compared to $16.1 million in 2024 [25] - The company recorded impairment losses of $3.2 million for 2025, an increase of $1.6 million compared to $1.6 million for 2024 [22] - Capital expenditures for 2025 were approximately $116.5 million, with significant investments in Montauk Ag Renewables and other projects [29] Q&A Session Questions and Answers Question: What is built into your 2026 RNG production outlook? - Management indicated that growth is expected across all RNG sites due to landfill improvements and existing well field automation initiatives [37][38] Question: Can you triangulate your adjusted EBITDA potential growth? - Management noted that while they do not provide specific guidance on EBITDA, significant uplift is expected from the commissioning of the North Carolina turkey project and the reduction of non-repeated costs from 2025 [41][42][44] Question: Does the RNG revenue guidance reflect potential RIN price outcomes? - Management confirmed that the guidance covers various expectations, including production and potential RIN pricing, while noting that they have already committed and transferred their 2025 RINs [47][48]