Deep Intelligence Across Industries

Company Headquarters: Raunheim, Hessen, Germany Founded: 2015 Workforce: ~2,200 Company Working: Lufthansa Systems operates as a subsidiary of Lufthansa Group. It was formed as a spin-off of the Lufthansa Group’s airline solutions division. It is one of the leading providers of IT services to the aviation industry and has also managed to establish its presence in over 16 countries. Over the years, the firm has managed to create a brand that the global airline industry is familiar with. The firm offers more than 300 of its airline customers an extensive range of market-leading in-flight products and services. The firm specializes in consulting, analytics, airline solutions, application management, mobile solutions, mobile apps, digitalization, flight preparation, connectivity, in-flight entertainment, finance solutions, flight planning, and flight monitoring. In the year 2015, Lufthansa Systems undertook a reorganization to mainly operate through its three operating units–infrastructure, airline solutions (currently known as Lufthansa Systems), and industry solutions (currently known as Lufthansa Industry Solutions). The company developed BroadConnect, a wireless IFE platform, which enables passengers to watch movies, shop, or find out information regarding destinations using their mobiles, laptops, or tablets. This entertainment platform can also be tailored as per the requirements of airline customers.

Company Headquarters: Chicago, Illinois, US Founded: 1991 Workforce: ~1,150 Company Working: Gogo Inc. engages in the provision of aero communication services to the global aviation industry. The company provides a comprehensive suite of connectivity solutions to commercial and business airline operators globally. It offers embedded IFE and wireless IFE solutions (under the brand name Gogo Vision) to both business and commercial aviation customers. As of 2018, the company had installed its Gogo Vision wireless and embedded IFE systems on over 3,000 commercial aircraft, as well as 7,000 business aircraft. The Gogo Vision allows passengers to experience preloaded wireless contents such as movies, TV shows, and music using their personal laptops, tablets, and mobile phones. The company has established partnerships with 11 major commercial airlines globally.

Company Headquarters: Istanbul, Turkey Founded: 2006 Workforce: ~ 7,435 Company Working: Turkish Technic Inc. is a leading aircraft maintenance, repair and overhaul service providing company. The company provides services such as airframe heavy maintenance, engine and APU overhaul, and LDG overhaul. It owns five wide and narrow-body aircraft hangars, one VIP and light aircraft hangar in Istanbul, and one narrow-body aircraft hangar in Ankara, through which it provides MRO services to its clients. Other service offerings of the company include non-destructive testing, calibration services, design services, fleet asset management, research and development, material sales, engineering services, and training services. Turkish Technic Inc. serves airlines in Europe, Northern Africa, the Middle East, Turkey, and the Commonwealth of Independent States.

Company Headquarters: Bern, Switzerland Founded: 1998 Workforce: ~10,000 Company Working: RUAG Group has production locations in Switzerland, Germany, Sweden, Finland, France, Austria, Hungary, Australia, and the US. The company’s business segments are classified as space, aerostructures, aviation, Ammotec, and defence. The company’s aviation division has developed the Center of Excellence for Civil and Military Aircraft Maintenance for developing, manufacturing, and integrating aviation systems and subsystems. Its aerostructures division specializes in the development, manufacturing, and final assembly of sophisticated components and parts for civil and military aircraft.

Company Headquarters: California, US Founded: 2013 Workforce: 622+ Company Working: Guardant Health (Guardant) is one of the leading precision oncology companies that is focused on helping conquer cancer globally through the use of its proprietary blood-based tests, vast data sets and advanced analytics. The company has provided its offerings to more than 5,000 oncologists, over 40 biopharmaceutical companies, and all 27 of the National Comprehensive Cancer Network centers. The company operates its business through two main geographical segments- the US and International.

Company Headquarters: Dublin, Ireland Founded: 1990 Workforce: ~38,000 Company Working: Icon plc offers a wide range of clinical development, consulting, and commercialization services across 46 countries. It provides a wide range of services, including clinical research services, commercial positioning, functional services provision, laboratories, medical imaging, real-world intelligence, and site & patient solutions. The organization has extensive experience in diverse therapeutic areas such as cardiovascular, cell, and gene therapies, central nervous system, endocrine and metabolic disorders, infectious diseases, internal medicine and immunology, oncology, and pediatrics. Moreover, it operates in markets and industry verticals such as biosimilar, biotech, government & public health solutions, and pharmaceuticals and has operational facilities across 147 locations.

