Financial Data and Key Metrics Changes - Annual Recurring Revenue (ARR) ended at $1.121 billion, growing 22% year-over-year, or 21% on a constant currency basis [18] - Fully ramped ARR ended Q2 at $1.42 billion, with growth continuing to outpace reported ARR growth [18] - Total revenue was $359 million, up 24% year-over-year, surpassing the high end of the outlook [23] - Subscription and support revenue finished at $237 million, reflecting 33% year-over-year growth [23] - Services revenue was $62 million, up 30% year-over-year [23] - Gross profit was $243 million, representing 28% year-over-year growth, with overall gross margin at 68% [23] - Operating profit for Q2 was $87 million, ahead of expectations [24] Business Line Data and Key Metrics Changes - The company closed 15 InsuranceSuite cloud deals and two InsuranceNow deals in Q2, indicating strong demand [11] - Gross ARR retention rates exceeded 99% for InsuranceSuite and InsuranceNow customers [8] - The average contract term for new InsuranceSuite deals is over 6 years, reflecting a trend towards longer contractual commitments [19] Market Data and Key Metrics Changes - The company reported a significant increase in deal activity, including three new customer wins and healthy migrations and expansions [11] - RPO (Remaining Performance Obligations) finished the quarter at $3.5 billion, representing 63% year-over-year growth [19] Company Strategy and Development Direction - Guidewire positions itself as a leader in delivering core systems for the P&C insurance industry, emphasizing its role as a mission-critical infrastructure provider [5] - The company is focusing on modernizing legacy systems and leveraging generative AI to enhance customer service and operational efficiency [10][11] - Guidewire aims to maintain an open architecture to allow customers to integrate various AI technologies alongside its core systems [53][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the evolving technology landscape, particularly with the integration of AI [10][16] - The outlook for fiscal year 2026 has been raised, with expectations for ARR growth of 18%-19% year-over-year [25] - Management noted that the demand for core system modernization is increasing due to the potential of generative AI [41] Other Important Information - The company repurchased $148 million of its shares in the quarter and has a remaining authorization of $490 million [24] - Stock-based compensation is expected to be approximately $185 million, representing 15% year-over-year growth [27] Q&A Session Summary Question: Guidewire's position in the broader AI stack - Management clarified that while they do not aim to own AI in the insurance industry, they focus on providing core systems that enable AI capabilities [33][34] Question: Premium flow into the cloud and Guidewire's penetration - Management noted that demand is increasing, particularly due to the potential of generative AI, but specific projections on premium flow were not provided [40][41] Question: Customer engagement with new products like PricingCenter - Management reported strong engagement and interest in PricingCenter, with ongoing discussions about integration with existing systems [45] Question: True-up activity and its impact - Management indicated that true-up activity remains a tailwind for the business, with healthy volumes expected to continue [50] Question: Competition from AI vendors - Management views partnerships with AI vendors as additive to their offerings, enhancing customer success rather than posing a threat [55] Question: Modernization timelines and AI usage - Management emphasized that generative AI can accelerate modernization timelines and improve efficiency in insurance operations [74][75]

Financial Data and Key Metrics Changes - For Q4 FY2026, Marvell reported record revenue of $2.219 billion, reflecting a 7% sequential growth and exceeding guidance due to strong demand in the data center market [5][6] - Full year FY2026 revenue grew 42% year-over-year to approximately $8.2 billion, with data center revenue surpassing $6 billion, growing 46% year-over-year [6][32] - Non-GAAP earnings per share for Q4 was $0.80, exceeding guidance by $0.01, and for the full year, non-GAAP EPS increased 81% year-over-year [6][33] Business Line Data and Key Metrics Changes - Data Center revenue for Q4 was $1.65 billion, representing 9% sequential growth and 21% year-over-year growth, driven by increased demand across interconnect products [11][32] - The interconnect business is expected to grow more than 50% year-over-year in FY2027, significantly higher than the previous expectation of 30% [8][9] - Communications and other markets delivered Q4 revenue of $567 million, up 2% sequentially and 26% year-over-year [27][32] Market Data and Key Metrics Changes - Marvell anticipates overall revenue in FY2027 to grow more than 30% year-over-year, approaching $11 billion, driven primarily by the data center business [7][10] - The company expects data center revenue in FY2028 to grow close to 50% year-over-year, with a compounded growth rate of over 40% for three consecutive years [10][11] Company Strategy and Development