Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [23] - Adjusted EBITDA was negative $5 million, showing a $4 million improvement compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [23] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [23] - Extend revenues were $32 million, delivering growth of 46% [23] - Insular revenues were approximately $5 million, up 27% [23] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 GWh over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - The company aims to achieve break-even adjusted EBITDA in Q4 2025, marking a significant milestone [30] - EVgo plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [21] - The focus is on site selection and maximizing returns on capital, differentiating from competitors who may prioritize federal grants over optimal site locations [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about EV sales forecasts, suggesting that actual sales may exceed current predictions due to improved vehicle affordability and performance [34] - The company anticipates continued growth in charging revenue, projecting three to four times annualized growth from current levels [9] - Management acknowledged seasonality in throughput and charge rates, particularly in winter months, but expects to see overall growth in the charging network's profitability [52] Other Important Information - The company has received $41 million from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - EVgo's average daily throughput per stall has increased more than six-fold from less than 50 kWh in Q1 2022 to 295 kWh in Q3 2025 [12] - The company is actively enhancing its charging technology and infrastructure to improve performance and reduce costs [16][19] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs has grown significantly, and while forecasts may fluctuate, they expect higher sales than current predictions due to improved vehicle quality and affordability [34] Question: Tesla charging on the network with new cables - Management indicated that early usage data shows increased Tesla driver engagement at retrofit sites, with plans for a broader rollout in 2026 [37][38] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations for a doubling of public and dedicated stalls compared to 2025 [44] Question: Impact of contract closeout on future revenue - Management clarified that the contract closeout would not impact the previously provided stall guidance, as the majority of the growth is expected from public stalls [80] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect continued improvement in Q4 [82]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations net of tax of $166 million for the quarter [24] - Cash and cash equivalents stood at $4.4 billion with no debt on the balance sheet, indicating a strong capital position [24][25] Business Line Data and Key Metrics Changes - The NDA filing for Brepocitinib in dermatomyositis (DM) is on track for the first half of next year, with significant data showing it hit all 10 ranked endpoints in the VALOR study [5][10] - The Graves' disease trial for Batoclimab demonstrated disease-modifying potential, with a significant portion of patients responding positively to therapy [19][20] Market Data and Key Metrics Changes - The company highlighted a large patient population for Graves' disease, with approximately 880,000 diagnosed patients in the U.S., of which 330,000 are uncontrolled or intolerant to current treatments [19] - The competitive landscape in Graves' disease is evolving, with multiple companies recognizing the importance of this market [33][60] Company Strategy and Development Direction - The company is focused on expanding its late-stage pipeline, with 11 potentially registrational trials and indications with blockbuster potential [8] - The upcoming investor day on December 11, 2025, is expected to provide a comprehensive overview of the company's strategy and future opportunities [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the transformative data from recent trials and the potential for significant market impact [4][9] - The company is optimistic about its competitive positioning in the Graves' disease market, emphasizing the importance of FcRn therapy [60] Other Important Information - The company is involved in ongoing litigation related to LNP technology, with a jury trial in the Moderna case scheduled for March 2026 [24] - The company has a favorable marketing ruling in the Pfizer case, which is expected to influence future developments [7][24] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [29] Question: Thoughts on Argenx entering the Graves' market? - Management acknowledged the competitive landscape but expressed confidence in their data and the potential for their treatment to stand out [33][34] Question: Expectations for the investor day? - Management stated that the investor day will focus on the transformation of the business and may include new data or strategic directions [36][38] Question: Impact of high-dose Batoclimab on remission rates in Graves' disease? - Management noted that deeper IgG reductions are expected to drive better outcomes, and they are cautious about discussing competitive implications [42][44] Question: Status of LNP litigation and international cases? - Management confirmed ongoing international litigations, with important hearings expected in 2026 [72][73] Question: Insights on Sjögren's disease market opportunity? - Management expressed excitement about the Sjögren's market and the potential for their treatment to be first in class [54][55] Question: Update on overseas studies with 1402? - Management indicated that ongoing studies are being used to inform indication selection and design decisions for larger studies [98]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2.3 billion, reflecting a 10.5% increase on a reported basis and an 8% increase on a like-for-like basis, indicating strong underlying growth across segments [13][14] - Net income decreased due to a $10 million loss in discontinued operations and an $8 million non-cash fair value charge, partially offset by $10 million in insurance proceeds and higher earnings from equity method investments [13][14] - Adjusted EBITDA decreased by $1.3 million, primarily due to declines in the fresh fruit segment, while adjusted net income decreased by $3 million [13][14] Business Line Data and Key Metrics Changes - Fresh fruit revenue increased by 11%, driven by higher volumes and pricing of bananas, pineapples, and plantains, but faced higher sourcing costs impacting Adjusted EBITDA [15][16] - Diversified EMA segment reported an 11% revenue increase, with Adjusted EBITDA rising by $10 million or 34%, supported by strong performances in Scandinavia, Spain, and the Netherlands [16] - Diversified Americas segment saw an 8% revenue increase, with Adjusted EBITDA up by $4 million or 46%, driven by strong performance in the southern hemisphere export business and North American market [16] Market Data and Key Metrics Changes - Demand for bananas remains robust in North American and European markets, contributing to tight supply and cost pressures [10] - The company is experiencing strong underlying growth in key markets, particularly in Spain and the Netherlands, with positive momentum continuing into the third quarter [10][11] Company Strategy and Development Direction - The company completed the sale of its non-core fresh vegetable division, enhancing capital allocation flexibility and focusing on core operations [5][6] - A $100 million share repurchase program was announced to enhance shareholder value, indicating a strategic approach to capital allocation [6][20] - The launch of the new Dole Collada Royale Pineapple represents a significant innovation, aimed at enhancing the tropical product portfolio and community support [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic volatility and industry-specific factors affecting results, particularly in the banana supply chain [20] - The company expects full-year Adjusted EBITDA to be at the upper end of the targeted range of $380-$390 million, reflecting confidence in business momentum despite challenges [20] - Management remains optimistic about the long-term growth potential and strategic positioning within the sector [20][21] Other Important Information - Cash capital expenditure for the quarter was $20.9 million, with a reduction in full-year routine capital expenditure expectations to approximately $85 million [17][18] - The company declared an $8.50 dividend for the third quarter, to be paid in January [19] Q&A Session Summary Question: Outlook for the fourth quarter and cost pressures - Management highlighted challenges in forecasting due to macroeconomic volatility and specific headwinds in sourcing costs, particularly for bananas, impacting guidance for Q4 [24][25] Question: Updates on tariff exclusions for agricultural products - No new updates were provided regarding tariff exclusions, but management expressed confidence in the long-term resolution of tariff issues affecting tropical produce [27][28] Question: Insights on capital allocation and buyback program - The buyback program is part of a broader capital allocation strategy, allowing for flexibility in pursuing growth opportunities while maintaining a progressive dividend policy [37][39] Question: Status of annual contracting negotiations - Management indicated that negotiations are ongoing, with awareness of supply conditions among customers, and expressed optimism about future discussions [51][53] Question: Performance in diversified fresh produce - Management noted strong market positions in Europe and North America, with ongoing investments enhancing operational efficiency and customer offerings [55][57]

