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    Ben Klieve

    Senior Research Analyst at Lake Street Capital Markets

    Ben Klieve is a Senior Research Analyst at Lake Street Capital Markets specializing in agriculture and food sector equities, with particular coverage of companies such as Lifeway Foods, Vital Farms, Titan Machinery, Limoneira, American Vanguard, and TAT Technologies. Renowned for his disciplined research approach and informed stock recommendations, Klieve has maintained buy ratings on these companies and is featured on MarketBeat and TipRanks analyst tracking platforms for the accuracy of his calls and 12-month ROI. He joined Lake Street Capital Markets as a Senior Research Analyst and holds the Chartered Financial Analyst (CFA) designation, reflecting his commitment to industry standards and comprehensive expertise. Klieve routinely participates in sector-focused webinars, further establishing himself as a respected thought leader in agricultural investment research.

    Ben Klieve's questions to Titan Machinery (TITN) leadership

    Ben Klieve's questions to Titan Machinery (TITN) leadership • Q2 2026

    Question

    Ben Klieve of Lake Street Capital Markets asked about the specific conditions required for Titan Machinery's domestic agriculture equipment margins to recover to the historical 8% to 12% range from their current sub-4% levels.

    Answer

    CFO Bo Larsen outlined several key building blocks for margin recovery, including optimizing the inventory mix by completing the $100 million reduction, restoring pricing discipline as industry inventory normalizes, achieving stability in used equipment values, and enhancing geographic inventory optimization. President and CEO Bryan Knutson added that the most significant driver remains net farm income, which is a function of crop yields, commodity prices, and government support programs.

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    Ben Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership

    Ben Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership • Q2 2025

    Question

    Ben Klieve from Lake Street Capital Markets sought clarification on the term 'full harvestable capacity' for the Texas facility and asked for the basis of management's confidence in retailer timelines, given that the positive EBITDA target was pushed out due to retailer schedules.

    Answer

    President, CEO & CFO Kathleen Valiasek clarified that 'full harvestable capacity' means the entire six-acre Texas facility is now generating revenue, effectively doubling its previous output. Regarding retailer timelines, she expressed high confidence, stating the EBITDA target shift was a one-quarter adjustment due to specific reset timings. Valiasek noted that the Texas and Washington facilities are expected to be fully sold out within 90 days, supported by the company's scale as the third-largest CEA producer by volume, which strengthens its position with retailers.

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    Ben Klieve's questions to TAT TECHNOLOGIES (TATT) leadership

    Ben Klieve's questions to TAT TECHNOLOGIES (TATT) leadership • Q2 2025

    Question

    Ben Klieve from Lake Street Capital Markets questioned the outlook for the APU pipeline on 777 and A320 airframes, management's comfort with M&A valuations, and expectations for the trading and leasing segment.

    Answer

    CEO & President Igal Zamir confirmed the 777 APU is now in the backlog but work on A320s remains on a one-off basis. On M&A, he stressed a disciplined approach, only pursuing acquisitions with reasonable valuations that add shareholder value. For trading and leasing, Zamir explained that leasing is steady with all assets deployed, while trading is lumpier due to the difficulty of sourcing assets and the need to balance operational capacity with core MRO customer demand.

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    Ben Klieve's questions to Vital Farms (VITL) leadership

    Ben Klieve's questions to Vital Farms (VITL) leadership • Q2 2025

    Question

    Ben Klieve asked if the company's recent success in expanding its family farm network alters the strategic need or philosophy behind the Accelerator Farms program.

    Answer

    CEO Russell Diez-Canseco clarified that the purpose of Accelerator Farms is not primarily for egg supply but to serve as a research and development hub. He explained that their goal is to test new technologies and techniques on the company's dime, which can then be leveraged to improve the performance, profitability, and animal welfare across the entire growing network of family farms, making the program even more important as the network scales.

