Photronics (NasdaqGS:PLAB) Q4 2025 Earnings Call December 10, 2025 08:30 AM ET Company ParticipantsTed Moreau - Head of Investor RelationsGeorge Macricostas - CEOFrank Lee - Head of Asia OperationsEric Rivera - CFOChris Progler - CTOConference Call ParticipantsNone - AnalystChristian Schwa - AnalystNone - AnalystOperatorFor today, and thank you for standing by, and welcome to the Photronics fourth quarter fiscal year 2025 earnings conference call. At this time, all participants are on the listen-only mode. ...

Summary of Nano-X Imaging Conference Call (December 10, 2025) Company Overview - **Company**: Nano-X Imaging (Ticker: NNOX) - **Industry**: Medical Imaging Technology - **Core Offering**: Advanced diagnostic imaging solutions, including hardware, AI solutions, teleradiology services, and OEM business [2][3][4] Key Points and Arguments Business Model and Technology - **Nano-X Arc**: A digital multi-source 3D tomosynthesis imaging system cleared by the FDA and CE, ready for commercialization in the U.S. and European markets [2][3] - **AI Solutions**: Comprises three main applications for chest, bone, and liver diagnostics, all FDA and CE cleared, aimed at early detection of chronic diseases [3][21] - **Teleradiology Services**: Acquired USARAD in November 2021, enhancing service offerings [3] - **OEM Business**: Involves proprietary tube and chip technology, applicable in medical and other industries [4][23] Recent Developments - **FDA Clearance**: Recently cleared the Arc-X, a second-generation imaging device that is smaller, mobile, and has lower radiation exposure compared to traditional CT machines [11][12] - **Commercial Deployment**: Started commercial deployment of Arc systems in the U.S. and EU, with consistent utilization and clinical adoption reported [6][14] - **Production Plans**: Initial production of Nanox.ARC-X in Israel, with mass production set to commence in Thailand in 2026 [14] Financial Highlights - **Q3 2025 Financials**: - Cash and cash equivalents: $55 million - Shareholders' equity: $156 million - Revenue: $3.5 million - Inventory for pay-per-use model: $49.5 million [24][25] - **Funding**: Recently raised $50 million to support commercialization efforts [24][27] Market Strategy - **Target Markets**: Imaging centers, orthopedic clinics, multispecialty clinics, and urgent care facilities [14] - **Reimbursement Model**: Utilizes CPT code 76100, allowing operators to charge $90-$110 per scan, with a pay-per-use model at $30 per scan [13][17] - **Sales Strategy**: Direct sales force in the U.S. and distributor sales in Europe, focusing on shorter sales cycles due to lower capital investment required [15][17] Clinical and Competitive Advantages - **3D Imaging**: Provides superior imaging capabilities compared to traditional 2D and CT imaging, with reduced radiation exposure [18][19] - **AI Integration**: AI tools enhance diagnostic capabilities and integrate with PACS systems, providing value to radiologists and other medical professionals [21][22] Future Outlook - **Focus on Profitability**: Transitioning from R&D to a product-focused company, with an emphasis on commercialization and shareholder value [27][28] - **AI Expansion**: Plans to accelerate monetization of AI tools and expand business models, indicating potential growth in 2026 [29][30] Additional Important Information - **Regulatory Approvals**: Holds multiple regulatory approvals, including FDA and CE, with installations in Israel and Ghana for clinical data accumulation [18] - **Market Reception**: Positive reception at the RSNA conference, indicating strong interest from prospective clients and distributors [26]

