Financial Data and Key Metrics Changes - For the full year 2025, the company achieved approximately 15% year-over-year revenue growth and a 21% increase in new account generation [4] - Total revenue for the fourth quarter of 2025 was $3.9 million, reflecting a 13% growth compared to the fourth quarter of 2024 [16] - Gross profit for the fourth quarter was $2 million, an increase of $200,000 or 13% compared to the same period last year, with a gross margin of 50% [16] Business Line Data and Key Metrics Changes - The CapsoCam Plus small-bowel capsule endoscopy solution saw approximately 9,400 patients imaged in the fourth quarter, up from approximately 8,374 in the prior year period, representing year-over-year growth of 12% [12] - New account growth for CapsoCam Plus increased by 16% year-over-year in the fourth quarter [14] - The number of hospital system customers increased by 87% in the fourth quarter compared to the same period last year [15] Market Data and Key Metrics Changes - The company reported that more than 161,000 patients have been imaged with CapsoCam Plus as of December 31, 2025 [4] - The company is expanding its international presence, including a dedicated team in Germany and partnerships with distributors in high-potential markets [13] Company Strategy and Development Direction - The long-term vision is to deliver an ingestible capsule capable of screening for multiple cancers in a single non-invasive procedure [4] - The company is focusing on advancing its AI-enabled roadmap and has submitted a 510(k) application for an AI-assisted reading module [6] - The development strategy for CapsoCam Colon has been refined to prioritize a second-generation capsule, with a submission expected in the third quarter of 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management believes the company is well-positioned heading into 2026 with a growing commercial base and a differentiated AI-enabled platform [11] - The company is entering a highly competitive phase of execution, with continued commercial momentum and a disciplined pipeline strategy [18] - Management expressed confidence in the strategy and the ability to invest in product innovation and clinical development [10] Other Important Information - The company completed a $14 million private placement to strengthen its balance sheet, reflecting continued investor confidence [10][17] - The company is pioneering a novel visual assessment method for pancreatic cancer detection, with a clinical study expected to begin in the second quarter of 2026 [9] Q&A Session Summary Question: Feedback on Gen 2 CapsoCam Colon efforts - Management reported that enrollment is going well, with no delays anticipated for the FDA submission by the end of Q3 [22][23] Question: Criteria for breakthrough designation application for pancreatic cancer detection - Management explained that a scoring system is being developed to establish diagnostic criteria, which will be important for FDA application [24][25][26] Question: CapsoCam development timeline and patient recruitment - Management indicated that over 500 patients have been enrolled across 11 sites, with a target of 800 for Gen 2 [34][35] Question: Anticipated review time for 510(k) submission - Management expects the FDA to take about six months for clearance, aiming for commercial availability in Q1 2027 [37]

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenues were $382.7 million, a 61.7% increase from $236.6 million in Q4 2024. Adjusted EBITDA for the same period was $24.5 million, up from $15 million year-over-year [15][4][16] - For the full year 2025, consolidated revenues reached $1.2 billion, with adjusted EBITDA of $67.2 million [4] Business Line Data and Key Metrics Changes - The infrastructure segment reported Q4 revenues of $373.9 million, a 65.7% increase from $225.7 million in the prior year quarter. Adjusted EBITDA for this segment increased to $28 million from $17.4 million [16][17] - Life Sciences segment revenues decreased by 24.4% to $3.1 million from $4.1 million in Q4 2024, primarily due to lower unit sales in North America [18] - Spectrum segment revenues decreased by $1.1 million to $5.7 million in Q4 2025, with adjusted EBITDA down $1.3 million to $1 million [19] Market Data and Key Metrics Changes - DBM Global's backlog increased by approximately $700 million to just over $1.8 billion since the end of 2024, reflecting improving demand across markets [5][18] - R2 reported a record revenue of $12.5 million for the full year 2025, representing a 28% increase year-over-year, driven by a 123% surge in demand outside North America [10] Company Strategy and Development Direction - The company is focused on strengthening its backlog and advancing strategic initiatives while maintaining financial discipline [4] - MediBeacon's recent FDA approval and commercialization