Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $5.6 million, down from $7.7 million in 2024, primarily due to the timing of customer equipment purchases [13] - Gross margin improved to approximately 55%, up from 46% in 2024, reflecting lower cost of sales and a reduction in inventory reserves [13] - Total operating expenses decreased by approximately 10% to $6.9 million from 2024 [14] - The net loss improved to $3.7 million or $0.19 per share, compared to a net loss of $4.5 million or $0.22 per share in 2024 [14] Business Line Data and Key Metrics Changes - The backlog of orders for support services increased by 16%, and BIT Solution orders rose by 24% in Q1 2026 compared to the same period last year, indicating a growing recurring revenue trajectory [10][16] - The SteraMist Integrated System achieved its first commercial installation at a leading CDMO in June 2025, with four fully operational installations by year-end [4] - A signed purchase contract of $500,000 was secured in December 2025 for integration into sterile manufacturing [5] Market Data and Key Metrics Changes - The FDA's late 2025 approval of hydrogen peroxide as a direct food additive is a significant regulatory moment, leading to engagements with major partners like Danone and Nestlé [8] - The global ethylene oxide market was valued at $5.29 billion last year, with rising demand for sterilized medical consumables driving growth [11] Company Strategy and Development Direction - The company is focusing on execution and converting its pipeline into recognized revenue while advancing its technology platform [12] - A shift towards a recurring revenue model is emphasized, moving from episodic revenue to embedded revenue, which is expected to enhance customer dependency on the company's solutions [32][33] - The company is prioritizing open bid solution orders and annual service offerings to drive additional revenue and deeper product adoption [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2025 was a challenging year but expressed optimism about the future, highlighting operational momentum and a growing customer base [4][11] - The management noted that customers are beginning to move forward with deferred capital expenditure projects, indicating signs of improvement in the economic environment [58] Other Important Information - The company received approvals from the HSE and BPR submissions, enhancing its recognition in the UK and the Netherlands [10] - The company is preparing to introduce its IHP device to the U.S. market through the FDA 510(k) pre-market notification process [11] Q&A Session Summary Question: Insights into global opportunities mentioned in the quarter - Management expects many EU states to follow suit with registrations, leveraging existing relationships and distributors [41] Question: Thoughts on operating expenses going forward - Operating expenses are expected to slightly decrease as a percentage of revenue growth, with leverage already in place [43] Question: Signs of improvement in customer CapEx projects - Management confirmed that they are seeing customers who deferred projects beginning to move forward [58] Question: Details on BIT Solution revenues for 2025 versus 2024 - There was an increase in BIT Solution usage, with customers moving towards auto shipment and advanced orders [62] Question: Potential military applications for SteraMist - Management acknowledged the idea and indicated they would explore opportunities with the military, particularly in light of recent health concerns [75]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $87.2 million, aligning with the midpoint of revised guidance, while full-year revenue reached $346.8 million, a 1.4% increase over 2024 [3][4] - Adjusted EBITDA for Q4 was $19.2 million, representing a margin expansion to 22%, up from 20.4% in Q4 2024, while full-year Adjusted EBITDA was $68.7 million, a 23% year-over-year increase [4][19] - Free cash flow for the year was $20 million, an increase of $5 million over 2024, with cash flow from operations rising to $37 million, a 19% increase year-over-year [4][15] Business Line Data and Key Metrics Changes - Financial Health revenue totaled $56.2 million in Q4, a 2% year-over-year increase, while Patient Care revenue was $31 million, reflecting a 6.6% decline primarily due to the sunset of the Centriq product [18][19] - Bookings for Q4 were $19.8 million, up $6 million year-over-year, supported by growing SaaS and strategic partnerships, with total bookings for the year at $82.9 million, a 1% increase [4][20] Market Data and Key Metrics Changes - The overall sales pipeline value is at its highest in nine quarters, increasing by 53% since the beginning of Q3, with a notable shift towards larger opportunities and recurring deals [5][6] - The percentage of recurring deals in the pipeline has improved to over 70%, up from approximately 57% last summer, indicating a healthier demand environment [5] Company Strategy and Development Direction - The company is engaged in a strategic review process to maximize shareholder value and is not issuing formal guidance, but expects modest revenue growth in 2026 and a 200 basis points improvement in Adjusted EBITDA margins [3][22] - A