BK Technologies (BKTI) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Jennifer Belodeau - Vice PresidentJohn Suzuki - President, CEO & DirectorScott Malmanger - CFORobert Van Voorhis - Founder & CEO Conference Call Participants Jaeson Schmidt - Director of Research - Senior Research AnalystAaron Martin - Analyst Operator Good morning, ladies and gentlemen, and welcome to the BKTI First Quarter twenty twenty five Earnings Call. This call is being recorded. All participants have been plac ...

Adecoagro (AGRO) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Mariano Bosch - Co-Founder, CEO & DirectorJuan José Sartori Piñeyro - Executive ChairmanEmilio Gnecco - Chief Financial OfficerRenato Pereira - Vice President of Sugar, Ethanol & Energy BusinessLucas Ferreira - Executive DirectorBruno Tomazetto - Equity Research Associate Conference Call Participants Thiago Duarte - AnalystJulia Rizzo - AnalystMatheus Enfeldt - Equity Analyst Operator Good morning, ladies and gentlemen, and ...

Camtek (CAMT) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Rafi Amit - Chief Executive Officer and ChairmanMoshe Eisenberg - Chief Financial OfficerRamy Langer - Chief Operating OfficerMatthew Prisco - DirectorBlayne Curtis - Managing DirectorBrian Chin - DirectorCraig Ellis - Director of ResearchMichael Mani - Equity Research AssociateVivek Arya - Managing Director Conference Call Participants Charles Shi - Managing Director - Senior AnalystKyle Bleustein - Equity AnalystGus Richard ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $1.8 billion, with adjusted EBITDA showing a loss of $325 million, an improvement from a loss of $567 million in the prior year, resulting in a 9% margin improvement year over year [33] - Depreciation per unit (DPU) for the quarter was $353, a 45% decrease year over year, with expectations to drop below $300 in Q2 2025 [35][36] - Direct operating expenses (DOE) per day decreased by 4% quarter over quarter and 1% year over year on a volume-adjusted basis [36] Business Line Data and Key Metrics Changes - The fleet was down 8% year over year, with a focus on tighter fleet management to capitalize on strong residual values [24][44] - Retail car sales achieved record performance, positively impacting depreciation per unit [18] - The company is prioritizing retail as the primary car selling channel, enhancing net margins through better management of reconditioning costs [19] Market Data and Key Metrics Changes - Overall demand remains solid, particularly in leisure segments, while corporate and government segments are experiencing moderation [27][64] - The average selling price through the retail channel strengthened in March, indicating a positive trend in the retail market [18] - The MMR Rental Car Index for April was up 8%, reflecting rising residual values in the wholesale market [58] Company Strategy and Development Direction - The company is focused on disciplined fleet management, revenue optimization, and rigorous cost management as part of its transformation strategy [9][22] - The strategy includes a shift towards a younger fleet, with over 70% of the core U.S. RAC fleet now 12 months old or newer [11] - The company aims to leverage technology partnerships to enhance fleet management and customer experience [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential macroeconomic headwinds but remains confident in the company's ability to navigate uncertainties [15][22] - The company expects to achieve a full-year EBITDA margin in the low single digits, with a target of over $1 billion in EBITDA by 2026 [45][46] - Management is optimistic about the future, citing strong demand in leisure and the potential for rising residual values [48] Other Important Information - The company amended its revolving credit facility, extending the maturity date and maintaining access to $2 billion until June 2026 [38] - The company is pursuing various transactions to optimize liquidity, including an ATM equity offering to start deleveraging [42][41] Q&A Session Summary Question: Can you discuss the fleet situation and residual values? - Management indicated that while there was temporary overfleeing at the local market level, overall fleet management remains tight, with a focus on optimizing pricing and utilization [54][55] - Residual values are rising, with retail sales skewed towards higher residuals, and the wholesale market showing quick increases [58] Question: How is demand geographically and what is the impact of seasonality? - Demand is moderating in corporate and government segments, but leisure bookings are up year over year, with normal seasonal demand expected as summer approaches [64] Question: What are the fleet activities in April and May? - The company continues to take deliveries throughout the year, with a focus on model year 2025 vehicles and maintaining flexibility in fleet management [68] Question: How do you balance cost-cutting with revenue generation? - Management emphasized the importance of customer experience alongside cost control, noting improvements in Net Promoter Scores and the use of technology to enhance service [75][78] Question: What is the outlook for depreciation and fleet value? - The company expects DPU to remain below $300, with rising residual values contributing positively to fleet economics [101][103]

Nuwellis (NUWE) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Louisa Smith - PrincipalJohn Erb - Chairman, Interim President & CEORob Scott - CFO Conference Call Participants Jonathan Aschoff - Managing Director, Senior Research Analyst Operator Good day, everyone, and welcome to Newellis First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, you will have an opportunity to ask questions during the question and answer ...

