Financial Data and Key Metrics Changes - In Q4 2025, revenues increased to $437 million from $403 million in Q3, with adjusted EBITDA rising to $61 million and an adjusted EBITDA margin of 14% compared to 10% in Q3 [24][25] - For the full year 2025, revenues totaled $1.94 billion, with adjusted EBITDA of $310 million and an adjusted EBITDA margin of 16% [24] - Free cash flow improved to $14 million in Q4 from -$29 million in Q3, totaling $25 million for the full year 2025 [24][31] Business Line Data and Key Metrics Changes - Stimulation services revenues rose to $384 million in Q4 from $343 million in Q3, with adjusted EBITDA increasing to $33 million and margins improving to 8.7% from 5.7% [25][26] - Proppant production segment revenues surged to $115 million in Q4 from $76 million in Q3, with adjusted EBITDA doubling to $16 million and margins increasing to 14% from 10.5% [26][27] - Manufacturing segment revenues decreased slightly to $43 million in Q4 from $48 million in Q3, with adjusted EBITDA remaining stable at $4 million [28] Market Data and Key Metrics Changes - The company noted that the completions industry faced challenges in 2025 due to tariff-driven economic uncertainty and OPEC's supply increases, which affected commodity prices and operator activity [7][8] - Despite these challenges, the North American onshore activity setup remains compelling, with expectations for increased operator activity to combat natural production declines [8][9] Company Strategy and Development Direction - The company is focused on a $100 million cost optimization program targeting annualized savings, with significant progress reported in labor, non-labor, and capital expenditure efficiencies [10][11][12] - Technology differentiation is a key focus, with the introduction of the Machina optimization suite aimed at enhancing operational efficiency and real-time decision-making [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about emerging from a challenging 2025, highlighting the strength of the business model and the benefits of vertical integration [7][9] - The recent geopolitical conflicts are expected to impact supply-demand balances, potentially leading to higher oil prices, which could benefit the company [8][9] Other Important Information - The company reported a total cash and cash equivalents of approximately $23 million as of December 31, 2025, with total liquidity at approximately $152 million [31] - The company has made amendments to its credit facility to enhance liquidity and flexibility heading into 2026 [33] Q&A Session Summary Question: Can you provide more details on the new technology and its rollout? - The technology is installed on every fleet and allows real-time data integration for well optimization, with expectations for a significant educational process for customers [37] Question: What is the expected production uplift from the new technology? - It is too early to quantify production increases, but the focus is on improving the number of open perforations [39][40] Question: How do you see Q2 performance compared to Q4? - Management indicated that Q2 is expected to perform better than Q4 based on current trends [42] Question: Are there more discussions with operators due to the situation in the Middle East? - There has been an increase in discussions and inquiries from operators, particularly regarding DUCs and existing activity [51] Question: What are the plans for utilizing spare capacity in the fleet? - The company plans to remain disciplined with fleet counts and will respond to true calls for increased activity as they arise [72][73]

Saga Communications (NasdaqGM:SGA) Q4 2025 Earnings call March 12, 2026 11:00 AM ET Company ParticipantsChris Forgy - President and CEOSam Bush - EVP, CFO, and TreasurerOperatorGood day everyone, and welcome to the Saga Communications fourth quarter and year-end 2025 earnings release and conference call. At this time, all participants are placed on a listen-only mode. It is now my pleasure to hand the floor over to your host, Christopher Forgy. Sir, the floor is yours.Chris ForgyThank you, Matt, and it's go ...