Financial Data and Key Metrics Changes - Revenue increased by 36.7% year-over-year to $49.3 million in Q3 2025, with a 29% increase excluding Keystone [11][12] - Medical segment-adjusted EBITDA margin improved to over 15% in Q3 2025, up from 10.8% in the prior year period [6][12] - Free cash flow from continuing operations was approximately $2 million for the quarter, indicating a positive cash flow generation outlook [14][17] Business Line Data and Key Metrics Changes - Organ placement services revenue more than doubled year-over-year, reflecting strong growth in this segment [11] - Air logistics contributed significantly to organic revenue growth, with new and existing customers driving strong results [11][12] - Keystone's revenue increased over 40% year-over-year for the full month of September, despite only contributing $2.8 million for half of Q3 [12] Market Data and Key Metrics Changes - Industry-wide NRP adoption rates continued to increase during Q3, with transplants of organs that have undergone NRP approximately doubling compared to the prior year [9] - Despite a seasonal decline in industry transplant volumes of approximately 6%, the company achieved a 3% sequential revenue increase [11] Company Strategy and Development Direction - The company has rebranded as Strata Critical Medical and shifted focus solely on healthcare, following the divestiture of its passenger business and acquisition of Keystone Perfusion [5][8] - The strategy includes offering tailored solutions to the transplant community, enhancing operational efficiencies and cost savings [8][9] - The company aims to consolidate market share in a fragmented marketplace, leveraging its scale and local service model [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand seen in Q3, leading to an increase in 2025 revenue guidance to a range of $185 million to $195 million [17] - The management team highlighted the positive reception of the Keystone acquisition and its potential to enhance service offerings [41] - The company anticipates continued growth driven by new technology and evolving regulations in the transplant industry [23] Other Important Information - The company ended the quarter with no debt and approximately $76 million in cash and short-term investments [16] - The Joby transaction closed during the quarter, with cash proceeds of approximately $70 million from monetizing shares [16] Q&A Session Summary Question: Can you provide a disaggregation of where the growth came from in terms of revenue during Q3? - Management indicated that growth was a mix of new customer acquisition and strength within existing customers, with a broadened suite of services contributing to revenue growth [22] Question: Do you see the growth coming from similar directions in the future? - Management expects continued customer acquisition and market share consolidation, supported by a favorable industry growth trajectory [23] Question: What should we expect in terms of fleet margin and downtime impact due to earlier maintenance? - Management noted that scheduled maintenance events have decreased and margins are expected to improve sequentially [24] Question: How many individual customers are being served now post-Keystone acquisition? - Management reported serving almost 250 different customers across cardiac care and transplant businesses, highlighting geographic diversity [30] Question: Is there any customer that constitutes 5% or more of revenues? - Management stated that the business is diversified, with no single customer making up a significant portion of revenues [31] Question: Are you evening out the revenue sides between air and ground logistics? - Air remains the larger part of the business, but there is potential for ground services to grow due to the Keystone acquisition [33] Question: Will there be a breakout of logistics versus perfusionist services in reporting? - Management indicated that a pro forma breakout for 2025 has been added to the investor deck, showing expected shifts in service mix [35]

Financial Data and Key Metrics Changes - Total net revenue for Q3 2025 was $106.8 million, within the guidance range of $106.5-$108.5 million, reflecting a decline of 7.4% year-over-year [23] - Adjusted EBITDA for Q3 2025 was $22 million, also within the guidance range of $22-$23 million, representing a decline of 13.6% year-over-year [24] - Adjusted EBITDA margins, excluding political revenue, improved slightly from 20% in Q3 2024 to 20.5% in Q3 2025 [26] Business Line Data and Key Metrics Changes - Digital advertising revenue declined by 1.6% year-over-year in Q3 2025, impacted by weakness in remnant indirect digital advertising revenue [24][26] - Townsquare Interactive's revenue decreased approximately 2.3% year-over-year in Q3 2025, but segment profit increased by 21% year-over-year, with profit margins at 33% [25][26] - Broadcast advertising net revenue, excluding political, declined by 8.1% year-over-year in Q3 2025, but profit margins increased from 25% in Q3 2024 to 28% in Q3 2025 [19][26] Market Data and Key Metrics Changes - Digital revenue grew by 2% year-over-year in the first nine months of 2025, contributing to 55% of total net revenue [6] - The digital