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    Eric Stine

    Senior Research Analyst at Craig-Hallum Capital Group LLC

    Eric Stine is a Senior Research Analyst at Craig-Hallum Capital Group LLC specializing in the coverage of clean technology and industrial companies such as Ameresco, Plug Power, and Clean Energy Fuels. He has issued over 80 stock ratings with a 35.29% success rate and an average return of -2.38% according to TipRanks, demonstrating extensive experience in his focus sectors. With a career spanning over 30 years as an equity analyst, Stine has developed a reputation for deep sector knowledge and long-term analytical rigor, having joined Craig-Hallum after holding research roles at notable firms in the industry. He is professionally credentialed, holding relevant FINRA securities licenses and is recognized among the top quartile of Wall Street analysts by volume of coverage.

    Eric Stine's questions to Electrovaya (ELVA) leadership

    Eric Stine's questions to Electrovaya (ELVA) leadership • Q3 2025

    Question

    Eric Stine from Craig-Hallum Capital Group LLC asked about the energy storage vertical, its potential market size, and the timing of its revenue contribution. He also inquired about the company's total manufacturing capacity following additions in Mississauga and Jamestown, and whether order momentum has continued into Q4.

    Answer

    CEO Rajshekar DasGupta explained that the energy storage product launch is imminent and will target existing large corporate customers with a premium, safe solution, with shipments expected in calendar year 2026. He clarified that the second shift in Mississauga and the ramp-up in Jamestown are to meet the current order backlog. He also confirmed that the strong order intake from key end-customers has continued into the fourth quarter.

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    Eric Stine's questions to Electrovaya (ELVA) leadership • Q2 2025

    Question

    Requested a breakdown of the $25 million in material handling orders, inquired about the partnership strategy with Sumitomo in Japan, and asked for more detail on other business activities.

    Answer

    The orders are from a mix of sources including a Fortune 100 customer, an OEM leasing program, and a discount retailer. The company is committed to its exclusive partnership with Sumitomo for market reach in Japan and is seeing significant activity there, including discussions with a third construction OEM and various robotics applications.

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    Eric Stine's questions to Electrovaya (ELVA) leadership • Q1 2025

    Question

    Inquired about the finalization of the EXIM Bank loan, confidence in its closing amidst political changes, the nature of interest from the Sumitomo partnership, and the expected revenue ramp-up for the remainder of the fiscal year.

    Answer

    The EXIM loan is in the final documentation stage and expected to close this quarter with high confidence, as the project aligns with the administration's goals. The Sumitomo partnership is generating significant interest, primarily in the construction sector in Japan. Revenues are expected to see a step-up each quarter for the rest of the year.

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    Eric Stine's questions to Electrovaya (ELVA) leadership • Q3 2024

    Question

    Eric Stine inquired about the revised fiscal 2024 revenue guidance, asking if the $45 million figure is a firm baseline and if the customer order delays were concentrated. He also sought an update on the Sumitomo partnership and the potential for expansion into other applications and customers in fiscal 2025. Lastly, he asked about the relationship between the Jamestown facility financing and the refinancing of current debt.

    Answer

    CEO Rajshekar Gupta confirmed the $45 million guidance is firm, attributing the shift to timing requests from three major customers related to new warehouse construction. He stated that initial shipments to a major Japanese construction OEM via the Sumitomo partnership are scheduled for spring 2025, with other high-voltage system shipments for defense and rail also expected in fiscal 2025. Regarding financing, Gupta explained that the debt refinancing with a major bank and the Jamestown facility financing with a U.S. federal agency are separate but interrelated, as the company's overall financial health is crucial for both. He expressed optimism about closing both within the current fiscal year.

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    Eric Stine's questions to BROADWIND (BWEN) leadership

    Eric Stine's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Eric Stine from Craig-Hallum Capital Group LLC asked about wind demand visibility through 2026 now that the initial large supply agreement is satisfied. He also inquired if the low heavy fabrication orders were due to pent-up demand pending the Manitowoc sale, and requested a breakdown of the $8 million in cost savings from the divestiture.

    Answer

    CEO Eric Blashford confirmed strong visibility for tower production through January 2026, with indications for the full year. He projected capacity utilization at the Abilene plant would rise from 50-60% in 2025 to 60-80% in 2026, serving multiple OEMs. He clarified that industrial fab orders for Manitowoc will transfer to the new owner, while Abilene's orders are unaffected. CFO Thomas Ciccone stated the $8 million in cost savings from the sale are considered to be entirely within cost of goods sold, as they are mostly fixed costs.

