Sign in

    Ben Kallo

    Managing Director and Senior Research Analyst at Robert W. Baird & Co.

    Ben Kallo is a Managing Director and Senior Research Analyst at Robert W. Baird & Co., specializing in Sustainable Energy and Mobility with a strong focus on technology and renewable energy sectors. He covers leading companies such as Tesla, Nvidia, Amazon, Alibaba, First Solar, SunPower, and MP Materials, and is known for placing primarily Buy ratings; his calls have yielded an average return of 1.8% per rating and a 43% success rate over more than 1,100 ratings, including exceptional returns like +185% on First Solar and +402% on MP Materials. Kallo began his finance career as a wealth manager at Merrill Lynch, advanced through equity research roles at Pacific Growth Equities and Stanford Group, and joined Baird in 2009, where he became Managing Director in 2015. He holds a BA in Economics from California State University-Humboldt, an MA in Economics from UC Santa Barbara, and is a CFA charterholder.

    Ben Kallo's questions to HA Sustainable Infrastructure Capital (HASI) leadership

    Ben Kallo's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q2 2025

    Question

    Ben Kallo from Baird asked if ITC changes were causing projects to be pulled forward, how 'Next Frontier' assets fit into the tax policy landscape, and requested an update on international expansion plans.

    Answer

    President and CEO Jeffrey Lipson stated that the company is not seeing a meaningful pull-forward of projects, as clients are typically already developing as quickly as possible. He noted that many 'Next Frontier' asset classes are less dependent on tax policy. Regarding international expansion, Lipson reiterated that there was nothing new to report and that the most likely path would be to partner with an existing multinational client.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q1 2025

    Question

    Ben Kallo asked about the expected investment cadence for the upcoming quarters amid uncertainty around the Inflation Reduction Act (IRA) and which subsectors the company currently finds most appealing.

    Answer

    President and CEO Jeffrey Lipson stated that the strong Q1 was not a pull-forward and that the company remains bullish on volumes for the rest of the year, seeing business as "usual, if anything, slightly elevated." He reiterated that the pipeline is well-balanced and that the company does not see a significant impact from IRA uncertainty due to strong fundamental demand.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q4 2024

    Question

    Ben Kallo asked about the status of discussions for a subsequent co-investment partnership with KKR or others, and questioned the rationale for expanding into new asset classes and international markets, asking if it signaled a lack of opportunity in core areas.

    Answer

    President and CEO Jeffrey Lipson stated that while a co-investment strategy will be a permanent part of the capital structure, it is premature to discuss a successor to the current CCH1 vehicle. He definitively clarified that the expansion is about growth and not a reflection of the core business running out of capacity, a sentiment with which Chief Revenue & Strategy Officer Marc Pangburn concurred.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ORMAT TECHNOLOGIES (ORA) leadership

    Ben Kallo's questions to ORMAT TECHNOLOGIES (ORA) leadership • Q2 2025

    Question

    Ben Kallo from Baird asked how the certainty of tax credits and easier BLM permitting has affected Ormat's early development strategy and whether recent market changes have had a net positive or negative impact on its 2028 growth targets.

    Answer

    CEO Doron Blachar explained that the extended tax credits provide a clear, long-term runway for geothermal with minimal FEOC risk, while energy storage will need to adapt to sourcing rules. He affirmed that the 2028 growth targets are not only still valid but are now more achievable due to faster permitting, extended tax credits, and strong PPA pricing.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Ameresco (AMRC) leadership

    Ben Kallo's questions to Ameresco (AMRC) leadership • Q2 2025

    Question

    Ben Kallo questioned the availability of battery supply given potential tariffs and foreign entity of concern (FEOC) rules. He also asked about the company's flexibility to shift its workforce between different business segments, such as from solar to energy efficiency, to adapt to market conditions.

    Answer

    Nicole Bulgarino, President of Federal Solutions & Utility Infrastructure, responded that Ameresco is closely monitoring FEOC rules and mitigating risks by using diverse suppliers and including tariff adjustment clauses in customer contracts. George Sakellaris, Chairman, CEO & President, confirmed the company's operational flexibility, noting that they are already pivoting some solar development staff to focus on battery storage and have successfully managed labor resources to avoid project delays.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Ameresco (AMRC) leadership • Q3 2024

    Question

    Ben Kallo from Baird questioned the company's confidence in achieving its target of new assets next year, given interconnection delays. He also asked if uncertainty around the Inflation Reduction Act (IRA) is impacting customer orders or Ameresco's own asset development plans.