Company Headquarters: Utah, US Founded: 1991 Workforce: 2,400+ Company Working: Myriad Genetics, Inc. (Myriad) is one of the first few genomics companies pioneering in molecular diagnostics. Myriad is one of the leaders in molecular diagnostics with product offerings in the therapeutic areas such as hereditary cancer, urological cancer, lung cancer, autoimmune disorders, and other diseases. In 1996, Myriad introduced the first molecular diagnostic test for hereditary breast and ovarian cancer. The test, BRACAnalysis was widely accepted and later approved by FDA for the companion diagnostics for breast cancer. The company has international headquarters located in Switzerland. Additionally, the Company has laboratories in Austin (Texas), Munich (Germany), Salt Lake City (UT), South San Francisco (CA). Myriad is present in 128 countries and serves its customers through its subsidiaries and distributors.

Company Headquarters: Saluggia, Italy Founded: 2000 Workforce: ~ 1,971 Company Working: DIASORIN S.P.A. is an Italian multinational group and a global leader in the in-vitro diagnostics market. It is one of the listed companies on MTA (Mercato Telematico Azionario) in the FTSE Italia Mid Cap Index, organized and managed by Borsa Italiana S.p.A. It provides its services to hospitals, private testing laboratories of immunodiagnostics, and molecular diagnostics. It is one of the leading healthcare companies that provide services to about 4000 US hospitals and health systems and approximately 165,000 other providers and healthcare organizations. It provides services at lower costs to hospitals and other pharmaceutical industries.

Company Headquarters: Boulder, Colorado US Founded: 2014 Workforce: 500 Company Working: Charlotte's Web Holdings Inc. is involved in the production and distribution of hemp-based, cannabidiol products. There are various products offered by the company which includes tinctures, capsules, and topical. The company distributes its products under Charlotte’s Web and CW names through an e-commerce website, wholesalers, and retailing shops. The company has 3680 retail locations for distributing its products. Earlier the company was known as Stanley Brothers Holdings Inc. and changed its name to Charlotte’s Web in July 2018.

Company Headquarters: California, US Founded: 2009 Workforce: ~50 Company Working: Medical Marijuana Inc. was the world’s first legal supplier of CBD. The company’s focus is on areas such as the development of the international CBD pipeline, the manufacturing of legal cannabis-based consumer products and drugs, and developing new markets for medical cannabis. It offers products such as hemp oils, cannabidiol drops, and tinctures for consumers. It also uses an online portal for the distribution of its products across the world.

Company Headquarters: California, US Founded: 2014 Workforce: ~30 Company Working: Isodiol International Inc. is a leader in pharmaceutical grade phytochemical compounds and an industry leader in the manufacturing and development of consumer products. The company has commercialized naturally isolated CBD with micro-encapsulation and nanotechnology to develop quality consumable and topical skincare products. It offers supplements, vitamins, pharmaceuticals, and various nutraceutical products. The company’s product range involves daily products, CBD pet products, CBD sport products, and skin care products.

Company Headquarters: Ontario, Canada Founded: 2013 Workforce: ~2,000 Company Working: Canopy Growth Corporation, a well-known Canadian company, is engaged in the production, distribution, and marketing of a wide range of cannabis and hemp-based products across the globe. The company operates through two business segments, namely, cannabis, hemp, & other consumer products and Canopy Rivers Inc. It offers renowned brands in the global market, including BioSteel, TWD, Tweed, Tokyo Smoke, First & Free, and DOJA. The firm has a strong presence in Canada, the US, Germany, the UK, Australia, Denmark, Peru, and Brazil.

Company Headquarters: Edmonton, Alberta Founded: 2013 Workforce: 201-500 Company Working: Aurora Cannabis Inc. is a renowned integrated cannabis company with an industry-leading reputation for continuously elevating and setting the global cannabis industry standard.

Company Headquarters: California, US Founded: 1948 Workforce: 6,600 Company Working: Varian Medical Systems, Inc. designs, manufactures, sells, and services medical devices and software products for treating cancer and other medical conditions worldwide. It operates through two segments, namely, oncology systems and proton solutions.

