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    Chip Moore

    Research Analyst at EF Hutton

    Chip Moore is a Managing Director and Senior Research Analyst specializing in sustainability-focused equity research, with deep expertise covering areas such as energy and power technologies, water solutions, smart grid concepts, green building, and clean transportation. He has covered a diverse range of companies within these sectors and earned recognition for his performance, including being listed among the Wall Street Journal's top research teams in 2012 and ranked in TipRanks' Top 100 analysts in 2018, as well as Top 10 consumer goods analysts in 2023 for his stock-picking success. Moore's career spans nearly two decades, starting at Thomson First Call, followed by roles at Adams Harkness (later Canaccord Genuity), and EF Hutton as Managing Director and Global Head of Sustainability Research before joining ROTH. He holds a B.A. in Economics from Wesleyan University, has been a CFA charterholder since 2003, and is an active member of the CFA Society Boston.

    Chip Moore's questions to Amprius Technologies (AMPX) leadership

    Chip Moore's questions to Amprius Technologies (AMPX) leadership • Q2 2025

    Question

    Chip Moore of Roth Capital Partners, LLC inquired about the light electric vehicle (LEV) market, seeking to understand its potential contribution and visibility given its lumpy nature. He also asked for confirmation on whether to expect sequential revenue growth in Q3.

    Answer

    CEO Kang Sun described the LEV market in Europe and Asia as a significant opportunity due to a revolution in vehicle design and battery standards that favor Amprius's technology. He noted the qualification time is short, offering near-term potential. Dr. Sun also affirmed that based on the current customer qualification pipeline, sequential revenue growth should be expected in Q3.

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    Chip Moore's questions to Thermon Group Holdings (THR) leadership

    Chip Moore's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Chip Moore of Roth Capital Partners inquired about the large project pipeline for the Heat Trace business, particularly in light of recent final investment decisions (FIDs) in the market. He also asked for more detail on the go-to-market strategy for the new data center load bank opportunity.

    Answer

    CEO Bruce Thames responded that the total bid pipeline is up 43% year-over-year, with a strong backlog that is up 27%. He noted that while some large project bookings were weaker in Q1, the cadence has improved, and the fiscal year's revenue is now expected to follow a more typical pattern, with about 55-56% occurring in the second half. Regarding data centers, Thames explained that the load banks are used later in the construction cycle for commissioning and that the go-to-market strategy is primarily direct, with potential for new partnerships in the rental and technology sectors.

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    Chip Moore's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Chip Moore of Roth Capital Partners, LLC inquired about the large project pipeline for Heat Trace, particularly in light of recent Final Investment Decisions (FIDs), and sought more detail on the data center opportunity, including the go-to-market strategy and timing of load bank deployment in the construction cycle.

    Answer

    President, CEO & Director Bruce Thames reported that the total bid pipeline is up 43% year-over-year, with a robust backlog that is up 27%. He noted that project timing suggests a more typical revenue cadence for the year, with H2 being stronger than H1. For data centers, Thames explained that load banks are used late in the construction cycle for commissioning and throughout the asset's life. The go-to-market strategy is primarily direct, though the company is exploring partnerships with rental and technology firms.

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    Chip Moore's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Chip Moore of Roth Capital Partners, LLC inquired about the large project pipeline for Heat Trace, particularly in light of recent FIDs, and sought details on the go-to-market strategy for the new data center load bank products.

    Answer

    President and CEO Bruce Thames stated that the total bid pipeline is up 43% year-over-year, with recent large project wins in rail, LNG, and downstream oil. He anticipates a more typical back-half weighted revenue distribution for the year. Regarding data centers, Thames explained that load banks are used late in the construction and commissioning phase and that the go-to-market strategy is primarily direct, though the company is exploring new partnerships with rental and technology firms.

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    Chip Moore's questions to Thermon Group Holdings (THR) leadership • Q1 2026

    Question

    Chip Moore of Roth Capital Partners, LLC inquired about the large project pipeline for Heat Trace, especially in light of recent FIDs, and sought more detail on the data center opportunity, including the go-to-market strategy and timing of product use in the construction cycle.

    Answer

    President, CEO & Director Bruce Thames highlighted that the total bid pipeline grew 43% and the backlog is up 27% year-over-year, with recent wins in rail, transit, and LNG. He noted the fiscal year's revenue now appears more back-half weighted. For data centers, Thames explained that load banks are used late in the construction and commissioning phase. The go-to-market strategy is primarily direct, though the company is exploring partnerships with rental and technology firms.

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    Chip Moore's questions to EnerSys (ENS) leadership

    Chip Moore's questions to EnerSys (ENS) leadership • Q1 2026

    Question

    Chip Moore of Roth Capital Partners inquired about the recovery in the Energy Systems segment, specifically the drivers and cadence in communications, and also asked about the margin trajectory following the new cost optimization program.