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    Ben Klieve's questions to Andersons (ANDE) leadership

    Ben Klieve's questions to Andersons (ANDE) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets asked about the timing of the ethanol plant acquisition in relation to regulatory tailwinds, the potential for unlocking additional capacity, the nature of recent non-strategic business exits in the Agribusiness segment, and the outlook for the mix between grain merchandising and storage.

    Answer

    President & CEO William Krueger stated the ethanol transaction had been in progress for months and was not directly driven by recent regulatory changes. He noted a pending Class 6 well permit could unlock future capacity. EVP & CFO Brian Valentine detailed the Agribusiness exits, which included minority investments, the sale of a facility, and the closure of some contract manufacturing. William Krueger added that the upcoming large corn harvest should improve opportunities for both storage and merchandising in the second half of the year.

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    Ben Klieve's questions to Strata Critical Medical (BLDE) leadership

    Ben Klieve's questions to Strata Critical Medical (BLDE) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets questioned if the divestiture process was a broad search or specifically focused on Joby Aviation, and asked for details on the $7 million in corporate cost efficiencies expected from the sale.

    Answer

    CEO Rob Wiesenthal confirmed the company ran a "sweeping process" involving various potential buyers, including OEMs, luxury goods companies, and private equity, but concluded Joby was the best strategic fit for both the passenger business and as an eVTOL partner for the medical division. VP of Investor Relations Matt Schneider clarified that the $7 million in efficiencies represents costs previously in unallocated expenses that were directly associated with the passenger business, such as specific staff, IT, and lease costs.

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    Ben Klieve's questions to AMERICAN VANGUARD (AVD) leadership

    Ben Klieve's questions to AMERICAN VANGUARD (AVD) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets inquired about the timing for extending the company's credit facility, the drivers behind the successful procurement strategy, how the company's manufacturing footprint is handling more urgent, smaller orders, and the potential opportunities from tariffs for its US manufacturing base.

    Answer

    CFO David Johnson stated that discussions with lenders about the credit facility are productive and on schedule. CEO Douglas Kaye explained that procurement improvements stem from both new leadership focusing on the SIOP process and new dedicated resources. He added that American Vanguard is well-suited to handle the current 'hand-to-mouth' order flow and is actively working to increase factory utilization through efficiency initiatives and exploring third-party manufacturing opportunities.

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    Ben Klieve's questions to AMERICAN VANGUARD (AVD) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets inquired about the expected timing for the credit facility extension, the specific drivers of recent procurement successes, the nature of order flow amid industry destocking, and the potential opportunities for its US manufacturing footprint from tariffs.

    Answer

    CFO David Johnson indicated that discussions with lenders about the credit facility are productive and on schedule. CEO Douglas Kaye attributed procurement improvements to both new leadership and the implementation of a more robust SIOP process. Kaye also confirmed that the company is well-positioned to handle the current environment of smaller, more frequent orders and is actively working to increase factory utilization through strategic production alignment and exploring third-party manufacturing opportunities.

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    Ben Klieve's questions to AMERICAN VANGUARD (AVD) leadership • Q1 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC asked about the year-to-date top-line performance cadence, the specific financial impact of the discontinued Dactol product, expected 2025 seasonality, the effect of corn acreage shifts, and projections for cash taxes.

    Answer

    CEO Douglas Kaye explained that top-line performance was primarily impacted by the Dactol discontinuation ($6M revenue, $3.5M gross margin), weakness in Mexico's agave market, and drought in Australia. He noted destocking continued through April but is now seeing positive trends, with the second half of the year expected to be strongest. CFO David Johnson added that cash taxes for the year are expected to be in the $4-5 million range.

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    Ben Klieve's questions to MGP INGREDIENTS (MGPI) leadership

    Ben Klieve's questions to MGP INGREDIENTS (MGPI) leadership • Q2 2025

    Question

    Ben Klieve from Lake Street Capital Markets requested an update on the export market challenges for the Ingredient Solutions segment, specifically for specialty proteins, and asked to isolate the contribution from new domestic customers.

