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    Edward Jackson

    Managing Director and Senior Research Analyst at Northland Securities, Inc.

    Edward (Ted) Jackson is a Managing Director and Senior Research Analyst at Northland Securities, Inc., specializing in industrial technology and services research. With more than 30 years of experience across both buy-side and sell-side roles, he covers a broad range of technology and industrial markets, including equities and commodities, and is recognized for his expertise in delivering high-quality research and market insights. Jackson began his capital markets career in the early 1990s and joined Northland in June 2021, following diverse roles in research, trading, risk management, investment banking, and product line management. He holds FINRA SIE, Series 7, Series 63, Series 79, and Series 86/87 licenses and is a Chartered Financial Analyst (CFA).

    Edward Jackson's questions to NWPX Infrastructure (NWPX) leadership

    Edward Jackson's questions to NWPX Infrastructure (NWPX) leadership • Q2 2025

    Question

    Edward Jackson of Northland Capital Markets questioned the difference in order-to-delivery timelines between the Geneva and Park precast businesses, whether the strong WTS backlog was driven more by volume or price, and the percentage of costs represented by steel.

    Answer

    President & CEO Scott Montross detailed that Geneva's turnaround can be as quick as the next day for inventory items or a few weeks for production, while Park products can take longer due to component assembly. He attributed the WTS backlog strength primarily to higher tonnage, noting that steel prices have been relatively stable. EVP & CFO Aaron Wilkins confirmed that steel costs are still hovering around 30% of total costs.

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    Edward Jackson's questions to NWPX Infrastructure (NWPX) leadership • Q1 2025

    Question

    Edward Jackson of Northland Securities, Inc. asked about the percentage of steel in COGS, the potential impact of rising steel prices on demand, the risk of a recession affecting the Precast business, and for more details on the new business secured for the Mexico plant that avoids tariff exposure.

    Answer

    CFO Aaron Wilkins stated that steel constituted about 28-30% of COGS in the quarter. CEO Scott Montross explained that higher steel prices historically benefit the company's gross profit dollars without materially impacting project demand, and he does not currently see a recession risk impacting their business due to strong market fundamentals like housing shortages. Regarding the Mexico facility, Montross confirmed that a significant new order was secured that is not for the U.S. market, thereby bypassing the new trade policy costs and ensuring the plant's utilization.

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    Edward Jackson's questions to NWPX Infrastructure (NWPX) leadership • Q4 2024

    Question

    Edward Jackson asked for clarification on a steel tariff issue impacting recent results, the potential effects of proposed future tariffs, risks to infrastructure funding, historical context for SPP production tonnage, the company's M&A pipeline, and the percentage of SPP cost of goods sold attributable to steel.

    Answer

    CEO Scott Montross detailed a retroactive tariff on Brazilian steel slabs that impacted Q4 2024 results by $0.8 million, with a similar impact expected in the first half of 2025. He outlined several scenarios to mitigate potential future tariffs, leveraging the company's six SPP plants. He expressed confidence that IIJA infrastructure funding would remain a priority. Regarding M&A, Montross stated the company is actively pursuing a couple of Precast opportunities that could close in 2025 as part of its strategy to build scale. He also confirmed that steel purchases constitute about 29-30% of SPP COGS.

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    Edward Jackson's questions to NWPX Infrastructure (NWPX) leadership • Q3 2024

    Question

    Edward Jackson of Northland Securities inquired about the margin profile of the SPP backlog and its sustainability, the outlook for capital expenditures in 2025 following a major project, the potential timeline for M&A activity, and requested more detail on the backlog's volume versus its dollar value.

    Answer

    President and CEO Scott Montross stated that SPP margins in the backlog are very strong and that with sustained high utilization and future IIJA funding, margins could sustainably push above 20%. He projected 2025 CapEx would normalize to the $16-$18 million range, down from 2024's elevated levels. Regarding M&A, Montross expressed a desire to complete a transaction by 2025. He clarified the backlog tonnage is slightly lower but more actionable and is expected to rebound by year-end.

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    Edward Jackson's questions to Amprius Technologies (AMPX) leadership

    Edward Jackson's questions to Amprius Technologies (AMPX) leadership • Q2 2025

    Question

    Edward Jackson of Northland Capital Markets asked about the production ramp in South Korea, the revenue mix between Sycor and Cimax products, the financial flow of the DIU contract and related CapEx, and the potential for a government partnership to build out the Colorado facility.

    Answer

    CEO Kang Sun projected the South Korean facility would begin manufacturing for customers in the next month. CFO Sandra Wallach confirmed Sycor is the main growth driver but did not provide a specific revenue mix. She explained the DIU funding would likely be recognized as revenue, offsetting the CapEx cash flow. Regarding the Colorado facility, she stated that while lines of communication with the government are open, the company has sufficient capacity for the foreseeable future via its contract manufacturing network.

