Mumbai: Shares of Kaynes Technology plunged 20% to ₹3,339.25 on Thursday after a weaker-than-expected earnings performance in the March quarter, and revenue guidance miss sparked analyst downgrades. Brokerages said concerns over execution delays, stretched working capital, and persistent cash burn are tailwinds for the stock, an investor favourite in the recent bull run amid enthusiasm around India’s electronics manufacturing and semiconductor story.

“While we still expect strong 40%/45% revenue/earnings CAGR (compounded annual growth rate) over FY26-28E thanks to the ramp up of OSAT (Outsourced Semiconductor Assembly and Test) and PCB (Printed Circuit Board) businesses, we believe the stock will remain a ‘show me’ until the gap between actual numbers and company guidance narrows,” said JP Morgan in a client note, while downgrading the stock to Neutral and cutting the price target to ₹4,000 from ₹6,000

Since its listing in November 2022, Kaynes shares soared about 950% from its listing to ₹7,822 in January 2025. Since then, the stock has dropped nearly 57%

Operator

Good day, and welcome to the Xos Inc. First Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to David Zlotchew, General Counsel. Please go ahead.

David Zlotchew
General Counsel & Secretary

Thank you, everyone, for joining us today. Hosting the call with me are Xos’ Chief Executive Officer, Dakota Semler; Xos’ Chief Operating Officer, Giordano Sordoni; and Xos’ Chief Financial Officer, Liana Pogosyan. Today, after the close of regular trading, Xos issued its first quarter 2026 earnings press release. As you listen to today’s conference call, we encourage you to have our press release in front of you, which includes our financial results as well as commentary on the quarter ended March 31, 2026. Management’s statements today reflect management’s views as of today, May 14, 2026, only, and will include forward-looking statements, including statements regarding our fiscal year 2026, management’s expectations for future financial and operational performance and other statements regarding our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results.

Additional information about important factors that could cause actual results to differ materially, including, but not limited to Xos’ ability to access capital when needed and continue as a going concern, Xos’ ability to implement business plans and identify and realize opportunities, potential supply chain disruptions and/or economic downturns as

Operator

Good afternoon. Welcome to WidePoint’s First Quarter 2026 Earnings Conference Call. My name is Holly, and I will be your operator for today’s call.

Joining us for today’s presentation are WidePoint’s President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.

Following their remarks, we will open up the call for questions from WidePoint’s publishing analysts and major investors. If your questions were not taken today and you would like additional information, please contact WidePoint’s Investor Relations team at wyy@gateway-grp.com.

Before we begin the call, I would like to provide WidePoint’s safe harbor statement that includes cautions regarding forward-looking statements made during this call.

The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company’s Form 10-Q filed with the Securities and Exchange Commission. Finally, I would like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company’s website at www.widepoint.com.

Now I would like to turn the call over to WidePoint’s President and CEO, Mr. Jin Kang. Sir, please proceed.

Jin Kang
CEO & Director

Thank you, operator, and good afternoon, everyone. Thank you for joining us today to review our financial and operational results for the first quarter ended March

The rapid surge in EV adoption across Thailand, Vietnam, and Indonesia is transforming the region’s industrial landscape, yet the supporting power infrastructure remains critically underdeveloped.

Southeast Asia’s EV Surge

• EV adoption is accelerating rapidly in Thailand, Vietnam, and Indonesia, reshaping industry but straining underdeveloped power grids.
• Thailand leads with strong government targets (30% zero-emission production by 2030) and heavy Chinese automaker presence, but grid capacity lags behind demand.

Electric vehicles are selling faster across Southeast Asia than at any point in history. Thailand is manufacturing them at scale. Vietnam has produced a homegrown brand bold enough to challenge in global markets. Indonesia is betting its vast mineral wealth on becoming the world’s battery supplier. By nearly every headline metric, the region’s clean transport revolution is on track.

But a growing body of evidence, from the International Energy Agency, energy research firm Ember, and on-the-ground reporting across the region, points to a structural problem that enthusiastic sales figures tend to obscure: the electrical grids these vehicles depend on are not ready for them.

