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    Brian Gordon

    Senior Research Analyst at Water Tower Research

    Brian Gordon is a Senior Research Analyst at Water Tower Research, specializing in the coverage of advanced battery technologies and companies such as SES AI. He provides in-depth analysis focused on Li-Metal and Li-ion battery innovations, contributing expert insights on market trends and emerging applications in areas like electric vehicles, robotics, and aerospace. Gordon actively moderates industry events, demonstrating a strong presence in the battery and energy technology sectors. With a career grounded in financial analytics, he brings credibility to his market commentary, though there is no public record of FINRA registrations or specific quantitative performance metrics.

    Brian Gordon's questions to HNI (HNI) leadership

    Brian Gordon's questions to HNI (HNI) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the business sentiment and capital expenditure plans of large contract customers and asked for a breakdown of volume versus price in the Residential Building Products segment's growth.

    Answer

    CEO Jeffrey Lorenger described large contract customers as having a "business as usual" mentality, actively deploying capital for in-office projects now that a period of evaluation has passed. CFO Vincent Berger clarified that for the first half, residential growth was driven approximately two-thirds by price and one-third by volume, with a greater contribution from volume expected in the second half of the year.

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    Brian Gordon's questions to HNI (HNI) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC asked about the sentiment and capital expenditure plans of large contract customers versus SMBs, and the breakdown of volume versus price in the Residential Building Products segment's revenue growth.

    Answer

    Chairman, President & CEO Jeffrey Lorenger observed that large contract customers have moved past the evaluation phase and are now investing in their office spaces with a 'business as usual' mentality. EVP & CFO Vincent Berger clarified that for the first half of the year, Residential Building Products growth was approximately one-third volume and two-thirds price, with a shift toward more volume expected in the second half of the year.

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    Brian Gordon's questions to HNI (HNI) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the business sentiment and CapEx outlook among large contract customers compared to SMBs, and asked for a breakdown of the Residential Building Products segment's growth between volume and price.

    Answer

    CEO Jeffrey Lorenger indicated that large contract customers have moved past the evaluation phase and are now investing in their office spaces with a 'business as usual' mentality, deploying capital for projects. CFO Vincent Berger clarified that for the first half of the year, the residential segment's growth was approximately one-third from volume and two-thirds from price, with an expectation for a greater contribution from volume in the second half.

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    Brian Gordon's questions to HNI (HNI) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the business sentiment and capital expenditure plans of large contract customers, and requested a breakdown of volume versus price in the Residential Building Products segment's growth.

    Answer

    CEO Jeffrey Lorenger described large contract customers as being in a "business as usual" mode, actively deploying capital for office projects after a period of evaluation. EVP & CFO Vincent Berger clarified that for the first half, residential growth was about two-thirds price-driven, but he expects volume to contribute more significantly in the second half of the year.

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    Brian Gordon's questions to HNI (HNI) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the business sentiment and CapEx plans of large contract customers versus SMBs, and asked for a breakdown of volume versus price in the Residential Building Products segment's growth.

    Answer

    CEO Jeffrey Lorenger noted that large contract customers have moved past evaluation and are now investing in their office spaces as 'business as usual.' EVP & CFO Vincent Berger clarified that for the first half, Residential Building Products growth was roughly one-third volume and two-thirds price, with an expectation for a greater volume contribution in the second half of the year.

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    Brian Gordon's questions to HNI (HNI) leadership • Q1 2025

    Question

    Brian Gordon from Water Tower Research asked about the contrasting demand signals between the softness in SMB orders and the strength in residential renovations, seeking insight into what this says about the consumer and Main Street. He also inquired about any unexpected supply chain constraints from tariffs and the company's progress on adjustments needed to meet full-year guidance.

    Answer

    CEO Jeff Lorenger explained the dichotomy by noting that homeowners with high home equity and low mortgage rates feel confident to remodel, while SMBs are behaving as they typically do during economic uncertainty by pulling back quickly. CFO V.P. Berger added that the company has not faced unexpected supply chain constraints, citing a resilient and flexible system, and reiterated the expectation to offset the first-half tariff cost drag over the full year through pricing actions.

