Financial Data and Key Metrics Changes - T1 Energy generated record net sales of approximately $210 million in Q3 2025, with expectations for significant growth in Q4 as previously booked merchant sales are delivered and inventory is liquidated [19][20] - The company maintains its 2025 EBITDA guidance of $25 million to $50 million, unchanged from previous estimates [13][20] - Cash position at the end of Q3 was $87 million, with $34 million unrestricted, and an additional $118 million added in October [22] Business Line Data and Key Metrics Changes - T1 produced over 2.2 GW of solar modules year-to-date and is on track to meet its 2025 production plan of 2.6-3 GW [18] - Daily production record achieved in October was 14.4 MW, equating to an annualized run rate of 5.2 GW [18] Market Data and Key Metrics Changes - The U.S. electricity demand is growing rapidly, necessitating a doubling of electricity additions to 100 GW per year to meet AI-driven demand [6][8] - T1 is positioned to benefit from the onshoring of advanced manufacturing and strengthening of U.S. energy security [5][6] Company Strategy and Development Direction - T1 aims to build the first end-to-end domestic polysilicon solar supply chain in the U.S., with G2 Austin as the centerpiece [4][5] - The company is focused on integrating upstream production capabilities and expanding its domestic supply chain through partnerships with Hemlock Corning, Next Power, and Talon PV [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's compliance with domestic and non-FIAC supply chain plans, indicating solid progress in the de-fiancing process [32] - The company anticipates a challenging but promising 2026 as a bridge year, with expectations for strong demand in 2027 as G2 comes online [58][60] Other Important Information - T1 has secured partnerships for domestic production of solar wafers and steel frames, which are critical for meeting domestic content requirements [11][37] - The company is actively working to monetize Section 45X production tax credits, with expectations for a more regular cadence in future transactions [68][70] Q&A Session Summary Question: Update on de-fiancing process - Management is confident in compliance and has a solid plan in place, though specific details are not disclosed for competitive reasons [32] Question: Context on Q3 contract dispute - The contract's financial impact has been included in guidance for two quarters, and discussions with the contract party are ongoing [34] Question: Integration of partnerships with Next Power and Talon - Next Power partnership focuses on domestic content and scaling, with initial modules expected in 2026 or 2027; Talon investment allows for potential cell sourcing [36][38] Question: Claiming 45X credits with production at different sites - Provisions in the act allow for unrelated party transactions, which will enable T1 to claim credits despite production at separate facilities [40] Question: Update on G2 construction timeline - Construction is on track to start in Q4 2025, with significant progress made in design and securing contracts [46][48] Question: Demand and pricing outlook for 2026 and 2027 - Demand is expected to be high in 2026, with non-FIAC cells sourced for that year; 2027 will see domestic cells coming online with strong interest from utility-scale investors [59][60] Question: COGS movement and normalization - COGS is expected to decrease as production scales up, with improvements anticipated in the second year of operation [63][66] Question: Regularity of monetizing 45X credits - Future monetization is expected to follow a more regular cadence, with quarterly sales anticipated [70]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs [11][12] - As of quarter-end, the company held cash and cash equivalents of $300,000 and 304 Bitcoin valued at $34.7 million, nearly double its market cap [12] Business Line Data and Key Metrics Changes - The acquisition of the Mississippi facility added approximately 7.5 MW of energized capacity and 230 petahash of installed hash rate, contributing to a 28% increase in Bitcoin production from September to October [5][9] - The company operates approximately 6,700 machines across its fleet, with additional units staged for deployment [9] Market Data and Key Metrics Changes - By the end of September, the company had approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, compared to a market capitalization of roughly half that amount [5] - The average Bitcoin price during the quarter was $114,000, impacting revenue positively [11] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - Future strategies include balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's strategy to leverage its operational control and cost efficiency [15] - The Mississippi acquisition is expected to yield further growth, and the company is exploring additional site acquisitions based on energy tariffs [19][22] Other Important Information - The company executed a substantial balance sheet enhancement initiative, completing an $8 million private repurchase of shares and warrants, which improved per-share economics [12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved