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    Craig Irwin • ROTH Capital Partners

    Craig Irwin's questions to Willdan Group Inc (WLDN) leadership

    Craig Irwin's questions to Willdan Group Inc (WLDN) leadership • Q2 2025

    Question

    Craig Irwin asked about the sustainability of Willdan's robust organic growth, its positioning for grid-related work following recent acquisitions, the risk profile of its fixed-price contracts, and the pipeline for potential large-scale project awards.

    Answer

    CEO Michael Bieber attributed the 23% organic growth to strong intercompany collaboration and cross-selling opportunities catalyzed by new acquisitions like APG, particularly for data center clients. He noted their strong reputation with utilities is key. CFO Creighton Kim Early explained that their fixed-price contracts carry relatively low risk as they often subcontract work or are service-based agreements. Bieber confirmed they are pursuing several large opportunities, including a significant contract in New York and multiple projects in California.

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    Craig Irwin's questions to Willdan Group Inc (WLDN) leadership • Q1 2025

    Question

    Craig Irwin inquired about the potential impact of tariffs on Willdan's operations, the company's role in addressing the return to secular electric load growth, and the key drivers behind the decision to raise full-year guidance after a strong Q1.

    Answer

    President and CEO Mike Bieber addressed the tariff issue, stating that while it's a risk for equipment pricing, Willdan has front-loaded purchases for the year and is adding flexible contract terms. He confirmed that the return to load growth, accelerated by AI and data centers, is driving significant customer conversations and demand. Regarding the guidance raise, Bieber explained that Q1 performance exceeded internal forecasts across all business lines, providing the confidence to lift the full-year outlook.

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    Craig Irwin's questions to Willdan Group Inc (WLDN) leadership • Q4 2024

    Question

    Craig Irwin asked about the revenue ramp-up and potential start-up issues for the renewed LADWP contract, the funding sources and administration of the Regional Energy Networks (RENs), and the potential business impact from a change in the U.S. presidential administration.

    Answer

    Mike Bieber, President and CEO, explained that the LADWP contract is a recompete, minimizing start-up risks, but revenue will ramp in the second half of 2025 after a brief pause. He clarified that RENs are funded by electricity bill surcharges and overseen by the PUC, allowing for simpler contracts. Bieber also stated that a change in administration is expected to have minimal impact due to Willdan's focus on state and local funding and contractual protections against potential tariffs.

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    Craig Irwin's questions to Willdan Group Inc (WLDN) leadership • Q3 2021

    Question

    Craig Irwin asked about Willdan's sensitivity to federal versus state energy policy, the impact of rising energy prices on utility commission actions, and the potential for organic growth to exceed 10% in 2025.

    Answer

    President and CEO Michael Bieber explained that state-level policy is the dominant factor for Willdan's business, noting that the company has performed well under different federal administrations. He confirmed that higher electricity prices are increasing the value and focus on energy efficiency programs. Regarding 2025, Bieber maintained the company's outlook for high single-digit organic growth as a reasonable modeling assumption, while acknowledging the potential to outperform that target.

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    Craig Irwin's questions to Blue Bird Corp (BLBD) leadership

    Craig Irwin's questions to Blue Bird Corp (BLBD) leadership • Q3 2025

    Question

    Craig Irwin of ROTH Capital Partners, LLC requested details on Blue Bird's general pricing strategy cadence beyond tariffs. He also explored the potential to accelerate volume for the new Class 5/6 strip chassis given strong demand for propane, and asked for an outlook on SG&A growth relative to revenue.

    Answer

    CFO Razvan Radulescu outlined a standard cadence of two price increases per year of roughly 2% to cover inflation, separate from tariff-related adjustments. CEO John Wyskiel described the commercial chassis launch as cautious, with a focus on getting demo units into the field for testing before committing to higher volumes, though he acknowledged capacity exists to meet stronger demand. Radulescu projected that SG&A growth would taper off to low single digits, with revenue growth expected to outpace it in the coming years.