activities in China are expected to enhance its market position in 2026 and beyond [8][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed market conditions but expressed confidence in the company's progress and backlog strength, positioning it well for continued growth in 2026 [6][4] - The company is actively pursuing asset sales to address its capital structure and protect shareholder value [13] Other Important Information - As of December 31, 2025, the company had $112.1 million in cash and cash equivalents, up from $48.8 million at the end of 2024 [19] - The company reported a principal outstanding indebtedness of $687.2 million, an increase of $18.9 million from the previous year [20] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [21][22]

Financial Data and Key Metrics Changes - Full year gross revenue grew 15% to $5.2 million, driven by strong second half momentum [9] - Fourth quarter gross revenue increased 62% to $1.4 million, with product sales more than doubling compared to the prior year quarter [9] - Technology-enabled services revenue reached $1.7 million for the full year, up 85% from $0.9 million in 2024 [9] - Gross margin expanded from 55% to 58%, indicating favorable product mix and disciplined cost management [9] - Total operating expenses decreased 10% despite launching new products and entering new markets [9] - Net loss from operations improved 13% year over year, with a net loss of $10.3 million compared to $5.9 million in 2024 [10] Business Line Data and Key Metrics Changes - The company transitioned from solely selling devices to offering a complete non-lethal response system, integrating technology, policy, and training [5][6] - The average deal size increased nearly six-fold from the first half to the fourth quarter, indicating a shift towards agency-wide program adoptions [14] - Over 10,000 active BolaWrap units are deployed across domestic agencies, with more than 76% on the current generation BolaWrap 150 [15] Market Data and Key Metrics Changes - The Counter-UAS market represents a compelling growth factor, with advancements in drone-related technologies and partnerships for rapid prototyping and production [16] - International demand is emerging, with distribution agreements across India, Canada, and Panama [17] Company Strategy and Development Direction - The company aims to lead the global shift towards non-lethal response, focusing on five key priorities for 2026: non-lethal response at scale, federal and defense market entry, UAS development, recurring revenue growth, and international expansion [18][20] - The strategy includes expanding agency-wide deployments through integrated platforms and scaling subscription-based services [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in targeting 100% revenue growth for the upcoming year, citing a strong pipeline and quality of contracts [22] - The company is committed to building long-term wealth while delivering impactful solutions, with a focus on safety and community engagement [23] Other Important Information - The company has digitized and productized its training platform, WrapTactics, allowing for high-quality training at scale [5] - Management has invested significantly in the company, with insiders purchasing between $7 million and $8 million in stock over the past two and a half years, demonstrating alignment with shareholders [41] Q&A Session Summary Question: Is the company looking at any additional capital raising opportunities? - Management stated they are not currently in the market for additional capital after raising $5 million recently, but will remain opportunistic [24] Question: Have you launched non-lethal response? If not, what are the plans? - The company has been soft selling the non-lethal response to customers and plans to officially launch in the next 30-45 days [25] Question: Where is the confidence for approximately 100% revenue growth coming from? - Confidence stems from strong business performance observed in the fourth quarter and a high-quality pipeline for the upcoming year [26][27] Question: What is the difference between non-lethal and less lethal, and why does that distinction matter? - The distinction is important as non-lethal solutions have a track record of zero fatalities and serious injuries, which is critical for community safety [29][32] Question: Where does the drone platform stand? - The company is advancing its drone-related technologies and has demonstrated successful testing, with plans for market rollout this year [33][35] Question: What is the status of Wrap Federal and your federal government traction? - The company is seeing good traction in government conversations and has established contract vehicles for federal sales [36][37] Question: What does the international pipeline look like? - The international pipeline is growing, with interest in various products and services beyond just the BolaWrap [39] Question: Can you speak to the alignment with shareholders regarding insider stock purchases? - Management has invested significantly in the company, showing strong alignment with shareholders [41] Question: What catalysts should investors be watching for over the next 12 months? - Investors should watch for advancements in the Counter-UAS business, expansion of the WrapTactics program, and increased federal engagement [42][43]