Direction - Marvell's recent acquisitions of Celestial AI and Xconn are aimed at strengthening its position in the AI scale-up networking market [5][29] - The company plans to maintain close alignment with customers as they continue to invest in AI infrastructure, indicating a robust multiyear growth cycle ahead [29][31] - Marvell is focused on expanding its product offerings in the interconnect and custom silicon markets, leveraging its technology leadership to capture emerging opportunities [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand across the data center portfolio, with bookings accelerating at a record pace [6][29] - The outlook for FY2027 has been raised significantly, with expectations for revenue growth to accelerate each quarter [7][30] - Management highlighted the importance of maintaining operational leverage and investing in growth while managing expenses effectively [39] Other Important Information - Marvell returned $2.245 billion to shareholders through share repurchases and dividends in FY2026, reflecting a commitment to capital return [33][35] - The company expects to continue returning capital through repurchases and dividends, with a focus on maintaining a strong balance sheet [35][36] Q&A Session Summary Question: Customer base diversification and demand profile - Management confirmed strong engagement with top U.S. hyperscalers and emphasized diversification within customer revenue mix, indicating that custom business is not the sole driver of concentration [41][43] Question: Custom XPU program demand and growth - Management noted strong validation for AI compute demand and confirmed expectations for a stronger second half in custom XPU programs, with an upward bias on exit rates [47][49] Question: Growth in electro-optics business - Management acknowledged significant growth in the electro-optics portfolio, projecting continued momentum into FY2028, driven by new XPU and GPU generations [55][57] Question: AEC and retimers growth perspective - Management indicated that AEC and retimers are expected to double this year, with a base around $200 million, and expressed confidence in long-term growth potential [86][88]

Financial Data and Key Metrics Changes - For the fourth quarter of fiscal 2026, Marvell reported record revenue of $2.219 billion, reflecting a 7% sequential growth and exceeding the midpoint of guidance [5][6] - Fiscal 2026 revenue grew 42% year-over-year to approximately $8.2 billion, with Non-GAAP earnings per share of $0.80, exceeding guidance by $0.01 [6][33] - The company expects fiscal 2027 revenue to grow more than 30% year-over-year, approaching $11 billion, significantly higher than previous forecasts [7][10] Business Line Data and Key Metrics Changes - Data Center revenue surpassed $6 billion in fiscal 2026, growing 46% year-over-year, driven by strong demand for interconnect, switching, and storage products [6][11] - The interconnect business is expected to grow more than 50% year-over-year in fiscal 2027, up from a prior expectation of 30% growth [9] - Communications and other end market revenue for the fourth quarter was $567 million, up 2% sequentially and 26% year-over-year [27][33] Market Data and Key Metrics Changes - The Data Center end market accounted for 74% of total revenue in the fourth quarter, indicating a strong focus on this segment [33] - The company anticipates continued robust growth in the Data Center market, with bookings accelerating at a record pace [6][29] Company Strategy and Development Direction - Marvell's recent acquisitions of Celestial AI and Xconn are aimed at strengthening its position in the AI scale-up networking market [5][29] - The company plans to maintain close alignment with customers as they continue to invest in AI infrastructure, indicating a strategic focus on emerging technologies [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong multiyear growth cycle, driven by robust demand across the Data Center portfolio [29][30] - The outlook for fiscal 2027 includes expectations for revenue growth to accelerate each quarter, with a forecast of over $3 billion in revenue by the fourth quarter [30][31] Other Important Information - Marvell returned $2.245 billion to shareholders through share repurchases and dividends in fiscal 2026, reflecting a commitment to capital return [33][35] - The company expects to continue investing in growth while driving operating leverage, with Non-GAAP operating expenses projected to increase due to acquisitions [37][39] Q&A Session Summary Question: Customer base diversification in custom business - Management highlighted strong engagement with top U.S. hyperscalers and emphasized diversification within customer revenue mix, indicating that custom business is not the sole driver of concentration [41][43] Question: Demand for AI compute and XPU programs - Management confirmed strong validation for AI compute demand and indicated that custom revenue is expected to grow faster than previously anticipated, with a stronger second half ramp-up [47][49] Question: Growth in electro-optics business - Management acknowledged significant upward revisions in CapEx and indicated that the electro-optics business is expected to grow at a rate of 50%+ this year, with continued momentum into fiscal 2028 [55][57] Question: Custom business growth expectations - Management indicated that the custom business is expected to grow north of 20% in fiscal 2027, with confidence in the timing of the second major XPU customer program [62][70] Question: Factors contributing to fiscal 2028 revenue outlook - Management discussed strong bookings and backlog as key factors for the improved fiscal 2028 outlook, emphasizing the importance of interconnect business growth [78][80]

