Financial Data and Key Metrics Changes - Net revenue for Q3 2025 was $19 million, a 27.5% decline from $26.2 million in Q3 2024, but only a 2% decrease from Q2 2025 [7][22] - Contribution margin improved to over 15% in Q3 2025, up from 7.8% in Q2 2025 [7][20] - Adjusted EBITDA loss improved by over 80% compared to Q2 2025, narrowing to just over $400,000 from a loss of $2.2 million [8][20] - Overall gross margin decreased to 56.1% from 60.3% in the year-ago quarter, primarily due to product mix and tariff impacts [23] Business Line Data and Key Metrics Changes - Launch revenue was $0.2 million in Q3 2025, down from $0.6 million in Q3 2024, reflecting postponed product launches [22] - The contribution margin decreased to 15.5% in Q3 2025 from 17% in Q3 2024, mainly due to reduced gross margin [23] Market Data and Key Metrics Changes - The decline in revenue was attributed to strategic price increases to offset tariff costs and a general slowdown in consumer spending [10][22] - Despite maintaining bestseller rankings, fewer units were sold due to reduced overall consumer demand [10] Company Strategy and Development Direction - The company is focusing on cost reductions, product launch strategies, and pricing adjustments to navigate the tariff environment [11][19] - Plans to diversify the supply chain and explore sourcing opportunities outside of China are ongoing, especially for high-tariff products [14][15] - The push into consumables is seen as a strong strategic objective, with new product launches primarily sourced from the U.S. [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core products and brands, despite challenges posed by tariffs and reduced consumer demand [11][19] - The focus for 2026 will be on sustainable top-line growth and profitability, with a disciplined approach to marketing and cash management [28] Other Important Information - Cash reserves decreased to approximately $7.6 million from $18 million at the end of 2024, but cash used in operations was significantly reduced in Q3 [25] - Inventory levels increased to $17.2 million, attributed to lower expected demand for seasonal products [26] Q&A Session Summary Question: What percentage of revenue in Q3 were sales through the Amazon channel versus other platforms? - Amazon accounted for over 95% of revenue for the quarter, with new channels like Home Depot being more of a setup for future sales [32] Question: How is launch revenue tracking against plans? - Launch revenue was muted due to wholesale sales to Amazon and limited marketing spend due to tariff impacts, but the quality of products is expected to drive long-term growth [34][35] Question: How quickly can sourcing be adjusted once new sourcing is identified? - The speed of sourcing adjustments depends on manufacturer capabilities, with some products already being sourced outside of China to mitigate tariff impacts [37]

Financial Data and Key Metrics Changes - Innventure reported revenue of $0.5 million for Q3 2025, primarily from proof of concept sales at Accelsius, indicating early-stage revenue growth has taken longer than expected [15] - Total G&A expenses for the quarter were $16.9 million, down from $18.6 million in Q2 and $19.7 million in Q1, reflecting improved operational efficiency [15] - The net loss for the quarter was $34.7 million, with adjusted EBITDA showing a loss of $17.5 million [15] - Cash at the end of the quarter was $14.1 million, an increase of $3 million from the beginning of the year [15] Business Line Data and Key Metrics Changes - Accelsius's opportunity pipeline grew 79% quarter over quarter, exceeding $1 billion, with over 75% of the pipeline representing production opportunities for 2026 [4][5] - AeroFlexx achieved its fifth consecutive quarter of revenue recognition across multiple market categories, highlighting a strong customer pipeline in both the U.S. and EU [8][9] - Refinity is progressing towards commercializing its technology, with plans for a mid-scale demonstration in 2026 and larger commercial deployments thereafter [10][11] Market Data and Key Metrics Changes - Accelsius's bookings in Q3 surpassed all previous quarters combined, indicating a significant growth trend expected to continue into Q4 and beyond [5] - AeroFlexx received two prestigious awards in Q3, underscoring its leadership in sustainable packaging solutions [9] Company Strategy and Development Direction - The company is focused on building market-changing companies that deliver tangible value for shareholders, with a disciplined, data-driven model pairing transformative technologies with proven operators [12][13] - Accelsius's recent $25 million strategic investment from Johnson Controls is expected to enhance its growth capital and market position [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Accelsius's ability to create long-term value, citing robust growth projections and a strong opportunity pipeline [6][12] - The company acknowledges that its share price does not currently reflect the underlying value created, but remains committed to executing its strategy and expanding its pipeline [13][16] Other Important Information - The company has deployed approximately $160 million into its operating companies, producing net assets valued at an estimated $860 million [12] - Accelsius has expanded its manufacturing