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    Dave Storms

    Research Analyst at Stonegate Capital Partners

    Dave Storms, CFA, is the Director of Research – Equity at Stonegate Capital Partners, specializing in equity research and investment analysis for small-cap and undervalued companies. He provides coverage for firms such as Alliance Resource Partners, Valens Semiconductor, and other high-growth small-cap equities, with a focus on delivering actionable insights for institutional investors. Storms joined Stonegate in September 2022 after serving as an equity research analyst at Goldman Sachs and previously holding analyst roles at Beneficial Financial Group, Valuation Research Corporation, and The Board of Pensions (PCUSA). He holds a Master’s in Investment Management from Temple University, is a CFA charterholder, and maintains FINRA Series SIE, 7, and 87 licenses.

    Dave Storms's questions to Alpha Cognition (ACOG) leadership

    Dave Storms's questions to Alpha Cognition (ACOG) leadership • Q2 2025

    Question

    Dave Storms questioned if the company's expected 'hockey stick' revenue curve has changed, and asked whether the current ramp in operating expenses would continue into 2026 or level off.

    Answer

    CEO Michael McFadden reaffirmed that the 'hockey stick' revenue expectation remains the same, with significant ex-US revenues not anticipated until late 2026. He also clarified that operating expenses are expected to level out, with the current guided range of $34 million to $38 million remaining consistent for the next three to four quarters.

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    Dave Storms's questions to SURF AIR MOBILITY (SRFM) leadership

    Dave Storms's questions to SURF AIR MOBILITY (SRFM) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners requested more details on the expanded Palantir agreement and its strategic opportunities, and also asked about the key drivers and internal targets for the improved controllable completion factor.

    Answer

    Co-Founder & Director Sudhin Shahani highlighted that the expanded Palantir agreement makes Surf Air Mobility an exclusive partner for selling software to Part 135 operators and allows for sublicensing and future joint bids on larger projects. CEO & COO Deanna White attributed the 95-96% controllable completion factor to a new leadership team, investments in maintenance, and new processes, adding that further optimization and profitability gains are expected as new software tools are fully deployed.

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    Dave Storms's questions to Metallus (MTUS) leadership

    Dave Storms's questions to Metallus (MTUS) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners questioned whether the upcoming planned downtime would be for maintenance or technology upgrades, and asked for more detail on the composition of the order book given the extended lead times.

    Answer

    Mike Williams, CEO & Director, clarified that the planned shutdown is primarily for maintenance and reliability-focused investments, not major technology implementations. He reiterated that significant cost efficiencies are expected from the new operational optimization initiative and the capital projects coming online in late 2025 and 2026. Regarding the order book, Williams highlighted that it is double the size of the prior year, enabling better scheduling, with stable demand from automotive and defense and expectations for modest price appreciation.

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    Dave Storms's questions to AEMETIS (AMTX) leadership

    Dave Storms's questions to AEMETIS (AMTX) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked if the upcoming RNG pathway approvals would be retroactive and sought more detail on the company's debt refinancing efforts, including its progress, potential options, and anticipated timeline.

    Answer

    Todd Waltz, Executive VP & CFO, clarified that the four pending RNG approvals would likely begin impacting financial results in Q1 2026, not retroactively. On refinancing, he stated Aemetis is deep in the process with a counterparty, but a final closing is dependent on successfully monetizing the 45Z production tax credits to prove out that new revenue stream for lenders.

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    Dave Storms's questions to NU SKIN ENTERPRISES (NUS) leadership

    Dave Storms's questions to NU SKIN ENTERPRISES (NUS) leadership • Q2 2025

    Question

    The analyst inquired about the key drivers for the updated guidance, the reasons for success and future potential in Latin America, the remaining opportunities for cost optimization, and capital allocation priorities for the second half of the year.

    Answer

    The company responded that guidance is influenced by strong performance in Latin America offset by weakness in North America and uncertainty in China. The Latin America success is due to a simplified, digital-first model which will be replicated in India; Prism IO is expected to boost this region. Cost optimization efforts will continue across gross margin, selling expenses, and G&A. Capital allocation prioritizes investing in growth (Prism IO, India), servicing debt, and returning value to shareholders through dividends and buybacks.

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    Dave Storms's questions to NU SKIN ENTERPRISES (NUS) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked about the key variables influencing the updated guidance, the drivers of success in Latin America and its future growth potential, the remaining levers for cost optimization, and the company's capital allocation priorities.