Financial Data and Key Metrics Changes - For Q4 fiscal 2026, Marvell reported record revenue of $2.219 billion, reflecting a 7% sequential growth and exceeding guidance [4][32] - Full year revenue for fiscal 2026 grew 42% year-over-year to approximately $8.2 billion, with non-GAAP earnings per share of $0.80, up 33% year-over-year [5][32] - The company expects fiscal 2027 revenue to grow more than 30% year-over-year, approaching $11 billion, significantly higher than previous forecasts [6][10] Business Line Data and Key Metrics Changes - Data Center revenue surpassed $6 billion in fiscal 2026, growing 46% year-over-year, driven by strong demand for interconnect, switching, and storage products [5][11] - The interconnect business is expected to grow more than 50% year-over-year in fiscal 2027, while communications and other markets are projected to grow by 10% [8][10] - Custom business revenue reached $1.5 billion in fiscal 2026, with expectations to grow more than 20% year-over-year in fiscal 2027 [23][24] Market Data and Key Metrics Changes - The Data Center end market accounted for 74% of total revenue in Q4 fiscal 2026, with communications and other markets contributing 26% [32] - The company anticipates strong demand across its entire Data Center portfolio, with bookings accelerating at a record pace [5][28] - The global data center footprint is expected to expand, with significant long-term growth projected in the DCI pluggable market [14] Company Strategy and Development Direction - Marvell's recent acquisitions of Celestial AI and Xconn are aimed at strengthening its position in the AI scale-up networking market [4][28] - The company plans to maintain close alignment with customers as they continue to invest in AI infrastructure [11][30] - Marvell is focused on driving new revenue streams from the rapidly emerging AI scale-up market while continuing to invest in existing franchises [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a robust multiyear growth cycle, with strong bookings indicating sustained demand for the next several years [28][29] - The company expects to see revenue growth accelerate each quarter throughout fiscal 2027, with Q4 revenue projected to exceed $3 billion [6][29] - Management highlighted the importance of maintaining operational leverage and aligning with customer needs in the evolving market landscape [30][37] Other Important Information - Marvell returned $2.245 billion to shareholders through share repurchases and dividends in fiscal 2026, an increase of approximately $1.3 billion from the prior year [32][34] - The company has improved its debt ratios, with a gross debt to EBITDA ratio of 1.38 times and a net debt to EBITDA ratio of 0.57 times [34] Q&A Session Summary Question: Customer base diversification in custom business - Management confirmed strong engagement across the ecosystem, particularly with the top four U.S. hyperscalers, and emphasized diversification within each customer [40][42] Question: Demand for AI compute and XPU programs - Management noted strong validation for AI compute demand and confirmed expectations for a stronger second half in XPU programs, with an upward bias in revenue growth [46][48] Question: Growth in electro-optics business - Management indicated that the electro-optics business is expected to grow at a rate of 50% or more, driven by new XPU and GPU generations [54][56] Question: Custom business growth expectations - Management stated that the custom business is expected to grow north of 20% in fiscal 2027, with confidence in the timing of new XPU programs [60][70] Question: Factors contributing to fiscal 2028 revenue outlook - Management highlighted strong bookings and improved visibility in the interconnect business as key factors for the increased fiscal 2028 revenue outlook [74][78] Question: AEC and retimers growth perspective - Management indicated that AEC and retimer revenue is expected to double, with a base around $200 million, and emphasized the potential for continued growth [84][86]

