Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Quantum Computing Inc. Fourth Quarter and Full Year 2025 Earnings Call - LSI Acquisition and $1.5B+ Cash Raise Put Manufacturing Scale Within Reach
QCI called 2025 a transformational year, moving from lab-stage R&D toward a manufacturing-focused photonics and quantum platform. Management opened a thin-film lithium niobate prototype fab, began gen...
- QCI completed and opened Fab One, a thin-film lithium niobate photonic chip rapid-prototyping facility focused on design/fab/test iteration rather than high-volume production.
- Foundry services from Fab One began generating early revenue in Q4 2025; Q4 revenue was $198,000 versus $62,000 a year earlier.
- QCI announced Fab Two planning to provide a domestic vertically integrated processing capability for specialized quantum and nanophotonic chips, but material CapEx is not expected in 2026.
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BigBear.ai Q4 2025 Earnings Call - Strengthened Balance Sheet and Strategic M&A Position Firm to Deploy Agentic AI for Defense and Trade
BigBear.ai closed 2025 with a materially stronger balance sheet, aggressive M&A, and a sharpened go-to-market around national security and trade. Management raised about $693 million in 2025, eliminat...
- Management says 2025 ended with the strongest financial position in company history after raising approximately $693 million via ATM facilities and warrant exercises.
- Q4 2025 revenue was $27.3 million, down $16.5 million year-over-year, primarily due to lower volume on Army programs that management had previously signaled.
- Gross margin fell to 20.4 percent in Q4 2025 from 37.4 percent a year earlier, with management attributing the decline to non-repeating, high-margin license deliveries and a fringe and overhead true-up in 2024.
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Belite Bio Q4 2025 Earnings Call - NDA Submission Planned Q2 2026 After Positive Phase 3 DRAGON; $772.6M Cash to Fund Launch
Belite Bio closed 2025 with a clear narrative shift, from R&D story to launch readiness. The phase 3 DRAGON trial hit its primary endpoint, showing a statistically significant and clinically meaningfu...
- DRAGON phase 3 met primary endpoint, showing a 36% reduction in atrophy lesion growth measured by definitely decreased autofluorescence (DDAF) versus placebo.
- Belite plans a rolling NDA submission to the FDA in Q2 2026, with the clinical study report expected to be finalized imminently.
- Company expects to launch Tinlarebant in the U.S. by Q1 2027, contingent on approval, and is actively building a commercial organization now.
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Cerus Corporation Q4 2025 Earnings Call - Record Product Revenue and INT200 Momentum Poise Cerus for 2026 Growth
Cerus closed 2025 with clear commercial momentum: record total revenue of $233.8 million, product revenue that beat prior guidance, rapid international uptake of the INT200 illuminator, and accelerati...
- Record total revenues of $233.8 million for 2025, up 16% year over year, with product revenue up about 14% and exceeding the top end of prior guidance ($202M-$204M).
- INT200 next-generation LED illuminator received CE mark and launched commercially in EMEA, with positive customer feedback; a PMA submission to the FDA for INT200 is planned for mid-2026.
- Red blood cell program: TÜV SÜD completed its review and transferred the dossier to ANSM for consultation; management expects the competent authority review clock of roughly 210 days and says a potential European approval could occur in the first half of 2027, assuming no issues. In the U.S., RedeS Phase 3 enrollment is complete and top-line results are expected in Q4 2026.
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ThredUp Q4 2025 Earnings Call - Shift to high-margin consignment, AI and Direct Listings fuels 13% revenue guide and 6% Adj. EBITDA in 2026
ThredUp closed 2025 with clear operating momentum: record revenue of $310.8 million (up 20%), a premium gross margin near 79%, and its first full year of positive free cash flow, driven by a 30% incre...
- Q4 revenue grew 18.5% year-over-year to $79.7 million; full-year 2025 revenue was $310.8 million, up 20% versus 2024.
- Gross margin remained strong: Q4 at 79.6% and full-year at 79.4%; company sets guidance range of 78%–79% for 2026 to allow reinvestment in the customer experience.