    Answer

    President & CEO Shawn O'Connell confirmed a recovery in telecom and broadband, driven by early-stage network build-outs and DOCSIS 4.0 upgrades. EVP & CFO Andrea Funk added that while Q1 was pressured by pre-tariff buying in the prior quarter, data center demand was robust, up 14% YoY. Regarding cost savings, Funk stated that the $80 million annualized program will begin to show material impact in the second half of the fiscal year, with $30-$35 million in savings expected in FY26, and that Q1 should represent the earnings low point for the year.

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    Chip Moore's questions to EnerSys (ENS) leadership • Q3 2025

    Question

    Chip Moore of ROTH Capital Partners asked for an update on the Specialty segment, focusing on visibility in aerospace and defense, the impact of the Bren-Tronics acquisition on order size, progress on the heavy-duty trucking aftermarket rollout, and the company's M&A appetite given its low leverage.

    Answer

    CEO David Shaffer and COO Shawn O'Connell confirmed strong performance and visibility in aerospace and defense, noting that customers like the stability EnerSys's balance sheet brings to Bren-Tronics, leading to larger order discussions. O'Connell added that new, more efficient production lines are coming online, which will be fully running by Q3 of the next fiscal year. Regarding M&A, Shaffer and CFO Andrea Funk confirmed the balance sheet is strong with leverage at 1.5x, and they are actively evaluating bolt-on acquisition opportunities.

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    Chip Moore's questions to POWELL INDUSTRIES (POWL) leadership

    Chip Moore's questions to POWELL INDUSTRIES (POWL) leadership • Q3 2025

    Question

    Chip Moore from Roth Capital Partners, LLC asked about the drivers of the strong momentum in the electric utility market, the strategic rationale and potential for the REMSAK acquisition, the impact of short-cycle business on gross margins, and for an update on capacity expansion initiatives.

    Answer

    CEO Brett Cope attributed utility market success to a long-term strategy of becoming a trusted partner, combined with new demand from data centers. He detailed that the REMSAK acquisition provides a key technology (RTUs) that Powell will leverage from the UK into the North American market. CFO Mike Metcalf noted the short-cycle book-to-bill cadence has increased to ~$50 million per quarter. Cope also confirmed the new Houston facility is operational and that the company is actively exploring further offshore-focused expansion.

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    Chip Moore's questions to POWELL INDUSTRIES (POWL) leadership • Q3 2025

    Question

    Chip Moore of Roth Capital Partners, LLC asked about the drivers of the strong electric utility results, the strategic rationale and North American potential for the REMSAK acquisition, the recent increase in short-cycle business, and the status of capacity expansion initiatives.

    Answer

    CEO Brett Cope explained that utility growth stems from a long-term strategy to become a trusted partner, now benefiting from a generation wave driven by data centers and general load growth. He detailed that the REMSAK acquisition provides a key technology for electrical automation with plans to leverage its next-gen platform in North America. CFO Mike Metcalf noted the short-cycle book-and-ship business cadence has increased to ~$50 million per quarter. Cope also confirmed the new Houston facility is operational and that the company is actively exploring further offshore-focused expansion.

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    Chip Moore's questions to ITRON (ITRI) leadership

    Chip Moore's questions to ITRON (ITRI) leadership • Q2 2025

    Question

    Chip Moore of Roth Capital Partners, LLC asked about the growth opportunity for Itron's edge intelligence solutions in Europe over the next several years, noting early signs of traction.

    Answer

    CEO Tom Deitrich confirmed a reemergence of interest in Europe for advanced grid solutions beyond basic metering. He stated that Itron is focused on selling complete, high-margin solutions and views Western Europe as an increasingly active market for its edge intelligence platforms in the coming years, complementing its already strong water business in the region.

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    Chip Moore's questions to ITRON (ITRI) leadership • Q4 2024

    Question

    Chip Moore asked about the biggest risks and potential upsides to the 2025 revenue outlook and inquired about the margin trajectory towards the 2027 targets, considering recent cost actions.

    Answer

    CFO Joan Hooper identified potential new trade policies as the biggest risk to the 2025 outlook, as none are currently assumed. She broke down the guidance, expecting Devices to be down, Networks to be flat-to-low growth (due to 2024's catch-up revenue), and Outcomes to have another strong year. Hooper expressed confidence in reaching the 2027 targets, noting that recent factory shutdowns will yield about $10 million in savings in 2025, and she expects gross margin to improve year-over-year.