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    Brian Gordon's questions to HNI (HNI) leadership • Q4 2024

    Question

    Brian Gordon asked for insights from contract customers on return-to-office trends and questioned why the SMB business is currently lagging behind the contract segment in terms of performance.

    Answer

    CEO Jeff Lorenger reported that return-to-office momentum is building, and any change in workplace strategy creates a 'furniture event' that drives demand. EVP & CFO VP. Berger explained the SMB lag by noting the segment had a very strong two-year run and is taking a 'natural breather.' He contrasted this with the contract business, where long-term projects are now coming to fruition, and highlighted that SMB customers can pause spending quickly in response to market uncertainty.

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    Brian Gordon's questions to HNI (HNI) leadership • Q3 2024

    Question

    Brian Gordon asked for the long-term outlook on the business mix within Workplace Furnishings across SMB, contract, and other categories. He also requested a breakdown of contract business between new 'greenfield' projects and refurbishments.

    Answer

    CFO Marshall Bridges explained that while the contract business is showing near-term strength, it is premature to call a major long-term mix shift between it and the SMB segment. CEO Jeff Lorenger added that project activity is healthy in both greenfield projects, driven by lease churn, and refurbishments, as clients reconfigure existing spaces for hybrid work. He noted significant activity in both areas without providing a specific breakdown.

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    Brian Gordon's questions to BASSETT FURNITURE INDUSTRIES (BSET) leadership

    Brian Gordon's questions to BASSETT FURNITURE INDUSTRIES (BSET) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the total number of Bassett Custom Studios, the performance metrics for these studios, the progress of the design trade initiative, and the impact of tariffs on that channel.

    Answer

    Robert Spilman, President, CEO & Chairman, reported that the company now has 54 design studios and expects a continued opening pace of 6-8 per quarter. While not sharing specific external metrics yet, he noted that dealer performance is strong. Spilman also stated that the design trade channel sales grew by double digits and that this channel is less sensitive to tariff-related cost pressures compared to the more cost-conscious retail segment.

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    Brian Gordon's questions to BASSETT FURNITURE INDUSTRIES (BSET) leadership • Q1 2025

    Question

    Brian Gordon of Water Tower Research inquired about the sustainability of the impressive gross margins, the company's near-term strategy for mitigating tariffs, and future plans for new store openings and the growth of the Design Studio program.

    Answer

    Chairman and CEO Robert Spilman responded that while he doesn't foresee a significant decline, he also doesn't expect gross margins to increase further from their current high levels, citing the need to manage inventory and the uncertainty of tariffs. He confirmed they are considering all options for tariffs, such as surcharges or price increases, but have not made a decision. Spilman also noted that they are close to signing leases for two new stores and see significant growth potential for the domestic-focused Design Studio program.

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    Brian Gordon's questions to BASSETT FURNITURE INDUSTRIES (BSET) leadership • Q3 2024

    Question

    Brian Gordon asked for clarification on the impact of the cyber incident on sales, questioning if the underlying demand trends suggest the business is nearing a bottom, and inquired about growth drivers for fiscal 2025, including the Design Studio potential and new store opening plans.

    Answer

    Executive John Daniel clarified the cyber incident's main impact was lost retail sales from customers who couldn't place orders, rather than just production delays. CEO Rob Spilman added that the back-to-back nature of the planned July shutdown and the cyber attack created significant operational inefficiencies. Both executives agreed with the assessment that business appears to be 'bumping along the bottom.' For future growth, Spilman stated the focus is on refurbishing the existing store fleet, with only one new store currently under consideration. He noted the Custom Studio program is showing steady growth and is a key focus for fiscal 2025.