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    Edward Jackson's questions to Amprius Technologies (AMPX) leadership • Q4 2024

    Question

    Edward Jackson asked about the shift in end-market mix from 2023 to 2024, the outlook for the light electrical vehicle (LEV) segment, whether future growth will come from new or existing customers, the product mix for new customers, and the total customer count at the end of 2023.

    Answer

    CEO Kang Sun confirmed the LEV segment was new in 2024 and expects it to exceed 25% of revenue in 2025. He anticipates that existing customers will drive more revenue growth as they scale to production and that the company will be more selective in acquiring new customers. He estimated 90% of new customers are adopting the SiCore platform due to its scalability. CFO Sandra Wallach offered to follow up with the precise 2023 year-end customer count.

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    Edward Jackson's questions to Amprius Technologies (AMPX) leadership • Q3 2024

    Question

    Edward Jackson sought to clarify the financial impact of the Colorado facility spending, asking for the specific amount that affected Q3 cost of goods sold and confirming if that spending would cease in Q4. He also asked about the nature of the $1 million in Q4 CapEx for the Fremont facility and whether Fremont would reach 2 MW capacity by year-end.

    Answer

    CFO Sandra Wallach clarified that the Colorado design costs impacting COGS were approximately $2.9 million in Q3 and confirmed these expenses are substantially complete and will drop to a very low rate. She explained the $1 million in Q4 CapEx is to complete the Fremont 2 MW line build-out. She also confirmed the company expects to enter 2025 with up to 2 MW of capacity available at Fremont.

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    Edward Jackson's questions to ALLIENT (ALNT) leadership

    Edward Jackson's questions to ALLIENT (ALNT) leadership • Q2 2025

    Question

    Edward Jackson from Northland Capital Markets asked for details on which business segments were most impacted by the Q2 revenue pull-forward. He also questioned the company's inventory levels of rare earth magnets, its exposure to the unmanned vehicle and drone market, and its current M&A strategy given the recent deleveraging.

    Answer

    Richard Warzala, Chairman, CEO & President, identified medical, high-end industrial, and defense as the segments with revenue pull-forwards due to their use of high-performance rare earth materials. He and CFO James Michaud detailed mitigation efforts, including proactive product redesigns and engagement with the Department of Commerce for alternative sourcing. Warzala confirmed that unmanned systems are a significant opportunity and stated that the company is now well-positioned to pursue strategic acquisitions.

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    Edward Jackson's questions to ALLIENT (ALNT) leadership • Q4 2024

    Question

    Edward Jackson inquired about the powersports and medical markets, asking if they have reached a baseline run rate. He also asked about the inventory normalization timeline for Allient's largest customer, the cadence of that recovery, how Dothan restructuring costs will be reported, and the interest rate on a new swap.

    Answer

    Executive Richard Warzala explained that the medical market has growth opportunities, particularly in higher-end instrumentation and surgical robotics. He described the powersports market as challenging but noted that growth in commercial vehicles has provided a partial offset. Regarding the largest customer's inventory destocking, Warzala expects improvement to continue but anticipates a return to normal levels will not occur until later in the year. Executive James Michaud added that the $4-5 million in Dothan restructuring costs will be incurred mostly in the second half of 2025 and reported within the existing restructuring line item.

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    Edward Jackson's questions to ALLIENT (ALNT) leadership • Q3 2024

    Question

    Edward Jackson of Northland Securities, Inc. asked about the industrial automation outlook, using Rockwell as a proxy, and the timing of a potential recovery. He also sought clarity on the vehicle market's sub-segment mix (commercial, powersports, construction) and outlook. Finally, he asked about inventory trends for Q4 and 2025 and the specific rate on the new $50 million interest rate swap.

    Answer

    Richard Warzala, Chairman, President and CEO, confirmed the close relationship with Rockwell and stated Allient's performance will track Rockwell's hardware sales, but cautioned that significant channel inventory must still be worked through. On the vehicle market, he noted that growth in automotive projects is helping to offset declines in powersports. James Michaud, CFO, added that inventory levels are expected to continue declining through Q4 and into 2025 as long-lead-time orders normalize. Michaud also stated the rate on the new interest rate swap was 3.32%.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership

    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets asked if the strong Q1 rental and distribution performance should be seen as a new baseline for growth. He also explored the mechanics of future growth, asking if lapping prior issues would accelerate organic growth and push reported service growth into the double digits in the second half. Finally, he inquired about potential tailwinds from the onshoring of manufacturing, particularly in life sciences.

