Financial Data and Key Metrics Changes - The company reported record results in Q3 2025, with adjusted EBITDA of $20.8 million, up approximately 15% year-over-year and 6% sequentially [5][12] - Total rental revenue grew 11.1% year-over-year and 4.9% sequentially to $41.5 million, driven by a 27,000 horsepower increase [12] - Net income was $5.8 million or $0.46 per diluted share, an increase of $800,000 year-over-year and $600,000 sequentially [13] - The leverage ratio was 2.5 times, up from 2.31 times in the previous quarter, remaining the lowest among public compression peers [15] Business Line Data and Key Metrics Changes - Rented horsepower increased to approximately 526,000, an 11% increase year-over-year and 5% sequentially [14] - Fleet utilization reached a record 84.1%, up 204 basis points year-over-year and 45 basis points sequentially [14] - Rental adjusted gross margin was $25.5 million, up $2.6 million year-over-year, with a margin percentage of 61.5%, reflecting sustained pricing discipline [12] Market Data and Key Metrics Changes - The company is taking market share in large horsepower compression, with all new sets under long-term contracts, half of which are large horsepower electric units [5] - The company noted strong demand for compression driven by oil production efficiency, reliability, and emissions performance [8] Company Strategy and Development Direction - The company plans to add approximately 90,000 horsepower over 2025 and early 2026, with significant new electric and gas units already under contract [7] - The company aims to optimize fleet assets and improve rental revenue per horsepower, which finished the quarter at $27.08 per horsepower per month, a 1.7% sequential increase [9] - The company is focused on converting non-productive assets into productive horsepower, enhancing fleet expansion [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering improved performance despite global macroeconomic uncertainty, citing strong demand for compression tied to existing production [8] - The company raised full-year 2025 adjusted EBITDA guidance to $78-$81 million, reflecting a 2% increase at the midpoint from previous guidance [16] - Preliminary expectations for 2026 growth CapEx are set at $50 million-$70 million, indicating continued organic growth [16] Other Important Information - The company paid out its inaugural quarterly dividend of $0.10 per share and plans to increase the fourth-quarter dividend by 10% to $0.11 per share [6] - The company maintains the best leverage position among its public compression peers, allowing for both growth and shareholder returns [6] Q&A Session Summary Question: Outlook for 2026 and customer conversations - Management noted that there is no hesitancy from customers regarding 2026 contracts, with a broad range of interest observed [20][22] - Lead times for new unit fabrication vary, but management is optimistic about meeting customer demand in the second half of 2026 [23] Question: Opportunities for margin improvement - Management indicated that margins are expected to remain in the low 60s in the near term, with potential for improvement through a mix shift to large horsepower [24] Question: End market uses for larger compressors - The majority of demand remains for gas lift in the Permian, but there is growing demand for data center natural gas loads, creating incremental opportunities [27] Question: CapEx outlook for 2026 - Management expects 2026 to be generally in line with 2024, with significant growth opportunities already contracted [46][47] Question: Increasing dividend and balancing growth - The decision to increase the dividend reflects confidence in future growth while maintaining a balance between capital returns and growth opportunities [39]

Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [23] - Net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and certain legacy standalone restaurants [24] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, mainly due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [5] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [6] - The Manhattan office market has shown strength, with leasing activity exceeding pre-COVID levels, particularly in financial services, technology, and media industries [6] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include reinvestment into existing assets to improve space utilization and drive customer engagement, while also seeking opportunistic growth in real estate-driven hospitality and entertainment platforms [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging marquee events to drive visitation and awareness [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the New York City market presents a mixed picture, with challenges in international tourism but resilience in domestic travel [5] - The company is optimistic about the performance of new hospitality concepts and events, which are expected to drive customer spending and engagement [12][16] - Management expressed confidence in the sale of 250 Water Street, which is expected to positively impact cash burn and eliminate associated interest expenses [10] Other Important Information - The company completed several technology initiatives, including centralizing point-of-sale and procurement systems across hospitality businesses, enhancing financial visibility and reporting accuracy [13] - The sale of 250 Water Street is expected to close by December 15, with an increased sale price of $152 million [10] - General and administrative expenses during the quarter were $18 million, reflecting a year-over-year reduction of 2% [30] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational efficiencies, and filling remaining vacancies as key drivers for profitability [35] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [36] Question: What is the timing for opening new tenants? - Management anticipates that velocity will pick up in the back half of the year, with several openings expected before Meow Wolf [38] Question: What are the expectations for the Tin Building's break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but will outline plans in the next earnings call [41] Question: What are the capital expenditures expected for Q4? - Management indicated that capital expenditures for Q4 will be somewhat light, with a ramp-up expected in the first half of 2026 [45]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $33.3 million, a 19% increase from $27.9 million in Q3 2024, primarily driven by $5.5 million in licensing revenue and $576,000 in additional biologics revenue, despite a 6% decline in hardware product revenue [13][8][4] - Gross margin improved to 66.1% in Q3 2025 from 58.4% in Q3 2024, attributed to a favorable sales mix and greater scale [13] - Net income for Q3 2025 was $1.3 million, compared to a net loss of $5 million in the same period last year [16] - Adjusted EBITDA for Q3 2025 was $4.5 million, a significant improvement from an adjusted EBITDA loss of approximately $1 million in Q3 2024 [16] Business Line Data and Key Metrics Changes - The biologics product family, the core business, grew by 4% year-over-year, which was below long-term growth expectations [8] - The company is focusing on higher-margin biologics and in-house manufacturing to improve quality and control costs, with plans to drive top-line growth in the orthobiologics business [9] Market Data and Key Metrics Changes - The company anticipates closing the sale of non-core assets for $19.2 million, which will enhance focus on the core biologics business and strengthen financial position [5][6] - The anticipated revenue from the sold business was approximately $23.5 million, which was modestly unprofitable on a standalone basis [6] Company Strategy and Development Direction - The company is shifting focus back to driving top-line growth in orthobiologics after achieving self-sustainability and positive cash flows [9] - New product launches include CollagenX, which is designed for surgical wound closure and complements the existing orthobiologics product line [10] - The company is well-positioned to grow in the surgical repair and wound care markets, supported by positive feedback from surgeons on recent innovations [11] Management's Comments on Operating Environment and Future Outlook - Management reiterated 2025 revenue guidance of $131 million to $135 million, reflecting an 11%-15% growth over 2024 revenue [11][12] - The company expects to provide initial 2026 revenue guidance with Q4 results in March of next year [12] Other Important Information - The company has $10.6 million in cash and cash equivalents, with net accounts receivable of $25.6 million and inventory of $40.7 million as of September 30, 2025 [17] Q&A Session Summary Question: Plans for investment in the commercial organization - Management indicated plans to increase the number of sales representatives from four to eight by the end of the year, with expectations to add four more in 2026, focusing on strategic areas [19][21] Question: Growth expectations for the orthobiologics business in 2026 - Management expects low double-digit growth for the orthobiologics business in 2026, while hardware growth remains uncertain [22] Question: Insights on new product launches at NAS - Management highlighted three key products: a new growth factor product, an advanced DBM called Trivium, and the recently launched CollagenX, all of which are expected to enhance the product portfolio [25][26] Question: Year-over-year growth in orthobiologics - The orthobiologics business experienced a 4% growth, driven by the stem cell and amnio product lines, while older demineralized bone products faced declines [30][33] Question: Impact of amnio product pricing changes - The company is well-positioned to benefit from the new pricing structure for amnio products, leveraging strong hospital contracts [38] Question: Plans for distributing CollagenX - Management sees significant potential for CollagenX in various markets, leveraging the existing platform technology acquired through previous acquisitions [40][41]

Summary of Immunome FY Conference Call (November 11, 2025) Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Focus**: Standalone pure-play cancer company specializing in targeted therapies, including antibody-based therapies, radioligands, and small molecules [1][1] Key Points on Varegacestat - **Asset**: Varegacestat, a gamma-secretase inhibitor, is nearing completion of phase three clinical trials for desmoid tumors [2][2] - **Market Opportunity**: The commercial opportunity in desmoid tumors is substantial, with approximately 1,650 new cases per year in the US and a prevalence of about 30,000 [9][15] - **Differentiation**: Varegacestat is expected to differentiate itself from Ogsivo (nirogacestat) due to better efficacy and dosing convenience (once daily vs. twice daily) [10][10][22][22] - **Phase 2 Data**: Phase 2 data indicated a significant improvement over nirogacestat, with a median tumor volume reduction that was 20-25% better [10][10] - **Regulatory Readiness**: The company is well-prepared for regulatory submission and product launch, with a strong team in place [14][14] Clinical Trial Insights - **Enrollment**: Enrollment for the phase 3 trial was completed in February 2024, with data expected to be released soon [11][11] - **Data Monitoring**: A Data Safety Monitoring Board (DSMB) has been overseeing the trial, ensuring safety and compliance [24][24] - **Comparison with Competitors**: The trial design and patient enrollment criteria are nearly identical to those used in SpringWorks' trial for nirogacestat, which is considered the gold standard [17][18] ADC Development - **ROR1 ADC**: Immunome is developing an antibody-drug conjugate (ADC) targeting ROR1, utilizing a proprietary payload (HC74) [27][27] - **Technology Differentiation**: The ADC aims to improve upon existing technologies by addressing common resistance pathways and enhancing permeability for better therapeutic activity [32][32][33][33] - **Future Pipeline**: The company plans to introduce additional ADCs in 2026 and 2027, with a focus on high internalization antibodies [34][34] Market Potential - **Revenue Potential**: A drug targeting 3,000 patients could generate over a billion dollars in revenue, with a significant number of treatable patients available in the US and Europe [15][15] - **Patient Compliance**: The once-daily dosing of Varegacestat is expected to improve patient compliance compared to competitors [10][10] Conclusion - Immunome is positioned to capitalize on the growing market for targeted cancer therapies, with a strong focus on developing innovative treatments that offer significant advantages over existing options. The upcoming data release for Varegacestat is highly anticipated and could be a pivotal moment for the company.