    Answer

    CEO Ryan Napierski highlighted Latin America's outperformance against North American and Chinese headwinds as key guidance factors. He attributed Latin American success to a simplified strategy focused on product, compensation, and digital infrastructure, which will be enhanced by the Prism.io launch. CFO James Thomas confirmed that further cost optimization opportunities exist in gross margin and G&A. Napierski prioritized capital for growth initiatives like Prism.io and India expansion, while Thomas reiterated the strategy of funding the business, servicing debt, and returning value to shareholders.

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    Dave Storms's questions to NU SKIN ENTERPRISES (NUS) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners inquired about the key factors influencing the narrowed guidance, the drivers of success and future runway in Latin America, the remaining levers for cost optimization, and the company's capital allocation priorities following its achievement of a net cash positive balance sheet.

    Answer

    CEO Ryan Napierski highlighted Latin America's continued outperformance and challenges in North America as key variables for guidance, while noting Prism.io will further boost the successful, simplified strategy in Latin America. CFO James Thomas confirmed that after four sequential quarters of gross margin improvement, further opportunities exist in cost optimization across G&A and selling expenses. Regarding capital allocation, Napierski prioritized growth investments in Prism.io and the India market entry, while Thomas reiterated the strategy of funding the business, servicing debt, and returning value to shareholders via dividends and opportunistic share repurchases.

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    Dave Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership

    Dave Storms's questions to GLADSTONE COMMERCIAL (GOOD) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners questioned the outlook for acquisition cap rates, asking if they could reach 9%, and whether the current macroeconomic environment is causing changes to the company's underwriting process.

    Answer

    President Buzz Cooper stated he does not foresee cap rates reaching 9% but expects them to average 8.5% or higher, noting significant competition for assets. He confirmed that Gladstone is not seeing any meaningful negative impact on its tenants and will not alter its stringent underwriting criteria, maintaining a focus on tenant quality despite macro uncertainties like tariffs.

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    Dave Storms's questions to Information Services Group (III) leadership

    Dave Storms's questions to Information Services Group (III) leadership • Q2 2025

    Question

    Dave Storms inquired about the sustainability of the strong quarterly cash generation and whether the acceleration in the sales pipeline indicates a reversal of previously elongated cycles.

    Answer

    EVP & CFO Michael Sherrick explained that the strong cash flow was partly due to timing from Q1 and a ten-day drop in DSO, noting that while strong cash flow should continue, it won't be at this record level. Chairman & CEO Michael Connors added that the pipeline has accelerated, driven by industry verticals like energy and healthcare, as clients seek cost optimization to fund AI initiatives, leading to faster decision-making on large projects.

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    Dave Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership

    Dave Storms's questions to PARK OHIO HOLDINGS (PKOH) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the key drivers for the increasing backlog in the Engineered Products segment. He also questioned the progress of reshoring trends in Supply Technologies and whether recent new customer wins were from market share capture or new market entrants.

    Answer

    Chairman & CEO Matthew Crawford attributed the strong Engineered Products backlog to a global investment cycle in manufacturing, defense, and particularly electrical steel for battery technology. He characterized reshoring trends as being in the 'very early innings' and noted that new business is primarily coming from existing or former customers seeking help with supply chain challenges. VP & CFO Patrick Fogarty added that the global data center build-out is a significant growth driver for Supply Technologies, with four new customers added in that space over the last year.

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    Dave Storms's questions to GoHealth (GOCO) leadership

    Dave Storms's questions to GoHealth (GOCO) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners inquired about the covenants of the new loan facility and the profile of an ideal M&A transaction.

    Answer

    CEO Vijay Kotte explained that the new loan agreement is more flexible, featuring only a single minimum liquidity covenant that adapts during the AEP period. Regarding M&A, he stated that GoHealth is targeting companies with product diversification, talent, and contract assets that can be integrated with its proprietary technology platform to drive value.

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    Dave Storms's questions to OppFi (OPFI) leadership

    Dave Storms's questions to OppFi (OPFI) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked about the rollout and success metrics for the new LOLA loan origination system and whether any macroeconomic factors might disrupt the typical seasonal patterns in the second half of the year.

    Answer

    Founder, CEO & Executive Chairman Todd Schwartz explained that the primary goal for the LOLA system rollout is to maintain current strong performance while building a foundation for future innovation, particularly seamless integration with AI tools and improved data analysis. He clarified that success is measured by this future optionality rather than immediate changes to metrics. Regarding seasonality, he stated that the company expects a standard seasonal progression for the second half of the year, with no unusual macro disruptions anticipated in the current guidance.