Financial Data and Key Metrics Changes - Diluted EPS finished at $5.53 per share, and net income was $206 million, both representing a 14% increase from the prior year [6][14] - The company generated $410 million in EBITDA, a 17.5% increase from the prior year [6][14] - Total revenue for the quarter was $4.51 billion, an increase of $559 million, or 14.2% from the prior year [9][14] - Gross profit was $1.12 billion, an increase of $163 million, or 17% from the prior year [10][14] Business Line Data and Key Metrics Changes - Same store sales were up 3.3% for the second quarter, or 7.5% on a two-year stack basis, with an average margin of 42.4% [7] - Same store prepared food and dispensed beverage sales increased by 4.8%, or 10.3% on a two-year stack basis, with an average margin of 58.6% [7] - Same-store grocery and general merchandise sales were up 2.7%, or 6.4% on a two-year stack basis, with an average margin of 36%, an increase of approximately 40 basis points from the prior year [8] Market Data and Key Metrics Changes - Same-store gallons sold were up 0.8%, with a fuel margin of 41.6 cents per gallon [8] - The Midcontinent region saw an approximate 2% decline in fuel gallons sold, indicating continued market share growth for the company [8] Company Strategy and Development Direction - The company is focused on balancing profitability and volume, with a strong emphasis on store execution and guest engagement [21] - The strategic plan is nearing completion, with expectations to continue gaining market share and enhancing the value proposition for customers [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to compete effectively in a challenging environment, noting that consumer behavior is becoming more discerning [72] - The company expects a sequential deceleration in EBITDA growth in the second half of the fiscal year due to higher prior year comparisons and the integration of recent acquisitions [33] Other Important Information - The board of directors voted to maintain the quarterly dividend at $0.57 per share, with share repurchases expected to total approximately $200 million for the fiscal year [15] - The company is approximately 80% hedged for cheese prices for the next four quarters, ensuring favorable pricing stability [52] Q&A Session Summary Question: Can you talk about the sustainability of fuel performance? - Management indicated that their consistent approach to balancing profitability and volume has contributed to their success, with a focus on store traffic driving fuel sales [21][22] Question: What impact will SEFCOS stores have on margins? - Management acknowledged that SEFCOS stores currently carry lower margins but expect improvements as they are rebranded and integrated into the Casey's model [27][28] Question: What are the drivers behind the updated EBITDA guidance? - Management clarified that the strong first half results will not be replicated in the second half due to higher prior year comparisons and the integration of FICOS [33] Question: How is the company addressing competition from private convenience stores? - Management expressed confidence in their competitive positioning, highlighting their differentiated offerings and strong performance in competitive markets [66][67] Question: What is the company's strategy regarding M&A? - The company remains focused on small tuck-in acquisitions while maintaining a high bar for asset quality, with no significant changes in their M&A strategy [35][36]

Financial Data and Key Metrics Changes - Gross profit for Q3 was $14.2 million, up 3.5% year-over-year, with gross margin expanding 240 basis points on lower revenue [9] - Year-to-date fiscal 2026 gross profit was $38.5 million, or 34.1% of sales, reflecting a $1.5 million decline from the same period last year due to a less favorable product mix [9] - Net income was $0.4 million, or $0.05 per share, indicating improved financial performance this quarter [11] - Adjusted EBITDA was $4.2 million, up 29% from the prior year, with an adjusted EBITDA margin of 10.7% for Q3 [11] Business Line Data and Key Metrics Changes - Product ID segment saw year-over-year revenue growth in Q3, with sales up 14% in the mill and sheet flat pack printer business [5] - Aerospace operating income for the quarter was $4.5 million, up 39% from last year, driven by cost reductions and a shift towards ToughWriter systems [10] - Orders for Product ID were impacted by delays in renewing blanket orders, while Aerospace experienced strong order activity from major OEMs [14] Market Data and Key Metrics Changes - Orders totaled $35.9 million in Q3, down $1.7 million from the prior year, with a decline in Product ID backlog not fully offset by growth in Aerospace backlog [14][15] - Aerospace remains a stable and profitable business, with orders increasing 24% year-over-year and expectations for continued demand [7] Company Strategy and Development Direction - The company is focused on improving customer engagement, operational performance, and building a culture of accountability [5] - Ongoing transition to autonomous ink printhead platform aims to enhance supply chain flexibility [18] - The company is investing in growth by adding new sales talent and employing active digital marketing outreach campaigns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve performance and deliver a stronger, more resilient AstroNova [18] - The company reiterated guidance for full-year fiscal 2026 revenue of $149 million to $154 million, with an expected adjusted EBITDA margin of 7.5% to 8.5% [18] Other Important Information - The company refinanced its credit facility, extending maturity to 2028 and consolidating foreign debt into U.S. dollars, which provides greater flexibility [12] - Cash provided from operations in Q3 was $3.4 million, attributed to strong cash earnings and reduced working capital requirements [11] Q&A Session Summary - There were no questions during the Q&A session, and management concluded the call without further inquiries [19][20]

Photronics (NasdaqGS:PLAB) Q4 2025 Earnings Call December 10, 2025 08:30 AM ET Speaker4For today, and thank you for standing by, and welcome to the Photronics fourth quarter fiscal year 2025 earnings conference call. At this time, all participants are on the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised ...