Company Headquarters: Germany Founded: 1889 Workforce: 25,000+ Company Working: The German multinational corporation Rheinmetall AG operates in the automotive and defense industries. The corporation was established in 1889 and had its main office in Düsseldorf, Germany. Two business divisions comprise Rheinmetall: Rheinmetall Automotive, which manufactures automotive components, and Rheinmetall Defense, which manufactures defense equipment and systems. As of 2021, Rheinmetall AG employs over 25.000 individuals and operates in over 40 countries. The defense division of Rheinmetall manufactures a vast array of products and systems, such as combat vehicles, weapon systems, ammunition, electronic systems, simulation and training solutions, and more. The company's automotive division manufactures components for the global automotive industry, including pistons, engine blocks, and camshafts. Rheinmetall AG has been expanding its operations in North America and Asia. It has a significant presence in Europe. Additionally, the corporation has been involved in research and development in the defense and automotive industries. Overall, Rheinmetall AG is a significant player in the defense and automotive industries, offering a wide variety of products on a global scale. Focusing on research and development has allowed the company to remain competitive in both industries.

Company Headquarters: California, US Founded: 1949 Workforce: ~5,600 Company Working: Cubic Corporation is a provider of integrated solutions. The company designs, integrates, and operates systems, products, and services for the transportation, defense C4ISR, and training domains. It operates through three business segments—cubic transportation systems, cubic global defense systems & services, and cubic mission solutions. The cubic transportation systems segment designs, produces, installs, and services electronic revenue collection systems for mass transit projects, including railways and buses. The cubic global defense services segment covers training, operations, intelligence, maintenance, technical, and other services. The cubic global defense systems segment consists of customized military range instrumentation, laser-based training systems, and virtual simulation systems.

Company Headquarters: France Founded: 1974 Workforce: 134 Company Working: DMS Group specializes in high technology solutions that assist the diagnostic medical imaging community. It is involved in manufacturing and distributing imaging systems dedicated to conventional and digital radiology as well as bone densitometry. DMS Group constitutes two subsidiaries, namely, DMS and Apelem.

Company Headquarters: US Founded: 1874 Workforce: ~15,100 Company Working: A. O. Smith is one of the global leaders implementing innovative technologies and energy-efficient solutions in products manufactured and marketed across the world. It is a globally leading manufacturer of residential and commercial water heating equipment and boilers. Moreover, the company offers water treatment products for residential and light commercial purposes. It operates through two reporting segments, namely, North America and the rest of the world. Its rest of world segment primarily comprises China, India, and countries in Europe. A. O. Smith serves customers in more than 60 countries around the world, including the US, Canada, China, India, Mexico, the Netherlands, Turkey, the UK, and Vietnam. The company is part of the S&P 500 Index. Qinyuan, Angel, Midea, and Xiaomi are some of its major competitors in the water treatment market. In India, it competes with Bajaj and Havels in the water heater market, and it competes with Eureka Forbes, Kent, and Hindustan Unilever in the water treatment market.

Company Headquarters: China Founded: 2010 Workforce: ~18,170 Company Working: Xiaomi Inc. operates through four business segments, namely, smartphones, IoT & lifestyle products, internet services, and others with a distribution network spanning across India and countries of South-East Asia, Europe, and South America. The company offers smartphones, Redmi phones, Pocophone, notebook, smart devices, Mi power bank & charging accessories, and other products under various segments. Water purifiers are offered under smart devices. Its Mi Water Purifier has four filtration layers meant for thorough cleansing. Micro-filtration, ultra-filtration, and reverse osmosis (RO) are some of the technologies offered in the Mi Water Purifier. In July 2018, the company was listed on the Main Board of The Stock Exchange of Hong Kong Limited. It primarily competes with companies such as Coway Co., Ltd, A. O. Smith Corporation, and Unilever.

Company Headquarters: Japan Founded: 1946 Workforce: 1,512 Company Working: Kissei Pharmaceutical Co., Ltd (Kissei) is into research and development, manufacture, and sales of pharmaceutical products. It is also into the development and sales of therapeutic and care foods. The company has its laboratories and plants in Japan. It also has a subsidiary named Kissei America, Inc. present in New Jersey, US.

