Company Overview - Orion Energy Systems focuses on helping customers achieve sustainability, energy savings, and carbon footprint reduction goals through innovative technology and service[7] - The company operates in lighting (retrofit), EV charging, and maintenance segments, targeting industrial, commercial, retail, automotive, and public sector vertical markets[16] - Orion offers turnkey solutions, product sales, maintenance services, and EV charging installations as revenue streams[16] Macro Environment & Business Units - Macro factors influencing Orion's business include energy prices, climate/ESG concerns, EV infrastructure development, regulatory landscape (BAA/BABA compliance), and LED penetration rates[19, 20, 21] - Orion's business units include Lighting (focused on commercial & industrial retrofit), Maintenance (lighting and electrical services with 3-year recurring revenue contracts), and EV Charging Systems (turnkey installation with recurring revenue)[23] Lighting Solutions & Case Study - Orion's lighting solutions offer substantial energy cost reduction with an average payback of 1-4 years[26] - A case study at CLARIOS's 100,000 sq ft facility in Florence, KY, involved installing 800 fixtures, resulting in 814,084 kWh annual energy reduction, $54,869 annual energy cost reduction, and 218 tons annual carbon dioxide reduction[33, 36] - The company emphasizes BAA & BABA compliant products, ensuring domestic materials and American labor for federal and state/municipal/school projects[37, 38, 39] EV Charging & Market Opportunity - Orion acquired Voltrek in October 2022, a premier reseller of EV charging stations, managing over 4,000 charging ports[62] - The US needs approximately 28 million EV charging ports by 2030 to support an estimated 33 million electric vehicles[73] - A fleet project example includes a $400,000 Voltrek turnkey installation of 6 DC ChargePoint Fast Charger Stations for Haverhill High School's EV Transit Vans[77, 79] Financial Performance - In Q1 FY26, revenue was $19.6 million, and the gross margin was 30.1%[89, 91] - The company's liquidity in Q1 FY26 was $14 million, with a working capital of $17.4 million[91] - Adjusted EBITDA for Q1 FY26 was $0.206 million[94]

Financial Performance - TGS's revenue for Q2 2025 was Ar$163,878 million[26], with an EBITDA of Ar$85,662 million[26] - Natural Gas Transportation revenue reached Ar$145,615 million[30], while EBITDA was Ar$52,631 million[30] - Liquids revenue amounted to Ar$59,772 million[35], with an EBITDA of Ar$25,355 million[34] - Midstream and Other Services generated revenue of Ar$76,320 million[39], and an EBITDA of Ar$51,929 million[39] - Net financial results showed a loss of Ar$59,400 million in Q2 2025 compared to a gain of Ar$17,260 million in Q2 2024, representing a variation of Ar$(76,660) million[40] Key Events and Developments - The company was granted a 20-year license extension (2027-2047) by the National Executive Power[17] - A dividend payment of Ar$200 billion was approved by the Board of Directors[20] - The Perito Moreno pipeline (PMP) is undergoing a 14MMm3/d capacity expansion[12] - TGS was the only bidder in a call tender by ENARSA for a 90,000 HP compression capacity expansion, expected to be commissioned by April 2027[19]

Q2 2025 Overall Performance - The company reported GAAP EPS of 94 cents and adjusted non-GAAP EPS of $1.26[5] - Revenue increased by 1 percent[11] - The company has $266.6 million in net cash[5, 25] - $20.8 million semi-annual dividend was paid in the quarter and $8.2 million was spent on buybacks[5, 25] Segment Performance - Performance Chemicals revenue increased by 9 percent, but operating income decreased by 33 percent[12, 14, 15] - Fuel Specialties operating income increased by 16 percent, despite a 1 percent decrease in revenue[16, 18] - Oilfield Services revenue decreased by 7 percent and operating income decreased by 15 percent[19, 21] Financial Focus - Gross margin decreased by 1.2 percentage points[11] - Adjusted EBITDA decreased by 9 percent[11] - The company's effective tax rate was 26.3 percent[22, 24]

