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    Benjamin Klieve

    Senior Research Analyst at Lake Street Capital Markets

    Ben Klieve, CFA, is a Senior Research Analyst at Lake Street Capital Markets specializing in the agriculture sector, with a research focus on companies such as American Vanguard Corporation, Arcadia Biosciences, Limoneira, Lifeway Foods, Vital Farms, TAT Technologies, and Titan Machinery. He is recognized for delivering detailed fundamental analysis and differentiated investment ideas, and his recommendations include consistent buy ratings on emerging agriculture and food companies; his performance track record, including average 12-month ROI and success rates, is tracked by platforms like MarketBeat, underscoring his impact in equity research. Klieve began his career prior to joining Lake Street and has become established as a sector-focused analyst, holding the Chartered Financial Analyst (CFA) designation and being registered with FINRA. His expertise is often sought for industry insights, and he regularly participates in industry panels and authors research on innovative market opportunities within his coverage universe.

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

    Benjamin Klieve's questions to Titan Machinery (TITN) leadership • Q1 2026

    Question

    Benjamin Klieve of Lake Street Capital Markets asked for details on potential OEM partner initiatives to stimulate demand, how these are reflected in guidance, and if they could negatively impact Titan's margins.

    Answer

    Executive Bryan Knutson described ongoing discussions with OEMs about levers like financing programs and incentives to address weak farmer profitability, particularly for the second half of the year. Executive Bo Larsen confirmed that guidance assumes a level of OEM support consistent with their historical partnership and that any additional programs would be a net positive for margins and cash flow, helping to accelerate debt reduction. The primary focus remains on inventory reduction.

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    Benjamin Klieve's questions to Titan Machinery (TITN) leadership • Q1 2026

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about potential OEM initiatives to stimulate demand, including what Titan hopes to see, whether these are embedded in guidance, and if such programs could create offsetting margin pressure.

    Answer

    Executive Bryan Knutson confirmed ongoing discussions with OEMs about levers like financing programs and incentives to bridge the current profitability gap for farmers. Executive Bo Larsen stated that guidance already assumes a level of OEM support consistent with their historical partnership. He clarified that additional support would be a net positive, potentially improving margins from their current floor and accelerating debt paydown, as the primary goal remains inventory reduction.

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    Benjamin Klieve's questions to Titan Machinery (TITN) leadership • Q4 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets asked for the year-end breakdown of interest-bearing versus non-interest-bearing floorplan debt and inquired about the potential for this debt to return to pre-pandemic levels.

    Answer

    Executive Bo Larsen stated that interest-bearing inventory was approximately $385 million, or 40% of total inventory, at year-end, with an optimal target closer to 25%. Larsen anticipates fiscal 2026 will be focused on optimizing inventory aging, setting the stage for a significant reduction in floorplan interest expense in fiscal 2027. Executive Bryan Knutson added that a focus on presales will also help lower interest costs.

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    Benjamin Klieve's questions to Titan Machinery (TITN) leadership • Q3 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about farmer sentiment, asking if there were tangible signs of improvement like increased foot traffic, and sought a breakdown of margin pressure between general market dynamics and Titan's specific sales incentives.

    Answer

    Executive Bryan Knutson acknowledged a near-term uptick in U.S. farmer sentiment and foot traffic due to better-than-expected yields, but noted long-term concerns remain over commodity prices. He contrasted this with tougher sentiment in drought-affected Europe and Australia. Regarding margins, Executive Bo Larsen explained that while it's difficult to precisely separate the causes, the decline to the 5-6% range from a historical 10% average for domestic Ag equipment is driven by both lower used equipment values and the company's aggressive, proactive inventory reduction strategy.

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    Benjamin Klieve's questions to Titan Machinery (TITN) leadership • Q2 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the range of equipment margin compression, asking if certain categories like precision ag were more resilient. He also asked about the service business's performance amid a weak ag economy and its ability to secure labor.

    Answer

    Executive Bryan Knutson responded that margin compression is generally across the board but more aggressive in categories with excess inventory. He noted the service business remains strong as customers prioritize avoiding downtime, and that a tighter job market combined with Titan's internal programs has improved technician hiring. Executive Bo Larsen added that precision ag is a positive factor driving purchases.

