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    Eric Des Lauriers • Craig-Hallum Capital Group LLC

    Eric Des Lauriers's questions to Westrock Coffee Co (WEST) leadership

    Eric Des Lauriers's questions to Westrock Coffee Co (WEST) leadership • Q2 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC asked for clarification on the 'different mix' of results mentioned by management, inquired about the specifics of the company's partnership with Palantir and its impact on profitability, and sought an update on the timeline for the second Conway ready-to-drink (RTD) can line.

    Answer

    Co-Founder, Director & CEO Scott Ford explained that while the Conway facility's volume ramp-up was slower than initially planned, this was offset by stronger performance in the core business and significant profitability contributions from their data intelligence partnership with Palantir. Ford elaborated that Palantir helps optimize risk management by analyzing customer forecasts and futures data, and is now being deployed in manufacturing. He also confirmed the second RTD can line is on schedule for installation in October and production in early November.

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    Eric Des Lauriers's questions to Westrock Coffee Co (WEST) leadership • Q1 2025

    Question

    Eric Des Lauriers of Craig-Hallum Group asked for more detail on the recent customer wins that are offsetting macro headwinds from high coffee prices. He also questioned the company's remaining capacity to continue taking market share and inquired about the potential drivers of variability between the low and high ends of the company's guidance.

    Answer

    CEO Scott Ford stated they are winning 'across the board' in single-serve and attracting major brands to the new Conway RTD facility, and that they have capacity for more growth 'everywhere' due to infrastructure built for incremental expansion. CFO Chris Pledger explained that the guidance range accounts for two main variables: potential timing shifts in the large-scale Conway ramp-up and the uncertain impact of the macro environment, including tariffs and high costs, on overall consumer behavior.

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    Eric Des Lauriers's questions to Westrock Coffee Co (WEST) leadership • Q3 2024

    Question

    Eric Des Lauriers asked for clarification on the 2025 EBITDA growth drivers, wanting to distinguish between secured contracts and anticipated wins in the core coffee and single-serve segments, and also asked about the nature of the recent single-serve volume rebound.

    Answer

    CFO Chris Pledger confirmed that new core coffee retail customers were onboarded in late 2024, providing a full-year benefit in 2025. For single-serve, new volumes from existing customers are secured, while wins from new customers are an expectation. CEO Scott Ford added that due to winning new distribution and customers, Westrock's single-serve volumes could grow 60-80% in 2025, significantly outpacing the broader market.

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    Eric Des Lauriers's questions to Vital Farms Inc (VITL) leadership

    Eric Des Lauriers's questions to Vital Farms Inc (VITL) leadership • Q2 2025

    Question

    Eric Des Lauriers asked for more details on the decision to add on-site cold storage at the ECS and Seymour facilities and its impact on the supply chain. He also inquired about the risks associated with accelerating the onboarding of new family farms.

    Answer

    CEO Russell Diez-Canseco and CFO Thilo Wrede explained that co-located cold storage significantly improves operational efficiency and economics by eliminating truck transport between processing and storage. Regarding farm expansion, Russell Diez-Canseco stated they mitigate risk by intentionally building out their farm support team and technology ahead of the acceleration, ensuring quality and a balanced ramp-up with processing capacity.

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    Eric Des Lauriers's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Eric Des Lauriers asked about recent consumer behavior, specifically if there have been any changes due to macro uncertainty or increased trial from new customers given high conventional egg prices. He also inquired about the dynamics of scaling the supply chain for the growing butter business.

    Answer

    President and CEO Russell Diez-Canseco highlighted the brand's resilience, noting a consistent consumer journey from trial to loyalty and a significant increase in aided brand awareness to 31%. He explained that the butter supply chain transition to Ireland in 2024 has removed previous bottlenecks, enabling the company to meet growing demand for years to come without anticipating further supply constraints.

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    Eric Des Lauriers's questions to Vital Farms Inc (VITL) leadership • Q1 2025

    Question

    Eric Des Lauriers asked about recent shifts in consumer behavior amid macroeconomic uncertainty and whether higher conventional egg prices were driving new customer trials. He also inquired about the supply chain dynamics for the rapidly growing butter business.