Financial Performance - Total revenues for Q2 2025 were $376 million, compared to $351 million in Q1 2025[19] - Adjusted EBITDA for Q2 2025 was $61 million, compared to $58 million in Q1 2025[20] - Offshore Energy Services revenues increased by $13 million from Q1 2025 to Q2 2025, reaching $253 million[26, 28] - Government Services revenues increased by $66 million from Q1 2025 to Q2 2025, reaching $93 million[31] - Other Services revenues increased by $63 million from Q1 2025 to Q2 2025, reaching $31 million[36] Outlook - The company raised its 2025 total revenue outlook to $1460 - $1560 million[40] - The company raised its 2026 total revenue outlook to $1620 - $1740 million[40] - The company raised its 2025 Adjusted EBITDA outlook to $240 - $260 million[40] - The company raised its 2026 Adjusted EBITDA outlook to $300 - $335 million[40] Capital Allocation - The company made $153 million of accelerated principal payments on its UKSAR Debt facility[21, 51] - The company repurchased 119841 shares of common stock for $39 million at an average cost of $3241 per share[21, 51]

Company Overview - Nine's business is largely driven by technology-based services, with approximately 60% of revenue coming from completion tools and cementing[9] - The company's strategy focuses on growing completion tool revenue in both domestic and international markets[9] - In Q2 2025, completion tool revenue increased by approximately 9% quarter-over-quarter, driven by increased sales in the Northeast and Haynesville regions, as well as an increase in international tool sales[75] - Total H1 2025 international tools revenue increased by approximately 20% compared to H1 2024[70] Financial Performance - The company's asset-light model reduces capital expenditure needs, with the average 3-year capex from 2017-2019 being approximately $53 million, compared to approximately $21 million for the 4-year average from 2021-2024, a reduction of approximately 60%[20] - Q2 2025 revenue was at the upper end of management's original guidance[70] - The company reported net cash provided by operating activities of $10.1 million for Q2 2025[77] - As of June 30, 2025, the company had cash of $14.2 million, total debt of $349.4 million, and net debt of $335.2 million[76] Market Position and Technology - The company has a significant share in the US dissolvable plug market, with approximately 75% of the market concentrated among four competitors, including Nine[46] - The company's dissolvable pumpdown rings have been shown to reduce horsepower requirements by approximately 48%, water usage by approximately 28%, and diesel fuel usage by approximately 42%[61]

Financial Performance - Q2 2025 net sales increased by 9% year-over-year to $157.1 million[33], compared to $144.3 million in Q2 2024[33] - Gross margin improved by 30 bps year-over-year to 40.9% in Q2 2025[33], from 40.6% in Q2 2024[33] - Net income was $12.2 million, or $0.30 per diluted share in Q2 2025[33], compared to $12.6 million, or $0.31 per diluted share in Q2 2024[33] - Adjusted EBITDA for Q2 2025 was $27.0 million[33], with an adjusted EBITDA margin of 17.2%[33] - For the first six months of 2025, net sales reached $287.2 million[47], a slight increase from $282.2 million in the same period of 2024[47] - Net income for the first six months of 2025 was $21.459 million[47], compared to $19.495 million for the first six months of 2024[47] Acquisition and Expansion - Completed the acquisition of Carr's Engineering division in April 2025 for £75 million[28] - Carr's Engineering division had £51 million in revenue for FY 2024[28] - The acquisition expands the nuclear TAM through entry into international channel, and nuclear medicine and nuclear energy markets[28] Outlook and Guidance - The company expects net sales between $624 million and $630 million for fiscal year 2025[35,42] - Adjusted EBITDA is projected to be between $112 million and $116 million for fiscal year 2025[37,42]

Financial Performance & Shareholder Returns - Suncor's market capitalization in Q2 2025 was $62 billion[5] - Net debt to AFFO for Q2 2025 TTM was 0.6x[5] - AFFO (Adjusted Funds From Operations) for Q2 YTD (Year-to-Date) was $5.7 billion[5] - Capital expenditures for Q2 YTD were $2.7 billion[5] - Free Funds Flow (FFF) for Q2 YTD was $2.9 billion[5] - Over the past 10 years, Suncor has returned >70% of its average market cap to shareholders[9] - Suncor is targeting 3-5% annual dividend growth[15] - Suncor is aiming for 1.0x Net Debt to AFFO at US$50 WTI[15] Operational Highlights - Upgrading capacity is 556 kbpd (thousands of barrels per day)[5] - Refining capacity is 466 kbpd[5] - Production to Market for Q2 YTD was 831 kbpd[5] - Refinery utilization for Q2 YTD was 99%[5] - Oil Sands reserve life index is 25 years (as of 2024)[5] - Upstream production is 825,000 bpd[18] - Refining capacity is 466,000 bpd[18] - Product sales are 570,000 bpd[18] - Suncor's total 2P Reserves (gross) were 7,315 million barrels at December 31, 2024[89, 96] 2025 Guidance - The 2025 capital budget is projected to be between $5.7 billion and $5.9 billion[44] - Oil Sands capital expenditure is projected to be between $3.775 billion and $3.850 billion, representing 40% of economic investment[46] - Exploration & Production (E&P) capital expenditure is projected to be between $725 million and $775 million, representing 100% of economic investment[46] - Downstream capital expenditure is projected to be between $1.175 billion and $1.250 billion, representing 30% of economic investment[46] - Corporate capital expenditure is projected at $25 million, representing 5% of economic investment[46] - Total bitumen production is guided between 880,000 and 920,000 kbpd[46] - Upgraded net SCO (Synthetic Crude Oil) and diesel production is guided between 485,000 and 495,000 kbpd[46] - Non-upgraded bitumen production is guided between 280,000 and 290,000 kbpd[46] - Total Oil Sands production is guided between 765,000 and 785,000 kbpd[46] - E&P production is guided between 45,000 and 55,000 kbpd[46] - Total Upstream Production is guided between 810,000 and 840,000 kbpd[46] - Refinery throughput is guided between 435,000 and 450,000 kbpd[46] - Refinery utilization is guided between 93% and 97%[46] - Refined product sales are guided between 555,000 and 585,000 kbpd[46]

