Financial Data and Key Metrics - Q3 2024 revenue was $56.1 million, an 11% increase both sequentially and year-over-year, above the midpoint of guidance [4] - Aerospace and defense (A&D) revenue grew 59% year-over-year to a record $30.3 million, driven by record A&D product revenue of $15.3 million, up 135% year-over-year [4][22] - Microfabrication revenue grew 19% year-over-year to $14.3 million, while industrial revenue declined 41% year-over-year to $11.6 million [23] - Products gross margin improved to 28.8%, and overall gross margin was 22.4%, within guidance range [4] - Net loss on a non-GAAP basis was $3.7 million or $0.08 per share, compared to a net loss of $4.9 million or $0.10 per share in Q3 2023 [29] - Adjusted EBITDA was negative $1 million, compared to negative $1.9 million in Q3 2023 [30] - Cash and investments totaled $107 million with no debt, and average DSO improved to 58 days from 65 days at the end of 2023 [31] Business Line Performance - Aerospace and defense (A&D) business grew 59% year-over-year, driven by record A&D product revenue and strong performance in directed energy and laser sensing programs [4][22] - Microfabrication revenue grew 40% sequentially to $14 million, driven by orders from a long-term customer, though volatility in demand is expected to continue [14][42] - Industrial revenue declined 41% year-over-year, with weak demand in cutting and welding markets, particularly due to competition from Chinese suppliers [23][24] - Additive manufacturing saw progress with the launch of the Corona AFX-2000 laser, which achieved 3x faster print speeds in validation with a leading customer [19] Market Performance - A&D market remains a key growth driver, with strong demand for directed energy systems and laser sensing products, particularly in the U.S. and Israel [5][9][10] - Commercial markets, including microfabrication and industrial, face headwinds due to weak demand and competition from Chinese suppliers, with challenges expected to persist into 2025 [15][16][48] Strategy and Industry Competition - The company is leveraging its vertical integration strategy in the directed energy market, with revenue generated at nearly every level of integration, making it an ideal supplier for U.S. government and foreign allies [10] - Manufacturing operations in Shanghai have been fully transitioned to Thailand and the U.S., with the company expecting normalized production levels in a few quarters [13] - The company continues to innovate in industrial markets, introducing new products like the nfinity laser for precision thick metal cutting and the Corona AFX-2000 for additive manufacturing [15][19] Management Commentary on Operating Environment and Future Outlook - Management expects continued growth in the A&D business, with strong visibility into backlog and design wins, though timing of revenue recognition for new technologies remains uncertain [38][52] - Commercial markets are expected to remain challenging into 2025, with no significant rebound anticipated in industrial or microfabrication revenue [48][49] - The company is focused on maintaining a strong balance sheet and managing working capital to support long-term growth objectives [33] Other Important Information - The company expects Q4 2024 revenue to be in the range of $49 million to $54 million, with A&D product revenue expected to grow sequentially [34][35] - Q4 gross margin is expected to be in the range of 17% to 21%, with adjusted EBITDA projected to be between negative $5 million and negative $2 million [36] Q&A Session Summary Question: Visibility into A&D product revenue beyond Q4 - The company has strong visibility into continued growth in A&D product revenue, supported by a robust backlog and design wins in directed energy and sensing programs [38][39] Question: Engagement with Israeli defense primes, including IRON BEAM - The company is deeply engaged with Israeli defense primes and is a supplier for the IRON BEAM project, with solid funding and future development opportunities [40][41] Question: Decline in commercial business revenue - The decline in commercial revenue is attributed to weak demand and competition from Chinese suppliers, with no significant rebound expected in 2025 [45][46][48] Question: Impact of Chinese suppliers in the U.S. market - Chinese suppliers are impacting the U.S. market through excess capacity and competition, though higher tariffs could provide some relief [50][51] Question: Growth outlook for A&D in 2025 - The company expects continued growth in A&D in 2025, supported by backlog and design wins, though timing of revenue recognition remains uncertain [52][53] Question: Backlog progression and commercial business outlook - Backlog is progressing, with growth in orders and design wins for critical programs in directed energy and sensing [56][57] - Commercial business is expected to remain weak, with microfabrication revenue returning to normalized levels and continued pressure in industrial markets [60][61] Question: Manufacturing transition from Shanghai - The transition of manufacturing from Shanghai to Thailand and the U.S. is complete, with a ramp-up period still ongoing [62] Question: Size of the directed energy opportunity - The directed energy market is significant, with U.S. and Israeli spending in the multi-hundred million dollar range annually, and the company participates at various levels of integration [65][66] Question: Maximum power laser for directed energy - The company produces the highest power laser in the world at over 350 kilowatts, with ongoing development to scale up to a megawatt [68] Question: 10% customers in the quarter - The company had a couple of customers at the 10% level in the quarter, primarily U.S. government or prime contractors, with similar expectations for the future [69] Question: Weakness in low-power lasers - Weakness in low-power lasers is largely related to the additive manufacturing market, with most demand at 1 kilowatt or below [72] Question: Margin profile of backlog - The margin profile of backlog is better than recent results, though fixed cost absorption remains a challenge at lower revenue levels [73] Question: Linearity of backlog - Backlog is not linear, with variability in development work and material integration across quarters [74]

