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    Amit Dayal

    Research Analyst at H.C. Wainwright & Co., LLC

    Amit Dayal is Managing Director and Senior Technology Analyst at H.C. Wainwright & Co. LLC, specializing in equity research across diverse sectors such as technology, energy, industrials, and consumer. He has provided coverage for companies including Westport Fuel Systems, Archer Aviation, Amprius Technologies, CECO Environmental, and Renesola Ltd, demonstrating a historical price target met ratio of 35% and delivering successful recommendations such as a 71.9% gain on Renesola within 8 days. Dayal began his analyst career at Rodman & Renshaw in the mid-2000s, joining H.C. Wainwright in 2013 after experience advising technology startups and founding his own consulting firm. Holding an MBA from Babson College and advanced commerce degrees from the University of Delhi, he is noted for expertise in growth-oriented, underfollowed stocks and maintains relevant industry credentials.

    Amit Dayal's questions to LSI INDUSTRIES (LYTS) leadership

    Amit Dayal's questions to LSI INDUSTRIES (LYTS) leadership • Q4 2025

    Question

    Amit Dayal questioned whether cross-selling initiatives have begun to yield tangible benefits and asked about the company's risk exposure to a potential consumer spending slowdown, given its focus on retail-facing verticals.

    Answer

    President and CEO Jim Clark confirmed that cross-selling efforts have already been successful, generating 'double-digit millions' in revenue, though he emphasized they are still in the early stages of a multi-year journey. He addressed macro risks by highlighting the company's diversification across different retail verticals (QSR, grocery, refueling, auto), noting that the buying catalysts for each are distinct, which provides a natural hedge against a slowdown in any single area.

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    Amit Dayal's questions to LSI INDUSTRIES (LYTS) leadership • Q3 2025

    Question

    Amit Dayal asked about the extent of cross-selling opportunities between the Lighting and Display segments, the potential tariff impact on LSI's customer base, and the company's competitive niche and acquisition strategy.

    Answer

    CEO Jim Clark stated that significant cross-selling opportunities exist between lighting and display customers, with most of the potential still ahead. He believes the tariff impact on customers' core operations will be minimal, though construction and remodel activities could be affected. Clark emphasized that LSI's unique 'solution sell' approach differentiates it from component-focused competitors, which enhances its position and actually increases M&A opportunities.

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    Amit Dayal's questions to LSI INDUSTRIES (LYTS) leadership • Q1 2025

    Question

    Amit Dayal from H.C. Wainwright questioned the cause of the sequential decline in gross margin, sought clarity on the outlook for double-digit growth in the Display Solutions segment, and asked about potential new markets for the new R290 refrigerated products.

    Answer

    President and CEO James Clark attributed the gross margin dip to product mix, specifically a higher volume of lower-margin non-refrigerated displays, and the ramp-up costs associated with the 90% order increase in grocery. He confirmed the double-digit organic growth expectation for Display Solutions in Q2, driven by grocery recovery and EMI's contribution. Clark also confirmed the new refrigerated products have applications beyond grocery, particularly in the C-store market.

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    Amit Dayal's questions to PIONEER POWER SOLUTIONS (PPSI) leadership

    Amit Dayal's questions to PIONEER POWER SOLUTIONS (PPSI) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. inquired about future gross margin expectations, the company's capacity to manage a strong pipeline from new avenues like robotaxis, the geographic concentration of revenue, and the potential impact of federal budget cuts.

    Answer

    President, CEO & Chairman Nathan Mazurek projected that gross margins should improve from current levels and not erode further. He explained that production capacity is managed through a flexible mix of internal manufacturing and contract manufacturers, with no immediate plans to expand their Minneapolis facility. Mazurek confirmed California is the top market and acknowledged that while states are committed to electrification, any reduction in federal incentives is not helpful.

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    Amit Dayal's questions to AirJoule Technologies (AIRJ) leadership

    Amit Dayal's questions to AirJoule Technologies (AIRJ) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. questioned the value proposition of the A250 unit, its target customers, potential order volumes, customer validation timelines, and the estimated cost savings for a data center using the larger A1000 system.

    Answer

    Chief Commercialization Officer Bryan Barton confirmed the A250's primary value is a significant (up to 80%) energy saving for industrial dehumidification, targeting markets like battery manufacturing and corrosion-prevention storage. He noted a large existing market suggests high volume potential. For the A1000, Barton and CEO Matt Jore highlighted its value in providing an attractive levelized cost of water, enabling data center development in water-scarce regions and potentially accelerating permitting.

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    Amit Dayal's questions to AirJoule Technologies (AIRJ) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the A250 product, questioning if its value is primarily energy savings, its ideal customer settings, potential order volumes, and the customer validation timeline. He also inquired about the savings a data center could realize with the A1000.

    Answer

    Chief Commercialization Officer Brian Barton confirmed the A250's primary value is significant energy savings for industrial dehumidification in markets like battery manufacturing, pharmaceuticals, and high-value asset storage. He noted substantial future volume potential after a validation period. Regarding the A1000, Barton and CEO Matt Joar highlighted its ability to provide water security at an attractive levelized cost, which can accelerate permitting for new projects, especially in water-scarce regions.

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    Amit Dayal's questions to AirJoule Technologies (AIRJ) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the A250 product, its value proposition, target customers, potential order sizes, and the expected validation timeline. He also inquired about the potential cost savings for a data center using the larger A1000 system.

    Answer

    Chief Commercialization Officer Bryan Barton confirmed the A250's primary value is up to 80% energy savings for industrial dehumidification in markets like battery manufacturing, pharmaceuticals, and high-value asset storage. He noted the product launch is targeted for mid-2026, with customer validation times varying. Regarding the A1000, Barton and CEO Matt Jore highlighted its ability to provide an attractive levelized cost of water, enabling data center development in water-scarce locations and potentially accelerating permitting.

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    Amit Dayal's questions to Electrovaya (ELVA) leadership

    Amit Dayal's questions to Electrovaya (ELVA) leadership • Q3 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. questioned the seemingly conservative $60 million revenue guidance for the fiscal year, given the strong results and optimistic commentary. He also asked for growth expectations for fiscal 2026 and more details on the upcoming recurring revenue products, including their business model.

    Answer

    CEO Rajshekar DasGupta confirmed that the company expects to beat the $60 million guidance and that Q4 will be a growth quarter. For fiscal 2026, he anticipates continued growth but noted the rate is hard to predict due to the immaturity of new verticals. He detailed two recurring revenue streams launching in fiscal 2026: an AI-driven demand response service and an 'energy as a service' model, which may be structured through a special purpose vehicle to keep batteries off Electrovaya's balance sheet.