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    Eric Stine's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Eric Stine from Craig-Hallum Capital Group LLC questioned the future wind tower demand after satisfying a major long-term agreement, the reasons for low Heavy Fabrication orders, and the breakdown of the $8 million in cost savings from the Manitowoc divestiture.

    Answer

    CEO Eric Blashford stated that Broadwind has strong visibility for tower production into 2026 from multiple OEMs, with expected capacity utilization at the Abilene plant rising to 60-80%. He clarified that industrial fabrication orders for the divested Manitowoc facility will transfer to the new owner, while orders for the remaining Abilene facility are unaffected. CFO Thomas Ciccone specified that the entire $8 million in annual cost savings from the sale is expected to be realized within cost of goods sold.

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    Eric Stine's questions to BROADWIND (BWEN) leadership • Q1 2025

    Question

    Eric Stine asked for more detail on the new wind tower production in Manitowoc, the long-term view for 2026 based on quoting activity, and the value of the 45x tax credit recognized in Q1. He also sought clarification on whether the company was considering new cost reductions beyond those already announced.

    Answer

    CEO Eric Blashford explained the Manitowoc production is project-based for specific customer needs and that 2026 volumes, expected to be consistent with 2025, will require new orders as the current long-term agreement concludes. CFO Tom Ciccone stated the company recognized approximately $2.5 million from the 45x tax credit in Q1. Blashford clarified that recent cost actions were targeted specifically at the Gearing segment to align capacity with demand, distinct from the broader cost reductions implemented in the prior year.

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    Eric Stine's questions to BROADWIND (BWEN) leadership • Q4 2024

    Question

    Eric Stine inquired about the outlook for the wind business, asking for confirmation that softness would persist through 2026. He also asked about the visibility of the GE contract work, the expected linearity of 2025 revenue, and the outlook for order activity and book-to-bill ratios.

    Answer

    CEO Eric Blashford confirmed the muted wind demand outlook through 2026 but noted firm visibility on tower production for most of 2025. He explained that 2025 revenue would likely increase ratably after a softer Q1, which was impacted by customer pull-ins during Q4 2024. CFO Tom Ciccone added that lower Q1 production in the Gearing segment would also contribute to the slower start, and provided book-to-bill expectations for each segment in 2025.

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    Eric Stine's questions to BROADWIND (BWEN) leadership • Q3 2024

    Question

    Eric Stine of Craig-Hallum Capital Group LLC asked about Broadwind's outlook for its wind business, how the recent election might impact it, and the expected performance trajectory for 2025 across all business segments.

    Answer

    CEO Eric Blashford stated his optimism for the wind business has improved post-election, anticipating 2025 volumes will be similar to 2024 with a slight uptick before a ramp-up in 2026. He highlighted a potential 'super cycle' in power generation and noted positive trends for material handling, industrial machinery, and mining into 2025. Blashford also suggested the currently soft oil and gas market could see improvement.

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    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Asked about HPDI's global expansion beyond Europe, the development of a CNG HPDI version, and the impact of the market's cooling sentiment on hydrogen on HPDI's prospects.

    Answer

    The company confirmed Volvo is seeding new markets for HPDI. The CNG HPDI development is a Westport initiative for the off-engine systems, leveraging its high-pressure controls business. The slowdown in hydrogen (outside China) is seen as an opportunity for natural gas, where the fuel-agnostic HPDI system is well-positioned.

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    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Eric Stine of Craig-Hallum Capital Group LLC inquired about the expansion of HPDI technology outside of Europe, the development of a CNG HPDI version, and the market drivers for attracting new OEMs amid a cooling sentiment towards hydrogen.

    Answer

    President & CEO Daniel Sceli explained that partner Volvo is seeding HPDI in new markets like India and South America. He clarified that Westport is developing the 'off-engine' CNG storage and handling systems for HPDI, which will be a Westport-only business. Sceli emphasized that HPDI's fuel-agnostic nature is a key advantage, positioning the company to capitalize on the resurgence of natural gas in North America as hydrogen development slows elsewhere.

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    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q1 2025

    Question

    Inquired about the development timeline for a CNG HPDI solution in North America, whether this development was proactive or a response to OEM requests, and the remaining steps for the Light-Duty business divestiture.

    Answer

    Executives stated that a typical heavy-duty engine development cycle is about 4 years, with certification being the longest part. The company's work on a CNG HPDI solution was proactive to 'pull the market' and demonstrate the technology's capability, which could shorten the development time for any OEM. The divestiture is on track to close in Q2, with all major work completed and no anticipated issues.

