Filing Category: Corporate Update

Analyst Summary

• AITX reaffirms its path to positive operational cash flow in 2025.
• The company is increasing its authorized share count from 15 billion to 20 billion to provide financial flexibility.
• AITX is making strategic investments in inventory, production capabilities, and product development.
• The company is focused on key solutions such as RADDOG LE2, ROAMEO, HERO, SARA and RIO to drive recurring monthly revenue (RMR).
• AITX has a prospective sales pipeline of over 35 Fortune 500 companies.

Opportunities and Risks

• Opportunity: Growing demand for AI-driven security solutions.
• Opportunity: Potential for recurring revenue streams from Fortune 500 clients.
• Risk: Achieving expected revenue growth and becoming cash flow positive is not guaranteed.
• Risk: Potential impacts from U.S. Steel tariffs on RIO production.

Potential Implications

Company Performance

• Continued improvements in growth rate are expected.
• The company aims to meet increasing client demand and secure a dominant foothold in the security landscape.
• AITX is laying the foundation for long-term success through product development and client base expansion.

Stock Price

• The increase in authorized shares could dilute existing shareholders.
• Potential for a future NASDAQ uplisting if the company achieves its financial goals.

Analyst Summary

• The Annual and Special Meeting of Security Holders will be held on May 7, 2025.
• The record date for notice and voting is March 20, 2025.
• The meeting will cover annual and special business items.
• Proxy-related materials are being sent directly to Non-Objecting Beneficial Owners.

Potential Implications

Stock Price

• The announcement of the meeting and record dates may have a neutral impact on the stock price.

Analyst Summary

• Abpro has a differentiated platform for rapid discovery, design, and optimization of antibodies.
• They have a robust pipeline of novel, potentially best-in-class antibodies.
• They have validating partnerships with Celltrion, AZ, Abpro Bio, and NIH.
• Celltrion is fully funding the development of ABP-102 with up to $1.75B in total payments to Abpro.
• Key programs include ABP-102 (HER2/CD3) for breast and gastric cancer, ABP-201 (VEGF/ANG2) for wet AMD and DME, ABP-110 (GPC3/CD3) for liver cancer, and ABP-150 (Claudin18.2/CD3) for gastric cancer.

Opportunities and Risks

• Opportunity: ABP-102 has potential competitive advantages, including activating T cells to kill tumor cells and selectively targeting HER2-high and intermediate expressing cells.
• Opportunity: ABP-201 seeks to inhibit both VEGF and ANG-2, potentially requiring less frequent dosing and avoiding drug resistance.
• Risk: Forward-looking statements are subject to risks and uncertainties, including the ability to implement business plans, enforce intellectual property rights, achieve profitability, and manage growth effectively.
• Risk: Potential inability to successfully bring Abpro’s products to market (including obtaining regulatory approval).

Potential Implications

Company Performance

• Successful development and commercialization of ABP-102 could lead to significant revenue through profit sharing with Celltrion.
• ABP-201’s potential for less frequent dosing and reduced drug resistance could lead to increased market share in the Wet AMD/DME treatment market.
• Advancement of ABP-150 and ABP-110 could expand Abpro’s portfolio and address unmet needs in gastric and liver cancer treatment.

Stock Price

• Positive clinical trial results for ABP-102 and ABP-201 could lead to an increase in stock price.
• Achievement of development and commercial milestones with Celltrion could positively impact investor confidence.
• Regulatory approval of any of Abpro’s pipeline candidates could significantly increase the stock price.

Analyst Summary

• The Board of Directors of Suzano S.A. approved the Management Report and the Standalone and Consolidated Financial Statements for the fiscal year ended December 31, 2024.
• The approval was based on a favorable opinion from the Statutory Audit Committee and no reservations from the Fiscal Council.
• PwC representatives participated in the meeting.
• The Board authorized the disclosure of the approved documents in accordance with applicable regulations.
• The Board approved the submission of the documents for resolution by the Company’s Annual General Meeting.

Analyst Summary

• ONE Gas, Inc. will hold its 2025 Annual Meeting of Shareholders as a virtual meeting only on Thursday, May 22, 2025, at 10 a.m. Eastern Daylight Time (9 a.m. Central Daylight Time).
• The meeting will also be audio webcast on the ONE Gas website, www.onegas.com.
• The record date for determining shareholders entitled to receive notice of the meeting and to vote is March 24, 2025.

