Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [23] - Net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and certain legacy standalone restaurants [24] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, mainly due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [5] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [6] - The Manhattan office market has shown strength, with leasing activity exceeding pre-COVID levels, particularly in financial services, technology, and media industries [6] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include reinvestment into existing assets to improve space utilization and drive customer engagement, while also seeking opportunistic growth in real estate-driven hospitality and entertainment platforms [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging marquee events to drive visitation and awareness [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the New York City market presents a mixed picture, with challenges in international tourism but resilience in domestic travel [5] - The company is optimistic about the performance of new hospitality concepts and events, which are expected to drive customer spending and engagement [12][16] - Management expressed confidence in the sale of 250 Water Street, which is expected to positively impact cash burn and eliminate associated interest expenses [10] Other Important Information - The company completed several technology initiatives, including centralizing point-of-sale and procurement systems across hospitality businesses, enhancing financial visibility and reporting accuracy [13] - The sale of 250 Water Street is expected to close by December 15, with an increased sale price of $152 million [10] - General and administrative expenses during the quarter were $18 million, reflecting a year-over-year reduction of 2% [30] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational efficiencies, and filling remaining vacancies as key drivers for profitability [35] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [36] Question: What is the timing for opening new tenants? - Management anticipates that velocity will pick up in the back half of the year, with several openings expected before Meow Wolf [38] Question: What are the expectations for the Tin Building's break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but will outline plans in the next earnings call [41] Question: What are the capital expenditures expected for Q4? - Management indicated that capital expenditures for Q4 will be somewhat light, with a ramp-up expected in the first half of 2026 [45]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $33.3 million, a 19% increase from $27.9 million in Q3 2024, primarily driven by $5.5 million in licensing revenue and $576,000 in additional biologics revenue, despite a 6% decline in hardware product revenue [13][8][4] - Gross margin improved to 66.1% in Q3 2025 from 58.4% in Q3 2024, attributed to a favorable sales mix and greater scale [13] - Net income for Q3 2025 was $1.3 million, compared to a net loss of $5 million in the same period last year [16] - Adjusted EBITDA for Q3 2025 was $4.5 million, a significant improvement from an adjusted EBITDA loss of approximately $1 million in Q3 2024 [16] Business Line Data and Key Metrics Changes - The biologics product family, the core business, grew by 4% year-over-year, which was below long-term growth expectations [8] - The company is focusing on higher-margin biologics and in-house manufacturing to improve quality and control costs, with plans to drive top-line growth in the orthobiologics business [9] Market Data and Key Metrics Changes - The company anticipates closing the sale of non-core assets for $19.2 million, which will enhance focus on the core biologics business and strengthen financial position [5][6] - The anticipated revenue from the sold business was approximately $23.5 million, which was modestly unprofitable on a standalone basis [6] Company Strategy and Development Direction - The company is shifting focus back to driving top-line growth in orthobiologics after achieving self-sustainability and positive cash flows [9] - New product launches include CollagenX, which is designed for surgical wound closure and complements the existing orthobiologics product line [10] - The company is well-positioned to grow in the surgical repair and wound care markets, supported by positive feedback from surgeons on recent innovations [11] Management's Comments on Operating Environment and Future Outlook - Management reiterated 2025 revenue guidance of $131 million to $135 million, reflecting an 11%-15% growth over 2024 revenue [11][12] - The company expects to provide initial 2026 revenue guidance with Q4 results in March of next year [12] Other Important Information - The company has $10.6 million in cash and cash equivalents, with net accounts receivable of $25.6 million and inventory of $40.7 million as of September 30, 2025 [17] Q&A Session Summary Question: Plans for investment in the commercial organization - Management indicated plans to increase the number of sales representatives from four to eight by the end of the year, with expectations to add four more in 2026, focusing on strategic areas [19][21] Question: Growth expectations for the orthobiologics business in 2026 - Management expects low double-digit growth for the orthobiologics business in 2026, while hardware growth remains uncertain [22] Question: Insights on new product launches at NAS - Management highlighted three key products: a new growth factor product, an advanced DBM called Trivium, and the recently launched CollagenX, all of which are expected to enhance the product portfolio [25][26] Question: Year-over-year growth in orthobiologics - The orthobiologics business experienced a 4% growth, driven by the stem cell and amnio product lines, while older demineralized bone products faced declines [30][33] Question: Impact of amnio product pricing changes - The company is well-positioned to benefit from the new pricing structure for amnio products, leveraging strong hospital contracts [38] Question: Plans for distributing CollagenX - Management sees significant potential for CollagenX in various markets, leveraging the existing platform technology acquired through previous acquisitions [40][41]