footprint with a dedicated facility in Austin and installed demonstration sites in various locations [5][6] Q&A Session Summary Question: Can you elaborate on the $1 billion opportunity pipeline for Accelsius? - The pipeline is significantly spread out with several hundred leads, and while large orders from hyperscalers are possible, the majority are smaller opportunities [18][19] Question: What is the expected conversion rate for the pipeline over the next 12 to 18 months? - Management indicated that the pipeline metrics are well calibrated, and while they cannot provide specific percentages, they are confident that a meaningful fraction will translate into revenue [29][32] Question: What investments or supply chain builds are required for Accelsius to support large-scale developments starting in 2026? - Accelsius has designed its supply chain thoughtfully, primarily using North American suppliers and dual-sourcing components to avoid supply chain challenges [28] Question: Are there any integration or regulatory milestones before transitioning pipeline orders into firm orders? - There are no significant technical or regulatory hurdles, and the company is well-positioned to deliver as customer needs arise [33]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported flat revenues of $37.7 million compared to $37.6 million in the previous year, with a decrease in NOI from $21.8 million to $20.8 million and a decline in AFFO from $7.8 million to $5.6 million [10][11][12] Business Line Data and Key Metrics Changes - Residential properties are performing well, with overall occupancy at 99% and new rental rates exceeding previous rents by over 14% [4][7] - The newly completed Prospect House is currently 60% leased with pre-market rents at $88 per sq ft [5][8] - The Clover House property achieved 100% occupancy with average rents at $88 per sq ft and new leases at $95 per sq ft [7][8] Market Data and Key Metrics Changes - The overall collection rate for residential properties was approximately 95%, with Clover Gardens at 92% [9] - The demand for residential leasing is expected to remain strong due to constrained rental housing supply in New York City [7] Company Strategy and Development Direction - The company is focused on optimizing capacity, pricing, and expenses to position itself for growth [9] - Future plans include full lease-up of Prospect House and finalizing negotiations for properties at 141 and 250 Livingston [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of residential properties and anticipated continued high demand for rentals [4][7] - The company is actively working to bring office properties back to a cash flow position [5] Other Important Information - The company announced a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [14] - The balance sheet shows $26.1 million in unrestricted cash and $30.6 million in restricted cash, with 88% of operating debt fixed at an average rate of 3.87% [13] Q&A Session Summary - There were no questions from participants during the Q&A session [17]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $43.7 million, down 0.7% sequentially and 9.4% year over year, marking the smallest year-over-year decline since Q4 2021 [15][16] - Total orders for the quarter were 619,000, a decline of 12.5% year over year, while active customers ended the quarter at 660,000, down 7% versus the prior year [16] - Gross margin improved to 53.3%, up 30 basis points compared to 53% in the same quarter last year [17] - Adjusted EBITDA was negative $1.2 million, or a negative 2.7% margin, compared to breakeven in Q3 2024 [18] - Net loss was negative $3 million, compared to negative $1.3 million in the prior year [18] Business Line Data and Key Metrics Changes - DTC net revenue per order was $66.76, nearly flat year over year but increased 2.4% sequentially [16] - Product development expense was $1.6 million, down 66.1% year over year due to streamlining efforts [18] - SG&A expense was $21.3 million, a 14% decrease versus the prior year, driven by lower stock-based compensation and fulfillment costs [18] Market Data and Key Metrics Changes - The company expanded its third-party assortment significantly, with the number of brands up 50% year over year and individual products up 61% [9] - The baby category showed encouraging early growth as the company broadened its offering [9] Company Strategy and Development Direction - The company aims to drive long-term shareholder value by building a stronger, more resilient business focused on consistent profitability and sustainable growth [4] - The migration to a new e-commerce platform is seen as necessary for delivering a differentiated customer experience and achieving profitable scale [4][6] - The company is prioritizing liquidity and profitability while optimizing the customer experience, with a focus on cash flow over short-term revenue growth [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the revision to the near-term outlook is primarily due to intentional pullback in advertising and customer experience issues, rather than macroeconomic factors [26] - The company expects to see improvements in customer experience over the next one to two quarters, which will drive future revenue growth [28][30] - For the full year ending December 31, 2025, the company expects revenue to be