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    Benjamin Klieve's questions to Bioceres Crop Solutions (BIOX) leadership

    Benjamin Klieve's questions to Bioceres Crop Solutions (BIOX) leadership • Q3 2025

    Question

    Benjamin Klieve asked for clarification on whether a $7.5 million non-operating income item was cash or non-cash, and also inquired which commercial initiatives are expected to have the most significant financial impact in fiscal 2026.

    Answer

    CFO Enrique López Lecube confirmed the $7.5 million income was primarily a non-cash exchange of intellectual property. CCO Milen Marinov outlined key priorities for fiscal 2026, including driving growth outside of Argentina (Brazil, U.S., LatAm, Europe), scaling the biologicals portfolio via B2B and seed treatment channels, and leveraging technology platforms like the UBP biostimulant.

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    Benjamin Klieve's questions to Bioceres Crop Solutions (BIOX) leadership • Q2 2025

    Question

    Benjamin Klieve requested specifics on expected OpEx savings from the seed business realignment, the seasonality of the Syngenta agreement revenue versus the prior year, and the strategic rationale for carrying noncore third-party products.

    Answer

    CFO Enrique López Lecube explained that a meaningful OpEx reduction is planned before year-end to stabilize EBITDA, addressing not just the seed business but the entire cost structure due to soft sales. Regarding Syngenta, he noted a tough Q3 year-over-year comparison is expected due to a non-recurring $15M accrual in the prior year. CEO Federico Trucco added that profit recognition from the deal is now more evenly spread. López Lecube clarified that noncore products include high-margin third-party sales (10-15% of Crop Protection revenue) and products from barter transactions (25-30%), which will be retained, while low-margin opportunistic products will be eliminated.

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    Benjamin Klieve's questions to Bioceres Crop Solutions (BIOX) leadership • Q1 2025

    Question

    Benjamin Klieve asked about the expected shift of revenue from Q1 to Q2 due to late rains in Argentina and the seasonality of the Syngenta agreement.

    Answer

    CFO Enrique López Lecube explained that while Crop Protection sales are likely shifting to Q2, fertilizer sales depend on late-season corn planting. CEO Federico Trucco added that the Syngenta agreement's profit-sharing is now more evenly distributed quarterly, with profit-sharing more than doubling YoY in Q1, driven by strong performance in Brazil.

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    Benjamin Klieve's questions to Bioceres Crop Solutions (BIOX) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets questioned the significant shortfall in HB4 Wheat's Q4 EBITDA contribution compared to optimistic early-quarter guidance and inquired about the Board's strategic response to the ongoing challenges in the HB4 commercial launch.

    Answer

    CEO Federico Trucco attributed the HB4 Wheat miss to underestimating the validation required for the new conventional sales model and a high royalty cost amid falling wheat prices. He confirmed the Board is pivoting the HB4 strategy away from a capital-intensive, identity-preserved model towards a more capital-efficient approach, including partnerships with genetic providers. CFO Enrique López Lecube added that this pivot is also driven by the higher cost of capital and competing investment opportunities within their bioprotection business.

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    Benjamin Klieve's questions to S&W Seed (SANW) leadership

    Benjamin Klieve's questions to S&W Seed (SANW) leadership • Q3 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the impact of the fluid China tariff situation on the fourth-quarter outlook, how market uncertainty is affecting the company's ongoing strategic review, and the potential to accelerate international expansion to mitigate tariff risks.

    Answer

    Mark Herrmann, an executive, explained that the tariff situation remains challenging despite a 90-day pause, as high U.S. grain inventories are depressing prices and planting decisions are being finalized. He noted that the strategic review process is still moving forward with interested parties. Regarding international expansion, Herrmann stated that while the company is actively building partnerships, the timeline cannot be significantly accelerated due to the 18-24 month process for both trait development and local herbicide registration with partners like ADAMA.

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    Benjamin Klieve's questions to S&W Seed (SANW) leadership • Q3 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about the impact of the fluid U.S.-China tariff situation on the Q4 outlook, whether the ongoing strategic review has been affected by market uncertainty, and if the company's international expansion could be accelerated.