Financial Data and Key Metrics Changes - The fourth quarter results included an Adjusted EBITDA loss of CAD 95.2 million, reflecting an Adjusted EBITDA margin of -20.9% and cash used in operating activities of CAD 3 million [14][15] - For the full year 2025, Adjusted EBITDA was a loss of CAD 261.4 million, representing an adjusted EBITDA margin of -12.5%, compared to a gain of CAD 22.4 million and a margin of 0.9% in 2024 [19] - The company finished the quarter with CAD 77 million in cash, CAD 195 million available under the revolving credit facility, and CAD 417 million under the Large Enterprise Tariff Loan facility [15] Business Line Data and Key Metrics Changes - Shipments in the fourth quarter were 378,000 net tons, down 31% year-over-year, largely due to the impact of U.S. tariffs [15] - For the full year 2025, total shipments were 1.7 million net tons, compared to 2 million net tons in 2024 [18] - Net sales realizations averaged CAD 1,080 per ton for the full year, down from CAD 1,107 per ton in the prior year, reflecting softer market conditions [19] Market Data and Key Metrics Changes - Shipments to the U.S. were approximately 30% lower than the average U.S. sales over the previous three quarters as the company began its exit from the U.S. market [9] - Plate pricing continued to enjoy a significant premium relative to hot-rolled coil, driven by resilient demand, while sheet pricing was reported to be 40% lower than the index [16][37] - The Canadian dollar strengthened approximately 5% over the course of 2025, impacting financial results [14] Company Strategy and Development Direction - The company is pivoting its commercial strategy towards the Canadian market, exiting blast furnace and coke oven operations, and focusing on high-value products [7][12] - A binding MoU with Hanwha Ocean Co., Ltd. was announced, with a potential value of CAD 250 million, indicating a strategic repositioning towards defense and industrial supply chains [11] - The company aims to evolve from a cross-border commodity producer to a Canadian-focused steel supplier, optimizing for margin quality rather than volume [12] Management's Comments on Operating Environment and Future Outlook - The management acknowledged that 2025 was the most challenging year for Canadian steel producers due to the 50% U.S. Section 232 tariff, which dismantled the cross-border business model [21] - The company is committed to exploring product diversification initiatives to support Canadian industrial policy and has implemented mitigation programs for affected employees [22] - The foundation for long-term value creation is in place, with confidence in the company's direction moving forward [24] Other Important Information - The company absorbed CAD 225 million in direct tariff costs for the full year, which are considered a structural shift rather than cyclical headwinds [9] - Accelerated depreciation of blast furnace and basic oxygen steelmaking assets was captured in the cost of sales during the quarter [17] Q&A Session Summary Question: What are the expectations for full year shipments and their split between plate and sheet? - The company expects total shipments between 1 and 1.2 million tons for the year, with a mix of roughly 50/50 between plate and sheet [27][28] Question: How exposed are energy costs to the current spot market? - The company generates power from its own natural gas-fired power plant and consumes power from the grid, which is subject to Ontario's spot rate pricing [29] Question: What is the current status of plate pricing in Canada? - Plate pricing is holding up better than sheet pricing, with government measures helping to stabilize the market [36][37] Question: What are the expected milestones for the beam mill project? - The company is working on engineering, cost estimates, and timelines for the beam mill project, with a focus on supporting the Canadian market [39][40] Question: What is the expected CapEx for the full year? - The company does not expect any change in the total project budget for the EAF, with sustaining CapEx expected to be around CAD 80 million a year [42] Question: How is the scrap supply situation? - The scrap availability and supply are progressing well, with the joint venture working effectively [43]

Financial Data and Key Metrics Changes - For the fourth quarter, the company generated $0.29 per share of GAAP net investment income, with Core Net Investment Income also at $0.29 per share, excluding excise taxes [5] - Total realized income for the quarter was $0.48 per share, which included realized gains of $5.5 million on five equity positions [5] - Net asset value per share decreased by $0.23 during the quarter, attributed to $0.11 per share in dividend payments exceeding earnings and net realized losses of $0.12 per share primarily from two debt investments [5] Business Line Data and Key Metrics Changes - The investment portfolio at fair value remained stable at $1.01 billion across 115 portfolio companies [6] - During the fourth quarter, the company invested $34.1 million in four new portfolio companies and received repayments totaling $37.9 million [6] - 99% of loans were secured, with 92% priced at floating rates, and the average loan per company was $8.8 million [7] Market Data and Key Metrics Changes - The company has investments in 24 separate industry sectors, with approximately 10% in high-tech industries [8] - The portfolio includes a small number of loans to software companies related to the SaaS space, comprising 6.8% of the loan portfolio [9] Company Strategy and Development Direction - The company announced a $20 million share buyback program, reflecting the current trading level of shares at approximately a 30% discount to net asset value [16] - The external manager, Stellus Capital Management, is set to join Ridgepost Capital, which is expected to open up new investment opportunities for the company [14][15] - The company focuses on direct, originated, senior secured loans to lower middle market private equity-backed companies, differentiating itself from larger private credit managers [18] Management's Comments on Operating Environment and Future Outlook - The company expects to maintain its portfolio size at