Financial Data and Key Metrics Changes - Full year gross revenue grew 15% to $5.2 million, driven by strong second half momentum [9] - Fourth quarter gross revenue increased 62% to $1.4 million, with product sales more than doubling compared to the prior year quarter [9] - Technology-enabled services revenue reached $1.7 million for the full year, up 85% from $0.9 million in 2024 [9] - Gross margin expanded from 55% to 58%, indicating favorable product mix and disciplined cost management [9] - Total operating expenses decreased 10% despite launching new products and entering new markets [9] - Net loss from operations improved 13% year over year, with a net loss of $10.3 million compared to $5.9 million in 2024 [10] Business Line Data and Key Metrics Changes - The company transitioned from solely selling devices to offering a complete non-lethal response system, integrating technology, policy, and training [6][8] - The average deal size increased nearly six-fold from the first half to the fourth quarter, indicating a shift towards agency-wide program adoptions [13][14] - Over 10,000 active BolaWrap units are deployed across domestic agencies, with more than 76% on the current generation BolaWrap 150 [15] Market Data and Key Metrics Changes - The company is seeing significant international demand, with distribution agreements across India, Canada, and Panama [17] - The Counter-UAS market represents a compelling growth factor, with advancements in drone-related technologies [16] Company Strategy and Development Direction - The company aims to lead the global shift towards non-lethal response, focusing on five key priorities for 2026: non-lethal response at scale, federal and defense market entry, UAS development, recurring revenue growth, and international expansion [18][20] - The strategy includes expanding agency-wide deployments through integrated platforms that bundle hardware, training subscriptions, and policy support [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 100% revenue growth in 2026, driven by agency-wide deployments and subscription-based recurring revenue [22] - The company is committed to building long-term wealth while delivering impactful solutions [23] Other Important Information - The company has digitized and productized its training platform, WrapTactics, allowing for scalable high-quality training with strong margins [5] - Management has invested approximately $7 million to $8 million in the company over the past two and a half years, demonstrating alignment with shareholders [41] Q&A Session Summary Question: Is the company looking at any additional capital raising opportunities? - Management stated they are not currently in the market for additional capital after raising $5 million recently, but will remain opportunistic [24] Question: Have you launched non-lethal response? If not, what are the plans? - The company has been soft selling the non-lethal response to customers and plans to officially launch it in the next 30-45 days [25] Question: Where is the confidence for approximately 100% revenue growth coming from? - Confidence stems from the current business pace, strong pipeline quality, and solid sales bookings from previous quarters [26][27] Question: What is the difference between non-lethal and less lethal, and why does that distinction matter? - The distinction matters because non-lethal solutions have a track record of zero fatalities and serious injuries, which is crucial for community safety [29][32] Question: Where does the drone platform stand? - The company is testing drone-related technologies and has accepted pre-orders for the platform, with plans to roll it out this year [35] Question: What is the status of Wrap Federal and your federal government traction? - The company is seeing good traction in government conversations and has established contract vehicles for federal business [36][37] Question: What does the international pipeline look like, and what regions have shown the most interest? - The international pipeline is growing, with interest in various products and services, including the BolaWrap and training solutions [39] Question: Can you speak to the alignment with shareholders regarding management stock purchases? - Management has invested significantly in the company, showing strong alignment with shareholders [41] Question: What catalysts should investors be watching for over the next 12 months? - Key catalysts include advancements in the Counter-UAS business, expansion of the WrapTactics program, and increased federal engagement [42][43]