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    Amit Dayal's questions to Electrovaya (ELVA) leadership • Q1 2025

    Question

    Inquired about the development stage of solid-state batteries, the status of energy storage opportunities, and the planned capacity and ramp-up timeline for the Jamestown facility.

    Answer

    The solid-state batteries are still in the lab for further optimization before being sent to customers. One energy storage project is expected to materialize this fiscal year, though the company is cautious due to market price sensitivity. The Jamestown facility will have ~$200M in capacity, with system assembly starting in April 2025 and cell production in mid-2026.

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    Amit Dayal's questions to Electrovaya (ELVA) leadership • Q3 2024

    Question

    Asked about the scale of non-material handling orders in fiscal 2025, the revenue mix outlook, whether financing is a bottleneck and its expected timeline, and for clarification on a co-investment mentioned in the press release.

    Answer

    The CEO projected that non-material handling revenue would become meaningful in FY25, starting in Q2, though material handling will remain over 90% of the business. He acknowledged financing has been a factor and expects the working capital facility to close by September and to have an agreement for the Jamestown facility around the same time. The co-investment was clarified as a cost-sharing development project with a major OEM partner for a new material handling vehicle.

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    Amit Dayal's questions to Electrovaya (ELVA) leadership • Q3 2024

    Question

    Amit Dayal questioned the nature of non-material handling orders for fiscal 2025, asking if they are still at a pilot level and what the expected revenue mix might be. He also asked if financing constraints are holding back growth and sought a timeline for securing the necessary facilities. Lastly, he requested clarification on the 'co-investment for new product development' mentioned in the press release.

    Answer

    CEO Rajshekar Gupta projected that non-material handling revenue would constitute over 10% of total revenue in fiscal 2025, with meaningful contributions starting in Q2. He acknowledged financing has been a factor but expects the working capital facility to close by the end of September and an agreement for the Jamestown facility to be formed around the same timeframe. CFO John Gibson added that the company has achieved significant growth even with limited financing. Gupta clarified that the 'co-investment' refers to a cost-sharing development project with a major OEM partner for a new industrial material handling vehicle.

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    Amit Dayal's questions to SURF AIR MOBILITY (SRFM) leadership

    Amit Dayal's questions to SURF AIR MOBILITY (SRFM) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. inquired about the go-to-market strategy for the Surf OS platform, the certification timeline for the company's electrification initiatives, and the potential for further profitability improvements in the airline operations segment.

    Answer

    CFO Oliver Reeves explained that the Surf OS go-to-market strategy is currently focused on product development and identifying pain points during the beta phase, with monetization likely tied to a take-rate on efficiency gains. Co-Founder & Director Sudhin Shahani confirmed the company is still on track for a late 2027 timeline for its electrification initiative. CEO & COO Deanna White stated that while operations have stabilized, there is still upside for profitability as tools like Operator OS are rolled out across the entire network.

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    Amit Dayal's questions to SURF AIR MOBILITY (SRFM) leadership • Q1 2025

    Question

    Amit Dayal asked about the timeline for adding new profitable routes after exiting unprofitable ones and questioned the progress and commercialization strategy for the SurfOS platform.

    Answer

    Executive Deanna White stated that new Tier 1 routes are not planned until 2026, as the company is still managing the exit from some EAS routes at the DOT's request. Executive Oliver Reeves added that for the on-demand business, they are exploring pre-buys of capacity to boost profitability. Regarding SurfOS, Reeves confirmed a full commercial rollout is planned for 2026 after integrating feedback from current beta users. White noted that SurfOS modules are already being used and refined within their own operations.

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    Amit Dayal's questions to SURF AIR MOBILITY (SRFM) leadership • Q4 2024

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the monetization timeline for new SurfOS customers, potential 2025 milestones for electrification JVs, the outlook for operating costs in 2025, and the company's current liquidity position.

    Answer

    Executive Sudhin Shahani stated that the initial SurfOS customers are beta users in a pre-revenue phase and that discussions for electrification JVs are ongoing with no final decisions made. Executive Oliver Reeves confirmed a 'laser focus' on reducing airline operating costs to achieve profitability in 2025 and noted that the company will be strategic about any future capital raises to ensure they create shareholder value.

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    Amit Dayal's questions to BROADWIND (BWEN) leadership

    Amit Dayal's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. questioned what additional steps are being taken to capitalize on growing power generation demand. He also sought clarification on a new tower order's impact on the backlog and asked for an outlook on the wind business, contrasting negative headlines with the company's positive commentary.

    Answer

    CEO Eric Blashford responded that the company has expanded its independent sales rep network, particularly in the western U.S., and is increasing capacity in its Industrial Solutions and Gearing segments. He clarified that the tower order mentioned was a challenging one already in the backlog, not a new one. He also noted that with a long-term agreement now complete, future purchase orders from that key customer will be counted as new orders. Regarding wind, Blashford stated that the 45X tax credits, while ending sooner, could pull project demand forward into 2026 and 2027.

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    Amit Dayal's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. asked about strategies to capitalize on growing power generation demand, sought clarification on a new tower order, and questioned the outlook for the wind business given market sentiment.

    Answer

    CEO Eric Blashford explained that the company is expanding its sales force, increasing production capacity, and launching new products like the L70 compressed natural gas unit to capture power generation opportunities. He clarified that the 'new tower' reference concerned manufacturing challenges with a large, previously-booked order. Regarding wind, Blashford noted that tax credit deadlines ending in 2028 and project start deadlines in 2026 could pull forward demand in the near term.

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    Amit Dayal's questions to BROADWIND (BWEN) leadership • Q4 2024

    Question

    Amit Dayal sought clarification on the contrast between low project activity and high order activity. He also asked how potential tariffs are reflected in the 2025 guidance and about the nature of the company's new hydroelectric offering.

    Answer

    CEO Eric Blashford clarified that muted 'project activity' refers to active new wind tower orders, while strong 'order activity' reflects future bookings in growing non-wind markets. He explained that tariff risks are managed through pass-through clauses and prudent quoting, noting that tariff news has actually increased onshoring inquiries. He described the hydroelectric work as a recurring revenue opportunity from refurbishing existing dams, which leverages the company's existing heavy fabrication capabilities.

