Financial Data and Key Metrics Changes - The company reported a net loss of ARS 50.3 billion in Q3 2025, significantly impacted by high real interest rates and tight monetary policy [4][5] - Net financial income declined by 43% sequentially, with the peso NIM falling to 11.7% and total NIM to 10.8%, down 1,100 and 1,000 basis points respectively [7][9] - The CET1 ratio reached 13.2% at quarter end and improved to 14.5% in October, supported by lower deferred asset tax deductions [6] Business Line Data and Key Metrics Changes - Loan growth was solid, up 8% in real terms, primarily driven by the corporate segment, while retail lending declined slightly due to tightened origination standards [5] - The NPL ratio rose to 3.9%, mainly due to the retail segment, although the NPL share of individuals remains below the retail loan share [5][56] - Deposit growth was strong, increasing by 15% quarter on quarter in real terms and over 40% year on year, with dollar deposits reaching a record high, up 31% sequentially [5] Market Data and Key Metrics Changes - The company anticipates real loan growth of 35%-40% for the full year 2025, led by corporate lending, with retail gradually resuming growth as disposable income improves [9] - Deposits are forecasted to grow 30%-35%, with further share gains in US dollar-denominated deposit balances [9] Company Strategy and Development Direction - The company is focused on controlling costs, with a 2% decline quarter on quarter and a 12% decline year to date in real terms [6] - Strategic initiatives include scaling the super app, enhancing customer engagement, and expanding cross-sell opportunities, particularly at Invertir Online [6] - The company is committed to returning to profitability and delivering long-term value, supported by the expected easing of monetary conditions [3][4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about post-election stabilization, with improving confidence and declining interest rates [4] - The company expects a gradual improvement in asset quality, with NPLs projected to peak in Q4 2025 [56] - Future ROE is anticipated to range between negative 5% and 0% for the full year, with expectations for improvement in 2026 as economic conditions normalize [10][41] Other Important Information - The political landscape in Argentina is changing, with a shift towards a more fragmented political environment, which may impact economic reforms [12][18] - The company is open to strategic alliances and partnerships to enhance its competitive position in the market [53] Q&A Session Summary Question: Long-term growth expectations and segment growth - The company guided for real loan growth of 35%-40% this year, with expectations for corporate lending to lead growth and retail to pick up later [30][31] Question: ROE expectations for next year - The company expects ROE to be in the high single digits or low double digits for next year, depending on the pace of economic recovery [41][42] Question: Balance between corporate and retail loans - The company aims for a balanced loan mix, with corporate loans currently exceeding 50% of the mix, expecting retail to catch up as conditions improve [44][46] Question: Asset quality dynamics and NPL expectations - The company anticipates that NPLs may peak in Q4 2025, with a coverage ratio expected to remain between 110-120% [55][57] Question: Liquidity conditions and growth constraints - The company sees a rebound in money demand post-elections, which should support deposit growth and mitigate liquidity constraints [62]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [7][15] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [16][17] - Operating expenses in Q3 2025 were $7.4 million, compared to $4.1 million in Q3 2024, driven by planned investments in R&D and sales [17] - Net profit for Q3 2025 was $0.1 million, down from $4.2 million in Q3 2024, with the previous year's profit influenced by one-time financial income [18][19] - Adjusted EBITDA for Q3 2025 was $1.2 million, compared to $1.4 million in Q3 2024 [19] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [7] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant growth in datasets and website unblockers [12] Market Data and Key Metrics Changes - There is significant traction from major global e-commerce platforms in Asia, with repeat and expanding orders [8] - The AI market is experiencing volatility, but demand is broadening and growing sharply, positioning AI as a core long-term growth engine for the company [8][11] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins and profitability [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which is expected to improve margins over time [9][10] - The company aims to shift towards higher value products, which will improve unit economics and margins as the product mix evolves [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to expand both gross and operating margins as the product mix continues to shift and infrastructure becomes more efficient [11] - For Q4 2025, the company expects revenues of approximately $12 million, representing a significant 62% year-over-year growth [13][20] - The company is positioned to serve the increasing reliance on high-quality, real-time public web data, with a vision to become a foundational data infrastructure company in the AI sector [14] Other Important Information - The company's shareholders' equity increased to $31.1 million as of