Financial Performance - Net sales reached $534 million, a 6% increase CER (constant exchange rate) compared to Q2 2024[5] - Core sales also grew by 6% CER[5] - Adjusted diluted EPS was $062 CER, exceeding the outlook of ≥$060 CER[5] - Adjusted operating income margin improved by 15 percentage points to 299% compared to Q2 2024[5] - H1 2025 operating cash flow remained steady at $301 million compared to H1 2024[5] Product and Portfolio Developments - QIAstat-Dx led growth with a 41% CER increase[5, 8] - QuantiFERON also showed strong performance with an 11% CER growth[5, 8] - Sample technologies, QIAcuity digital PCR, and QDI contributed to overall growth[5] Outlook - The company increased its 2025 net sales outlook to +4-5% CER (+5-6% CER core growth)[5] - Adjusted diluted EPS outlook is reaffirmed at approximately $235 CER[5] - Adjusted operating income margin target is set at approximately 30%[5] Capital Allocation - The company plans to return at least $1 billion to shareholders between 2024 and 2028, absent M&A activity[23] - The first-ever annual dividend payment of $54 million was paid in July 2025[23] - Authorization for synthetic share repurchase of up to $500 million over 18 months[24]

Company Strategy & Business Model - The company is shifting from a production-focused to a brand-centric business model to improve cost efficiency and maximize agility[6, 11] - The company is evolving from a countertop player to a surfaces player, expanding its product offerings beyond kitchen and bath to the entire home[6, 9, 10] - The company aims to be the leading choice for surfaces all around the world[8] Financial Performance & Restructuring - The company's revenue in 2024 was approximately $443 million[5] - The company's operating cash flow in 2024 was approximately $32 million[5] - Strategic restructuring plan is expected to generate annualized savings of over $60 million compared to 2022 expenses[31, 32, 33] - Q2'25 revenue was $101.1 million, a 15.3% decrease compared to Q2'24[53] - Q2'25 adjusted gross margin was 19.7%, a 4.1 percentage point decrease compared to Q2'24[53, 55] Market Position & Global Footprint - The company has a global presence in over 60 countries[5, 35] - The company's revenue in 2024 was primarily from the US (49.9%), Canada (13.9%), and Australia (17.0%)[36] - The company is expanding its porcelain offering in the US and Canada[31]

Financial Performance - Q2 2025 revenue reached $105 million, a 37% year-over-year increase[4] - Adjusted EBITDA for Q2 2025 was $11.8 million, a 17% increase year-over-year[4] - Gilat Stellar Blu contributed approximately $36 million in revenue during Q2 2025[4, 14] - The company is on track for $120 million to $150 million in Stellar Blu revenues in 2025[4] - The company raised its 2025 revenue guidance to $435 million - $455 million, representing a 46% year-over-year growth at the midpoint[20, 21] - The company raised its 2025 Adjusted EBITDA guidance to $50 million - $53 million, representing a 22% year-over-year growth at the midpoint[20, 21] Business Segment Highlights - Gilat Peru secured a $60 million contract from Pronatel to expand broadband infrastructure[4, 10] - Gilat Commercial received $47 million in orders from Tier-1 satellite operators for multi-orbit use[8] - Gilat Defense received up to $70 million U.S Army Field Services award[6] - Gilat Commercial secured a $40 million NRE project for the virtualized SkyEdge IV platform[4, 8]