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    Dave Storms's questions to OLYMPIC STEEL (ZEUS) leadership

    Dave Storms's questions to OLYMPIC STEEL (ZEUS) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the primary drivers of the flat roll margin improvement, any other leading indicators for the business, and the potential impacts of recent tax legislation beyond bonus depreciation.

    Answer

    CFO Richard Manson attributed the margin improvement to selling lower-cost inventory at higher index prices following tariff announcements. CEO Rick Marabito added that a strategic shift to a richer product mix, more fabrication, and accretive acquisitions also contributed. Marabito identified strong quoting activity for fabrication work and data center business as positive leading indicators. Regarding tax legislation, Manson and Marabito agreed the main benefit is for their customers, which should help drive demand, especially when combined with future interest rate cuts.

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    Dave Storms's questions to NCS Multistage Holdings (NCSM) leadership

    Dave Storms's questions to NCS Multistage Holdings (NCSM) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners inquired about the ResMetrics acquisition, focusing on future cross-selling opportunities, international expansion plans, and the macroeconomic factors needed to tighten the company's guidance range.

    Answer

    CEO Ryan Hummer explained that ResMetrics and NCS have distinct customer bases, creating significant cross-selling and revenue synergy opportunities by offering a broader, combined service portfolio. He noted plans to leverage North Sea success to expand into other offshore markets. Regarding guidance, Hummer stated that a narrowing of the gap between the current Canadian rig count and last year's levels would provide more confidence to tighten the forecast range.

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    Dave Storms's questions to MATERION (MTRN) leadership

    Dave Storms's questions to MATERION (MTRN) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked for the outlook on the automotive market for the remainder of the year and requested more details on the defense backlog, including its timeline, burn rate, and margin profile.

    Answer

    CEO Jugal Vijayvargiya characterized the automotive market as choppy and expects it to be flat to slightly up in the second half of the year, noting its smaller impact on the company's overall results. For the defense market, he described it as a 'very positive mix market' with higher margins. He highlighted record bookings of $75 million in the first half, up nearly 30% year-over-year, and expects the high level of activity and new inquiries to continue through the rest of the year.

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    Dave Storms's questions to STEPAN (SCL) leadership

    Dave Storms's questions to STEPAN (SCL) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners asked about the strategic beneficiaries of the recently announced AOS expansion, potential future asset optimization opportunities following the Philippines sale, and for confirmation that the quarter's tax benefit was a one-time event.

    Answer

    President, CEO & Director Luis Rojo explained that the AOS expansion is a strategic move to aggressively pursue the growing sulfate-free market, particularly in beauty care, making Stepan a 'one-stop shop' for customers. Regarding asset optimization, he confirmed the company is continuously evaluating its global footprint to improve returns, hinting at future actions. Rojo also affirmed the Q2 tax benefit was a one-time event and the normal effective tax rate remains 24-26%.

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    Dave Storms's questions to Civeo (CVEO) leadership

    Dave Storms's questions to Civeo (CVEO) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners inquired about the potential impact of recent U.S. trade deals on Civeo's guidance and sought clarity on the financial run-rate and synergy potential of the recently completed Australian acquisition.

    Answer

    CEO Bradley Dodson responded that the impact of trade uncertainty has been minimal to date, primarily affecting food costs slightly in Canada, and the company is monitoring the situation. Regarding the acquisition, he stated that the initial EBITDA forecast remains intact, but it is too early to predict further improvements due to recent volatility in metallurgical coal prices.

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    Dave Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership

    Dave Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q2 2025

    Question

    Inquired about the impact of recent trade deals on the business, the nature of future demand growth given inventory equilibrium (gradual vs. restocking wave), and the adequacy of ARLP's own inventory levels.

    Answer

    The company sees recent trade policies as supportive of US manufacturing, which will drive electricity demand. Customer inventories are at an equilibrium, meaning future demand increases will directly translate to coal purchases rather than stockpile drawdowns. ARLP is comfortable with its current inventory levels to meet this anticipated demand.

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    Dave Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q2 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the directional impact of recent trade deals on the business, the expected pacing of demand growth given that utility inventories are at equilibrium, and whether ARLP is comfortable with its own inventory levels.