Thailand Sets the Pace, But Questions Linger

Thailand has emerged as the unambiguous regional leader in EV manufacturing and sales, backed by an aggressive government target of 30% zero-emission vehicle production by 2030. Chinese automakers, led by BYD, have flooded the Bangkok market with competitively priced models, and consumer uptake has exceeded most projections.

What the government has been slower to address is what happens when millions of those vehicles need to charge simultaneously in a city where peak urban power demand is already climbing. The IEA has found that EV adoption across Southeast Asia is disproportionately concentrated in dense urban centres, precisely where grids are most strained. Thailand’s infrastructure investment, while improving, has not kept pace with the speed of its EV ambitions.

VinFast’s Gamble and Vietnam’s Deeper Problem

• VinFast aggressively pursues global markets despite heavy losses ($3.87B net loss in 2025).
• Domestic EV growth risks worsening Vietnam’s fragile grid, already plagued by curtailment crises and unreliable state utility payments to renewable developers.
• Foreign investor confidence is shaken by tariff defaults and threats of arbitration.

In Vietnam, the EV story has a single dominant protagonist: VinFast, the automotive arm of the country’s largest private conglomerate, backed by billionaire founder Pham Nhat Vuong. The company has pursued global market share with extraordinary aggression and extraordinary cost. In 2025, VinFast posted a net loss exceeding $3.87 billion, even as revenues doubled to $3.59 billion. By conventional metrics, it is a company burning through cash at a pace that would have shuttered most startups. Vuong’s personal backing has kept it alive.

Yet VinFast’s domestic momentum is real, and Hanoi’s policy environment is actively supporting it. The problem is what that success is doing to the national grid.

A recent Vietnamnet analysis estimated that accelerating EV adoption could require grid investment as much as 28% above current high-growth projections by 2030. That is a significant capital commitment for a country already struggling with chronic curtailment, the forced reduction of power output to prevent grid overload.

Every summer, Vietnam’s curtailment crisis returns. In the industrialised north, output reductions have exceeded 50% in certain regions, and the consequences extend far beyond inconvenience. Global manufacturers, including Foxconn, LG, Samsung, Apple and Canon, have seen production disrupted when power is throttled or cut without warning. For a country positioning itself as an indispensable link in global supply chains, that is not merely an energy policy failure. It is a sovereign risk.

The state electricity distributor, EVN, has made matters considerably worse. The utility has failed to honour contracted feed-in tariff payments for approximately 12 gigawatts of solar and wind capacity. More than 170 projects, predominantly solar, face payment suspensions or tariff reductions of up to 43%. Developers are threatening international arbitration. When a state utility defaults on its own contractual commitments, foreign investors take notice, and not in the way Hanoi would prefer.

Indonesia’s Nickel Advantage Meets Coordination Failure

Indonesia’s EV strategy is structurally different from its neighbours’. Rather than relying on domestic consumer enthusiasm or a single high-profile manufacturer, Jakarta has anchored its approach to the country’s dominant position in global nickel supply, the key raw material in EV batteries. The logic is straightforward: if the world is going electric, Indonesia intends to be indispensable to that transition.

The strategy has attracted serious investment and elevated Indonesia’s profile in global battery supply chain conversations. But the domestic charging infrastructure required to actually run EVs on Indonesian roads is being strangled by a more prosaic failure: coordination breakdown between the state utility, Perusahaan Listrik Negara, and private charging operators. Industrial strategy and physical infrastructure are, for now, advancing at very different speeds.

The Fossil Fuel Contradiction Nobody Wants to Discuss

Across all three countries, a fundamental tension sits at the centre of the EV narrative that policymakers have been reluctant to confront directly. EVs are being championed, correctly, as a means of reducing dependence on fossil fuel imports and cutting tailpipe emissions. But the electricity charging those vehicles is still generated predominantly by coal.

⚡ Structural & Environmental Contradictions

• EVs reduce oil dependence but grids remain coal-heavy, shifting rather than eliminating fossil fuel reliance.
• Without transparent accounting of fossil-fuel-powered charging, decarbonisation targets risk distortion.

