Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [17] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-halving of Bitcoin block rewards [7][17] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [18] - The company reported a significant positive net income of about $365 million [18] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [17] - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own mining operations [8] Market Data and Key Metrics Changes - The company reached an operational hash rate of 50 exahash per second, with 100% U.S.-based infrastructure [7] - The company has secured over a gigawatt of power under contract across its data centers, with nearly 300 megawatts in Texas scheduled to begin energization in early 2027 [10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to growing and monetizing its portfolio [6] - A strategic partnership with Submer aims to enhance energy efficiency and speed to market for AI data center development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI compute and the company's ability to secure tenants for its AI-ready locations [36][39] - The company is focused on operational excellence and leveraging its strong balance sheet to capitalize on growth opportunities in the AI sector [6][33] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [16][30] - The Digital Asset Management (DAM) strategy generated $9.3 million in premiums during the fourth quarter, with an annualized yield of approximately 12% [23][29] Q&A Session Summary Question: Can you provide insights on demand in the HPC AI space? - Management noted strong inquiries about the Sandersville site and additional traction at the Sealy, Texas site, indicating optimism about demand [36] Question: How will Bitcoin mining and HPC campuses be paired? - The company sees potential in blending AI, HPC, and Bitcoin mining to provide power usage versatility, which utilities find appealing [38] Question: What key milestones should investors look for in 2026 regarding HPC? - The focus will be on deployments at the Texas and Sandersville sites, with significant demand for critical IT loads expected [39] Question: What are the expansion plans for the Bitcoin mining business? - The company plans to migrate Bitcoin mining operations to more remote locations while prioritizing HPC AI at sites with quick access to fiber [42] Question: How will the Texas facility energization proceed? - The first 200 megawatts are scheduled to come online in the first half of 2027, with additional tranches in subsequent years [52] Question: What is the CapEx required for the Sandersville site to upgrade to HPC? - The facility is not currently set for HPC but has additional land secured for future construction, allowing for a smooth transition when ready [63]

Financial Data and Key Metrics Changes - For the quarter ended September 30, core net investment income was $0.15 per share compared to total distributions of $0.24 per share [4] - As of September 30, the net asset value (NAV) was $7.11 per share, down 3.4% from $7.36 per share in the prior quarter [14] - The debt-to-equity ratio was 1.6 times, with a target ratio of 1.25-1.3 times [14][15] Business Line Data and Key Metrics Changes - The portfolio totaled $1.3 billion, with 166 companies across 37 different industries [11][15] - The weighted average yield on debt investments was 11%, with 91% of the portfolio being floating rate [15] - The median leverage ratio on debt securities was 4.5 times, and the median interest coverage ratio was 2 times [7][15] Market Data and Key Metrics Changes - The company is encouraged by a steady increase in transaction activity in the private middle-market lending sector, expecting higher loan origination volumes [5][7] - In the core middle market, pricing on high-quality first lien loans is between $475-$525, with reasonable leverage and meaningful covenant protections [7][9] Company Strategy and Development Direction - The company is focused on rotating out of equity positions and redeploying capital into interest-bearing debt investments to increase core net investment income [4][5] - The strategy emphasizes capital preservation and disciplined investment in growing middle-market companies with high free cash flow conversion [12] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the increase in transaction activity leading to opportunities for equity rotation and new income-producing investments [7] - The current market environment is seen as favorable for lenders with strong private equity sponsor relationships and disciplined underwriting [7][9] Other Important Information - The company has $48 million, or $0.73 per share, of undistributed spillover income, which will be used to cover shortfalls in net investment income versus the dividend [5] - The PSLF joint venture portfolio totaled $1.3 billion, with an average net investment income yield of 17% over the last 12 months [11] Q&A Session Summary Question: Why not right-size the dividend