Financial Data and Key Metrics Changes - Omada Health achieved 53% revenue growth for the full year 2025, reaching $260 million, with Q4 revenue growing 58% year-over-year to $76 million [4][30] - The total number of members increased to 886,000, a 55% increase compared to 2024, with 55,000 net new members added in Q4 alone [4][17] - GAAP net income was $5 million in Q4, marking the first quarter of profitability, and a full-year GAAP net loss of $13 million, an improvement from a loss of $47 million in 2024 [30][35] - Adjusted EBITDA for the full year was $6 million, with a margin of 2%, compared to a loss of $29 million in 2024 [35][36] Business Line Data and Key Metrics Changes - The GLP-1 Care Track program saw significant adoption, with over 150,000 members supported on GLP-1s, contributing to the overall growth in the cardiometabolic suite [10][19] - Revenue from the weight health program grew more than 50%, while revenue from diabetes and hypertension programs grew at rates of 45% or more year-over-year [27][68] Market Data and Key Metrics Changes - Estimated covered lives grew by more than 5 million, ending the year with over 25 million eligible lives [18] - The total addressable market for Omada is estimated at over $138 billion, with current penetration below 10% [19] Company Strategy and Development Direction - Omada's strategy focuses on innovation, effective programs, and a multi-condition platform to address cardiometabolic health [20][25] - The company plans to expand capabilities in GLP-1 prescribing, cholesterol management, and flexible care options to enhance its service offerings [12][24] - Investments in AI are aimed at improving member support and operational efficiency, with a focus on leveraging unique data sets for personalized care [14][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong momentum and a clear plan for growth, emphasizing the importance of addressing chronic care solutions [4][10] - The healthcare system's inability to scale effectively without a different care model was highlighted, with Omada positioned to fill this gap [8][9] - The company anticipates continued strong growth driven by the demand for multi-condition care and effective enrollment strategies [30][38] Other Important Information - Omada's gross margins expanded significantly, with Q4 GAAP gross margin reaching 71%, up from 67% in the prior year [31] - The company generated positive operating cash flow for the full year and ended 2025 with $222 million in cash and cash equivalents [37] Q&A Session Summary Question: Can you clarify the assumptions behind the 2026 guidance? - Management confirmed that the guidance is based on existing business contributions without assuming significant improvements in enrollment or engagement metrics [42][44] Question: What are the mechanics of the new GLP-1 Flex Care program? - The GLP-1 Flex Care program is designed to support employers who do not currently cover GLP-1s, providing a structured model for clinical evaluation and prescribing while allowing employees to purchase medications out-of-pocket [54][56] Question: How is Omada leveraging AI in its operations? - Omada is utilizing AI for coding assistance, member support, and enhancing the overall member experience, which is expected to improve margins [64][65] Question: What traction is being seen in the hypertension and diabetes programs? - Growth in diabetes and hypertension programs is strong, with both seeing year-over-year growth rates of 45% or more, reflecting the integrated approach to cardiometabolic care [66][68]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue growth for the 40th consecutive quarter, with adjusted EBITDA growing approximately 35% to a record $9.1 million, representing a margin of 22% [4][18] - Q4 2025 revenue reached $10.5 million, an 8% increase from Q4 2024, and a 10% annualized increase from Q3 2025 [12] - For the full year 2025, revenue grew 15% to $40.3 million from $35.2 million in 2024 [12] - Net loss in Q4 2025 was $1.1 million or $0.08 per share, an improvement from a net loss of $1.5 million or $0.12 per share in the same period last year [17] Business Line Data and Key Metrics Changes - The partner and marketplace channel grew 8% year-over-year in Q4 2025, representing approximately 59% of ARR, with full-year revenue increasing 10% to $22.2 million [12][13] - The enterprise channel grew 8% in Q4 2025 and 21% for the full year, reaching $18.1 million, driven by expansion into the EU [13] - Annual recurring revenue (ARR) at the end of Q4 2025 was $40 million, a 9% increase over the previous year [14] Market Data and Key Metrics Changes - The company is experiencing increased demand for digital accessibility solutions due to rising litigation and regulatory requirements, particularly in the EU [9][31] - The DOJ's requirements under Title II are set to go into effect next month, which is expected to drive further demand for the company's services [35] Company Strategy and Development Direction - The company is focusing on accelerating annual recurring revenue (ARR) growth while reducing reliance on non-recurring revenue [10][26] - A next-generation platform was released to address market needs, combining AI detection, expert audits, and custom fixes [7][8] - The company aims to leverage its proprietary data to enhance its product offerings and drive future growth [9][33] Management's Comments on Operating Environment and Future Outlook - Management anticipates that 2026 will see the highest year of digital accessibility lawsuits on record, indicating a growing market opportunity [7] - The company expects adjusted EBITDA to grow by at least 30% in 2026, with a run rate of $15 million by year-end [5][10] - Management expressed confidence in the company's unique position and the potential for significant growth driven by data and market dynamics [25][31] Other Important Information - The company repurchased approximately $4.6 million worth of shares in 2025, strengthening its balance sheet [18] - As of December 31, 2025, the company had $5.3 million in cash and $6.6 million in available debt facilities [19] Q&A Session Summary Question: Update on platform updates and human involvement in custom fixes - Management indicated that while AI tools are improving, significant human involvement is still necessary due to the complexity of accessibility issues [22] Question: Revenue guidance for 2026 and growth trends - Management provided conservative guidance for 2026, expecting lower non-recurring revenue and higher ARR growth [24][26] Question: Update on investments in the EU and opportunities - Management noted that the EU market is building nicely, with expectations for significant growth as enforcement of regulations increases [31] Question: Potential partnerships related to AI - Management highlighted the unique data the company possesses and the potential for future partnerships, though specific strategies were not disclosed [33] Question: Gross margin expectations for 2026 - Management expects gross margins to remain consistent, with opportunities for growth as AI compute costs are managed [36] Question: Customer additions and sustainability of growth - Management attributed recent customer additions to a large reseller deal in the EU and expressed optimism about continued momentum [41]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA increased by $2.2 million or 17.1% to $15.2 million compared to $13 million in Q4 2024 [4] - Q4 revenue was $90.9 million, a 4% decrease from the prior year period, but excluding flight equipment sales, revenue increased by 9.8% [4][5] - For the full year, total revenue was $335.3 million, a decrease of $9.8 million or 2.8% year-over-year, primarily due to fewer flight equipment sales [6] - Full year adjusted EBITDA increased by $12.8 million to $46.1 million, up 38.2% year-over-year [7] Business Line Data and Key Metrics Changes - Asset Management revenue in Q4 declined approximately 11.1% year-over-year to $56.9 million due to fewer flight equipment sales, but excluding these sales, revenue increased by 9.1% [14][15] - TechOps revenue in Q4 increased by 10.7% to $34 million, driven by higher sales in aerostructures and landing gear MROs [15] - For the full year, TechOps revenue declined by 4.5% to $123.7 million, primarily due to lower on-airport MRO activity, but gross margin improved to 25.6% from 16.6% in the prior year [16] Market Data and Key Metrics Changes - The company ended 2025 with a win rate of 4.8% in feedstock acquisitions, down from 17.2% in Q4 2024, indicating a hyper-competitive market [7][8] - The company has approximately $364 million in inventory at the start of 2026, with $150 million ready for deployment in the USM channel [28] Company Strategy and Development Direction - The company aims to mitigate earnings volatility by growing more recurring and predictable parts of the business, including expanding USM sales and increasing leasing activities [11] - Strategic adjustments in MRO facilities are expected to contribute significantly to profitability in 2026, with new capabilities and expanded capacity [10] - The company is committed to marketing its Enhanced Flight Vision System, AerAware, to both commercial and governmental customers [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving substantial growth in 2026, supported by efficiency initiatives and a strong balance sheet [12][19] - The company anticipates steady incremental improvements as new revenue streams ramp up and efficiency initiatives continue to gain traction [19] - Management noted that the GTF situation is not expected to normalize in 2026, which may impact operations [31] Other Important Information - The company received FAA approval to overhaul Boeing 737 MAX and 787 landing gear, expanding its capabilities [10] - The company is actively engaged in discussions with potential customers for its converted aircraft, with increased demand for cargo [9] Q&A Session Summary Question: What is the goal for material feedstock purchases this year? - Management anticipates a lower level of feedstock purchases this year due to a hyper-competitive market, with a win rate of under 10% [22][23] Question: How much inventory is available for monetization? - The company has ample inventory to continue growth without needing to purchase as much as last year, with $364 million in inventory at the start of 2026 [27][28] Question: How will GTF normalization and AerSafe deadline impact revenue? - Management does not expect GTF normalization in 2026, but sees opportunities in returning parked aircraft to service [31][41] Question: Will AerSafe create a headwind next year? - The greatest sales for AerSafe are expected this year, with a backlog exceeding last year's total sales [47]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company reported cash and investments of $301.8 