    Answer

    CFO Brandon Gall and Corporate Controller Mark Davidson explained that the team successfully re-commercialized the Arise specialty protein line in North America after a key export partner in Japan slowed purchases. Davidson highlighted that specialty protein sales grew 13% year-over-year due to replacing lost export volume with new domestic customers, which was the primary driver of the segment's sequential and year-over-year growth.

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    Ben Klieve's questions to Limoneira (LMNR) leadership

    Ben Klieve's questions to Limoneira (LMNR) leadership • Q2 2025

    Question

    The analyst asked for clarification on the financial and operational impacts of the new Sunkist partnership, including changes to revenue, per-box economics, and the balance sheet. He also inquired about the current avocado crop's quality and the future yield expectations from new plantings.

    Answer

    The company confirmed that brokered fruit revenue will cease, but third-party cartons will still be processed. The Sunkist deal will generate approximately $5 million in annual EBITDA improvement through cost savings on sales/marketing staff, elimination of an expensive facility lease, and a move to a fixed-fee model. The primary balance sheet impact will be the transfer of accounts receivable to Sunkist. Regarding avocados, management is optimistic about the current crop's size and quality due to favorable weather and expects new plantings to mature ahead of schedule, contributing to future growth.

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    Ben Klieve's questions to Limoneira (LMNR) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC asked for details on the Sunkist partnership's financial structure, its balance sheet effects, the current avocado harvest outlook, and future avocado yields from new plantings.

    Answer

    President & CEO Harold Edwards and EVP & CFO Mark Palamountain explained the Sunkist deal will add approximately $5 million in annual EBITDA by shifting to a fixed-fee sales model and optimizing the supply chain. Palamountain noted the main balance sheet change is the transfer of accounts receivable. Regarding avocados, Edwards is confident that delaying the harvest will boost fruit size and pricing due to favorable weather. Palamountain added that new plantings are maturing ahead of schedule, reinforcing long-term EBITDA goals.

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    Ben Klieve's questions to Mission Produce (AVO) leadership

    Ben Klieve's questions to Mission Produce (AVO) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC inquired about the second-half outlook for Peruvian avocado quality and sizing, the level of co-packer volume in Q2, behavioral shifts due to tariff uncertainties, and the growth trajectory and market share of the mango business.

    Answer

    CEO Stephen Barnard and COO John Pawlowski confirmed that the Peruvian avocado crop for the second half is expected to have excellent quality and sizing, with production exceeding expectations. They noted that co-packer usage, which was elevated early in the quarter due to Mexican supply challenges, has returned to normal levels thanks to sourcing from California and early Peru. Pawlowski also described initial supplier uncertainty around tariffs which has since stabilized. Regarding mangoes, Barnard highlighted that Mission is now the second-largest U.S. distributor, with Pawlowski adding that market share has nearly doubled to almost 10% in the past year, with significant growth potential remaining within the current infrastructure.

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    Ben Klieve's questions to Mission Produce (AVO) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC inquired about the second-half outlook for the International Farming segment, particularly Peruvian fruit quality and sizing. He also asked about the level of co-packer volume in Q2 amid Mexican supply challenges, the impact of tariff uncertainty on supply chain behavior, and the growth trajectory of the mango business, including market share and infrastructure capacity.

    Answer

    CEO Steve Barnard and President & COO John Pawlowski confirmed the Peruvian crop quality is excellent and production is exceeding expectations, with sizing well-managed through forecasting. Pawlowski explained that reliance on co-packers was normalized during the quarter by leveraging early Peruvian and Californian fruit, and future reliance will be mitigated by expanding their own packing capacity in Mexico. Regarding tariffs, Pawlowski noted some initial supplier hesitation but said the market quickly adapted to "business as usual." On the mango business, Barnard stated Mission is now the second-largest U.S. distributor, and Pawlowski added that market share has grown from under 5% to nearly 10% in the past year, with significant room for further growth supported by maturing farms and new grower relationships.