    Answer

    Joseph Craft, Chairman, CEO, and President, responded that while he couldn't detail the latest trade deal, the administration's overall strategy to boost U.S. manufacturing is expected to increase electricity demand in ARLP's service areas. Regarding demand pacing, he explained that with utility inventories now at equilibrium, coal purchases will correlate directly with consumption increases, suggesting a steady rise rather than a sudden restocking wave. He confirmed that ARLP is comfortable with its current inventory of 1.2 million tons, which is expected to remain stable through year-end based on consistent shipment schedules.

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    Dave Storms's questions to Third Coast Bancshares (TCBX) leadership

    Dave Storms's questions to Third Coast Bancshares (TCBX) leadership • Q2 2025

    Question

    Dave Storms of Stonegate Capital Partners requested more detail on the loan growth pipeline, specifically the role of the C&I segment, and asked if the bank would consider adjusting credit standards to drive growth.

    Answer

    CEO Bart Caraway confirmed the Commercial and Industrial (C&I) pipeline is very robust and will be a strong growth driver over the next year. Both Caraway and Chief Credit Officer Audrey Spaulding emphatically stated that the bank will not loosen its credit standards, which were tightened in 2019, and that they can achieve growth targets while maintaining high credit quality.

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    Dave Storms's questions to FRANKLIN COVEY (FC) leadership

    Dave Storms's questions to FRANKLIN COVEY (FC) leadership • Q3 2025

    Question

    Dave Storms from Stonegate Capital Partners asked about the Education division's materials revenue, inquiring if the bump seen in FY24 could return. He also asked for more detail on the environment for winning back churned clients.

    Answer

    CEO Paul Walker explained that materials revenue fluctuates based on the timing of large district or statewide contract wins, which require large initial orders. He expressed optimism that such 'bulges' in materials sales will occur in the future as they continue to land large-scale deals. Regarding client win-backs, Walker described their 'clients for life' philosophy, where churned clients are actively re-engaged. He noted that clients often leave for reasons unrelated to the product's value and are receptive to returning, as evidenced by a recent significant win-back from a client that churned in a prior year.

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    Dave Storms's questions to HOOKER FURNISHINGS (HOFT) leadership

    Dave Storms's questions to HOOKER FURNISHINGS (HOFT) leadership • Q1 2026

    Question

    Dave Storms of Stonegate Capital Partners asked about the expected cadence of cost savings for the remainder of the fiscal year, the company's capital allocation priorities beyond dividends and debt, and whether the strong May order momentum would lead to a typical seasonal revenue split for the year.

    Answer

    CFO Earl Armstrong provided a quarterly forecast for the net impact of cost savings, expecting a significant positive effect in Q4. CEO Jeremy Hoff prioritized strengthening the balance sheet as the top focus, followed by dividends, and offered no new information on share buybacks. Hoff also affirmed his confidence in a historically stronger second half but was uncertain if the strong May order trend represented sustained momentum.

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    Dave Storms's questions to HOOKER FURNISHINGS (HOFT) leadership • Q1 2026

    Question

    Dave Storms of Stonegate Capital Partners asked for details on the quarterly cadence of the cost savings initiatives, the company's capital allocation priorities beyond dividends and debt, and whether the strong May order momentum might alter the typical full-year seasonal revenue split.

    Answer

    CFO Earl Armstrong detailed the expected net impact of cost savings, projecting a positive $250,000 in Q2, a similar negative impact in Q3, and a significant positive impact of about $3.5 million in Q4. CEO Jeremy Hoff stated that strengthening the balance sheet is the top priority, followed by dividends, and offered no new comments on share buybacks. Hoff also affirmed his belief in a stronger second half based on historical trends but was cautious about declaring the May order strength as sustained momentum.

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    Dave Storms's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership

    Dave Storms's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q1 2025

    Question

    Dave Storms of Stonegate Capital Markets inquired about the potential for demand recovery if tariffs were to decrease, the level of competition for alternative supply sources, and the potential duration of the customer 'buyer strike' on valves.

    Answer

    CFO Lyle Williams stated that while maintenance-related demand would likely rebound, capital project demand might be permanently deferred, though they don't expect tariffs to wane. President and CEO Neal Lux added that FET faces little competition for alternative supply chains as they built resiliency years ago. Regarding the 'buyer strike,' Lux was uncertain on the duration but believes customers running lean inventories will eventually need to resume purchasing, at least for minimum requirements, once tariff levels stabilize.

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