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    Chip Moore's questions to ITRON (ITRI) leadership • Q3 2024

    Question

    Chip Moore asked for clarification on revenue pulled forward from 2025 into Q3 and the drivers behind the implied margin step-down in the Q4 outlook.

    Answer

    CEO Tom Deitrich and CFO Joan Hooper explained that some Q3 revenue strength was due to customers accelerating shipments planned for Q4 or early 2025. For the Q4 outlook, Hooper noted that margins will be impacted by seasonally higher OpEx, the non-recurrence of the Q3 tax benefit, and some minor productivity impacts from the final stages of factory closures.

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    Chip Moore's questions to CORE MOLDING TECHNOLOGIES (CMT) leadership

    Chip Moore's questions to CORE MOLDING TECHNOLOGIES (CMT) leadership • Q1 2025

    Question

    Chip Moore of EF Hutton inquired about Core Molding's growth prospects, including details on the $15 million in new annual business from sheet molding compound (SMC) and its capacity. He also asked about the strategic advantage of the company's U.S. and Mexico manufacturing footprint, progress in newer markets like medical and turf protection, the purpose of recent large press upgrades, and the dynamics of the M&A market after a recent deal fell through to a private equity buyer.

    Answer

    Executive David Duvall explained that the new SMC business, primarily in construction, offers a shorter quote-to-cash cycle and that the company has ample installed capacity. He noted that while the sales pipeline is robust, major customer decisions are being delayed by market uncertainty. Duvall confirmed their North American footprint is an advantage for reshoring opportunities and highlighted progress in turf protection and medical sectors, with smaller programs being won while larger ones are on hold. The press upgrades aim to increase the speed and efficiency of older equipment. Regarding M&A, Duvall expressed disappointment over a lost deal, emphasizing Core's value as a long-term home for acquired companies. Executive Alex Panda added that acquisition multiples are currently in the 6-7x range.

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    Chip Moore's questions to CORE MOLDING TECHNOLOGIES (CMT) leadership • Q1 2025

    Question

    Chip Moore of EF Hutton inquired about Core Molding's growth prospects, focusing on the $15 million in new annual business, particularly the capacity and potential of proprietary SMC. He also asked about the strategic advantage of the company's U.S. and Mexico footprint, progress in newer markets like medical and turf protection, the purpose of recent large press upgrades, and details surrounding a recent M&A attempt, including market valuations and competition from private equity.

    Answer

    Executive David Duvall explained that the new SMC business leverages existing capacity for the construction market and offers a shorter quote-to-cash cycle. He noted that while the sales pipeline is robust, major customer decisions are being delayed by market uncertainty. Duvall confirmed their North American footprint is an advantage for reshoring business from China and highlighted progress in turf protection and medical sectors. He detailed that press upgrades aim to increase operational speed and efficiency. Regarding M&A, Duvall expressed disappointment over a lost deal to a private equity buyer, emphasizing Core's value as a long-term home for acquired companies. Executive Alex Panda added that acquisition multiples in their target market are currently between 6x and 7x EBITDA.

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    Chip Moore's questions to CORE MOLDING TECHNOLOGIES (CMT) leadership • Q1 2025

    Question

    Chip Moore of EF Hutton inquired about Core Molding's growth initiatives, including the potential of its proprietary SMC business and the status of its new business funnel. He also asked about the strategic advantage of its U.S. and Mexico manufacturing footprint, progress in newer markets like medical and turf protection, the rationale behind recent press upgrades, and the M&A environment following a recent failed acquisition attempt.

    Answer

    CEO David Duvall highlighted the significant opportunity in proprietary SMC, noting existing capacity and a shorter quote-to-cash cycle, though he mentioned large customer decisions are being delayed by market uncertainty. He confirmed the company's U.S./Mexico footprint is a key advantage for reshoring opportunities. Duvall also noted progress in newer markets, with smaller programs being won while larger ones are on hold, and explained that press upgrades are aimed at increasing operating speed and efficiency. Regarding M&A, Duvall expressed disappointment over a recent deal lost to a private equity buyer, while CFO Alex Panda added that market multiples are currently around 6-7x EBITDA and that Core was competitive on price.

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    Chip Moore's questions to ASPEN AEROGELS (ASPN) leadership

    Chip Moore's questions to ASPEN AEROGELS (ASPN) leadership • Q4 2024

    Question

    Chip Moore asked about the capital deployed at the halted Statesboro plant, the potential to repurpose assets, the speed of adding modular capacity externally, and the company's plans for capital allocation.

    Answer

    CFO Ricardo Rodriguez stated that some equipment from Statesboro will be moved to the Rhode Island facility, while other assets may be sent to external partners. On capital allocation, he mentioned opportunities for organic growth, M&A, and potential capital return to shareholders as the company evaluates its optimal cash balance.

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