    Answer

    CEO George Sakellaris clarified that the target for next year is closer to 100-120 megawatts, following a very strong 2024. Regarding the IRA, he sees minimal risk, noting strong bipartisan support for battery storage ITCs and the difficulty of reversing the act. Mike Bakas, President of Renewable Fuels, added that many IRA benefits go to red states, further insulating them. Sakellaris also suggested that a potential slowdown in offshore wind could benefit Ameresco's distributed solar and storage projects.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ITRON (ITRI) leadership

    Ben Kallo's questions to ITRON (ITRI) leadership • Q2 2025

    Question

    Ben Kallo of Baird inquired about Itron's M&A strategy in the current regulatory environment, its capital deployment priorities given the growing cash balance, and the outlook for earnings and revenue growth into the next fiscal year.

    Answer

    CEO Tom Deitrich confirmed that the M&A strategy is unchanged, with a continued focus on disciplined, accretive acquisitions in the software and services (Outcomes) space. CFO Joan Hooper noted that while it's too early for specific 2026 guidance, year-over-year growth is expected, with the pace depending on the timing of bookings in the second half of 2025.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ITRON (ITRI) leadership • Q1 2025

    Question

    Ben Kallo inquired about the removal of the 12-month backlog metric from investor materials and sought details on the regulatory environment for capitalizing software sales in the U.S.

    Answer

    CEO Tom Deitrich explained the 12-month backlog was removed to reduce confusion and affirmed the demand environment remains strong. He also noted that the regulatory environment is constructive for software sales, with mechanisms like term licenses and performance-based rates in approximately 40 states enabling utilities to include these purchases in their rate base, contributing to the Outcomes segment's 14% YoY growth.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ITRON (ITRI) leadership • Q4 2024

    Question

    Ben Kallo asked for details on the demand environment by region, particularly in North America, and whether there has been any pushback from public utility commissions due to rising electricity rates. He also inquired about the competitive environment and the uniqueness of Itron's third-party application ecosystem.

    Answer

    CEO Tom Deitrich described the opportunity funnel as 'never been better,' with North America leading demand, strong activity in Asia Pacific (notably Australia/New Zealand), and a flatter outlook for Europe. He stated the regulatory environment remains constructive with commissions still approving deals. Deitrich asserted that Itron has a 'pretty substantial lead' in Grid Edge Intelligence and that while competitors are talking about similar capabilities, they are not close to Itron's 13 million endpoints already in the field.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ITRON (ITRI) leadership • Q3 2024

    Question

    Ben Kallo asked for clarification on the 2025 growth outlook and inquired about the market dynamics and specific deals driving the strong bookings expected in the fourth quarter.

    Answer

    CFO Joan Hooper clarified that while not providing 2025 guidance, analysts should normalize 2024 revenue by removing $125 million in catch-up revenue before modeling future growth. CEO Tom Deitrich described the market as "extremely constructive," noting that regulatory progress on over half of a previously mentioned $1 billion in pending awards supports the company's conviction for a full-year book-to-bill ratio of 1:1 or greater.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ALBEMARLE (ALB) leadership

    Ben Kallo's questions to ALBEMARLE (ALB) leadership • Q2 2025

    Question

    Ben Kallo from Baird questioned how customers are approaching contract renewals in the current low-price environment, the pricing structure of the recent prepayment deal, and what other cash-saving levers, like the dividend, could be pulled.

    Answer

    An executive explained that discussions are ongoing for 2026 renewals with structures similar to past deals (market-exposed with protections). CFO Neal Sheorey clarified the prepayment deal is market-indexed, not at a fixed discount. Both executives emphasized they are constantly pulling all levers—CapEx, costs, productivity—to manage cash flow.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ALBEMARLE (ALB) leadership • Q4 2024

    Question

    Ben Kallo from Baird asked for an explanation of the market dynamics where prices are falling despite rising demand and capacity curtailments, and inquired about the impact of lithium recycling in China.