FRP (FRPH) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Matthew Mcnulty - CFO & TreasurerDavid deVilliers - President & COOJohn Baker III - CEO Operator Good day, everyone, and welcome to the FRP Holdings Inc. Twenty twenty five First Quarter Earnings Call. At this time, all participants are in a listen only mode. Later, there will be a question and answer session. Please be advised that today's call is being recorded. Should you require operator assistance, you may press 0. I'd now l ...

Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP net investment income was $0.28 per share, and core net investment income was also $0.28 per share. Adjusted for additional shares issued, core NII would have been $0.30 per share [24] - As of March 31, NAV was $11.7 per share, down 2.4% from $11.34 per share last quarter [24] - The portfolio grew to $2.3 billion, up 7% from the prior quarter [18] Business Line Data and Key Metrics Changes - During the quarter, the company invested $293 million in three new and 54 existing portfolio companies at a weighted average yield of 9.9% [18] - The weighted average debt to EBITDA for new investments was 4.3 times, with an interest coverage of 2.3 times and a loan to value of 39% [10] - The portfolio remains highly diversified with 159 companies across 49 different industries, and the weighted average yield on debt investments was 10.5% [26] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, while 20% were from new platform investments [7] - The pricing on first lien term loans appears to have stabilized in the SERFR plus 500 to $5.50 range for high-quality assets [10] - The debt to equity ratio was 1.3 times as of March 31 [25] Company Strategy and Development Direction - The company focuses on the core middle market, providing strategic capital to borrowers in five key sectors: business services, consumer, government services and defense, healthcare, and software and technology [12] - The company aims to preserve capital while seeking investment opportunities in growing middle market companies with high free cash flow conversion [22] - The company has raised significant equity capital through its ATM program, totaling $163 million during the quarter [21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects to ramp up portfolio activity in the coming months [6][7] - The management believes that the current vintage of core middle market loans is excellent, with strong credit quality and limited exposure to tariffs [11][12] - The company anticipates that the uncertainty surrounding tariffs needs to be resolved for M&A activity to pick up [34] Other Important Information - The company has taken significant steps to strengthen its balance sheet, increasing total leverage by $750 million over the last twelve months [18] - The company closed on a new $361 million securitization financing with a weighted average spread of 1.59% [19] - Nonaccruals represent only 2.2% of the portfolio at cost and 1.2% at market value, which improved to 1% at cost and 0.5% at market value after the quarter [14][27] Q&A Session Summary Question: On the equity raising during the quarter, was this a long-term capital build or an increase in pipeline activity? - Management indicated that the capital raised was to prepare for a robust 2025, despite a slowdown in activity due to recent market events [29] Question: What is necessary to unlock new M&A activity in the market? - Management stated that certainty in tariffs and a stable environment are needed to encourage decision-making and M&A activity [34] Question: How much of the activity with existing borrowers is repricing versus growth capital? - Management noted that most activity is from existing platforms growing, with repricing having ended due to market changes [40] Question: How does the company view tariff sensitivity for its portfolio versus larger businesses? - Management emphasized that most sectors in their portfolio are not significantly impacted by tariffs, with limited exposure [45] Question: How does the company plan to deploy additional equity into the senior loan fund? - Management expects to deploy excess capital within a six to twelve-month timeframe, depending on market conditions [52] Question: What are the long-term opportunities for growing the joint venture or adding partners? - Management expressed interest in potentially adding another JV partner over time, depending on finding the right fit [56]

Financial Data and Key Metrics Changes - Newellis generated $1.9 million in revenue for Q1 2025, representing a 3% increase year over year, supported by a 4% increase in consumables utilization and an increase in U.S. console sales, partially offset by a decrease in international sales [6][13] - Gross margin for Q1 was 56%, down from 64.1% in the same period last year, primarily due to unfavorable manufacturing variances and lower fixed overhead absorption [14] - Operating loss narrowed to $3.1 million compared to an operating loss of $4.7 million in the prior year quarter [15] Business Line Data and Key Metrics Changes - Pediatric and heart failure revenues increased by 3828% year over year, driven by growth in consumables utilization [6][13] - Critical care revenue declined by 25% year over year, primarily due to one of the largest customers building excess inventory in the previous quarter [7][13] Market Data and Key Metrics Changes - The company has built a growing pipeline of target outpatient facilities, representing an addressable market opportunity of approximately $717 million [12] - The recent reassignment of OXWAD X to a new outpatient reimbursed level by CMS increased the facility reimbursement fee for the therapy by nearly four times to $16.39 per day [11] Company Strategy and Development Direction - Newellis is focusing on critical care, pediatrics, and outpatient heart failure, with critical care representing approximately 40% of current business [18] - The company aims to position Aquadex as a standard of care within fluid management, expanding into the outpatient market as hospital accounts complete logistical challenges [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stabilization of critical care business volume in the upcoming quarter after a temporary decline [7][24] - The company is actively working with hospitals to implement outpatient clinics, expecting to see revenue growth in the second quarter and more rapid growth in the third and fourth quarters [28] Other Important Information - Newellis ended the quarter with $2.6 million in cash and cash equivalents and operates with no debt on the balance sheet [16] - The company has signed an agreement with KDI Precision Manufacturing to move manufacturing, which is expected to result in meaningful expense reductions over the next twelve months [22] Q&A Session Summary Question: Was the drop in adult revenue entirely due to lower international sales? - The drop in critical care was primarily due to a large customer building inventory in the previous quarter, and they have begun repurchasing in the second quarter [24] Question: Is the drop in the first quarter seasonal? - Management indicated that there is not a lot of seasonality in the business, attributing the drop to a specific incident rather than a recurring pattern [25][26] Question: What does expanding the outpatient pipeline mean for Aquadex? - The company is currently working with four hospitals to implement outpatient clinics, identifying locations and nursing resources necessary to support these clinics [27] Question: Can you provide an update on the Phase three trial enrollment with Aquadex? - Enrollment for the REVERSE HF trial is ongoing, and the company is about halfway to its goal of 372 patients [30] Question: What is the timeline for the VIVIAN clinical trial? - The clinical trial will not start until later this year or early next year, pending further development of the device [31]