between $172.5 million and $175 million, with fourth-quarter revenue anticipated to remain roughly flat sequentially [19][20] Other Important Information - The company has appointed Tom Siragusa as the permanent CFO, effective October [12] - The company is assessing strategic options, including potential acquisitions or partnerships, to accelerate growth and strengthen competitive position [11] Q&A Session Summary Question: Changes in sales expectations - Management indicated that the revision to the outlook is due to the pullback in advertising and customer experience issues, not macroeconomic trends [26] Question: Status of customer disruption resolution - Management stated that they are focused on fixing the core customer experience and are making progress, with expectations to resolve issues in the next three months [28] Question: Stability of customer cohorts - Management noted that cohort behaviors are as expected, and they anticipate improvements once the core experience is optimized [30] Question: Potential acquisitions and funding - Management emphasized a focus on building a durable, profitable company while exploring acquisition opportunities in wellness, baby, and beauty categories, with funding potentially coming from cash or raising capital [31][32] Question: SKU expansion plan - Management highlighted ongoing discussions with wellness brands and plans for significant launches in the coming months, while currently prioritizing fixing the core experience [34]

Financial Data and Key Metrics Changes - Tamboran Resources reported a cash balance of $39.6 million at the end of the quarter and expects near-term cash inflows of $100 million from various transactions [4][12][20] - The company raised $56.1 million from a public offer and plans to raise an additional $32 million through a PIPE transaction, bringing total funding to approximately $127.6 million [3][19][20] Business Line Data and Key Metrics Changes - The first batch drilling campaign in the Beetaloo Basin was completed with three wells drilled and cemented, achieving an average SPUD to TD duration of 26.7 days [2][7] - The Shenandoah South Pilot Project has been sanctioned, targeting gas delivery to the Northern Territory Government from mid-2026 [4][5] Market Data and Key Metrics Changes - The construction of the Sturt Plateau Compression Facility (SPCF) is 68% complete and tracking on budget and schedule, with first gas expected in mid-2026 [2][10] - The APA-operated Sturt Plateau Pipeline construction is also on schedule and within budget [10][11] Company Strategy and Development Direction - The acquisition of Falcon Oil and Gas is expected to strengthen Tamboran's acreage position in the Beetaloo Basin, increasing its total acreage to 2.9 million net acres [3][12] - The company plans to expand its gas delivery capacity from 40 terajoules per day to potentially 100 terajoules per day in the future [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress and the potential for increased gas production, citing a robust demand for gas in the local market and the East Coast of Australia [77][78] - The company is focused on addressing local energy shortfalls before considering LNG exports [78] Other Important Information - The company has secured a financing facility of up to $118 million for the SPCF construction, supported by a government guarantee [6][10] - Baker Hughes has invested $10 million in Tamboran and will provide oilfield services and equipment to optimize operations [4][13] Q&A Session Summary Question: Status of capital spend for the pilot project - Management confirmed a total of $127.6 million in funding, with $95 million remaining for the pilot project and $33 million required for the SPCF [19][20][21] Question: Details on the stimulation process of the SS6H well - The company experienced a coil tubing issue with the SS4H well but quickly moved to stimulate the SS6H well instead, with no expected delays [22][24][26] Question: Completion design and proppant intensity - Management discussed the adjustments in proppant intensity for the SS6H well, aiming for a balance between performance and cost [30][32][36] Question: Farm-out process and interest from companies - Management indicated strong interest from various companies in the farm-out process, highlighting the quality of participants and their operational experience [44][74] Question: Update on the gas market in Australia - Management noted a robust demand for gas in the local market and the East Coast, with a domestic shortfall approaching a BCF a day in the next few years [76][78]

