Airbnb (NasdaqGS:ABNB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Slabin - VP of Investor RelationsBrian Chesky - Co-founder and CEOBrian Nowak - Managing DirectorDoug Anmuth - Managing DirectorEllie Mertz - CFOKen Gawrelski - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing Director and Head of Internet ResearchRichard Clarke - Managing DirectorConference Call ParticipantsJed Kelly - Managing Director and Senior AnalystJoh ...

Financial Data and Key Metrics Changes - Total revenue for Q2 fiscal 2026 was $11.8 million, a slight decrease from $11.9 million in Q2 fiscal 2025 [7] - Platform subscription revenue increased by approximately 14% to $5.2 million, driven by a net increase of 47 platform deployments [7] - Annual recurring revenue (ARR) reached $21.8 million, up 14% year-over-year, with B2B ARR at approximately $15.3 million and B2C ARR at about $6.4 million [7][8] - Gross profit for the quarter was $6.2 million, a 6% increase from the prior year, with a gross margin of 52.4%, reflecting a 350 basis point improvement [9] - Net income for the quarter was $547,000, or $0.02 per diluted share, compared to a net loss of $2 million in the prior year [11] Business Line Data and Key Metrics Changes - The B2B segment saw strong results with 47 net new deployments, indicating customer excitement about product development [5] - B2C ARR experienced softness due to a pullback in marketing channels, impacting trial-to-subscriber conversion rates [8] - Transaction revenue for Q2 was $6.6 million, down from $7.3 million in the prior year, primarily due to churned accounts and volume reductions from larger customers [8] Market Data and Key Metrics Changes - The company noted increased competition in the B2C segment, which is expected to continue as digital marketing spend becomes more competitive [4] - The total active customer count decreased to 1,321 from 1,384 year-over-year [8] Company Strategy and Development Direction - The company is focusing on B2B annual and multiyear agreements as the primary growth driver, while also making product and sales process improvements [5] - A strategic shift is underway from a document delivery model to an "answers and access" platform, integrating API and AI capabilities [20][25] - The company aims to leverage its unique capabilities in data and rights management to support AI tools and enhance research efficiency [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the fiscal year, expecting stronger B2B and transaction performance compared to the first half [16] - The company is focused on maintaining balance sheet flexibility to fund high-return growth initiatives while managing operating expenses [15] - Management acknowledged the potential disruption from AI but believes their unique data capabilities will insulate them from direct competition [16][30] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $12.3 million, reflecting disciplined working capital management [12] - The company has no outstanding borrowings on its revolving line of credit, providing additional balance sheet flexibility [13] Q&A Session Summary Question: Can you discuss the pipeline for B2B deals, particularly related to the API model? - Management noted consistent growth in the pipeline, with many deals now being API integrations, leading to larger contracts [32] Question: What are the trends in B2C business growth? - Management indicated uncertainty about B2C growth, citing increased competition and lower conversion rates from trials to subscribers [33][34] Question: What are the top priorities for improvement? - Key focuses include operating expense management, understanding churn causes, and enhancing working capital management [39] Question: How is AI being utilized internally to improve efficiency? - AI is being leveraged for software development and productivity improvements, with ongoing training for staff [45][51] Question: What is the market opportunity for the infrastructure model? - Management believes the ASP could increase by 20%-30%, with new pricing models being explored for API usage [55] Question: How is the relationship with smaller publishers evolving? - There is a growing interest from smaller publishers in AI rights and collaboration, which could strengthen the company's position [77][80]

