Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net loss of $6.1 million, compared to a loss of $4.8 million in Q3 2024, indicating an increase in losses year-over-year [13] - General and administrative expenses increased by $0.3 million, primarily due to higher employee-related expenses as the company expands its team [13] - Share-based compensation expense rose by $0.9 million, reflecting a focus on aligning employee compensation with share performance [13] Business Line Data and Key Metrics Changes - The Southwest Arkansas (SWA) project is expected to have an initial production capacity of 22,500 tons per annum of battery-quality lithium carbonate, with a total of 447,000 tons of lithium carbonate equivalent (LCE) over a 20-year operating life [3][4] - The DFS for the SWA project shows a 20.2% unlevered pre-tax internal rate of return (IRR) and competitive average operating costs of about $4,500 per ton [4] - The Franklin project in East Texas has an inferred resource report indicating 2.2 million tons of LCE at an average grade of 668 milligrams per liter, marking a significant resource position [5] Market Data and Key Metrics Changes - The company closed an underwritten public offering of 29.9 million common shares at $4.35 per share, generating gross proceeds of approximately $130 million, indicating strong institutional support [6] - The cash position at the end of Q3 was $32.1 million, which does not include the proceeds from the recent offering [15][16] Company Strategy and Development Direction - The company aims to reach production of over 100,000 tons of lithium chemicals per year in Texas through multiple projects, emphasizing its growth beyond a single project [5] - The company is focused on securing project financing and customer offtake agreements, with a target of approximately $1 billion in debt financing for the SWA project [12][17] - The leadership team was expanded with the appointment of Michael Lutgren as General Counsel, enhancing the company's capabilities [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the project's progress and the importance of achieving key milestones before the final investment decision (FID) [10][19] - The company is optimistic about the domestic lithium supply chain development, as highlighted by the Arkansas Lithium Innovation Summit [18] - Management expects to provide updates on project financing and vendor selection in the coming months, with construction targeted to start shortly after FID in early 2026 [19] Other Important Information - The company received unanimous approval for its integration application from the Arkansas Oil and Gas Commission, a critical step for the SWA project [10] - The company is working closely with the DOE on an environmental assessment required for a $225 million grant [11] Q&A Session Summary Question: How does the $40 million FID payment structure work? - The payment is triggered as soon as the JV board decides to take FID for the SWA or East Texas projects, with Equinor owing Standard Lithium $40 million upon FID approval [24] Question: If FID is made and later changes, does the company still receive the $40 million? - Yes, the company would still receive the $40 million upfront as long as FID is taken, although it is unlikely the company would back out after making the decision [25]

Financial Data and Key Metrics Changes - Q3 group revenue reached $146 million, representing a year-over-year increase of nearly 355% and a quarter-over-quarter increase of 39% [9] - Annualized run rate revenue for the core business at the end of September was $551 million, with the core infrastructure business accounting for nearly 90% of total revenue and growing 400% year-over-year [9] - Adjusted EBITDA margin for the core infrastructure business expanded quarter-over-quarter to nearly 19% [9] Business Line Data and Key Metrics Changes - The core infrastructure business was the primary driver of revenue growth, with significant contributions from mega deals with Microsoft and Meta [4][9] - The company sold out all available capacity, indicating that revenue growth was limited only by the capacity brought online [9] Market Data and Key Metrics Changes - The demand environment in Q3 was described as very strong, with a 70% quarter-on-quarter expansion in pipeline generation [24] - The company expects to achieve a contracted power of 2.5 gigawatts by the end of 2026, up from 1 gigawatt discussed in the previous earnings call [5][11] Company Strategy and Development Direction - The company is focused on building its core AI cloud business while also pursuing large long-term deals with major clients [4][6] - Investments are being made to secure critical infrastructure, including hardware and power, with a CapEx guidance increase from approximately $2 billion to around $5 billion for 2025 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving an annualized run rate revenue of $7 billion to $9 billion by the end of 2026, driven by strong demand and accelerated capacity growth [6][19] - The company remains focused on maintaining healthy margins and a sustainable business model while navigating the rapidly growing AI market [44] Other Important Information - The company launched its new enterprise-ready cloud platform version 3.0, called Aether, and a new inference platform called Nebius Token Factory, aimed at expanding its addressable market [6] - The company is actively evaluating financing options, including corporate debt, asset-backed financing, and equity, to support its growth plans [10][34] Q&A Session Summary Question: Can you tell us more about the new Meta deal? - The new deal with Meta is approximately $3 billion, limited by the capacity available. The company is optimistic about signing more large deals in the future [14] Question: What exactly is in the $7 billion-$9 billion ARR target? - The target includes contracted power and demand from AI startups and enterprises, with more than half already booked [17][19] Question: What gives you confidence that you can reach your 2.5 gigawatts goal of contracted capacity? - The company is ramping up capacity in various regions, including the U.K. and Israel, and has secured a roadmap for 2.5 gigawatts of power [20][21] Question: How should we think about revenue contribution from Microsoft and Meta deals for this year and going forward? - Revenue from Microsoft will ramp up in 2026, while Meta's deployments are expected to conclude in the next three months, with full revenue run rate anticipated in 2026 [22] Question: What does the overall demand environment look like in Q4 and into the next year? - The demand profile is accelerating, with a significant increase in pipeline generation and strong confidence in future growth [24] Question: How are you thinking about CapEx and what is your philosophy on CapEx spending? - The company plans to secure as much capacity as possible, with a focus on building infrastructure in line with visible demand [27][29] Question: Is there any chance that GPUs are oversupplied in the coming year? - The company believes the market will remain supply constrained at least until 2026, with a conservative approach to capital spending [65]