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    Amit Dayal's questions to BROADWIND (BWEN) leadership • Q3 2024

    Question

    Amit Dayal of H.C. Wainwright & Co., LLC inquired about Broadwind's specific product offerings for the non-wind power generation market and the company's revenue growth strategies beyond cost-cutting initiatives.

    Answer

    CEO Eric Blashford explained that the Industrial Solutions segment serves the strong combined-cycle natural gas turbine market with supply chain solutions and custom fabrications. He outlined a three-part growth strategy focused on improving process capabilities, obtaining key quality certifications like AS9100 for aerospace, and expanding the commercial team, which has tripled quoting activity. CFO Tom Ciccone added a focus on marketing non-gearing precision machining capabilities.

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    Amit Dayal's questions to Archer Aviation (ACHR) leadership

    Amit Dayal's questions to Archer Aviation (ACHR) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the capital allocation towards the defense opportunity, given the strong balance sheet, and inquired about potential catalysts on the defense front.

    Answer

    Chief Technology Officer Tom Muniz stated that capital is not formally separated between commercial and defense, as engineering resources are shared and transition as programs mature. He emphasized that the defense strategy targets a 'program of record' with a purpose-built aircraft, not just a hybridized eVTOL. He described the opportunity as global and significant, representing a clear advantage for Archer.

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    Amit Dayal's questions to Archer Aviation (ACHR) leadership • Q1 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. inquired about how aircraft build costs are tracking against prior expectations and the potential impact of trade tariffs.

    Answer

    CEO Adam Goldstein explained that it is too early to assess cost efficiencies given the current low production volumes, but reiterated the company's belief that it can achieve target gross margins at an annual production rate of approximately 250 aircraft. He stated that due to a domestic-first sourcing strategy, Archer has limited exposure to tariffs and does not anticipate a material impact on costs.

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    Amit Dayal's questions to Archer Aviation (ACHR) leadership • Q4 2024

    Question

    Amit Dayal of H.C. Wainwright & Co. asked about the corporate structure of the Anduril partnership, the operational and revenue model with Abu Dhabi Aviation (ADA), and the progress of vertiport infrastructure development.

    Answer

    CEO Adam Goldstein confirmed Archer will not create a new entity for the Anduril partnership, instead leveraging existing resources. For the ADA partnership, he described a fixed-price model where Archer is paid to help stand up the local network, preparing it for larger fleet orders, rather than earning per-trip revenue. He highlighted significant infrastructure progress in the UAE, utilizing existing helipads and converting key locations into vertiports with partners like Falcon Aviation.

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    Amit Dayal's questions to Archer Aviation (ACHR) leadership • Q3 2024

    Question

    Amit Dayal of H.C. Wainwright & Co. asked how Archer's UAE commercialization strategy compares to its U.S. plans and what financial or operational burden the company anticipates for readying U.S. launch sites.

    Answer

    CEO Adam Goldstein contrasted the two approaches. The UAE plan is a clear, revenue-generating path leveraging existing infrastructure and partners with minimal financial burden. In the U.S., the initial focus is on a learning phase with partners like United to establish operational capabilities (e.g., charging, airport integration). Goldstein believes this can be done with minimal capital investment from Archer and could potentially be cash flow positive due to strong customer interest in early engagement.

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    Amit Dayal's questions to Gevo (GEVO) leadership

    Amit Dayal's questions to Gevo (GEVO) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the potential variance on the $10 million quarterly CFPC benefit, the path to $30 million in annual CDR sales, and if 45Z clarity would accelerate ATJ project timelines.

    Answer

    CFO Leke Agiri stated the $10 million/quarter CFPC guidance is a conservative, stressed number. CBO Paul Bloom detailed that CDR growth will come from shifting value from fuel markets and leveraging high-quality credits. CEO Patrick Gruber and COO Chris Ryan noted that while helpful, 45Z clarity doesn't dramatically speed up ATJ projects due to the credit's 2029 expiration and existing engineering and financing timelines.

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    Amit Dayal's questions to Gevo (GEVO) leadership • Q1 2025

    Question

    Amit Dayal of H.C. Wainwright asked about the market for Gevo's carbon abatement product and whether it was established. He also sought confirmation on the timing for monetizing 45Z tax credits and if this would lead to positive adjusted EBITDA in Q2 or for the full year.

    Answer

    Chief Business Officer Paul Bloom explained that a growing market already exists for durable carbon dioxide removals (CDRs), specifically from bioenergy with carbon capture and sequestration (BECCS), which Gevo is positioned to expand into. CEO Patrick Gruber added that Gevo expects to monetize 45Z credits "sooner rather than later" and that the company's goal is to achieve positive adjusted EBITDA for the full year, making its operations self-sufficient.

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    Amit Dayal's questions to Gevo (GEVO) leadership • Q4 2024

    Question

    Amit Dayal of H.C. Wainwright & Co. inquired about the profile of potential equity investors for the Net-Zero 1 SPV, the timeline for securing this equity relative to the DOE loan, monetization options for carbon capture at the North Dakota facility, and the status of the RNG expansion.

    Answer

    CEO Patrick Gruber stated the SPV investors are a mix of strategic, specialty, and financial funds, and securing their commitment is a prerequisite for the DOE loan, targeted for late 2025. He noted contract tweaks for carbon value are ongoing. Chief Business Officer Paul Bloom explained carbon capture can be monetized either bundled with renewable fuel or as separate Carbon Dioxide Removal (CDR) credits. Gruber confirmed the RNG capacity was already expanded to 400,000 MMBtu.

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    Amit Dayal's questions to BIOHARVEST SCIENCES (BHST) leadership

    Amit Dayal's questions to BIOHARVEST SCIENCES (BHST) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. requested an overview of the company's sales channels expected by year-end, asked for more detail on the profile of the new 'HealthPros' affiliates, and questioned if there was further room for gross margin expansion beyond the current 60%.

    Answer

    CEO Ilan Sobel explained that the primary sales channels are vineyard.com (80%) and Amazon (20%), with the new 'HealthPros' affiliate channel expected to become a major contributor. He described the HealthPros as highly skilled professionals like doctors and trainers who will act as an educated sales force, driving growth with higher marketing efficiency. Sobel confirmed there is still room for margin improvement through process optimization, scale, and product mix, while reiterating a commitment to stable pricing for the core product.

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    Amit Dayal's questions to BIOHARVEST SCIENCES (BHST) leadership • Q2 2025

    Question

    Inquired about the company's sales channels by year-end, sought clarification on the profile of the 'Health Pros' in the new affiliate program, and asked about the potential for further gross margin expansion beyond 60%.