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    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q1 2025

    Question

    Eric Stine asked about the potential development timeline for a North American CNG HPDI product, the motivation behind Westport's recent CNG development, and the final steps required to close the Light-Duty business divestiture.

    Answer

    CEO Daniel Sceli outlined a typical 4-year engine development cycle for heavy-duty trucks, noting that Westport's proactive CNG HPDI development provides a head start for any OEM partner. He emphasized that the Cespira JV is mandated to serve multiple OEMs, not just Volvo. Regarding the divestiture, Sceli expressed high confidence, stating they are in the final 'countdown' to a Q2 close with no anticipated issues.

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    Eric Stine's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q4 2024

    Question

    Eric Stine of Craig-Hallum Capital Group LLC inquired about the unit trends for HPDI in Q4, growth expectations for 2025, the status of securing additional OEM partners, and the amount of debt associated with the divested light-duty business.

    Answer

    CFO Bill Larkin confirmed that HPDI volumes increased in Q4 due to an OEM customer's production ramp-up, a trend expected to continue into 2025. CEO Dan Sceli added that efforts to sign new OEMs are intensifying, supported by a market shift back towards natural gas. Regarding the divestiture, Bill Larkin clarified that nearly all company debt, except for approximately $7 million, is tied to the light-duty business and will be removed from Westport's balance sheet post-transaction.

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    Eric Stine's questions to Oklo (OKLO) leadership

    Eric Stine's questions to Oklo (OKLO) leadership • Q2 2025

    Question

    Eric Stine of Craig-Hallum Capital Group LLC inquired about the review timeline for the NRC-accepted topical report on licensed operators and how much of the licensing process this would streamline for future deployments.

    Answer

    Co-Founder, CEO & Director Jacob Dewitte explained the topical report is a strategic tool to address fleet-wide issues, such as licensing operators by technology type rather than by site. He estimated a roughly 12-month review. While it offers some benefit for the first plant, its primary value is creating a pre-approved regulatory component that will significantly accelerate licensing for all subsequent plants.

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    Eric Stine's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Eric Stine asked about Oklo's confidence in proceeding directly to a commercial facility without a demonstration plant, given the difficult NRC process, and sought confirmation on the COLA submission timeline.

    Answer

    CEO Jacob Dewitte expressed high confidence, citing the company's use of mature technology with extensive operating data from reactors like EBR-II, which is already recognized by the NRC. He highlighted Oklo's long engagement history with the regulator since 2016 as a key advantage. He confirmed the plan is to submit the full COLA in Q4, aligned with the ADVANCE Act, while noting potential for acceleration from pending executive actions.

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    Eric Stine's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Eric Stine asked about Oklo's confidence in its ability to bypass a demonstration phase for a direct-to-commercial deployment, given the rigorous NRC process, and inquired about the expected timing for the COLA submission.

    Answer

    Co-Founder and CEO Jacob Dewitte expressed high confidence, emphasizing that Oklo's technology is based on proven fast reactors with operational data already recognized by the NRC. He highlighted Oklo's long engagement history with the NRC (since 2016) and the use of a readiness assessment to de-risk the process. Dewitte confirmed the plan is to submit the full application in the Q4 timeframe, but noted that pending executive orders could potentially accelerate this.

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    Eric Stine's questions to PLUG POWER (PLUG) leadership

    Eric Stine's questions to PLUG POWER (PLUG) leadership • Q2 2025

    Question

    Asked about the expected trajectory of gross margin improvement for the rest of the year and sought confirmation of sequential revenue growth in the second half.

    Answer

    The gross margin improvement is expected to be gradual, with Q3 showing sequential improvement and Q4 being the 'tipping point' towards neutrality. This is driven by higher sales volume, hydrogen cost improvements, and better service performance. The company is confident in its second-half revenue targets, which imply sequential growth, but is avoiding specific quarterly guidance.

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    Eric Stine's questions to PLUG POWER (PLUG) leadership • Q1 2025

    Question

    Eric Stine inquired about the current customer mix in the material handling business, asking if growth is coming more from existing or new customers following the shift to a direct sales model. He also sought clarity on the expected revenue cadence for the full year.

    Answer

    Executive Jose Crespo confirmed that growth is occurring with both existing pedestal customers and new customers, citing a new European client as an example. CEO Andy Marsh declined to provide full-year guidance, stating the company's focus is on delivering on its quarterly targets, like the Q2 revenue guide of $140M-$180M, and achieving gross margin breakeven by year-end to build credibility with investors.