today? - Management is constantly evaluating the dividend and has substantial spillover income that needs to be paid out, balancing this with the equity rotation process [20] Question: Any updates on realization events for equity positions? - Management is seeing more activity and is hopeful for rotation opportunities, with a constructive backdrop for monetizing some equity positions [23] Question: What types of deals are being seen with increased investment activity? - The deals are a combination of add-on delayed draw term loans for existing companies and new platform investments with strong credit quality [45] Question: How does the company view dividend recaps? - Dividend recaps are approached cautiously, with a high bar for participation, focusing on alignment of interests and substantial equity beneath the loans [50] Question: What are the trends in the private equity space? - There is optimism for equity rotation as the M&A market is starting to pick up, with buyers and sellers beginning to find common ground [52][53]

Financial Data and Key Metrics Changes - For the quarter ended September 30, core net investment income was $0.15 per share compared to total distributions of $0.24 per share [4] - As of September 30, the NAV was $7.11 per share, down 3.4% from $7.36 per share in the prior quarter [14] - The debt to equity ratio was 1.6 times as of September 30 [14] Business Line Data and Key Metrics Changes - The portfolio totaled $1.3 billion, with $186 million invested in nine new and 54 existing portfolio companies during the quarter [11] - The weighted average yield on debt investments was 11% [15] - The portfolio comprised 50% first lien secured debt, 2% second lien secured debt, and 12% subordinated notes to PSLF [15] Market Data and Key Metrics Changes - The median leverage ratio on debt securities was 4.5 times, and the median interest coverage ratio was 2 times as of September 30 [7] - The pricing on high-quality first lien loans in the core middle market was several plus $475-$525 [7] Company Strategy and Development Direction - The company is focused on rotating out of equity positions and redeploying capital into interest-bearing debt investments to increase core net investment income [4][5] - The strategy includes providing additional capital to existing portfolio companies to support their growth initiatives [6] - The company aims to maintain its current dividend level in the near term due to a significant balance of spillover income [5] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about an increase in transaction activity leading to higher loan origination volumes [5] - The current environment favors lenders with strong private equity sponsor relationships and disciplined underwriting [7] - The company remains committed to capital preservation and delivering compelling risk-adjusted returns [12] Other Important Information - The PSLF joint venture portfolio totaled $1.3 billion, with an average NII yield on invested capital of 17% over the last 12 months [11] - The company has a demonstrated track record of value creation through financing growing middle market companies in five key sectors [9] Q&A Session Summary Question: Why not right-size the dividend today? - Management is constantly evaluating the dividend and has substantial spillover income to distribute, balancing equity rotation and dividend sustainability [20] Question: Any updates on realization events for equity positions? - Management is seeing more activity and is hopeful for upcoming rotation opportunities, but nothing specific was announced [23] Question: What types of deals are being seen? - The company is seeing a mix of add-on delayed draw term loans and new platform deals, primarily with existing companies [45] Question: How does the company view dividend recaps? - Dividend recaps are approached cautiously, with a high bar for participation, focusing on alignment of interests and substantial equity beneath [50] Question: What are the trends in the private equity space? - Management noted that the M&A market is starting to pick up after a slowdown, with optimism for meaningful equity rotation [52]

Financial Data and Key Metrics Changes - For the quarter ended September 30, core net investment income was $0.15 per share compared to total distributions of $0.24 per share [5] - As of September 30, the NAV was $7.11 per share, down 3.4% from $7.36 per share in the prior quarter [13] - The debt to equity ratio was 1.6 times as of September 30 [13] Business Line Data and Key Metrics Changes - The portfolio totaled $1.3 billion, with $186 million invested in nine new and 54 existing portfolio companies during the quarter [11] - The weighted average yield on debt investments was 11% [14] - The median leverage ratio on debt securities was 4.5 times, and the median interest coverage ratio was 2 times [7][14] Market Data and Key Metrics Changes - The company noted a steady increase in transaction activity in the private middle market lending