Financial Performance & Growth - RadNet's Q3 2025 revenue increased by 13.4% compared to Q3 2024, achieving record quarterly revenue[22] - The company's adjusted EBITDA margin increased by 26 basis points to 16.2%[20] - RadNet has a strong liquidity position with $804.7 million in cash balance and a net debt to adjusted EBITDA leverage ratio of approximately 1.0x[22] - The company anticipates a revenue CAGR of +11% to +13% and a Digital Health revenue CAGR of ~30% from 2025 to 2028[788] Procedural Volume Growth - MRI procedural volume grew by 14.8% in aggregate and 11.5% on a same-center basis[21] - CT procedural volume increased by 9.4% in aggregate and 6.7% on a same-center basis[21] - PET/CT procedural volume experienced a significant increase of 21.1% in aggregate and 14.9% on a same-center basis[21] Technology & Innovation - Deep Learning Reconstruction (DLR) allows for 50-75% faster MRIs while improving image quality[43] - RadNet performs over 2 million mammograms a year, representing 5% of all mammograms in the US[283] - AI-assisted reads found clinically significant prostate cancer in 24% of men when MRI was deemed negative by the radiologist[343] Market Trends & Opportunities - The national imaging market is estimated at $100 billion in 2025[568] - The company's joint venture revenue is projected to reach ~$800 million in 2025, reflecting a CAGR of 19.1% from 2022 to 2025[607] - The company has seen ~18x increase in Cardiac CTA volume from Jan 2020 to October 2025[506]

Innovation Series: R&D Day 2025 Introductory Remarks 1 Douglas Maffei, PhD, Vice President, Strategy and Investor Relations This Slide Presentation Includes Forward-Looking Statements November 11th, 2025 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning: BioNTech's expected revenues and net profit/(loss) related to sales of BioNTech's COVID-19 vaccine, referred to ...