CORPORATE PRESENTATION Q4 and Year-End 2025 Results Record Results Set Stage for Significant Growth NYSE-A: TRX / TSX: TRX TRXGOLD.COM JULY 2024 NYSE-A: TRX / TSX: TRX TRXGOLD.COM DECEMBER 2025 DISCLAIMER TRX Gold Corporation ("TRX Gold" or the "Company"), has taken all reasonable care in producing and publishing information contained in this presentation. TRX Gold does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or inf ...

TRiM BBB Platform Overview - The TRiM BBB platform facilitates subcutaneous administration for delivering siRNA to the central nervous system by crossing the blood-brain barrier[20] - The platform utilizes a TfR-targeting ligand conjugated to siRNA through a stable, non-reversible covalent linkage, ensuring stability in circulation[20] - The conjugation process is economical, using equimolar amounts of ligand and oligo, achieving a 75-80% yield consistently[26] - Cryo-EM structure shows the TRiM BBB ligand binds to the apical domain of TfR1 without interfering with endogenous Tf binding[28] Efficacy and Target Engagement - In transgenic mice expressing human Transferrin receptor, siRNA quantitation shows over 50x difference between Tg and control group, demonstrating BBB crossing[31] - Two doses of 1.5 mpk achieved ≥75% knockdown across CNS regions in mice, including deep brain[39] - In NHP, therapeutically relevant siRNA accumulation in the brain was achieved, with 0.5-1.5 µg/g across the brain on day 29[42] - ARO-MAPT achieved 70-80% MAPT mRNA reduction across all brain regions in NHP at 3 x 3 mpk, including brain stem and deep brain, with up to 85% knockdown in some cortex regions[53] Durability and Dosing - ARO-MAPT maintains ≥50% knockdown over 3 months in CNS regions in NHP, including deep brain[63] - Tau protein reduction was maintained at 50-60% up to 5 months with single 3 mpk monthly dose in NHP[67] - PK/PD modeling projects quarterly dosing of ARO-MAPT to maintain 50-70% knockdown[70]

Financial Data and Key Metrics Changes - Q3 net sales grew over 8% year-over-year to $3.12 billion, primarily driven by unit volume growth, not price [7][12] - Gross margin expanded roughly 50 basis points year-over-year to 29.8%, driven by sponsored ads growth and a strong auto ship baseline [9][12] - Adjusted EBITDA reached $181 million, up 30% year-over-year, with an adjusted EBITDA margin of 5.8%, representing a 100 basis points year-over-year expansion [9][14] - Free cash flow for the quarter was approximately $176 million, up nearly $70 million sequentially [9][14] Business Line Data and Key Metrics Changes - Autoship customer sales increased 13.6% to $2.61 billion, outpacing total company growth [7] - Active customers reached 21.2 million, up nearly 5% year-over-year, with improvements across every part of the active customer funnel [8] - Net sales per active customer reached $595, up nearly 5% year-over-year [8] Market Data and Key Metrics Changes - The company continues to outperform the pet category and expand market share, with profits growing faster than sales [6] - Marketing efficiency continues to strengthen, attracting high-quality customers and improving LTV to CAC ratios [8] Company Strategy and Development Direction - The company aims for a long-term objective of a 10% adjusted EBITDA margin, with ongoing investments in automation and health services [6][21] - Chewy Vet Care (CVC) is driving strong utilization and customer loyalty through high-margin services, with plans to open additional clinics [10] - The acquisition of Smart Equine is expected to enhance Chewy's premium health and nutraceutical assortment [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver consistent, durable EBITDA expansion over the next several years [20][21] - The company expects to continue taking market share while maintaining disciplined, customer-centric growth [20][21] - For 2026, management anticipates a structural unit volume growth year, with pricing benefits expected to be slightly larger than in 2025 [43][45] Other Important Information - The company repurchased approximately 1.5 million shares for $55 million during the quarter [15] - The company ended Q3 with approximately $675 million in cash and cash equivalents, remaining debt-free [15] Q&A Session Summary Question: How does the team continue to evolve learnings about the lifetime value of customers? - Management discussed the strong intersection between Autoship, Chewy Plus, and CVC, emphasizing their complementary nature in driving customer retention and profitability [26][27] Question: Can you talk about the drivers of active customer growth? - Active customer growth was driven by improvements in customer acquisition and retention, with better experiences on platforms leading to higher conversion rates [33][34] Question: What is the preliminary outlook for demand in 2026? - Management views 2026 similarly to 2025, expecting low single-digit growth in the industry and a focus on share-taking [43][44] Question: Can you discuss trends in gross margins and expectations for 2026? - Management expects continued gross margin expansion driven by various levers, including premium category mixes and the health ecosystem [61][62] Question: How has the Chewy Plus program performed after the price increase? - Conversion rates have remained strong post-price increase, and the program is expected to deliver gross margins in line with the overall enterprise [70][71]

