Financial Data and Key Metrics Changes - In Q4, the company generated $205 million in revenue, representing a 28% year-over-year increase and an 8% increase from the prior quarter [7] - For the full fiscal year 2026, the company achieved 24% year-over-year revenue growth and $28 million in non-GAAP operating income, with operating margins expanding nearly 400 basis points [8] - Non-GAAP net income for FY 2026 was $42 million, up from $18 million the previous year, and free cash flow was $58 million [9] - The dollar-based net retention rate improved to 109%, up from 108% in the previous quarter [25] Business Line Data and Key Metrics Changes - BrazeAI Decisioning Studio contributed $5.7 million in revenue during Q4, indicating strong demand for AI products [23] - The total customer count increased by 14% year-over-year to 2,609 customers, with large customers (spending at least $500,000 annually) growing by 35% year-over-year to 333 [24] - The company signed 29 deals exceeding $500,000 in Q4, including seven deals over $1 million [10] Market Data and Key Metrics Changes - Revenue outside the U.S. accounted for 45% of total revenue in Q4, consistent with previous quarters [25] - The total remaining performance obligation was over $1 billion, up 30% year-over-year and 16% sequentially [25] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance customer engagement and drive growth, with a strong emphasis on product innovation and market expansion [21] - The management highlighted the importance of a tightly integrated infrastructure that combines context and intelligence layers to enhance customer journeys [44] - The company plans to continue investing in AI capabilities and expanding its global customer community to capitalize on market opportunities [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong demand for AI-driven solutions and a robust product roadmap [36] - The company anticipates continued momentum in the enterprise sector and expects to see improvements in sales productivity under the new Chief Revenue Officer [12][39] - Management noted that the competitive landscape is shifting in favor of Braze due to its AI-driven omni-channel approach [11] Other Important Information - The company announced a $100 million share repurchase program, reflecting confidence in its long-term growth potential [30] - The guidance for Q1 FY 2027 includes expected revenue of $204.5 million to $205.5 million, representing a year-over-year growth rate of approximately 26% [31] - For the full fiscal year 2027, the company expects total revenue in the range of $884 million to $889 million, indicating a year-over-year growth rate of approximately 20% [32] Q&A Session Summary Question: What is the underlying growth trajectory of Braze? - Management indicated that the differentiation of the AI roadmap and strong product delivery have positively impacted win rates and deal velocity [36] Question: Is there any change in the guidance philosophy for the full year? - Management confirmed no change in guidance philosophy, citing strong momentum and larger contract sizes as key factors in the guidance [39] Question: What are the challenges in replacing Braze with custom solutions? - Management highlighted the complexity of integrating high-performance infrastructure and the need for comprehensive solutions to manage customer journeys effectively [44] Question: How does Braze benefit from new consumer interfaces? - Management stated that Braze will invest in new consumer interfaces to enhance customer understanding and drive better personalization [49] Question: What is the outlook for dollar-based net retention? - Management expressed optimism about the upward trend in dollar-based net retention, indicating that the company is through previous challenges [56] Question: What is the impact of premium messaging on gross margins? - Management noted that while premium messaging channels are in demand, the impact on gross margins will take time to materialize [64] Question: How is AI making existing capabilities more accessible? - Management provided examples of how AI innovations are enhancing usability and driving higher performance in existing customer journeys [66]

Financial Data and Key Metrics Changes - Research and development expenses decreased to $16.5 million for Q4 2025 from $20.3 million in Q4 2024, primarily due to strategic reprioritization and lower personnel-related costs [24] - SG&A expenses increased to $6.8 million for Q4 2025 from $4.9 million in Q4 2024, mainly due to underwriter's commissions from financing [24] - The net loss for Q4 2025 was $43.7 million compared to $25 million in Q4 2024, with a significant portion of the increase attributed to a non-cash accounting change [25] - Adjusted EBITDA improved to negative $21.2 million for Q4 2025 from negative $22.1 million in Q4 2024, reflecting a decrease in operating expenses [25] - As of December 31, 2025, the company had approximately $81.5 million in cash and cash equivalents, expected to fund operations into early 2027 [25] Business