Financial Data and Key Metrics Changes - Adjusted net revenue was stable year over year at $5.5 billion, while adjusted EBITDA grew 15% to $3.2 billion, achieving a 59% margin [6][17] - Adjusted net income reached $1.2 billion, reflecting a 9.5% growth compared to the prior year, and cash flow from operations increased 22% to $1.7 billion [6][17] - EBITDA to cash conversion reached 54% in the quarter, indicating disciplined execution and resource optimization [6] Business Line Data and Key Metrics Changes - Water production increased by 4.4% year over year to 809 million cubic meters, with active connections growing by 0.6% [5] - Sewage connections rose by 1.1%, reflecting the company's investment focus on sewage services [5] Market Data and Key Metrics Changes - The company reported a collection efficiency of 101%, marking one of the highest historical performances [12][21] - The Fawuspi rate increased from 3.28% to 3.78%, impacting revenue and EBITDA [6][94] Company Strategy and Development Direction - The company is focused on three strategic priorities: delivering on the new concession agreement, improving operational efficiency, and strengthening financial efficiency [19][20] - CapEx accelerated to $4 billion in the quarter, growing 175% year over year, supporting the company's investment program [14][20] - The company is rolling out a large smart metering program, with 4.4 million IoT-enabled smart meters planned for installation by 2029 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving universal access and improving service delivery, with a commitment to operational excellence and sustainable growth [17][19] - The company is optimistic about its ability to manage water security and has contingency plans in place for the upcoming rainy season [36][52] Other Important Information - The company has formalized a decarbonization roadmap with targets to reduce total emissions by 15% by 2035 [26] - The MI acquisition is expected to enhance water security and operational efficiency, with closing anticipated between late Q4 and early Q1 of the following year [27] Q&A Session Summary Question: Updates on the annual tariff review process - Management is in the final steps of determining the regulatory asset base addition for 2024 and expects to share updates soon [30][32] Question: Expectations on hydro resilience improvements - Short-term strategies include contingency plans for water management, while the MI acquisition is expected to enhance water security [36][39] Question: M&A opportunities and focus areas - The company is focused on fulfilling obligations from the privatization of Sabesp but is also exploring potential M&A opportunities as they arise [42][45] Question: Details on the severance program - The company does not expect to implement additional voluntary dismissal programs after the current one [48][50] Question: Impact of social tariffs on revenue - The impact of social tariffs in Q3 was approximately $117 million, which will be recovered through future tariff adjustments [59][65] Question: Discounts reduced for large clients - The total gain from discount removal for large clients in Q3 was approximately $133 million, with ongoing adjustments affecting pricing and mix [68][71] Question: CapEx execution details - The company executed $4 billion in CapEx, focusing primarily on sewage treatment and water safety improvements [102][105]

Company Overview - Ralliant has approximately 7,000 team members and 21 manufacturing sites[19] - The company serves around 90,000 customers[19] - Ralliant's revenue is over $2 billion[19] - The company possesses around 2,200 active patents[19] Financial Targets - The company targets revenue growth of 3-5% through the cycle[19, 37] - Adjusted EBITDA margin target is in the low to mid-20s percentage range[19, 37] - Free cash flow (FCF) conversion target is above 95%[19] - Net leverage target is 1.5x – 2.0x[19] - The company aims to generate over $1 billion of cumulative FCF through 2028[37] Revenue Breakdown by Segment - Test & Measurement segment accounts for approximately 60% of revenue[19, 22] - Sensors & Safety Systems segment accounts for approximately 40% of revenue[19, 22] Revenue Breakdown by End Market - Diversified Electronics represents 22% of revenue[19, 23] - Industrial Manufacturing represents 19% of revenue[19, 23] - Defense & Space represents 16% of revenue[19, 23] - Utilities represents 13% of revenue[19, 23] - Communications represents 13% of revenue[19, 23] - Semiconductor represents 9% of revenue[19, 23] - Other (including Food and Beverage, Healthcare, and HVAC) represents 9% of revenue[19, 23, 24]