segment profit margin was 26%, up slightly year-over-year, with digital's contribution to total segment profits growing to 55% [6] - The company is experiencing significant declines in search traffic, with 45 of the top 50 U.S. news websites seeing year-over-year declines in search traffic [13] Company Strategy and Development Direction - The company is focused on being a digital-first local media company, with plans to invest heavily in digital solutions and markets outside the top 50 in the U.S. [7] - Townsquare Ignite, the digital advertising business, is expected to continue as the primary growth driver, despite current challenges in indirect revenue [8] - The company aims to grow its third-party media partnership model, which is expected to contribute approximately $6 million in revenue this year at a 20% profit margin [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment and the impact of AI on audience trends, which have negatively affected remnant revenue [15] - The company expects Q4 digital advertising revenue to be muted due to ongoing headwinds, but remains confident in the strength of its programmatic business [15] - Full-year revenue guidance has been revised down due to declines in search engine traffic and lower-than-expected political revenue [31] Other Important Information - The company generated $18 million of cash flow from operations in the first nine months of 2025, with a net loss of $5.5 million in Q3 2025 [28][26] - The board approved a quarterly dividend of $0.20 per share, equating to an annualized payment of approximately $13 million [30] - The company has reduced its outstanding debt by $17 million since February 2025, with a net leverage of 4.71 times [29] Q&A Session Summary Question: When will core advertising stabilize? - Management noted that core advertising is currently in a secular decline, but expects slight improvement in Q4 and stabilization in 2026, projecting low to mid-single-digit declines [40][42] Question: Is there room for margin cuts given high margins? - Management confirmed that there are opportunities for further efficiency improvements through AI solutions, maintaining healthy profit margins despite revenue declines [43][45] Question: Impact of government-related advertising? - Management indicated that there has been no positive impact from government shutdown-related advertising, with some cancellations noted [48][50] Question: Progress of the Phoenix office and Townsquare Interactive? - Management expressed satisfaction with the Phoenix office's performance and the overall growth in profit for Townsquare Interactive, expecting continued strong profit margins [52][54] Question: Long-term profitability expectations for Interactive? - Management expects to maintain low 30% margins over the next couple of years, with potential for expansion in 2027 and beyond [60][61] Question: Trends in Ignite's digital advertising? - Management confirmed that excluding remnant revenue, digital advertising increased by 5% in Q3, with owned and operated platforms up 10% [64][70]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [24] - Adjusted EBITDA was negative $5 million, an improvement of $4 million compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [24] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [24] - eXtend revenues were $32 million, delivering growth of 46% [24] - Insular revenues were approximately $5 million, up 27% [24] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 gigawatt-hours over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - EVgo aims to achieve break-even adjusted EBITDA in Q4 2025, with a long-term goal of $500 million in adjusted EBITDA by 2029 [11][30] - The company is focused on expanding its charging network, with plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [20][21] - EVgo is enhancing its next-generation charging architecture to lower gross capex per stall by over 25% by 2029 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of EV sales, citing an increase in the number of battery electric vehicle models available [34] - The company anticipates continued strong demand for its charging services, driven by the increasing number of EVs on the road and the expansion of affordable vehicles [8] - Management noted that the charging network's profitability is expected to improve as throughput per stall increases and fixed costs are leveraged [10][24] Other Important Information - EVgo has received a $41 million advance from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - The company has expanded its pilot for NACS connectors, with approximately 100 cables installed, and is seeing increased Tesla charging on its network [6][20] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs on the road has grown significantly, and they expect higher sales than current forecasts suggest due to improved vehicle affordability and performance [34][35] Question: Uptick in Tesla charging on the network - Management indicated that it is too early to quantify the impact but noted higher usage at sites with newly installed NACS cables [36][37] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations of doubling the number of public and dedicated stalls compared to 2025 [44][45] Question: Ancillary revenue impact from contract closeout - Management clarified that the contract closeout would not impact prior stall guidance, and they are still working with other partners in the autonomous vehicle space [82] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect further improvement in Q4 [84][86]