- ThredUp delivered Adjusted EBITDA of $14 million for 2025, or 4.4% of revenue, and reported positive free cash flow for the first time, after $10.5 million of CapEx.
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Mobile Infrastructure Corporation Q4 2025 Earnings Call - Leaning into contract parking, asset rotation and balance sheet repair as transient demand begins to recover
Mobile Infrastructure says 2025 was a reset year: revenues and NOI slipped, but management prioritized occupancy, recurring contract growth and balance-sheet repair. The company ended the year with mo...
- Company ended 2025 with over 6,700 contract parking customers; same-store contract sales grew ~10% year-over-year and ~12% excluding temporary Detroit disruption.
- Contract parking now represents roughly 35% of management agreement revenue and is the strategic base for predictable, recurring cash flow.
- Management is executing a deliberate "volume first, rate second" playbook to win occupancy, accepting lower initial pricing to stabilize assets before pursuing pricing optimization.
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iHeartMedia Q4 2025 Earnings Call - Podcast and programmatic growth offset political comps, guiding to $800M EBITDA in 2026
iHeartMedia closed Q4 2025 with clear momentum in digital audio and podcasting, enough to overcome steep political revenue comps. Digital Audio Group led the quarter, while broadcast remains a work in...
- Q4 consolidated revenue was $1.1 billion, up 0.8% year-over-year, and beat guidance that expected down low single digits.
- Q4 adjusted EBITDA was $220 million at the midpoint of guidance, versus $246 million in the prior-year quarter which benefited from approximately $80 million of political revenue.
- Excluding political revenue, consolidated revenue grew 7.7% year-over-year, highlighting secular strength outside of election cycles.
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Quanterix Corporation Q4 2025 Earnings Call - On track for cash flow breakeven in H2 2026 as diagnostics push gains CMS pricing and 510(k) progress
Quanterix closed Q4 2025 with revenue of $43.9 million, a 25% year-over-year headline gain driven by a release of pent-up academic demand, but underlying organic revenue fell 22% as both Simoa and Spa...
- Q4 2025 total revenue $43.9 million, up 25% year-over-year and up 7% sequentially, but organic revenue declined 22%.
- Simoa revenue $27 million, down 22% organic year-over-year; Spatial revenue $17 million, down 23% year-over-year, or down 16% excluding a terminated diagnostics development agreement.
- Company placed 21 Simoa and 17 Spatial instruments in Q4; instrument revenue totaled $6.1 million.
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Sturm, Ruger & Company Q4 2025 Earnings Call - Product-Led Resilience and Capacity Push Offset by One-Time Charges and Ramp Costs
Ruger closed 2025 with modest revenue growth and clear evidence that new products are pulling share, even as the broader firearms market softened. Management points to a 4.5% increase in sell-through ...
- Top-line resilience: Net sales rose 3.6% in Q4 to $151 million and 1.9% for full-year 2025 to $546 million versus 2024, driven largely by new product demand.
- Sell-through outperformance: Management cited a 4.5% increase in estimated sell-through through distribution in 2025, versus a 4.1% decline in adjusted NICS, signaling share gains.
- GAAP versus adjusted results: Company reported a GAAP net loss of $0.27 per share for 2025, but on an adjusted basis (excluding shareholder rights, leadership transition, RIF and other non-recurring items) full-year diluted earnings were $0.84 per share.
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WhiteHorse Finance Q4 2025 Earnings Call - Aggressive Buybacks at Deep Discount to Narrow NAV Gap
WhiteHorse posted a modest pickup in earnings and NAV in Q4 2025, but the story is capital allocation, not a breakout in origination. GAAP and core NII rose to $6.6 million, NAV climbed to $11.68, and...
- Q4 GAAP and core net investment income was $6.6 million, or $0.287 per share, up from $6.1 million and $0.263 in Q3.
- NAV rose to $11.68 at quarter end from $11.41 in Q3, a 2.4% increase driven largely by share repurchases and modest net gains.
- The company repurchased ~1.0 million shares in Q4 for about $7.4 million, which management says accreted NAV by roughly $0.184 per share.
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