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- **$230M Asset Sale**: Warehouse Automation divestiture reduces debt by $160M, lowering leverage to 2.5x target. 
- **$180M EBITDA Guidance**: 2026 growth driven by Memorialization (Dodge) and cost cuts. 
- **$2B TAM Opportunity**: Axian printhead gains GS1 certification, targeting 2D code printing market. 
- **DBE Technology Breakthrough**: $50M solid-state battery order despite Tesla dispute, pipeline >$150M. 
- **Liquidity Strength**: $711M debt post-sale, with further reductions from European packaging divestiture.

**【CEO Summary Section】**
- **Strategic Portfolio Restructuring**: Sold SGK (now Propelis) and Warehouse Automation for $230M, reducing debt by $160M. Propelis EBITDA exceeds $100M run rate, with $50M+ synergies expected next year. 
- **Growth Investments**: Acquired Dodge (+$11M Q4 sales) and Keystone Memorials, expanding mausoleum production. Launched Axian printhead with GS1 certification, targeting $2B+ TAM in 2D code printing. 
- **DBE Technology Progress**: Secured $50M order for solid-state battery equipment, despite ongoing Tesla litigation. Pipeline exceeds $150M in quotes. 
- **2026 Guidance**: Adjusted EBITDA of $180M+ driven by Memorialization (Dodge full-year contribution) and cost reductions. 

**【CFO Financial Commentary】**
- **Q4 Results**: Net loss $27.5M (-66% YoY), revenue $319M (-29% YoY) due to SGK divestiture. Adjusted EBITDA $51.5M (-11% YoY). 
- **Segment Performance**: 
  - *Memorialization*: $209.7M (+6% YoY), EBITDA $45.1M (+11% YoY) from price hikes and cost cuts. 
  - *Industrial Tech*: $93M (-18% YoY), EBITDA $11M (-30% YoY) due to engineering weakness. 
  - *Brand Solutions*: $16.2M (-88% YoY), reflecting SGK sale. 
- **Liquidity**: Debt $711M (3.6x leverage). Warehouse Automation sale proceeds to reduce debt to ~$550M by Q1. 

**【Q&A Key Highlights】**
- **Battery Tech Expansion**: DBE technology applicable to ultracapacitors and stationary storage (e.g., data centers). Customer interest growing despite Tesla litigation. 
- **M&A Strategy**: Prioritize debt reduction to 2.5x target before pursuing partnerships or acquisitions. 
- **Printhead Momentum**: Axian orders expected to ramp in 2026, with limited supply initially. 
- **Risks**: Economic volatility, litigation uncertainty, and transition services agreements limiting cost savings.

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