efficiency [28] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management highlighted the successful integration of the Mississippi facility and the potential for further growth, with plans for the Oklahoma site to become a long-term mining location due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management confirmed ongoing exploration for site acquisitions based on energy tariffs, but no immediate plans were in place [22] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, considering future Bitcoin prices rather than current circumstances [23] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [26] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [28]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $6.3 million, a decrease from $23.7 million in the prior year period, primarily due to customer-requested capability upgrades that delayed shipments [17] - Gross profit for the quarter was $2.8 million, with a gross margin of 44%, down from $16.3 million and 68.7% in the prior year [17] - Year-to-date gross margin was 58.1%, driven by a lower proportion of drone revenue in the mix [18] - EBITDA loss improved to $5.7 million from a loss of $23.1 million in the prior year quarter [18] - Net loss was $8 million compared to a net loss of $30.3 million in Q3 2024 [18] Business Line Data and Key Metrics Changes - The drone business launched an AI-capable version of the RQ-35 Heidrun, enhancing its capabilities in GPS-denied operations [12] - The training division executed over $1.7 million in task orders for military training, indicating solid performance [14] - Avionics experienced stable margins despite lower revenue due to a focus on drone production [21] Market Data and Key Metrics Changes - The company has over $190 million in bookings in progress to be delivered in 2025 and 2026, reflecting strong demand across its segments [20] - The drone segment is expected to see significant growth driven by rising defense budgets and demand for autonomous ISR platforms [12] Company Strategy and Development Direction - AIRO is focused on expanding its unmanned systems portfolio through joint ventures with Nord-Drone and Bullet, aiming to enhance production capacity and technological capabilities [9][10] - The company is investing in R&D for drones and avionics while expanding its training capabilities to qualify for more military programs [27] - AIRO aims to strengthen its balance sheet and pursue growth investments across all operating segments following a successful follow-on offering that raised $89.4 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting customer demands despite timing-related challenges in Q3, emphasizing strong underlying demand [20] - The company expects full-year 2025 revenue to exceed 2024 revenue of $86.9 million, reflecting organic growth and not including potential contributions from joint ventures [22] - Management highlighted the importance of the Blue UAS certification for future military contracts and production scaling [36] Other Important Information - AIRO operates across nine facilities in the U.S., Canada, and Europe, with ISO 9001 and AS9100 certifications [8] - The company is actively working to source additional supply and implement multiple sources for key components to mitigate supply chain issues [21] Q&A Session Summary Question: Discussion on the $200 million orders in progress and revenue expectations for next year - Management confirmed solid visibility for orders and expects the $200 million to be delivered over the next 18 months, with a focus on expanding business development efforts in Asia-Pacific and North America [26] Question: R&D spend in Air Mobility and government support - Management indicated that approximately 17% of funding will come from internal sources, with 30%-40% from customer advances and the remainder from government funding, with 30% already confirmed [32] Question: Status of Blue UAS certification and production rates - Management noted that production rates will grow, with initial prototypes running this year, and emphasized that inbound orders from the DoD are contingent upon Blue UAS certification [39] Question: Economics of the Nord-Drone joint venture - The joint venture is structured as a 50/50 partnership, with AIRO contributing manufacturing and R&D expertise while sharing in the revenues and profits from drone sales [40]

Financial Data and Key Metrics Changes - T1 Energy generated record net sales of approximately $210 million in Q3 2025, with expectations for significant sales growth in Q4 as previously booked merchant sales are delivered and inventory is liquidated [19][21] - The company maintains its 2025 EBITDA guidance of $25 million to $50 million, unchanged from previous estimates [13][21] - Cash position at the end of Q3 was $87 million, with $34 million unrestricted, and an additional $118 million added in October [23] Business Line Data and Key Metrics Changes - T1 produced over 2.2 gigawatts of solar modules year-to-date and is on track to meet its 2025 production plan of 2.6 to 3 gigawatts [18] - Daily production record achieved in October was 14.4 megawatts, equating to an annualized