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    Eric Stine's questions to PLUG POWER (PLUG) leadership • Q4 2024

    Question

    Eric Stine requested commentary on the full-year 2025 revenue trajectory, how the company is balancing cost cuts with long-term growth, and the breakdown of the planned $150-$200 million in savings.

    Answer

    EVP Sanjay K. Shrestha indicated that Q1 revenue would represent about 15-20% of the full year's total, higher than usual due to Q4 pushouts. CEO Andrew Marsh stated that the cost savings are split roughly 50-50 between Cost of Goods Sold and Operating Expenses, a figure CFO Paul Middleton confirmed as a good proxy. Marsh emphasized that achieving near-term financial strength is crucial for funding long-term growth.

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    Eric Stine's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Eric Stine from Craig-Hallum sought clarification on the factors driving the wide Q4 guidance range and asked about the status of unrecognized revenue from Q2 electrolyzer sales.

    Answer

    CEO Andrew Marsh explained that most of the Q2 electrolyzer revenue has been recognized, with about 15% remaining tied to final commissioning. He attributed the wide Q4 guidance range to three factors: the 'all-or-nothing' nature of large liquefier deals, the timing of electrolyzer revenue recognition despite strong activity, and the improving but variable material handling business.

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    Eric Stine's questions to PLUG POWER (PLUG) leadership • Q3 2024

    Question

    Eric Stine asked for an explanation of the wide Q4 guidance range and the status of unrecognized electrolyzer revenue from Q2.

    Answer

    CEO Andy Marsh clarified that most of the Q2 electrolyzer revenue was recognized in Q3, with only about 15% remaining for final commissioning. He attributed the wide Q4 guidance to three factors: the binary nature of large liquefier deals (all or nothing), variability in the timing of electrolyzer revenue recognition, and improving trends in the material handling business.

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    Eric Stine's questions to Green Plains (GPRE) leadership

    Eric Stine's questions to Green Plains (GPRE) leadership • Q2 2025

    Question

    Eric Stine inquired about the structure of 45Z credit monetization discussions ahead of final Treasury guidance and asked for an update on the optimal product mix between 50 Pro and Sequence high-protein products.

    Answer

    Interim CEO Michelle Mapes indicated that while the market awaits final guidance, they do not expect significant discounts in monetization talks. SVP Imre Havasi and EVP Chris Osowski explained the protein mix is a data-driven decision based on production costs versus market value, noting they are becoming more efficient at producing the higher-value 60% protein product.

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    Eric Stine's questions to Green Plains (GPRE) leadership • Q2 2025

    Question

    Eric Stine asked about the potential structure of 45Z credit monetization deals ahead of formal Treasury guidance. He also inquired about the company's latest thinking on the optimal production mix between its different high-protein products.

    Answer

    Interim Principal Executive Officer Michelle Mapes indicated that while there may be a slight discount on pre-guidance deals, it is not expected to be significant. SVP Imre Havasi and EVP Chris Osowski explained the protein mix is a dynamic, data-driven decision based on production costs and market value, with a focus on building strategic partnerships in the aqua and pet food sectors while improving production efficiency.

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    Eric Stine's questions to Green Plains (GPRE) leadership • Q1 2025

    Question

    Eric Stine asked about the status of the Clean Sugar Technology (CST) initiative, questioning if it was being strategically re-evaluated or just temporarily paused. He also inquired if there were more difficult cost-cutting opportunities being considered beyond the initial $50 million target.

    Answer

    Chris Osowski, EVP of Operations & Technology, confirmed the CST initiative is paused to maximize the Shenandoah plant's profitability through higher ethanol output and to resolve external wastewater challenges, with a target restart in late 2026. He also identified further operational savings opportunities in maintenance ($8-10M) and chemical/enzyme use ($4-6M). Michelle Mapes, Interim Principal Executive Officer, added that other savings will come from winding down contracts, which takes more time.

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    Eric Stine's questions to Green Plains (GPRE) leadership • Q4 2024

    Question

    Eric Stine of Craig-Hallum asked about the company's contingency plans for its carbon initiatives should the 45Z tax credit be repealed or altered.

    Answer

    Todd Becker, President and CEO, confirmed that a 'Plan B' exists in the form of the long-standing 45Q tax credit, which provides a solid backstop. However, he reiterated strong confidence in 45Z's durability, citing broad political support and significant capital already invested by major corporations based on the credit, further solidified by recent IRS guidance.