Line Data and Key Metrics Changes - Revita, the lead asset, is positioned as a solution for maintaining weight loss after GLP-1 therapy discontinuation, with a focus on a pivotal study designed to validate its efficacy [4][5] - The REMAIN-1 pivotal study has enrolled over 300 participants across more than 30 sites, making it the largest sham-controlled GI endoscopy pivotal trial conducted [17] Market Data and Key Metrics Changes - The anticipated filing via the de novo pathway is expected to coincide with a growing population of over 30 million users of GLP-1 drugs, with more than 50% likely to lose over 17.5% of their total body weight [19] - The payer landscape is evolving, with expanded Medicare coverage for GLP-1s, increasing the addressable patient population and creating economic pressure on payers [20] Company Strategy and Development Direction - The company aims to submit a de novo classification request by late Q4 2026, with favorable FDA feedback received on its safety profile [18] - Revita is positioned as the first FDA breakthrough device designed for post GLP-1 weight maintenance, addressing a significant unmet need in the market [20] - The Rejuva program is advancing separately, targeting long-term metabolic remission from a single dose, with clinical trial applications submitted in the EU and Australia [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical signal of Revita, highlighting a strong dose-response relationship and a well-structured pivotal study [27] - The company is committed to operating within its existing capital envelope without planned incremental capital raises before pivotal data is available [27] - Management anticipates delivering top-line six-month primary endpoint data in early Q4 2026, which is considered a critical milestone for the company [24][27] Other Important Information - The company plans to file a Category III CPT code application in summer 2026, with expectations for it to take effect in summer 2027 [20] - Transitional Pass-Through Payment via CMS is expected to provide a mechanism to cover the cost of the Revita device, ensuring hospitals can maintain a positive contribution margin [21] Q&A Session Summary Question: How is the ablation length determined? - Ablation length is determined during the procedure, with a target minimum of 16 centimeters established based on previous studies [31][33] Question: Does this impact how doctors will be trained in the future regarding ablation length? - Physicians were trained to perform at least 10 centimeters of ablation, with the expectation that they can consistently achieve greater than 14 centimeters based on the data [34] Question: What role does efficacy play in the de novo submission? - The de novo pathway determination is primarily a safety consideration, with efficacy being assessed under a reasonable assurance of safety and effectiveness [39] Question: How long does it take to train physicians for the procedure? - Training takes less than 3-4 cases to ensure physicians can perform adequate ablation [57] Question: Will there be further analysis by length for the one-year REMAIN midpoint cohort? - Yes, further analysis by length will be provided [62]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was $700,000, with research and development expenses increasing to $25.3 million from $18.4 million year-over-year, primarily due to advancements in internal programs [26][27] - Selling, general, and administrative expenses were $8.6 million, slightly down from $8.8 million in the prior year [26] - Cash, cash equivalents, and marketable securities as of December 31, 2025, were $144.3 million, down from $152.5 million as of September 30, 2025 [27] Business Line Data and Key Metrics Changes - The company is advancing its lead program, ABS-201, for both androgenetic alopecia (AGA) and endometriosis, with significant potential returns on investment [20][29] - ABS-201 is currently in a phase I/IIa HEADLINE trial, with preliminary safety and tolerability data expected in the first half of 2026 [11][19] Market Data and Key Metrics Changes - The total addressable market for ABS-201 in the U.S. for AGA is estimated at over $25 billion annually, with a potential patient population of 15-18 million [24] - Endometriosis affects approximately 10% of women of reproductive age worldwide, representing a significant market opportunity due to the lack of FDA-approved disease-modifying therapies [12][20] Company Strategy and Development Direction - The company aims to target underexplored areas in large markets with significant unmet needs and low competition, focusing resources on ABS-201 while engaging in discussions for partnerships on other programs [13][12] - The strategy includes leveraging the ongoing phase I/IIa trial for AGA to support the initiation of a phase II trial for endometriosis later in 2026 [19][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical momentum and the ability to reach proof of concept for both AGA and endometriosis, with key data readouts expected in 2026 and