Chewy (NYSE:CHWY) Q3 2026 Earnings Call December 10, 2025 08:00 AM ET Company ParticipantsSteven Zaccone - Director of Equity ResearchSumit Singh - CEONatalie Nowak - Director of Investor RelationsWill Billings - Chief Accounting Officer and Interim Principal Financial OfficerConference Call ParticipantsEric Sheridan - Senior Equity Research AnalystAnna Andreeva - Managing Director and Senior Research AnalystShweta Khajuria - Managing Director and Senior Equity Research AnalystDylan Carden - Senior Equity A ...

Financial Data and Key Metrics Changes - Total company sales for Q3 were approximately $151 million, down 0.5% compared to Q3 2024, with comparable sales decreasing by 0.9% [9][10] - Gross profit for Q3 was about $107 million, down about $1 million compared to Q3 2024, resulting in a gross margin of 70.9%, down 50 basis points year-over-year [10][11] - Adjusted net income per diluted share was 76 cents, compared to 89 cents last year, reflecting a slight decrease in share count [11] Business Line Data and Key Metrics Changes - Direct sales increased by 2% compared to the prior year, while store sales decreased by 2.6%, indicating a shift in consumer behavior towards online shopping [9] - The company saw positive responses in product categories such as jackets and bottoms, particularly in fashion denim and outerwear [3][5] Market Data and Key Metrics Changes - The competitive market became very promotional early in Q4, leading to increased price sensitivity among customers [4][20] - The company experienced a soft start to Q4, with holiday product assortments not resonating as well as planned [4][20] Company Strategy and Development Direction - The company is focused on three strategic priorities: evolving product assortment, enhancing the customer journey, and improving operational efficiency [5][6] - A new Chief Growth Officer has been appointed to lead e-commerce and AI initiatives, indicating a commitment to leveraging technology for growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the foundation of the business and the progress made towards future opportunities, despite challenges in the current environment [8][16] - The company anticipates a challenging Q4 due to elevated promotional activity and plans to manage through it to enter Q1 2026 clean [14][20] Other Important Information - The company plans to open seven new stores in Q4, including a new market in Pinehurst, North Carolina, and does not expect to close any additional stores this year [15] - Capital expenditures for the quarter were $3.3 million, with a total expected spend of about $20 million for fiscal 2025 [12][15] Q&A Session Summary Question: Insights on merchandising and marketing for next year - Management noted that they will be able to influence product assortments by the end of Q1 and are encouraged by learnings from Q3 [20][21] Question: What worked well in Q3 and Q2 - Strength was noted in product categories like bottoms and jackets, with newness in the assortment performing well [27] Question: Role of technology in the business - Management highlighted the importance of foundational systems and the new Chief Growth Officer's role in leading technology initiatives, particularly in AI [30][31] Question: Pricing strategy and consumer behavior - Management confirmed a strategic approach to pricing, focusing on areas where consumers are willing to pay, while also noting the importance of maintaining value perception [55][57] Question: Inventory planning for next year - Inventory will be planned conservatively due to evolving product assortments and uncertain consumer sentiment [49]