Flywire Corporation (NASDAQ:FLYW) Q3 2024 Results Conference Call November 7, 2024 5:00 PM ET Company Participants Masha Kahn - Investor Relations Mike Massaro - CEO & Director Rob Orgel - President & COO Cosmin Pitigoi - CFO Conference Call Participants Darrin Peller - Wolfe Research John Davis - Raymond James Pat Ennis - UBS Nate Svensson - Deutsche Bank Andrew Bauch - Wells Fargo James Faucette - Morgan Stanley Andrew Schmidt - Citi Cris Kennedy - William Blair Operator Good day, and welcome to the Flywi ...

Consensus Cloud Solutions, Inc. (NASDAQ:CCSI) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Adam Varon - Senior Vice President Finance Scott Turicchi - Chief Executive Officer Johnny Hecker - CRO and Executive Vice President of Operations Jim Malone - Chief Financial Officer Conference Call Participants Jenny Shen - BTIG Operator Good day, ladies and gentlemen, and welcome to Consensus Q3 2024 Earnings Call. My name is Paul, and I will be the operator assisting you today. ...

Flowers Foods, Inc. (NYSE:FLO) Q3 2024 Earnings Conference Call November 8, 2024 8:30 AM ET Company Participants J.T. Rieck - Executive Vice President, Finance & Investor Relations Ryals McMullian - Chairman & Chief Executive Officer Steve Kinsey - Chief Financial Officer Conference Call Participants Steve Powers - Deutsche Bank Bill Chappell - Truist Securities Robert Dickerson - Jefferies Jim Salera - Stephens Mitchell Pinheiro - Sturdivant & Company Max Gumport - BNP Paribas Operator Good morning, and th ...

Rand Capital Corporation (NASDAQ:RAND) Q3 2024 Earnings Conference Call November 6, 2024 1:30 PM ET Company Participants Craig Mychajluk - Investor Relations Daniel Penberthy - President & Chief Executive Officer Margaret Brechtel - Executive Vice President & Chief Financial Officer Conference Call Participants Operator Greetings and welcome to Rand Capital Corporation Third Quarter Fiscal Year 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question ...

Adeia Inc. (NASDAQ:ADEA) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Chris Chaney - Vice President-Investor Relations Paul Davis - President & Chief Executive Officer Keith Jones - Chief Financial Officer Conference Call Participants Madison De Paola - Rosenblatt Securities Hamed Khorsand - BWS Financial Matthew Galinko - Maxim Group Operator Good day, everyone. Thank you for standing by. Welcome to Adeia's Third Quarter 2024 Earnings Conference Call. During today's pre ...

Call Start: 17:00 Call End: 17:41 January 1, 0000 ET Q3 2024 Earnings Conference Call November 07, 2024 05:00 PM ET Company Participants Mark Hood - Executive Vice President of Operations & Investor Relations Luke Sarsfield - Chairman & Chief Executive Officer Amanda Coussens - Executive Vice President, Chief Financial Officer & Chief Compliance Officer Conference Call Participants Alex Bernstein - JPMorgan Ben Rubin - UBS Ben Budish - Barclays Operator Hello, and welcome to the P10 Third Quarter 2024 Confe ...

GeoPark Limited (NYSE:GPRK) Q3 2024 Results Conference Call November 7, 2024 10:00 AM ET Company Participants Andres Ocampo - Chief Executive Officer Martin Terrado - Chief Operating Officer Jamie Caballero - Chief Financial Officer Conference Call Participants Vicente Falanga - Bradesco Alejandro Demichelis - Jefferies Daniel Guardiola - BTG Operator Good morning and welcome to the GeoPark Limited conference call following the results announcement for the third quarter ending September 30, 2024. After spea ...

