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    Benjamin 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 extensive coverage of firms such as Tesla, NVidia, Amazon, Alibaba, First Solar, and MP Materials. With more than fifteen years of experience in the financial markets, his analyst ratings have produced an average return of 1.8% per call and a success rate of approximately 43%, including select recommendations exceeding 185% returns. Kallo began his career as a wealth manager at Merrill Lynch, moving through roles at Pacific Growth Equities and Stanford Group Company before joining Baird in 2009, where he rose to Managing Director in 2015. He holds a BA in Economics from California State University-Humboldt, an MA in Economics from UC Santa Barbara, is a CFA charterholder, and maintains FINRA securities licenses.

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

    Benjamin Kallo's questions to MP Materials Corp. / DE (MP) leadership • Q2 2025

    Question

    Benjamin Kallo inquired about the ultimate capacity of the separation facilities, the potential for third-party processing, and the strategy for signing new commercial magnet agreements for the 10x facility.

    Answer

    COO Michael Rosenthal explained that while capacity isn't unlimited, their vertically integrated site offers unique flexibility for processing various feedstocks. CEO James Litinsky added that the 10x facility is 100% contracted to the DoD, which allows MP to be patient and methodical in syndicating that capacity to commercial partners, ensuring win-win outcomes.

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    Benjamin Kallo's questions to Nextracker (NXT) leadership

    Benjamin Kallo's questions to Nextracker (NXT) leadership • Q1 2026

    Question

    Benjamin Kallo of Baird asked about Nextracker's strategy for product development and competitiveness after the ITC expires. He also inquired about the pricing model for the new robotics and AI acquisitions, asking if they represent an additional cost or are priced against savings.

    Answer

    President Howard Wenger expressed confidence in solar's ability to compete post-ITC, citing its proven cost-effectiveness in unsubsidized markets. Regarding the new technologies, he stated that Nextracker is migrating towards a 'robot as a service' model, which would generate recurring revenue as an additional service, expanding the company's overall platform.

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

    Benjamin Kallo's questions to DARLING INGREDIENTS (DAR) leadership • Q2 2025

    Question

    Benjamin Kallo from Robert W. Baird & Co. asked about capital allocation priorities for 2026, including potential shareholder returns or a SAF 2 project, and questioned the current sales trend for collagen after weakness last year.

    Answer

    CFO Robert Day stated that a decision on SAF 2 requires more market clarity and is not in the current 2026 plan, with the primary focus remaining on deleveraging. He clarified that last year's weakness was a temporary oversupply of gelatin, not a decline in demand for hydrolyzed collagen, which continues to grow strongly. The market is now tightening, and high barriers to entry for new capacity are favorable.

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    Benjamin Kallo's questions to QuantumScape (QS) leadership

    Benjamin Kallo's questions to QuantumScape (QS) leadership • Q2 2025

    Question

    Benjamin Kallo questioned the company's operational bandwidth to manage multiple customer JDAs simultaneously from an employee and equipment standpoint. He also asked how much the manufacturing process must be altered for new customers while maintaining the non-exclusive arrangement with PowerCo.

    Answer

    CEO Siva Sivaram acknowledged there is a limit to how many high-touch customer engagements they can handle at once but affirmed that the new JDA is accounted for in current plans. He explained that while the core technology platform remains consistent, it is customized for each OEM's specific requirements, such as form factor or performance specifications, which is the focus of the JDA process.

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