    Answer

    Executive Mark Herrmann explained that despite a potential pause in tariffs, the grain supply chain is backed up, depressing prices and making a quick recovery for the current planting season difficult. He affirmed the strategic review process is still moving forward as planned. Regarding international expansion, Herrmann noted that accelerating the timeline is challenging due to the inherent 18-to-24-month processes for trait introgression and local herbicide registrations with partners like ADAMA, but these initiatives are progressing well.

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    Benjamin Klieve's questions to S&W Seed (SANW) leadership • Q2 2025

    Question

    Benjamin Klieve asked about the level of Double Team sorghum inventory in the supply chain, the U.S. acreage assumptions in the current year's guidance, progress on debt and working capital reduction, and potential synergies from the ongoing strategic review.

    Answer

    CEO Mark Herrmann explained that direct sales inventory is fully visible and starts at zero annually, while a new licensee model will improve channel visibility. He confirmed guidance is conservative and not dependent on sorghum acreage growth. CFO Vanessa Baughman noted that despite one-time costs, the company expects to end FY2025 with lower debt, supported by a new credit facility. Mark Herrmann added that inventory reduction is a key focus. Regarding the strategic review, he acknowledged that a larger partner could potentially accelerate growth and create significant value.

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    Benjamin Klieve's questions to S&W Seed (SANW) leadership • Q4 2024

    Question

    Benjamin Klieve inquired about the EBITDA loss from the Australian operation, the conviction that the AUD 15 million liability is the maximum exposure from the voluntary administration process, and the high-level outlook for the Americas business regarding liquidity and capital access for fiscal 2025.

    Answer

    Executive Vanessa Baughman directed him to the upcoming 10-K filing for the detailed Australian EBITDA loss reconciliation. She confirmed they are working towards a resolution on the AUD 15 million guarantee with the National Australia Bank (NAB) as part of the VA process, which is progressing towards a November conclusion. Regarding the Americas, Baughman noted that while specific guidance is pending, they anticipate continued growth from the Double Team platform and the new Prussic-free launch, supported by ongoing cost discipline and discussions with a new lender, making funding not a concern. Executive Mark Herrmann added that Double Team is expected to grow to 13-15% market share, with ongoing operational and cost of goods improvements also contributing positively.

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

    Benjamin Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership • Q1 2025

    Question

    Benjamin Klieve from Lake Street Capital Markets sought a deeper understanding of the 20% yield enhancement, asking whether it stemmed from more plants, faster growth cycles, or variety changes. He also questioned the company's financing strategy for the planned Midwest facility, inquiring about the potential use of project-specific financing versus existing credit facilities.

    Answer

    Executive Kathleen Valiasek clarified that the yield improvement is due to 'light optimization' within the stack phase, which accelerates plant growth and increases the poundage of output by 20% without changing the number of plants. On financing the Midwest facility, Valiasek stated that the company is pursuing project-specific financing and is actively seeking to bring new, non-dilutive capital partners into its capital stack.

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    Benjamin Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership • Q4 2024

    Question

    Inquired about the variable cost structure at the Georgia facility, the status of the planned Midwest expansion, and the company's preference between acquiring underperforming greenhouses versus vertical farms.

    Answer

    Executives confirmed they are successfully reducing variable costs like seed and labor at the Georgia facility. The Midwest expansion is still actively being planned in consultation with retailers. For acquisitions, the company prefers existing greenhouses that can be retrofitted with their 'Stack & Flow' technology over stand-alone vertical farms.

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    Benjamin Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership • Q4 2024

    Question

    Benjamin Klieve from Lake Street Capital Markets asked about the variable cost structure at the Georgia facility, the status of the Midwest expansion plan, and the company's preference between acquiring underperforming greenhouses versus vertical farms.

    Answer

    CEO Kathleen Valiasek reported that the Georgia facility is meeting expectations with successful reductions in variable costs like labor and seeds. She affirmed the Midwest expansion is still a priority, pending final design based on retailer feedback. Regarding expansion strategy, Valiasek stated a preference for acquiring existing greenhouses and retrofitting them with Local Bounti's Stack technology, noting they have passed on acquiring stand-alone vertical farms.