sector, which is expected to lead to higher loan origination volumes [6] - In the core middle market, pricing on high-quality first lien loans was several plus $475-$525 [7] Company Strategy and Development Direction - The company is focused on rotating out of equity positions and redeploying capital into interest-bearing debt investments to increase core net investment income [5] - The strategy includes maintaining the current dividend level in the near term due to a significant balance of undistributed spillover income [6] - The company aims to find investment opportunities in growing middle market companies with high free cash flow conversion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the increase in transaction activity leading to opportunities for equity rotation and new income-producing investments [7] - The company remains committed to capital preservation and a disciplined investment approach, aiming for compelling risk-adjusted returns [12] - Management noted that the M&A market is starting to pick up, which could facilitate equity rotation [50] Other Important Information - The company has a significant balance of undistributed spillover income amounting to $48 million or $0.73 per share, which will be used to cover shortfalls in net investment income versus the dividend [6] - The PSLF joint venture portfolio totaled $1.3 billion, contributing significantly to core net investment income [11] Q&A Session Summary Question: Why not right-size the dividend today? - Management is constantly evaluating the dividend and has substantial spillover income that needs to be paid out, balancing equity rotation and dividend policy [19] Question: Any updates on realization events for equity positions? - Management noted increased activity and is hopeful for rotation opportunities, but nothing specific was announced [21] Question: What types of deals are being seen? - The company is seeing a mix of add-on delayed draw term loans and new platform deals, with a focus on existing companies performing well [42] Question: How does the company view dividend recaps? - Dividend recaps are approached cautiously, with a focus on alignment of interests and substantial equity beneath the company [47] Question: What are the trends in the private equity space? - Management indicated that the M&A market is starting to stabilize, which could lead to more equity rotation opportunities [50]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $44.5 million, a 10% increase from $40.4 million in Q3 2024, but below the record $47.2 million in Q2 2025 [3][9] - Adjusted net income for Q3 was $14.4 million, slightly above last year's figure, with adjusted earnings per share at $0.39 for the quarter and $0.42 for the nine months of 2025 [3][11] - The company achieved a debt-free status after repaying $86 million in total during 2025 and $350 million over the last three years [3][13] Business Line Data and Key Metrics Changes - The fleet days increased by 7% due to the addition of two vessels, contributing to the revenue growth [9] - Voyage expenses rose to $7.2 million, driven by increased port and bunker expenses, while operational utilization decreased to 90.3% due to idle time [10] - TCE revenues for the quarter were $37.3 million, reflecting seasonal low activity [10] Market Data and Key Metrics Changes - Global LPG exports grew by 5% in the first nine months of 2025, with US exports showing close to 6% growth [15][16] - The European market is expected to see a record import of 8 million metric tons of competitive US LPG in 2025, significantly impacting pricing and demand [16] - Chinese LPG imports recorded a 1% growth in the first eight months of 2025, despite trade tensions affecting overall trade dynamics [17][18] Company Strategy and Development Direction - The company aims to maintain a conservative approach with a visible revenue stream, securing $130 million in contracted revenues [4] - There is a focus on selling older tonnage and replacing it with newer vessels, with a recent agreement to sell the "Eco Invictus" [4] - The company has achieved a cash flow break-even of $6,500-$7,000 daily, enhancing competitiveness even in a declining market [14] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the seasonal weakness in Q3 but expressed optimism for the short term as the market enters a firming mode [23] - There is a positive outlook for sustained market expansion through 2030, driven by US production and demand growth in Asia [18][23] - The geopolitical situation is expected to stabilize, which should improve market sentiment and rates [23] Other Important Information - The company has scheduled dry dockings for two more vessels in Q4, totaling six for the next year [6] - The company maintains strong liquidity with cash of $70 million and zero debt, positioning it well for future opportunities [12][13] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating a focus on the presentation rather than an interactive Q&A session.

