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    Egor Tolmachev

    Senior Equity Analyst at Freedom Capital Markets

    Egor Tolmachev is a Senior Equity Analyst at Freedom Capital Markets specializing in capital markets research across technology, software, and industrial sectors. He covers prominent companies including Amazon, ServiceTitan, Gaia Inc, Aehr Test Systems, and Perfect (DB:SZ9), and is recognized for timely investment calls such as his recent price target hike for Amazon following strong quarterly results. Since joining Freedom Capital Markets in the early 2020s, Tolmachev has led analyses that have informed financial forecasts and strategic portfolio positioning, with his recommendations contributing to upward price target revisions and notable performance metrics. He holds advanced securities licenses and FINRA registration, supporting his standing as a highly credible analyst in the market.

    Egor Tolmachev's questions to AEHR TEST SYSTEMS (AEHR) leadership

    Egor Tolmachev's questions to AEHR TEST SYSTEMS (AEHR) leadership • Q4 2025

    Question

    Egor Tolmachev of Freedom Capital Markets asked about the potential impact of reports that TSMC may exit GaN foundry services by 2027 and questioned the typical timeline for a new AI client to complete qualification and make a purchasing decision.

    Answer

    President & CEO Gayn Erickson stated that a potential TSMC exit from GaN would likely have minimal impact, as he believes that business would shift to other foundries or IDMs that Aehr already engages with. Regarding AI customer timelines, Erickson referenced the first AI customer's journey from evaluation to order, which took several quarters, and estimated that a decision for a new evaluation could potentially be made within approximately six months, with orders following thereafter.

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    Egor Tolmachev's questions to ServiceTitan (TTAN) leadership

    Egor Tolmachev's questions to ServiceTitan (TTAN) leadership • Q1 2026

    Question

    Egor Tolmachev from Freedom Broker asked about the key drivers behind the strong gross margin performance, beyond the previously announced reclassification of customer success expenses.

    Answer

    CFO Dave Sherry detailed that of the 300 basis point expansion in total platform gross margin, approximately 200 basis points came from the CSM reclassification. The remaining ~100 basis points were from organic platform margin expansion, driven by scale and product selection. He guided for margins to remain comparable through the year.

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    Egor Tolmachev's questions to ServiceTitan (TTAN) leadership • Q1 2026

    Question

    Egor Tolmachev of Freedom Broker asked what drove the strong gross margin performance beyond the reclassification of certain expenses.

    Answer

    CFO Dave Sherry explained that of the 300 basis point expansion in platform gross margin, about 200 bps came from a CSM reclassification and nearly 100 bps came from organic expansion due to scale and product selection. He expects margins to remain comparable for the year.

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