Financial Data and Key Metrics Changes - Full year gross revenue grew 15% to $5.2 million, driven by strong second half momentum [10] - Fourth quarter gross revenue increased 62% to $1.4 million, with product sales more than doubling versus the prior year quarter [10] - Technology-enabled services revenue reached $1.7 million for the full year, up 85% from $0.9 million in 2024 [10] - Gross margin expanded from 55% to 58%, suggesting favorable product mix and disciplined cost management [10] - Total operating expenses decreased 10% even as new products were launched [10] - Net loss from operations improved 13% year over year, with net loss at $10.3 million compared to $5.9 million in 2024 [11] Business Line Data and Key Metrics Changes - The company transitioned from solely selling devices to offering a complete non-lethal response system, integrating technology, training, and support [6][9] - The average deal size increased nearly six-fold from the first half to the fourth quarter, indicating a shift towards agency-wide program adoptions [15] - Over 10,000 active BolaWrap units are deployed across domestic agencies, with more than 76% on the current generation BolaWrap 150 [16][17] Market Data and Key Metrics Changes - The Counter-UAS market represents a compelling growth factor, with advancements in drone-related technologies [18] - International demand is emerging, with distribution agreements in India, Canada, and Panama [19] - The company is seeing increased interest in its complete response solutions, including training and technology offerings [39] Company Strategy and Development Direction - The company aims to lead the global shift towards non-lethal response, focusing on integrated platforms that bundle hardware, training, and support [20] - Key priorities for 2026 include expanding agency-wide deployments, entering federal and defense markets, and scaling subscription-based revenue [20][21] - The company is committed to legislative engagement to promote non-lethal solutions, emphasizing safety and community interest [44] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 100% revenue growth in 2026, driven by strong pipeline visibility and agency-wide deployments [23] - The company is focused on building long-term wealth for shareholders while delivering impactful solutions [24] - Management highlighted the importance of differentiating between non-lethal and less lethal tools, emphasizing their track record of zero fatalities [31] Other Important Information - The company has digitized and productized its training platform, WrapTactics, allowing for scalable training with strong margins [5] - Management insiders have invested significantly in the company, demonstrating alignment with shareholders [42] Q&A Session Summary Question: Is the company looking at any additional capital raising opportunities? - Management stated they are not currently in the market for additional capital after raising $5 million [25] Question: Have you launched non-lethal response? If not, what are the plans? - The company has been soft selling the non-lethal response and plans to officially launch in the next 30-45 days [26] Question: Where is the confidence for approximately 100% revenue growth coming from? - Confidence stems from strong business performance in Q4 and a high-quality pipeline for 2026 [27][28] Question: What is the difference between non-lethal and less lethal, and why does that distinction matter? - The distinction matters due to documented rates of unintentional fatalities with less lethal tools, while the company has a track record of zero fatalities with non-lethal solutions [31][32] Question: Where does the drone platform stand? - The company is advancing its drone-related technologies and has accepted pre-orders for the platform [35] Question: What is the status of Wrap Federal and your federal government traction? - The company is seeing good traction in government conversations and has established contract vehicles for federal business [36] Question: What does the international pipeline look like? - The international pipeline is growing, with interest in various products and services beyond just the BolaWrap [39] Question: Can you speak to the alignment with shareholders regarding management stock purchases? - Management has invested significantly in the company, showing commitment and alignment with shareholders [42] Question: What catalysts should investors be watching for over the next 12 months? - Key catalysts include advancements in the Counter-UAS business, expansion of WrapTactics, and increased federal engagement [43][44]