Financial Data and Key Metrics Changes - The preliminary results indicate that all proposals presented at the meeting have been approved by stockholders, which may impact future financial strategies and capital structure [7][8]. Business Line Data and Key Metrics Changes - Specific product portfolio plans for the merged company will be executed by the new leadership team, focusing on commercial electric vehicles (EVs) which are expected to have lower total cost of ownership compared to internal combustion engine (ICE) vehicles [15][16]. Market Data and Key Metrics Changes - The company anticipates a significant demand for new commercial EV markets in classes 4, 5, and 6, indicating a competitive landscape where at least two U.S.-based original equipment manufacturers (OEMs) will be necessary to meet this demand [16]. Company Strategy and Development Direction - The company aims to leverage U.S.-based assembly capabilities and engineering expertise to design robust trucks, emphasizing the importance of domestic production for long-term success and scalability in the commercial EV sector [15][16]. Management's Comments on Operating Environment and Future Outlook - Management has expressed confidence that the proposed Motiv transaction will close in the fourth quarter of 2025, contingent upon meeting Nasdaq's new listing criteria and other customary closing conditions [14][15]. - The CEO highlighted the strategic importance of commercial EVs, noting their cost advantages and the necessity for U.S.-based manufacturing to support future growth [15][16]. Other Important Information - The company has withdrawn two proposals from consideration during the meeting, which may reflect strategic adjustments in response to shareholder feedback [3]. Q&A Session Summary Question: What steps are necessary to complete the proposed Motiv transaction? - The transaction is expected to close in the fourth quarter of 2025, pending the completion of customary closing conditions and meeting Nasdaq listing criteria [14][15]. Question: What are the product portfolio plans for the merged company? - The merged company will focus on commercial EVs, which are seen as having a lower total cost of ownership compared to ICE vehicles, with plans for U.S.-based assembly and engineering [15][16].

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 was just over $11 billion, up 17% from fiscal 2024, with earnings per share (EPS) of $7.79, an increase of 22% year-over-year [15][20] - Gross margin finished at 69.3%, up 140 basis points, while operating margin increased to 41.9%, up 100 basis points [15][20] - Record free cash flow of over $4 billion, representing 39% of revenue, up from 33% in 2024 [19][20] Business Line Data and Key Metrics Changes - Industrial segment represented 46% of Q4 revenue, growing 12% sequentially and 34% year-over-year, with a full-year increase of 15% [15][16] - Automotive segment accounted for 28% of quarterly revenue, up 1% sequentially and 19% year-over-year, with a full-year increase of 16% [15][16] - Communications segment represented 13% of quarterly revenue, up 4% sequentially and 37% year-over-year, with a full-year increase of 26% [15][16] - Consumer segment also represented 13% of quarterly revenue, up 7% sequentially and year-over-year, with a full-year increase of 19% [15][16] Market Data and Key Metrics Changes - Data center segment surpassed a $1 billion run rate, growing more than 50% year-over-year for three consecutive quarters [17] - Wireless revenue was flat for the full year but showed double-digit growth year-over-year for the second straight quarter [17] - Aerospace and Defense achieved record results, with expectations for continued strong growth driven by advanced sensor and power solutions [10][11] Company Strategy and Development Direction - The company is focusing on innovation, with record investments in R&D to enhance leadership in analog, mixed-signal, and power technologies [6][8] - A strong emphasis on software, digital, and AI capabilities to address customer complexity and expedite innovation cycles [6][7] - The acquisition of Maxim has led to over $3 billion in capital expenditures to enhance capacity and resiliency [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth for FY 2026 despite macroeconomic challenges, citing strong demand in industrial and communications sectors [14][24] - The company anticipates broad-based growth in 2026, driven by cyclical and idiosyncratic factors [24][26] - Management noted that while the automotive sector has been flat, they expect continued content growth and strong performance in fiscal 2026 [26][31] Other Important Information - The company returned over $4 billion to shareholders through dividends and share repurchases, supporting an 8% dividend increase [5][19] - The company is targeting a 100% free cash flow return over the long term, with 40%-60% allocated for dividends and the remainder for share count reduction [19] Q&A Session Summary Question: Near and medium-term guidance by