Financial Data and Key Metrics Changes - Consolidated third quarter 2025 revenue was $152.5 million, down from $171.8 million in the prior year, primarily due to softening customer demand in North America [11] - Adjusted EBITDA for the third quarter was $4.6 million, compared to $4.3 million in the prior year, with adjusted EBITDA margins increasing to 3.0% from 2.5% [11] - Net loss for the quarter was $6.8 million, or a loss of $0.20 per diluted share, compared to a net loss of $0.9 million, or a loss of $0.03 per diluted share in the prior year [12] - Free cash flow from continuing operations was negative $3.4 million, down from positive $17.1 million in the prior year [12] Business Line Data and Key Metrics Changes - Global ceiling segment revenues were $68.7 million, a decrease of 10% year-over-year, but adjusted operating income increased to $2.9 million [13][14] - Global electrical systems segment revenues increased by 6% to $49.5 million, with adjusted operating income rising to $1.4 million [14][15] - Trim systems and components revenues decreased by 29% to $34.3 million, with an adjusted operating loss of $0.3 million compared to profits of $4.1 million in the prior year [16][17] Market Data and Key Metrics Changes - ACT Research forecasts a 28% decline in North American Class 8 heavy truck build volumes for 2025, with a further decline of 14% in 2026 [18] - The construction market is expected to decline by 5-10%, while agriculture markets are projected to decrease by 5-15% due to higher interest rates and lower commodity prices [19] Company Strategy and Development Direction - The company is focused on driving operational efficiencies and reducing costs, including right-sizing manufacturing footprints and optimizing production capacity in regions with better demand [6][9] - The global electrical systems segment is a key area for growth, with expectations for sales to increase in the high single-digit to low double-digit percentage range in 2026 [20][21] - The company is actively pursuing new business opportunities in autonomous vehicles and infrastructure markets to enhance revenue and margin growth [21][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged broader market and macroeconomic uncertainties but expressed confidence in the company's ability to enhance shareholder value through operational improvements and new business wins [9][28] - The company expects to generate at least $30 million in free cash flow for the full year, which will be used to pay down debt [26] Other Important Information - The company has generated $25 million in free cash flow year-to-date, up $14 million from the previous year, driven by improved working capital performance [6] - The net leverage ratio at the end of the third quarter was 4.9 times, slightly up from 4.8 times at the end of the second quarter [13] Q&A Session Summary Question: How much more can be achieved in efficiency improvements before needing to increase CapEx? - Management indicated that there are still opportunities for further operational efficiency improvements without significantly impacting the ability to respond to market changes [34][35] Question: Why is there a larger reduction in adjusted EBITDA compared to revenue guidance? - The larger reduction in adjusted EBITDA is primarily due to deleveraging and the fixed cost nature of the North American Class 8 business, which has been significantly impacted by reduced volumes [38] Question: Can the new electrical system products offset declines in the Class 8 business in 2026? - Management expects that the ramp-up of new business in the electrical systems segment will help offset the anticipated downturn in the Class 8 business [39] Question: When will the ramp of new programs in electrical systems reach full annualized rates? - The ramp in volume is expected to start in the second half of 2026, with full annualized rates anticipated in late 2027 or 2028 [44][45] Question: What is the status of tariff negotiations with customers and suppliers? - Management has engaged with customers to provide data on tariff impacts and has made progress in negotiations for price adjustments and mitigation strategies [50][51]