Financial Data and Key Metrics Changes - CMC reported net earnings of $93 million or $0.83 per diluted share, compared to $25.5 million or $0.22 per diluted share in the prior year period [23] - Adjusted earnings were $130.1 million or $1.16 per diluted share, up from $35.8 million or $0.31 per diluted share in the prior year [24] - Consolidated core EBITDA reached $297.5 million, growing by 114% year-over-year, with a core EBITDA margin of 14%, an increase of 610 basis points [4][28] Business Line Data and Key Metrics Changes - North American Steel Group generated adjusted EBITDA of $269.7 million, with an EBITDA margin of 16.8%, supported by TAG efforts [28] - Construction Solutions Group net sales grew by 98% year-over-year to $314.4 million, with adjusted EBITDA increasing by 127% to $53.4 million, driven by the precast businesses [29] - Europe Steel Group reported an adjusted EBITDA loss of $1.4 million, unchanged from the prior year, impacted by lower shipments and elevated import flows [31] Market Data and Key Metrics Changes - Finished steel shipments were virtually unchanged year-over-year, with stable metal margins on steel products, increasing by $2 per ton [12] - Demand remained strong in key segments such as public works, institutional buildings, energy projects, and data centers, with data center construction being particularly robust [12][16] - Bookings during the second quarter were the highest since late fiscal 2022, supported by energy projects and a large advanced manufacturing facility [14] Company Strategy and Development Direction - CMC is focused on integrating its newly acquired precast platform to maximize value creation and drive growth [6][7] - The TAG program aims to enhance operational and commercial excellence, with expectations of exceeding $150 million in annualized EBITDA benefits by the end of the fiscal year [10][68] - The company is optimistic about future growth driven by structural demand trends, operational improvements, and strategic investments [38] Management's Comments on Operating Environment and Future Outlook - Management noted that profitability was impacted by disruptive weather conditions and increased energy costs, but overall performance was strong [5] - The outlook for the third quarter anticipates a meaningful increase in consolidated core EBITDA due to seasonal improvements and continued margin strength [37] - Management expressed confidence in the company's ability to navigate market challenges and achieve growth targets, supported by a robust project pipeline [16][38] Other Important Information - CMC's cash and cash equivalents totaled $504 million, with total liquidity exceeding $1.7 billion [32] - The board of directors approved an 11% increase in the quarterly dividend, reflecting confidence in the company's free cash flow outlook [35] - Capital expenditures for fiscal 2026 are expected to be approximately $600 million, with a focus on completing the West Virginia micromill and growth investments [36] Q&A Session Questions and Answers Question: Maintenance outages in Q3 - Management indicated that some maintenance outages were deferred from Q2 due to weather challenges, and some were normal for the quarter [44] Question: Impact of imports and supply discipline - Management noted that supply and demand are balanced, with manageable North American capacity increases and elevated imports not expected to be durable [49] Question: Outlook for North American shipments - Management expects a normal change in shipments moving from Q2 to Q3, with modest growth anticipated in rebar volumes [58][81] Question: Pricing for new fabrication orders - Current pricing for new bookings is higher than backlog prices, with expectations for pricing to positively impact margins in the coming quarters [60][61] Question: Power costs and hedging - Electricity accounts for 15%-20% of total production costs, with Poland well-hedged against potential increases in electricity prices [66] Question: Profitability of steel products versus downstream - Management expects downstream profitability to increase, offsetting lower margins for steel products due to seasonal volume rebounds [78]