Governments are not replacing a fossil fuel dependency so much as relocating it, from imported oil to domestically burned coal. That is a meaningful distinction for energy security calculations, and it may be a rational short-term trade. But it is emphatically not the clean energy revolution the promotional narrative suggests. An EV charged on a coal-heavy grid is cleaner than a petrol car, but it is far from carbon-neutral. Honesty about that gap matters when setting decarbonisation targets and measuring progress against them.

At a minimum, governments and energy analysts should be tracking what share of EV charging is actually powered by fossil fuel generation. That data exists, or could be made to exist. The absence of such accounting is a choice, and it is one that distorts the policy conversation.

A Grid Crisis in Slow Motion, and a Looming Complication

Grid stress from EVs does not arrive in a single crisis moment. It compounds gradually, through transformer overloads, localised voltage instability, mounting curtailment, and the steady erosion of investor confidence in new power projects. Ember’s analysis of Southeast Asian grids found transmission infrastructure that is underdeveloped, uneven, and generating bottlenecks that reduce system efficiency and delay project integration region-wide. The problem is structural, and it will not be solved by deploying more EVs faster.

One further pressure point has received insufficient attention in the regional energy conversation: artificial intelligence. Data centre power demand across ASEAN is projected to more than double by 2030, with some estimates forecasting a fourfold increase to around 10.7 gigawatts by 2035. The EV buildout and the AI infrastructure boom are arriving on the same grids at roughly the same time. The compounding effect of those two demand curves is not something the current infrastructure was built to absorb.

The Opportunity Is Real. So Is the Risk.

Southeast Asia’s EV boom is genuine progress, but fragile grids, coal dependence, and looming AI power demand pose serious risks. The region’s success hinges on grid modernisation and regulatory credibility, not just optimism.

The region has a narrow window to close the gap between the pace of EV deployment and the pace of grid investment before that gap becomes a hard constraint on growth. That means transparent, enforceable regulatory frameworks capable of attracting sustained foreign capital. It means state utilities operating as enablers rather than bottlenecks. It means energy planners treating grid modernisation as a precondition for electrification, not an afterthought.

The EV future in Southeast Asia is achievable. But it will not be powered by optimism alone.

Other People are Reading

LOS ANGELES — A bizarre and entirely fabricated social media rumor claiming Justin Bieber accused Mariah Carey of killing her mother and sister for the Illuminati has exploded across platforms this week, prompting widespread confusion, celebrity denials and renewed discussion about Hollywood’s complicated ties to Sean “Diddy” Combs’ infamous parties.

The hoax originated from doctored screenshots and parody accounts on X and Instagram on May 12, 2026. One widely shared image appeared to show Bieber commenting on Carey’s Instagram post mourning her mother Patricia and sister Alison, who both passed away in early 2024 within weeks of each other. The fake comment read variations of “You killed your mom and sis for the Illuminati” or more extreme versions alleging cannibalism. Almost immediately, another fabricated response attributed to Carey surfaced: “At least I never attended any Diddy parties.”

Neither celebrity made any such statements. Fact-checkers, including Lead Stories and multiple media outlets, quickly confirmed both the accusation and the clapback were completely fabricated. Carey’s verified social media accounts showed no interaction with Bieber, and Bieber’s representatives have not addressed the rumor directly, though sources close to him called it “absurd and harmful.”

The rumor gained traction rapidly due to its shocking nature and timing. Carey had publicly shared her grief over losing both her mother and sister to illness in January 2024. Patricia Carey was 78, and Alison was 52. The singer has spoken openly about her complicated family relationships in the past, including estrangement from some relatives, which conspiracy theorists twisted into wild Illuminati narratives.

Bieber, 32, has his own well-documented history with mental health struggles and past associations with Combs. While he attended some Diddy parties as a teenager, his team has repeatedly stated he was never a victim in the federal sex trafficking case against the music mogul. Combs faces serious charges, and the ongoing legal saga has dragged numerous celebrities into speculation, regardless of their actual involvement.

Social media users were divided. Some treated the rumor as entertainment, creating memes and conspiracy threads, while others expressed genuine concern or outrage. Hashtags like #MariahCarey, #JustinBieber and #DiddyParties trended for hours. Celebrity gossip accounts amplified the fake screenshots before fact-checks spread, creating a classic example of how misinformation travels faster than corrections online.