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $13.5 million for Q3 2025, a 29% increase compared to $10.5 million in the same period last year [5][15] - Gross profit for the quarter was $10.2 million, up from $7.7 million in the prior year, maintaining a gross margin of 75% [16] - Operating profit increased to approximately $1.3 million from $0.3 million year-over-year, with adjusted EBITDA rising to $2 million from $1.1 million [16][18] - The company ended the quarter with $70.7 million in cash and cash equivalents, an increase of $1.1 million from the previous year [17] Business Line Data and Key Metrics Changes - The company shipped 90 deep TMS systems during the quarter, representing a 43% increase year-over-year, bringing the total install base to over 1,600 systems [5][15] - Approximately 70% of recent customer engagements were structured as lease agreements, indicating a strong transition to this sales model [6][7] Market Data and Key Metrics Changes - Remaining performance obligations under existing customer agreements grew to $65 million, a 37% year-over-year increase, providing strong visibility into future revenues [17] - The company is seeing strong demand momentum, reflected in a book-to-bill ratio of 1.3x for the quarter [8] Company Strategy and Development Direction - The company focuses on three key pillars for long-term growth: elevating market awareness of deep TMS, advancing the R&D roadmap, and broadening patient access through global extension and health system integration [9] - Recent FDA approval for an accelerated treatment protocol for major depressive disorder (MDD) is expected to enhance the appeal of deep TMS to prospective patients [10] - The company is pursuing minority equity investments in mental health providers to generate shareholder value and expand market awareness [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong execution of the business model and improved visibility into the remainder of the year [5][6] - The company raised its revenue guidance for the full year 2025 to a range of $51 to $52 million, reflecting a year-over-year growth rate of 24% to 27% [18] Other Important Information - The company announced a virtual investor and analyst day on December 1 to discuss operational, clinical, regulatory, and financial progress [14] - The company remains debt-free, providing significant flexibility for strategic growth initiatives [17] Q&A Session Summary Question: Can you discuss the accelerated protocol and its current treatments? - The accelerated protocol shortens the acute phase from four weeks to six days, increasing treatment frequency to five sessions per day, which is driving demand for the company's growth [21] Question: What can be expected regarding minority equity investments? - The company has a pipeline of minority investments and aims to sign at least one more by the end of the year, with promising opportunities for 2026 [22] Question: Update on NeuroLife's activities in Japan and the EU? - The company anticipates FDA clearance for NeuroLife's device by the end of the year, which will enable distribution through various channels [23] Question: Insights on system placements from minority partners? - Minority investments are expected to lead to the opening of 10 to 15 new clinics annually, with early investments showing over 50% growth in utilization rates [28][29] Question: Plans for altering metrics reporting? - The company plans to provide more granularity on metrics, including system shipments and performance of minority investments, during the analyst day [35] Question: State of international business and growth expectations? - The company expects strong growth from Asia-Pacific and Europe, particularly in Japan, China, and major European markets [36][37]

Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with adjusted EBITDA of $20.8 million, up approximately 15% year over year and 6% sequentially [7][19] - Total rental revenue grew 11.1% year over year and 4.9% sequentially to $41.5 million, reflecting a 27,000 horsepower increase during the quarter [18] - Net income was $5.8 million or $0.46 per diluted share, up $800,000 year over year and $600,000 sequentially [19] - The company raised its full-year 2025 adjusted EBITDA guidance to $78 million to $81 million from the previous range of $76 million to $80 million [7][22] Business Line Data and Key Metrics Changes - Rented horsepower ended the quarter at approximately 526,000, an 11% increase year over year and 5% sequentially [19] - Fleet utilization reached a record 84.1%, up 204 basis points year over year and 45 basis points sequentially [19] - Rental adjusted gross margin was $25.5 million, up $2.6 million year over year and $1.5 million sequentially, with a margin percentage of 61.5% [18] Market Data and Key Metrics Changes - The company continues to take market share in large horsepower compression, with all new sets under long-term contracts [6] - Devon Energy now represents more than 10% of year-to-date revenue, highlighting a significant customer relationship [6] Company Strategy and Development Direction - The company is focused on fleet optimization and technology leadership to enhance service excellence and competitive positioning [8][10] - There is a strong emphasis on expanding into new markets, including data centers and LNG infrastructure, which are expected to drive future growth [10][11] - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with a significant number of new large horsepower units already under contract [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver improved performance despite global macroeconomic uncertainty [10] - The company anticipates continued demand for compression driven by existing production and rising electricity demand [10] - Preliminary expectations for 2026 growth capital expenditures are set at $50 million to $70 million, indicating ongoing organic growth [22] Other Important Information - The company paid out its inaugural quarterly dividend of $0.10 per share and plans to increase the fourth-quarter dividend by 10% to $0.11 per share [7][21] - The leverage ratio was reported at 2.5 times, remaining the lowest among public compression peers [20] Q&A Session Summary Question: Can you talk about the outlook for 2026 and customer conversations? - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [28][29] Question: What are the opportunities for margin