Financial Data and Key Metrics Changes - Fiscal 2025 was marked by record ethanol sales volume of 290 million gallons, a slight increase from 289.7 million gallons in fiscal 2024, with fourth quarter sales at 70.1 million gallons compared to 74.6 million gallons in Q4 2024 [10] - Average selling price for consolidated ethanol volumes was approximately $1.74 per gallon for the full year and $1.72 for Q4 [10] - Gross profit for fiscal 2025 was $93.7 million, up from $91.5 million in fiscal 2024, with Q4 gross profit at $28.9 million compared to $17.6 million in Q4 2024 [12][14] - Net income attributable to REX shareholders for fiscal 2025 was $83 million, compared to $58.2 million in fiscal 2024, with Q4 net income at $43.7 million versus $11.1 million in Q4 2024 [14][15] - Diluted net income per share reached an all-time high of $2.50 for fiscal 2025, compared to $1.65 in fiscal 2024, with Q4 diluted net income per share at $1.32 compared to $0.31 in Q4 2024 [15] Business Line Data and Key Metrics Changes - Dried distillers grains sales volumes decreased by 3% to 612,000 tons in fiscal 2025 from 632,000 tons in fiscal 2024, with Q4 volumes down approximately 9% [11] - Modified distillers grains sales volumes increased to 81,900 tons in fiscal 2025 from approximately 70,000 tons in fiscal 2024, with Q4 volumes up approximately 1% [11] - Corn oil sales volumes increased by approximately 10% to 97 million pounds in fiscal 2025 from 88.1 million pounds in fiscal 2024, with Q4 sales volumes at approximately 25.2 million pounds, a 7% increase [12] Market Data and Key Metrics Changes - Ethanol export demand remained strong, with U.S. exports reaching record levels in 2025, supported by favorable market conditions and high oil prices [18][32] - The company expects continued strong export demand into 2026, driven by global demand for lower carbon fuel and increased fuel blending [18] Company Strategy and Development Direction - The company is focused on expanding capacity at the One Earth Energy facility to 200 million gallons per year, with completion expected in fiscal 2026 [7][17] - The implementation of the 45Z tax credit is anticipated to positively impact results, with the company positioned to capitalize on this program [5][8] - The company is committed to sustainability through carbon capture and sequestration initiatives, awaiting permitting for related projects [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on momentum from fiscal 2025, citing expanded capacity and favorable market conditions as key growth drivers [6][17] - The company has delivered 22 consecutive quarters of profitability, with expectations for continued strong performance in fiscal 2026 [17] - Management highlighted the importance of operational excellence and teamwork in navigating market challenges [4][6] Other Important Information - The company ended fiscal 2025 with total cash equivalents and short-term investments of $375.8 million, compared to $359.1 million at the end of fiscal 2024, with no bank debt [15][16] - SG&A expenses increased to $32.6 million for fiscal 2025 from $27.1 million in fiscal 2024, primarily due to increased incentive bonuses [13] Q&A Session Summary Question: Regarding the 45Z tax credits, is the $28 million for Q4 or a catch-up for previous periods? - The $28 million represents the full fiscal year of 2025, and the company remains optimistic about claiming these credits through 2029 [22][23] Question: How will the carbon capture project impact the CI score? - The company has not disclosed specific improvements to the CI score but expects significant benefits from the carbon capture project [25][27] Question: What is the status of the Class VI injection permit? - The permitting process has moved to September, but the company is in the final stages of technical review with the EPA [29][31] Question: How are tariffs impacting operations for ethanol and corn oil? - There has been no negative impact from tariffs on ethanol exports, and high oil prices are expected to benefit the business [32][35] Question: What are the prospects for nationwide E15? - While nationwide E15 would be beneficial, the company does not expect it to happen due to the influence of oil companies, but anticipates more independent retailers adopting E15 [49][50]

Financial Data and Key Metrics Changes - Fiscal 2025 was an exceptional year for REX American Resources, with record earnings per share (EPS) of $2.50, up from $1.65 in fiscal 2024, marking a significant increase [16] - Net income attributable to REX shareholders for the year was $83 million, compared to $58.2 million in fiscal year 2024 [15] - Gross profit for fiscal year 2025 was $93.7 million, an increase from approximately $91.5 million in fiscal year 2024 [12] Business Line Data and Key Metrics Changes - Ethanol sales volumes reached 290 million gallons in fiscal year 2025, a slight increase from 289.7 million gallons in fiscal year 2024 [10] - Dried distillers grains sales volumes decreased by 3% to 612,000 tons in fiscal 2025 from 632,000 tons in fiscal 2024 [11] - Corn oil sales volumes increased by approximately 10% to 97 million pounds in fiscal year 2025, compared to 88.1 million pounds in fiscal year 2024 [12] Market Data and Key Metrics Changes - Ethanol export demand remained strong, with U.S. exports reaching record levels in 2025, supported by favorable market conditions [19] - The company expects continued strong performance in 2026, driven by expanded production capacity and favorable market tailwinds [20] Company Strategy and Development Direction - The company is focused on expanding capacity at the One Earth Energy facility, which is nearing completion and will increase annual production capacity to 200 million gallons [5] - REX is actively pursuing carbon capture and sequestration initiatives to enhance sustainability and long-term value creation [5] - The strategic focus remains on profit, position, and policy, with an emphasis on operational excellence and market expertise [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on momentum from fiscal 2025, citing strong financial foundations and favorable market conditions [6] - The 45Z tax credit program is expected to provide meaningful benefits, with management optimistic about continued eligibility for these credits [24][25] - The company anticipates another year of strong performance in 2026, supported by expanded production capacity and favorable corn supply [20] Other Important Information - The company ended fiscal year 2025 with total cash equivalents and short-term investments of $375.8 million, compared to $359.1 million at the end of fiscal year 2024 [17] - REX American Resources reported no bank debt at the end of the fiscal year, providing financial flexibility for future growth [17] Q&A Session Summary Question: Regarding the 45Z tax credits, is the $28 million for Q4 or a catch-up for previous periods? - The $28 million represents the full fiscal year of 2025, and the company remains optimistic about claiming these credits in future years [24] Question: How will the carbon capture project impact the CI score? - The company has not disclosed specific improvements to the CI score but indicated that it would be significant [26][28] Question: What is the status of the Class VI injection permit? - The permitting process has moved to September, but the company is in the final stages of technical review with the EPA [30][32] Question: How are tariffs impacting operations for ethanol and corn oil? - There has been no negative impact from tariffs on ethanol exports, and the company is experiencing strong export demand [33][34] Question: What are the prospects for nationwide E15? - While nationwide E15 would be beneficial, management does not expect it to happen due to the influence of oil companies, but anticipates more independent retailers adopting E15 [50]

Financial Data and Key Metrics Changes - CMC reported net earnings of $93 million or $0.83 per diluted share, compared to $25.5 million or $0.22 per diluted share in the prior year period [23] - Adjusted Earnings were $130.1 million or $1.16 per diluted share, up from $35.8 million or $0.31 per diluted share in the prior year [24] - Consolidated core EBITDA reached $297.5 million, growing by 114% year-over-year, with a core EBITDA margin of 14%, an increase of 610 basis points [4][28] Business Line Data and Key Metrics Changes - North American Steel Group generated Adjusted EBITDA of $269.7 million, with an EBITDA margin of 16.8% [28] - Construction Solutions Group net sales grew by 98% year-over-year to $314.4 million, with Adjusted EBITDA of $53.4 million, a 127% increase [29] - The precast business contributed $33.6 million to the Construction Solutions Group segment Adjusted EBITDA, exceeding expectations [29] Market Data and Key Metrics Changes - Finished steel shipments were virtually unchanged year-over-year, supported by good demand and a balanced supply landscape [12] - Metal margins on steel products increased by $2 per ton, reaching the highest level in three years [12] - Bookings during the second quarter were the highest since late fiscal 2022, driven by energy projects and a large advanced manufacturing facility [14] Company Strategy and Development Direction - CMC is focused on integrating its new precast platform to maximize value creation and drive growth [6][7] - The TAG program aims to improve margins, earnings, cash flows, and return on invested capital across all business lines [10] - The company is optimistic about the construction market, driven by investments in U.S. infrastructure and energy generation [16] Management's Comments on Operating Environment and Future Outlook - Management noted that profitability was impacted by disruptive weather conditions and increased energy costs, but overall performance remains strong [5] - The company expects consolidated core EBITDA to increase significantly in the third quarter due to seasonal improvements and continued margin strength [37] - CMC anticipates the precast business will generate between $165 million and $175 million in EBITDA for the full fiscal year [38] Other Important Information - CMC's cash and cash equivalents totaled $504 million, with total liquidity exceeding $1.7 billion [32] - The board of directors increased the quarterly dividend by $0.02 per share, representing an 11% increase [35] - The company expects capital expenditures