early 2027 [29] - The company is focused on generating additional non-dilutive cash inflows through early-stage asset transactions and partnerships with large pharmaceutical companies [27][28] Other Important Information - The company has expanded its advisory networks for both AGA and endometriosis, enhancing its clinical trial designs and endpoint selections [9][12] - The introduction of the generative AI platform, Origin one, is expected to streamline the development of new antibody therapies [13] Q&A Session Summary Question: What should investors look for in terms of ABS-201's target product profile? - Management aims for ABS-201 to achieve durable treatment and efficacy at or above minoxidil levels, which would create an attractive target product profile [32][33] Question: Can you elaborate on the safety profile observed in the SAD portion of the trial? - Early data shows no evidence of on-target or off-target safety signals, indicating a favorable emerging safety profile [38][39] Question: How do you view the market opportunity for AGA versus endometriosis? - Both indications are seen as large opportunities, with AGA potentially being larger due to its extensive patient population [100][101] Question: How do you anticipate pricing for ABS-201 in both markets? - Pricing strategies will be determined closer to launch, but both indications are expected to have different market dynamics due to insurance coverage for endometriosis [102]

Financial Data and Key Metrics Changes - In 2025, Comstock doubled its asset base and strengthened its balance sheet by eliminating legacy debt and obligations, positioning the company for growth [3][4] - Cash and cash equivalents were approximately $56 million as of March 20, 2026, with common shares outstanding at 74 million [4] - Revenues for Comstock Metals in 2025 were approximately $1.4 million, down from $4.4 million in 2024, with additional billings of about $2.2 million [7][8] Business Line Data and Key Metrics Changes - The company reported a significant transformation in its capital structure, which is now clean and strong, allowing for the monetization of non-core assets [3][4] - The first industry-scale metals recycling facility is set to be operational in Q2 2026, with plans for a second facility in Clark County, Nevada [6][28] Market Data and Key Metrics Changes - The U.S. has over 1.3 billion solar panels deployed, with a significant portion reaching end-of-life rapidly, creating a substantial market opportunity for recycling [12][29] - The company aims to capture a large share of the end-of-life solar panel market, particularly in the Southwest region, which represents half of the U.S. market [22][28] Company Strategy and Development Direction - Comstock's strategy focuses on monetizing non-core legacy mining assets and expanding its metals recycling operations to establish a dominant position in the market [17][19] - The company is enhancing its governance structure by adding new independent directors with extensive experience in finance and the solar industry [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth, citing strong institutional investor support and a robust pipeline of customer agreements [10][11] - The outlook for 2026 includes expectations of increasing revenues from $100,000 to $2 million per month as operations ramp up [28][59] Other Important Information - The company has engaged with serious mining counterparties for monetizing its mining assets, with potential values estimated between $50 million and $60 million [38][39] - Comstock is also focused on monetizing its non-core real estate assets, with significant interest from third parties [20][21] Q&A Session Summary Question: How do you allocate your time, versus Judd's time, versus the rest of the team's time? - Management allocates approximately 40%-50% of their time to monetizing non-core assets, while the metals team dedicates 110% of their time to metals operations [54] Question: What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open? - The company is signing master service agreements with major utilities and e-recyclers, aiming for a revenue run rate of $24 million-$25 million once fully operational [56][59] Question: Where do we stand with the delivery of the first recycling facility in terms of timing and cost? - All equipment has been received, and installation is underway, with the facility expected to be operational in Q2 2026 [63][64] Question: Please review the timetable for the second recycling project. - The second facility is planned for Clark County, with permits submitted and equipment orders anticipated to be placed soon [66][68]