focus on AI strategy spans financial health, patient care, customer service, and internal development, with initiatives aimed at improving claims processing and customer interactions [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in customer retention, particularly in the CBO segment, and has implemented a structured transition model to improve retention rates [6][7] - The company is optimistic about the operational changes and believes it is on the right trajectory for future improvements, despite potential delays in consistent quarterly performance [6][11] Other Important Information - The company has strengthened its financial position through disciplined debt reduction, lowering net debt by approximately $19.5 million year-to-date, and improving its net leverage ratio to 2x [15][16] - The company opened a new Global Capacity Center in Chennai, marking a significant milestone in its global delivery model [8] Q&A Session Summary Question: Can you explain the visibility on revenue growth in relation to new bookings? - Management confirmed that recurring revenues and assumptions of bookings at conversion are key to understanding revenue visibility [25][26] Question: How is customer retention improving in the CBO segment? - Management indicated that retention rates are not yet at desired levels but are showing modest improvement, with a focus on ensuring smooth transitions for customers [27][28] Question: What is the timeline for the strategic review process? - Management stated there is no set timeline for the strategic review, emphasizing the importance of achieving the right outcome over meeting deadlines [30] Question: How should we think about the conversion timing of larger deals in the pipeline? - Management noted that there are no capacity constraints, but the timing of bookings is often dependent on customer readiness [34][35] Question: What synergies exist between Patient Care and Financial Health? - Management highlighted the interconnectivity between the two segments, particularly in serving rural community customers and expanding technology offerings [43][44] Question: What impact will the Rural Health Fund have on customer bases? - Management is actively engaging with hospitals to help them access the $50 billion fund, viewing it as a significant opportunity [70][72] Question: How is AI being leveraged in the business? - Management is cautious about AI implementation, focusing on projects that provide clear ROI and improve customer experience [76][77]

Financial Data and Key Metrics Changes - KULR Technology Group recorded a net loss of approximately $62 million in 2025, primarily driven by one-time and non-cash items [4] - Revenue for 2025 was $16.1 million, representing a 51% increase from the previous year, with growth largely attributed to Bitcoin mining and battery research grant dollars [8][28] - Battery platform revenue, which includes product sales and contract services, was $7.3 million in 2025, serving as the baseline for scaling in 2026 [8] Business Line Data and Key Metrics Changes - Product revenue increased by 39% in 2025, while service revenue declined by 50% [28] - The gross margin for product sales was reported at 1% in 2025, reflecting the challenges of early-stage manufacturing [9] - KULR has over 30 active customer development programs across various platforms, including KULR ONE Air, KULR ONE Space, and KULR ONE Guardian [12][18] Market Data and Key Metrics Changes - The KULR ONE Air platform is experiencing the most momentum, with over 20 active customer development agreements and a target of 10,000 battery packs per month by late 2026 [29][35] - KULR has entered a five-year preferred battery supply agreement with Caban Energy, which is expected to contribute to revenue growth in the telecom sector [22][33] Company Strategy and Development Direction - The company's mission for 2026 is to eliminate distractions and focus on building and selling more KULR ONE batteries [6] - KULR aims to improve gross margins through automation and increased production volume, with an automated production line set to be installed in the second half of 2026 [10] - The company is strategically focused on high-growth markets such as autonomous platforms, digital infrastructure, and direct energy systems, which require specialized battery solutions [11][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in 2025 but emphasizes a strong foundation for growth in 2026, focusing on core battery revenue growth and improvements in gross margin [5][11] - The demand for high-power battery packs is identified as a significant growth driver, particularly in specialized applications that require performance and reliability [11][19] - Management expresses confidence in the stability and repeatability of the KULR ONE platform revenue base, supported by a diversified customer base and ongoing engagements [39][40] Other Important Information - KULR has maintained its Bitcoin treasury of approximately 1,082 Bitcoins without selling any coins, despite recognizing a mark-to-market adjustment of $13.8 million for 2025 [6][28] - The company has ended a distribution relationship with a private Eskom company, resulting in a full write-off of approximately $6.9 million [8] Q&A Session Summary Question: Which markets are seeing the most momentum today? - The KULR ONE Air platform for autonomous systems shows the clearest production momentum, with over 20 active customer development agreements and a target of 10,000 battery packs per month by late 2026 [29] Question: Update on KULR's position in the AI data center backup power market? - KULR is developing its AI data center PBU product and expects revenue opportunities to materialize in 2027 [30][31] Question: Status in telecom and energy infrastructure? - KULR has commenced production for Caban Energy and is actively engaging with telecom operators for battery-as-a-service offerings [32][33] Question: Where is management most focused right now? - The primary focus for 2026 is on the KULR ONE Air platform, which shows the highest growth potential [35] Question: What are the biggest goals and milestones for 2026? - Key goals include ramping up production of KULR ONE Air products and securing contracts in telecom for battery-as-a-service [36][37] Question: How stable and repeatable is the KULR ONE platform revenue base? - The company is moving towards a more stable and repeatable product sales business model, supported by a broader customer engagement [39][40] Question: Potential role in space-based AI data centers? - While there may be opportunities, KULR does not see this as a focus for 2026 [41][42] Question: Revenue contributions from recent partnerships? - Caban and Hylio are expected to contribute to revenue in 2026, while AI data center business is anticipated for 2027 [43] Question: Alignment with companies planning to increase output? - KULR is focused on the KULR ONE Air platform and has set up an automated production line for 2026 [44][45]

Financial Data and Key Metrics Changes - For the full year 2025, total revenue was $0.6 million, down from $3.9 million in 2024, primarily due to lower grant revenue [18] - Product revenue for 2025 was $0.4 million, compared to $0.8 million in 2024, reflecting limited commercial activity [18] - Total operating expenses increased to $50.6 million in 2025 from $43.0 million in 2024, driven by a non-cash impairment charge of approximately $18.9 million [18] - Net loss for 2025 was $46.9 million, or a loss of $35.25 per share, compared to a net loss of $37.6 million, or $37.22 per share in 2024 [20] - Adjusted EBITDA was a loss of $28.0 million for 2025, compared to a loss of $33.5 million in 2024 [21] Business Line Data and Key Metrics Changes - Research and development expenses were $19.1 million in 2025, down from $21.0 million in 2024, reflecting disciplined investment in the Kodiak PCR platform [19] - Sales and marketing expenses decreased to $2.4 million in 2025 from $4.5 million in 2024, primarily due to lower personnel and consulting expenses [19] - General and administrative expenses were $9.1 million in 2025, down from $16.2 million in 2024, driven by lower legal and consulting expenses [19] Market Data and Key Metrics Changes - CoSara has expanded its commercial and distribution territory across South Asia, including Bangladesh, Pakistan, Nepal, and Sri Lanka, increasing the addressable market to approximately $13 billion [9] - The global TB diagnostics market is expected to grow significantly, with the company well-positioned to participate in that growth [15] Company Strategy and Development Direction - The company is focused on four primary growth pillars: advancing the clinical pipeline, expanding CoSara in India, executing the CoMira joint venture in Saudi Arabia, and enhancing AI-driven capabilities [6] - CoSara is expected to stand on its own as a public entity, with a potential SPAC transaction being explored to support capital needs [9] - The CoMira joint venture aims to establish local manufacturing and distribution capabilities in Saudi Arabia, providing a competitive advantage [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of advancing clinical programs and achieving regulatory milestones to position the business for future revenue growth [23] - The company remains focused on disciplined capital allocation and evaluating financing alternatives to support objectives [23] - Management expressed confidence in the upcoming clinical studies for TB diagnostics, aligning with WHO guidelines [10] Other Important Information - The company has received international patents covering key components of the Kodiak PCR platform, enhancing its competitive positioning [13] - The Kodiak Primer AI platform is being expanded to unify efforts across diagnostics, data analytics, and operational efficiency [16] Q&A Session Summary Question: Status of sample accrual for the three target panel and potential to add COVID back - Management clarified that the decision to drop COVID was due to its limited presence during the clinical trial, allowing for a more expedient submission to the FDA [25] - Adding COVID back would not require redesign and would depend on negotiations with the FDA regarding sample requirements [27] Question: Expansion into South Asia and its implications - Management indicated that the disease burden in South Asia is similar to India, and the expansion increases the total addressable market from $11 billion to $13 billion [32] Question: Sample requirements for the U.S. FDA study - Management stated that over 1,200 patients have been enrolled for the study, nearing conclusion and preparation for FDA submission [35] Question: Next steps for commercialization in India - Management expects quick progression of clinical trials for TB diagnostics in India, with commercialization anticipated by the third quarter of 2026 [38]