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    Benjamin Klieve's questions to Local Bounti Corporation/DE (LOCL) leadership • Q3 2024

    Question

    Asked for an update on the utilization status of the Georgia and Washington facilities, the progress of securing growth capital from new partners, and specifics on how the Midwest expansion plans have changed.

    Answer

    The Georgia facility is at full utilization, and Washington will be in the current quarter. The company is actively engaged with multiple capital providers, including for sale-leaseback financing, and has term sheets but is delaying closing on financing until expansion plans are finalized based on customer feedback. This customer-driven approach is expected to make raising capital easier. For the Midwest expansion, the site remains the same, but the facility's size and internal configuration are under review to accommodate significant demand from large customers for new, faster-growing SKUs like Arugula and Spinach.

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

    Benjamin Klieve's questions to Strata Critical Medical (BLDE) leadership • Q1 2025

    Question

    Benjamin Klieve asked to quantify the revenue impact from the aircraft repositioning strategy and whether macroeconomic factors like tariffs are influencing decisions on new aircraft acquisitions.

    Answer

    CFO William Heyburn quantified the repositioning headwind as a 'low to mid-single-digit' impact on revenue, noting it will always be part of the business but that the company will lap the major strategic shifts in H2 2025. CEO Robert Wiesenthal stated that macro factors and tariffs have 'no impact' on their aircraft acquisition thinking, as the medical business is non-correlated. He reiterated plans to be opportunistic in adding a low single-digit number of aircraft over the next 12-18 months.

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    Benjamin Klieve's questions to Strata Critical Medical (BLDE) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets asked for more details on the pilot program at the Downtown Manhattan Heliport, including its data objectives and potential to generate revenue before eVTOLs arrive. He also inquired about the robustness of the sales pipeline for adding new transplant centers to the Medical business.

    Answer

    Founder & CEO Rob Wiesenthal described the Skyports partnership as a way to gather data on passenger flow and logistics to de-risk the future eVTOL transition, with Blade taking no economic risk. He noted it establishes Blade's presence at a third key Manhattan location. Regarding the Medical segment, Mr. Wiesenthal confirmed a 'great pipeline' that now includes two funnels: traditional logistics customers and customers from its TOPS organ placement service, citing a recent example of a TOPS customer converting to a full logistics client.

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    Benjamin Klieve's questions to Arcadia Biosciences (RKDA) leadership

    Benjamin Klieve's questions to Arcadia Biosciences (RKDA) leadership • Q1 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the Zola brand's momentum, asking for quantification of its distribution pipeline, the expected timing for new distribution to impact financials, the potential commercial value of the final legacy patent, and the expected receipt date for the $2.5 million note receivable payment.

    Answer

    President and CEO Thomas Schaefer explained that the Zola distribution pipeline represents about half of the current 3,500-store base, with new Q2 wins expected to impact 2025 financials despite a normal lag. He also noted the last legacy patent has potential value for a third-party licensee, not Arcadia, and they are exploring options to resolve the associated liability. Executive Mark Kawakami confirmed the $2.5 million note receivable payment is scheduled for receipt in Q2.

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    Benjamin Klieve's questions to Arcadia Biosciences (RKDA) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the outlook for Zola's distribution growth in 2025, requested specific revenue figures for the discontinued GLA business in 2024, and asked for an update on the monetization strategy for the company's legacy intellectual property.

    Answer

    President and CEO Thomas Schaefer confirmed a healthy Zola distribution pipeline for 2025, noting the full-year benefit from H2 2024 gains. He provided final GLA revenue figures ($756k for FY24, $55k for Q4) and confirmed inventory is depleted. Schaefer also stated that the company is in advanced discussions to monetize its remaining wheat IP through a series of transactions, with a potential announcement in H1 2025.

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    Benjamin Klieve's questions to Arcadia Biosciences (RKDA) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about several key financial and operational details, including the nature of a Q3 write-down, expected future gross margins for the Zola business, the potential for recurring one-time operating expenses, and the company's infrastructure readiness to support Zola's rapid growth.

