Earnings Call Insights: EVgo (EVGO) Q1 2026 Management View "EVgo's first quarter was in line with our expectations. We delivered solid results, headlined by record first quarter revenues of $110 million, a 45% year-over-year increase." (CEO & Director Badar Khan) "Throughput on our public network increased to 91 gigawatt hours in the quarter. Stores in operation across the EVgo network were 5,280...
Earnings Call Insights: EVgo (EVGO) Q1 2026 Management View "EVgo's first quarter was in line with our expectations. We delivered solid results, headlined by record first quarter revenues of $110 million, a 45% year-over-year increase." (CEO & Director Badar Khan) "Throughput on our public network increased to 91 gigawatt hours in the quarter. Stores in operation across the EVgo network were 5,280 with over 200 new stores added in Q1." (CEO & Director Khan) "We continue to make great progress on our next-generation charging architecture that we expect to start rolling out to the field by the end of the year." (CEO & Director Khan) "Rideshare drivers are already around 1/4 of our network throughput and we continue to deepen our partnership with Uber, where we are working towards finalization of an agreement where they guarantee a minimum level of utilization that incentivizes us to build more and larger charging stations in key urban metros." (CEO & Director Khan) "We have over 100 stores operational with NACS connectors and continue to target having over 500 NAC stores available across the network by the end of the year at approximately 15% of our sites." (CEO & Director Khan) "We've agreed an amendment to our loan with the DOE Office of Energy Dominance Financing with the current administration, which we believe increases certainty and reduces complexity of go-forward draws and further enhances our already strong liquidity profile." (CEO & Director Khan) "On May 1st, EVgo received our next advance of $81 million, bringing our cash balance on May 1st to $223 million." (CEO & Director Khan) "The size of the loan has been updated to $750 million, which includes $625 million in borrowings and up to $125 million in capitalized interest." (CEO & Director Khan) "A redundant construction risk-related reserve account of $35 million is eliminated... which reduces restricted cash for EVgo, further improving our liquidity profile." (CEO & Director Khan) "As of May 1st, we curr...
Readers respond to articles in the wake of the Golders Green stabbings and suggestions that pro-Palestinian protests could be banned Banning protests will not make Jews safer ( Some pro-Palestinian protests could be banned amid attacks on British Jews, 2 May ). I am Jewish and I no longer feel safe walking the streets of north London where I live. But I don’t blame the pro-Palestine marches. I bla...
Readers respond to articles in the wake of the Golders Green stabbings and suggestions that pro-Palestinian protests could be banned Banning protests will not make Jews safer ( Some pro-Palestinian protests could be banned amid attacks on British Jews, 2 May ). I am Jewish and I no longer feel safe walking the streets of north London where I live. But I don’t blame the pro-Palestine marches. I blame the Israeli government. In the wake of the attack on Jews in Golders Green , suggestions that pro-Palestinian protests should be banned are dangerously misplaced. Antisemitism is real and rising, and violence against Jews must be confronted without hesitation. But the protests are not the primary driver of that fear. Continue reading...
Earnings Call Insights: Donnelley Financial Solutions (DFIN) Q1 2026 Management view “We started 2026 by building on the positive momentum in our performance from the fourth quarter of last year, delivering consolidated net sales growth, year-over-year growth in adjusted EBITDA, adjusted EBITDA margin expansion and improvements in both operating cash flow and free cash flow,” said (President, CEO ...