run rate of 5.2 gigawatts [18] Market Data and Key Metrics Changes - The U.S. electricity demand is growing rapidly, necessitating a doubling of electricity additions to 100 gigawatts per year to meet AI-driven demand [6][8] - T1 is positioned to benefit from the onshoring of advanced manufacturing and strengthening of U.S. energy security [5][6] Company Strategy and Development Direction - T1 aims to build the first end-to-end domestic polysilicon solar supply chain in the U.S., with G2 Austin as the centerpiece of this strategy [4][5] - The company is focused on integrating upstream production capabilities and expanding its domestic supply chain through partnerships with Hemlock Corning, Next Power, and Talon PV [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the compliance with domestic and non-FIAC supply chain plans, indicating progress in the de-fiancing process [34] - The company anticipates a challenging but promising market environment in 2026, with a focus on sourcing non-FIAC cells during that year [63] Other Important Information - T1 has secured partnerships for domestic production of solar wafers and steel frames, which are critical for meeting domestic content requirements [11][39] - The company is actively working to monetize Section 45X production tax credits, with expectations for a more regular cadence in future monetization efforts [72] Q&A Session Summary Question: Update on de-fiancing process - Management confirmed progress on compliance plans and expressed confidence in meeting requirements [34] Question: Context on Q3 contract dispute - The size of the contract was not disclosed due to confidentiality, but the financial impact has been accounted for in guidance [35][36] Question: Integration of partnerships with Next Power and Talon - Next Power partnership focuses on domestic content and scaling, while Talon investment allows for potential cell sourcing [39][41] Question: Claiming 45X credits with production at different sites - Provisions in the act allow for unrelated party transactions, maintaining eligibility for credits [44] Question: Event path for G2 and production timelines - Construction for G2 is expected to start in Q4 2025, with a focus on securing long lead items [51][52] Question: Demand and pricing outlook for 2026 and 2027 - Demand for domestic cells is strong, with expectations for higher prices in 2026 due to sourcing non-FIAC cells [64][66] Question: COGS movement and normalization - COGS is expected to decrease as production scales up, with improvements anticipated in the second year of operation [68][70] Question: Regularity of 45X tax credit monetization - Future monetization is expected to follow a more regular cadence, with quarterly cash settlements anticipated [72][74]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $6.3 million compared to $23.7 million in the prior year period, primarily due to customer-requested capability upgrades that delayed shipments [17] - Gross profit for the quarter was $2.8 million, with a gross margin of 44%, down from $16.3 million and 68.7% in the prior year [17] - EBITDA loss improved to $5.7 million from a loss of $23.1 million in the prior year quarter, while adjusted EBITDA loss was $8 million compared to a positive $10.9 million in the prior year [18] - The net loss for the quarter was $8 million, compared to a net loss of $30.3 million in Q3 2024 [18] Business Line Data and Key Metrics Changes - The drone business showed strong momentum, with the launch of an AI-capable version of the RQ-35 Hedron and a $4.5 million award for counter-electronic warfare technology development [12][14] - The training division executed over $1.7 million in task orders for military training, reinforcing its position as a trusted provider [14] - Avionics experienced stable margins despite lower revenue due to a focus on drone production [21] Market Data and Key Metrics Changes - AIRO has over $190 million in bookings in progress to be delivered in 2025 and 2026, indicating strong demand across its segments [20] - The company opened a sales hub in Singapore to enhance its presence in the Asia-Pacific region [13] Company Strategy and Development Direction - AIRO is focused on expanding its unmanned systems portfolio through joint ventures with Nord-Drone and Bullitt, aiming to enhance production capacity and technological capabilities [9][10] - The company is investing in R&D for drones and air mobility, with a significant focus on government contracts and partnerships [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting customer demands despite recent shipment delays, emphasizing strong underlying demand [20] - The company expects full-year 2025 revenue to exceed 2024 revenue of $86.9 million, reflecting organic growth and not including potential contributions from joint ventures [22] Other Important Information - AIRO completed a follow-on offering, raising $89.4 million in gross proceeds, strengthening its balance sheet for growth investments [21] - The company is actively working to resolve supply chain issues related to sourcing new components for drone production [21] Q&A Session Summary Question: Discussion on $200 