Financial Data and Key Metrics Changes - GTV for Q4 2025 was $9.85 billion, up 14% year-over-year, marking the strongest growth in three years [21] - Orders reached 89.5 million, up 16% year-over-year, while average order value decreased by 1% year-over-year [21] - GAAP net income was $81 million, down 46% year-over-year, primarily due to higher G&A expenses related to non-recurring legal matters [23] - Adjusted EBITDA grew 20% year-over-year to $303 million, with operating cash flow of $184 million, also up 20% year-over-year [23] Business Line Data and Key Metrics Changes - Advertising and other revenue grew 10% year-over-year, driven by strong GTV performance and onboarding of more Carrot Ads partners [22] - Transaction revenue grew 13% year-over-year, representing 7.1% of GTV, which was flat year-over-year [21] - The number of brands advertising on Instacart increased to over 9,000, up from 7,000 a year ago [46] Market Data and Key Metrics Changes - Instacart's marketplace now includes more than 2,200 retail banners across nearly 100,000 locations [8] - The company reported that approximately 10 million unique customers placed at least one order in December 2025, a new high [18] Company Strategy and Development Direction - The company aims to be the trusted platform for all grocery needs, leveraging technology for grocers and creating an advertising ecosystem for brands [8] - Instacart is focusing on expanding its enterprise partnerships, which include deeper integrations and shared planning with retailers [9] - The company is investing in AI to enhance operational efficiency and improve customer experiences [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive durable, profitable growth, citing strong momentum and a favorable operating environment [6][19] - The company anticipates GTV for Q1 2026 to range between $10.125 billion and $10.275 billion, representing year-over-year growth of 11%-13% [24] - Management noted that competition in the grocery e-commerce space is not negatively impacting Instacart's growth, as the market opportunity remains large [39] Other Important Information - The company will transition to an annual shareholder letter starting Q1 2026, aiming for a more holistic assessment of its long-term strategy [3] - Instacart repurchased $1.4 billion of shares in 2025, including $1.1 billion in Q4 alone [24] Q&A Session Summary Question: How should we think about the scope of the opportunity in marketplace and enterprise adoption? - Management highlighted that both marketplace and enterprise sides are growing, with enterprise providing deeper strategic conversations and technical integrations with retailers [30] Question: What has driven the acceleration in business metrics? - Management noted strong user growth and engagement, with record customer retention and increased spend per customer [36] Question: Can you discuss the stronger-than-expected advertising performance? - Management attributed the strong advertising performance to GTV growth and a diversification strategy across supply and demand [46] Question: How are you approaching international growth? - Management expressed excitement about international markets, noting that many retailers are still underdeveloped in e-commerce [50] Question: What is the status of Instacart Plus adoption? - Management reported that Instacart Plus continues to represent the majority of GTV and orders, with growing engagement and retention among members [67]

Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 19.5 billion in 2025, an 8% increase year-over-year [9][33] - Adjusted net income for Q4 2025 was BRL 1.3 billion, and BRL 5.2 billion for the full year, representing a 15% expansion year-over-year [10][38] - The return on equity (ROE) reached 23.9% in 2025, a 94 basis points increase compared to 2024 [11][40] - The year-end BIS ratio was 20.4%, indicating a strong capital position [11][41] Business Line Data and Key Metrics Changes - Retail revenues totaled BRL 3.9 billion in Q4 2025, up 8% year-over-year, and BRL 14.6 billion for the full year, also an 8% increase [33][34] - Corporate and issuer services revenue reached BRL 895 million in Q4 2025, a 49% increase year-over-year, and BRL 2.7 billion for the full year, up 19% compared to 2024 [35][36] - The wholesale bank has become a key pillar of the company's strategy, integrating investment banking and institutional access [27][28] Market Data and Key Metrics Changes - Total client assets, including AUM and AUA, reached BRL 2.1 trillion, representing a 22% growth year-over-year [21] - Retail net new money was BRL 20 billion, while corporate and institutional net new money totaled BRL 12 billion, amounting to BRL 32 billion for the period [21][22] - The company faced challenges with small and medium enterprises withdrawing BRL 3 billion in investments, but individual client inflows totaled BRL 23 billion [22] Company Strategy and Development Direction - The company aims to become Brazil's leading investment platform by 2033, focusing on market share and democratizing wealth planning for retail clients [51][52] - A third wave of strategy is being implemented to enhance service models and client segmentation, moving away from a product-driven approach [52][54] - Continued investments in technology and advisor training are expected to drive growth and improve service quality [18][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing future opportunities despite a challenging environment for 2026 [7][22] - The company is focused on maintaining strong returns while expanding its credit offerings and addressing the needs of small and medium enterprises [29][45] - Concerns were raised regarding recent irregularities in the financial system, with a commitment to support structural improvements [46][48] Other Important Information - The company returned BRL 2.4 billion to shareholders through dividends and buybacks in 2025 [39] - Adjusted EPS for Q4 was BRL 2.56, growing 15% year-over-year, and for the full year, it reached BRL 9.81, an 18% increase [40][41] - The company is launching new products, including a proprietary dollar-backed stablecoin and expanding its insurance offerings [23][24] Q&A Session Summary Question: Ambition to become Brazil's leading investment platform by 2033 - The company aims for market share leadership by 2033, with plans indicating the ability to achieve this in seven years through democratizing wealth planning and enhancing service models [51][52] Question: Impact of entry into the controlling group - The CEO stated that there is no change in management style or operations, emphasizing stronger alignment among executives [54] Question: Impact of CVM's recommendation on RLP business - Management views the removal of caps on orders as positive for the RLP business, enhancing market-making capabilities [60][62] Question: Tax increases and their relation to revenue mix - The CFO clarified that the increase in taxes is due to the revenue mix, particularly from corporate and issuer services, and not related to structural changes [63][64] Question: Strategy to capture volumes from Banco Master reimbursements - The company is seeing a significant inflow from Banco Master, retaining over 85% of the funds, and will disclose net new money figures in Q1 [68][69]