    Answer

    Executive Mark Kawakami confirmed the $150,000 Q3 write-down was for legacy hemp and GoodWheat seed. CEO T.J. Schaefer projected go-forward gross margins for Zola in the low-to-mid 30% range, consistent with prior outlook. Schaefer also noted that significant one-time transition costs are largely concluded and that while the asset-light model supports growth, managing inventory with longer lead times is a key operational focus.

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    Benjamin Klieve's questions to Arcadia Biosciences (RKDA) leadership • Q2 2024

    Question

    Benjamin Klieve from Lake Street Capital Markets asked for clarification on Zola's Q2 revenue composition, specifically if there were any one-time sales. He also inquired about the revenue percentage from GLA oil in recent quarters and the expected cash burn run rate exiting 2024 into 2025.

    Answer

    President and CEO T.J. Schaefer confirmed there were no lumpy, one-time revenues driving Zola's Q2 performance. He detailed that GLA revenue constituted 10% of sales in Q2, down from approximately 30% in Q1, and this wind-down would continue through year-end. Regarding cash burn, Schaefer reiterated the 2024 goal of halving the 2023 figure to about $7.5 million, with an additional $2 million in annual cost savings expected to primarily impact 2025, aiming for a low-to-mid single-digit burn rate next year.

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

    Benjamin Klieve's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Benjamin Klieve asked for clarification on the increase in retail store distribution from 24,000 to 26,000, noting the prior number had been stable for some time. He also inquired about the potential financial impact of tariffs on the Seymour, Indiana facility expansion.

    Answer

    CFO Thilo Wrede explained that the increase in store count was a technicality resulting from a switch in data providers from Nielsen to Circana, not from a significant increase in new doors. Regarding the Seymour facility, he acknowledged some tariff impact on imported equipment but stated that these costs are already factored into the existing capital expenditure guidance of $50-$60 million for the year.

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    Benjamin Klieve's questions to Vital Farms (VITL) leadership • Q1 2025

    Question

    Benjamin Klieve asked for an explanation of the reported increase in retail distribution from 24,000 to 26,000 stores, a number that had been static for some time. He also inquired about the potential cost impact of tariffs on the Seymour, Indiana facility expansion.

    Answer

    CFO Thilo Wrede clarified that the store count increase was a technical change resulting from switching data providers to Circana from Nielsen, not a fundamental gain in distribution. He also stated that while the Seymour project will see some tariff impact on imported equipment, the costs are already factored into the existing full-year CapEx guidance of $50-$60 million.

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    Benjamin Klieve's questions to Vital Farms (VITL) leadership • Q4 2024

    Question

    Benjamin Klieve questioned whether the integration of new grading machinery at Egg Central Station (ECS) would cause operational downtime and sought clarity on the timing of a past avian influenza outbreak.

    Answer

    President and CEO Russell Diez-Canseco expressed high confidence in a smooth integration of the new machinery without disruption, crediting proactive planning by the ECS leadership team. He also clarified that the company has had zero avian influenza outbreaks in 2025 and the single outbreak within the trailing twelve months occurred prior to the recent winter season.

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    Benjamin Klieve's questions to Vital Farms (VITL) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about Vital Farms' ability to match supply with strong demand in Q3, given operational disruptions like a water main break and planned maintenance, and inquired about the expected level of maintenance in Q4.

    Answer

    President and CEO Russell Diez-Canseco acknowledged that strong demand has led the company to exceed its own expectations, necessitating maintenance to sustain high operational tempo. He stated that while demand is robust, there are short-term limits to production upside. He clarified that maintenance in Q4 would be a consistent, planful approach similar to Q3, and these factors are already incorporated into the updated full-year guidance.

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    Benjamin Klieve's questions to Andersons (ANDE) leadership

    Benjamin Klieve's questions to Andersons (ANDE) leadership • Q1 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the Skyland acquisition's performance relative to expectations amid a challenging macro environment, its specific Q1 EBITDA contribution, and whether strategic capital investments, like the one in Houston, are proceeding without change.

    Answer

    President and CEO William Krueger acknowledged that the entire Western Corn Belt network, including Skyland, faced headwinds from a lack of trade flow but reiterated confidence in the long-term value and synergies of the acquisition. EVP and CFO Brian Valentine specified that Skyland's Q1 EBITDA was 'just slightly positive' and guided toward the lower end of the $30-$40 million annual run rate. Krueger confirmed that strategic investments, such as the Houston port expansion, are proceeding as planned, feeling the strategy is validated by potential growth in soybean meal exports.