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    Craig Irwin's questions to Blue Bird Corp (BLBD) leadership • Q2 2025

    Question

    Craig Irwin asked if a favorable resolution to the tariff situation could create upside to the Q4 guidance, what fuel preference customers are showing for the new commercial chassis, and about the potential impact of a competitor reportedly launching a propane bus next year.

    Answer

    CFO Razvan Radulescu confirmed that since the EV orders are in the backlog, a quick, favorable resolution on tariffs could represent upside, which is reflected in the high end of the Q4 guidance. CEO John Wyskiel noted strong initial interest in the propane version of the commercial chassis. Regarding competition, Radulescu stated they are not aware of any confirmed competitive propane product but remain confident in their established offering, strong brand loyalty, and partnership with ROUSH.

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    Craig Irwin's questions to Blue Bird Corp (BLBD) leadership • Q1 2025

    Question

    Craig Irwin asked for an update on cost reduction efforts for EV school buses, including work with alternate drivetrain OEMs, and questioned the potential to backfill EV demand with propane buses if federal funding support for EVs were to diminish.

    Answer

    CFO Razvan Radulescu noted a recent $25,000 EV price reduction as a step toward total cost of ownership (TCO) parity. CEO Phil Horlock added that Blue Bird is actively working with alternative component suppliers and will soon demonstrate a new commercial chassis with a different drivetrain. Horlock confirmed that propane buses are the logical alternative to backfill demand, emphasizing their best-in-class TCO which requires no subsidies, and their ultra-low emissions that already meet 2027 standards.

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    Craig Irwin's questions to Blue Bird Corp (BLBD) leadership • Q4 2024

    Question

    Craig Irwin asked for details on $6 million in one-time Q4 expenses, clarification on the timing of an expected EV order surge, and commentary on the continuity of federal funding programs under a potential new administration.

    Answer

    CFO Razvan Radulescu explained the $6 million in one-time costs were mainly higher bonus accruals from record results and are not expected to recur. CEO Phil Horlock clarified that the EV order surge is now expected late in fiscal Q2, as the EPA is granting extensions to customers for infrastructure planning. He also expressed strong confidence in the continuity of the Clean School Bus Program due to its 2021 bipartisan support and alignment with U.S. manufacturing, jobs, and child safety priorities.

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    Craig Irwin's questions to CPI Card Group Inc (PMTS) leadership

    Craig Irwin's questions to CPI Card Group Inc (PMTS) leadership • Q1 2025

    Question

    Craig Irwin questioned the current pricing environment and whether mix issues were impacting gross margins. He also asked for details on the start-up costs for the new Indiana facility, including hiring and the timeline for these costs to taper off.

    Answer

    President and CEO John Lowe described the pricing environment as rational and competitive. CFO Jeff Hochstadt elaborated on the gross margin pressure, attributing it to a lower-margin sales mix, higher production costs, and incremental costs from operating two Indiana facilities during the transition. He expects similar pressure in Q2 before improvement in the second half, offset by tariffs. To counter this, the company has initiated SG&A cost reductions. Regarding the Indiana facility, Lowe and Hochstadt confirmed that cost overlap from running both locations will continue through 2025 and was factored into the affirmed guidance, though no specific cost figures were provided.

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    Craig Irwin's questions to Ameresco Inc (AMRC) leadership

    Craig Irwin's questions to Ameresco Inc (AMRC) leadership • Q1 2025

    Question

    Craig Irwin asked about Ameresco's process for stress-testing the profitability of its RNG assets given RIN price volatility and questioned the drivers behind the decline in operating expenses despite significant revenue growth.

    Answer

    CIO Josh Baribeau detailed a thorough vetting process for RNG projects that includes stress-testing scenarios with downward-sloping RIN price forecasts to ensure projects meet their levered teens IRR hurdle rates. CFO Mark Chiplock explained that the decrease in operating expenses was primarily due to the divestiture of their AEG business at the end of 2024 and disciplined cost controls, rather than a major reallocation of personnel.