approximately $996 million, with continued equity realizations of about $2 million in Q1 2026 [12] - Management expressed confidence in the private credit sector, highlighting the significant amount of dry powder available in lower middle market private equity firms [21] - The company anticipates a gradual resolution of non-accrual assets over the next 12-18 months, with a focus on restructuring and monetizing positions [60] Other Important Information - The company has paid $333 million in dividends since its IPO, representing $18.27 per share to investors [4] - The weighted average risk rate across the portfolio is approximately 2, indicating investments performing on plan [18] Q&A Session Summary Question: Will there be any change in the leverage targets for SCM? - Management confirmed that there will not be a change in the targeted leverage for SCM, which is approximately 1:1 on the regulatory test [27] Question: What is the remaining capacity in the SBA? - Management indicated that there is significant new capacity in the SBA, with $65 million of new debentures available for growth [29] Question: Can you provide details on the non-accrual investments? - Management stated that the non-accrual companies are working with others to secure additional capital during challenging periods [30] Question: What is the exposure to higher energy prices? - Management confirmed no direct exposure to the oil and gas industry and emphasized a focus on avoiding commodity price risk [52] Question: What is the expected timeline for resolution of non-accrual assets? - Management anticipates a gradual resolution over the next 12-18 months, with some assets being restructured [60] Question: Will spreads widen sustainably in the next year or two? - Management noted that public loan indices have widened, and while private markets have not yet reflected this, the conditions for widening spreads are present [62]

Financial Data and Key Metrics Changes - Oil-Dri generated EBITDA of $22 million in Q2 fiscal 2026, consistent with the same quarter a year ago [14] - Cash flows from operating activities for the first six months of fiscal 2026 exceeded $28 million, with cash and cash equivalents at $47 million at the end of Q2 [15] - Outstanding debt was $40 million, indicating a strong cash position with more cash than debt [16] Business Line Data and Key Metrics Changes - The agriculture and horticulture products segment showed strong performance, driven by increased planted acres and new customer opportunities for Verge granules [29][30] - The consumer products division launched several new products, including an antibacterial litter and health monitoring litter, which are expected to enhance market presence [35][36] Market Data and Key Metrics Changes - The broad acre market for agriculture products is experiencing growth due to increased planted acres, while the turf and ornamental market is also seeing strong demand for engineered granules [29][30] - Renewable diesel sales faced challenges due to changes in tax incentives and feedstock sourcing, but there is potential for recovery as producers adjust [39][40] Company Strategy and Development Direction - The company is focused on long-term capital allocation to sustain high uptime and optimize capacity, rather than viewing capital spending as a discrete project [22] - Continued investment in growth and infrastructure projects is planned, with new product launches expected in the second half of the fiscal year [16] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's response to Winter Storm Fern, highlighting the commitment to safety and customer service [12][14] - The company anticipates continued strong performance in agriculture and horticulture, with optimism about new product introductions and market expansion [31][35] Other Important Information - The company is integrating artificial intelligence into R&D to enhance product development and operational efficiency [61] - The management team emphasized the importance of maintaining a strong cash position to support strategic initiatives [16] Q&A Session Summary Question: Progress on capital expenditure for plant upgrades - The capital spending program is progressing as intended, focusing on foundational areas and ongoing improvements rather than a defined endpoint [22][23] Question: Sales increase in agriculture and horticulture products - Strong performance in both broad acre and turf markets, with expectations for continued growth driven by new customer opportunities [29][30] Question: New product introductions in the second half - Several new products are set to launch, including expansions in the Cat's Pride litter portfolio, aimed at enhancing consumer experience and e-commerce fulfillment [35][36] Question: Weakness in renewable diesel sales - Sales were impacted by changes in tax incentives and feedstock sourcing, but recovery is expected as producers adapt to new conditions [39][40] Question: Trends in manufacturing and transportation costs - Manufacturing costs have seen volatility due to operational disruptions, while transportation costs have stabilized, aided by effective logistics management [49][50] Question: Progress with Amlan and long-term sales growth - Amlan faced challenges due to a key account loss but is working to recover and broaden its customer base in high-margin markets [54][55] Question: Headwinds and tailwinds in the oil and gas situation - Increased fuel costs are providing margin support for end users, while the company has strategies in place to manage cost fluctuations effectively [56][58] Question: Use of artificial intelligence in product development - The company is thoughtfully integrating AI into R&D to drive efficiency and innovation in product offerings [61]