improvement? - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a mix shift to large horsepower [31] Question: Is the majority of demand still for gas lift in the Permian? - While gas lift in the Permian remains a significant portion, there is growing demand for data center natural gas load, creating incremental opportunities [36] Question: How is the relationship with Devon Energy developing? - The relationship has expanded significantly due to the company's technology and service capabilities, leading to increased horsepower contracts [50][51] Question: How does the company balance capital returns with growth opportunities? - Management emphasized a disciplined approach to capital allocation, ensuring that dividend increases do not hinder growth potential [48][49]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net loss from continuing operations of $32 million, or $0.67 per diluted share, compared to a loss of $18 million, or $0.43 per share in Q3 2024, primarily due to increased intangible amortization and G&A expenses [10][11] - Adjusted EBITDA from continuing operations was a loss of $3 million, down from a sub-$2 million gain in Q3 2024, influenced by prior FX gains and increased corporate expenses [11][12] - The insurance distribution segment saw revenue increase by 80% year-over-year to $43 million, driven by strong organic growth of 40% and an additional month of Beat results [12][13] Business Line Data and Key Metrics Changes - The insurance distribution segment reported adjusted EBITDA of $10 million with a 23% margin, up from $3 million and an 11.1% margin in Q3 2024, reflecting strong organic growth and higher profit commissions [12][13] - Everespan's net written and net earned premium decreased to $18 million and $17 million, respectively, down from $33 million and $27 million in the prior year, due to proactive non-renewals [13][14] - The combined ratio for Everespan increased to 112.9% from 100.5% in the prior year, with adverse development contributing significantly to the loss ratio [14] Market Data and Key Metrics Changes - The company has expanded from one MGA to 22 since its inception five years ago, with pro forma revenue growing more than seven-fold since 2021 [17] - The company anticipates maintaining robust organic growth and expects to achieve a target of approximately $30 million in adjusted expenses for 2026 [7][8] Company Strategy and Development Direction - The company has rebranded as Octave Specialty Group, marking a shift to a pure-play specialty P&C insurance business, with a focus on capital management, organic growth, and disciplined acquisitions [4][5][8] - The strategic initiatives include platform expansion, accretive M&A transactions, and significant corporate expense reductions, aiming to deliver sustainable long-term shareholder value [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving aspirational EBITDA goals, with a focus on organic growth and the successful launch of new MGAs [24][25] - The company expects to continue making material progress on strategic initiatives, positioning for strong performance in 2026 and beyond [7][8] Other Important Information - The company completed the sale of its legacy financial guarantee business for $420 million and acquired RemadaCare, enhancing its specialty A&H MGA platform [6][7] - Corporate G&A expenses were reduced to $26.6 million in Q3 2025, down from $27.2 million in Q3 2024, with further reductions expected from ongoing initiatives [15][16] Q&A Session Summary Question: Organic growth in the distribution business - Management confirmed that the 40% organic growth was driven by business momentum without any profit or contingent commissions affecting the numbers [27][28] Question: Third-party capacity and future needs - Management indicated that they believe they have sufficient capacity for the business, with interest from capital providers exceeding their needs for the next year [29] Question: Capital allocation priorities - Management emphasized a balanced approach to capital allocation, focusing on organic growth, share buybacks, and selective M&A opportunities [30] Question: Premium outlook for Everespan - Management expects controlled, modest growth in premiums, projecting around $370-$380 million for the current year, with expectations for continued modest growth into 2026 [35][36] Question: EBITDA margins relative to written premium - Management noted that the revenue to written premium ratio varies by business, focusing more on bottom-line results rather than top-line revenue nuances [38][39]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $14.5 million, a decrease of 14% year-over-year, attributed to a general softening in the industry and inventory adjustments by customers [18][19] - Gross profit was $3.4 million, down from $6.1 million in Q3 2024, with a gross margin of 23% compared to 36% for the same period last year [18][19] - The company reported a net loss of $1.1 million compared to net income of $3 million in Q3 2024, with adjusted EBITDA showing a loss of $435,000 compared to a profit of $3.6 million in the previous year [20] Business Line Data and Key Metrics Changes - The company has seen a shift in open orders, which represent the total value of customer orders, increasing to $64 million in Q3 2025 from $34 million in Q3 2024 [18] - The complexity of product design and manufacturing has been highlighted as a challenge, impacting profitability and operational efficiency [11][12] Market Data and Key Metrics Changes - The beauty industry is experiencing a slowdown, with consumer sentiment affecting inventory levels and lead times from brand partners [27][75] - Despite