Financial Data and Key Metrics Changes - Venu's total assets grew to $370 million as of December 31, 2025, up $192 million or 108% from $178 million at December 31, 2024 [22] - Property and equipment increased to $305 million as of December 31, 2025, up 123% from $137 million at December 31, 2024 [23] - Total revenue was $17 million for the full year ended December 31, 2025, compared to $17.8 million for the full year ended December 31, 2024 [24] Business Line Data and Key Metrics Changes - Luxe FireSuite and Aikman Club sales reached $126 million for the full year ended December 31, 2025, representing a 62% increase over the $77 million generated in fiscal year 2024 [24] - The triple-net model launched mid-year 2025 accounted for approximately 25% of total fire suite sales for the year [24] Market Data and Key Metrics Changes - Amphitheater revenue grew 94% year-over-year due to a full season in 2025 compared to a partial season in 2024 [10] - Demand from artists and promoters is at a level not seen before, with Ford Amphitheatre named to Billboard's 2026 Top Music Venues list [10] Company Strategy and Development Direction - The company is focused on building partnerships with world-class operators and expanding its venue portfolio, targeting a total of 40 potential locations [16][17] - A nationwide sales campaign is set to launch on April 15, aimed at moving hundreds of millions of dollars in inventory [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the strength of the balance sheet and the value of the assets [25] - The company is actively addressing operational challenges and refining its focus on high-potential venues [13] Other Important Information - Venu completed a $14 million sale-leaseback of its Colorado Springs parking property in Q4 2025, generating a development profit of $6.6 million [24] - The company has formed partnerships with major brands like PepsiCo and Aramark, enhancing its operational capabilities [17][18] Q&A Session Summary Question: Strategy to attract more institutional investors - Management acknowledged frustration with the current stock valuation and outlined plans to engage institutional investors through roadshows and a new IR strategy [28][30] Question: Future expansion plans and targeted markets - The company is actively negotiating in 13 markets and has formal RFPs out to 17 markets, focusing on strategic locations in Colorado and Texas [36][37] Question: Clarification on the $1.24 billion appraisal versus balance sheet assets - Management explained the disconnect arises from municipality-contributed real estate being recorded at zero cost basis on the balance sheet, while appraisals reflect market value [40][44] Question: Outlook for event supply and bookings - Management indicated a strong demand for amphitheater shows in 2026, with bookings activity nearly double compared to the previous year [48][50]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $2.8 million, a 116% increase from $1.3 million in Q4 2024 [16] - Gross profit for Q4 2025 was $2.3 million, up 148% from $0.9 million in Q4 2024, with gross margin expanding from 71.3% to 81.9% [16][5] - Full year 2025 revenue increased to $12.2 million, a 169% rise from $4.5 million in 2024, with gross profit increasing by 221% to $10 million [18][19] - Net loss for 2025 decreased by 29% to $22.5 million compared to $31.5 million in 2024 [19] Business Line Data and Key Metrics Changes - The company’s product suite includes various AI-powered marketing solutions, with significant contributions from subsidiaries like Vidello and OpenReel [4][5] - The acquisition of ConnectAndSell is expected to add approximately $15 million in annual revenue, potentially doubling the current annualized revenue to over $27 million [8][7] Market Data and Key Metrics Changes - The global martech market is rapidly expanding, driven by digital transformation and demand for personalized experiences [3] - The company serves over 150,000 customers across various sectors, including healthcare, financial services, and technology, indicating a broad market reach [13] Company Strategy and Development Direction - The company focuses on a strategy of building and acquiring products in key areas such as lead generation, engagement, tracking, and intelligence [4] - The acquisition strategy aims to strengthen the company’s position in the martech space and capitalize on industry consolidation [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational momentum and growth potential, emphasizing the importance of AI in enhancing product offerings and customer experiences [21][30] - The company is focused on maintaining operational discipline and efficiency while pursuing sustainable profitability [12][31] Other Important Information - The company secured an $11 