    Answer

    CEO Russell Diez-Canseco emphasized the brand's resilience, citing a significant increase in brand awareness from 26% to 31% and consistent consumer loyalty. Regarding butter, he explained that the 2024 transition to an Irish supply chain has successfully removed previous sourcing bottlenecks, positioning the category for sustained future growth without supply constraints.

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    Eric Des Lauriers's questions to Vital Farms Inc (VITL) leadership • Q4 2024

    Question

    Eric Des Lauriers asked if the new Q4 production line would cause a step-function in revenue, and also inquired about the 2025 farm addition pace and the margin impact of accelerator farms.

    Answer

    CFO Thilo Wrede stated that while the new line provides a step-function in capacity, revenue growth will remain gradual and steady, gated by the predictable increase in egg supply from farms. He noted farm recruitment will continue at a similar healthy clip. He also explained that accelerator farms represent a negligible portion of production, so their impact on gross margin will be minimal, with a potential for long-term improvements from R&D findings.

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    Eric Des Lauriers's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership

    Eric Des Lauriers's questions to Pursuit Attractions and Hospitality Inc (PRSU) leadership • Q2 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC asked about the long-term margin strategy, specifically if it involves actively increasing the mix of attractions, and questioned the company's M&A appetite for large new-market assets versus smaller bolt-on deals.

    Answer

    CEO David Barry affirmed that the company's strategy is 'attractions first' due to their compelling economics and flow-through, with other services integrated to support them. Regarding M&A, he stated they maintain a balanced approach and a robust pipeline for both large and small acquisitions. CFO Bo Heitz added that with pro forma net leverage at a low 1.5x, well below their 2.5x-3.5x target, Pursuit has significant financial capacity to be opportunistic on strategic deals of any size.

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    Eric Des Lauriers's questions to Turning Point Brands Inc (TPB) leadership

    Eric Des Lauriers's questions to Turning Point Brands Inc (TPB) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group LLC inquired about the brick-and-mortar rollout strategy for the ALP nicotine pouch brand, asking how it would differ from the 'Free' brand's rollout and seeking an update on conversations with national chain retailers.

    Answer

    CEO Graham Purdy explained that strong online results for ALP have accelerated its brick-and-mortar launch, which is in its early stages. He noted that while the two brands' distribution will have limited overlap initially due to different organizational sizes, the ultimate goal is ubiquitous distribution for both. CRO Summer Frein added that the company is making significant progress with large, nationally recognized chains for expanding distribution.

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    Eric Des Lauriers's questions to Turning Point Brands Inc (TPB) leadership • Q1 2025

    Question

    Eric Des Lauriers inquired about distribution gains for modern oral products, specifically store counts and online progress, and asked for a timeline on the brick-and-mortar rollout for the ALP brand. He also questioned the company's current domestic production capacity for nicotine pouches and its broader strategy for onshoring manufacturing.

    Answer

    An executive, Summer Frein, confirmed progress with major retailers like 7-Eleven and noted more rollouts are planned for later in the year. CEO Graham Purdy clarified that the ALP brand's initial rollout is focused on its online, direct-to-consumer channel, with a potential for physical store presence toward the end of the year. Regarding production, executive Andrew Flynn stated that current supply is adequate and that the company continues to explore onshoring options.

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    Eric Des Lauriers's questions to Turning Point Brands Inc (TPB) leadership • Q4 2024

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group inquired about the 2025 outlook for getting modern oral products into national C-store chains and the potential for the modern oral portfolio to expedite Stoker's MST distribution growth.

    Answer

    Executive Summer Frein acknowledged that chain convenience stores are the primary channel and that the company is in active discussions, highlighting a recent regional rollout with 7-Eleven as a sign of progress. CEO Graham Purdy added that the oral nicotine portfolio is highly synergistic, creating cross-selling opportunities for Stoker's MST as the company expands its modern oral presence in chain accounts.

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    Eric Des Lauriers's questions to Turning Point Brands Inc (TPB) leadership • Q3 2024

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group inquired about the growth outlook for the 'Free' modern oral brand, seeking a breakdown between velocity in existing stores versus new door penetration, and also asked for commentary on the rumored 'Alp' brand partnership.