Financial Data and Key Metrics Changes - Total revenue reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA grew by 68% to $874 million [4][34] - Shopee's GMV increased by over 28% year-on-year, with gross orders rising by 28% to 3.6 billion [4][34] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA up by 37% to $258 million [20][34] - Digital entertainment bookings increased by 51% year-on-year to $841 million, with adjusted EBITDA growing by 48% [26][34] Business Line Data and Key Metrics Changes - E-commerce: Shopee achieved record highs in GMV, gross order volume, and revenue, with a GAAP marketplace revenue of $3.8 billion, up 37% year-on-year [5][34] - Digital Financial Services: The loan book expanded to $7.9 billion, up 70% year-on-year, with a stable 90-day NPL ratio of 1.1% [21][36] - Digital Entertainment: Garena's bookings were up 51% year-on-year, driven by successful campaigns for Free Fire [27][34] Market Data and Key Metrics Changes - In Brazil, Shopee's GMV growth outpaced the market, with significant improvements in delivery speed and reliability [19][20] - In Taiwan, GMV showed double-digit growth year-on-year, with a strong logistics network supporting growth [11][18] Company Strategy and Development Direction - The company aims to continue delivering high and profitable growth across all three business lines, focusing on enhancing logistics capabilities and buyer engagement [4][5] - Investments in logistics and fulfillment are seen as critical for long-term competitiveness and profitability [7][12] - The company is leveraging AI to improve consumer retail experiences, enhancing product discovery and seller engagement [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth momentum, with expectations for Shopee's full-year 2025 GMV growth to exceed 25% [20][34] - The competitive landscape is viewed as stable, with no significant changes noted in market dynamics [54] - The company is optimistic about the future, particularly in expanding its digital financial services and enhancing user engagement through programs like Shopee VIP [15][19] Other Important Information - The Shopee VIP membership program has seen a 75% increase in members, indicating strong user engagement [15][71] - The company is focused on a capital-efficient approach to logistics, primarily leasing rather than purchasing land and warehouses [14][42] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance reflects current market momentum and competitive landscape, with expectations for a 2-3% EBITDA margin improvement [40][41] Question: Investment areas affecting margins - Management noted that investments in logistics and fulfillment are contributing to margin fluctuations, but overall improvements are expected [40][42] Question: New market entry strategy and Argentina - The rationale for entering Argentina is to leverage existing capabilities from Brazil, with a focus on operational synergies [46][47] Question: Market shares in ASEAN and Taiwan - Management believes they are gaining market share in South Asia and are confident in their position in Taiwan despite competition [49][50] Question: Competitive landscape in Southeast Asia - The competitive landscape is stable, with no significant changes noted, and management does not foresee a major impact from live streaming peers [52][54] Question: Logistics fulfillment percentage and cost outlook - More than half of orders are fulfilled by SPX, with continuous improvements in cost per order and delivery speed [59][60] Question: Outlook for Free Fire in 2026 - Management remains optimistic about Free Fire's growth, with plans for new IP collaborations and game launches [63][64] Question: VIP membership unit economics - The VIP program is still in early stages, with a focus on improving retention and ensuring benefits for both users and partners [71][72] Question: AI investments and applications - Management is excited about AI's potential to enhance user experience and operational efficiency, focusing on practical applications rather than large-scale infrastructure investments [74][76]

Financial Data and Key Metrics Changes - Total revenue for the third quarter of 2025 reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA was $874 million, up 68% year-on-year [4][33] - The loan book for Money expanded by 70% year-on-year, reaching $7.9 billion, with a stable 90-day non-performing loan (NPL) ratio of 1.1% [21][36] - Digital Entertainment bookings grew by 51% year-on-year to $841 million, with adjusted EBITDA increasing by 48% [27][36] Business Line Performance Changes - Shopee's gross merchandise value (GMV) grew by over 28% year-on-year, with gross orders increasing to $3.6 billion [4][33] - E-commerce adjusted EBITDA was $186 million, significantly up from $34 million in the same quarter last year [34] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA rising by 37% [35] Market Data and Key Metrics Changes - In Taiwan, GMV showed double-digit growth year-on-year, with a significant increase in the number of sellers using ad products [11][18] - In Brazil, GMV growth outpaced the market, with improvements in delivery speed and reliability contributing to higher spending patterns among new buyer cohorts [19][20] Company Strategy and Development Direction - The company aims to enhance logistics and fulfillment capabilities as core pillars of its strategy to strengthen its competitive position [12][14] - Continued investment in AI is expected to improve consumer retail experiences and drive engagement [16][17] - The Shopee VIP membership program has gained traction, with membership increasing by over 75% in the last quarter [15][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitable growth across all business lines, with a focus on long-term profitability [4][5] - The competitive landscape remains stable, with no significant changes observed in market dynamics [51][53] - The company anticipates a GMV growth of more than 25% for the full year 2025, reflecting strong market momentum [40][41] Other Important Information - The company is focusing on enhancing its logistics capabilities to improve service quality and operational efficiency [8][12] - The partnership with YouTube and Meta aims to enrich the buyer community and enhance content-driven sales [16][17] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance of more than 25% is based on current market momentum and competitive landscape, expecting to maintain a 2%-3% EBITDA margin [40][41] Question: Investment areas affecting margins - The decrease in margins is attributed to ongoing investments in logistics and fulfillment capabilities, which are expected to yield long-term benefits [40][41] Question: New market entry strategy and market shares - The rationale for closing cross-border operations in some regions is to focus resources on key business priorities, with a selective approach to new market entries [45][46] Question: Competitive landscape in Southeast Asia - The competitive landscape is stable, with no significant changes in market dynamics, and the company is confident in its ability to defend market share [51][53] Question: Logistics fulfillment and cost outlook - More than half of orders are fulfilled by SPX, with continuous improvements in cost per order and delivery speed contributing to growth [58][59] Question: Outlook for Garena and Free Fire - Management remains optimistic about Garena's growth, with plans for new IP collaborations and game launches in the pipeline [62][63] Question: VIP membership unit economics - The VIP program is in early stages, with strong growth in membership and a focus on improving retention rates [69][72] Question: AI investment and applications - The company is focused on practical applications of AI to enhance user experience and operational efficiency, rather than large-scale CapEx investments [73][76]

