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    Aaron Spicella

    Senior Research Analyst at Craig-Hallum Capital Group LLC

    Aaron Spicella is a Senior Research Analyst at Craig-Hallum Capital Group LLC, specializing in software, SaaS, and cloud technology equities. He covers key companies such as Domo, New Relic, Upland Software, and Model N, with a notable track record highlighted by a success rate of approximately 62% and average returns exceeding 9% per recommendation according to TipRanks. Spicella began his analyst career in the early 2010s and joined Craig-Hallum Capital Group in 2018, following previous research roles at firms including Wells Fargo Securities and Canaccord Genuity. He is FINRA-registered with Series 7, 63, and 86/87 licenses, and is recognized for sharp earnings forecasts and frequent inclusion among top-rated software analysts on performance benchmarking platforms.

    Aaron Spicella's questions to Babcock & Wilcox Enterprises (BW) leadership

    Aaron Spicella's questions to Babcock & Wilcox Enterprises (BW) leadership • Q2 2025

    Question

    The analyst inquired about the current demand in the thermal energy sector, the potential for large upgrades and new coal-fired generation, the financial scale of these opportunities, the outlook for the second half of the year, and the company's confidence in achieving positive free cash flow.

    Answer

    The company confirmed strong demand driven by data centers, leading to discussions for up to 20 gigawatts of new generation, including potential new coal plants. While specific project sizes are not yet public, they are substantial and would be in the low hundreds of millions. The outlook for the second half is strong, driven by high-margin parts and services, and the company is confident in achieving positive free cash flow for the second half of 2025, aided by asset sales, debt reduction, and operational performance.

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