    Answer

    CEO Jerry Masters described the market as dynamic and opaque, with new capacity additions and excess conversion in China offsetting curtailments. He noted that while recycling is a growing long-term factor, it has recently decreased in China due to low prices making it uneconomic compared to new material, and that the market ultimately relies on supply and demand fundamentals.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to ESS Tech (GWH) leadership

    Ben Kallo's questions to ESS Tech (GWH) leadership • Q1 2025

    Question

    Ben Kallo questioned whether ESS was in discussions with strategic partners like Honeywell or SoftBank for cash infusions. He also asked if the recent tariff changes and IRA uncertainty have led to an increase in customer inquiries for lithium-ion alternatives.

    Answer

    CFO Tony Rabb confirmed that ESS is having ongoing, productive discussions with Honeywell and other existing investors regarding capital. Interim CEO Kelly Goodman added that while existing investors are highly supportive, the company is also seeking new investors to diversify its cap table. Goodman also confirmed that tariff uncertainty and the broader push for electrification have positively driven an increase in customer inquiries in recent weeks.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Nextracker (NXT) leadership

    Ben Kallo's questions to Nextracker (NXT) leadership • Q4 2025

    Question

    Ben Kallo inquired about Nextracker's international business performance and the expected margin profile for this segment going forward, as reflected in the company's backlog.

    Answer

    President Howard Wenger confirmed that the international business remains consistently between 30-40% of revenue, a mix reflected in the backlog. He highlighted contract signings in 17 different countries in Q4 alone, demonstrating broad geographic demand. Wenger reiterated that while international margins are generally lower, the company's overall blended margin remains healthy.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Nextracker (NXT) leadership • Q3 2025

    Question

    Ben Kallo asked about margin trends for large international projects, noting past commentary that Australian margins were similar to the U.S., and how these large projects impact the overall margin cadence.

    Answer

    Howard Wenger, President, confirmed strong international sales across multiple regions. He acknowledged that margins vary by region and the international environment is more competitive and upfront cost-sensitive. However, he stated there is no material change to the margin profile guidance at this time, as the company's differentiated offering, reliability, and balance sheet allow it to perform well.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Nextracker (NXT) leadership • Q2 2025

    Question

    Ben Kallo from Robert W. Baird & Co. asked about the company's strategic priorities, questioning whether Nextracker optimizes for sales growth, margin, EPS growth, or cash flow, given the trade-off between higher-margin U.S. business and the large international growth opportunity.

    Answer

    CEO Dan Shugar responded that the company aims to grow responsibly, profitably, and in an accretive way. He explained that when entering new regions, the company evaluates if the move is accretive, similar to an M&A analysis. He affirmed the company will continue tapping into global demand responsibly, citing India's large renewable energy targets as an example.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to MP Materials Corp. / DE (MP) leadership

    Ben Kallo's questions to MP Materials Corp. / DE (MP) leadership • Q1 2025

    Question

    Ben Kallo inquired about the potential timelines for new partnerships or investments and which part of the business (Stage 1, 2, or 3) would be the primary focus. He also asked whether the company's momentum would be lost if the current trade war with China de-escalates.

    Answer

    CFO Ryan Corbett highlighted that the most significant interest is in scaling US magnetics capacity (Stage 3) and pointed to the company's track record of speed, having built the magnetics business from an idea to EBITDA-positive in a few years. CEO Jim Litinsky addressed the trade war question, asserting that regardless of any de-escalation, the US government now recognizes the national security imperative of a domestic magnetics supply chain for applications like drones and robotics, ensuring continued momentum for the company.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to MP Materials Corp. / DE (MP) leadership • Q4 2024

    Question

    Ben Kallo asked for an update on MP's strategy for heavy rare earths, including both upstream separation and downstream sourcing for its magnetics business. He also asked if there were any policy initiatives with "actual teeth" to support domestic production pricing.