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    Benjamin Klieve's questions to Andersons (ANDE) leadership • Q4 2024

    Question

    Benjamin Klieve from Lake Street Capital Markets inquired about the strategy for carbon intensity reduction investments in Renewables, the expected synergies from the N&I and Trade group consolidation, and the factors behind the strong ethanol performance despite margin compression.

    Answer

    President and CEO William Krueger explained that while awaiting full regulatory clarity on 45Z, the company is preparing for carbon intensity reduction investments, confident in the existing 45Q credit. He noted the N&I and Trade consolidation aims to create an integrated farmer-facing solution for climate-smart ag and to realize internal efficiencies. Krueger attributed the strong Q4 Renewables results to the successful execution of their integrated business model, encompassing origination, co-product sales, and marketing, which mitigates the impact of lower board crush margins.

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    Benjamin Klieve's questions to Andersons (ANDE) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about the market conditions in Q3, specifically the impact of farmers holding old crop inventories alongside a strong harvest. He also inquired about the strategic integration of the Skyland acquisition and the rationale for investing in soybean meal export capabilities at the Port of Houston, given the rise in domestic crush facilities.

    Answer

    President and CEO William Krueger explained that while farmers holding old crop is common in turning markets, the current slow selling of new crop creates a strong inventory position for Q4 and 2025. He expressed confidence in the Skyland acquisition, citing the strength of its employees and the synergies available by applying The Andersons' merchandising, nutrient, and risk management expertise. Regarding the Houston port, Krueger noted the company's existing domestic soybean meal trading and DDG export experience, stating the investment will upgrade the facility to capture export opportunities for excess meal produced in the Western Corn Belt.

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

    Benjamin Klieve's questions to MGP INGREDIENTS (MGPI) leadership • Q1 2025

    Question

    Benjamin Klieve asked for an update on the ongoing CEO search and whether any strategic initiatives were being delayed or held back as a result of the vacancy.

    Answer

    Brandon Gall, Interim CEO & CFO, stated the CEO search is a top priority for the Board and is still underway, noting such searches can take time. He emphasized that the company is not waiting and is moving forward decisively with its strategic initiatives. He highlighted his pride in the team's cross-functional alignment and action-oriented approach during this period, stressing that they 'don't have a choice' but to execute now.

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    Benjamin Klieve's questions to MGP INGREDIENTS (MGPI) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets asked for more detail on the magnitude of one-time costs impacting the Ingredient Solutions segment in 2024 and into 2025. He also inquired whether international specialty protein customers lost due to FX headwinds are expected to return.

    Answer

    Mark Davidson, VP and Corporate Controller, broke down the 2024 gross profit decline, citing the B Starch credit, incremental disposal costs, and costs to operate the new ProTerra facility. Brandon Gall, Interim President, CEO, and CFO, added that the ProTerra facility's drag on the P&L will be much less in 2025. He confirmed that the loss of Japanese business was economic (FX-related), not functional, and interest is returning as the U.S. dollar has weakened, given the proprietary nature of MGP's Arise products.

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    Benjamin Klieve's questions to MGP INGREDIENTS (MGPI) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets requested a breakdown of the Ingredient Solutions business, asking about the success of the domestic business year-to-date and the materiality of the export headwinds that have affected performance.

    Answer

    CFO Brandon Gall explained that the high-margin specialty protein business has faced significant export headwinds, particularly in Japan, due to the strong U.S. dollar. To counteract this, the company is successfully onboarding new domestic customers. He noted that the long sales cycle caused two large anticipated domestic sales to be pushed from Q3 into Q4, which impacted third-quarter results but provides optimism for a rebound in the fourth quarter.

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    Benjamin Klieve's questions to Chefs' Warehouse (CHEF) leadership

    Benjamin Klieve's questions to Chefs' Warehouse (CHEF) leadership • Q1 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about the timing of the decision to exit the non-core customer business and when this exit was first incorporated into the company's financial guidance.