Earnings Call Insights: Donnelley Financial Solutions (DFIN) Q1 2026 Management view “We started 2026 by building on the positive momentum in our performance from the fourth quarter of last year, delivering consolidated net sales growth, year-over-year growth in adjusted EBITDA, adjusted EBITDA margin expansion and improvements in both operating cash flow and free cash flow,” said (President, CEO & Director Daniel Leib). Leib emphasized the mix shift toward software and reiterated the company’s long-term framework: “Software solutions net sales represented 44.6% of total net sales in the first quarter… This continued positive mix shift positions us well to achieve our long-term target of deriving approximately 60% of total net sales from software solutions by 2028,” (President, CEO & Director Leib). On key products, Leib highlighted ActiveDisclosure momentum and broadened AI availability: “ActiveDisclosure… posted approximately 21% sales growth… Marking the sixth consecutive quarter of double-digit sales growth,” and “Active Intelligence… became available to all clients in April,” (President, CEO & Director Leib). On capital markets software, Leib positioned Venue as a growth lever: “Venue delivered solid year-over-year sales growth of approximately 7%… driven by a resilient demand for data rooms,” (President, CEO & Director Leib). On the newer ArcFlex initiative, Leib tied timing expectations to revenue impact: “We signed our first ArcFlex contract… We expect the commercial activities around ArcFlex to continue to scale through 2026, resulting in more meaningful incremental revenue starting in 2027,” (President, CEO & Director Leib). Gardella framed Q1 execution around mix and cost actions: “By continuing to execute our software-centric strategy while also driving operating efficiencies, we expanded our first quarter adjusted EBITDA margin by approximately 50 basis points to 34.4%,” (Executive VP & CFO David Gardella). Outlook “We expect consolidated second quarter...
Earnings Call Insights: Sotera Health (SHC) Q1 2026 Management View "This morning, we announced a strong start to the year with 6.5% constant currency revenue growth and 6.9% constant currency adjusted EBITDA growth, driving over 20 basis points of margin expansion compared to the first quarter of last year." (Chairman & CEO Michael Petras) "Sterigenics delivered 6.1% constant currency revenue gro...
Earnings Call Insights: Sotera Health (SHC) Q1 2026 Management View "This morning, we announced a strong start to the year with 6.5% constant currency revenue growth and 6.9% constant currency adjusted EBITDA growth, driving over 20 basis points of margin expansion compared to the first quarter of last year." (Chairman & CEO Michael Petras) "Sterigenics delivered 6.1% constant currency revenue growth in the quarter, while Nordion grew constant currency revenue 25.8% and expand margins by over 290 basis points." (Chairman & CEO Petras) "Today, we are reaffirming our 2026 outlook provided during our February earnings call." (Chairman & CEO Petras) "On March 30, 2026, the Georgia State Court dismissed the remaining 5 bellwether cases as the plaintiffs could not prove general causation in the Phase 1 proceedings." (Chairman & CEO Petras) "In March, the private equity shareholders completed another secondary sale of existing shares, bringing our public float to approximately 90% of outstanding shares." (Chairman & CEO Petras) "For the first quarter on a consolidated total company basis, revenues increased by 10% to $280 million or 6.5% on a constant currency basis compared to the first quarter 2025." (Senior VP & CFO Jonathan Lyons) "Adjusted EPS increased to $0.18 per share, an improvement of approximately 29% from the prior year." (Senior VP & CFO Lyons) "Following a thoroughly planned Board-led succession process, the Board has appointed Alton Shader as Sotera Health's new Chief Executive Officer effective May 26." (Chairman & CEO Petras) Outlook "We expect total company revenue to grow to a range of $1.233 billion to $1.251 billion, representing 5% to 6.5% constant currency growth and an estimated 100 basis point foreign currency benefit." (Senior VP & CFO Lyons) "We expect adjusted EBITDA to improve to a range of $632 million to $641 million, representing 5.5% to 7% constant currency growth and an estimated 100 basis point impact from foreign currency." (Senior VP &...
Earnings Call Insights: Enlight Renewable Energy (ENLT) Q1 2026 Management view "In Q1, revenues and income increased 54% year-over-year to $200 million, while adjusted EBITDA reached $154 million, representing 58% growth year-over-year, excluding the impact of the sell-down of the Sunlight cluster." (Chief Executive Officer Adi Leviatan) "The U.S. became our largest geographic segment this quarte...