September 30, 2025, up from $26.4 million at the end of 2024 [19] - Cash and cash equivalents as of September 30, 2025, were approximately $24.6 million, supporting strategic investments [19] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that it is not a project but a demand for a product combining a scraper and dataset, with high customer satisfaction and retention [22][25] Question: Do you see once R&D customers have developed their models that usage is higher or lower? - Management indicated that during the education stage, data needs are high, but in the production stage, usage becomes more predictable and sustainable [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, and there are additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management noted that if all solutions were in-house, gross margins could be around 70%, and improvements are expected as demand stabilizes and infrastructure efficiency increases [31][33]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [7][15] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [16][17] - Operating expenses in Q3 2025 were $7.4 million, compared to $4.1 million in Q3 2024, driven by planned investments in R&D and sales [17] - Net profit for Q3 2025 was $0.1 million, down from $4.2 million in Q3 2024, with the previous year's profit influenced by one-time financial income [18][19] - Adjusted EBITDA for Q3 2025 was $1.2 million, compared to $1.4 million in Q3 2024 [19] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [7] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant contributions from datasets and website unblockers [12] Market Data and Key Metrics Changes - The company is experiencing strong traction with major global e-commerce platforms in Asia, which are placing repeat and expanding orders [8] - Demand from leading AI labs is expected to grow sharply, indicating a broadening market for the company's services [8][12] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins, with a focus on AI-driven growth [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which is expected to improve margins in the long term [9][10] - The company aims to shift towards higher value products, which will improve unit economics and margins over time [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the AI market, anticipating smoother revenue patterns as models transition from research to production [11] - For Q4 2025, the company expects revenues of approximately $12 million, representing a 62% year-over-year growth [13][20] - The company aims to end 2025 with around $41 million in revenues, up almost 30% year-over-year [13] Other Important Information - The company's shareholders' equity increased to $31.1 million as of September 30, 2025, up from $26.4 million at the end of 2024 [19] - Cash and cash equivalents as of September 30, 2025, were approximately $24.6 million, supporting ongoing strategic investments [19] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that it is not a project but a demand for a product combining a scraper and dataset, with significant revenue contribution [22][23] Question: Do you see once R&D customers have developed their models that usage is higher or lower? - Management indicated that during the education stage, customers need a large amount of data quickly, while in production, usage may be more predictable but spread over time [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, and there are additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management noted that if all solutions were in-house, gross margins could be around 70%, and they are working to reduce reliance on third-party vendors [31][32] Question: When will and how do you think about the unit economics improving? - Management expects improvements in unit pricing as demand stabilizes and infrastructure becomes more efficient [36][37]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [6][14] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [15][16] - Net profit for Q3 2025 was $0.1 million, a significant decrease from $4.2 million in Q3 2024, primarily due to a high financial income in the previous year [17][18] - Adjusted EBITDA for Q3 2025 was $1.2 million, slightly down from $1.4 million in Q3 2024 [17] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [6] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant growth in AI-centric products [11] Market Data and Key Metrics Changes - Strong growth was noted in the AI vertical, offsetting declines in other segments, with one large-scale AI customer contributing approximately $3.5 million in revenue [15] - The company is experiencing significant traction with major global e-commerce platforms in Asia, which are placing repeat and expanding orders [7] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins and profitability, with a focus on AI-driven growth [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which are expected to drive long-term growth despite short-term margin pressures [8][10] - The company aims to shift towards higher value products, which will improve unit economics and margins over time [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for AI services and the company's positioning within the data industry, anticipating a revenue of approximately $12 million for Q4 2025, representing a 62% year-over-year growth [12][19] - The volatility in demand from leading labs is expected to stabilize as models transition