Financial Data and Key Metrics Changes - Revenue in Q3 2025 was approximately $400,000, primarily from future astronaut access fees [29] - Total operating expenses decreased by 19% to $67 million compared to $82 million in the prior year [29] - Net loss improved by 15% to $64 million compared to $75 million in the prior year [29] - Adjusted EBITDA improved by 11% to negative $53 million compared to negative $59 million in the prior year [29] - Free cash flow was negative $108 million, an 8% improvement compared to the prior year [30] Business Line Data and Key Metrics Changes - The company is focused on the spaceship program, with significant progress in production and assembly [5][6] - Capital expenditures increased to $51 million from $39 million in the prior year, reflecting a shift from R&D to capital investment [30] Market Data and Key Metrics Changes - The company expects to generate approximately $450 million in annual revenue at high margins with an anticipated 125 flights per year at a ticket price of $600,000 per seat [34] - Future growth projections include expanding annual revenue to approximately $1 billion with the addition of more spaceships and launch vehicles [34] Company Strategy and Development Direction - The company is preparing for the launch of commercial service in Q4 2026, with a focus on operational readiness and customer engagement [5][25] - Plans to enhance the capabilities of the launch vehicle, Eve, to support more frequent flights and improve operational flexibility [20][21] - The company is exploring additional economic potential beyond suborbital space business, particularly in avionics and launch vehicle upgrades [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of the spaceship program and the upcoming commercial service launch [5][35] - The company is optimistic about the demand for space tourism and research missions, highlighting partnerships with institutions like Purdue University [27][66] - Management acknowledged the importance of weather conditions but noted the favorable flying conditions in southern New Mexico [70] Other Important Information - The company is hiring a Chief Growth Officer to lead consumer launch and revenue development initiatives [25] - A full rebuild of the company's digital presence is underway, focusing on sales funnel progression and customer engagement [25] Q&A Session Summary Question: What are the initial observations on the size of the first tranche of sales in Q1 2026? - Management expects the price to be higher than the last published price of $600,000, with a trend of increasing prices for subsequent tranches [37] Question: How will the company prioritize risk factors for the Q3 2026 flight test plan? - Management indicated that the critical path is well-defined, with confidence in the assembly of parts and the timeline for the first spaceflight [46][48] Question: What differentiates the company's research offering from peers? - The company highlighted the unique ability for researchers to travel with their experiments, providing a high-quality microgravity environment that is superior to alternatives [64][66] Question: Is weather a limiting factor for flight cadence? - Management noted that southern New Mexico has favorable weather conditions, allowing for flexibility in scheduling flights around weather events [70] Question: Will the company achieve positive free cash flow after starting commercial operations? - Management indicated that achieving positive cash flow will depend on flight rates and ticket pricing, with expectations of reaching this within two to three months after starting commercial service [80]

Financial Data and Key Metrics Changes - Third-quarter net sales totaled $267 million, down 7% in constant currency compared to the prior year, slightly ahead of expectations [18] - Gross margin in Q3 was 48.7%, down 70 basis points year-over-year, but underlying gross margins improved compared to the prior year [18][20] - Adjusted operating loss for Q3 narrowed to $15 million from $22 million a year ago, with expectations for a break-even to slightly positive adjusted operating margin for the full year [22][25] Business Line Data and Key Metrics Changes - Traditional watch sales for the Fossil brand in Q3 were up high double digits, outperforming the market [5][6] - The wholesale channel grew mid-single digits globally, with notable strength in EMEA and Asia regions [12] - The company reported a 26% year-over-year reduction in inventory, aligning with a 7% sales decline [23][34] Market Data and Key Metrics Changes - The U.S. watch market showed low single-digit growth, with department and specialty store channels up low double digits [5] - In Asia, India and Japan experienced double-digit growth, while China remained under pressure [12][33] - The company noted a positive performance in the Asia region, particularly in traditional watches and jewelry, with gross margin expansion [32] Company Strategy and Development Direction - The company has successfully transformed its balance sheet, extending debt maturity to 2029 and bringing in over $32 million of new capital [4][24] - The turnaround plan focuses on three pillars: strengthening the core brand, right-sizing the cost structure, and improving the balance sheet [8][16] - The company is committed to a full-price selling model, which has improved margin architecture and reduced promotional activity [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the path to profitable growth, reiterating financial guidance for the full year [17][25] - The company acknowledged ongoing challenges in the macro environment, particularly in China, but remains optimistic about growth in other regions [33] - Management highlighted the importance of disciplined expense management and working capital improvements [22][23] Other Important Information - The company has appointed Devin Leong as General Manager for Asia, expected to enhance market presence and accelerate growth [12] - The Nick Jonas campaign has generated nearly 6 billion impressions and is attracting a younger