    Answer

    The CEO detailed the sales channels: vineyard.com (80%), Amazon (20%), a growing direct-to-doctor business, and international sales. The new HealthPros channel is a major strategic initiative targeting highly skilled professionals like doctors and nutritionists, not just influencers. Regarding margins, there is still room for improvement through process optimization, scale, and product mix, despite the rapid expansion from 6% to 60% already achieved.

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    Amit Dayal's questions to Calumet, Inc. /DE (CLMT) leadership

    Amit Dayal's questions to Calumet, Inc. /DE (CLMT) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the key catalysts needed to overcome macro overhangs and trigger a margin recovery for Montana Renewables. He also inquired about the potential timeline for the monetization of the Montana Renewables asset, questioning if it's now a post-2026 event.

    Answer

    CEO Todd Borgmann identified the finalization of the RVO, clarity on SREs, and the market working through the 2024 RIN overhang as the primary catalysts for margin recovery. He noted this could happen late in the current year or as the new RVO takes effect in 2026. On the MRL monetization, Borgmann asserted that a 2026 transaction is not off the table, contingent on achieving a few quarters of demonstrated strong earnings once margins improve.

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    Amit Dayal's questions to Calumet, Inc. /DE (CLMT) leadership • Q1 2025

    Question

    Amit Dayal from H.C. Wainwright & Co., LLC sought clarification on how Calumet plans to achieve higher MaxSAF volumes with significantly lower capital expenditure and asked if this development triggers the release of the remaining DOE loan funds.

    Answer

    EVP Bruce Fleming clarified that the increased SAF output leverages the latent capacity of the existing hydrocracker, requiring only a modest $20-$30 million investment for constraint removal, rather than a major new build. He explained that the remaining DOE loan funds (Tranche 2) are a construction draw facility that will be tapped over the next few years as the full 300-million-gallon build-out progresses, and is not tied to this specific interim step.

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    Amit Dayal's questions to Calumet, Inc. /DE (CLMT) leadership • Q3 2024

    Question

    Amit Dayal questioned the process for the $150 million equity investment required for the DOE loan's Tranche 1 and asked for clarification on why the Q3 2023 MRL adjusted EBITDA was significantly higher than the current quarter's.

    Answer

    CEO Todd Borgmann explained that the $150 million equity infusion has been planned and will be funded by existing Montana Renewables investors, not requiring a public equity offering. He clarified that the higher Q3 2023 EBITDA was a result of much stronger industry index margins for renewable diesel before the RVO reset, which better represents the business's earnings power in a normal margin environment.

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    Amit Dayal's questions to Amprius Technologies (AMPX) leadership

    Amit Dayal's questions to Amprius Technologies (AMPX) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co., LLC asked for the outlook on gross margins and operating expenses, probing for potential operating leverage. He also inquired about the potential size of contracts in the company's sales pipeline.

    Answer

    CFO Sandra Wallach confirmed that gross margins are expected to remain positive and continue to grow, albeit with some normal quarterly variation. She also projected that operating expenses would remain lean, creating operating leverage as revenue scales. President Tom Stepien did not comment on the size of specific deals but reiterated the strategy of deepening engagement with the company's large customer base to secure design wins.

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    Amit Dayal's questions to Amprius Technologies (AMPX) leadership • Q1 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. questioned if the strong backlog growth would lead to sequential revenue improvements through 2025 and asked about the potential for new product offerings to cannibalize existing ones.

    Answer

    Executive Kang Sun affirmed that he expects revenue growth, citing a strong pipeline and advanced customer qualifications. On cannibalization, he acknowledged it is a possibility but framed it as a deliberate strategy to 'kill our old technology ourselves' to stay ahead of the competition. He clarified that new products are typically aimed at new applications or performance upgrades, not replacing batteries in older device designs.

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    Amit Dayal's questions to Amprius Technologies (AMPX) leadership • Q4 2024

    Question

    Amit Dayal inquired about the expected revenue cadence for 2025, the potential revenue level needed to achieve positive gross margins, and the technological differences in batteries required for large applications like eVTOL.

    Answer

    CFO Sandra Wallach indicated an expectation for sequential growth in 2025 but cautioned that Q1 could face headwinds from the changing funding landscape; she did not provide a specific target for gross margin breakeven. CEO Kang Sun explained that the company's current battery chemistry is very robust and suitable for the eVTOL market without needing major inventions, only minor adjustments for specific performance requirements.

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    Amit Dayal's questions to AEMETIS (AMTX) leadership

    Amit Dayal's questions to AEMETIS (AMTX) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright asked about the future monetization strategy for production tax credits, the formal progress of the India subsidiary's IPO, and the intended use of proceeds from the potential public offering.

    Answer

    Todd Waltz, Executive VP & CFO, explained that Section 45Z tax credit sales will become a recurring quarterly revenue item, with Q3 expected to include a catch-up from the first half of 2025. Regarding the India IPO, he noted the new India CFO is in place, public filings are expected in the fall, and proceeds would be used for both parent company debt repayment and to fund expansion in India's attractive ethanol market.

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    Amit Dayal's questions to AEMETIS (AMTX) leadership • Q3 2024

    Question

    Amit Dayal inquired about the RNG business growth path beyond 1 million MMBtus, the company's future working capital needs, the timeline for the planned India IPO, and the expected timing of the next India biodiesel contract.

    Answer

    Founder, Chairman, and CEO Eric McAfee detailed the RNG ramp-up to 1 million MMBtus in 2026, with a total potential of 1.65 million MMBtus from 48 signed dairies. He explained that business segments are largely self-funding, so capital is used for asset growth financed by USDA loans, not operations. He confirmed the India IPO is progressing, accelerated by new leadership, with timing dependent on market conditions. He also stated the new India contract is expected within a week or two.

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    Amit Dayal's questions to Joby Aviation (JOBY) leadership

    Amit Dayal's questions to Joby Aviation (JOBY) leadership • Q2 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. asked for a more precise timeline for completing certification and beginning operations. He also inquired when the Blade acquisition is expected to close and begin contributing to Joby's financials.

    Answer

    Founder and CEO JoeBen Bevirt reiterated the guidance that TIA flights with Joby pilots will begin later this year, with FAA pilots flying for certification credit in early 2026. CFO Rodrigo Brumana stated that the Blade deal was just signed and is expected to take a few weeks to close, with further guidance to be provided at that time.