Earnings Call Insights: Enlight Renewable Energy (ENLT) Q1 2026 Management view "In Q1, revenues and income increased 54% year-over-year to $200 million, while adjusted EBITDA reached $154 million, representing 58% growth year-over-year, excluding the impact of the sell-down of the Sunlight cluster." (Chief Executive Officer Adi Leviatan) "The U.S. became our largest geographic segment this quarter, contributing 37% of total revenues following the ramp-up of Roadrunner and Quail Ranch." (Chief Executive Officer Leviatan) "During the quarter, we grew our U.S. portfolio that successfully passed system impact studies by approximately 2 factored gigawatt, reaching a total of 20 factored gigawatt" and "we started construction at CO Bar 3, the 475 megawatt PV phase of the CO Bar complex." (Chief Executive Officer Leviatan) "Q1 '26 delivered a strong start to the year" and "the company's total revenues and income increased to $200 million, up from $130 million last year." (Chief Financial Officer Nir Yehuda) "During the first quarter, Enlight continued to solidify its financial position, raising approximately $740 million" and "our cash and cash equivalents at the topco level increased to $709 million." (Chief Financial Officer Yehuda) Outlook "We are reaffirming our full year 2026 guidance. Revenues and income of $755 million to $785 million and adjusted EBITDA of $545 million to $565 million." (Chief Executive Officer Adi Leviatan) "We see a clear and credible path to more than $2.1 billion of annual revenue run rate by the end of 2028." (Chief Executive Officer Leviatan) "We do have the opportunity to safe harbor an additional 2 to 4 factored gigawatt in the next couple of months until basically the end of June" and "we're taking those decisions in the next couple of months." (Chief Executive Officer Leviatan) Financial results "This was composed of revenues from the sale of electricity, which amounted to $157 million" and "recognition of $43 million in income from tax ...
John Marriott and Michael Pyke respond to a report on a UCL study on classes grouped by ability As a retired modern foreign languages teacher, I read your report with interest ( Teaching in classes grouped by ability does not hamper progress of less able pupils, study finds, 29 April ). I struggled for years to devise lessons to cater for all abilities and came to this conclusion very rapidly. Tha...
John Marriott and Michael Pyke respond to a report on a UCL study on classes grouped by ability As a retired modern foreign languages teacher, I read your report with interest ( Teaching in classes grouped by ability does not hamper progress of less able pupils, study finds, 29 April ). I struggled for years to devise lessons to cater for all abilities and came to this conclusion very rapidly. Thank goodness our department only taught mixed ability for a year before introducing setting. In other subjects colleagues strove to maintain mixed-ability teaching until the end of key stage 4. Many lay people cannot differentiate between streaming, where students are taught all subjects at the same level in forms, and setting, where students from different forms are taught each subject in groups of similar ability. Had setting existed when I was at grammar school in the 1950s, I would have ended up in the top set for French and English and near the bottom in maths and science. Continue reading...
Luz Castano responds to a column by Zoe Williams on how gen Z think old age begins at 53 At 58, I read Zoe Williams’s column with a mixture of laughter and disbelief, and, I admit, a flicker of irritation ( Gen Z thinks old age begins at 53 – so I have only three months to go, 28 April ). If 53 is now considered the starting point of “old age”, what exactly am I meant to be doing? Planning my fune...
Luz Castano responds to a column by Zoe Williams on how gen Z think old age begins at 53 At 58, I read Zoe Williams’s column with a mixture of laughter and disbelief, and, I admit, a flicker of irritation ( Gen Z thinks old age begins at 53 – so I have only three months to go, 28 April ). If 53 is now considered the starting point of “old age”, what exactly am I meant to be doing? Planning my funeral? Retiring from joy? Williams captures something real about generational perception, but the conclusion deserves a gentle pushback. The idea that life sharply declines into fragility and caution in one’s early 50s is not just exaggerated, it’s unhelpful. It risks shrinking people’s sense of what remains possible. At 58, I am not winding down; I am still discovering, still moving, still interested in the world. Yes, perhaps I am slightly more aware of my knees than I was at 27, but I am also wiser about what truly matters and far less interested in living by someone else’s definition of limitation. Continue reading...