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    Ben Klieve's questions to Mission Produce (AVO) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC inquired about the second-half outlook for Peruvian avocado quality and sizing, the use of co-packers in Q2, the impact of tariff uncertainty on supply chain behavior, and the growth trajectory and market share of the mango business.

    Answer

    CEO Stephen Barnard and President & COO John Pawlowski confirmed a positive outlook for the Peruvian crop, noting excellent quality, manageable sizing, and production exceeding expectations. Pawlowski and CFO Bryan Giles explained that while co-packer use was elevated early in Q2 due to Mexican supply issues, it normalized as other sources like California came online, improving margins through the quarter. Pawlowski also described early-quarter supply chain skittishness due to tariff talk, which has since stabilized. Regarding mangoes, Barnard and Pawlowski highlighted the segment's rapid growth, with market share doubling to nearly 10% in the U.S., and noted significant runway for further expansion using existing infrastructure and maturing farms.

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    Ben Klieve's questions to Mission Produce (AVO) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC asked about the second-half outlook for the International Farming segment, focusing on Peruvian fruit quality and sizing. He also inquired about the level of co-packer volume in Q2, the market's reaction to tariff uncertainty, and the growth trajectory and market share of the mango business.

    Answer

    Founder and CEO Steve Barnard and President and COO John Pawlowski confirmed a positive outlook for the Peruvian crop, expecting excellent quality and a 150% increase in production. Pawlowski and CFO Bryan Giles explained that co-packer usage normalized during Q2 as fruit from California and early Peru became available, improving margins. Pawlowski noted that while tariff uncertainty caused initial market skittishness, it stabilized by April. Regarding mangoes, Barnard highlighted Mission is now the #2 US distributor, and Pawlowski added that market share has grown from under 5% to nearly 10% in the past year.

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    Ben Klieve's questions to Mission Produce (AVO) leadership • Q2 2025

    Question

    Ben Klieve of Lake Street Capital Markets, LLC asked about the second-half outlook for Peruvian avocado quality and sizing, the level of co-packer volume in Q2 due to Mexican supply challenges, behavioral changes from tariff uncertainty, and the growth trajectory and market share of the mango business.

    Answer

    Founder, CEO & Director, Stephen Barnard, and President & COO, John Pawlowski, confirmed a positive outlook for Peruvian fruit quality and sizing, noting improved forecasting capabilities. Pawlowski and CFO, Bryan Giles, explained that co-packer usage normalized during Q2 as supply from California and early Peru became available, which improved margins through the quarter. Pawlowski also described early-quarter supply chain jitters from tariff talks that have since stabilized into 'business as usual'. Regarding mangoes, Barnard highlighted its complementary fit, while Pawlowski quantified market share growth from under 5% to nearly 10% in the past year, citing significant room for further expansion.

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    Ben Klieve's questions to Evogene (EVGN) leadership

    Ben Klieve's questions to Evogene (EVGN) leadership • Q1 2025

    Question

    Ben Klieve of Lake Street Capital Markets inquired about the outlook for Evogene's subsidiary Casterra, specifically regarding the timing and volume of future seed orders for the remainder of 2025 and the key growth drivers for the business.

    Answer

    Ofer Haviv, an Evogene executive, explained that Casterra receives orders at least six months ahead of the two annual sowing seasons in Africa and Brazil. He confirmed they are awaiting additional orders for the second half of the year and have sufficient inventory to fulfill them. Haviv highlighted that the primary growth driver is the increasing demand for castor oil for biopolymers and biofuels, especially in Brazil. He noted the main bottleneck is educating farmers on cultivating Evogene's elite varieties and that Casterra is now conducting commercial-level field trials in Kenya and Brazil to demonstrate value and drive future sales growth, with results expected in Q3 2025.