Financial Performance - Telecom Argentina's 9M25 adjusted EBITDA reached US$41 billion, a 73% increase compared to 9M24[12] - The company's 9M25 revenues showed an EBITDA margin of 305%, compared to 288% in 9M24[12] - Service revenues increased by 5% to P$3,860 million in 9M25, compared to P$3,679560 million in 9M24[24] - The company's 9M25 CAPEX was US$615 million, focused on mobile and FTTH network deployment[12] - Free cash flow generation for 9M25 was US$402 million[76] Operational Highlights - The company has a leading position in the market with 32 million Pay TV subscribers and 203 million Mobile subscribers[13] - Broadband subscribers increased to 41 million[14] - Personal Pay onboarded approximately 44 million clients[14] - Mobile ARPU increased by 10% for TEO and 5% for TMA[26] - Broadband ARPU increased by 3% for TEO and 14% for TMA[26] - Pay TV ARPU increased by 2% for TEO and 19% for TMA[26] Debt and Leverage - Net debt to estimated proforma EBITDA LTM9M25 was 19x[12] - Total funds raised in 2025 amounted to US$27 billion[92]

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $13.5 million for Q3 2025, a 29% increase compared to $10.5 million in the same period last year [5][15] - Gross profit for the quarter was $10.2 million, up from $7.7 million in the prior year, maintaining a gross margin of 75% [16] - Operating profit increased to approximately $1.3 million from $0.3 million year-over-year, with adjusted EBITDA rising to $2 million from $1.1 million [16][18] - The company ended the quarter with $70.7 million in cash and cash equivalents, an increase of $1.1 million from the previous year [17] Business Line Data and Key Metrics Changes - The company shipped 90 deep TMS systems during the quarter, representing a 43% increase year-over-year, bringing the total install base to over 1,600 systems [5][15] - Approximately 70% of recent customer engagements were structured as lease agreements, indicating a strong transition to this sales model [6][7] Market Data and Key Metrics Changes - Remaining performance obligations under existing customer agreements grew to $65 million, a 37% year-over-year increase, providing strong visibility into future revenues [17] - The company is seeing strong demand momentum, reflected in a book-to-bill ratio of 1.3x for the quarter [8] Company Strategy and Development Direction - The company focuses on three key pillars for long-term growth: elevating market awareness of deep TMS, advancing the R&D roadmap, and broadening patient access through global extension and health system integration [9] - Recent FDA approval for an accelerated treatment protocol for major depressive disorder (MDD) is expected to enhance the appeal of deep TMS to prospective patients [10] - The company is pursuing minority equity investments in mental health providers to generate shareholder value and expand market awareness [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong execution of the business model and improved visibility into the remainder of the year [5][6] - The company raised its revenue guidance for the full year 2025 to a range of $51 to $52 million, reflecting a year-over-year growth rate of 24% to 27% [18] Other Important Information - The company announced a virtual investor and analyst day on December 1 to discuss operational, clinical, regulatory, and financial progress [14] - The company remains debt-free, providing significant flexibility for strategic growth initiatives [17] Q&A Session Summary Question: Can you discuss the accelerated protocol and its current treatments? - The accelerated protocol shortens the acute phase from four weeks to six days, increasing treatment frequency to five sessions per day, which is driving demand for the company's growth [21] Question: What can be expected regarding minority equity investments? - The company has a pipeline of minority investments and aims to sign at least one more by the end of the year, with promising opportunities for 2026 [22] Question: Update on NeuroLife's activities in Japan and the EU? - The company anticipates FDA clearance for NeuroLife's device by the end of the year, which will enable distribution through various channels [23] Question: Insights on system placements from minority partners? - Minority investments are expected to lead to the opening of 10 to 15 new clinics annually, with early investments showing over 50% growth in utilization rates [28][29] Question: Plans for altering metrics reporting? - The company plans to provide more granularity on metrics, including system shipments and performance of minority investments, during the analyst day [35] Question: State of international business and growth expectations? - The company expects strong growth from Asia-Pacific and Europe, particularly in Japan, China, and major European markets [36][37]

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