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    Amit Dayal's questions to Joby Aviation (JOBY) leadership • Q1 2025

    Question

    Amit Dayal from H.C. Wainwright asked about the speed of international market entry post-U.S. certification, the potential impact of trade negotiations on this process, and the average cost to build a vertiport.

    Answer

    Executive Chairman Paul Sciarra stated that Joby has been proactively engaging with regulators in the UK, Japan, and the UAE, leveraging bilateral agreements with the FAA to enable near-synchronous certification. Founder and CEO JoeBen Bevirt added that U.S. trade policy could create upside opportunities and estimated vertiport costs from hundreds of thousands to millions of dollars, depending on scale.

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    Amit Dayal's questions to Joby Aviation (JOBY) leadership • Q4 2024

    Question

    Amit Dayal asked if the Toyota investment was straight equity, whether Joby would participate in revenues from Dubai operations, and if there was any color on the unit economics for those operations.

    Answer

    Executive Chairman Paul Sciarra confirmed the Toyota investment is entirely straight equity with no warrants. Founder and CEO JoeBen Bevirt clarified that the Dubai operations will be 'Joby-owned and operated' by a local Joby team, ensuring participation in operational revenues. However, he stated that it was 'a little bit early' to discuss specific unit economics.

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    Amit Dayal's questions to Joby Aviation (JOBY) leadership • Q3 2024

    Question

    Amit Dayal asked for a potential end date for certification, details on the infrastructure build-out in Dubai, whether the service would integrate with Uber, and the flight distances of current prototypes.

    Answer

    Executive Chairman Paul Sciarra stated no specific end date for certification is being given, but the path is clear. CEO JoeBen Bevirt confirmed their partner Skyports will build the vertiports in Dubai. CPO Eric Allison noted multimodal integration is key for the service. President of Aircraft OEM Didier Papadopoulos added that prototypes are regularly flying typical 20-30 mile missions, in line with expectations.

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    Amit Dayal's questions to NPK International (NPKI) leadership

    Amit Dayal's questions to NPK International (NPKI) leadership • Q2 2025

    Question

    Inquired about the current stage of the utility transmission project cycle and the company's strategy and urgency regarding potential acquisitions given their strong balance sheet.

    Answer

    The company believes it is still in the early stages of a robust, multi-year wave of spending on transmission infrastructure. Regarding acquisitions, they are in a good position to be thoughtful and are considering complementary opportunities in their core market but are not in a rush and will not overpay.

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    Amit Dayal's questions to NPK International (NPKI) leadership • Q2 2025

    Question

    Amit Dayal asked about the current stage of the utility transmission project deployment cycle and the expected runway for growth in that sector. He also questioned the company's approach to potential acquisitions, including target areas and the level of urgency to deploy capital for inorganic growth.

    Answer

    President and CEO Matthew Lanigan stated that the industry is still in the early stages of a robust, multi-year transmission spending wave, based on customer feedback and utility CapEx plans. Regarding M&A, Lanigan and SVP & CFO Gregg Piontek emphasized a thoughtful and disciplined approach, focusing on complementary businesses without overpaying, noting they are in a strong position and not in a rush.

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    Amit Dayal's questions to NPK International (NPKI) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. inquired about the current stage of the utility and transmission project deployment cycle and the company's strategy for potential acquisitions, given its strong balance sheet and positive cash flows.

    Answer

    President and CEO Matthew Lanigan stated that the industry is still in the early stages of a robust, multi-year transmission spending wave. Regarding M&A, both Lanigan and SVP & CFO Gregg Piontek emphasized a thoughtful and disciplined approach, considering complementary acquisitions in core markets without rushing or overpaying.

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    Amit Dayal's questions to NPK International (NPKI) leadership • Q2 2025

    Question

    Amit Dayal asked about the current stage of the utility transmission project deployment cycle and the expected runway for growth in that sector. He also questioned the company's appetite and strategy for potential acquisitions to drive further growth, given its strong balance sheet.

    Answer

    President and CEO Matthew Lanigan stated that the industry is still in the early stages of a robust, multi-year transmission spending wave, based on customer feedback and utility CapEx plans. Regarding M&A, Lanigan noted they are thoughtfully considering complementary acquisitions in their core markets but are not in a rush and will remain disciplined to avoid overpaying.

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    Amit Dayal's questions to Vertical Aerospace (EVTL) leadership

    Amit Dayal's questions to Vertical Aerospace (EVTL) leadership • H1 2025

    Question

    Amit Dayal of H.C. Wainwright & Co. questioned whether the Acitory partnership would reduce Vertical's future manufacturing CapEx and asked what milestones were needed to begin building a defense order book.

    Answer

    CEO Stuart Simpson deferred specific CapEx questions to the upcoming Capital Markets Day but praised the Acitory partnership. Regarding defense, he explained that the critical milestone—developing the hybrid powertrain's control algorithm—is complete. He stated that the recent public flight at a major military airshow has generated significant discussions, positioning the company well to secure defense interest.

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    Amit Dayal's questions to Vertical Aerospace (EVTL) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. questioned if the new partnership with Acitory would lead to lower internal CapEx for manufacturing and asked about the necessary milestones within the EU defense sector to begin securing an order book.

    Answer

    CEO Stuart Simpson deferred specific CapEx details to the upcoming Capital Markets Day but highlighted the strength of the Acitory partnership. Regarding defense orders, he stated the key technical hurdle—the hybrid control algorithm—is already solved. The next step is public flight demonstration, noting that the recent flight at a major military air show has already generated significant discussions with numerous militaries.

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    Amit Dayal's questions to Vertical Aerospace (EVTL) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. questioned whether the partnership with Acitory would lower Vertical's future manufacturing CapEx needs. He also asked about the milestones required to begin building a defense order book.

    Answer

    CEO Stuart Simpson deferred detailed CapEx questions to the upcoming Capital Markets Day but expressed excitement about the partnership with Acitory. Regarding defense orders, Simpson stated that the key milestones are proving the hybrid powertrain, which is already well-developed, and flying it publicly in the aircraft next year. He noted that the recent flight at the RIAT military air show has already generated significant discussions with multiple militaries.

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    Amit Dayal's questions to TIGO ENERGY (TYGO) leadership

    Amit Dayal's questions to TIGO ENERGY (TYGO) leadership • Q2 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked if Tigo Energy expects to achieve positive adjusted EBITDA for the full year 2025, questioned the potential for international markets to offset any U.S. slowdown, and inquired about future operating expense trends.

