George Gianarikas

Jagdfeld pointed to rapid paybacks and separate segment management teams but gave no ROIC figure for the large megawatt investments.

Aaron confirmed multiyear exclusive U.S. engine supply agreement (small legacy exceptions). Discussing potential U.S. engine production (cohabitated/joint investment). Enercon solves packaging bottleneck. Multi-sourcing alternators and cooling packages.

Aaron noted no new diesel genset entrants due to engine manufacturing barriers. Supply chain expanding beyond engines to alternators, cooling, packaging. Leveraging residential-side agility DNA for demand surge management.

Aaron framed 2026: resi grows well on easy comps + new product pricing + dealer adds + improved close rates. Energy tech off somewhat from DOE loss but ecobee strong. C&I tremendous with $300M+ backlog shipping.

Aaron acknowledged market will contract 20-50% but framed subsidy removal as long-term positive. York quantified H1 drag at 300-400 bps, full year 300-350 bps. Still targeting profitable energy tech by 2027.

Aaron acknowledged price elasticity dampens demand at margins but emphasized outages drive reprioritization. Consumer hanging in so far but 60-90 days critical for clarity.

York quantified dilution improving to 3-3.5% in 2025. Aaron acknowledged the policy landscape is shifting and full profitability timeline may push out 12-18 months.

CFO explained the increase as a treasury reclassification into longer-term, high-grade instruments as the $1.9B balance sheet enables long-term planning; all cash and cash-like.

CEO said only that ENTRA1-TVA conversations are progressing well and NuScale will be ready to implement, naming no specific gating items.

Hopkins said a hyperscaler customer is plausible given NDAs with Tier 1 AI players but stressed NuScale is near-term deployable once 77-megawatt is approved.

Hamady guided steady OpEx of roughly $40 million to $45 million per quarter, rising modestly on supply-chain investment, with about two years of runway.

Hamady explained revenue came from two contracts -- technology licensing and EPC subcontract work -- recognized on delivery of services and progress toward delivery.

Hopkins reframed it as deal complexity rather than a bottleneck, pointing to the additional six modules ordered as evidence of progress toward closing deals.

RJ pointed to Amazon's ramp as evidence of the EDV's total-cost-of-ownership advantage and said broader fleet adoption has taken longer than hoped but should follow.

RJ emphasized a methodical single-to-multi-shift ramp gated by supplier readiness, acknowledging a large demand backlog but prioritizing a smooth, coordinated production launch.

RJ said the joint venture reached its one-year anniversary with strong progress, citing the Volkswagen ID.1 as one of the first vehicles leveraging Rivian's technology platform.

RJ said the roughly one-month shutdown integrates the R2 line into the shared paint shop and stamping operation, is intentional and planned, and is reflected in the delivery and production guidance.

Management said first isotope revenue will more likely come from the NRC-licensed Idaho lab than Groves, arriving in the first part of next year, with R&D-quantity material from Groves in roughly 12 months.

CEO gave no dollars-per-kW figure, saying costs are actively evolving as the build progresses and lessons from Idaho will optimize the Ohio plants.

Musk said China is very good at AI and manufacturing and will be Tesla's toughest humanoid competition, but Tesla will lead on real-world intelligence, electromechanical dexterity, and especially hand design, calling out hand design, real-world AI, and scaling production as the three hardest humanoid problems where Tesla is the only company with all three.

Vaibhav suggested current $99/month FSD is too cheap; Musk hinted at gradual relaxation of driver-attention requirements rather than a formal tier change.