Financial Data and Key Metrics Changes - In Q4, the company generated $205 million in revenue, representing a 28% year-over-year increase and an 8% increase from the prior quarter [6][21] - For the full fiscal year 2026, the company achieved 24% year-over-year revenue growth and $28 million in non-GAAP operating income, with operating margins expanding nearly 400 basis points [7][9] - Non-GAAP net income for FY 2026 was $42 million, up from $18 million the previous year, and free cash flow was $58 million [9][28] - The dollar-based net retention rate improved to 109%, indicating strong customer retention and expansion [6][24] Business Line Data and Key Metrics Changes - BrazeAI Decisioning Studio contributed $5.7 million in revenue during Q4, indicating strong demand for AI-driven solutions [21] - The total customer count increased by 14% year-over-year to 2,609 customers, with large customers (spending at least $500,000 annually) growing by 35% to 333 [23] - The company signed 29 deals exceeding $500,000 in Q4, including seven deals over $1 million, showcasing strong enterprise demand [10] Market Data and Key Metrics Changes - Revenue outside the U.S. accounted for 45% of total revenue in Q4, consistent with previous quarters [24] - The total remaining performance obligation was over $1 billion, up 30% year-over-year, indicating strong future revenue visibility [24] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance customer engagement and drive growth, with a commitment to investing in AI capabilities [19][32] - The strategic emphasis is on expanding the customer base and enhancing product offerings, particularly through the integration of AI technologies [12][19] - The company aims to capitalize on the momentum built over the past quarters, with a strong go-to-market strategy under the leadership of the Chief Revenue Officer [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong demand for AI-driven solutions and a robust product roadmap [35][36] - The company anticipates continued strong performance in FY 2027, with revenue guidance of $884 million to $889 million, reflecting a year-over-year growth rate of approximately 20% [32] - Management highlighted the importance of maintaining a competitive edge through innovation and customer engagement strategies [19][32] Other Important Information - The company initiated a $100 million share repurchase program, reflecting confidence in its long-term growth potential [29] - Non-GAAP gross profit for Q4 was $138 million, with a gross margin of 67.2%, slightly down from the previous year due to increased messaging volumes and hosting costs [25] Q&A Session Summary Question: What is the underlying growth trajectory of Braze? - Management noted that the differentiation of the AI roadmap has positively impacted win rates and deal velocity, with strong momentum in the partner ecosystem [35][36] Question: Is there any change in the guidance philosophy for the full year? - Management confirmed no change in guidance philosophy, citing strong momentum across various dimensions, including larger contract sizes and ongoing strength in the enterprise [38][39] Question: What are the challenges in replacing Braze with custom solutions? - Management highlighted the complexity of integrating high-performance infrastructure and the need for comprehensive solutions to handle modern customer engagement [41][45] Question: How does Braze benefit from new consumer interfaces and first-party data? - Management emphasized the importance of investing in new consumer interfaces to enhance customer understanding and engagement, while maintaining a focus on direct relationships with customers [47][49] Question: What is the outlook for gross margins with new products? - Management indicated that while premium messaging channels may impact margins, new products like Agent Console are expected to contribute positively over time [61][80]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 increased 18% year-over-year to $20.9 million, and full-year revenue grew 16% to $80.3 million [24] - Gross margin improved to 66% for Q4 and 68% for the full year, compared to 64% and 67% in the prior year periods [25] - Net loss was $9 million in Q4 and $38.8 million for the full year, compared to $9.2 million and $37.8 million in the prior year periods [27] Business Line Data and Key Metrics Changes - Revenue from OviTex grew 12% and OviTex PRS grew 20% for the year, with OviTex unit sales increasing 20% for the quarter and 22% for the year [24] - LiquiFix revenue more than tripled over Q4 2024, indicating early commercial traction [24] - PRS unit sales grew 12% for both the quarter and the year [24] Market Data and Key Metrics Changes - European sales accounted for 15% of total revenue or $12.1 million in 2025, a 17% increase from $10.3 million in 2024 [25] - The company is seeing rapid adoption of OviTex in the U.K. and the Netherlands, winning share based on patient preference and product efficacy [10] Company Strategy and Development Direction - The company is focused on sustaining momentum achieved in 2025 and aims for further U.S. and European sales growth through improved talent and processes [8] - A strategic investment plan is in place to expand presence within continental Europe, which is seen as a meaningful contributor to growth [11] - Product innovation remains a core focus, with additional product launches anticipated throughout the