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Aaron Spychala

Senior Research Analyst at Craig-Hallum

Aaron Spychalla is a Senior Research Analyst at Craig-Hallum Capital Group, specializing in industrials, clean technologies, industrial services, and technology. He covers specific companies including Arq Inc., Babcock & Wilcox Enterprises, Bowman Consulting Group, CECO Environmental Corp., Daktronics, LSI Industries, Orion Group Holdings, Perma-Fix Environmental Services, Quest Resource Holding Corp., and Shimmick Corporation, with a strong performance track record featuring a 63.9% success rate and 24.6% average return over the past year according to TipRanks. Spychalla has been with Craig-Hallum for nearly 15 years, helping build the industrials practice, after prior roles in investment and financial analysis at Slocum & Associates, Thomson Reuters, and Piper Jaffray. He holds dual BAs from Augsburg College and is a CFA charterholder.

Aaron Spychala's questions to LSI INDUSTRIES (LYTS) leadership

Question · Q2 2026

Aaron Spychala inquired about the growth opportunity and initiatives in the refueling and C-store vertical, specifically regarding mid-sized projects. He also asked about market drivers and potential growth for the Mexico business into FY27, and the current margin status and operational initiatives for the EMI integration.

Answer

President and CEO Jim Clark described the refueling and C-store segment as 'steady' with a healthy pace, driven by multiple smaller, geographically diverse projects. CFO Jim Galeese highlighted the vertical's health and the opportunity to build relationships with new, non-domestic customers. Regarding Mexico, Jim Clark noted a normalization after global chaos, expecting a catch-up in plans and a long-term competitive environment in C-store and grocery. Jim Galeese added that deregulation in Mexico has been a win, with LSI acting as a partner to oil companies. For EMI, Jim Clark reported over 200 basis points of margin improvement, anticipating another year to reach 10.5% and beyond, emphasizing cultural fit and operational efficiency.

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Question · Q2 2026

Aaron Spychala inquired about the opportunity and initiatives behind onboarding multiple mid-sized projects in the refueling and C-store vertical, the market drivers and growth potential in Mexico, and the current margin status and operational initiatives for the EMI integration.

Answer

President and CEO Jim Clark and CFO Jim Galeese described the refueling sector as 'steady' with a pathway through 2026 and into 2027, noting geographic spread and a healthy vertical with new and existing customers. They highlighted Mexico's market normalization and the 'second inning' of growth. Jim Clark also affirmed EMI's strong cultural fit, reporting over 200 basis points of margin improvement with a full year remaining to reach the 10.5% target.

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