Financial Data and Key Metrics Changes - Total revenue reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA grew by 68% to $874 million [4][33] - Shopee's GMV increased by over 28% year-on-year, with gross orders rising by 28% to $3.6 billion [4][33] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA increasing by 37% to $258 million [20][34] - Digital entertainment bookings rose by 51% year-on-year to $841 million, with adjusted EBITDA up 48% to $466 million [27][37] Business Line Data and Key Metrics Changes - E-commerce: Shopee achieved record highs in GMV, gross order volume, and revenue, with a significant increase in ad revenue by over 70% [5][34] - Digital Financial Services: The loan book expanded by 70% year-on-year to $7.9 billion, with a stable 90-day NPL ratio at 1.1% [21][36] - Digital Entertainment: Garena's performance was bolstered by successful campaigns, leading to a 51% increase in bookings [27][37] Market Data and Key Metrics Changes - In Brazil, Shopee's GMV growth outpaced the market, with delivery speed improving significantly, allowing for expansion into higher-value product categories [19][20] - In Taiwan, Shopee's GMV showed double-digit growth year-on-year, with a strong logistics network enhancing delivery capabilities [10][17] Company Strategy and Development Direction - The company aims to enhance logistics and fulfillment capabilities as core pillars of its strategy, focusing on improving service quality and price competitiveness [6][11] - Continued investment in AI to enhance consumer retail experiences and improve monetization through smarter search and personalized content [15][16] - The Shopee VIP membership program has gained traction, with a 75% increase in members, indicating strong user engagement [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitable growth across all business lines, with expectations for Shopee's full-year GMV growth to exceed 25% [20][32] - The competitive landscape remains stable, with the company gaining market share in Southeast Asia and Taiwan [53][54] - Future investments will focus on logistics and fulfillment to strengthen competitive advantages without significant capital expenditure [62][64] Other Important Information - The company is exploring opportunities in Argentina while winding down operations in Chile and Colombia to focus resources on key priorities [52] - The standalone ShopeePay app is gaining traction, with over 20% of monthly transacting users utilizing it [25] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance reflects current market momentum and competitive landscape, with expectations for a 2-3% EBITDA margin improvement over time [41][42] Question: New market entry strategy and market shares - The rationale for closing cross-border operations in some regions was to focus on key business priorities, with confidence in gaining market share in ASEAN and Taiwan [46][53] Question: Competitive landscape in Southeast Asia - Management noted a stable competitive landscape, with no significant changes in market dynamics impacting growth [56][60] Question: Logistics fulfillment and Garena's outlook - More than half of orders are fulfilled by SPX, with continuous improvements in delivery speed and cost contributing to growth [67][68] - Garena remains optimistic about Free Fire's growth, with plans for new IP collaborations and game launches [71][76] Question: VIP membership unit economics and AI investments - The VIP program is in early stages, with strong growth in user sign-ups and retention rates being closely monitored [80][81] - AI investments will focus on practical applications to enhance user experience and operational efficiency, avoiding large capital expenditures [89][90]

Advanced Noninvasive Neurostimulation Treatments for Mental Health Disorders Investor Deck November 2025 Nasdaq/TASE: BWAY Investor Deck | November 2025 Safe Harbor and Non-GAAP/IFRS Financial Measures This presentation does not constitute an offer orinvitation to sell orissue, or any solicitation of an offerto subscribe for or acquire, any securities ofthe Company, norto participate in any investment. This presentation shall not constitute advertising or be construed as commercial or promotional in nature. ...