million, indicating a strong financial position to support ongoing clinical programs [23] - The funds expended in 2025 were primarily directed towards the advancement of the HCV Phase III program and discovery efforts for HEV [23] - R&D expenses increased in 2025 compared to 2024, driven by external spending for HCV clinical development, while G&A expenses decreased due to lower stock-based compensation [24] Business Line Data and Key Metrics Changes - The global Phase III HCV program is on track, with enrollment completed for the North American trial C-BEYOND and expected completion for C-FORWARD by midyear [7][12] - The company anticipates top-line results for C-BEYOND by midyear and for C-FORWARD by year-end [7][26] - The HEV program is positioned as a strategic expansion, with AT-587 selected as the lead product candidate, aiming to address a significant unmet need in immunocompromised patients [20][21] Market Data and Key Metrics Changes - In the U.S., approximately 160,000 new chronic HCV infections are reported annually, with only 85,000 patients treated, highlighting a significant treatment gap [8][16] - The incidence of chronic Hepatitis C infections in the U.S. has nearly doubled from 2.5 million in 2015 to approximately 4 million today [8] - The unmet need for HEV treatment represents a market opportunity estimated between $750 million and $1 billion per year [20] Company Strategy and Development Direction - The company is focused on delivering a differentiated and optimized therapy for HCV, with a regimen designed to fit into the test and treat model of care [5][26] - The commercial strategy includes a user-friendly blister card for adherence and a projected profitability shortly post-launch [17] - The HEV program represents a strategic expansion of the antiviral pipeline, addressing a major unmet need for patients with chronic HEV [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving enrollment targets for both C-BEYOND and C-FORWARD, indicating a robust clinical development strategy [29] - The company anticipates a pivotal year in 2026, with key milestones expected from both the HCV and HEV programs [26] - Management highlighted the importance of the treatment duration and the regimen's profile in influencing prescriber preferences and market uptake [41] Other Important Information - The company returned $25 million to stockholders through a share repurchase program in 2025, reflecting a commitment to shareholder value [24] - The company is preparing for a commercial launch of its HCV product, with a focus on a concentrated prescriber base [17] Q&A Session Summary Question: Does achieving enrollment targets for C-BEYOND increase confidence in C-FORWARD? - Management confirmed that cirrhotic enrollment has not been an issue and they expect to achieve overall targets for both trials [29] Question: Can you discuss the commercial landscape and pricing evolution for HCV? - Management indicated that the distribution market is well understood, and preliminary research shows payers are interested in including the new regimen in formularies [33][34] Question: How does the primary endpoint analysis for C-BEYOND affect the regimen's effect size? - Management noted that the modified intent-to-treat analysis allows for flexibility in dosing, which could enhance the regimen's perceived efficacy [37][38]

Financial Data and Key Metrics Changes - For Q4 2025, the company recorded revenue of $6 million, a 43% increase from CAD 4.2 million in Q4 2024, with $2.3 million from recurring revenue and $3.7 million from one-time capital equipment sales [4][5] - Gross margin in Q4 2025 was 67%, down from 71% in Q4 2024, primarily due to product mix and introductory pricing in new markets [5] - The net loss for Q4 2025 was CAD 8.2 million or CAD 0.27 per share, compared to a net loss of approximately CAD 4.9 million or CAD 0.20 per share in Q4 2024 [5][6] Business Line Data and Key Metrics Changes - The company had 78 TULSA-PRO sites as of December 31, 2025, with a growing sales pipeline of 110 new systems in various stages of the sales process [21] - The TULSA-PRO system is seeing broader adoption across both academic and community hospitals, driven by increased awareness of its clinical benefits and established reimbursement pathways [22] Market Data and Key Metrics Changes - TULSA reimbursement was confirmed for 2026 at Urology level seven, with expectations for private insurance coverage decisions in the second half of 2026 [22][24] - The company is experiencing significant interest in image-guided interventions, which is expected to drive growth [24] Company Strategy and Development Direction - The company aims to establish TULSA as a third distinct category in prostate cancer treatment, capable of treating the whole gland or specific regions while minimizing side effects [27][28] - Strategic partnerships are being developed globally, with recent agreements in Saudi Arabia and Australia already yielding sales [25][26] - The introduction of the TULSA-AI Volume Reduction module is expected to enhance BPH treatment efficiency and expand the total addressable market significantly [35][44] Management's