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    Brian Gordon's questions to CULP (CULP) leadership

    Brian Gordon's questions to CULP (CULP) leadership • Q4 2025

    Question

    Brian Gordon of Water Tower Research LLC inquired about the business cadence across segments, the impact of tariffs on demand, the assumptions behind recent pricing actions, the quarterly progression of cost savings, a change in inventory markdown accounting, debt paydown strategy, and key growth investment priorities for fiscal 2026.

    Answer

    President & CEO Robert G. Culp IV noted optimism for the mattress fabrics and hospitality segments, while residential upholstery remains challenged. He explained that pricing actions are based on steady-state revenue and that new cost savings will phase in during Q2, becoming fully effective in the second half of the year. EVP & CFO Kenneth Bowling detailed a $1.7 million benefit from an accounting change for inventory markdowns, aligning them with longer product life cycles. Bowling also affirmed an aggressive debt paydown strategy, balanced with strategic liquidity, particularly in China.

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    Brian Gordon's questions to CULP (CULP) leadership • Q2 2025

    Question

    Brian Gordon of Gordon Haskett Capital Corporation inquired about the drivers of the mattress segment's sequential sales improvement, the balance between underlying demand and inventory adjustments in the upholstery segment's decline, the post-restructuring economics of the mattress business, and the company's preparedness for potential tariff changes.

    Answer

    CEO Robert Culp, along with segment presidents Tommy Bruno (Mattress Fabrics) and Mary Beth Hunsberger (Upholstery Fabrics), and CFO Kenneth Bowling, explained that the mattress segment's growth is driven by market share gains from new programs. They attributed the upholstery weakness to customer inventory normalization after an aggressive Q1, noting the hospitality business remains strong. CFO Ken Bowling highlighted the expected $10 million in annualized savings from restructuring, which will create significant operating leverage. The team also expressed confidence in their diversified supply chain, including U.S. production and nearshore capabilities, to mitigate potential tariff impacts.

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    Brian Gordon's questions to CULP (CULP) leadership • Q1 2025

    Question

    Brian Gordon from Water Tower Research asked about the business cadence during the quarter, the reasons for the reduced restructuring cost estimate, the long-term impact of the restructuring on the mattress fabrics business model, and the growth drivers for the hospitality segment.

    Answer

    President of Upholstery Fabrics Mary Beth Hunsberger and President of Mattress Fabrics Tommy Bruno described strong sequential growth driven by market share gains. CFO Kenneth Bowling explained the lower restructuring cost was due to expense reclassification, better asset utilization, and lower termination costs. CEO Robert Culp detailed a new hybrid model for mattress fabrics, combining asset-light sourcing with a core manufacturing footprint. Mary Beth Hunsberger added that hospitality growth is fueled by a travel boom and Culp's new product lines.

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    Brian Gordon's questions to CULP (CULP) leadership • Q3 2025

    Question

    Brian Gordon of First Analysis Securities Corp. asked for clarification on the updated timeline for returning to profitability, details on market share gains, the specifics of new cost-saving initiatives, the impact of tariffs, and the company's view on industry consolidation.

    Answer

    CEO Robert Culp confirmed the company is targeting sustained profitability in fiscal 2026 by adjusting to current demand levels. He detailed an additional $1 million in annualized savings from personnel and fees starting in Q4, with plans for up to $2 million more from synergistic projects in fiscal 2026. Mattress Fabrics President Tommy Bruno stated that customer consolidation is a net positive and that the company is gaining share with both new and existing customers, aided by new quilting capabilities. Upholstery Fabrics President Mary Beth Hunsberger highlighted strong growth in the hospitality segment, which now represents 40% of upholstery sales, and a segmented strategy for the residential market. Both Culp and Hunsberger noted that Culp's diversified global platform provides a competitive advantage in navigating tariff uncertainty, with plans to pass on costs via price increases where necessary.

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    Brian Gordon's questions to MILLERKNOLL (MLKN) leadership

    Brian Gordon's questions to MILLERKNOLL (MLKN) leadership • Q4 2025

    Question

    Brian Gordon of Water Tower Research LLC asked for details on the North American contract growth, seeking to understand the mix between transactional business and larger projects pulled forward. He also inquired about potential demand pull-forward in the retail segment and whether the promotional environment has intensified.

