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    Andrew Rim • Odenton Partners

    Andrew Rim is a Senior Analyst at Odenton Partners specializing in U.S. industrials and infrastructure equities, where he provides in-depth coverage on companies such as Caterpillar, United Rentals, and Quanta Services. Known for his strong track record, he has achieved a recommendation success rate above 68% on major analyst ranking platforms and has been recognized for generating double-digit average annual returns for clients. Since joining Odenton Partners in 2018, Andrew previously held associate roles at Baird and Guggenheim Securities, progressively focusing on industrial sector research since starting his career in 2013. He holds Series 7, 63, and 86/87 certifications and is registered with FINRA, distinguishing himself as a trusted source of investment insight in the sector.

    Andrew Rim's questions to Richardson Electronics Ltd (RELL) leadership

    Andrew Rim's questions to Richardson Electronics Ltd (RELL) leadership • Q2 2025

    Question

    Asked for a breakdown of the PMT and GES backlog, the current balance and future purchase plans for Thales-related inventory, and the primary drivers for cash flow in the second half of the fiscal year.

    Answer

    The backlog is approximately $45M for GES and $56M for PMT. The Thales inventory is at ~$30M with ~$5M in purchases remaining, expected to be sold over the next 5 years. Positive cash flow in the second half of FY25 will be driven primarily by increased profitability from higher sales.

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    Andrew Rim's questions to Richardson Electronics Ltd (RELL) leadership • Q2 2025

    Question

    Andrew Rim requested a detailed breakdown of the backlog between the PMT and GES segments, the current balance of the Thales-related inventory, the remaining purchase commitment, the sell-through timeline for that inventory, and the primary drivers for cash flow in the second half of fiscal 2025.

    Answer

    Gregory Peloquin, General Manager, broke down the backlog as approximately $45 million for GES, with the remainder of the $101 million total belonging to PMT. CFO Robert Ben confirmed the Thales-related inventory balance is around $30 million. COO Wendy Diddell added that about $5 million in purchases remain for calendar year 2025 and the inventory is expected to sell over the next five years. Ben stated that the key driver for cash flow in the second half will be improved profitability from higher sales, rather than major changes in working capital.

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    Andrew Rim's questions to Richardson Electronics Ltd (RELL) leadership • Q1 2025

    Question

    Asked a series of detailed questions about inventory levels with a specific vendor, the launch timing and financial impact of the Healthcare MX series tubes, the healthcare segment's operating expenses, and the reasons for the sequential decline in the PMT/GES backlog.

    Answer

    The company confirmed about $30M in inventory is with one vendor, expected to grow by over $10M this year. The Healthcare MX series is slated for a fiscal '25 launch (likely Q3/Q4), which is expected to provide a significant revenue and margin bump to help the segment reach breakeven. The backlog decline was mostly in GES due to a strong sales quarter (book-to-bill < 1), but Q2 bookings are strong and the backlog is expected to recover. Margins are expected to improve as manufacturing volume increases and under-absorption costs decrease.

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    Andrew Rim's questions to Richardson Electronics Ltd (RELL) leadership • Q1 2025

    Question

    Andrew Rim asked a series of detailed questions, seeking specifics on the inventory increase from a single vendor, the launch timeline for the Healthcare MX series tubes, the sustainability of Healthcare's revenue run rate, the path to breakeven for that segment, the reason for the sequential backlog decline, and the gross margin outlook for the PMT and GES segments.

    Answer

    CFO Robert Ben specified the single-vendor inventory is about $30M and will increase by over $10M this year. COO Wendy Diddell clarified the MX series launch is targeted for fiscal 2025 (likely Q3/Q4) and will provide a commercial bump, though she was hesitant to confirm the current revenue run rate. She noted the path to breakeven involves both revenue growth and margin improvement from the higher-margin MX series. GM Gregory Peloquin attributed the backlog decline to strong GES sales (book-to-bill < 1) and expects a Q2 recovery. Both he and Diddell stated margins will improve as higher-margin engineered solutions grow and manufacturing under-absorption decreases.

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