Mariah Carey, 56, has not publicly responded to the hoax. The five-time Grammy winner has largely stayed out of tabloid drama in recent years, focusing on her music, residency shows and family. She released a statement through her representatives calling the rumor “deeply disrespectful to the memory of my mother and sister” and urging fans to stop sharing unverified content.

Bieber’s camp similarly distanced itself. A source close to the singer told People magazine that Bieber “has enormous respect for Mariah and would never comment on her personal tragedies.” Bieber has been open about his own past traumas, including feeling exploited as a young star, which may explain why the Diddy angle in the fake response resonated with some online commentators.

The incident highlights ongoing issues with celebrity death hoaxes, conspiracy theories and AI-generated or manipulated content. Deepfake technology and easy photo editing tools have made it simpler than ever to create believable celebrity feuds. Platforms like X have struggled to contain the spread, with many users sharing the fake exchange before verification.

This is not the first time Carey and Bieber have been linked in rumors. Both artists achieved massive early success and have spoken about the pressures of fame. Carey’s 1990s dominance and Bieber’s teen idol era share parallels in how the music industry treats young talent. Their paths have crossed occasionally at industry events, but they have never had any known personal conflict.

The Diddy party reference in the fake response tapped into real public fascination. Combs’ legal troubles have led to renewed scrutiny of Hollywood parties from the 2000s and 2010s. Numerous celebrities, including Carey and Bieber, attended events hosted by Combs over the years. Most have distanced themselves from the disgraced mogul, emphasizing they had no knowledge of any criminal activity.

Industry insiders say the viral hoax reflects broader cultural anxieties about celebrity, power and hidden truths in entertainment. Conspiracy communities quickly latched onto the story, weaving it into larger Illuminati narratives that have followed both artists for years.

For Carey, the rumor arrives at a relatively peaceful time. She continues performing, raising her twins and occasionally releasing new music. Her legacy as the “Queen of Christmas” and one of the best-selling female artists of all time remains secure. Friends say she is focused on healing and legacy projects rather than engaging with online drama.

Bieber, meanwhile, has been enjoying fatherhood and focusing on his music and mental health. His wife Hailey Bieber has also faced her share of online scrutiny, and the couple has worked to maintain privacy amid constant public attention.

As the story continues circulating, both artists’ teams are likely monitoring for any real-world impact. Celebrity publicists often advise against responding to obvious fakes, allowing them to die naturally once fact-checks spread. However, the speed and scale of this particular rumor have surprised many in the industry.

The episode serves as a reminder of the responsibility that comes with sharing content online. In an era where a single screenshot can spark global outrage, verifying sources before amplifying stories is more important than ever. For Mariah Carey and Justin Bieber, the fabricated feud is just the latest example of how quickly misinformation can target high-profile figures.

While the rumor has no basis in reality, it has inadvertently highlighted the genuine grief both artists have faced in their personal lives and the complexities of navigating fame in the social media age. As the internet moves on to the next viral moment, Carey and Bieber will likely continue focusing on their careers and families, far removed from the fabricated drama created in their names.

BALTIMORE — The Baltimore Ravens signed quarterback Diego Pavia on Thursday, adding one of college football’s most electrifying playmakers to their roster following a record-breaking 2025 season at Vanderbilt that saw the former walk-on lead the Commodores to their first SEC Championship Game appearance in program history.

The move, announced by the team via social media and confirmed by multiple league sources, is expected to be a two-year deal worth approximately $4.2 million with incentives, according to a person familiar with the contract. Pavia, who went undrafted in the 2026 NFL Draft despite his standout college career, impressed Ravens coaches during private workouts and a top-30 visit earlier this spring.

“Diego is a winner,” Ravens coach John Harbaugh said in a statement. “He has that rare combination of toughness, creativity and leadership that we value in our quarterback room. We’re excited to add him to the competition and see what he can do in our system.”