Company Headquarters: Massachusetts, US Founded: 1997 Workforce: 200 Company Working: Keryx Biopharmaceuticals, Inc. (Keryx) is the wholly owned subsidiary of Akebia Therapeutics. The merged company functions under the name of Akebia. It is into developing and delivering therapies to patients suffering from chronic kidney disease.

Company Headquarters: Waltham, Massachusetts, US Founded: 1979 Workforce: ~ 5000 Company Working: Cotiviti Holdings, Inc is a leading analytical company that focuses on improving the quality performance of clients and customers. It operates through segments such as quality improvement, risk adjustment, and network performance management programs. It also provides analytical solutions that help payers to achieve their business objectives. It serves analytical solutions to 25 payers in US healthcare. It is one of the leading providers of analytics-driven payment accuracy and management solutions worldwide. It is primarily focused on the healthcare sector.

Company Headquarters: Sarpsborg, Norway Founded: 1889 Workforce: ~1065 Company Working: Borregaard LignoTech is a subsidiary of Borregaard ASA and is engaged in the development, production, and marketing of specialized biomaterials, biochemical, industrial applications, and biofuels. It operates through the following segments: Performance Chemicals, Specialty Cellulose, and Other Businesses. The Other Businesses segment consists of ingredients, industrial application, fine chemicals, and the Exilva project, among which industrial applications include concrete additives. The company supplies lignin-based high-quality products to the concrete admixture industry. The concrete additives are offered both in liquid and powder form. It has 16 sales office, in 16 countries. It has has production plants in Norway, UK, Germany, Spain, Czech Republic, USA, and 50/50 joint venture in South Africa.

Elkem ASA is a 122-year-old Norwegian metals and materials producer. It has just been through the most consequential restructuring in its modern history. Until April 2026 it was a vertically integrated chain running from quartz to specialty silicones, controlled by China National Bluestar (Sinochem). It is now an independent, widely held company without a controlling owner. It focuses on three divisions: Elkem Silicon (silicon metal, ferrosilicon, Silgrain®, Microsilica® and quartz), Elkem Foundry Alloys (inoculants and nodularisers for iron foundries), and Elkem Carbon (electrode paste and specialty carbon). Its competitive moat rests on hydro-powered Norwegian smelters that CRU places among the lowest-cost silicon producers in the western world, long-term power contracts, and specialist positions in foundry alloys and Söderberg electrode paste. These strengths currently sit against weak silicon and ferrosilicon prices, Chinese overcapacity, new US anti-dumping and countervailing duties, and leverage that is still well above target. A new CEO took office in August 2026. His first full strategic communication is due with the Q3 results and capital markets update on 29 October 2026. --- ### The company's own description In its FY2025 and FY2024 reports, Elkem described itself as one of the world's leading providers of advanced silicon-based materials. It said it develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. It positioned those products as enablers of electric mobility, digital communications, health and personal care, and more sustainable cities (Elkem 4Q-2025 press release, 13 Feb 2026). Since the divestment, the boilerplate has changed. Elkem now calls itself a global metals and materials company established in 1904. It says it combines natural raw materials, renewable energy and advanced process technology to supply strategic materials for a cleaner, smarter and more resilient future (Elkem announcements, July–September 2026). Elkem also states that it runs about 30 sites across Europe, Asia, the Americas and Africa. It claims leading positions in silicon, ferrosilicon, foundry alloys and carbon solutions, serving infrastructure, manufacturing, digitalisation, mobility and energy (prospectus-period descriptions, May 2026). ### Independent characterisation The continuing Elkem is an energy-intensive, upstream-to-midstream metallurgical producer. Most of its earnings come from three kinds of business: 1. **Commodity-exposed smelting.** This covers silicon metal and ferrosilicon made in submerged-arc furnaces. Earnings depend on market prices (European silicon and FeSi indices), the cost of power and reductants, and CO₂ compensation. Elkem's Norwegian hydro-power base and long-term power contracts are its main structural advantage. In June 2026 it signed a new Statkraft PPA covering 2031–2037 for Bjølvefossen. 2. **Specialty grades and by-products.** These include Silgrain® high-purity silicon, Microsilica® (silica fume) for concrete and refractories, and specialty silicon grades for chemicals, aluminium alloys and electronics. Margins here are higher and less volatile. Management repeatedly pointed to the "speciality segments" holding up in 4Q-2025 while commodity grades weakened. 3. **Technical consumables sold to other metallurgical producers.** Foundry alloys (inoculants and nodularisers) and Söderberg electrode paste fall into this group. They are recipe-driven and service-heavy, and earn structurally higher margins. Carbon Solutions has consistently printed EBITDA margins of 24–28% even in weak quarters. **Revenue model.** Revenue comes almost entirely from product sales: physical tonnage under spot, quarterly and annual contracts. There is no material subscription or licensing income. Elkem licenses some furnace and electrode technology to third parties, but this is not separately disclosed and does not appear material. A small amount of "other operating income" comes from sale of power, CO₂ compensation and gains. **Value chain position.** Elkem owns quartz sources and smelters, buys reductants (coal, coke, charcoal, wood chips), produces silicon alloys and by-products, and sells to: - chemical producers, mainly silicone manufacturers (Bluestar/Elkem Silicones is now an external customer) - aluminium alloy producers (silicon as an alloying element) - steel producers (FeSi) - iron foundries (foundry alloys) - ferroalloy and aluminium smelters (electrode paste) - construction materials firms (Microsilica) - solar and electronics, via specialty silicon **End markets.** Construction and infrastructure, automotive and mobility (aluminium castings, iron castings), steel, chemicals and silicones, electronics and digitalisation, solar, refractories, and metallurgy. **Strategic consequence of the Silicones exit.** Before 2026, Silicones made up about 45–50% of group operating income. It brought exposure to China's downstream silicones cycle and an earnings stream that was often negative: EBITDA was −605m in 2023 and +521m in 2024. The continuing group is smaller (about NOK 16bn trailing operating income on the new perimeter, per aggregators). It is more concentrated in Norway and more exposed to European silicon and FeSi prices and trade policy.