    Answer

    President & CEO Lee Rudow confirmed that growth in the strategic rentals business is not an anomaly and is expected to continue, though core distribution performance may moderate as it's not a primary focus for capital allocation. He affirmed that lapping prior-year challenges (related to Nexa) will contribute to an acceleration in organic growth and that, combined with recent large acquisitions, reported service revenue growth should be well into the double digits in the second half of the year. Regarding onshoring, Rudow stated that any reshoring of U.S. manufacturing is a positive long-term tailwind for Transcat and that they are hearing about such plans from customers, though the benefits are not expected to materialize in the current fiscal year.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets asked if the strong Q1 rental and distribution performance should be considered a new baseline. He also questioned if organic growth would accelerate as the drag from the Nexa/Solutions business fades, leading to double-digit reported growth in the second half. Additionally, he inquired about ESCO's seasonality and the potential long-term tailwind from the onshoring of manufacturing.

    Answer

    President & CEO Lee Rudow stated that growth in rentals is strategic and not an anomaly, though core distribution's strength may moderate. He confirmed that organic growth is expected to accelerate as the drag from the Solutions business lessens and that reported service growth should be well into the double digits in the second half due to acquisitions. He also affirmed ESCO's revenue would follow a similar seasonal cadence. Regarding onshoring, Rudow called it unequivocally good for Transcat long-term and confirmed they are hearing about it from customers, though the impact is not expected in the current fiscal year.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets questioned if the strong Q1 rental and distribution performance is a new baseline. He also asked if organic growth would accelerate as the company laps prior issues and if recent acquisitions would push reported growth into the double digits. Finally, he inquired about ESCO's seasonality and the potential impact of manufacturing onshoring.

    Answer

    President and CEO Lee Rudow stated that rental growth is strategic and not an anomaly, but core distribution performance may moderate. He confirmed that organic growth should accelerate as headwinds from the prior year fade and that reported growth in the second half should be well into the double digits, with ESCO's revenue following a similar seasonal cadence to the core business. Regarding onshoring, Rudow affirmed it is a definite long-term positive for Transcat and that they are hearing about it from customers, though the impact is not expected in the current fiscal year.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets questioned whether the strong Q1 performance in rental distribution represents a new baseline. He also explored the service growth outlook, suggesting that as the drag from the Transcat Solutions business subsides, organic growth should accelerate, leading to double-digit reported growth in the second half of the year. He also asked about ESCO's expected revenue seasonality and potential long-term tailwinds from the onshoring of US manufacturing.

    Answer

    President and CEO Lee Rudow confirmed that growth in rentals is strategic and not an anomaly, and agreed with the assessment that as the drag from the Solutions business fades, reported service growth should accelerate into the double digits in the back half of the year, aided by acquisitions. He also confirmed ESCO's revenue would follow Transcat's typical seasonal cadence. Regarding onshoring, Rudow stated it is a clear long-term tailwind for Transcat, and the company is already hearing related dialogue from customers.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson asked if the strong Q1 performance in rental and distribution should be seen as a new baseline for growth. He also sought confirmation that organic growth would accelerate as the company laps issues with Nexa, leading to double-digit reported growth in the second half of the year. He further questioned if ESCO's revenue would follow a similar seasonal cadence and asked about potential tailwinds from the onshoring of manufacturing, particularly in life sciences.

    Answer

    CEO Lee Rudow confirmed that growth in the strategic rentals business is not an anomaly, though core distribution performance may moderate. He affirmed Jackson's other assumptions, agreeing that organic growth should accelerate as the drag from Nexa fades, reported growth in the back half of the year should be well into the double digits, and ESCO's business will follow the same seasonal cycles as Transcat's core business. Regarding onshoring, Rudow stated it is unequivocally a long-term positive for Transcat and that they are hearing about new facility plans from customers, but he does not expect it to be a significant tailwind in the current fiscal year.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets asked if the strong Q1 distribution performance should be seen as a new baseline for growth. He also inquired about the expected acceleration in organic growth as the company laps challenges from the Nexa business and whether the ESCO acquisition would follow a similar seasonal cadence. Finally, he asked about potential tailwinds from the onshoring of US manufacturing.

    Answer

    CEO Lee Rudow stated that rental growth is strategic and not an anomaly, but core distribution performance may moderate as it's not a primary focus for capital allocation. He confirmed that lapping the Nexa issues will provide easier comparisons and accelerate reported growth, and that ESCO's revenue seasonality will align with Transcat's core business. Regarding onshoring, Rudow affirmed it is a definitive long-term positive for Transcat and that they are seeing early signs and hearing customer dialogue about it, though the benefits are not expected in the immediate term.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q1 2026

    Question

    Edward Jackson of Northland Capital Markets questioned if the strong Q1 distribution performance is a new baseline, whether organic growth will accelerate as prior headwinds are lapped, and the potential for double-digit reported growth in the second half. He also asked about ESCO's seasonality and the impact of manufacturing onshoring.