demographic [9][10] - The company is focusing on brand investment and enhancing visibility through media and PR partnerships [11] Q&A Session Summary Question: What is driving the gap between wholesale growth and store comps? - Management clarified that the decline in store comps refers to direct-to-consumer performance, which has been intentionally reduced to improve margins [27][28] Question: Can you provide insights on the performance in Asia? - Management noted strong performance in India and Japan, while China remains challenging, with a focus on reducing promotional activity to improve gross margins [32][33] Question: What initiatives are driving inventory improvements? - Management highlighted tighter inventory control and a focus on key products, resulting in a significant reduction in SKUs and improved gross margins [34][37]

Financial Data and Key Metrics Changes - Vinci Compass generated BRL 77.1 million in earnings for Q3 2025, translating to BRL 1.22 per share, with a FRE margin of 32.3% and adjusted distributable earnings of BRL 73.1 million, or BRL 1.16 per share, marking a 28% increase year-over-year on a nominal basis [3][25] - Total assets under management (AUM) reached BRL 316 billion, a 4% increase quarter-over-quarter, with capital formation and appreciation totaling BRL 19 billion [22][13] Business Line Data and Key Metrics Changes - The credit segment raised over BRL 1 billion in the quarter, with 30% coming from international investors, indicating strong global interest [11] - The global IP&S segment saw AUM exceed BRL 241 billion, supported by approximately BRL 8 billion of inflows, with TPD alternative funds being a key growth driver [17][12] Market Data and Key Metrics Changes - Brazil is expected to benefit from a potential political shift reinforcing fiscal responsibility and a likely Selic-cutting cycle, creating a favorable environment for asset re-rating [10] - The trend of global investors seeking exposure beyond the U.S. is expected to support fundraising efforts, offering attractive risk-adjusted opportunities [11] Company Strategy and Development Direction - The acquisition of Verde is a significant milestone in strategic expansion, enhancing Vinci Compass's position as a leading alternative investment platform in Latin America [5][6] - The company aims to achieve a 38% FRE margin target by 2028, supported by cost reduction initiatives and substantial fundraising across all segments [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro environment, citing broad-based asset appreciation and easing rate bias across emerging economies as constructive for the platform [10] - The company is well-positioned to capture generational shifts in the global economy and markets, compounding value for clients and shareholders [13][22] Other Important Information - The company is adopting AI across its operations, with approximately 80% of the team using AI to enhance productivity and risk management [21] - The first Brazilian pension plan commitment to the SPS4 fund is expected to unlock further commitments from similar institutional investors [26][27] Q&A Session Summary Question: Regarding the first Brazilian pension plan commitment to SPS4, how fast do you think this new demand could come? - Management expects further commitments for this strategy but cannot predict the exact size of it, noting the low penetration of this type of investment among local and international institutions [26][27] Question: Should the improved FRE margin be considered the new base for the next quarter? - Management indicated that while there is some seasonality in expenses, they expect margins to remain above 30% going forward, with the Verde acquisition expected to positively impact margins in 2026 [29][30] Question: How much of the strong global IP&S inflows this quarter was related to TPD alternatives? - TPD alternatives had a significant positive impact, with a $2 billion contribution from a regional player into a US-based closed-end fund, and management remains optimistic about future inflows [31][32]

Financial Data and Key Metrics Changes - Gross Merchandise Sales (GMS) reached $2.4 billion in Q3 2025, representing an 11% growth from the prior year period [25] - Revenue for Q3 was $468 million, up 8% compared to last year, driven by GMS growth but offset by a reduction in take rates [27] - Adjusted EBITDA was $67 million, representing 14% of revenue, up 21% from $56 million in the same period last year [30] Business Line Data and Key Metrics Changes - The company has seen nearly 20% GMS growth over the last 12 months, indicating strong performance across its marketplace [8] - The launch of the Reach Pro product has led to significant adoption among sellers, contributing to market share gains [12] Market Data and Key Metrics Changes - The North American secondary ticketing market has been positively impacted by the company's strategic investments, with the company now approximately four times larger than its nearest competitor based on GMS [11] - The implementation of federally mandated all-in pricing in the U.S. has had an estimated 10% one-time impact on the size of the North American secondary ticketing market [26] Company Strategy and Development Direction - The company aims to become the global destination for live entertainment ticketing