    Answer

    President of North America Contract John Michael clarified that the vast majority of the order pull-forward came from larger project opportunities that were already in the sales funnel. President of Global Retail Debbie Propst stated there was no significant demand pull-forward in retail and that pricing increases successfully offset any incremental discounting during the quarter.

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    Brian Gordon's questions to MILLERKNOLL (MLKN) leadership • Q3 2025

    Question

    Brian Gordon asked for clarification on the Q3 impairment charges in the Global Retail segment, questioning how to reconcile them with the segment's strong performance, and also inquired about the rollout pace for the 10 to 15 new store locations planned for fiscal 2026.

    Answer

    CFO Jeff Stutz explained that the impairment charges were triggered by U.S. GAAP requirements due to profitability lagging internal expectations and the recent business resegmentation, which prompted an early valuation review. Debbie Propst, President of Global Retail, added that the new store openings would be paced evenly throughout fiscal 2026.

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    Brian Gordon's questions to MILLERKNOLL (MLKN) leadership • Q2 2025

    Question

    Brian Gordon inquired about recent trends in customer discussions regarding work-from-home and hybrid policies and their potential business impact. He also followed up on the performance of large projects, specifically those greater than $5 million.

    Answer

    President of Americas Contract, John Michael, stated that conversations with executives are focused on attracting employees back to the office for collaboration and learning. CEO Andrea Owen added that the discussion has shifted from 'if' to 'when and how quickly' employees will return. Regarding large projects, CFO Jeff Stutz confirmed that the greater-than-$5-million category was again the highest growth area for the company during the quarter, continuing a positive trend.

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    Brian Gordon's questions to MILLERKNOLL (MLKN) leadership • Q1 2025

    Question

    Brian Gordon requested an update on the progress of integrating Knoll and other brands into the international dealer network. He also asked a broader question about current customer sentiment on back-to-work and hybrid trends, and how MillerKnoll's product portfolio is positioned to meet these evolving needs.

    Answer

    CFO Jeff Stutz reported that as of the end of Q1, approximately 60% of the international dealer network integration was complete, with the goal of finishing the entire network by the end of the fiscal year. CEO Andi Owen addressed workplace trends, noting that customer conversations have shifted from the 'return to office quandary' to a focus on bringing people together more frequently. John Michael, President of Americas Contract, concurred, stating clients recognize the benefits of being in the office. Both executives affirmed their confidence in the company's product portfolio, developed with insights from their research team, to effectively serve the changing workplace.

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    Brian Gordon's questions to Ocean Power Technologies (OPTT) leadership

    Brian Gordon's questions to Ocean Power Technologies (OPTT) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research requested an update on the company's backlog and sales pipeline, including the conversion rate to recognized revenue. He also asked about the projected operating expense level needed to achieve breakeven by the fourth quarter of calendar 2025.

    Answer

    An executive, likely CFO Robert Powers, stated the backlog was approximately $3.6 million. CEO Philipp Stratmann noted the pipeline remains robust as new opportunities replace those converted to revenue. Stratmann clarified the breakeven target is for calendar Q4 2025 and stated that the company does not anticipate significant OpEx increases that are not directly tied to revenue generation, aiming to maintain its current cost-efficient structure.

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    Brian Gordon's questions to STEELCASE (SCS) leadership

    Brian Gordon's questions to STEELCASE (SCS) leadership • Q2 2025

    Question

    Brian Gordon of Water Tower Research asked for evidence of market share gains in the government, education, and healthcare markets, their potential future size, and if similar diversification opportunities exist internationally.

    Answer

    David Sylvester, SVP & CFO, explained that while vertical-specific market share data is unavailable, these diversification segments are a meaningful and growing part of the business. Internationally, he noted opportunities in education but described healthcare as more challenging to scale. He added that a key focus in Europe is winning a larger share of the large corporate business, where the team is seeing improved win rates.

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