    Answer

    President & CEO Lee Rudow indicated that strong rental growth is strategic and will continue, but the exceptional core distribution performance might moderate. He confirmed that organic growth should accelerate as the drag from past issues fades, leading to expected double-digit reported growth in the second half of the year. He also noted ESCO would follow a similar seasonal cadence and that manufacturing onshoring represents a positive long-term tailwind for Transcat.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q4 2025

    Question

    Edward Jackson asked about the drivers of recent OpEx control and the outlook for fiscal 2026, the cautious commentary on service growth, the progress of the Transcat Solutions (NEXA) business, the performance of the rental market, and the specific automation initiatives driving margin improvement.

    Answer

    Executive Thomas Barbato attributed OpEx control to delayed hires and cost management, noting some expenses like incentives would normalize. President and CEO Lee Rudow addressed service growth, expressing long-term confidence despite short-term volatility. He detailed progress in the Solutions business, focusing on sales integration and its role in driving calibration work. Rudow also explained that automation involves both technical code development and operational deployment across all labs to ensure productivity gains.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q3 2025

    Question

    Edward Jackson requested an update on the NEXA Solutions turnaround, inquired about the outlook for Service and Distribution gross margins, asked about the pro forma impact of the Martin acquisition, and sought clarity on working capital trends.

    Answer

    President and CEO Lee Rudow stated that the NEXA Solutions turnaround is underway with a better pipeline, but it will take a few quarters to see results. COO Mike West (Note: The transcript lists Mike West as COO, but CFO Thomas Barbato answered the financial questions) and CFO Thomas Barbato addressed the financial points. Barbato projected Q4 service margins to be flat year-over-year before growing in fiscal 2026 and reiterated a 30%+ margin goal for Distribution. He noted that working capital fluctuations are consistent with growth, with receivables impacted by the Martin acquisition.

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    Edward Jackson's questions to TRANSCAT (TRNS) leadership • Q2 2025

    Question

    Edward Jackson extensively questioned the NEXA restructuring, asking about sales channel repairs, differences in pipeline management, and the risk of a culture clash. He also asked if Becnel could see a post-hurricane business rebound, inquired about the drivers of the sequential inventory reduction, and sought clarity on the cause of the lower Distribution gross margin.

    Answer

    President and CEO Lee Rudow explained the integration involves leveraging Transcat's large sales force and strong brand, which NEXA previously lacked. He expressed confidence this would not cause a culture clash as NEXA's core service delivery remains strong. Executive Thomas Barbato stated any post-hurricane rebound for Becnel would not be meaningful, the inventory drop reflects a successful focus on improving the cash conversion cycle, and the Distribution margin pressure was primarily due to Becnel.

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    Edward Jackson's questions to HYSTER-YALE (HY) leadership

    Edward Jackson's questions to HYSTER-YALE (HY) leadership • Q2 2025

    Question

    Edward Jackson of Northland Capital Markets asked about second-half seasonality in the Americas and EMEA, the evolving impact of tariffs on pricing and the backlog, the product mix and phase-out timeline for the Bolzoni segment, and the impact of a slowing warehouse market on the company's market share goals.

    Answer

    President & CEO Rajiv Prasad explained that while quoting activity is high, customer decision-making has slowed due to tariff volatility, but he expects this to stabilize. He noted that Europe will likely follow typical seasonal slowdowns. Regarding tariffs, he stated that while the company protected some deals in the backlog, new pricing reflects the new cost environment. He confirmed the Bolzoni legacy business (transmissions, axles) will phase out by 2027. Lastly, he mentioned that despite a smaller market, the company has made progress on gaining warehouse market share in North America.

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    Edward Jackson's questions to HYSTER-YALE (HY) leadership • Q2 2025

    Question

    Edward Jackson of Northland Capital Markets inquired about second-half revenue seasonality in the Americas and EMEA, the evolving impact of tariffs on pricing and the backlog, the product mix transition at Bolzoni, and the effect of the warehouse market slowdown on market share goals.

    Answer

    President & CEO Rajiv Prasad explained that Americas' recovery depends on tariff stabilization, while EMEA will likely follow typical seasonal patterns with a weaker Q3. He noted that while the company protected some Q2 deals from tariff hikes, new pricing is now in effect. For Bolzoni, Prasad stated the legacy business is planned to phase out by 2027, a timeline slightly delayed by tariffs. He also confirmed that despite a smaller market, Hyster-Yale has made progress on gaining warehouse market share in 2025.

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    Edward Jackson's questions to HYSTER-YALE (HY) leadership • Q4 2024

    Question

    Edward Jackson of Northland Securities asked for clarification on Hyster-Yale's 2025 global lift truck market outlook, questioning if the view had become more pessimistic compared to previous guidance of a flat market.

    Answer

    Rajiv Prasad, Chief Executive Officer, affirmed that the outlook remains consistent, with an expected weaker first half followed by a stronger second half. He attributed the market correction to overbooking in 2022-2023 and noted an unexpected increase in order cancellations late in 2024, which has since normalized, leading to adjusted production rates.