Pavia’s journey from overlooked high school prospect to SEC star has captivated football fans nationwide. After beginning his career at New Mexico State as a walk-on, he transferred to Vanderbilt in 2024 and immediately transformed the program. In 2025, he threw for 4,128 yards, 38 touchdowns and just nine interceptions while rushing for 912 yards and 14 scores. His dual-threat ability helped Vanderbilt achieve a 10-3 record and a historic run to the SEC title game, where they fell to Georgia.

The 23-year-old from Bakersfield, California, became known for his fearless style — scrambling out of pressure, making off-platform throws and delivering highlight-reel plays almost weekly. His performance earned him second-team All-SEC honors and finalist consideration for the Heisman Trophy, making him one of the most compelling undrafted free agents in recent memory.

Ravens general manager Eric DeCosta highlighted Pavia’s intangibles. “He’s a proven leader who elevates those around him,” DeCosta said. “In today’s NFL, you need quarterbacks who can create when things break down, and Diego has shown he can do that at a high level.”

Pavia will join a crowded quarterback room in Baltimore that includes Lamar Jackson, who signed a massive contract extension last year, and backup Tyler Huntley. The Ravens have long valued versatile, mobile quarterbacks who can complement Jackson’s unique skill set, and Pavia’s playing style fits that mold. He is expected to compete for the backup role while developing behind one of the league’s most dynamic franchise quarterbacks.

For Vanderbilt fans, the signing represents both pride and loss. Pavia’s departure ends one of the most magical individual stories in recent Commodores history. Head coach Clark Lea called the signing “well-deserved” and praised Pavia’s impact on the program during a press availability Thursday morning.

“Diego changed the culture here,” Lea said. “He showed what’s possible when you combine belief with relentless work ethic. We’re proud of everything he accomplished and excited to watch him compete at the next level.”

Pavia’s college statistics tell only part of the story. Beyond the numbers, he became a locker room leader who helped recruit top talent and inspired a fanbase that had grown accustomed to losing seasons. His famous “Vandy Boys” motto and postgame celebrations became cultural touchstones for the program.

NFL scouts praised Pavia’s football IQ and competitive fire but raised questions about his size (listed at 5-foot-11, 200 pounds) and arm strength in traditional pocket situations. However, his success in structured and improvised plays convinced several teams he could carve out a role as a high-upside backup or eventual starter.

The Ravens’ interest in mobile quarterbacks is well-documented. They have developed several dual-threat signal-callers in recent years, and offensive coordinator Todd Monken’s scheme emphasizes creativity and pre-snap motion — areas where Pavia excels. Monken is expected to work closely with the young quarterback on refining his footwork and progressing through reads more quickly.

Pavia becomes the latest in a growing list of undrafted quarterbacks finding opportunities with contending teams. His story echoes those of players like Brock Purdy and Gardner Minshew, who turned late or undrafted status into successful NFL careers through hard work and opportunity.

Reaction from the NFL community has been largely positive. Former Vanderbilt and current NFL players congratulated Pavia on social media, while analysts praised the Ravens for adding depth without sacrificing significant draft capital. Fantasy football enthusiasts have already begun speculating about Pavia’s potential role in Baltimore’s offense, especially in gadget plays and red-zone packages.

For Baltimore fans, the signing adds another intriguing piece to a roster built for contention. The Ravens reached the AFC Championship Game in 2025 but fell short of the Super Bowl. Adding another mobile threat behind Jackson provides insurance and strategic flexibility, particularly in packages designed to keep defenses guessing.

Pavia is expected to report to the team’s facilities in the coming weeks to begin offseason workouts. He will wear No. 12, a number he made famous at Vanderbilt, after receiving approval from veteran quarterback Trace McSorley, who previously wore it with the Ravens.

As the NFL offseason continues, Pavia’s move to Baltimore represents another chapter in an unlikely success story. From walk-on at New Mexico State to SEC standout to NFL signee, his journey embodies perseverance and the power of opportunity. For the Ravens, it represents another calculated step toward building sustained excellence at the game’s most important position.

Whether Pavia develops into a reliable backup or emerges as something more remains to be seen. For now, the former Commodore has earned his shot in the league — and Baltimore may have found a hidden gem in one of the most intriguing undrafted signings of 2026.

