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    David Joseph Storms

    Research Analyst at Stonegate Capital Partners

    David Joseph Storms is an Equity Research Analyst at Stonegate Capital Partners, specializing in coverage of small- and micro-cap companies in the biotechnology and banking sectors. He has provided research for firms such as Alpha Cognition Inc. (NASDAQ: ACOG) and Isabella Bank Corporation (NASDAQ: ISBA), contributing in-depth analysis that supports institutional and retail investment decisions. Storms began his current analyst role at Stonegate Capital Partners after earning relevant securities licenses and maintains registration with FINRA. His professional credentials and ongoing coverage of multiple publicly traded entities reflect an established track record in the equity research field.

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

    David Joseph Storms's questions to SURF AIR MOBILITY (SRFM) leadership • Q1 2025

    Question

    David Joseph Storms questioned if the Q1 service interruption was planned and inquired about the geographic focus for future interline partnerships following the agreement with Japan Airlines.

    Answer

    Executive Deanna White clarified that the service interruption in January was unplanned and resulted from maintenance issues that required an updated program with the FAA. Regarding partnerships, she expressed excitement about the Japan Airlines agreement as their first international deal and stated the company is looking to expand with other carriers both domestically and globally.

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    David Joseph Storms's questions to GoHealth (GOCO) leadership

    David Joseph Storms's questions to GoHealth (GOCO) leadership • Q1 2025

    Question

    David Joseph Storms of Stonegate Capital Partners asked about the logistical hurdles GoHealth needs to clear to successfully scale its GoHealth Protect initiative through the second half of the year. He also posed a macro question about how market volatility impacts customer behavior, such as the use of PlanFit checkups or inbound call volume.

    Answer

    CEO Vijay Kotte responded that the primary logistical steps for GoHealth Protect are agent licensing and appointments, which he described as a straightforward process with minimal fixed investment required. Regarding customer behavior, Kotte explained that market disruption, such as plan exits and benefit changes, historically drives more consumers to shop for plans. He noted that these inbound shoppers generally have a higher probability of needing to switch plans, a trend they expect to continue.

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    David Joseph Storms's questions to OppFi (OPFI) leadership

    David Joseph Storms's questions to OppFi (OPFI) leadership • Q1 2025

    Question

    David Joseph Storms asked about current customer borrowing patterns and whether there was any pull-forward of activity due to forecasted macro events. He also inquired about the remaining levers for cost discipline and requested examples.

    Answer

    CEO Todd Schwartz reported that the consumer base has remained stable, with no significant changes in behavior observed, noting that Model 6 was developed specifically to manage through macro volatility. Regarding cost discipline, Schwartz emphasized it is an ingrained part of the culture, highlighting the year-over-year increase in the auto-approval rate as a key efficiency driver. He added that OppFi is exploring AI to further enhance customer experience and operational efficiency, rather than simply for cost-cutting.

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    David Joseph Storms's questions to OppFi (OPFI) leadership • Q3 2024

    Question

    David Joseph Storms of Stonegate Capital Partners asked for details on the target profile for potential strategic M&A, the specific factors driving the confidence to raise profitability guidance, and any macro catalysts the company is monitoring.

    Answer

    Executive Chairman and CEO Todd Schwartz explained that M&A targets must be highly accretive and align with OppFi's vision to be a platform for digital alternative financial services, with the company prepared for both equity stakes and full acquisitions. He noted that confidence in the raised guidance stems from strong credit performance, particularly in the existing customer book, which provides optionality for growth in 2025. On macro factors, Schwartz acknowledged the benefit of lower interest costs but stated the company does not plan for Fed rate cuts, though they would enhance returns.

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

    David Joseph Storms's questions to NCS Multistage Holdings (NCSM) leadership • Q1 2025

    Question

    David Joseph Storms of Stonegate Capital Markets asked about NCSM's operating leverage, potential capacity constraints, the current sales pipeline amid macroeconomic uncertainty, and the outlook for U.S. product sales for the remainder of 2025.

    Answer

    CEO Ryan Hummer explained that the company has no significant capacity constraints due to its outsourced manufacturing model and existing infrastructure, which can support further growth. He noted that while sales discussions are fluid due to commodity price volatility, NCSM's cost-saving technology portfolio is well-positioned. Hummer also clarified that some U.S. frac system sales were deferred from Q1 to Q2 and that successful field trials for Repeat Precision's composite and Stage Saver plugs are converting to regular activity, supporting a positive outlook for U.S. product sales.

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    David Joseph Storms's questions to NCS Multistage Holdings (NCSM) leadership • Q4 2024

    Question

    David Joseph Storms of Stonegate Capital Partners inquired about the expected cadence for 2025, asking about the timing of the Canadian spring breakup, potential revenue pull-forward from a strong Q4, and other seasonal variances. He also asked for drivers of the year-over-year consolidated margin expansion beyond the international mix.

    Answer

    CEO Ryan Hummer stated that 2025 seasonality should largely mirror 2024. He noted that while Canadian activity is currently strong, the typical spring breakup slowdown is approaching, though its exact timing is unpredictable. Regarding margins, Hummer attributed the 2024 expansion to three factors: the higher-margin international business growth, overall operating leverage from a 14% revenue increase, and the full-year benefit of cost reductions made in 2023. For 2025, he expects gross margins to be relatively flat as operating leverage benefits are offset by negative foreign exchange impacts.