of approximately $600 million for fiscal 2026, with a focus on completing the West Virginia micromill [36] Q&A Session Summary Question: Maintenance outages in Q3 - Management confirmed that some maintenance outages were deferred from Q2 due to weather challenges, leading to a higher number in Q3 than usual [44] Question: Impact of imports on pricing - Management indicated that North American supply and demand are balanced, and elevated imports are not expected to be durable [50] Question: Outlook for North American shipments - Management expects a normal change in shipments moving from Q2 to Q3, with modest growth anticipated in Q4 as the West Virginia mill starts up [58] Question: Pricing for new fabrication orders - Current pricing for new bookings is higher than backlog prices, with expectations for pricing to positively impact margins in the coming quarters [60] Question: Energy costs impact - Management stated that electricity accounts for 15%-20% of total production costs, and they are well-hedged against potential increases [66]

Financial Data and Key Metrics Changes - CMC reported net earnings of $93 million or $0.83 per diluted share, compared to $25.5 million or $0.22 per diluted share in the prior year period [24] - Adjusted earnings were $130.1 million or $1.16 per diluted share, up from $35.8 million or $0.31 per diluted share in the prior year [25] - Consolidated core EBITDA reached $297.5 million, growing by 114% year-over-year, with a core EBITDA margin of 14%, an increase of 610 basis points [4][28] Business Line Data and Key Metrics Changes - North American Steel Group generated adjusted EBITDA of $269.7 million for the quarter, with an EBITDA margin of 16.8% [28] - Construction Solutions Group net sales grew by 98% year-over-year to $314.4 million, with adjusted EBITDA of $53.4 million, a 127% increase [30] - Europe Steel Group reported an adjusted EBITDA loss of $1.4 million, unchanged from the prior year, impacted by lower shipments and elevated import flows [32] Market Data and Key Metrics Changes - Finished steel shipments were virtually unchanged year-over-year, supported by good demand and a balanced supply landscape [13] - Metal margins on steel products increased by $2 per ton, reaching the highest level in three years [13] - Bookings during the second quarter were the highest since late fiscal 2022, driven by energy projects and a large advanced manufacturing facility [16] Company Strategy and Development Direction - CMC is focused on integrating its newly acquired precast platform to maximize value creation and drive growth [6][9] - The TAG program aims to enhance operational and commercial excellence, with expectations of exceeding $150 million in annualized EBITDA benefits by year-end [11][71] - The company is optimistic about the structural demand drivers, including U.S. infrastructure investment and reshoring industrial capacity [18][22] Management's Comments on Operating Environment and Future Outlook - Management noted that profitability was impacted by disruptive weather conditions and increased energy costs, but overall performance remains strong [5] - The company anticipates consolidated core EBITDA to increase significantly in the third quarter due to seasonal improvements and continued margin strength [38] - CMC expects the precast business to generate between $165 million and $175 million in EBITDA for the full fiscal year [39] Other Important Information - CMC's cash and cash equivalents totaled $504 million, with total liquidity exceeding $1.7 billion [33] - The board of directors increased the quarterly dividend by $0.02 per share, reflecting confidence in the company's free cash flow outlook [35] - Capital expenditures for fiscal 2026 are expected to be approximately $600 million, with a focus on completing the West Virginia micromill [37] Q&A Session Summary Question: Details on 3Q guidance for North American segment maintenance outages - Management indicated that some maintenance outages were normal and some were deferred from Q2 due to weather challenges [45] Question: Outlook on import flows and supply discipline - Management noted that supply and demand are balanced, with manageable North American capacity increases and limited durable imports expected [50] Question: Potential risks from energy prices in North America - Management stated that they are not currently seeing material cost challenges and expect to pass through fuel surcharges [52] Question: Shipment outlook in North America - Management expects a normal change in shipments moving from Q2 to Q3, with modest growth anticipated in rebar volumes [60][84] Question: Pricing comparison for new fabrication orders - Management indicated that current booking prices are higher than backlog prices, with expectations for pricing to positively impact margins in the coming quarters [62]