Financial Data and Key Metrics Changes - Total net revenue for Q3 2025 was $106.8 million, a decline of 7.4% year-over-year, but within the guidance range of $106.5 million to $108.5 million [23] - Adjusted EBITDA for Q3 2025 was $22 million, down 13.6% year-over-year, also within the guidance range of $22 million to $23 million [24] - Adjusted EBITDA margins, excluding political revenue, improved slightly from 20% in Q3 2024 to 20.5% in Q3 2025 [24] Business Line Data and Key Metrics Changes - Digital revenue grew by 2% year-over-year in the first nine months of 2025, accounting for 55% of total net revenue [6] - Townsquare Ignite, the digital advertising segment, experienced a slight revenue decline of 1.6% year-over-year in Q3 2025 [24] - Townsquare Interactive, the subscription-based digital marketing solution, saw a profit increase of 21% year-over-year in Q3 2025, with profit margins at 33% [25][16] - Broadcast advertising net revenue, excluding political, declined by 8.1% year-over-year in Q3 2025 [26] Market Data and Key Metrics Changes - The company reported that 45 of the top 50 U.S. news websites experienced year-over-year declines in search traffic, impacting overall digital inventory [13] - Remnant inventory revenue declined by 50% year-over-year in Q3 2025, significantly affecting digital advertising revenue [14] Company Strategy and Development Direction - The company is focused on being a digital-first local media company, with plans to invest heavily in digital solutions and markets outside the top 50 U.S. cities [7] - The digital advertising segment is expected to continue as the primary growth driver, with a strong emphasis on programmatic advertising and direct sales [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant headwinds in the advertising environment due to macroeconomic factors and competition from AI-driven content [15] - The company expects Q4 2025 digital advertising revenue to be muted due to ongoing declines in search referral traffic [15] - Full-year revenue guidance for 2025 has been revised down due to unexpected declines in search engine traffic and political revenue [31] Other Important Information - The company generated $18 million in cash flow from operations in the first nine months of 2025, with a net leverage of 4.71 times [28][29] - The board approved a quarterly dividend of $0.20 per share, implying an annual payment of approximately $13 million [30] Q&A Session Summary Question: When will core advertising stabilize? - Management indicated slight improvement in Q4 2025, with expectations for stabilization in 2026, projecting low to mid-single-digit declines [41][42] Question: Is there room for margin cuts given high margins? - Management confirmed there are opportunities for further efficiency improvements through AI solutions, maintaining healthy profit margins despite revenue declines [44][45] Question: Impact of government-related advertising during the shutdown? - Management reported no positive impact from government shutdown-related advertising, noting cancellations and softness in national advertising [48][50] Question: Progress of the Phoenix office and Townsquare Interactive? - Management expressed satisfaction with the Phoenix office's performance and the overall growth in profit for Townsquare Interactive, expecting continued strong profit margins [52][54] Question: Long-term profitability expectations for Interactive? - Management expects to maintain low 30% margins over the next couple of years, with potential for expansion in 2027 and beyond [60][61] Question: Trends in Ignite's digital advertising? - Management noted that excluding remnant revenue, digital advertising increased by 5% in Q3 2025, with owned and operated platforms up 10% [64][66]