segment - Management provided insights on Q1 guidance, expecting industrial to be up mid-single digits, automotive down mid-single digits, and communications up 10% above seasonal [22][23] Question: Automotive market dynamics - Management noted that automotive has been resilient, with stronger volumes than expected, but caution remains due to tariff impacts and market volatility [30][31] Question: Gross margin expectations - Management explained that gross margins were impacted by product mix and seasonal factors, with expectations for flat margins in Q1 due to a higher industrial mix [34][36] Question: Update on revenue synergies from acquisitions - Management confirmed that revenue synergies from the Maxim acquisition are on track, with expectations for stronger contributions in 2026 [48][49] Question: R&D spending priorities - Management indicated a focus on power management and digital portfolio areas, emphasizing the need to address customer complexity and speed up innovation cycles [72][74]

Financial Data and Key Metrics Changes - Revenue for fiscal 2025 was just over $11 billion, up 17% from fiscal 2024, with earnings per share of $7.79, an increase of 22% year over year [15][21] - Gross margin finished at 69.3%, up 140 basis points, while operating margin increased to 41.9% [15][21] - Record free cash flow of over $4 billion, representing 39% of revenue, was generated [5][19] Business Line Data and Key Metrics Changes - Industrial segment represented 46% of Q4 revenue, growing 12% sequentially and 34% year over year, with full-year growth of 15% [15][16] - Automotive accounted for 28% of quarterly revenue, up 1% sequentially and 19% year over year, with full-year growth of 16% [15][16] - Communications represented 13% of quarterly revenue, up 4% sequentially and 37% year over year, with data center segment surpassing a $1 billion run rate [15][17] - Consumer segment also represented 13% of quarterly revenue, growing 7% sequentially and year over year, with full-year growth of 19% [15][17] Market Data and Key Metrics Changes - The automatic test equipment business saw record growth driven by AI and high-performance compute demand [9][10] - Energy was the fastest-growing industrial segment, with strong demand from industrial, transportation, and data center sectors [10] - Aerospace and defense achieved record results, with expectations for continued growth [10][11] Company Strategy and Development Direction - The company is focusing on innovation, with record investments in R&D to advance leadership in analog, mixed-signal, and power technologies [6][8] - A strong emphasis on software, digital, and AI capabilities is being made to enhance customer success and streamline product development [7][8] - The acquisition of Maxim has led to over $3 billion in capital expenditures to enhance capacity and resiliency [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth for FY 2026 despite macroeconomic uncertainties, citing strong demand in industrial and communications markets [14][25] - The company anticipates broad-based growth in 2026, driven by cyclical and idiosyncratic factors [25][28] - Management noted that while the automotive sector has been resilient, there are risks associated with tariffs and macroeconomic conditions [32] Other Important Information - The company returned over $4 billion to shareholders through dividends and share repurchases, supporting an 8% dividend increase [5][19] - The company is targeting a 100% free cash flow return over the long term, with 40-60% allocated for dividends [19] Q&A Session Summary Question: Near and medium-term growth outlook - Management provided insights on Q1 guidance, expecting slight growth across segments, with industrial up mid-single digits and communications up 10% above seasonal [23][24] Question: Automotive market dynamics - Management noted that automotive has been strong, with significant share gains in China, but cautioned about potential impacts from tariffs and market volatility [31][32] Question: Gross margin expectations - Management explained that gross margins are influenced by product mix and seasonal factors, with expectations for flat margins in Q1 due to a higher industrial mix [35][36] Question: Revenue synergies from acquisitions - Management confirmed that revenue synergies from the Maxim acquisition are on track, with expectations for significant contributions in 2026 [49][50] Question: R&D spending priorities - Management indicated a focus on power management and high-speed signal processing, while also enhancing digital capabilities [73][75]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $44.5 million, a 10% increase from $40.4 million in Q3 2024, but below the record $47.2 million achieved in Q2 2025 [3][9] - Adjusted net income for Q3 was $14.4 million, slightly above last year's figure, with earnings per share on an adjusted basis at $0.39 for the quarter [3][11] - The company achieved a debt-free status after repaying $86 million in total during 2025 and $350 million