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    Eric Stine's questions to NUSCALE POWER (SMR) leadership

    Eric Stine's questions to NUSCALE POWER (SMR) leadership • Q2 2025

    Question

    Eric Stine of Craig-Hallum Capital Group LLC questioned the impact of the early 77 MWe uprate approval on customer discussions. He also sought commentary on the evolving regulatory environment and its potential effects on NuScale and its competitors.

    Answer

    President & CEO John Hopkins confirmed the approval has prompted deeper conversations with customers who were previously in a 'holding mode.' CFO Ramsey Hamady called the early approval a 'grand slam' that further differentiates NuScale. Hopkins and Hamady also highlighted that NuScale's use of conventional fuel and its advanced supply chain progress are major competitive advantages that complement its regulatory leadership.

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    Eric Stine's questions to NUSCALE POWER (SMR) leadership • Q1 2025

    Question

    Eric Stine asked about the strategic importance of NuScale's light-water reactor technology in customer discussions, especially compared to other non-light water advanced reactor designs.

    Answer

    CEO John Hopkins highlighted that using proven light-water technology is a major advantage, as global regulators have decades of experience with it, which facilitated their own NRC approval process. He emphasized that their use of conventional, low-enriched uranium fuel avoids the supply chain challenges of HALEU fuel required by some competitors. This established technology base is a key differentiator that makes NuScale truly near-term deployable and resonates strongly with customers.

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    Eric Stine's questions to NUSCALE POWER (SMR) leadership • Q4 2024

    Question

    Eric Stine of Craig-Hallum Capital Group asked about the remaining steps for the 77-megawatt power upgrade approval, whether customers are waiting for it, and if restarting traditional nuclear plants could meet demand or if SMRs are the primary solution.

    Answer

    President and CEO John Hopkins reported that the technical requirements for the 77-megawatt upgrade are largely complete, with the process now being administrative with the NRC, and he is hopeful to be ahead of the mid-2025 schedule. Commercial Officer Clayton Scott added that having long-lead materials ordered helps expedite the first project. Both executives expressed that SMRs, not plant restarts, are the key solution for adding new nuclear capacity to the grid.

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    Eric Stine's questions to NUSCALE POWER (SMR) leadership • Q3 2024

    Question

    Eric Stine asked about the potential impact of the FERC's rejection of the Talen-Amazon data center deal on SMR demand and questioned the importance of the upcoming power uprate approval for securing new customers.

    Answer

    President and CEO John Hopkins stated that while it's early, he does not believe the FERC decision will be a long-term impediment. He emphasized the 77-megawatt uprate, on track for mid-2025, is critical for meeting the gigawatt-scale power needs of data center customers. CFO Ramsey Hamady added that prospective customers are not delaying discussions pending the uprate, highlighting that NuScale's technology is significantly more advanced than competitors' who are already signing agreements.

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    Eric Stine's questions to Clean Energy Fuels (CLNE) leadership

    Eric Stine's questions to Clean Energy Fuels (CLNE) leadership • Q2 2025

    Question

    Eric Stine inquired about the potential financial impact of the 45Z tax credit and the timing of Treasury guidance, as well as the adoption rate of the Cummins X15N engine, focusing on incremental costs and the effect of Freightliner's market entry.

    Answer

    President & CEO Andrew Littlefair expressed bullishness on the 45Z credit, noting the legislation was strengthened to recognize negative carbon, and he anticipates Treasury guidance in the fall. Regarding the X15N engine, Littlefair acknowledged slower-than-hoped sales but highlighted positive trends, including a reduction in the incremental truck cost to around $75,000, which enables a crucial two-year payback period for fleets.

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    Eric Stine's questions to Clean Energy Fuels (CLNE) leadership • Q1 2025

    Question

    Eric Stine asked about the market impact of the higher-than-expected incremental cost for trucks with the Cummins X15N engine and questioned if RNG could achieve policy parity with battery electric and fuel cells in California.

    Answer

    President and CEO Andrew Littlefair acknowledged the initial X15N incremental price was too high but has been reduced to a more viable $75k-$80k range, aided by competition from Freightliner. He stated that California's electric-focused fleet rules are a 'fiasco' and that Clean Energy is actively working with CARB to position RNG as a compliant, common-sense alternative for achieving emissions reductions.

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    Eric Stine's questions to Clean Energy Fuels (CLNE) leadership • Q4 2024

    Question

    Eric Stine asked for details on volume growth in key sectors for Q4 2024 and the outlook for 2025, and also inquired about volume growth from non-Amazon fleets at the company's recently built Amazon-dedicated stations.