Analyst Summary

• Nameplate capacity of Blue Creek increased by 25% to 6.0 million short tons per year.
• Blue Creek is expected to generate approximately $1.3 billion of incremental revenues, $735 million of incremental adjusted EBITDA, and $637 million of incremental free cash flows annually.
• Net present value (NPV) of Blue Creek is approximately $5.4 billion with an internal rate of return (IRR) of 35% and a payback period of 2.3 years.
• The first longwall is expected to start no later than Q2 2026.
• Project expected to be completed on time and within budget, and fully paid for by cash flows generated from operations.

Opportunities and Risks

• Opportunity: Increase nameplate capacity by 25% to 6.0 million short tons per year.
• Opportunity: Potential to increase nameplate capacity to 6.6 million short tons per year by adding an additional continuous miner unit.
• Risk: Fluctuations or changes in the pricing or demand for the Company’s coal.
• Risk: Impact of global pandemics on its business and that of its customers.
• Risk: The impact of inflation on the Company, the impact of geopolitical events, including the effects of the Russia-Ukraine war and the Israel-Hamas war.
• Risk: The inability of the Company to effectively operate its mines and the resulting decrease in production.

Potential Implications

Company Performance

• Significant addition of nameplate capacity to address market dynamics.
• Positive impact on Warrior for decades to come.
• Expected to drive Adjusted EBITDA margins of >50% across the cycle.
• Warrior expects a step increase in Free Cash Flow as Blue Creek comes online, providing additional capital allocation upside for stockholders.

Stock Price

• The increased production capacity and positive financial projections for the Blue Creek project could positively impact the company’s stock price.
• The company’s strong record of returning cash to stockholders may also be viewed favorably by investors.

Analyst Summary

• Number of Salons: 308 as of January 2025.
• Total Customers Served: 75,451 in January 2025.
• Sales per Customer: ¥7,145 on average during January 2025.
• Customer Repeat Ratio: 76.4% in January 2025.
• Operation Ratio: 44.8% for the month of January 2025.
• Cumulative Number of Contracts with Corporate Insurance Associations: 97 as of January 2025.
• Cumulative Number of Users of Lav® app: 9,117 individuals as of January 2025.

Opportunities and Risks

• The market for specific health checkups and guidance services is expected to expand due to the government’s effort to achieve the set target implementation rates.
• The Company’s ability to achieve its development goals for its business and execute and evolve its growth strategies, priorities and initiatives.
• The Company’s ability to sell certain of its owned salons to investors, and receive management fees from such sold salons, on acceptable terms.
• Changes in Japanese and global economic conditions and financial markets, including their effects on the Company’s expansion in Japan and certain overseas markets.
• The Company’s ability to achieve and sustain profitability in its Digital Preventative Healthcare Segment.
• The fluctuation of foreign exchange rates, which affects the Company’s expenses and liabilities payable in foreign currencies.
• The Company’s ability to hire and train a sufficient number of therapists and place them at salons in need of additional staffing.
• Changes in demographic, unemployment, economic, regulatory or weather conditions affecting the Tokyo region of Japan, where the Company’s relaxation salon base is geographically concentrated.
• The Company’s ability to maintain and enhance the value of its brands and to enforce and maintain its trademarks and protect its other intellectual property.
• The financial performance of the Company’s franchisees and the Company’s limited control with respect to their operations.
• The Company’s ability to raise additional capital on acceptable terms or at all.
• The Company’s level of indebtedness and potential restrictions on the Company under the Company’s debt instruments.
• Changes in consumer preferences and the Company’s competitive environment.
• The Company’s ability to respond to natural disasters, such as earthquakes and tsunamis, and to global pandemics, such as COVID-19.
• The regulatory environment in which the Company operates.

Analyst Summary

• Theratechnologies has resumed distribution of EGRIFTA SV (tesamorelin for injection).
• The FDA allowed the company to release two recently manufactured batches of EGRIFTA SV.
• The product is ready for immediate shipment to network pharmacies.
• The FDA’s review of the Prior Approval Supplement is ongoing with a goal date of April 18, 2025.

Opportunities and Risks

• Opportunity: PAS will be approved by the FDA.
• Risk: FDA’s review of the PAS not being completed by April 18, 2025.
• Risk: Non-approval of the PAS.
• Risk: A decrease in demand for EGRIFTA SV ® due to the recent shortage adversely impacting the resumption of the commercialization of EGRIFTA SV ® .