Financial Data and Key Metrics Changes - Q1 2025 revenues reached $119 million, reflecting a year-over-year increase of over 20% [5] - Gross margin improved to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year [6] - Net income for Q1 2025 was $38.7 million, or $0.79 per diluted share, compared to $31.3 million, or $0.64 per share in Q1 2024 [15] - Operating margin was 31.5%, compared to 29.9% in Q1 2024 [15] Business Line Data and Key Metrics Changes - Revenue distribution: 45-50% from high-performance computing (HPC) applications, about 20% from other advanced packaging applications, and the remainder from CMOS image sensors, compound semiconductors, and general 2D applications [6] - The company sold systems to over 35 different customers, indicating a robust and diverse business model [7] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 91% from Asia and 9% from the rest of the world [13] - The company has not seen any material impact from geopolitical issues or tariff policies, as most sales are not targeted at the US market [7] Company Strategy and Development Direction - The primary growth engine for the upcoming years will be advanced packaging, particularly in HPC supporting AI applications [9] - The company is positioned strongly in the advanced packaging market, with a focus on technological leadership and competitiveness [12] - New technologies are expected to drive new tool requirements, particularly with the transition to HBM4 [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are uncertainties in the market due to geopolitical issues, they have not experienced delays or order cancellations [8] - The company expects Q2 2025 revenue in the range of $120 million to $123 million, representing approximately 18% year-over-year growth [8] - Management remains optimistic about the growth potential in both HPC and advanced packaging markets [48] Other Important Information - The company generated $23.6 million in cash from operations, with cash and cash equivalents totaling $523 million at the end of the quarter [16] - Inventory levels increased to $141.5 million, primarily due to building inventory for newly introduced products [16] Q&A Session Summary Question: Concerns about competition from KLA - Management expressed confidence in their competitive position, highlighting their ability to meet specific market requirements faster than larger competitors [21][22] Question: Product positioning for HBM4 - Management indicated that customers typically prefer to buy new equipment rather than upgrade existing tools, and they are well-positioned with both the Hawk and Eagle product lines [25][26] Question: HPC revenue outlook for the full year - Management expects HPC to continue to be a strong segment, maintaining a similar revenue range as seen in Q1 [28] Question: Growth outlook for the back half of the year - Management is optimistic about growth, supported by a healthy backlog and pipeline [32] Question: Update on new products - Management reported positive customer feedback and increased orders for the new products, expecting significant revenue contributions in 2025 [36][37] Question: Gross margin outlook - Management expects gross margins to remain within the 51-52% range, with improvements anticipated as new products ramp up [40] Question: Impact of tariffs on competition - Management does not foresee any competitive advantage from tariffs, as they are monitoring the situation closely [41] Question: Trends in HPC and COAS - Management noted growth in both HPC and COAS markets, with optimism about future demand [45][46] Question: Market share in HPC - Management believes they have maintained or grown their market share, particularly in 2D applications [64] Question: Order dynamics and visibility - Management indicated that while there is some caution in the market, they have not experienced material impacts on business [70]

Lifeway Foods (LWAY) Q1 2025 Earnings Call May 13, 2025 09:00 AM ET Speaker0 Good morning. Welcome to LifeWay Foods Fourth Quarter and Full Year twenty twenty four Conference Call. On the call with me today is Julie Smolansky, President and Chief Executive Officer. By now, everyone should have access to the press release that went out this morning. If you have not received the release, it is available on the Investor Relations portion of LifeWay's website at www.lifewayfoods.com. A recording of this call wi ...