the overall market softness, the segment for SPF-infused beauty products is growing faster than the industry average, indicating a potential area for growth [75] Company Strategy and Development Direction - The company aims to maintain its leadership in the mineral-based beauty industry, focusing on scientific excellence and innovation [6][7] - Recent organizational changes have been made to improve product design, labor efficiency, and inventory control, which are expected to enhance profitability [11][14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow at a multiple of the industry's growth rate, despite the current challenges [10][27] - The leadership transition is seen as a positive step towards addressing operational issues and improving overall performance [4][9] Other Important Information - The company has established over 90 globally issued patents and has won multiple awards for product and technology innovation [6] - Significant improvements in labor efficiency have been noted, with a reduction in average labor cost per unit by close to 25% year-over-year [14] Q&A Session Summary Question: Concerns about repeated mistakes and sales outlook - Management acknowledged the need to address inventory management issues and expressed confidence in future revenue growth despite current challenges [26][27] Question: Delay in Q3 earnings release - The delay was attributed to the new leadership team wanting to ensure accuracy in reporting [30] Question: Expectations for Q4 sales and margins - Management expects an improvement in sales for the full year compared to 2024, with a positive outlook for Q4 [35] Question: Indirect costs and SG&A expenses - Management indicated that the current SG&A expenses reflect ongoing investments in leadership and operations, with some one-time costs not expected to recur [58] Question: Future margin expectations - Management refrained from providing specific guidance for 2026 but indicated a target of 30% as a floor for margins, with aspirations for higher levels in the future [64][65]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $85.5 million, down 16.7% from $102.7 million in Q3 2024 [17] - Non-GAAP gross margin was 35%, slightly up from the prior year period [18] - Non-GAAP EPS was $0.02, negatively impacted by $0.02 due to foreign exchange fluctuations [6][21] - Free cash flow generated was $3.3 million, indicating strong business model resilience [7][23] Business Line Data and Key Metrics Changes - North America was the strongest region, contributing $36 million, while India contributed $24.4 million [17] - Research and development expenses decreased to $6.8 million from $8.6 million in Q3 2024 [18] - Sales and marketing expenses increased to $12 million from $10.4 million in Q3 2024, reflecting strategic investments [19] Market Data and Key Metrics Changes - North America saw record revenue and order bookings, driven by a major Tier 1 customer [13] - Revenue in India was flat compared to Q2, but visibility has improved with resumed order flow from a major carrier [14] - Other regions showed stable results, with increased opportunities in EMEA and Latin America [15] Company Strategy and Development Direction - The company is focusing on addressing network capacity and resiliency challenges driven by AI and data-intensive applications [8] - Ceragon's E-band and point-to-multipoint offerings are positioned to capture growth opportunities in the market [9] - The company aims to achieve $340 million in revenue for 2025, with optimism for growth in 2026 [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Q4 and 2026, citing improved visibility and a strong funnel of opportunities [27][28] - The company is seeing increased demand for higher capacity driven by 5G and fixed wireless access [36] - Management noted that AI is becoming a significant driver for capacity needs, particularly in enterprise connectivity [32] Other Important Information - The balance sheet remains solid, with cash position at $43 million, up from $35.3 million at the end of 2024 [22] - The company is actively pursuing additional acquisitions supported by strong relationships with banks [13] Q&A Session Summary Question: Outlook for the fourth quarter and 2026 growth - Management is optimistic about Q4, driven by visibility from India and North America, and sees potential for growth in 2026 [27][28] Question: Drivers of North American tier one ramp-up - The increase is driven by capacity upgrades, new coverage for mobile, and fixed wireless access [36] Question: Impact of U.S. government shutdown - The impact has been minimal so far, primarily affecting private networks, and is being monitored closely [49] Question: Opportunities in defense and security - The company sees numerous opportunities in defense and security, particularly with their 60 GHz product [55][56]

KalVista Pharmaceuticals (NasdaqGM:KALV) Q3 2025 Earnings Call November 11, 2025 08:30 AM ET Speaker0Thank you for standing by. Welcome to KalVista Pharmaceuticals' 2025 third-quarter financial update and operating results conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advisi ...

Endava (NYSE:DAVA) Q1 2026 Earnings Call November 11, 2025 08:00 AM ET Company ParticipantsMark Thurston - CFO and DirectorJohn Cotterell - Founder, CEO, and DirectorPuneet Jain - Associate of Equity ResearchLaurence Madsen - Head of Investor RelationsBryan Bergin - Managing DirectorAntonio Jaramillo - Equity Research Senior AssociateJonathan Lee - MD of Equity ResearchConference Call ParticipantsMaggie Nolan - Research Analyst of Technology, Media, and CommunicationsNate Svensson - Director and Senior Equi ...