System1, Inc. (NYSE:SST) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Kyle Ostgaard - Vice President of Finance Michael Blend - Co-Founder & Chief Executive Officer Tridivesh Kidambi - Chief Financial Officer Conference Call Participants Tom Forte - Maxim Group Dan Kurnos - The Benchmark Company Kyle Ostgaard Thank you for standing by, and welcome to the Third Quarter, 2024 Conference Call for System1. Joining me today to discuss System1's business and financial results ...

Financial Data and Key Metrics - Research and development revenue for Q3 2024 increased by 138% to $8.2 million from $3.4 million in Q3 2023, driven by increased activity under the BARDA Project BioShield contract [20] - Gross margin improved to 44.9% in Q3 2024 from 42.8% in Q3 2023, reflecting higher reimbursement rates under the BARDA PBS contract [21] - General and administrative expenses declined to $4.6 million (55% of revenue) in Q3 2024 from $5.6 million (164% of revenue) in Q3 2023, due to reduced non-revenue generating R&D activities [22] - Net loss narrowed to $1.5 million ($0.08 per share) in Q3 2024 from $10.6 million ($0.77 per share) in Q3 2023, reflecting operational efficiencies [24] - Adjusted EBITDA loss was approximately $700,000 in Q3 2024 compared to $3.9 million in Q3 2023 [24] - Cash and cash equivalents totaled $3.7 million as of September 30, 2024, down from $4.8 million at the end of 2023 [25] - The company reiterated its 2024 revenue guidance of approximately $28 million, representing a 55% increase from 2023 [27] Business Line Data and Key Metrics - The company is focused on advancing the development of its DeepView system for burn centers, with significant progress under the BARDA Project BioShield contract [19][20] - The DeepView system utilizes AI technology and nine wavelengths of light to assess wound healing potential, with clinical studies involving hundreds of patients and thousands of images [11][12] - The company is also working on a miniaturized version of the DeepView device under a contract with MTEC, a division of the Defense Health Agency [14][58] Market Data and Key Metrics - The company has received a positive response in the UK, where several devices are in use, and is preparing to expand to Australia under a special access program [17][18] - The UK market is a key focus, with the company aiming to achieve NICE designation, which would facilitate commercialization within the National Health Service (NHS) [37] - The company is in discussions with the FDA for regulatory clearance in the US, with a submission expected in the first half of 2025 [22][33] Company Strategy and Industry Competition - The company is focused on three key priorities: finance, focus, and finish (the "3Fs"), with a strong emphasis on completing the BARDA contract and achieving FDA clearance [13][14][16] - The leadership team is intact and aligned with the mission of commercializing the DeepView system, which is seen as a revolutionary device in the burn treatment market [12][15] - The company is leveraging its partnerships with BARDA and MTEC to secure funding and advance its technology, positioning itself as a leader in AI-driven wound assessment [10][14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to complete its projects, citing strong leadership and operational focus [28] - The company is actively engaging with the FDA to ensure alignment on submission requirements and expects to receive iterative feedback in the coming weeks [33][62] - The UK and Australia markets are seen as key growth opportunities, with the company preparing to expand its presence and gather additional clinical data [17][18][39] Other Important Information - The company has filed an S3 shelf registration to support opportunistic funding efforts [26] - The share price has increased by 30% since Dr. DiMaio became Chairman of the Board, reflecting investor confidence in the company's direction [28] Q&A Session Summary Question: FDA Submission Preparation - The company is collating data, perfecting algorithms, and organizing the submission for FDA clearance, expected in the first half of 2025 [30][33][34] Question: UK Market Progress - The company is iterating the device based on feedback from UK doctors and aims to achieve NICE designation before commercializing in the UK [35][37][46] Question: Australian Market Expansion - The company is working through regulatory hurdles in Australia and expects to roll out devices in the coming months under a special access pathway [39] Question: US Commercial Readiness - The company plans to deploy approximately 200 devices in US burn centers under the BARDA contract and conduct clinical studies to demonstrate the device's value proposition [42][43] Question: Data Publication and Presentations - The company has a publication plan in place and expects to present data at medical conferences, highlighting the device's clinical utility [49][50] Question: DFU Wound Indication - The company is temporarily focusing on burns and the BARDA contract, with plans to revisit DFU and other indications once the current priorities are achieved [52][53] Question: MTEC Miniaturization Device - The company is in the development phase of the miniaturized DeepView device for military use, with feedback expected from Brooke Army Medical Center in the coming weeks [58] Question: Topline Data from Burn Study - The company expects topline data from the burn study in December 2024, focusing on metrics such as sensitivity, specificity, and Dice coefficient, in alignment with FDA requirements [61][62][63]