Toast (NYSE:TOST) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAdam Frisch - Senior Managing DirectorAman Narang - CEODominic Ball - Equity Research AssociateElena Gomez - CFOMatt Coad - DirectorMichael Senno - Senior VP of FinanceTimothy Chiodo - Managing DirectorWill Nance - VPConference Call ParticipantsDan Dolev - Senior AnalystJosh Baer - Executive Director and Software Equity Research AnalystTien-tsin Huang - Senior AnalystOperatorGood afternoon. My name is Tiffany, and I wi ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue grew 14% year-over-year to $44.6 million, with a sequential increase of 16% [7][27] - For the full year 2025, total revenue reached $160 million, representing a 4% growth over 2024 [7][30] - Non-GAAP gross margin improved to 40% in Q4 2025, up from 31% in Q4 2024, and for the full year, it was also 40%, compared to 33% in 2024 [31][24] - Non-GAAP operating expenses decreased to $56.2 million in Q4 2025, down 18% year-over-year, and for the full year, they were $229.9 million, down from $289.2 million in 2024 [32][24] - Cash burn improved from $214 million in 2023 to $105 million in 2025, with approximately $280 million in cash and investments at year-end [25][34] Business Line Data and Key Metrics Changes - Consumable revenue in Q4 2025 increased 15% year-over-year to $21.6 million, driven by an increase in the installed base and consistent system utilization [27][28] - Instrument revenue rose 13% in Q4 to $17.3 million, primarily due to increased shipments of Vega systems [28] - For the full year 2025, consumables revenue increased 16% to $82 million, while instrument revenue decreased 18% to $53.8 million [30] Market Data and Key Metrics Changes - Revenue from the Americas increased 3% to $20.7 million in Q4 2025, while Asia Pacific revenue rose 4% to $9.3 million, and EMEA revenue surged 45% to $14.6 million [29][10] - EMEA's strong growth was attributed to increased Vega instrument shipments and higher Revio consumables as clinical customers transitioned from pilot testing to broader adoption [11][29] Company Strategy and Development Direction - The company aims to enhance the economics of HiFi sequencing through the launch of SparkNex and multi-use smart cells, targeting increased market penetration [37] - Focus areas include accelerating clinical adoption in rare disease, oncology, and carrier screening, as well as enabling population-scale sequencing studies [37] - The company plans to leverage AI to unlock biological insights from multi-omic HiFi data [37] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued growth in clinical markets, particularly in rare disease and whole genome sequencing, despite a challenging academic funding environment [11][54] - The outlook for 2026 projects revenue between $165 million and $180 million, representing approximately 8% growth at the midpoint [34] - Management expects non-GAAP gross margin to improve by 100-400 basis points in 2026, driven by a higher consumables mix and the introduction of SparkNex [35] Other Important Information - The company sold its short-read sequencing assets for net proceeds of approximately $48 million, strengthening its balance sheet and extending its cash runway [26] - The company is committed to supporting existing customers during the transition period following the divestment of short-read assets [26] Q&A Session Summary Question: What should we expect for Revio pull-through and consumables growth? - Management expects SparkNex to lower sample costs, likely increasing utilization and expanding market share, while maintaining pull-through in the range of $225K-$250K [41][43] Question: What is the outlook for clinical growth outside the U.S.? - Management sees strong growth in clinical markets, particularly in EMEA, with significant movement from pilot phases to production [53] Question: Where are the biggest opportunities for OpEx reduction? - Management plans to focus on managing G&A expenses and R&D while continuing to reduce production costs through insourcing [66][68] Question: What impact will the short-read divestment have on costs? - Management indicated that while there won't be substantial additional costs taken out immediately, the divestment will provide a tailwind to gross margin over time [72] Question: How does long-read sequencing compare to standard care in terms of cost? - Long-read sequencing is expected to provide better diagnostic yield, faster turnaround times, and lower overall costs by consolidating multiple tests into one [74]