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    Craig Irwin's questions to Ameresco Inc (AMRC) leadership • Q4 2024

    Question

    Craig Irwin asked management to quantify the degree of conservatism in the 2025 guidance due to federal uncertainty and inquired about the potential to expand the ESPC contracting model to non-energy federal projects.

    Answer

    CEO George Sakellaris stated that while he couldn't provide a specific number, performance could have been 'considerably better' without the political transition, noting some projects were pushed out by about six months. Regarding ESPC expansion, he expressed enthusiasm for applying the concept to other areas like military assets and mentioned data centers as a potential future opportunity the company is exploring.

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    Craig Irwin's questions to Plug Power Inc (PLUG) leadership

    Craig Irwin's questions to Plug Power Inc (PLUG) leadership • Q4 2024

    Question

    Craig Irwin asked for an update on the Department of Energy (DOE) loan package, seeking details on recent communications, and inquired about the type of potential outside investors for the Texas project.

    Answer

    CEO Andrew Marsh confirmed ongoing, positive discussions with the DOE, highlighting continuity in the working-level team and strong local political support. He anticipates a Q4 start for the Texas project construction. Marsh identified potential partners as primarily infrastructure funds, noting that finalizing these partnerships is linked to gaining full clarity on the DOE loan.

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    Craig Irwin's questions to Plug Power Inc (PLUG) leadership • Q3 2024

    Question

    Craig Irwin asked about the company's operational flexibility if the DOE loan is not funded, the customer value proposition in newer markets, and potential breakthrough hydrogen production technologies.

    Answer

    CEO Andy Marsh asserted that the business plan for the next two years is not dependent on the DOE loan, as they could bring in equity partners and have strong international growth. EVP Sanjay Shrestha and Marsh highlighted the economic value proposition in e-fuels, ammonia, and heavy-duty mobility. They see long-term potential in using hydrogen from renewables and nuclear to stabilize the grid, driven by continued improvements in stack efficiency and system costs.

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    Craig Irwin's questions to Andersons Inc (ANDE) leadership

    Craig Irwin's questions to Andersons Inc (ANDE) leadership • Q3 2024

    Question

    Craig Irwin of ROTH Capital Partners asked for details on the company's $150 million in capital investments, including project timelines and expected returns. He also questioned the company's capital allocation strategy, given its underleveraged balance sheet, and asked about the potential for share buybacks or increased M&A. Finally, he inquired about the company's view on participating in the Sustainable Aviation Fuel (SAF) market.

    Answer

    EVP and CFO Brian Valentine detailed that capital spending includes the Houston port upgrade, ethanol facility enhancements for corn oil and efficiency, and automation projects in the Nutrient business, with expected returns in the low-double-digits to low-teens. Valentine affirmed they are balancing growth objectives with shareholder returns, noting that market conditions may create more M&A opportunities. President and CEO William Krueger stated that The Andersons is very focused on SAF, monitoring policy and technology, and believes the company is well-positioned to participate as a supplier or investor as the ethanol-to-jet pathway develops.

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    Craig Irwin's questions to EZCORP Inc (EZPW) leadership

    Craig Irwin's questions to EZCORP Inc (EZPW) leadership • Q2 2024

    Question

    Craig Irwin from ROTH Capital Partners asked for a big-picture view on how internal initiatives, like the longer-term layaway program, and external tailwinds, such as the high price of gold, are impacting the business. He also inquired about the growth and expansion plans for the luxury brand, Max Pawn.

    Answer

    Executive Lachlan Given confirmed that both internal operational execution and external macro factors are driving strong performance. He noted that the layaway program defers sales recognition, which should benefit future quarters. On the luxury front, he stated that Max Pawn is ahead of expectations and gathering momentum, with plans to expand into new U.S. markets in a disciplined manner over the next few years. Chief Financial Officer Timothy Jugmans added that layaway sales will begin to materialize in the coming months and that the company lends against gold based on longer-term price trends, providing a buffer.

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