Donald Trump has launched a new operation, dubbed ‘Project Freedom’, to try to open the strait of Hormuz. Could it spark a re-escalation of the war with Iran and bring an end to the ceasefire? Lucy Hough speaks to the Guardian’s senior international correspondent Julian Borger Continue reading...
Donald Trump has launched a new operation, dubbed ‘Project Freedom’, to try to open the strait of Hormuz. Could it spark a re-escalation of the war with Iran and bring an end to the ceasefire? Lucy Hough speaks to the Guardian’s senior international correspondent Julian Borger Continue reading...
MPs drinking | Birds of a feather | Going Green | Andy Burnham | Dangerous moves I am sorry, Gaby Hinsliff, but I cannot defend MPs’ booze culture ( My advice to Hannah Spencer? Before calling out MPs’ boozing, try to understand the reasons behind it, 1 May ). As a retired nurse, there were times when my colleagues and I were working long hours under a great deal of stress, often making life and d...
MPs drinking | Birds of a feather | Going Green | Andy Burnham | Dangerous moves I am sorry, Gaby Hinsliff, but I cannot defend MPs’ booze culture ( My advice to Hannah Spencer? Before calling out MPs’ boozing, try to understand the reasons behind it, 1 May ). As a retired nurse, there were times when my colleagues and I were working long hours under a great deal of stress, often making life and death decisions. There is no excuse for drinking at work. Hannah Spencer was right to call it out. Patricia Howlett South Benfleet, Essex • Friends at Abberton reservoir recently encountered a group of women in a bird hide who gave a whole new meaning to the term “hen party”. All glammed up (including in bride-to-be regalia), they were sporting binoculars and taking the birdwatching very seriously, confirming the RSPB’s findings ( Gen Z leads birdwatching boom as more Britons reach for the binoculars, 1 May ). Jannet King Brighton, East Sussex Continue reading...
BING-JHEN HONG/iStock Editorial via Getty Images I'm assigning a 'Buy' rating to Tokyo Electron Limited ( TOELY ) ( TOELF ) (8035.T). TOELY is trading at a less demanding EV/EBITDA ratio than its major international peers. My take is that a key re-rating trigger for this stock will be a faster pace of top-line growth and profitability enhancement in 1HFY27 (YE March). Corporate Overview TOELY call...
BING-JHEN HONG/iStock Editorial via Getty Images I'm assigning a 'Buy' rating to Tokyo Electron Limited ( TOELY ) ( TOELF ) (8035.T). TOELY is trading at a less demanding EV/EBITDA ratio than its major international peers. My take is that a key re-rating trigger for this stock will be a faster pace of top-line growth and profitability enhancement in 1HFY27 (YE March). Corporate Overview TOELY calls itself a supplier of "Semiconductor Production Equipment" or "SPE" in the media releases . The Role Its Offerings Play In Chip-Making Annual Report The firm derived 59% and 31% of its FY26 new SPE revenues from logic/foundry and DRAM segments, respectively. The balance (10%) came from non-volatile memory like NAND. Turnover Breakdown By Solution Earnings Presentation According to Polen Capital's research , TOELY boasts a "12% share in the wafer fabrication equipment market and a higher 20% in the fast-growing DRAM" space. Product Leadership Investor Slides Quarterly Results Were A Positive Surprise The group released its latest financials last Thursday. TOELY's topline was 9% higher YoY at ¥0.71T for Jan-Mar '26. The ¥0.21T bottom line during the same timeframe represented a 50% jump. These were equivalent to consensus beats of 3% and 15%, respectively, as per S&P Capital IQ. This also marked a clear reversal from the company's 16% sales contraction and 25% earnings decline in 3QFY2026. I've identified two major factors contributing to its outperformance. Management noted at the analyst call (S&P Capital IQ transcript) that "sales (for Q3) showed a temporary drop due to shipment timing." It's reasonable to think that the 4th quarter results benefited from a catch-up in revenue recognition as deliveries were made. Separately, TOELY's portfolio composition became more favorable in the recent three-month period. That's seen with a 90 bps year-on-year expansion in its 4QFY26 EBIT-to-revenue metric. Its "Field Solutions" division's turnover grew 17% YoY to ¥163B in the final q...