Financial Data and Key Metrics Changes - In 2025, the company achieved record engine shipments approaching 800 engines and over 75 megawatts of power, representing a 38% growth in megawatts shipped compared to 2024 [3] - Full-year revenue exceeded $99 million, up 43% year-over-year, with Q4 revenue approximately $34 million, reflecting a 37% increase year-over-year [3][18] - Gross margin improved to 17% in Q4, a 30-point increase year-over-year, while full-year gross margin was positive 5%, up 37 points from 2024 [18] - Total operating expenses for the full year were approximately $109 million, 32% lower than the previous year, with expectations for 2026 operating expenses to range between $65 million and $75 million [19] Business Line Data and Key Metrics Changes - The company secured its largest marine order to date, a 6.4-MW award from eCap Marine and Samskip, and announced a significant commercial agreement with New Flyer for 50 MW [4] - The focus on product cost reduction through negotiations, execution, and innovation is expected to enhance competitiveness and improve gross margins [8][9] Market Data and Key Metrics Changes - The majority of engine shipments were directed towards Europe and North America, with particularly strong activity in Canada [3] - The company is increasingly focused on stationary power applications, aiming to replace diesel generators and power data centers, with products generating over 100,000 hours of power [12][13] Company Strategy and Development Direction - The company aims to achieve sustainable positive cash flow within the next two years by aligning its cost structure with market realities and expanding revenue and gross margins [4][16] - Five near-term focus areas include improving commercial terms, product cost reductions, enhancing fleet service offerings, expanding product reach, and innovating business models [5][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the path ahead, emphasizing the importance of disciplined spending, growing top-line revenue, and maintaining financial health [22] - The company is committed to delivering fuel cell power for a sustainable planet and is focused on leveraging its installed base for enhanced fleet services [11][16] Other Important Information - The company ended the year with nearly $530 million in cash, no bank debt, and no near or mid-term financing requirements, indicating improved financial stability [21] - The company has made decisive changes to its cost structure, reducing cash operating costs in Q4 by 41% compared to the same period last year [4] Q&A Session Summary Question: On the restructuring side, what are the key drivers of the incremental cost contraction? - Management indicated that large items have been harvested, and the focus is now on driving costs out of products through innovation initiatives and manufacturing efficiencies [24][26] Question: Has the restructuring materially altered the R&D roadmap? - Management stated that R&D is focused on extracting value from existing innovations, with longer-term innovations expected to be in the three to five-year range [28][30] Question: What is the duration of the New Flyer contract? - The contract is for 500 units, with a focus on megawatts and unit volumes rather than duration [33] Question: How does the FCmove-XD and FCveloCity-HD compare with competing offerings? - Management highlighted that the products can address the stationary market with configurations that meet customer needs for power now, emphasizing speed and cost as key factors [40][46]

Summary of Phio Pharmaceuticals Conference Call Company Overview - **Company**: Phio Pharmaceuticals (NasdaqCM:PHIO) - **Industry**: Clinical-stage immuno-oncology focused on treating skin cancers - **Technology**: INTASYL, a proprietary short interfering gene silencing technology aimed at enhancing T-cell effectiveness against tumors [2][3] Market Opportunity - **Target Disease**: Cutaneous squamous cell carcinoma (CSCC) - **Market Size**: Estimated addressable market value of approximately $20 billion, with 1.8 million annual diagnoses [3][24] - **Mortality Rate**: CSCC has an annual death toll approximately twice that of melanoma [3] Technology and Development - **INTASYL Mechanism**: Targets and silences the PD-1 gene, allowing T-cells to attack tumors more effectively [6][10] - **Clinical Trials**: Recently completed Phase 1b trial for PH-762, showing an 85% pathological response rate in the final cohort [15][16] - **Safety Profile**: No immune-related or treatment-related toxicities reported across five dose-escalating cohorts, despite a 20-fold increase in dose concentration [16][25] Competitive Landscape - **Current Treatments**: Existing monoclonal antibodies like Keytruda and Libtayo have total clearance rates of approximately 17% and 11% respectively for advanced skin cancers [26] - **Unique Selling Proposition**: PH-762 offers a direct injection method, potentially reducing systemic side effects and improving patient convenience [16][18] Future Plans - **Next Steps**: Planning to design the next clinical study and seek FDA guidance in Q2 2026, with hopes to commence the next trial in Q1 2027 [18][28] - **Additional Compound**: PH-894, targeting the BRD4 gene, is also in development and expected to enter IND stage following FDA feedback [19][22] Financials - **Cash Runway**: Sufficient funds to support operations into the first half of 2027 [22] - **Shares Outstanding**: 11.6 million common shares, with additional warrants exercisable at $2.05 [22] Leadership and Infrastructure - **Team Composition**: Ultra-lean structure with only eight employees and four subject matter experts, all with extensive experience in drug development [4][23] - **Intellectual Property**: 54 patents issued covering various aspects of the technology, ensuring a strong competitive position [8][24] Conclusion - Phio Pharmaceuticals is positioned to address a significant unmet need in the treatment of cutaneous squamous cell carcinoma with its innovative INTASYL technology, demonstrating promising clinical results and a favorable safety profile, while also planning for future growth and development in the oncology space [24][35]

Oil-Dri of America (NYSE:ODC) Q2 2026 Earnings call March 12, 2026 11:00 AM ET Company ParticipantsAaron Christiansen - VP of OperationsBruce Patsey - VP and General Manager, Fluids PurificationChristopher Lamson - Group VP of Business to Business and Strategic Growth InitiativesDaniel Jaffee - President, CEO, and Chairman of the BoardLaura Scheland - VP and General Manager of Consumer Products DivisionLeslie Garber - Director of Investor RelationsMervyn de Souza - VP of Research and DevelopmentSusan Kreh - ...