    Answer

    Executive Summer Frein explained that 'Free' brand growth is focused on scaling national distribution, with a longer-term plan to penetrate major chain stores, aided by the upcoming launch of 3mg and 6mg nicotine strengths which represent the bulk of the market. CEO Graham Purdy declined to comment on the 'Alp' brand at this time but indicated updates would be provided in the near future.

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    Eric Des Lauriers's questions to Vita Coco Company Inc (COCO) leadership

    Eric Des Lauriers's questions to Vita Coco Company Inc (COCO) leadership • Q2 2025

    Question

    Eric Des Lauriers from Craig-Hallum Capital Group sought clarity on the private label business outlook, the timing of the next Walmart shelf reset, and the strategic direction of innovation, particularly whether the focus on coconut milk-based beverages like Treats signifies a shift away from other areas.

    Answer

    CEO Martin Roper explained that Q2 private label results reflect known losses but noted a new business win will benefit 2026. He and Executive Chairman Michael Kirban projected the Walmart reset could occur in early Q4. Kirban clarified that the push into coconut milk beverages is an additional growth avenue inspired by Asian trends and does not detract from the core focus on coconut water as a hydration and sports drink.

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    Eric Des Lauriers's questions to Vita Coco Company Inc (COCO) leadership • Q1 2025

    Question

    Eric Des Lauriers of Craig-Hallum asked for management's reasoning on why consumers would tolerate price increases and requested more detail on the planned step-up in international investments.

    Answer

    CEO Martin Roper expressed confidence in consumer tolerance for price hikes because cost pressures are category-wide, affecting private label as well, which should limit negative price elasticity. Executive Chairman Michael Kirban explained that the increased international investment is twofold: adding 'boots on the ground' to secure new retail accounts and increasing marketing spend to build brand awareness in developing markets.

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    Eric Des Lauriers's questions to Vita Coco Company Inc (COCO) leadership • Q4 2024

    Question

    Eric Des Lauriers asked for more details on the additional production capacity secured for 2025 and its impact on flexibility. He also inquired about the timing of distribution gains from upcoming shelf resets and requested an update on the food service channel.

    Answer

    CEO Martin Roper explained that new capacity is coming online now, with product flow strengthening second-half availability and allowing the company to operate at 80-85% of capacity. Executive Michael Kirban noted that shelf reset impacts are expected in Q2. Regarding food service, management described it as a key focus where they are making good progress in hotels, hospitals, and schools, though it remains a multi-year build-out.

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    Eric Des Lauriers's questions to Vita Coco Company Inc (COCO) leadership • Q3 2024

    Question

    Eric Des Lauriers asked about the relative maturity of the U.K. and German markets compared to the U.S. and the expected timeline for other European markets to become significant. He also questioned if the Q4 sales rebound would be stronger for private label versus branded.

    Answer

    CFO Corey Baker described the U.K. market as quite developed in distribution, with growth now coming from increased consumption. He noted that other Western European markets are developing faster than Germany initially did due to higher global awareness of the category. CEO Martin Roper stated that modeling the private label versus branded rebound is difficult due to variables like transit times, but the company aims to restore inventory for all customers.

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    Eric Des Lauriers's questions to Mama's Creations Inc (MAMA) leadership

    Eric Des Lauriers's questions to Mama's Creations Inc (MAMA) leadership • Q1 2026

    Question

    Eric Des Lauriers asked about the timeline for increasing the mix of in-house trimmed chicken to 100% and inquired about any significant CapEx projects planned for the next twelve months.

    Answer

    CEO Adam L. Michaels confirmed that achieving 100% in-house chicken trimming is a goal for the current fiscal year, stating that operational capacity is already in place and the focus is now on selling in the new products that utilize the trim. He also clarified that no major CapEx projects are planned for the year, as the company is shifting its capital allocation focus from internal investments towards strategic M&A opportunities.

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    Eric Des Lauriers's questions to Mama's Creations Inc (MAMA) leadership • Q4 2025

    Question

    Eric Des Lauriers of Craig-Hallum Capital Group LLC asked for insights into the drivers of chicken breast inflation, the structure of the company's fixed-price protein contracts, and the progress and market penetration of new products designed to utilize chicken breast trimmings.