Dogecoin (CRYPTO: DOGE) , the meme coin which was created as a parody of Bitcoin (CRYPTO: BTC) in 2013, hit an all-time high of $0.74 in May 2021. That 284,515% gain from its earliest trading price of $0.00026 would have turned $1,000 into $2.85 million. But as of this writing, Dogecoin trades at about $0.11 per token -- so anyone who hopped aboard the bandwagon over the past five years is now und...
Dogecoin (CRYPTO: DOGE) , the meme coin which was created as a parody of Bitcoin (CRYPTO: BTC) in 2013, hit an all-time high of $0.74 in May 2021. That 284,515% gain from its earliest trading price of $0.00026 would have turned $1,000 into $2.85 million. But as of this writing, Dogecoin trades at about $0.11 per token -- so anyone who hopped aboard the bandwagon over the past five years is now underwater. Let's see why this little token fizzled out, and where it might be headed over the next 12 months. Image source: Getty Images. Continue reading
Memorystockphoto/iStock via Getty Images My coverage of Fresenius Medical Care ( FMS ) goes back a number of years at this point. The German company, Fresenius ( FSNUY ), has already gone well into profit and positive RoR - and I've even rotated the lion's share of my position. For an EU-based investor, the FMS ticker has always been the smaller of the two because I view the exposure to the variou...
Memorystockphoto/iStock via Getty Images My coverage of Fresenius Medical Care ( FMS ) goes back a number of years at this point. The German company, Fresenius ( FSNUY ), has already gone well into profit and positive RoR - and I've even rotated the lion's share of my position. For an EU-based investor, the FMS ticker has always been the smaller of the two because I view the exposure to the various segments with the European ticker as being far more attractive than just the "basic" (by comparison) FMS. It's also why the FMS ticker for me has historically warranted a higher discount. However, as a value-oriented investor, I'm always keenly aware of discounted equity and discounted upside. I believe that is what we have here. I believe the market is improperly discounting the company because of slight negative trends and a fear of a general downturn, coupled with macro fears about dialysis. Some of it may be warranted, and a lower overall growth rate may be argued for here - but in the end, I believe the discounting that's being applied here is too deep for what is happening. Why do I say this? Because when a company like Fresenius Medical Care, which is a BBB-rated company with a safe yield, trades at what amounts to a single-digit P/E despite a 7-9% AEPS growth rate, there needs to be very specific reasons as to why this company should trade at this, instead of a both more historically and market-accurate rate of 13-15x P/E. I use the 15x P/E as a baseline here for several reasons. First off, it represents the historical S&P500 average over the past 200 years. Secondly, it averages to about 6-7% earnings yield, which again is a good average. It's priced for fair value to moderate growth , and that's what we're looking for in a company like this. While things may go down slightly, the overall "GARP" scenario, or growth at a reasonable price, is a good starting point. With a starting point like this, we of course need to use context from this point onward to see what ...
RadixArk has launched with a $100m seed round backed by Advanced Micro Devices, aiming to broaden access to large scale AI infrastructure. The platform is built around SGLang and targets support for new AI model architectures and specialized hardware beyond traditional data center chips. AMD's role in the round highlights its interest in AI infrastructure and tools that sit on top of its silicon b...
RadixArk has launched with a $100m seed round backed by Advanced Micro Devices, aiming to broaden access to large scale AI infrastructure. The platform is built around SGLang and targets support for new AI model architectures and specialized hardware beyond traditional data center chips. AMD's role in the round highlights its interest in AI infrastructure and tools that sit on top of its silicon business. For investors tracking NasdaqGS:AMD around a $341.54 share price, most attention has...