from research to production [10] Other Important Information - The company's cash position as of September 30, 2025, was approximately $24.6 million, supporting ongoing strategic investments [18] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that the demand is for a combination of a scraper and a dataset, with high customer satisfaction and retention [22][25] Question: Do you see usage being higher or lower once R&D customers have developed their models? - Management indicated that while initial data needs are high during the education stage, usage may become more predictable in the production stage [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, with additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management projected that gross margins could improve significantly if third-party vendor reliance decreases, with a potential gross margin of around 70% if all solutions were in-house [31][33] Question: When will unit economics improve? - Management noted that as demand stabilizes and infrastructure efficiency increases, unit prices may rise, benefiting overall margins [36][37]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025 [3][4] - The company anticipates approximately 15% year-over-year revenue growth in 2026, focusing on profitability as a major goal [4] Business Line Data and Key Metrics Changes - The growth is attributed to an increase in the number of students and parents served, strengthening of the product portfolio, and growing brand influence [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily [4] Market Data and Key Metrics Changes - The company has seen sustained operating leverage as it expands, which supports the goal of achieving full profitability at target scale [4] Company Strategy and Development Direction - The company plans to balance growth with profitability, making profitability the primary focus in 2026 [4] - Ongoing efforts are aimed at moving towards sustainable net profitability in 2026 [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory becoming more balanced in 2026, with a focus on profitability [4] Other Important Information - The company encourages further inquiries through its Investor Relations Department [6] Q&A Session Summary Question: Insights on 2026 growth expectations and balancing growth with loss reduction - Management provided insights on revenue growth expectations for 2025 and 2026, emphasizing the importance of profitability in future strategies [2][4]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025 [3] - Anticipated approximately 15% year-over-year revenue growth in 2026, with a focus on profitability [4] Business Line Data and Key Metrics Changes - The company has seen a steady increase in the number of students and parents served, contributing to strong top line expansion [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily [3] Market Data and Key Metrics Changes - The company is experiencing sustained operating leverage as it scales, which supports the path to full profitability [4] Company Strategy and Development Direction - In 2026, profitability will be the major focus guiding the execution of the overall strategy [4] - The company aims to move towards sustainable net profitability with ongoing efforts to improve operating cash flows [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a balanced growth trajectory with a focus on profitability in 2026 [4] Other Important Information - The company encourages further inquiries through its Investor Relations Department [6] Q&A Session Summary Question: Insights on 2026 growth expectations and business line plans - Management highlighted strong revenue growth in 2024 and 2025, with a balanced growth focus and profitability as key goals for 2026 [3][4]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025, indicating strong top-line expansion over the past two years [3][4] - The company anticipates approximately 15% year-over-year revenue growth in 2026, focusing on achieving sustainable net profitability [4] Business Line Data and Key Metrics Changes - The growth is attributed to an increase in the number of students and parents served, strengthening of the product portfolio, and growing brand influence [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily, improving user experience in courses [4] Market Data and Key Metrics Changes - The company is experiencing sustained operating leverage as it scales, which supports the foundation for achieving full profitability at target scale [4] Company Strategy and Development Direction - In 2026, the company plans to balance growth with a major focus on profitability, guiding the execution of its overall strategy [4] - The company aims to improve operating cash flows and move towards sustainable net profitability in 2026 [4] Management Comments on Operating Environment and Future Outlook - Management highlighted the steady increase in user demand and motivation as key drivers for growth, alongside product integration and brand strength [3][4] Other Important Information - The company encourages further inquiries through its Investor Relations Department and offers subscription to news alerts on its IR website [6] Q&A Session Summary Question: Insights on 2026 growth expectations and business line plans - Management provided insights on anticipated growth rates and the strategy to balance growth with loss reduction, emphasizing profitability as a key focus for 2026 [2][4]