year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new commercial foundation laid in 2025 and the potential for sustainable growth moving forward [8] - The company anticipates revenue growth of at least 8% over 2025, with Q1 2026 revenue expected to be approximately $18.5 million [27] - Management acknowledged the challenges of transitioning to a new commercial structure but emphasized the commitment to operational discipline and customer service [12] Other Important Information - The company reinforced and upsized its debt facility, strengthening its balance sheet for future growth [11] - A new Chief Medical Officer was appointed to drive surgeon awareness and support clinical education [9] Q&A Session Summary Question: Guidance for fiscal year top line growth - Management explained the guidance was set conservatively due to the significant changes implemented and the need for new reps to mature [36][41] Question: Contracting and execution expectations - Management highlighted the focus on executing existing contracts and the complexity involved in contract implementation [47][49] Question: Q1 guidance specifics - Management noted that typical seasonality and territory restructuring contributed to a slow start in Q1 [52][54] Question: Confidence in back half of the year - Management expressed confidence in achieving growth due to a fully staffed sales force and new product launches [89][90]

Financial Data and Key Metrics Changes - Total expenses increased approximately 3% year-over-year to $8.3 million in 2025, compared to $8.1 million in 2024 [15] - Research and development expenses rose to $5 million in 2025 from $4.4 million in 2024, a 13% increase primarily due to trial activities and regulatory efforts [16] - Selling, general and administrative expenses decreased 10% to $3.3 million in 2025 from $3.7 million in 2024 [17] - Net loss increased modestly to $8.2 million in 2025 from $7.9 million in 2024 [17] - Cash and cash equivalents totaled $2.5 million at year-end 2025, comparable to $2.4 million at the end of 2024 [17] Business Line Data and Key Metrics Changes - The CardiAMP cell therapy program is focused on treating ischemic heart failure, with significant clinical trial data supporting its efficacy [4][5] - The CardiAMP HF trial showed reductions in left ventricular volume with p-values approaching significance, indicating potential benefits for patients with elevated biomarkers of heart stress [6][9] Market Data and Key Metrics Changes - The U.S. market for ischemic heart failure treatment includes approximately 1 million patients, with Japan accounting for around 150,000 patients [4] - Recent developments in Japan include conditional approval for another allogeneic cell therapy for ischemic heart failure, indicating a competitive landscape [11] Company Strategy and Development Direction - The company aims to advance its CardiAMP and CardiALLO therapies while seeking regulatory approvals in the U.S. and Japan [10][13] - The strategy includes engaging with regulatory bodies for potential near-term approvals and initiating confirmatory studies to support ongoing clinical development [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming regulatory discussions and the potential for early approval of CardiAMP therapies [33][70] - The company anticipates that the data from clinical trials will drive enrollment in future studies and enhance interest from cardiologists [32][63] Other Important Information - The company has four key catalysts expected in the next quarter, including submissions to the FDA and consultations with Japan's PMDA [13] - The CardiAMP HF II trial is designed to focus on the most responsive patient subgroups, leveraging insights from previous trials [12] Q&A Session Summary Question: Can you provide insights on the echo data presented at THT? - Management noted that while the overall p-values were not statistically significant, they were approaching significance, particularly in subgroups with elevated NT-proBNP [29][30] Question: What is the timeline for the CardiAMP submission to the FDA? - The company expects to file for a discussion on approvable pathways imminently, with a turnaround time of approximately 45 days due to the breakthrough designation [34][35] Question: How is enrollment in the HF2 trial progressing? - Enrollment is starting slowly as the clinical team focuses on regulatory submissions, but interest from multiple sites is expected to drive future enrollment [63]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $33 million, a 15% decline from $38.6 million in 2024. Fourth quarter revenue was $7.3 million, down 16% from $8.7 million in Q4 2024 [23][24] - Core revenue for 2025 was $29.6 million, a 9% decrease from $32.5 million in 2024. Q4 core revenue was $6.8 million, down 22% from $8.6 million in Q4 2024 [24][25] - Gross margin in Q4 2025 was 78%, up from 74% in Q4 2024, while non-GAAP adjusted gross margin was 78% compared to 84% in Q4 2024 [26] Business Line Data and Key Metrics Changes - Instrument revenue for 2025 was $6.8 million, down