Pacific Biosciences of California (NasdaqGS:PACB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsChristian Henry - CEODan Brennan - Managing DirectorJim Gibson - CFOKelly Guru - Director of Investors RelationsConference Call ParticipantsDavid Westenberg - Managing Director and Equity Research AnalystDoug Shenko - Senior AnalystJack Meehan - Equity Research AnalystKyle Mixon - Equity Research AnalystMason Carrico - Equity Research AnalystSubbu Nambi - Managing Director and Healthcare ...

HA Sustainable Infrastructure Capital (NYSE:HASI) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAaron Chew - SVP of Investor RelationsCharles Melko - CFODavis Sunderland - Senior Research AssociateJeff Lipson - President and CEOMarc Pangburn - Chief Revenue and Strategy OfficerPraneet Satish - Equity Research AssociateSusan Nickey - Chief Client OfficerConference Call ParticipantsBrian Lee - Clean Technology AnalystChris Dendrinos - Director and Senior US Clean Energy AnalystJeff O ...

Electrovaya (NasdaqCM:ELVA) Q1 2026 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsColin Rusch - Managing Director and Head of Sustainable Growth and Resource Optimization ResearchDaniel Magder - Managing Director of Investment BankingGraham Tanaka - PresidentJohn Gibson - CFORaj DasGupta - CEOConference Call ParticipantsAmit Dayal - Managing Director and Senior Technology AnalystCraig Irwin - Managing Director and Senior Research AnalystEric Stine - Senior Research AnalystJeffrey Campbell ...

Financial Performance - Total revenue decreased approximately $3 million or 2.7% to approximately $108.5 million for the quarter ended December 31, 2025, compared to revenue of approximately $111.5 million in the prior year period [4] - Operating income increased approximately $2.7 million or 352.9% to $3.5 million for the first quarter, compared with operating income of approximately $800,000 in the prior year period [9] - Adjusted EBITDA for the first quarter was approximately $7.8 million, an increase of approximately $2 million or 35.7% compared to $5.7 million in the prior year period [10] Business Segment Performance - Retail-Flooring segment revenue for the first quarter was approximately $25.3 million, down $6.4 million or 20.2% compared to $31.7 million in the prior year period, primarily due to changes in store footprint and softness in the housing market [5] - Flooring Manufacturing segment revenue for the first quarter was approximately $28.9 million, a decrease of approximately $300,000 or 1.1% compared to approximately $29.2 million in the prior year period [6] - Steel Manufacturing segment revenue for the first quarter was approximately $31.9 million, a decrease of approximately $1.4 million or 4.3% compared to approximately $33.3 million in the prior year period [7] Market Conditions - The decline in revenue was primarily attributable to a $7.1 million decline in the Retail-Flooring and Steel Manufacturing segments, partially offset by a $4.1 million increase in the Retail-Entertainment and Flooring Manufacturing segments [4] - The company experienced sustained softness in new home construction and home refurbishment markets, which continued to weigh on the retail flooring segment [3] Company Strategy and Industry Competition - The company is rolling out a comprehensive strategy to integrate AI across the business units to modernize operations and improve efficiency [11] - The integration of AI alongside robotics and data analytics aims to reinforce cost discipline that supports the long-term strategy [12] Management Commentary on Operating Environment and Future Outlook - Management noted that despite a challenging housing market backdrop, the company delivered a solid first quarter marked by meaningful operating improvements across the businesses [11] - The company successfully refinanced one of its credit facilities in the steel manufacturing segment, strengthening its balance sheet and enhancing its ability to support future growth [3] Other Important Information - Gross profit was approximately $35.4 million for the first quarter, essentially unchanged compared to the prior year period, but gross margin increased by 90 basis points to 32.6% [8] - General and administrative expense decreased approximately $2.2 million or 7.4% to approximately $27.8 million, driven primarily by targeted cost reduction initiatives [9] - Total cash availability at the end of the first quarter was $38.7 million, consisting of cash on hand of $15.1 million and availability under various lines of credit of $23.6 million [11] Q&A Session Summary Question: Are there any questions from the participants? - There were no questions from the participants during the Q&A session [13]