    Answer

    CEO Adam Michaels attributed chicken breast price hikes to shifts from more expensive proteins like beef, increased demand from fast-food chains, and some supply constraints. He clarified that the fixed-price contracts cover over half of their protein needs for the entire year, with weekly deliveries ensuring a smooth margin profile. Michaels noted that while new products using chicken trimmings are exceeding expectations with strong initial sales at Costco and Albertsons, they remain significantly underpenetrated, representing a major growth opportunity.

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    Eric Des Lauriers's questions to Mama's Creations Inc (MAMA) leadership • Q3 2025

    Question

    Eric Des Lauriers followed up on gross margins, asking if commodity price improvements were necessary to reach the high 20s target and what factors would enable the new long-term target of low 30s. He also questioned if any new significant CapEx projects were planned for the upcoming quarters.

    Answer

    CEO Adam Michaels asserted that the company does not need commodity price relief to achieve its high 20% gross margin target, citing internal operational improvements like SKU rationalization. He explained that reaching the low 30s will depend on optimizing new capabilities, such as the chicken trimming process. He also stated that while there are opportunities for future CapEx at the East Rutherford facility, the company will be patient and digest the recent Farmingdale investments first.

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    Eric Des Lauriers's questions to Mama's Creations Inc (MAMA) leadership • Q2 2025

    Question

    Eric Des Lauriers inquired about the typical timeline for new customers to add more products, the remaining scope of the facility construction, and the progress of penetrating the convenience store channel.

    Answer

    CEO Adam Michaels explained that new item adoption can happen remarkably fast, sometimes even before the first order is delivered. He clarified that the construction is now in a 'fine-tuning' phase for the new grills, which will take days or weeks, not months. He acknowledged that C-store penetration has been slower than planned due to personnel transitions but emphasized it's a small part of the overall strategy and will not significantly affect annual results.

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    Eric Des Lauriers's questions to Curaleaf Holdings Inc (CURLF) leadership

    Eric Des Lauriers's questions to Curaleaf Holdings Inc (CURLF) leadership • Q4 2024

    Question

    Eric Des Lauriers asked about Curaleaf's push into premium flower, questioning what work remains to be done and if further investments are planned for 2025 to support this initiative.

    Answer

    Chairman and CEO Boris Jordan explained that major investments in automation, lighting, and genetics were completed in 2024, and 2025 CapEx will be substantially lower. The current focus is on building inventory to launch premium offerings in early April, particularly in two large markets where Curaleaf was previously absent in that high-margin category.

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    Eric Des Lauriers's questions to Curaleaf Holdings Inc (CURLF) leadership • Q2 2024

    Question

    Eric Des Lauriers asked about wholesale gross margins, their expected impact on overall company margins as wholesale becomes a larger part of the business, and the degree of improvement seen since a new operations executive joined the company.

    Answer

    Executive Chairman Boris Jordan stated that Curaleaf's internal target for wholesale gross margin is 50%. He clarified that this target is more achievable in Eastern and Midwestern states, while Western markets like Arizona face more price compression. He noted that the retail channel typically commands higher margins than wholesale.

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    Eric Des Lauriers's questions to Innovative Industrial Properties Inc (IIPR) leadership

    Eric Des Lauriers's questions to Innovative Industrial Properties Inc (IIPR) leadership • Q4 2024

    Question

    Eric Des Lauriers sought clarification on whether 'strategic investments' implied a move beyond cannabis assets, asked for more detail on the 'green shoots' in the industry, and questioned if other tenants are now requesting rent reductions following the PharmaCann resolution.

    Answer

    Executive Chairman Alan Gold clarified that while investment opportunities have broadened, the primary focus remains on generating real estate-related income from the cannabis industry. President and CEO Paul Smithers detailed 'green shoots' such as 10% projected industry growth, progress in states like Pennsylvania and Florida, and strong sales in New York and Ohio. Both Mr. Gold and Mr. Smithers firmly stated that any resolution like PharmaCann's involves significant tenant concessions and is not an open invitation for simple rent cuts, as the company expects all tenants to honor their lease agreements.

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