million debt facility to support acquisitions and operations, reflecting strong investor confidence [6] - Recent leadership appointments are expected to enhance financial oversight and growth acceleration [6][13] Q&A Session Summary Question: What is the outlook for current M&A? - Management indicated ongoing interest in M&A opportunities, particularly the ConnectAndSell acquisition, which could significantly increase revenue [23][24] Question: How should we think about the combined company revenue and gross margin profile post-acquisition? - The combined revenue is expected to start at approximately $27 million, with gross margins anticipated to improve slightly upon consolidation [26] Question: What is the company's cash management strategy? - The company maintains a lean cash position while having access to an ATM and a substantial debt facility for operational support [31] Question: Is upselling gaining strength among the team? - Customer satisfaction remains high, with retention rates above 95%, indicating successful upselling efforts [36][41] Question: How is Superblocks being priced and packaged? - Superblocks is being considered both as a standalone product and as an integration into other products to enhance features [42]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $9.7 million, up from $6 million in Q4 2024, with a total of 112 vehicles delivered in 2025 compared to 46 in 2024 [25][26] - Full-year 2025 revenue was $21.2 million, compared to $7 million in 2024; on a pro forma basis, total revenue for 2025 would have been $34 million, up from $13.7 million in 2024 [28][29] - Net loss for Q4 2025 was $23.7 million, compared to $19.6 million in the same period last year [28] Business Line Data and Key Metrics Changes - The merger with Motiv Electric Trucks was completed in December 2025, and the combined company is now a leading North American medium-duty commercial vehicle OEM [4][5] - The company delivered 65 vehicles in Q4 2025, with follow-on orders from existing customers driving the increase [25][26] Market Data and Key Metrics Changes - The North American medium-duty truck market is approximately $23 billion annually, with a significant shift towards e-commerce logistics and shorter delivery routes [10][12] - Annual mileage for medium-duty vehicles increased from roughly 31,000 miles in 2020 to nearly 48,000 miles in 2025, indicating a growing demand for these vehicles [12] Company Strategy and Development Direction - The company aims to complete integration, expand its product portfolio, and strengthen its financial position post-merger [6][10] - A new product roadmap is being developed to commonize key components and introduce a proprietary Class 5-6 cab chassis [9][20] - The company targets a run rate of $20 million in annualized cost synergies from the merger by the end of 2026 [7][20] Management's Comments on Operating Environment and Future Outlook - Management believes that capturing approximately 1% of the annual medium-duty truck market, or about 2,500 vehicles per year, is achievable and would lead to cash flow breakeven by the end of 2028 [17][18] - The company is focused on driving down costs to achieve pricing comparable to internal combustion engine trucks, leveraging merger synergies and economies of scale [19][20] Other Important Information - The company has a stronger balance sheet post-merger, with $12.9 million in cash and cash equivalents as of December 31, 2025 [29][30] - The company is actively exploring financing alternatives to support growth and strengthen its balance sheet [31] Q&A Session Summary Question: What were the one-time expenses related to the merger in Q4? - The company recognized over $4 million in one-time fees and costs associated with the merger, with expectations to exit 2026 at a $20 million run rate in synergies [36][39] Question: Will the company reach positive gross margins by Q4 2026? - Management indicated that it is unlikely to reach positive gross margins by Q4 2026, as it will take time to scale production [41] Question: What is the outlook for the step van market and feedback on the new lower-cost model? - Preliminary feedback on the new lower-cost models has been positive, with plans to mix the new vehicle with existing models for different duty cycles [45][46] Question: How will the Workhorse and Motiv products differ going forward? - The company will phase out the former Class 5-6 chassis from Motiv and ramp up production of new Class 5-6 cab chassis [58] Question: What are the plans to reduce the bill of materials during 2026? - The company aims to commonize components across its product lines to reduce the bill of materials and achieve competitive pricing with ICE trucks [60][62]