from $7.1 million in 2024. License revenue decreased to $8.9 million from $10.3 million, and PA revenue fell to $11.9 million from $14 million [24][25] - SPL program-related revenue was $3.4 million in 2025, down from $6.1 million in 2024, with $2.3 million from milestone payments and $1.2 million from royalties [25][26] Market Data and Key Metrics Changes - 47% of core business revenue came from SPL customers in 2025, down from 55% in 2024, reflecting program exits and reduced purchasing activity [25] - The company supports 12 clinical programs across 11 SPL partners, with 5 expected to enter pivotal studies over the next 18 months [12][14] Company Strategy and Development Direction - The company launched the ExPERT DTx platform, aimed at enhancing early-stage research and drug discovery, which is expected to contribute to revenue growth in 2026 and beyond [6][8] - The company is focused on signing new SPL agreements, with a target of 3-5 new agreements in 2026, leveraging its unique platform capabilities [50][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the challenges faced in 2025 would impact the first half of 2026, but expressed confidence in the long-term demand for their technology [10][11] - The company anticipates a stabilization of revenue from SPL customers in the second half of 2026, with optimism about the growth potential of clinical programs [10][12] Other Important Information - The company ended 2025 with $155.6 million in cash and cash equivalents, with no debt, positioning it well for future investments [27][28] - A new CFO, Parmeet Ahuja, will join the company, bringing extensive finance leadership experience [21][22] Q&A Session Summary Question: Concerns about business trajectory and core revenue decline - Management clarified that the expected decline in core revenue is due to a $4 million headwind from lost customers, not a deterioration in business fundamentals [31][32] Question: Outlook for core revenues and industry demand - Management indicated that the current guidance does not rely on an improvement in industry demand, and any such improvement would be considered upside [35] Question: Pipeline and revenue expectations for the DTx platform - Management expects revenue from the DTx platform to begin trickling in during the second half of 2026, with significant contributions anticipated in 2027 [40][41] Question: SPL signing cadence and visibility - Management expressed confidence in signing at least 3 new SPL agreements in 2026, with ongoing discussions with potential partners [50][51] Question: SeQure contribution and royalty revenue visibility - Management expects significant year-over-year growth for SeQure Dx in 2026, with approximately $2 million in expected royalty revenue [58][60]

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, total revenue from continuing operations was $15.7 million, an increase of $1 million or 6.9% compared to the previous year [26] - For the full year 2025, revenue totaled approximately $61.7 million, reflecting a 4.3% increase from $59.1 million in 2024 [26] - Treatment segment revenue increased by $10.1 million year-over-year, while the Services segment revenue decreased by $7.6 million [27] - Gross profit for the fourth quarter was $1.2 million, up from $594,000 in Q4 2024, with treatment segment gross profit increasing significantly [27] - The net loss for the fourth quarter was $5.7 million, compared to a net loss of $3.5 million in the prior year [29] Business Line Data and Key Metrics Changes - Treatment revenue increased approximately 29% year-over-year due to higher waste volumes and improved pricing dynamics [13] - Services segment revenue declined due to lower project mobilizations and timing of project startups [20] - The waste treatment backlog increased to $11.9 million, up from $7.9 million in the prior year, indicating growing demand for treatment capabilities [33] Market Data and Key Metrics Changes - Revenue from international activities increased approximately 163% year-over-year to $6.4 million, reflecting strong global demand for waste treatment services [15] - The company anticipates sustainable waste streams from Hanford remediation programs, which are expected to generate consistent long-term treatment demand [12] Company Strategy and Development Direction - The company is focused on strengthening its operational foundation and positioning for growth tied to the Department of Energy's Hanford cleanup mission [5] - Significant investments have been made in personnel, infrastructure, and plant capabilities to support increased waste volumes [6] - The renewal of the permit for the Perma-Fix Northwest facility significantly expands processing capacity, tripling liquid processing capacity to approximately 1.2 million gallons annually [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter of 2026, expecting a ramp-up in activity due to new waste streams and project mobilizations [42] - The anticipated waste streams from the DFLAW program are expected to grow above original estimates by as