Metal stocks have seen a significant rally recently, with the shares of Adani Enterprises, Hindalco Industries, Vedanta and others jumping up to 11% in a week and pushing the Nifty Metal index 4% higher despite overall market volatility. However, analysts advised patience, suggesting that investors should use any dip to accumulate instead of chasing the momentum blindly, while listing out stocks to buy.

The sharp rally in metal stocks was driven by multiple tailwinds. Gold and silver saw their prices soar after the government increased import duty on the precious metals to 15%, in order to stop rupee’s free fall and moderate non-essential imports during a period of heightened global uncertainty linked to the Iran-US conflict.

Additionally, US President Donald Trump’s visit to China after years of escalating geopolitical friction between the world’s two largest economies may have also supported the bulls in the metals counter. Strong earnings further boosted the market sentiment.

‘Accumulate metal stocks on dip’

The metal stocks have rallied sharply, capturing the positive momentum, said Aditya Welekar, Senior Research Analyst of Metals at Axis Direct. He said investors can consider accumulating the stocks at any pullback. “Non-ferrous metals such as aluminium and copper are finding support from supply disruptions and strong industrial demand from China. Sulphuric acid supply issue has supported copper prices. Aluminium smelters in the gulf form 9% of global supply. With around 3 million tonnes of supply in that region being impacted, aluminium prices are trading at elevated levels of $3,500/t. Steel prices are driven by strong domestic demand,” he explained.

Amarjeet Maurya, Deputy VP of Fundamental Research at Kotak Securities, highlighted that several metal stocks have delivered strong returns even as Nifty 50 corrected over 5% in the past one year. Shares of Hindustan Copper rallied over 161%, while those of Hindalco Industries jumped 70%, Hindustan Zinc rallied 52%, and more.
“Investors can consider buying at current levels, and any further correction or dip may provide an opportunity to accumulate more for the long term,” he said, adding that the medium-term outlook for the metals and mining sector remains positive, supported by strong fundamentals across steel and aluminum.
The metal space continues to offer selective opportunities, particularly in companies linked to commodities witnessing strong price momentum, said Sunny Agrawal – Head of Fundamental Research at SBI Securities.

Why shouldn’t investors chase the metals momentum blindly?

Vaqarjaved Khan, Senior Fundamental analyst at Angel One noted that the metal stocks have already seen a sharp rerating, so this is not the kind of market where investors should rush in blindly.

Among metal stocks, Amarjeet Maurya from Kotak Securities remains positive on JSW Steel and Jindal Steel from a long-term perspective. “Investors can consider buying at current levels, and any further correction or dip may provide an opportunity to accumulate more for the long term,” he said.

“After a strong rally, the risk-reward often improves only when the stock cools off and gives a better entry point. My preference would be to wait for a meaningful dip rather than chase momentum at elevated levels, because metal counters are highly cyclical and can correct quickly if global prices, demand trends, or margins soften,” according to the analyst.

Which metal stock should you buy?

However, if Khan had to choose one metal stock for a patient investor, then Tata Street would be his first pick because it offers scale, liquidity, and a relatively balanced way to participate in the cycle. “JSW Steel is also attractive for those willing to pay up for quality, while the smaller names can be far more volatile,” he added.

Sunny Agrawal from SBI Securities meanwhile said that the markets are seeing a sharp uptick in zinc and silver prices, which is positive for players such as Hindustan Zinc. Investors looking to capitalize on this move may consider adding the stock to portfolios with appropriate stop losses, as it has the potential to deliver nearly 8–10% short-term upside.

“Within steel, finished product prices have seen a meaningful rise over the last three to four months, creating a favourable earnings environment for companies like Tata Steel and SAIL,” he said, adding that copper is another segment drawing attention, with global prices hovering near multi-year highs of around $14,000 per tonne. “In the Indian market, Hindustan Copper remains one of the key listed plays. While valuations appear somewhat elevated, the ongoing strength in copper prices could continue to support the stock, with a potential upside of 8–10% in the near term, subject to disciplined stop-loss levels,” he explained.

Agrawal highlighted that investors must remember that metals remain cyclical in nature. Any correction in underlying commodity prices could lead to sharp pullbacks in these stocks, making risk management and strict stop-loss adherence critical, he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)