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    Edward Jackson's questions to HYSTER-YALE (HY) leadership • Q4 2024

    Question

    Edward Jackson of Northland Securities, Inc. questioned if Hyster-Yale's 2025 global lift truck market outlook had become more pessimistic, noting previous commentary suggested a flat market while current remarks seemed to imply a potential decline.

    Answer

    Rajiv Prasad, Chief Executive Officer, clarified that the outlook remains consistent with a weaker first half and a stronger second half for 2025. He attributed the market moderation to overbooking in 2022-2023 and noted a late 2024 spike in order cancellations, which has since normalized. This led to adjustments in production cadence to align with current demand.

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    Edward Jackson's questions to HYSTER-YALE (HY) leadership • Q3 2024

    Question

    Edward Jackson from Northland Securities asked a series of questions covering the outlook for inventory levels and free cash flow, the growth drivers and cost structure for the Nuvera segment, the expense impact of the Bolzoni acquisition, and clarification on 2025 CapEx plans and the 2024 effective tax rate.

    Answer

    President and CEO Rajiv Prasad and CFO Scott Minder addressed the questions. Prasad attributed elevated inventory to in-transit finished goods and slower customer installations, expecting improvement through Q1 2025. Minder confirmed a significant cash flow increase is anticipated in Q4 from working capital reduction. For Nuvera, Prasad noted that market adoption is deferred to late 2026-2027 due to hydrogen availability issues and clarified the recent severance charge was $0.2 million to rightsize operations. Regarding Bolzoni, Prasad stated higher near-term costs were due to logistics disruptions. For 2025 CapEx, he explained the 2024 reduction was due to resource prioritization, not funding issues. Minder concluded by confirming the full-year 2024 effective tax rate is forecasted to be 32%.

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    Edward Jackson's questions to Mayville Engineering Company (MEC) leadership

    Edward Jackson's questions to Mayville Engineering Company (MEC) leadership • Q2 2025

    Question

    Edward Jackson from Northland Capital Markets focused on the commercial vehicle market, asking for a timeline on when dealer inventories might normalize and the potential for a rebound in 2026, assuming no pre-buy activity. He also requested more color on the revised second-half outlook for the military and 'other' business segments.

    Answer

    President, CEO & Director Jag Reddy projected that commercial vehicle customers would align their channel inventories with end-user demand by the end of 2025. He reiterated that MEC's internal forecast assumes no pre-buy in 2026, meaning any such activity would represent an upside. Regarding the 'other' segment, Reddy clarified that the outlook change is partly due to re-categorizing some revenues into the new 'critical power and data center' segment and noted strong underlying growth in the remaining business (MSA) driven by aluminum reshoring.

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    Edward Jackson's questions to Mayville Engineering Company (MEC) leadership • Q1 2025

    Question

    Edward Jackson of Northland Securities, Inc. requested clarification on the 2025 outlook for the Agriculture and Powersports segments. He also questioned how MEC is maintaining its guidance amid severe weakness in the Commercial Vehicle market, seeking details on the offsetting strength in the Military and Other segments.

    Answer

    Executive Jagadeesh Reddy reiterated the outlook for Agriculture to be down mid-20s and Powersports to be down mid-single to mid-teen percentages. He explained that the maintained guidance is based on two key assumptions: no recession in the second half and no repeal of the 2027 EPA NOx emissions regulations, which are currently driving pre-buy activity. He emphasized that changing the NOx rule is a 'heavy lift' legally. Executive Rachele Lehr added that the company has developed contingency playbooks to protect margins should these negative scenarios materialize.

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    Edward Jackson's questions to Mayville Engineering Company (MEC) leadership • Q4 2024

    Question

    Edward Jackson from Northland Capital Markets asked for clarification on the 2025 guidance for the powersports and agriculture markets, questioned if tariffs could be a long-term benefit by encouraging reshoring, inquired about the drivers of the strong free cash flow guidance, and sought details on the M&A pipeline.

    Answer

    Executive Todd Butz clarified the guidance, noting a low-single-digit decline for powersports and a 20-25% decline for agriculture. Executive Jagadeesh Reddy agreed that tariffs could be a long-term tailwind, potentially driving reshoring. Reddy and Butz attributed the strong free cash flow to significant improvements in inventory turns driven by MBX, better payment terms, and lower capital expenditures. Regarding M&A, Reddy outlined a focus on margin-accretive targets in secular growth markets like power infrastructure, noting that valuation multiples have remained stable.

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    Edward Jackson's questions to Mayville Engineering Company (MEC) leadership • Q3 2024

    Question

    Edward Jackson asked for clarification on the accounting treatment of the $600,000 restructuring charge, the timing of the $1-3 million in annual savings, and the financial reporting for the Peloton settlement. He also inquired about the allocation of settlement proceeds between debt reduction and share repurchases, and the expected timing for a return to year-over-year revenue growth.