    Answer

    CFO Bill Roeschlein confirmed the expectation for a positive adjusted EBITDA year. He explained that Tigo is less exposed to a U.S. slowdown as it gains share in the 'long tail' and repower markets, which are areas where it hasn't relied on certain federal credits. CEO Zvi Alon affirmed this, stating they are growing market share despite challenges. Roeschlein also noted that cash operating expenses will remain relatively flat, demonstrating operating leverage as revenues grow.

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    Amit Dayal's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Amit Dayal's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q1 2025

    Question

    Amit Dayal inquired about the timing of cash proceeds from the Light-Duty divestiture, the key drivers for Cespira's margin improvement, progress on the North American CNG opportunity, and the strategic importance of the Chinese market.

    Answer

    Executive Bill Larkin confirmed the cash proceeds from the divestiture are expected to be on the Q2 balance sheet. CEO Daniel Sceli explained that Cespira's profitability hinges on increased volume, cost reductions, and supply chain efficiencies. Sceli also highlighted a significant market shift back towards natural gas in North America and reaffirmed China's critical role, which accounts for about half of the High-Pressure Controls & Systems revenue.

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    Amit Dayal's questions to FUEL TECH (FTEK) leadership

    Amit Dayal's questions to FUEL TECH (FTEK) leadership • Q1 2025

    Question

    Amit Dayal inquired about the impact of the current political environment on business, potential partners for the growing datacenter opportunity, the scale of the datacenter pipeline, and the necessary catalysts for the Mexico opportunity to materialize.

    Answer

    Vincent Arnone, Chairman, President and CEO, stated that current business drivers like industrial expansion and power generation demand remain strong, independent of the political climate. For datacenters, he confirmed Fuel Tech is working with major OEM suppliers and tech companies, noting that contracts could be substantial, with individual units costing $1-2 million and sites requiring multiple units. Regarding Mexico, Arnone explained that the primary catalyst needed is for the Mexican government to allocate funds for pollution remediation.

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    Amit Dayal's questions to Eve Holding (EVEX) leadership

    Amit Dayal's questions to Eve Holding (EVEX) leadership • Q1 2025

    Question

    Amit Dayal from H.C. Wainwright & Co. asked about the development progress of the software for the services business and inquired about the company's long-term financing options beyond 2026.

    Answer

    CTO Luiz Valentini stated that the services software is being actively developed in collaboration with potential operators to ensure it meets their needs. CEO Johann Christian Jean Bordais confirmed that while Eve is funded through 2026, it has multiple future funding options, including grants, ECA debt, and additional facilities from the Brazilian Development Bank.

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    Amit Dayal's questions to Eve Holding (EVEX) leadership • Q4 2024

    Question

    Amit Dayal asked if the planned $30 million in 2025 CapEx would cover the full cost of the manufacturing facility. He also inquired about the marketing status of the Eve TechCare offering and whether there is evidence of infrastructure investments being made by partners in the eVTOL ecosystem.

    Answer

    CFO Eduardo Couto clarified that the total manufacturing plant CapEx will be around $100 million, for which funding is already secured via a long-term loan, with the majority to be spent in 2026. CEO Johann Christian Jean Bordais stated that TechCare is being actively discussed with customers who desire a comprehensive OEM support solution. He also confirmed that Eve is working with partners to develop the necessary ecosystem, initially leveraging existing heliports while pushing for new vertiport infrastructure that can serve multiple eVTOL operators.

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    Amit Dayal's questions to Eve Holding (EVEX) leadership • Q3 2024

    Question

    Amit Dayal asked about the significance of launching the TechCare offering years ahead of operations and inquired about its potential for early monetization and future milestones.

    Answer

    CEO Johann Bordais emphasized that launching TechCare early is critical for preparing the entire support ecosystem to ensure a successful and reliable entry-into-service. He detailed the necessary components, including a 24/7 care center, technician and pilot training via the ECTS joint venture, and material solutions. The goal is to have the operational framework ready to prevent aircraft from being grounded, which is a key part of Eve's value proposition to customers.

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    Amit Dayal's questions to FTC Solar (FTCI) leadership

    Amit Dayal's questions to FTC Solar (FTCI) leadership • Q1 2025

    Question

    Amit Dayal questioned the drivers behind management's confidence in reaching adjusted EBITDA breakeven by year-end, asking if it was based on volume or pricing. He also asked about the future plans for the company's 2P tracker product line.

    Answer

    President and CEO Yann Brandt attributed the confidence to the company's inflection point and the successful ramp-up of its 1P product, which now constitutes 90% of bidding activity. He stated that FTC is gaining visibility on nearly all major projects and is positioned to take market share, with growth driven by the compelling value of its new technology. Regarding the 2P product, Brandt confirmed it is no longer a priority for R&D investment and will be used for niche applications, with the primary focus remaining on the 1P Pioneer platform.

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    Amit Dayal's questions to PLUG POWER (PLUG) leadership

    Amit Dayal's questions to PLUG POWER (PLUG) leadership • Q4 2024

    Question

    Amit Dayal asked about the validity of the existing sales pipeline in the current macro environment and how execution against that backlog might have changed.

    Answer

    EVP Sanjay K. Shrestha affirmed the existing backlog is solid and that 2025 execution is focused on this backlog, particularly for the electrolyzer business, which he expects will see a growth rate similar to the 60%+ experienced in 2024. He noted that significant new electrolyzer bookings would primarily contribute to revenue in 2026 and beyond, confirming the current backlog's stability.

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    Amit Dayal's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Amit Dayal questioned the delivery timeline for the 8-gigawatt of Basic Engineering and Design Package (BEDP) contracts and their dependency on regulatory incentives.

    Answer

    EVP Sanjay Shrestha explained that while timelines vary, Plug expects over one gigawatt from this pipeline to reach a final investment decision (FID) and convert to firm orders during 2025. He clarified that the majority of the 8 GW pipeline is in Europe and Australia, making it largely independent of U.S. policy, with only about 300 megawatts of the opportunity tied to the U.S. market.

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    Amit Dayal's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Amit Dayal of H.C. Wainwright inquired about the delivery timeline for the 8-gigawatt of BEDP contracts, their dependence on regulations, and the company's view on nuclear power as a competitor to hydrogen.