Financial Data and Key Metrics Changes - The company reported a loss from continuing operations, net of tax, of $166 million for the quarter [23] - Cash and cash equivalents stood at $4.4 billion, with no debt on the balance sheet, indicating a strong capital position [23][24] Business Line Data and Key Metrics Changes - The company highlighted significant progress in its late-stage pipeline, with 11 potentially registration trials and indications with blockbuster potential [7][24] - Brepocitinib's NDA filing is on track for the first half of next year, with positive data from the VALOR study in dermatomyositis (DM) [4][15] Market Data and Key Metrics Changes - The company noted that 75% of DM patients are currently on either steroids or immunosuppressive therapies (ISTs), indicating a significant unmet need in the market [10][11] - In Graves' disease, there are approximately 880,000 diagnosed patients in the U.S., with a significant portion being uncontrolled or intolerant to current therapies [18][19] Company Strategy and Development Direction - The company is focused on expanding its pipeline and has initiated registrational trials in multiple indications, including Graves' disease and myasthenia gravis [6][8] - The management emphasized the importance of the upcoming Investor Day on December 11, 2025, to discuss the company's transformation and future opportunities [3][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming data readouts and the potential for brepocitinib and batoclimab to address significant unmet medical needs [15][19] - The competitive landscape in Graves' disease is evolving, with other companies entering the space, but management believes their FcRn mechanism provides a competitive advantage [32][62] Other Important Information - The company is involved in ongoing litigation related to LNP technology, with a jury trial in the Moderna case scheduled for March 2026 [23] - The company has a favorable marketing ruling in the Pfizer case, which is ongoing in discovery [23] Q&A Session Summary Question: What should be watched next regarding Pfizer litigation? - Management indicated that the scheduling process for the Pfizer case is underway, and more information about the timeline, including a potential trial date, will be available soon [28] Question: Impact of Argenx entering Graves' disease on strategy? - Management acknowledged the competitive landscape but expressed confidence in their data and the significant patient population, suggesting that increased interest in Graves' disease is beneficial for all [33][62] Question: Expectations for the upcoming Investor Day? - Management stated that the Investor Day will provide a comprehensive overview of the company's transformation and future opportunities, with potential new data to be shared [35][37] Question: Insights on remission data for Graves' disease? - Management emphasized that deeper IgG reductions are expected to drive remission rates, and they are optimistic about their data [41][43] Question: Update on the competitive landscape in Graves' disease? - Management noted the increasing number of companies entering the space but expressed confidence in their FcRn mechanism's safety and efficacy [62] Question: Thoughts on the competitive landscape in TED? - Management acknowledged the competitive intensity in TED but highlighted their focus on where they could play effectively [82]

Financial Data and Key Metrics Changes - In Q3 2025, orders reached 83.4 million, up 14% year-over-year, driving Gross Transaction Value (GTV) of $9.17 billion, up 10% year-over-year [22] - Average order value decreased by 4% year-over-year, primarily due to growth in restaurant orders and the introduction of a $10 basket minimum for Instacart+ members [22] - GAAP net income was $144 million, up 22% year-over-year, and adjusted EBITDA also grew 22% year-over-year to $278 million [23] - Operating cash flow increased by $102 million year-over-year to $287 million [23] - Q4 GTV is anticipated to range between $9.45 billion and $9.6 billion, representing year-over-year growth of 9%-11% [24] Business Line Data and Key Metrics Changes - The Marketplace continues to be the backbone of the business, with a growing and loyal customer base, increasing order frequency, and higher retention rates [7][8] - Advertising and other revenue grew 10% year-over-year, representing 2.9% of GTV, which was flat year-over-year [23] - The Enterprise Platform is a key growth driver, with over 350 retailer e-commerce storefronts powered by Instacart's technology [10][14] Market Data and Key Metrics Changes - The advertising ecosystem has expanded, with over 7,500 brand partners, and on average, brand partners see a 25% boost in sales when advertising on Instacart [16] - The company is seeing strong performance in October, indicating continued momentum despite macroeconomic challenges [24][52] Company Strategy and Development Direction - The company is focused on three key areas for strategic investment: affordability, accelerating the Enterprise Platform, and enhancing the advertising ecosystem [31][32][33] - International expansion is a priority, with plans to grow in Europe and Australia using existing products like Storefront, Caper, and FoodStorm [19][50] - The company emphasizes its role as a technology and enablement partner for the grocery industry, not just a marketplace [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strength and growth potential, highlighting a disciplined approach to investing while driving profitability [20][26] - The company is not overly concerned about competition, as it continues to lead in areas like large basket