    Answer

    Executive Todd Butz stated the restructuring charge will be a separate line item above operating income in Q4. He confirmed the associated annual savings would begin in Q1 2025, primarily impacting the cost of sales. Butz explained the settlement proceeds appear in operating cash flow and were initially used for debt reduction via a sweep account, with programmatic share repurchases planned for Q4. He also affirmed that expecting a return to year-over-year revenue growth in the second half of 2025 is a fair depiction.

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    Edward Jackson's questions to TORO (TTC) leadership

    Edward Jackson's questions to TORO (TTC) leadership • Q2 2025

    Question

    Edward Jackson of Northland Capital Markets asked about normalizing residential sales for last year's Lowe's channel fill, the working capital outlook for the second half, and the potential impact if expected tariff hikes are reversed.

    Answer

    Chairman, President & CEO Richard Olson explained that the negative impact from the late spring was a larger factor than the tough comparison to last year's Lowe's launch. VP & CFO Angela Drake stated that while finished goods inventory is slightly high, the company is actively working to reduce overall net inventory. Both executives confirmed that the current guidance assumes tariffs will increase, and if they did not, it could represent a potential upside for the company.

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    Edward Jackson's questions to TORO (TTC) leadership • Q1 2025

    Question

    Edward Jackson asked about the company's exposure to potential retaliatory tariffs on U.S. exports and the feasibility of shifting production from Mexico to the U.S. to mitigate tariff risks. He also requested the specific revenue contribution from the divested Pope Products business in the prior-year's first quarter.

    Answer

    CEO Richard Olson stated that approximately 20% of sales are international and could be subject to retaliatory measures. He noted that while the company has flexibility to move some residential product manufacturing from Mexico, it's primarily for cost-competitive items. CFO Angela Drake provided the specific financial detail, confirming that the Pope business contributed about $7.5 million in net sales in Q1 of the prior fiscal year.

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    Edward Jackson's questions to TORO (TTC) leadership • Q4 2024

    Question

    Edward Jackson of Northland asked if normalizing dealer inventories could create a sales tailwind in late 2025 and 2026, and requested an update on the softening rental market.

    Answer

    CEO Richard Olson agreed that a combination of healthy demand in golf and underground with a recovery in markets like landscape contracting could create a net positive sales tailwind. He also confirmed continued caution from rental customers, particularly independent rental houses whose business is more tied to homeowner projects, which have seen a slowdown.

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    Edward Jackson's questions to TORO (TTC) leadership • Q3 2024

    Question

    Edward Jackson asked about the company's balance sheet inventory, seeking a definition of a 'normal' level and questioning if its reduction is tied to working through the golf and underground backlog. He also asked for commentary on the Topgolf/Callaway separation and its potential implications for the long-term health of the golf industry.

    Answer

    CFO Angela Drake addressed inventory, stating the company made good progress with a $25 million sequential reduction and has about $75 million more to go to reach ideal levels. She noted some inventory is in WIP to service the strong backlog. CEO Richard Olson commented on Topgolf, suggesting the situation reflects a competitive and growing 'off-course' golf market, which he views as a positive indicator of overall interest in the game that ultimately benefits the traditional on-course market.

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    Edward Jackson's questions to Titan Machinery (TITN) leadership

    Edward Jackson's questions to Titan Machinery (TITN) leadership • Q1 2026

    Question

    Edward Jackson of Northland Securities inquired about the specifics of upcoming USDA government support programs and whether the company's use of the term "trough" indicates the agricultural market is bottoming out.

    Answer

    Executive Bo Larsen explained that details on government aid, which is tied to prior-year natural disasters, are available on the USDA website. Executive Bryan Knutson added that current aid helps farmer solvency but doesn't necessarily drive equipment sales. Regarding the market cycle, Knutson clarified that while not calling a specific bottom, current large Ag industry volumes are at or below the previous trough of 2016-2017, suggesting the market is operating near the low point of the cycle.

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    Edward Jackson's questions to Titan Machinery (TITN) leadership • Q1 2026

    Question

    Edward Jackson of Northland Securities asked for specifics on the USDA's government support programs and sought clarification on whether management's use of the word 'trough' signals that the agricultural market is bottoming out.

    Answer

    Executive Bo Larsen directed analysts to the USDA website for detailed timelines on disaster-related aid. Executive Bryan Knutson added that current programs primarily help farmers mitigate losses rather than drive new equipment sales. Regarding the term 'trough,' Knutson clarified they are not calling a specific bottom but noted that current industry volumes are historically at or below the previous cycle's low point from 2016-2017, suggesting the market is operating near the bottom of the cycle.

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    Edward Jackson's questions to Titan Machinery (TITN) leadership • Q4 2025

    Question

    Edward Jackson of Northland Securities inquired about the cause of the Q4 service margin decline, the methods used for inventory reduction, the potential impact of tariffs and government aid, and the demand cadence in early 2025.