Comments on Operating Environment and Future Outlook - Management believes the company is on a path to profitable growth, with expectations of declining cash burn and eventual cash flow positivity as revenues grow [6][24] - The company anticipates high double-digit to low triple-digit revenue growth in 2026, supported by the expansion of TULSA-PRO sites and increased procedure volumes [24][46] Other Important Information - The CAPTAIN trial, a significant clinical study, is expected to provide important data that could accelerate reimbursement timelines and enhance the credibility of TULSA [9][76] - The company is also exploring opportunities with its Sonalleve technology, which is being used for various treatments, including for uterine fibroids and pancreatic cancer [42][43] Q&A Session Summary Question: Update on private payers and reimbursement - Management reported that the number of patients going through private payers is increasing, with typical payments between 1.5 to 2.5 times Medicare rates, and over 90% of rejections are being tracked for potential reversals [48][49] Question: Dynamics of non-capital revenue decline - Management noted that while there was a sequential decline in non-capital revenue, overall usage is increasing, and the mix is expected to shift towards recurring revenue as the install base grows [54][60] Question: Expectations for 2026 revenue growth - Management did not provide specific guidance but indicated confidence in achieving high double-digit to low triple-digit growth, with an expected increase in the number of sites [66][70] Question: Progress on TULSA installations - Management confirmed that installations are progressing well, with expectations for increased installations throughout the year [84] Question: BPH module usage - At least 10 sites are currently using the BPH module, with expectations for rapid growth in usage by mid-year [91] Question: International expansion progress - Management highlighted increased attention in international markets and the signing of distributor agreements to facilitate growth [92]

Financial Data and Key Metrics Changes - The company reported a debt-free status and strengthened working capital for the full year 2025, with improved royalties when adjusted for one-time licensee events [4][7] - A private placement of $1.1 million was completed at $1 per share, indicating a strategic move to reinforce the balance sheet [5][6] Business Line Data and Key Metrics Changes - The automotive pipeline has seen meaningful expansion, with Ferrari and Cadillac adopting SPD-SmartGlass, and Mercedes showcasing SPD in a concept vehicle [3][12][14] - The transition of Ferrari's business to a new licensee, Isoclima, was successfully executed, with sales levels exceeding minimum annual royalty thresholds [10][11] Market Data and Key Metrics Changes - The architectural retrofit market is identified as a significant opportunity, with four initial retrofit projects already selected [16][17] - The company is focusing on developing new SPD film variants and enhancing manufacturing processes to broaden market access [15] Company Strategy and Development Direction - The company aims to expand its automotive and architectural retrofit programs while maintaining production continuity through licensee transitions [3][4] - New product developments are being driven by OEM feedback, focusing on aesthetic preferences and broader glazing applications [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational continuity of SPD production despite challenges faced by Gauzy's French subsidiaries [19][25] - The company anticipates meaningful revenue growth from automotive programs as integration progresses, with a broader pipeline than ever before [26][29] Other Important Information - Gauzy's restructuring efforts are seen as a potential positive change that could strengthen long-term sustainability [9][19] - The company remains in regular contact with Gauzy, ensuring that production and program execution continue despite the challenges [10][25] Q&A Session Summary Question: Concerns about Gauzy's French rehabilitation proceeding - Management indicated that the situation is improving and that the rehabilitation process applies only to Gauzy's French subsidiaries, with production continuing elsewhere [18][19] Question: Impact of war on operations - Management acknowledged disruptions but noted that operations are adapting and continuing, with plans to move production to Germany if necessary [20][58] Question: Timing of capital raise and stock price concerns - Management clarified that the capital raise was strategic, prompted by unpaid receivables and supply disruptions, and emphasized the importance of maintaining liquidity [64][78] Question: Future revenue growth expectations - Management stated that automotive integration takes time but expressed confidence in the breadth of the pipeline and ongoing engagements with multiple OEMs [26][29] Question: Interest from Ferrari in expanding SPD roofs - Management confirmed that Ferrari has expressed interest in expanding SPD roofs to other models, highlighting the positive performance of the current offerings [93]