over the last three years [3][13] Business Line Data and Key Metrics Changes - The fleet days increased by 7% due to the addition of two vessels, contributing to the revenue growth [9] - Voyage expenses rose to $7.2 million, driven by increased port and bunker expenses, while operational utilization decreased to 90.3% [10] - TCE revenues for the quarter were $37.3 million, reflecting seasonal low activity [10] Market Data and Key Metrics Changes - Global LPG exports grew by 5% in the first nine months of 2025, with US exports showing close to 6% growth [15][16] - The European market is expected to see a record import of 8 million metric tons of competitive US LPG in 2025, significantly impacting demand [16] - Chinese LPG imports recorded a 1% growth in the first eight months of 2025, despite trade tensions affecting the US-China LPG trade [17][18] Company Strategy and Development Direction - The company aims to maintain a conservative approach with a visible revenue stream, securing $130 million in contracted revenues [4] - There is a focus on selling older tonnage and replacing it with newer vessels, with a recent agreement to sell the Eco Invictus [4] - The company has achieved a significant debt reduction strategy, enhancing its competitiveness and cash flow break-even point [13][14] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the seasonal weakness in Q3 but expressed optimism for the winter season as markets firm up [22] - There is a belief in a return to normalcy in geopolitics, which should positively influence market sentiment and rates [22] - Long-term demand for LPG is expected to grow, driven by US production and increasing demand from Asia [22][23] Other Important Information - The company has scheduled dry dockings for two more vessels in Q4, totaling six for the next year [6] - The company maintains strong liquidity with cash expected to reach $100 million by year-end [12] - The company has not engaged in share buybacks during Q3, maintaining a total of $21.2 million in buybacks since 2023 [4] Q&A Session Summary Question: What is the outlook for the LPG market given the geopolitical tensions? - Management indicated that while geopolitical tensions have created volatility, the long-term outlook remains positive due to increasing demand for LPG and infrastructure projects in the US and Middle East [22][23] Question: How is the company managing its fleet and operational costs? - The company has focused on maintaining operational efficiency despite inflationary pressures, achieving lower cost levels compared to peers [10][11] Question: What are the expectations for the upcoming quarters? - Management expects a firming market as the winter season approaches, with a positive sentiment anticipated to support rates [22]

Financial Data and Key Metrics Changes - The preliminary results indicate that all proposals presented at the meeting have been approved by stockholders, which may impact future financial strategies and capital structure [7][8]. Business Line Data and Key Metrics Changes - Specific details regarding the performance of various business lines were not disclosed in the meeting, but the focus on commercial electric vehicles suggests a strategic emphasis on this segment moving forward [14]. Market Data and Key Metrics Changes - The company anticipates a significant demand for new commercial electric vehicle markets, particularly in classes 4, 5, and 6, indicating a positive outlook for market growth in these segments [14][15]. Company Strategy and Development Direction - The company is focused on completing the proposed Motiv transaction, which is expected to close in the fourth quarter of 2025, and is actively planning for integration to ensure a smooth transition [12][13]. - There is an emphasis on U.S.-based assembly capabilities and engineering expertise to support long-term success in the commercial EV market [14]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial EV business model, highlighting lower total cost of ownership compared to internal combustion engine vehicles, which positions the company favorably in the market [14]. - The need for at least two competitive U.S.-based OEMs to meet future demand in the commercial EV sector was noted, with the company aiming to be a leader in this transition [14][15]. Other Important Information - The meeting included proposals for stock issuance, a reverse stock split, and an incentive plan, which are critical for the company's financial maneuvering and shareholder engagement [4][5][6]. Q&A Session Summary Question: What steps are necessary to complete the proposed Motiv transaction? - The transaction requires the completion of customary closing conditions and meeting NASDAQ new listing criteria, with an expected closure in Q4 2025 [12][13]. Question: What are the product portfolio plans for the merged company? - Specific plans will be executed by the new team, but the CEO highlighted the importance of commercial EVs and U.S.-based capabilities for future success [13][14].