    Answer

    Executive Bo Larsen attributed the temporary service margin dip to ERP system integration costs, expecting a recovery next year. Executive Bryan Knutson confirmed inventory was reduced primarily through Titan's own dealer network to retain future service business. Knutson also noted that while tariffs are a concern, potential government assistance programs could offset impacts, though farmers are primarily driven by commodity prices and yields, not political news.

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    Edward Jackson's questions to Titan Machinery (TITN) leadership • Q3 2025

    Question

    Edward Jackson of Northland Securities asked for clarification on the Construction segment's performance, questioning if the strong Q3 equipment sales were better than expected and what the implications were for the seasonally strong fourth quarter.

    Answer

    Executive Bo Larsen explained that the Construction segment's 10% same-store sales increase in Q3 was largely due to the timing of equipment deliveries relative to the prior year. He clarified that to achieve the full-year 'flattish' guidance, a mid-single-digit decline is anticipated for Q4, reflecting timing shifts rather than a change in market sentiment. Executive Bryan Knutson added that while the market has seen softening, there are some signs of renewed positivity from contractors, and the company sees stability ahead for the segment.

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    Edward Jackson's questions to Titan Machinery (TITN) leadership • Q2 2025

    Question

    Edward Jackson of Northland Securities inquired about the likelihood of a traditional fourth-quarter agricultural spending flush given the challenging market, and asked for a timeline on when equipment inventory might return to normalized levels.

    Answer

    Executive Bryan Knutson stated that while spending patterns will follow seasonal trends, the volume will be subdued compared to prior years. Executive Bo Larsen added that inventory, which peaked at $1.3 billion, is targeted to reach a normalized level of around $900 million by the end of the next fiscal year (FY26), with a ~$100 million reduction expected in the back half of the current fiscal year.

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    Edward Jackson's questions to SONO TEK (SOTK) leadership

    Edward Jackson's questions to SONO TEK (SOTK) leadership • Q4 2025

    Question

    Edward Jackson of Northland Capital Markets inquired about the Alternative Energy business, specifically the timing of backlog shipments, visibility into the second half of fiscal 2026, and the potential impact of tariffs and U.S. climate policy shifts.

    Answer

    President & CEO Stephen Harshbarger confirmed that eight clean energy systems are in the current backlog and are expected to ship in the first half of fiscal 2026. He acknowledged apprehension from U.S. clean energy customers but noted that international demand, particularly from the EU and Asia, remains strong and is not significantly impacted by current tariffs. Harshbarger expects to have clearer full-year visibility by the Q1 earnings report, highlighting a promising quote pipeline in the semiconductor and medical sectors.

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    Edward Jackson's questions to SONO TEK (SOTK) leadership • Q2 2025

    Question

    Edward Jackson inquired about the specifics of the large clean energy orders, including the end market for the $2.2 million shipment and the timing for the subsequent $6 million in orders. He also asked about the sales outlook for the second half of fiscal 2025, the verticals driving it, future backlog growth, the company's production capacity, and the reason for the decline in the emerging R&D line item.

    Answer

    CEO and President R. Harshbarger clarified that the large shipments were to a single multinational customer in the advanced solar sector for their Phase 2 production rollout. He confirmed the subsequent $5.9 million in orders are in the backlog for delivery in fiscal 2026. While guiding for growth in the current fiscal year, he emphasized the focus is on building backlog for more rapid acceleration next year. Harshbarger detailed current production capacity at around $29 million, with potential to expand to the $40-44 million range. He explained that the emerging R&D line has decreased because applications are now transitioning more quickly into established product lines.

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    Edward Jackson's questions to SONO TEK (SOTK) leadership • Q2 2024

    Question

    Asked for color on the significant increase in operating expenses and its future trajectory, the mix of delayed versus new business in the strong medical and alternative energy segments, and the application-specific composition of the current backlog.

    Answer

    The OpEx increase was driven by strategic hiring of engineers to support complex, custom systems and will continue to grow with the business, but not at the same recent rate. The strong quarterly revenue was roughly a 50/50 split of delayed and new business. Medical was driven by new complex implantable device systems, while alt energy was focused on membranes for fuel cells and carbon capture. The backlog is heavily weighted toward the clean energy sector, for both R&D and high-volume production systems.

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    Edward Jackson's questions to INTEST (INTT) leadership

    Edward Jackson's questions to INTEST (INTT) leadership • Q1 2025

    Question

    Edward Jackson, noting his operational questions had been answered, asked a procedural question about obtaining historical financial data. Specifically, he requested access to prior period segment data and restructured balance sheet and cash flow statements to align his models with the company's new reporting format.

    Answer

    CFO Duncan Gilmour acknowledged the request for historical data to match the new, tidied-up reporting format for the balance sheet and cash flow. He stated he would take the request under consideration to determine what historical information could be shared to assist with financial model restructuring, adding that the new format would naturally fill out as the year progresses.