million orders in progress and expected backlog materialization - Management confirmed solid visibility for orders and indicated that these orders are expected to be delivered in the next 18 months [26][27] Question: R&D spend in air mobility and progress with government officials - Management outlined that approximately 17% of funding will come from internal funds, with 30%-40% from customer advances and the remainder from government funding [32] Question: Update on Blue UAS certification and production expansion - Management noted that production rates will grow, with initial prototypes running this year, and emphasized that inbound orders from the DoD are contingent upon Blue UAS certification [39][45] Question: Economics of the Nord-Drone joint venture - The joint venture is structured as a 50/50 partnership, allowing AIRO to share in 50% of the revenues and profits from the deployment of UAS across various markets [40]

Financial Data and Key Metrics Changes - The company ended Q3 2025 with $369.6 million in cash and cash equivalents, reporting $103 million in operating expenses, which includes $18.3 million in non-cash stock-based compensation [24][25] - Excluding stock-based compensation, operating expenses were $85.3 million, reflecting ongoing investments in infrastructure to support regulatory approval and commercial readiness [25] - The company strengthened its balance sheet by adding $141.7 million during the quarter, which included net proceeds of $91.7 million from the sale of approximately 2.8 million shares and a $50 million drawdown from an existing debt facility [25][24] Business Line Data and Key Metrics Changes - The company is focused on advancing apitegromab for spinal muscular atrophy (SMA) and has initiated dosing in a phase two OPAL trial evaluating apitegromab in infants and toddlers under the age of two [16][17] - The company is also progressing SRK-439 into clinical development, with plans to initiate a phase one study in healthy volunteers before the end of the year [18] Market Data and Key Metrics Changes - The global annual revenue for current SMA treatments is trending to approximately $5 billion, indicating a growing demand for treatments in this market [20] - There are an estimated 35,000 people with SMA who have received an SMN-targeted therapy and could be eligible for treatment with apitegromab [23] Company Strategy and Development Direction - The company aims to be a global biotech powerhouse, leveraging its expertise in myostatin biology to deliver transformative therapies for neuromuscular disorders [5] - The strategy includes executing a strong commercial launch for apitegromab and advancing its pipeline, including a second indication for apitegromab and the development of SRK-439 [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the eventual approval of apitegromab, emphasizing the urgency to serve the SMA community and the commitment to quality and compliance in the remediation efforts at the Bloomington facility [7][8] - The company remains focused on executing its plans with financial discipline, aiming to bring apitegromab to market as rapidly as possible while managing its cash runway effectively [28][29] Other Important Information - The company has secured commercial capacity for a second fill-finish facility, expected to commence in Q1 2026, and anticipates submitting an SBLA for this facility later in 2026 [10][15] - The company is operating with a tight financial plan and has deferred investments in several areas to prioritize strategic initiatives [25] Q&A Session Summary Question: Financing opportunities and operational risks during facility transition - Management indicated that the first objective is to bridge financing until approval, with a preference for extending the loan facility before considering equity options [32] - Regarding operational risks, management assured that transitioning between facilities should be seamless, focusing on maintaining consistency in vial configuration and analytical testing [34][35] Question: Confidence in remediation efforts at the Bloomington facility - Management acknowledged the facility's history but expressed confidence in Novo Nordisk's commitment to quality and compliance, highlighting the collaborative efforts in the remediation plan [40][41] Question: BLA submission strategy and EMA review status - The plan is to submit the BLA after the reinspection of the Bloomington facility, with expectations for a decision from the EMA on the marketing authorization application by mid-next year [16][49] Question: Timelines for reinspection and potential pivot to second fill-finish facility - Management stated that a successful reinspection is the goal, and if issues arise, the second fill-finish facility could be pivoted to serve as the primary submission strategy [56][57] Question: Disclosure plans regarding inspection outcomes - Management committed to maintaining open communication regarding important developments, including the outcomes of inspections and any material information related to the facility [74][75]