by leveraging technology and customer focus to eliminate friction in the live event experience [10] - Direct issuance is seen as a transformative growth vector, allowing enterprise sellers to access the marketplace without exclusivity requirements [18] - The company is also pursuing advertising opportunities, including sponsored listings and partnerships with businesses like Booking.com to enhance customer experience [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for live events and the company's ability to navigate temporary market dynamics, such as the transition to all-in pricing [35] - The company plans to provide annual guidance for 2026 expectations in early 2026, focusing on long-term value creation [36] Other Important Information - The company successfully raised approximately $1 billion through capital markets activities, significantly improving its balance sheet and reducing leverage [37] - The company ended the quarter with $1.4 billion in cash and cash equivalents, with a net debt of $1.1 billion [38] Q&A Session Summary Question: Returns on investments in core resale market share and direct issuance - Management highlighted that investments in market share have yielded positive results, with significant share gains and a dominant position in the point of sale system [40][41] Question: Aligning marketing investments over the medium to long term - Management noted strong receptivity to marketing investments, particularly in the direct issuance business, which aims to enhance revenue for content owners [44][46] Question: Visibility on sponsored listing ad launch and Major League Baseball deal - Sponsored listings are expected to roll out in the second half of Q4, with MLB taking advantage of direct issuance for certain events [48][53] Question: Direct issuance market opportunities - Management sees diverse opportunities across various content types, including sports and live theater, emphasizing the non-competitive nature of their model with primary ticketing [55][56] Question: Impact of all-in pricing and World Cup expectations - Management confirmed that all-in pricing represents a 10% headwind, expected to last until May 2026, and expressed excitement about the World Cup's potential impact on resale [62][63]

Financial Data and Key Metrics Changes - Fiscal 2026 is expected to be a pivotal year for the company, with significant progress towards becoming a leading US borate producer [2] - The pre-feasibility study confirmed strong project economics with a 39.5-year mine life, a 19.2% pre-tax IRR, and a pre-tax MTV of $725 million for phase one of the Fort Cady project [9] Business Line Data and Key Metrics Changes - Full-scale product testing is underway with multiple Tier 1 specialty glass manufacturers, indicating strong customer validation [4] - The company has successfully qualified high-purity boric acid with various customers across sectors, including specialty glass, fiberglass, ceramics, agriculture, defense, and advanced materials [9] Market Data and Key Metrics Changes - The borates market is experiencing a tightening of supply and demand, with expectations that demand will outpace supply due to applications in EVs, wind, nuclear energy, semiconductors, and defense [5] - Legacy producers are facing rising operating costs and depleting reserves, creating a market opportunity for the company [5] Company Strategy and Development Direction - The company aims to secure non-dilutive U.S. capital support through various federal programs, advance customer agreements, and ensure construction readiness by 2026 [12] - The strategic focus includes building a portfolio of intellectual property on proprietary mining techniques and processing solutions to cement long-term mineral tenure [13] Management's Comments on Operating Environment and Future Outlook - The recognition of boron as a critical mineral by the U.S. government is expected to provide economic advantages, including expanded access to federal funding and strategic partnerships [3] - The company is positioned to benefit from federal programs aimed at rebuilding American mineral supply chains, which could strengthen its balance sheet and reduce equity dilution [9] Other Important Information - The company has a $285 million letter of interest from the U.S. Export-Import Bank under the Make More in America initiative [7] - The company is preparing additional product shipments for LCD glass producers, reinforcing the scalability and reliability of its operations [10] Q&A Session Summary Question: Is there any word from the Defense Logistics Agency regarding a government stockpile of boron? - The management indicated that stockpiling of carbide has occurred in the past, but it is uncertain if there is current stockpiling, especially given the ongoing midstream developments [15][16] Question: Can you provide details on the horizontal wells being drilled? - The horizontal wells are for validating the commercial design, with positive results from the testing indicating a higher rate of efficiency in the mining process [16][18] Question: What percentage of annual production does the company aim to secure under offtake agreements? - The company targets about 70% of its production under offtake agreements, while keeping 25-30% for the spot market to take advantage of higher prices [26][27]