activations and retailer-owned sites [81][82] - Management is optimistic about returning advertising revenue to double-digit growth in 2026 [25][42] Other Important Information - The company increased its share repurchase program by $1.5 billion, reflecting confidence in its long-term value creation [20][26] - Stock-based compensation in Q3 was $82 million, down $24 million quarter-over-quarter [23] Q&A Session Summary Question: What are the biggest strategic investments for growth? - Management highlighted three focus areas: affordability, accelerating the Enterprise Platform, and enhancing the advertising ecosystem [31][32][33] Question: How will AI solutions be monetized? - AI solutions will connect various parts of the shopping journey, enhancing operations and customer experiences, with monetization expected over time [40] Question: What is the impact of new partnerships and international growth? - New partnerships are seen as critical for growth, with ongoing efforts to expand internationally using existing products [49][50] Question: How does the competitive environment affect pricing strategies? - Retailers are aware of competitive dynamics, and Instacart is actively engaging with them on pricing strategies to remain competitive [72] Question: What is the contribution of the Enterprise solution to revenues? - The Enterprise solution increases order density and provides cost-to-serve advantages, reinforcing both Marketplace and Enterprise growth [78][80]

Financial Data and Key Metrics Changes - Antalpha reported total revenue of $21.1 million for Q3 2025, representing a 62% year-over-year increase, marking the third consecutive quarter of revenue acceleration [11] - Adjusted EBITDA margin reached 40% in Q3, which includes $3.4 million in unrealized gains on Tether Gold holdings [15] - Total loans facilitated on Antalpha Prime reached $2.4 billion, up 60% year-over-year, driven by new client rings and increased loan amounts from existing clients [12] Business Line Data and Key Metrics Changes - Tech financing fees on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fees on margin loans roughly doubled year-over-year to $5.5 million, benefiting from higher Bitcoin prices [11] - The average loan amount per customer for supply chain loans is approximately $32 million, while for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Market Data and Key Metrics Changes - The number of institutional clients increased by 28% year-over-year in Q3, with total value of loans (TVL) per customer on a 12-month rolling basis increasing by 55% year-over-year [12] - Antalpha's LTV on supply chain loans was at 59% at the end of Q3 [3] - The crypto market capitalization is estimated to be between $3.5 trillion and $4 trillion, comparable to the annual GDP of Japan or the U.K. [4] Company Strategy and Development Direction - Antalpha is focusing on globalization and the NLPaaS RWA hub as strategic priorities, requiring investments to develop significant new growth curves [6][7] - The company aims to grow Aurelion to a $10 billion Tether Gold DATT over time to increase collateral resiliency and provide funding for new lending scenarios [17] - Antalpha is leveraging its platform to drive sustainable revenue growth, expand margins, and strengthen its balance sheet while positioning for long-term global expansion [15] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is optimistic about the broader adoption of collateralized loans in the crypto sector, driven by policy tailwinds and the passing of the Genius Act [3] - Management highlighted the importance of tokenized gold in the crypto economy, suggesting significant growth potential in this area [7] Other Important Information - Antalpha completed the acquisition of Prestige Wealth for $43 million, which will be renamed Aurelion, marking a pivotal milestone in its treasury strategy [9] - The company financed 77.1 exahash of hash rate capacity at the end of Q3, indicating active participation in the mining sector [11] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that revenue does not derive from Aurelion; instead, Aurelion raises capital and lends gold to strengthen Antalpha's balance sheet [20] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees, and branding power since going public has improved margins [23] Question: What is the proper range for net interest margin, and can it reach 2%? - Management indicated that net interest margin has been improving and there is potential for growth as the brand scales and enters new markets [30] Question: What is the average loan amount per customer? - The average loan amount for supply chain loans is approximately $32 million, and for margin loans, it is around $47 million, both growing over 50% year-over-year [33] Question: Can you provide the total number of customers in each segment? - Management stated there are close to 50 customers for supply chain loans and a little above 40 for margin loans, totaling approximately 80 customers [35][36]