    Answer

    Executive Sanjay K. Shrestha explained that while timelines vary, they expect over a gigawatt of the 8 GW in BEDPs to reach a final investment decision (FID) in 2025. He noted the majority of this pipeline is in Europe and Australia, making it largely independent of U.S. policy. CEO Andrew Marsh viewed nuclear as complementary, not competitive, envisioning it as a baseload power source to generate low-cost hydrogen during off-peak hours, which would then be used in fuel cells to power the grid during peak hours.

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    Amit Dayal's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Asked about the delivery timeline and regulatory dependence of the 8 GW electrolyzer pipeline, and the relationship between nuclear power and hydrogen.

    Answer

    Over 1 GW of the 8 GW BEDP pipeline is expected to convert to firm orders in 2025. The pipeline is mostly international (Europe, Australia) and not dependent on US regulations. The company views nuclear and hydrogen as complementary technologies for a future stable, clean grid.

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    Amit Dayal's questions to ORION ENERGY SYSTEMS (OESX) leadership

    Amit Dayal's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q3 2025

    Question

    Inquired about the government contract exposure within the $100-$200 million backlog, the current composition of inventory and potential for write-offs, and the strategy for acquiring new maintenance customers.

    Answer

    The company stated that the backlog has no federal government exposure, though some is in the municipal space. Inventory levels have been significantly reduced and no write-offs are expected. New maintenance customer wins have been internally generated by a bolstered sales team.

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    Amit Dayal's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q2 2025

    Question

    Asked about the potential impact of U.S. election results and tariff changes on the business, and how Orion is positioned to benefit from the onshoring of manufacturing and related infrastructure build-outs.

    Answer

    Management stated that potential new tariffs on imports would likely be favorable for Orion due to its domestic manufacturing capabilities. They also confirmed that Orion is actively participating in opportunities related to onshoring and new construction, particularly through its TritonPro product line, which is well-suited for new builds like manufacturing facilities and warehouses.

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    Amit Dayal's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q2 2025

    Question

    Amit Dayal asked about the potential impact of U.S. election results on tariffs and how Orion is positioned to participate in the onshoring of manufacturing and related infrastructure build-outs.

    Answer

    CEO Mike Jenkins responded that any further tariffs on imports would likely be favorable for Orion due to its domestic manufacturing capabilities and local sourcing. He confirmed that Orion is actively participating in new construction opportunities related to onshoring through its distribution channel, noting that the TritonPro product line is well-positioned for this market, which has otherwise been somewhat soft due to capital costs.

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    Amit Dayal's questions to REE Automotive (REE) leadership

    Amit Dayal's questions to REE Automotive (REE) leadership • Q2 2024

    Question

    Inquired about the identity and nature of the three new OEMs, whether they must purchase the REEcorner, the status of regulatory incentives for customers, and the composition of the $60 million order book.

    Answer

    The three OEMs are new potential partners interested in licensing REE's software-defined technology, not just buying trucks, which opens a software revenue stream. They can buy the REEcorner or just license the software. Regulatory incentives remain in place and have recently expanded to Massachusetts. The $60 million order book is for full vehicles and chassis.

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    Amit Dayal's questions to REE Automotive (REE) leadership • Q2 2024

    Question

    Amit Dayal inquired about the three new OEM discussions, asking if they are new customers and whether they are required to purchase the REEcorner. He also asked for an update on regulatory incentives and clarification on whether the $60 million order book is for full vehicles.

    Answer

    CEO Daniel Barel confirmed the three OEMs are new potential customers interested in licensing REE's software-defined technology, which opens up a software licensing revenue stream beyond commercial vehicles. He noted that while OEMs can buy the REEcorners, the primary interest is in the software. CBO Tali Miller affirmed that federal and state incentives remain in place, with Massachusetts recently becoming eligible. Daniel Barel also confirmed the ~$60 million order book is for full vehicles and chassis.

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    Amit Dayal's questions to REE Automotive (REE) leadership • Q1 2024

    Question

    Asked for a breakdown of the projected $4-5 million monthly spend into CapEx and operating costs, clarification on who would bear costs for any potential modifications in the Airbus project, confirmation of the company's execution and financing strategy, and about the potential impact of hybrid vehicle trends on their market.

    Answer

    The company clarified that future monthly spend will be roughly $1M in CapEx and the rest in operating costs. For the Airbus project, REE's hardware contribution is complete and no changes are needed. The execution plan is to secure firm orders, then arrange working capital financing to scale production. The company sees strong, undiminished demand for EVs in the commercial sector, with little impact from hybrid trends seen in the passenger market.

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    Amit Dayal's questions to REE Automotive (REE) leadership • Q1 2024

    Question

    Amit Dayal of H.C. Wainwright & Co. requested a breakdown of the forecasted $4-5 million monthly spend into CapEx and operating costs. He also asked who would bear the cost of any potential modifications for the Airbus autonomous vehicle program. Further, he sought to confirm if firm customer orders would be the primary trigger for securing new financing and inquired about the potential impact of rising hybrid vehicle interest on commercial EV demand.

    Answer

    CFO Yaron Zaltsman broke down the monthly spend as roughly $1 million in CapEx and the rest in operations. Executive Daniel Barel confirmed that REE has fulfilled its part of the Airbus agreement and no further changes or costs are expected on REE's side. He affirmed that financing decisions will be timed with production scaling based on clear visibility of orders. He also stated that demand for commercial EVs remains strong in their target classes (3-5) and they have not seen a significant shift in interest toward hybrids in that segment.

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    Amit Dayal's questions to Emeren Group (SOL) leadership

    Amit Dayal's questions to Emeren Group (SOL) leadership • Q2 2024

    Question

    Amit Dayal of H.C. Wainwright & Co. sought to understand the drivers behind the strong implied profitability for the second half of 2024. He also asked if these projections were dependent on lower interest rates and requested information on the gross margin profile of DSA revenues.

    Answer

    CEO Yumin Liu and CFO Ke Chen attributed the strong profit outlook to a combination of factors. Liu highlighted that many deals expected to close in H2 have been in progress for months, including valuable COD sales. Chen added that high-margin RTB/NTP sales, alongside DSA and IPP revenue, are key contributors. Regarding interest rates, Liu acknowledged that a lower rate environment would be beneficial for asset pricing. However, Liu declined to provide a specific gross margin for DSA revenue, noting it varies significantly across different countries and project types (solar vs. storage) but confirmed it is a 'very good model' for the company.