    Answer

    COO Michael Rosenthal explained that the primary strategy for heavies is their internal separation project, which is designed to support the Magnetics business and can also process third-party materials. CEO James Litinsky added that many emerging physical AI applications require limited or no heavies. On policy, Litinsky reiterated the need for a "level playing field" and pointed to recent political discourse on trade reciprocity as a very positive sign for the business.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to MP Materials Corp. / DE (MP) leadership • Q3 2024

    Question

    Ben Kallo sought clarification on whether magnet samples were being provided to customers other than General Motors, given the existing offtake agreement, and asked about the company's policy 'wish list' for leveling the international playing field.

    Answer

    CFO Ryan Corbett clarified that while the 'preponderance' of volume is committed to their foundational customer, General Motors, the company is not demand-constrained and continues to have healthy dialogues with other potential customers. CEO James Litinsky added that the facility is positioned to serve various customers over time, especially in robotics and national security. On policy, Litinsky stated there is no single 'wish,' as remedies could include tariffs, tax credits, or defense policy to counteract advantages of competitors who lack a true cost of capital or reagents.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Rivian Automotive, Inc. / DE (RIVN) leadership

    Ben Kallo's questions to Rivian Automotive, Inc. / DE (RIVN) leadership • Q1 2025

    Question

    Ben Kallo asked if Rivian has seen an uptick in demand resulting from recent events at Tesla and inquired about the company's perspective on "slate auto" (a new product concept).

    Answer

    CEO Robert Scaringe noted that Rivian's flagship products operate at a significantly higher price point than Tesla's high-volume models, limiting direct cross-shopping, but stated that the R2 will compete more directly on price. He commented that the "slate product" is in a very different consumer space and that he is encouraged to see new product concepts emerge, as the market needs a diversity of choices.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to DARLING INGREDIENTS (DAR) leadership

    Ben Kallo's questions to DARLING INGREDIENTS (DAR) leadership • Q1 2025

    Question

    Ben Kallo of Baird asked for insight into the expected EBITDA cadence for the core business in Q2, assuming current market conditions remain stable.

    Answer

    CFO Bob Day advised against modeling a specific Q2 result, suggesting that the remaining quarters of the year are expected to be broadly similar. He recommended subtracting the reported Q1 core business result from the full-year guidance and assuming the remainder is spread across Q2, Q3, and Q4.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to DARLING INGREDIENTS (DAR) leadership • Q3 2024

    Question

    Ben Kallo asked about the dynamics of potential renewable diesel capacity shuttering and the long-term evolution of the SAF market, including the risk of oversupply.

    Answer

    CEO Randall C. Stuewe noted that while some capacity has been shuttered, the growing RVO mandate makes widespread closures unlikely. An executive stated that SAF demand, estimated at over 4 billion gallons, far exceeds current production capacity. Stuewe added that Darling's strategy is to secure long-term contracts for its first SAF plant before considering further expansion.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to NOVA leadership

    Ben Kallo's questions to NOVA leadership • Q4 2024

    Question

    Asked about the possibility of asset sales for liquidity, why they weren't pursued earlier, and whether there is room for further workforce reductions after the recent significant cuts.

    Answer

    Management responded that borrowing against their cash flows via the new loan facility was economically superior to selling assets, although asset sales remain an option. On cost cuts, they noted that after reducing headcount by over 30%, they are reaching diminishing returns but will continue to look for efficiencies, particularly in capital markets transaction costs.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Fluence Energy (FLNC) leadership

    Ben Kallo's questions to Fluence Energy (FLNC) leadership • Q4 2024

    Question

    Ben Kallo asked about the extent to which 'safe harboring' is part of customer discussions post-election. He also inquired about the threat of Chinese competitors establishing manufacturing in the United States and whether the election outcome might prevent that.

    Answer

    CFO Ahmed Pasha stated there has been no material change in customer behavior or discussions since the election. President and CEO Julian Nebreda added that Chinese competition is a global reality, and Fluence competes effectively even in open markets. He noted that if competitors built factories in the U.S., he would welcome the investment and jobs, and Fluence would continue to compete on its merits.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to Wallbox (WBX) leadership

    Ben Kallo's questions to Wallbox (WBX) leadership • Q3 2024

    Question

    Inquired about the company's internal expectations for EV sales in 2025 and 2026, potential catalysts for EV demand, and the strategic rationale for maintaining manufacturing in both the U.S. and Europe versus outsourcing.