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    Ben Klieve's questions to SHF Holdings (SHFS) leadership

    Ben Klieve's questions to SHF Holdings (SHFS) leadership • Q1 2024

    Question

    Ben Klieve questioned the key drivers behind the significant Q1 reduction in operating expenses and asked whether the new, lower level of approximately $3.7 million per quarter is sustainable.

    Answer

    Executive James Dennedy attributed the OpEx decrease primarily to reduced stock-based compensation following the de-SPAC transaction, lower professional fees for legal and accounting services, and decreased general and administrative costs. He confirmed that management believes this is a sustainable run rate and represents the company's new operating model.

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    Ben Klieve's questions to YTEN leadership

    Ben Klieve's questions to YTEN leadership • Q4 2023

    Question

    Inquired about the financial aspects of the Vision Bioenergy deal, specifically the timing of the $3 million payment and expectations for future royalty income. Also asked about the company's flexibility on partnership terms for omega-3s, particularly regarding the necessity of upfront payments.

    Answer

    The company confirmed that the majority of the $3 million payment from Vision has already been received, with the remainder tied to near-term milestones. Projecting future royalties is difficult as it depends on the establishment and scaling of Camelina acreage. For omega-3 partnerships, the company is open-minded about deal structures, stating that while non-dilutive funding is preferred, the strategic value a partner brings in terms of product validation is also a key consideration.

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    Ben Klieve's questions to CALAVO GROWERS (CVGW) leadership

    Ben Klieve's questions to CALAVO GROWERS (CVGW) leadership • Q4 2022

    Question

    Ben Klieve from Lake Street Capital Markets asked if the avocado volume intentionally foregone during the year was permanently lost or could be regained. He also requested a breakdown of the planned $18 million in 2023 CapEx between growth and maintenance, and sought to confirm if the Old El Paso relationship was entirely new.

    Answer

    President and CEO Brian Kocher stated that the foregone volume was largely transactional and can be regained when market conditions are favorable, as it did not involve core strategic customers. CFO Shawn Munsell detailed the $18 million CapEx plan for 2023, allocating approximately $5 million to maintenance, with the majority of the remainder dedicated to incremental profit improvement and growth projects, primarily in the Prepared business. Kocher confirmed the Old El Paso partnership is an entirely new relationship that commenced during the fourth quarter.

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    Ben Klieve's questions to CALAVO GROWERS (CVGW) leadership • Q3 2022

    Question

    Ben Klieve asked about the evolution of the sourcing strategy for the processed avocado business, its potential profitability in a normalized cost environment, and the sustainability of the significant sequential gross margin improvement in the legacy RFG business.

    Answer

    President and CEO Brian Kocher and CFO Shawn Munsell detailed the shift in processed avocado sourcing to a diversified model, including Jalisco and other regions, which has significantly lowered input costs. They expect margins to normalize as this lower-cost inventory flows through. Regarding the legacy RFG business, Munsell confirmed the 7.7% gross margin was not due to one-time items but rather steady, P&L-wide progress. Kocher emphasized that while seasonality exists, the improvements are structural and sustainable, with a target of 10-12% gross margin by the end of fiscal 2023.

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    Ben Klieve's questions to CALAVO GROWERS (CVGW) leadership • Q2 2022

    Question

    Ben Klieve from Lake Street Capital Markets sought clarification on the RFG business's gross margin target, asking if the goal was a 10% run rate for fiscal '24. He also inquired about the potential ripple effects of recent C-suite turnover on the rest of the organization.

    Answer

    President and CEO Brian Kocher confirmed the goal is to achieve a 10% to 12% gross margin run rate for the RFG business by the end of 2023, heading into fiscal '24, while stressing that the company's culture of continuous improvement means they will aim higher. Regarding turnover, Kocher stated that the organization below the C-suite has been relatively stable and that the company has built infrastructure and talent to ensure operational sustainability, noting that no projects were slowed by the recent CFO departure.

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