Financial Data and Key Metrics Changes - For the year ended December 31, 2025, the company recognized revenue of $48.5 million, an increase of 5% compared to $46 million in 2024, indicating continued growth across public safety and urban mobility businesses [3][4] - Remaining performance obligations increased to $25.9 million, a nearly 80% increase from December 31, 2024, highlighting strong momentum [4] - Recurring revenue was $23.9 million, up 6% year-over-year, reflecting the strategy of expanding the recurring revenue base through software and data as a service subscription contracts [4] - Adjusted margin improved to 56% in 2025 from 49% in 2024, driven by a greater portion of high-margin software sales [4][10] - Adjusted EBITDA loss for 2025 was $18.1 million, an improvement of $11 million or 38% compared to 2024 [6] Business Line Data and Key Metrics Changes - The company has shifted focus towards higher value recurring revenue and tighter cost controls, which drove gross margins to 56% [10] - The transition from a development-heavy organization to a customer-focused business with fully productized solutions has been emphasized [9] Market Data and Key Metrics Changes - The company is seeing growth in its sales pipeline and active deployments, particularly in the public safety sector [3] - The company has launched Rekor Labs, focusing on identifying deepfakes, which builds on technology developed internally [13] Company Strategy and Development Direction - The company is entering a new phase focused on scaling and aggressive sales execution, supported by a strong demand environment [10] - A disciplined approach to innovation spending is being adopted, with R&D normalized to 7%-10% of gross revenue by the back half of 2026 [11] - The decision to onshore engineering efforts is delivering results, enhancing competitive positioning and operational efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management is encouraged by the progress made at the end of 2025 and aims to build on that momentum entering 2026 [16] - The company anticipates incurring one-time charges in the first and second quarters related to restructuring, but views these as necessary for long-term value creation [8] - The company is well-positioned to drive meaningful, scalable, long-term value for shareholders [13] Other Important Information - Total operating expenses, excluding depreciation, amortization, and asset impairment charges, declined 20% year-over-year, representing an $11.4 million reduction [5] - The company has completed three acquisitions between late 2021 and late 2023, with integration largely complete [12] Q&A Session Summary Question: Will 2026 be cash flow positive excluding one-time items? - Management is encouraged by progress but does not provide specific profitability guidance, noting ongoing cost savings and restructuring efforts [16] Question: Update on the Georgia deployment? - Deployment is progressing well, with work ramping up in the second half of the first quarter [17] Question: Key customers in the public safety sector? - Management highlighted large OEM customers but could not disclose names, noting growth in the LPR business and software licensing [20] Question: Impact of political and regulatory resistance to ALPR technologies? - Most software license sales are outside law enforcement, and the company does not sell data to third parties, mitigating some regulatory issues [22] Question: Progress on the Florida DOT contract? - The Florida rollout is progressing well, with discussions for expansion ongoing [36] Question: What percentage of revenue came from recurring revenue in 2025? - Approximately 50% of revenue was from recurring sources, with a 6% growth in recurring revenue year-over-year [41]

Financial Data and Key Metrics Changes - The company ended 2025 with cash and cash equivalents of approximately $10.8 million, following a significant capital raise of about $20 million during the year [21][22] - Total operating expenses for 2025 were approximately $23.3 million, slightly down from $23.8 million in 2024, with a notable reduction in general and administrative expenses from $12 million to approximately $10.5 million [23][24] - The net loss for 2025 was approximately $22.6 million, improving from a net loss of approximately $24.6 million in 2024, indicating a positive trend in the company's financial trajectory [25][26] Business Line Data and Key Metrics Changes - The company focused on three primary outputs from its AquaRefining process: battery-grade lithium carbonate, nickel-cobalt mixed hydroxide precipitate (MHP), and iron phosphate, which are expected to enhance commercial viability [6][10] - The successful production of lithium carbonate with fluorine levels under 30 parts per million sets a new benchmark for recycled lithium sources globally [7] Market Data and Key Metrics Changes - The overall economics around refining black mass have improved significantly, with lithium carbonate prices recovering to approximately $20,000 per ton, creating a healthier market backdrop for U.S. players [44] - The company is actively working to diversify its feedstock sources, including end-of-life batteries and gigafactory scrap, to mitigate market volatility [43] Company Strategy and Development Direction - The company aims to build its first commercial AquaRefining facility with a processing range of 10,000-60,000 metric tons of black mass input feedstock annually, allowing for flexibility in scaling [11] - Strategic partnerships, such as those with Lion Energy and American Battery Factory, are intended to enhance the company's position in the domestic battery material production ecosystem [13][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to