    Answer

    The company expects EV market growth in 2025, driven by new regulations in Europe and new models in North America, but is conservatively building its financial plan based on a flat market to ensure profitability. They view their in-house manufacturing footprint in the U.S. and Europe as a key strategic advantage for controlling costs, improving margins, and capturing future growth, noting that the major capital expenditures have already been made.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to NKLA leadership

    Ben Kallo's questions to NKLA leadership • Q3 2024

    Question

    Asked about the trend of repeat purchases from existing customers and whether they are scaling up orders, and requested an update on the vehicle volume required to achieve EBITDA breakeven.

    Answer

    The company has repeat customers and is focused on seeding the market with many different fleets to gather data on use cases. Connecting Northern and Southern California with fueling infrastructure is a key enabler for more sales. The process with national accounts involves pilots and navigating internal goals. Regarding breakeven, the previously discussed volume range hasn't changed, and achieving scale is key, but they declined to give a specific number.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to NKLA leadership • Q2 2024

    Question

    Asked about the competitive threat from EV trucks like Tesla, how customers perceive the different technologies (diesel vs. EV vs. hydrogen), and the company's view on political risks leading up to the November election.

    Answer

    The company believes there is bipartisan political support for hydrogen, with major projects in both red and blue states. Competitively, they see fuel cell trucks having advantages over battery electric trucks in specific use cases due to faster refueling, better range retention in adverse conditions, and avoiding depot charging infrastructure challenges. They offer both BEV and FCEV on a common platform to serve different customer needs.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to NKLA leadership • Q4 2023

    Question

    Asked for more detail on the opportunity at California ports and the typical purchasing cadence for new fleet customers.

    Answer

    The port opportunity is significant, with 30,000 trucks, and Nikola is focusing its fueling infrastructure there. Initial orders are substantial (e.g., 10 trucks at a time), and customers are interested due to the truck's superior range and fast refueling compared to BEVs.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to QuantumScape (QS) leadership

    Ben Kallo's questions to QuantumScape (QS) leadership • Q3 2024

    Question

    Ben Kallo from Baird asked for more specifics on the timing and ramp-up of the Cobra separator production process. He also inquired about any early feedback from customers on the B-samples and how having physical samples in hand might alter future customer engagement.

    Answer

    CEO Siva Sivaram detailed the Cobra timeline, noting that key equipment will be in place by the end of 2024, with a gradual transition from Raptor to Cobra as the primary production process during 2025. Regarding feedback, he explained that direct customer data is proprietary, but QuantumScape's own extensive testing on sister cells, which formed the basis of the reported performance data, will be refined based on specific customer input.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to LICY leadership

    Ben Kallo's questions to LICY leadership • Q3 2023

    Question

    Sought clarification on which Spoke operations are paused, the profitability of black mass sales from operating Spokes, and whether the Glencore Portovesme project will proceed.

    Answer

    The Ontario Spoke is paused, while other major Spokes continue operating; future Spoke expansions are on hold. The company aims for operating Spokes to generate liquidity but did not confirm current profitability. The Portovesme Hub project with Glencore is still moving forward, with only the timing of its feasibility study under review.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to 5E Advanced Materials (FEAM) leadership

    Ben Kallo's questions to 5E Advanced Materials (FEAM) leadership • Q4 2023

    Question

    Inquired about changes in customer discussions due to market dynamics, the possibility of securing capital through customer prepayments, and sought clarification on the status of EPA permits for injection wells.

    Answer

    Executives noted that customers are increasingly seeking to diversify their supply chains. The company is exploring customer prepayments as a funding option. They clarified they have the main permit but are working to satisfy specific conditions on that permit to get final EPA authorization to inject.

    Ask Fintool Equity Research AI

    Ben Kallo's questions to 5E Advanced Materials (FEAM) leadership • Q4 2023

    Question

    Inquired about how customer discussions have evolved given global supply dynamics, the potential for securing capital through prepayment deals with partners, and sought clarification on the company's permit status with the EPA.

    Answer

    Customers are increasingly seeking to diversify their supply chains away from single sources. The company confirmed it is exploring prepayment financing structures. Management clarified that they possess the necessary permit but are working to satisfy its final conditions with the EPA, not seeking a new permit.

    Ask Fintool Equity Research AI