much as 20% [9] - Management highlighted the long-term opportunity presented by the Hanford tank contractor's RFP for grouting and off-site disposition of waste [23] Other Important Information - The company is advancing the development of its PFAS destruction technology, with a new system expected to increase capacity significantly [18] - The company has secured several field projects supporting PFAS remediation, indicating strong interest in its technology [19] Q&A Session Summary Question: Can you give us a better sense of Q2 performance? - Management expressed confidence in Q2 based on new contract awards and mobilization of projects that will generate waste for processing [36] Question: Can you comment on the grouting plans for the Hanford Site? - Management clarified that there are two components to the Hanford Site, with plans for commercial grouting of tanks in the West Area and supplemental grouting opportunities in the East Area [43][44] Question: What is the current capacity for PFAS treatment? - The original unit is operating commercially, treating waste streams while the second unit is being built, expected to increase capacity to 3,000 gallons a day [72]

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, total revenue from continuing operations was $15.7 million, an increase of 6.9% from $14.7 million in the same quarter last year [26] - For the full year 2025, revenue totaled approximately $61.7 million, reflecting a 4.3% increase from $59.1 million in 2024 [26] - Treatment segment revenue increased by $10.1 million year-over-year, while the Services segment revenue decreased by $7.6 million [27] - Gross profit for Q4 2025 was $1.2 million, up from $594,000 in Q4 2024, while for the full year, gross profit increased by $6 million [27][28] - The net loss for Q4 2025 was $5.7 million compared to a net loss of $3.5 million in the prior year, while the annual net loss was $13.8 million, an improvement from $20 million in 2024 [29][30] Business Line Data and Key Metrics Changes - The Treatment segment saw a revenue increase of approximately 29% year-over-year due to higher waste volumes and improved pricing dynamics [13] - The Services segment experienced a decline in revenue primarily due to lower project mobilizations and timing of project startups [20] - International revenue increased by approximately 163% year-over-year, reaching about $6.4 million, indicating growing global demand for specialized waste treatment services [15] Market Data and Key Metrics Changes - The anticipated waste streams from the DFLAW program are expected to grow by as much as 20% due to changes in process flow [9] - The Hanford remediation programs are projected to generate sustainable waste streams over time, creating consistent long-term treatment demand [12] Company Strategy and Development Direction - The company is focused on strengthening its operational foundation and positioning for growth tied to the Department of Energy's Hanford cleanup mission [5] - Significant investments have been made in personnel, infrastructure, and plant capabilities to support increased waste volumes [6] - The renewal of the permit for the Perma-Fix Northwest facility significantly expands processing capacity, tripling liquid processing capacity to approximately 1.2 million gallons annually [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Q2 2026, anticipating stronger activity levels and revenue growth due to new project mobilizations and increased waste receipts [42] - The transition of the DFLAW system into its operational phase is expected to be a catalyst for increased activity at the Northwest facility [81] - Management acknowledged that while there may be near-term variability in quarterly results, the long-term growth opportunities have never been stronger [81] Other Important Information - The company is advancing the development of its PFAS destruction technology, with a new system expected to increase capacity significantly [18][19] - The company has secured several field projects supporting PFAS remediation, indicating strong interest in its technology as an alternative to traditional disposal methods [20] Q&A Session Summary Question: Can you give us a better sense of Q2 performance? - Management expressed confidence in Q2 based on a strong backlog of projects and new contract awards, including a demolition project for a radiological facility [36][37] Question: Can you comment on the grouting program? - Management clarified that the DOE plans to grout waste from the West Area and is set to begin high-volume grouting, with Perma-Fix well-positioned for this opportunity [43][44] Question: Where are we headed with PFAS volume and capacity? - Management confirmed that the new system is expected to be operational by late April, with a capacity of about 3,000 gallons a day [47][48] Question: Can you talk about cash flow expectations and CapEx for 2026? - Management indicated that the balance sheet remains in good shape, with ongoing capital initiatives to support increased productivity [66]