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full year, revenue reached $376.6 million, a growth of 20% over fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] - Adjusted EBITDA loss improved to approximately $7.8 million for Q4 and $46.9 million for the full year, showing significant improvement compared to fiscal 2024 [27][28] Business Line Data and Key Metrics Changes - SynBio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million, also a 17% growth [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, and for the full year, it reached $208.1 million, a growth of 23% [12][24] - Biopharma revenue was $6.4 million for Q4, a 22% increase year-over-year, with full-year revenue at $23.5 million, a growth of 15% [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] - China accounted for approximately 1% of total revenue for fiscal 2025, indicating a relatively small market share [25] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, focusing on setting the stage for future growth acceleration [8] - A new product introduction for NGS aimed at minimal residual disease (MRD) is expected to launch commercially in early 2026, enhancing the company's offerings in cancer diagnostics [18][21] - The company plans to combine SynBio and Biopharma revenue reporting under the term DNA Synthesis and Protein Solutions to better reflect its customer base and operational synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in AI-enabled drug discovery, with significant orders from customers in this area [10][29] - The company anticipates total revenues of $425 million to $435 million for fiscal 2026, reflecting a growth of approximately 13% to 15.5% year-over-year [29] - Management emphasized the importance of staying close to customers to anticipate emerging needs and drive product innovation [32] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Capital expenditures for fiscal 2025 were $28 million, reflecting investments in growth for the upcoming fiscal year [28] Q&A Session Summary Question: On gross margins and pricing - Management indicated that gross margin expectations are influenced by customer mix and that they expect to maintain a strong margin trajectory moving forward [36][37] Question: NGS growth expectations - Management clarified that NGS growth is expected to rebound to 20% by Q4 2026, with a significant customer ramp anticipated [39][40] Question: Biopharma order sustainability - Management expressed optimism about the sustainability of AI-driven orders and the close ties between Biopharma and SynBio offerings [41][42] Question: Guidance for gross margins - Management expects gross margins to improve throughout fiscal 2026, driven by revenue growth and continuous process improvements [44][45] Question: Market opportunity definition - Management acknowledged the need for clearer market opportunity definitions and metrics to help investors understand growth potential [60][63]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing of $114,000 and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs and payroll expenses [11] - As of October 31, the Bitcoin treasury stood at approximately 295 Bitcoin, valued at roughly $31.9 million, or $2.62 per share, compared to a stock price near $1.07 [12] Business Line Data and Key Metrics Changes - Bitcoin production increased by 28% from September to October, rising from 5.9 Bitcoin to 7.6 Bitcoin, reflecting expanded capacity and operational improvements [6][9] - The company moved from a single-site facility with approximately 0.48 exahash in June to roughly 0.71 exahash by the end of October, representing a 50% hash rate expansion [8] Market Data and Key Metrics Changes - The company exited September with approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, highlighting a disconnect between treasury value and market capitalization [5] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - The acquisition of the Mississippi facility has been successful, and the company plans to expand its capacity there by an additional 4 megawatts [19][20] - The strategy includes balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's ability to endure volatility while scaling into the next cycle [15] - The focus remains on increasing production, efficiency, and Bitcoin per share, with upcoming enhancements from new immersion-cooled machines expected to improve operational efficiency [10][14] Other Important Information - The company executed an $8 million private repurchase of around 3.3 million shares and 7.3 million warrants, which reduced dilution and improved per-share economics [11][12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved cost efficiency [26] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management noted that the Mississippi acquisition has worked well and there is potential for further growth, with Oklahoma also set to become a long-term mining site due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management stated that they are always exploring site acquisitions based on energy tariffs and property availability, but nothing appealing is currently in progress [21] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, and making decisions based on future Bitcoin pricing rather than current circumstances [22] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [25] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [26]