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    David Joseph Storms's questions to HOOKER FURNISHINGS (HOFT) leadership

    David Joseph Storms's questions to HOOKER FURNISHINGS (HOFT) leadership • Q4 2025

    Question

    David Joseph Storms inquired about the impact of the 90-day tariff pause on inventory strategy, the drivers behind recent market share gains, and the expected pacing of the announced cost savings plan through fiscal 2027.

    Answer

    CEO Jeremy Hoff explained that the company had already strategically increased inventory, which was well-timed for the tariff situation, and the new Vietnam facility adds flexibility. He credited market share gains to the "collective living" merchandising strategy and expects performance to improve further. Regarding cost savings, Hoff outlined a plan to reduce total annual spending from a baseline of $109 million to a target of $89-$91 million by fiscal 2027, with a significant portion already identified through the Savannah warehouse exit.

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    David Joseph Storms's questions to HOOKER FURNISHINGS (HOFT) leadership • Q2 2025

    Question

    David Joseph Storms of Stonegate Capital Markets asked about positive leading indicators for the business, the reason for the significant increase in 'other income,' and the impact of cost-saving measures on future capital expenditure plans.

    Answer

    CEO Jeremy Hoff highlighted the company's focus on product desirability and speed to market, noting they are pre-cutting new collections based on positive customer feedback to jump-start sales. CFO Paul Huckfeldt explained that the jump in 'other income' was primarily due to a non-recurring reversal of an accrual for a potential acquisition earnout. Huckfeldt also confirmed that the company is deferring a significant amount of CapEx to preserve cash, as current growth initiatives are not capital-intensive.

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    David Joseph Storms's questions to AEMETIS (AMTX) leadership

    David Joseph Storms's questions to AEMETIS (AMTX) leadership • Q4 2024

    Question

    David Joseph Storms asked for a breakout of the MMBtu contribution from the seven digesters awaiting CARB approval and inquired about the current market conditions for selling investment tax credits, including the typical discount.

    Answer

    CEO Eric McAfee estimated that the seven dairies nearing approval would contribute approximately 350,000 MMBtu per year, based on a modeling average of 25,000 MMBtu per dairy. He also stated that the market for investment tax credits has stabilized, with their recent transactions reflecting a total all-in discount of about 15%.

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    David Joseph Storms's questions to AEMETIS (AMTX) leadership • Q3 2024

    Question

    David Joseph Storms asked about the sustainability of the ethanol plant's production rate, which has been above nameplate capacity. He also requested an update on the timeline for Phase 2 of the carbon capture project.

    Answer

    Andy Foster, President of North America, confirmed the current ethanol production rate of 60-65 million gallons is sustainable and normal, noting that the prior year's comparison was skewed by extended maintenance. Eric McAfee, Founder, Chairman, and CEO, stated that Phase 2 of the carbon characterization well should be complete in the spring, with a Class VI permit filing to follow, targeting commercial operations by the end of 2026, contingent on EPA processing speed.

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

    David Joseph Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q4 2024

    Question

    David Joseph Storms of Stonegate Capital Markets, Inc. asked about domestic coal inventory levels, specifically how much further they need to decline to boost pricing and what non-weather factors could contribute. He also inquired if the regulatory environment was changing demand or competition for acquiring oil and gas properties.

    Answer

    Joseph Craft, Chairman, President, and CEO, explained that domestic customer inventories are nearing a balanced level, which should support increased deliveries in 2025. He noted that any price increase is primarily a supply-side issue dependent on competitor actions, but he sees potential for higher prices in the second half of the year. Regarding oil and gas assets, Mr. Craft stated that the acquisition market has always been competitive, and he anticipates significant opportunities in 2025 in which ARLP plans to actively participate.

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    David Joseph Storms's questions to ALLIANCE RESOURCE PARTNERS (ARLP) leadership • Q4 2024

    Question

    David Joseph Storms from Stonegate Capital Markets questioned how much further domestic coal inventories need to fall to boost pricing and what non-weather factors could help. He also asked if the regulatory environment is changing competition for acquiring oil and gas properties.

    Answer

    CEO Joseph Craft responded that domestic inventories are nearing a proper balance, which should increase delivery demand in 2025. He believes any price increase later in the year will depend on competitor supply actions. On the oil and gas front, Craft acknowledged that the acquisitions market has always been competitive but stated that ARLP anticipates significant opportunities in 2025 and plans to participate actively in auctions.

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    David Joseph Storms's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership

    David Joseph Storms's questions to FEDERAL SIGNAL CORP /DE/ (FSS) leadership • Q3 2024

    Question

    David Joseph Storms asked if the company's strong cash position made any new growth initiatives feasible that weren't planned at the start of the year. He also inquired about the current state of capacity levels, including labor and facility square footage, relative to the backlog burn rate.

    Answer

    CFO Ian Hudson replied that the full-year CapEx range of $35-$40 million remains appropriate, with about half dedicated to growth, and that priorities haven't changed mid-year but will be re-evaluated for 2025. President and CEO Jennifer Sherman affirmed that significant capacity was added between 2019 and 2022 through major investments at their Streator, Elgin, and University Park facilities, among others. She stated that the company currently has sufficient capacity to support future growth and is well-positioned to leverage these past investments to increase production.

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