    Answer

    James Leddy, CFO, and Christopher Pappas, Founder, Chairman and CEO, clarified that the potential attrition of this low-margin, non-core business was anticipated and factored into the initial guidance range. They explained that while the exact timing is hard to predict, their forecasting process accounts for such potential losses and gains. Mr. Pappas added that exiting this business frees up capacity for more profitable, core business, which is a key part of their post-acquisition strategy.

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    Benjamin Klieve's questions to Chefs' Warehouse (CHEF) leadership • Q3 2024

    Question

    Benjamin Klieve asked for quantification of the impact from rationalizing low-margin business and whether the philosophy behind this strategy has become more aggressive since the pandemic.

    Answer

    CFO Jim Leddy stated they don't break out the exact impact but confirmed it contributes to both weaker top-line growth and stronger gross margins. CEO Chris Pappas added that while the philosophy hasn't changed, the 'reality' of higher operating costs has reinforced their discipline. He stressed that they must get paid for their high-touch service model and cannot chase low-margin volume, making them more committed to their strategy than ever.

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

    Benjamin Klieve's questions to Mission Produce (AVO) leadership • Q1 2025

    Question

    Benjamin Klieve of Lake Street Capital Markets asked about the increased reliance on co-packers due to Mexican supply issues, the visibility on the Q1 working capital build unwinding, and any changes in supplier behavior due to tariff threats.

    Answer

    Executive Stephen Barnard and CFO Bryan Giles explained that the smaller Mexican crop necessitated higher co-packer usage, a situation expected to ease with new supply from California and Peru. Giles noted the working capital build is seasonal and should reverse in the second half of the fiscal year. Executive John Pawlowski added that while tariff talks caused some market choppiness, the company's supply chain proved resilient in meeting customer commitments.

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    Benjamin Klieve's questions to Mission Produce (AVO) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the variance between pre-released and final Q4 results, the costs of closing Canadian facilities, EBITDA expectations for the International Farming segment, and the potential impact of U.S. tariffs on the Mexican avocado supply chain.

    Answer

    CFO Bryan Giles explained that the outperformance versus the pre-release was driven by stronger-than-anticipated results in the farming and blueberry segments. Regarding facility closures, CEO Stephen Barnard and CFO Bryan Giles noted the move eliminates unprofitable operations with minimal shutdown costs and will generate long-term savings. For the International Farming segment, Giles expressed optimism for a return to historical EBITDA levels as weather normalizes. On potential tariffs, CEO Stephen Barnard and President & COO John Pawlowski highlighted the company's ability to manage supply chain disruptions and noted strong consumer resilience.

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    Benjamin Klieve's questions to Mission Produce (AVO) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the Peruvian avocado harvest, the drivers of increased market share in California, and the potential evolution of capital allocation strategy given the company's strong cash flow performance.

    Answer

    CEO Stephen Barnard and CFO Bryan Giles clarified that the Peruvian harvest was complete and that while volumes were lower due to El Niño-related heat, higher market prices provided an offset. President and COO John Pawlowski, along with Barnard and Giles, explained that the record California market share was a result of a strategic pivot to secure larger local crops amid supply challenges in Peru and Mexico, leveraging deep grower relationships and early market intelligence. Regarding capital allocation, Pawlowski stated that priorities remain focused on debt reduction and strengthening the balance sheet, with no major changes to the planned step-down in CapEx or M&A strategy despite the strong cash position.

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

    Benjamin Klieve's questions to AMERICAN VANGUARD (AVD) leadership • Q4 2024

    Question

    Benjamin Klieve asked about the timing and reasoning for the delayed 10-K filing, the potential for further working capital improvements in 2025, the strategy for reducing organizational complexity, and the impact of tariff uncertainty on farmer purchasing behavior.

    Answer

    CFO David Johnson clarified the 10-K filing delay is due to complex write-down assessments and should be resolved in 'days or weeks.' He also noted inventory is the main focus for working capital improvement. CEO Douglas Kaye explained that complexity is being reduced via organizational restructuring, a new ERP system, and a refined SIOP process. He added that tariff uncertainty is causing cautious, just-in-time purchasing from growers.