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full fiscal year 2025, revenue reached $376.6 million, a growth of 20% compared to fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] Business Line Data and Key Metrics Changes - Synbio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million from $123.5 million in fiscal 2024 [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, with full-year revenue at $208.1 million, reflecting a 23% growth [12][24] - Biopharma revenue for Q4 was $6.4 million, a 22% increase year-over-year, with full-year revenue at $23.5 million, a 15% growth [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] Company Strategy and Development Direction - The company plans to combine Synbio and Biopharma revenue reporting under the term "DNA synthesis and protein solutions" to better reflect its customer base [16] - A focus on AI-driven drug discovery is expected to drive future growth, with significant orders from customers in this area [10][29] - The introduction of the MRD Express product is aimed at enhancing cancer diagnostics and treatment, with a commercial launch expected in early 2026 [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly in AI-enabled drug discovery and the integration of Synbio and Biopharma services [10][32] - The company anticipates total revenues for fiscal 2026 to be between $425 million and $435 million, reflecting a growth of approximately 13% to 15.5% year-over-year [29] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Adjusted EBITDA for Q4 was a loss of approximately $7.8 million, an improvement of $9.2 million compared to Q4 of fiscal 2024 [27] Q&A Session Summary Question: On gross margins and pricing - Management indicated that while they expect to maintain strong gross margins, specific customer mix may influence quarterly results [36][37] Question: NGS growth expectations - Management expects NGS growth to return to 20% by Q4, driven by customer transitions and new product introductions [38] Question: Sustainability of AI-driven biopharma orders - Management remains optimistic about the biopharma business, highlighting the close ties to Synbio offerings and the potential of AI [40][41] Question: Guidance for gross margins and NGS portfolio - Management anticipates improvements in gross margins throughout the year, driven by revenue growth and continuous process improvements [43][44] Question: Market opportunity definition - Management acknowledged the need for clearer market definitions and metrics to help investors understand growth potential [59][62]

Financial Data and Key Metrics Changes - Contribution profit for the quarter ended September 30, 2025, was $1.20 million, marking the eighth consecutive positive quarter, with per-booking contribution profit improving by 5% year-on-year to $12.07 [2][3] - Adjusted EBITDA improved by 14% year-over-year, and net loss narrowed to $0.8 million, down from $3.4 million a year ago, representing a significant 76% improvement [3][6] - Revenue for the quarter stood at $2.3 million, reflecting a 2% improvement year-over-year, with contribution margins remaining strong at 52% of reported GAAP revenue [5][6] Business Line Data and Key Metrics Changes - High-quality hosts increased by 46% year-over-year, and repeat users remained consistent at 57%, indicating strong platform stickiness [3] - Booking numbers declined marginally by 6%, but gross booking value improved to $6.23 million due to a 22% increase in average booking duration [5] Market Data and Key Metrics Changes - The total addressable market for self-drive car-sharing is expected to expand from 18.5 million guests in 2025 to 65 million by 2031, with car ownership in India remaining low at 0.1 cars per household compared to 2.1 in the U.S. [3][4] - With over 1 billion internet users, digital maturity is high, and the contribution margin turnaround from minus $2.5 to plus $12 per booking demonstrates that the model scales profitably [4] Company Strategy and Development Direction - The company aims to consolidate its market leadership as the preferred peer-to-peer car-sharing platform, focusing on sustainable and responsible growth while maintaining financial stability and long-term shareholder value [4][11] - Plans to raise additional capital to fund growth and aim for uplisting by the end of the fiscal year ending March 31, 2026 [7][8] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the current moment is ideal for accelerating growth due to macro tailwinds, proven profitability, and digital readiness [4] - The company is on track towards operating break-even, with a focus on maintaining contribution profitability before accelerating top-line growth [7][10] Other Important Information - The company has managed to keep total liabilities stable, strengthening its balance sheet and improving liquidity [8] - Non-GAAP measures provide a realistic view of performance, with contribution margins consistently above 50% and losses narrowing every quarter [9] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.