transition from validation to commercialization, emphasizing the strong policy and geopolitical support for domestic battery material production [20] - The company is focused on maintaining a disciplined approach to capital deployment, ensuring that every dollar spent advances clear strategic and technical milestones [28] Other Important Information - The company has made targeted additions to its board of directors to reflect its transition from technology validation to commercial execution [18] - A foundational patent covering key elements of the lithium battery recycling process has been granted, reinforcing the long-term defensibility of the AquaRefining platform [19] Q&A Session Summary Question: What are the main areas of focus near term for the Lion Energy acquisition? - Management is conducting thorough due diligence across financial, legal, operational, and commercial aspects, identifying synergies between Aqua Metals and Lion Energy [32] Question: Can you provide a site selection update? - The company is actively evaluating two specific potential sites, focusing on feedstock access, logistics, and overall project economics [42] Question: What is the status of the feedstock market? - Currently, most black mass produced in North America is exported due to a lack of domestic refining options, presenting a significant opportunity for the company [43] Question: Can you elaborate on the LFP breakthrough? - The ability to economically recover lithium and iron phosphate from LFP materials positions the company favorably as LFP usage grows in energy storage and EVs [46] Question: How does the ongoing consolidation in the battery recycling industry affect Aqua Metals? - Management views consolidation as a net positive, as it differentiates Aqua Metals' lower-cost, environmentally friendly approach from less resilient models [50][51]

Financial Data and Key Metrics Changes - Omeros reported a net income of $86.5 million or $1.22 per share for Q4 2025, a significant improvement from a net loss of $30.9 million or $0.47 per share in Q3 2025 [15][21] - The fourth quarter results included a net gain of $237.6 million from the sale of zaltenibart to Novo Nordisk [15][25] - Excluding a $136 million non-cash charge related to embedded derivatives, the non-GAAP adjusted net income was $222.5 million, translating to $3.14 per share [16][22] Business Line Data and Key Metrics Changes - The zaltenibart transaction with Novo Nordisk provided Omeros with an upfront cash payment of $240 million and potential milestone payments totaling up to $2.1 billion [5][6] - YARTEMLEA, the first approved treatment for TA-TMA, has begun commercial sales, with initial pricing set at approximately $36,000 per vial [10][12] Market Data and Key Metrics Changes - Omeros is focusing on the top 80 transplant centers in the U.S., which account for about 80% of annual stem cell transplants [10][11] - The company has achieved P&T committee approvals for YARTEMLEA at 50% of the top 10 U.S. transplant centers and is actively working to expand this coverage [12][34] Company Strategy and Development Direction - The company aims to achieve financial self-sustainability through the YARTEMLEA program in 2026 and expects to reach positive cash flow by 2027 [17][29] - Omeros is exploring additional indications for YARTEMLEA, including ARDS and solid organ transplant-related TMA, while also advancing its MASP-2 antibody and small molecule programs [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for YARTEMLEA, highlighting the urgency for treatment in transplant patients [35][49] - The company anticipates continued progress in P&T committee approvals and is optimistic about the reception of YARTEMLEA in the market [33][34] Other Important Information - Omeros has eliminated all indebtedness under its senior secured term loan and 2026 notes, leaving only $70.8 million in convertible notes due in 2029 [17][24] - The company is also advancing its TCAT platform for pathogen-targeting therapies, addressing the growing threat of multidrug-resistant organisms [18][19] Q&A Session Summary Question: Progress of formulary additions across transplant centers - Management is pleased with the speed of P&T committee approvals and expects continued progress throughout the year [33][34] Question: Real-world vial usage of YARTEMLEA - Initial usage shows a split of approximately 70% once weekly and 30% twice weekly, with expectations for a shift towards more frequent dosing as education efforts continue [37][38] Question: Financial sustainability and cash flow - The company aims for YARTEMLEA to be self-sustaining in 2026, with positive cash flow expected by 2027 [42][43] Question: Feedback from sales force on formulary allowance - The sales team reports positive responses from medical centers, with a strong recognition of the urgency for YARTEMLEA [45][47] Question: EMA decision and partnership discussions - The focus remains on achieving EMA approval for YARTEMLEA, with high interest noted at recent industry meetings [51][52] Question: Access to YARTEMLEA and patient starts - All requests for access to YARTEMLEA have been granted, with a mix of medical exceptions and formal formulary coverage [70][74]