Stellus Capital Investment (NYSE:SCM) Q4 2025 Earnings call March 12, 2026 11:00 AM ET Company ParticipantsBrian McKenna - Managing Director of Equity ResearchChristopher Nolan - SVPJustin Marca - VP of Equity ResearchRobert Dodd - Director of Specialty FinanceRobert Ladd - CEOTodd Huskinson - CFOOperatorGood morning, ladies and gentlemen, and thank you for standing by. At this time, I would like to welcome everyone to Stellus Capital Investment Corporation's conference call to report financial results for ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $0.29 per share of GAAP net investment income, with Core Net Investment Income also at $0.29 per share, excluding excise taxes [5] - Total realized income for the quarter was $0.48 per share, which included gains of $5.5 million on 5 equity positions [5] - Net asset value per share decreased by $0.23 during the quarter, attributed to $0.11 per share in dividend payments exceeding earnings and net realized losses of $0.12 per share primarily from two debt investments [5][6] Business Line Data and Key Metrics Changes - The investment portfolio at fair value remained stable at $1.01 billion across 115 portfolio companies [6] - During Q4, the company invested $34.1 million in four new portfolio companies and received repayments totaling $37.9 million [6][8] - 99% of loans were secured, with 92% priced at floating rates, and the average loan per company was $8.8 million [7] Market Data and Key Metrics Changes - The company has investments in 24 separate industry sectors, with approximately 10% in high-tech industries [9] - The portfolio includes a small number of loans to software companies related to the SaaS space, comprising 6.8% of the loan portfolio [10] Company Strategy and Development Direction - The company announced a $20 million share buyback program, reflecting its shares trading at approximately a 30% discount to net asset value [18] - The external manager, Stellus Capital Management, is set to join Ridgepost Capital, which is expected to enhance investment opportunities for the company [15][17] - The company focuses on direct, originated, senior secured loans to lower middle market private equity-backed companies, differentiating itself from larger private credit managers [20] Management's Comments on Operating Environment and Future Outlook - The company expects to maintain its portfolio size at approximately $996 million, with continued equity realizations of about $2 million in Q1 2026 [13] - Management emphasized the importance of strong underwriting and being selective about opportunities in the current economic environment [38] - The company anticipates a gradual resolution of non-accrual loans over the next 12-18 months [59] Other Important Information - The company has paid $333 million in dividends since its IPO, representing $18.27 per share to initial investors [4] - The company has a weighted average risk rate of approximately 2, indicating investments performing on plan [20] Q&A Session Summary Question: Will there be any change in the leverage targets for SCM? - Management confirmed that there will not be a change in the targeted leverage for SCM, which is approximately 1:1 on the regulatory test and approximately 2:1 including SBIC debentures [28] Question: What is the remaining capacity in the SBA? - Management indicated that there is significant new capacity in the SBA, with $65 million of new debentures available for growth [29] Question: Can you provide details on the non-accrual investments? - Management stated that the companies in non-accrual are working with others to secure additional capital during challenging periods [30] Question: What is the exposure to higher energy prices? - Management confirmed no direct exposure to the oil and gas industry and stated that any impact would be more related to consumer spending rather than direct company exposure [52] Question: What is the expected timeline for resolution of non-accrual assets? - Management expects a gradual resolution over the next 12-18 months, with some companies coming off non-accrual [59]