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    Benjamin Klieve's questions to AMERICAN VANGUARD (AVD) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets questioned the feasibility of the full-year EBITDA guidance, the impact of generic competition on products like Folex, and potential Q4 headwinds from difficult comps or Dacthal recall costs.

    Answer

    Executive Mark R. Bassett explained that the Q4 EBITDA forecast relies on seasonal strength, the end of the destocking phase, and initial transformation benefits. He and executive Mason Bennett detailed that while generic pressure on Folex is a headwind, American Vanguard competes on service, support, and superior formulations. Executive David Johnson stated the current $16M Dacthal recall charge is their best estimate, with no further costs anticipated for Q4. Bassett also noted a potential but less significant Aztec inventory overhang in Q4.

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    Benjamin Klieve's questions to Limoneira (LMNR) leadership

    Benjamin Klieve's questions to Limoneira (LMNR) leadership • Q4 2024

    Question

    Asked about the scale and nature of upcoming water monetization events, the relative value of different water assets, potential regulatory catalysts, and the key drivers for the fiscal 2025 lemon volume guidance.

    Answer

    The company clarified that meaningful FY25 water monetization will come from the valuable Santa Paula Basin, not the Colorado River, whose rights are positioned for a new 2026 accord. The lemon volume growth is driven by improved utilization via new foodservice channels and recruiting third-party growers.

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    Benjamin Klieve's questions to Limoneira (LMNR) leadership • Q4 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the scale of anticipated fiscal 2025 water monetization, the comparative value of water rights in the Santa Paula Basin versus the Colorado River, and the regulatory catalysts affecting these assets. He also questioned the drivers behind the fiscal 2025 fresh lemon volume guidance and later sought clarification on the significant projected increase in avocado yield per acre, asking about the specific farming practices and technologies enabling this growth.

    Answer

    Executive Harold Edwards explained that meaningful water monetization in fiscal 2025 will come from the Santa Paula Basin, which holds significantly more value per acre-foot than the Colorado River rights. He noted that the new Colorado River accord, expected in 2026, will be a key event to watch. Executive Mark Palamountain addressed the lemon guidance, attributing the volume increase to improved fresh utilization rates (targeting 80%) through new foodservice channels and recruitment of third-party growers. Regarding avocado yields, both Edwards and Palamountain detailed the shift to high-density planting (180+ trees per acre vs. 90 previously), advanced irrigation, drone technology, and improved farming practices coordinated by their 'Avocado Congress' as key drivers for increasing average yields to 17,000 pounds per acre.

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    Benjamin Klieve's questions to Limoneira (LMNR) leadership • Q3 2024

    Question

    Benjamin Klieve of Lake Street Capital Markets inquired about the drivers behind the significant increase in avocado volume guidance, lessons from the current harvest that could apply to future years, and the company's debt strategy in a declining interest rate environment.

    Answer

    An executive, Harold Edwards, attributed the surprising avocado volume increase to a larger crop and a strategic harvest delay, which allowed fruit to grow larger and capitalize on a favorable pricing window created by a temporary halt in Mexican imports. He also noted that improved farming practices from their 'Avocado Congress' initiative are boosting yields, with plans for denser, new-variety plantings to drive future growth. Separately, executive Mark Palamountain addressed the debt strategy, explaining that their fixed-rate debt will become variable in a year, offering flexibility. He highlighted the significant cash held in the Lewis JV as an additional source of liquidity and confirmed expectations for a lower net debt position next year.

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

    Benjamin Klieve's questions to CALAVO GROWERS (CVGW) leadership • Q1 2023

    Question

    Benjamin Klieve from Lake Street Capital Markets asked for the rationale behind divesting the salsa business, particularly in light of the recently secured relationship with Old El Paso. He also requested a breakdown of the revised $13 million CapEx budget between maintenance and growth investments.

    Answer

    CFO Shawn Munsell explained that the salsa business lacked critical mass and exiting it would be financially beneficial, improving results by about $400,000 annually. President and CEO Brian Kocher added that Calavo has arranged a co-packing relationship, allowing it to continue supplying Old El Paso branded salsa. Regarding capital expenditures, Munsell stated that maintenance CapEx is about $4-5 million for the year, with the deferred spending related to lower-performing projects that can be reactivated later.

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