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    Edward Jackson's questions to INTEST (INTT) leadership • Q4 2024

    Question

    Edward Jackson from Northland Securities requested more detail on the expected quarterly cadence for revenue by end market in 2025. He also asked for an update on the M&A pipeline and the company's activity level, given the uncertain economic environment.

    Answer

    Executive Duncan Gilmour stated that revenues are expected to increase quarterly through 2025, with back-end semi strength concentrated in the second half, while auto and other markets face near-term uncertainty. Executive Nick Grant affirmed that M&A remains a key strategy, the company is actively evaluating targets, and the current environment could create more favorable valuation opportunities.

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    Edward Jackson's questions to INTEST (INTT) leadership • Q3 2024

    Question

    Edward Jackson of Northland Securities asked for clarification on the 'base businesses' affected by headcount reductions, the financial impact of these cuts, the drivers of the back-end semi recovery, and the long-term growth themes for the Alfamation business.

    Answer

    Executive Nick Grant defined 'base businesses' as all companies excluding Alfamation and noted the back-end semi recovery is a gradual improvement driven by increased quote activity. He also highlighted Alfamation's long-term potential from the automotive industry's shift to centralized computing. Executive Duncan Gilmour explained that the 10% headcount reduction occurred gradually over nine months, with its benefits now flowing through to the financials, though he reiterated that favorable product mix was the main driver of Q3's margin strength.

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    Edward Jackson's questions to INTEST (INTT) leadership • Q2 2024

    Question

    Edward Jackson of Northland Securities asked for details on the $1.2 million in cost savings, the auto/EV business's dependence on production volumes versus new model launches, and for examples of the company's diversification efforts.

    Answer

    Executive Duncan Gilmour stated the annualized cost savings are tied to the softer front-end semi business and will begin to appear linearly starting in Q3. Executive Nick Grant elaborated that with Alfamation, the auto/EV business is now roughly two-thirds driven by new model year releases and one-third by production volume. Grant also provided examples of diversification, including channel partner upgrades, success in commercial space applications, and traction for induction heating as a 'green' alternative in industrial markets.

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    Edward Jackson's questions to Xos (XOS) leadership

    Edward Jackson's questions to Xos (XOS) leadership • Q4 2024

    Question

    Edward Jackson asked if Xos recognized any environmental credit revenue in Q4, requested color on the unit mix for Q4 and the 2025 guidance, inquired about the expected capital expenditures for 2025, and asked about the timing of the 10-K filing.

    Answer

    Giordano Sordoni (executive) stated there was no environmental credit revenue in Q4. Dakota Semler (executive) explained that the Q4 unit mix was weighted more heavily toward higher-priced Hubs but declined to provide a specific unit mix for the 2025 guidance, though he noted the Hub product should be accretive to margins. Semler also mentioned that 2025 CapEx is expected to be 'relatively negligible'. Liana Pogosyan (executive) confirmed the 10-K was planned for filing on the following Monday.

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    Edward Jackson's questions to Xos (XOS) leadership • Q4 2024

    Question

    Inquired about environmental credit revenue in Q4, the unit mix for Q4 and 2025, expected CapEx for 2025, and the timing of the 10-K filing and availability of detailed financial statements.

    Answer

    There was no credit revenue in Q4. The Q4 unit mix was favorable towards higher-margin hubs, and this trend is expected to positively impact 2025 margins, though specific mix guidance won't be provided. 2025 CapEx is expected to be negligible. The 10-K will be filed on Monday, at which point the full cash flow statement will be available.

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    Edward Jackson's questions to ALTA EQUIPMENT GROUP (ALTG) leadership

    Edward Jackson's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q4 2024

    Question

    Edward 'Ted' Jackson asked if there had been any historical reclassifications or restatements of financial data, noting that figures in his model were not aligning with the reported results for the quarter.

    Answer

    CFO Tony Colucci explained that there were no restatements affecting historical net income. He clarified that a change was made in the cash flow statement to separately break out rent-to-sell CapEx and proceeds from rent-to-rent, which likely caused the discrepancy in Jackson's model.

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    Edward Jackson's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q3 2024

    Question

    Edward Jackson questioned the material handling outlook, asking for a reconciliation between Alta's forecast and Hyster-Yale's projection for softer 2025 bookings. He also asked about the potential demand impact from recent hurricanes in the Southeast and sought clarification on the SG&A expense outlook for Q4.

    Answer

    CFO Tony Colucci and CEO Ryan Greenawalt addressed the material handling question, citing Alta's 6-8 month sales backlog, ability to take market share, and focus on the stable North American market as differentiators from Hyster-Yale's global forecast. Greenawalt noted that hurricanes create a brief, immaterial uptick in compact equipment demand. Colucci confirmed that Q4 SG&A would likely rise sequentially with higher sales commissions but that core cost savings would remain.

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