Company Headquarters: Massachusetts, US Founded: 2015 Workforce: ~2400 Company Working: GCP Applied Technologies Inc. is a global provider of construction products that include admixtures and additives for concrete and cement. The company also offers high-performance waterproofing products, concrete management, and specialty systems. It operates through two business segments including specialty construction chemicals and specialty building materials. Specialty construction chemicals produce concrete admixtures and cement additives, which enhances the properties of concrete and other cementitious construction materials and improves the performance of Portland cement. Specialty building materials produces building envelope, residential, and specialty construction products that protect structures from water, vapor transmission, air penetration, and fire damage.

Company Headquarters: Charlotte, US Founded: 1967 Workforce: ~ 2,200 Company Working: Premier, Inc operates majorly in health services. It operates through two segments, namely, supply chain services, and performance services. It is one of the leading healthcare companies that provide services to about 4000 US hospitals and health systems and approximately 165,000 other providers and healthcare organizations. It provides services at lower costs to hospitals and other pharmaceutical industries.

Company Headquarters: Middletown, Rhode Island, US Founded: 1982 Workforce: ~600 Company Working: KVH Industries, Inc. is a global leader in mobile connectivity, inertial navigation systems, and maritime VSAT. It designs, manufactures, and provides connectivity and content services globally. It is also a leading manufacturer of high-performance sensors and integrated inertial systems for defense and commercial applications. The company offers its mobile communications products through a network of retailers, chain stores, distributors, and service providers, while its navigation products are sold directly to the US and other governments.

Company Headquarters: Botany, Australia Founded: 1983 Workforce: ~1,500 Company Working: Speedcast International Limited (Speedcast), together with its subsidiaries, provides end-to-end remote communication and IT solutions. The company designs, integrates, secures, and optimizes networks tailored to customer needs by utilizing its extensive local support. It also offers value-added services, such as user applications, network optimization, and network monitoring and management. Furthermore, it sells network equipment directly to customers comprising satellite terminals, routers, modems, and other types of equipment related to the provision of network and value-added services. Speedcast serves more than 2,000 customers in over 140 countries via 39 teleports, including offshore rigs and cruise ships.