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    Amit Dayal's questions to Emeren Group (SOL) leadership • Q1 2024

    Question

    Amit Dayal asked if the second-half revenue ramp-up carried concentration risk with any single large project. He also sought clarification on the drivers for the high Q2 gross margin guidance and whether the company was still on track to end the year with $100 million in cash, potentially using that strength to pursue more IPP opportunities.

    Answer

    CFO Ke Chen acknowledged that a significant project in Hungary is part of the second-half plan but expressed confidence in its closure. He attributed the strong Q2 gross margin guidance (40-45%) to a seasonal increase in high-margin IPP revenue, continued contributions from the DSA business, and high-margin NTP project sales in Europe. Mr. Chen also reaffirmed the company's confidence in reaching its year-end cash target and confirmed they are actively seeking high-return IPP opportunities, particularly in Europe.

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    Amit Dayal's questions to GOEV leadership

    Amit Dayal's questions to GOEV leadership • Q2 2024

    Question

    Asked about remaining equipment needs for production, the near-term benefits of the Foreign Trade Zone (FTZ) approval, and the current status of the Over-the-Air (OTA) update capabilities.

    Answer

    The company has most of the necessary production equipment, with only minor needs for paint automation and a few small gap pieces, which it continues to source opportunistically. The FTZ is a critical part of the international strategy, enabling cost-effective supply to markets like the U.K. and attracting partners to Oklahoma. The OTA system is fully active and highly responsive, allowing for rapid software updates and crucial data collection from customer vehicles.

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    Amit Dayal's questions to GOEV leadership • Q1 2024

    Question

    Dayal inquired about the primary bottleneck preventing a faster production ramp—whether it's capital, supply chain, or operations—and asked about potential catalysts to expect at the upcoming Analyst Day.

    Answer

    Aquila identified 'pacing capital' as the main constraint, explaining that while their disciplined approach has been beneficial, securing more capital is now key to accelerating production. For the Analyst Day, he suggested the main takeaway would be the direct experience with the product and facility, and that key catalysts for 2024 involve closing capital and supply chain gaps and securing long-term, non-dilutive financing.

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    Amit Dayal's questions to NR leadership

    Amit Dayal's questions to NR leadership • Q2 2024

    Question

    Inquired about the pressure on the services component of the rental segment, whether the expenses for the Fluid Systems sale are recurring, and the status of the CapEx allocation for the rental business.

    Answer

    The services component is not under pressure; rather, the company is deliberately deprioritizing low-margin, high-service projects to focus on rental revenue growth. The costs associated with the Fluid Systems sale process are expected to continue until the process is resolved. Of the $30-35 million CapEx budget, about $17 million has been spent on the mat fleet, and the company is currently maintaining the full-year guidance.

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    Amit Dayal's questions to NR leadership • Q1 2024

    Question

    The analyst inquired about the revenue cadence for the rest of 2024, the margin impact of longer-term rental contracts, and the potential for further corporate overhead reductions.

    Answer

    The company expects continued growth for the year, with typical seasonal patterns. Longer-term contracts have a different pricing profile but offer stability and solid returns, not drastically lowering overall margins. Major corporate overhead changes are contingent on the Fluids business review.

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    Amit Dayal's questions to NR leadership • Q4 2023

    Question

    Asked whether the Industrial Solutions outlook is based on a concrete backlog or the sales pipeline, what the segment's CapEx is primarily used for, and for an update on the Fluids business divestiture process, including whether formal bids have been received.

    Answer

    The outlook is driven by a strong pipeline with high-teens growth in quoted volumes, rather than a firm backlog, as project timing can shift. The majority of CapEx (around 75%) is for expanding the rental fleet. The Fluids divestiture process is on track for a mid-2024 conclusion; the diligence phase is time-intensive due to international complexity, and no details on specific bids were provided.

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    Amit Dayal's questions to ENERGY FOCUS, INC/DE (EFOI) leadership

    Amit Dayal's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q3 2022

    Question

    Amit Dayal of H.C. Wainwright & Co. asked new CEO Lesley Matt about her confidence in the existing product suite, plans for offerings beyond lighting, and strategies for managing cash burn and financing needs.

    Answer

    CEO Lesley Matt expressed confidence in current products like RedCap, noting strong customer demand is hampered by supply constraints. She confirmed plans to develop new technologies beyond lighting while maintaining a focus on energy efficiency, with more details to come in future quarters. Regarding finances, Matt stated that significant rightsizing and spending reductions have been implemented to decrease cash burn, with the impacts expected to be visible in Q4 and early 2023.

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    Amit Dayal's questions to EYES leadership

    Amit Dayal's questions to EYES leadership • Q1 2017

    Question

    Amit Dayal asked for the timeline and milestones for the better-sighted Retinitis Pigmentosa (RP) offering, including whether the U.S. was a target market. He also inquired about the difference between the Medicare reimbursement rate and average invoice prices, and sought details on the patient recruitment pipeline in the U.S. versus Europe.

    Answer

    President and CEO Will McGuire confirmed the U.S. is a target market for the better-sighted RP offering, which could double the addressable market. He outlined a strategy of using data from initial clinical trials in England and Germany to pursue approvals globally. Chairman Dr. Robert Greenberg added that the European regulatory path is more straightforward for initial trials. CFO Tom Miller explained that the Q1 average revenue per implant was impacted by deferred revenue and promotional units, but the average invoice price is strong, and they expect the 2017 global average to be $100k-$120k. Will McGuire also detailed that many patients screened out for having vision that is 'too good' are being added to a database, creating a ready pool for the future better-sighted offering.

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    Amit Dayal's questions to Vivani Medical (VANI) leadership

    Amit Dayal's questions to Vivani Medical (VANI) leadership • Q4 2016

    Question

    Amit Dayal from Rodman & Renshaw inquired about the 2017 implant pace, the cost implications of the new Centers of Excellence strategy, the market impact of higher reimbursement rates, and development timelines for treating better-sighted RP patients, AMD patients, and the Orion cortical stimulator. He also asked for the post-offering diluted share count.

    Answer

    President and CEO Will McGuire confirmed a strong start to 2017 with 15 implants completed or scheduled for Q1, noting the Centers of Excellence strategy would not significantly increase costs as they partner with third-party rehab providers. He stated the new $150K reimbursement rate removes financial barriers for hospitals. Chairman Dr. Robert Greenberg added that feasibility for AMD and Orion programs would be established in 2017, with commercialization timelines dependent on clinical data. CFO Tom Miller clarified the post-offering share count would be approximately 56.4 million.

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