    Answer

    Executive Robert Vreeland specified that Q4 volume growth was driven by the fleet and transit sectors. For 2025, he expects modest growth across most sectors, with a small but meaningful incremental addition from the X15N engine. President and CEO Andrew Littlefair added that despite a difficult 2024, they are seeing new, non-Amazon volume at the purpose-built stations, citing a recent example of 12 new units at a station in Ohio.

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    Eric Stine's questions to Clean Energy Fuels (CLNE) leadership • Q3 2024

    Question

    Eric Stine inquired about the potential for California to 'ring-fence' its LCFS program in light of the election and asked for an update on the timing and potential form of the federal 45Z production tax credit guidance.

    Answer

    Executive Robert Vreeland expressed optimism about the upcoming CARB vote, expecting it to result in supportive adjustments to the LCFS that will strengthen credit prices over time. Regarding the 45Z tax credit, he acknowledged the guidance is delayed but believes it will be released by either the current or next administration, citing strong bipartisan support for the program's benefits to both rural economies and urban air quality.

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    Eric Stine's questions to ASPEN AEROGELS (ASPN) leadership

    Eric Stine's questions to ASPEN AEROGELS (ASPN) leadership • Q2 2025

    Question

    Eric Stine of Craig-Hallum Capital Group LLC inquired about the ongoing distributor destocking in the Energy Industrial segment, the outlook for Pyrothin volumes given the expiring EV tax credit, and the remaining capital expenditures for Plant 2.

    Answer

    President and CEO Don Young acknowledged that while a dent has been made in distributor inventories, there is still progress to be made, and he anticipates a return to growth in 2026. CFO Ricardo Rodriguez expressed optimism for Q4 demand from GM, citing their market share gains, and confirmed that spending on Plant 2 is nearly complete, with over $50 million in asset sale proceeds expected over the next several quarters.

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    Eric Stine's questions to ASPEN AEROGELS (ASPN) leadership • Q4 2024

    Question

    Eric Stine asked for clarification on the GM inventory situation and how to interpret the 2025 EV revenue outlook, specifically regarding management's comment to use the original 2024 forecast as a baseline.

    Answer

    CFO Ricardo Rodriguez confirmed a Q1 production slowdown to normalize GM's finished vehicle inventory. He advised using the original $200 million revenue expectation for 2024, rather than the actual outsized result of $306.8 million, as a more sensible 'jumping off point' for modeling 2025 EV segment growth.

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    Eric Stine's questions to ASPEN AEROGELS (ASPN) leadership • Q3 2024

    Question

    Eric Stine inquired about the impact of the U.S. election on the Department of Energy (DOE) loan for the Statesboro plant, asking about the remaining steps for closing the loan and the potential risks from a new administration's anti-EV rhetoric.

    Answer

    CFO Ricardo Rodriguez stated that the conditional commitment is a meaningful milestone with funds earmarked, expressing confidence in aligning with a "Team America" manufacturing goal. CEO Donald Young added that the project is a significant benefit to Georgia and is a loan to a debt-worthy company, distinguishing it from grants. Rodriguez also noted the strong consumer appeal of EVs and Europe's steadfast commitment to electrification, suggesting market momentum will persist.

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    Eric Stine's questions to Blue Bird (BLBD) leadership

    Eric Stine's questions to Blue Bird (BLBD) leadership • Q3 2025

    Question

    Eric Stine of Craig-Hallum Capital Group LLC questioned if school districts were substituting propane buses for EVs due to cost and funding uncertainty. He also asked how Blue Bird could offer stable pricing through March amid tariff risks and whether customer pushback was on price levels or volatility.

    Answer

    CFO Razvan Radulescu clarified that they have not seen a direct substitution from EV to propane, as buying decisions are driven by different factors (subsidies for EV, total cost of ownership for propane). He explained that manageable tariff exposure and stabilizing international tariffs provide enough cost visibility to offer price certainty. Radulescu and CEO John Wyskiel both confirmed the customer issue was price volatility, not the absolute price level, with customers understanding that tariffs are a pass-through cost.

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    Eric Stine's questions to Blue Bird (BLBD) leadership • Q2 2025

    Question

    Eric Stine inquired about potential pricing pushback from the dealer network or school districts due to tariffs, whether competitors are acting rationally on pricing, the split between federal and state funding, and if there's a noticeable uptick in propane and gasoline bus interest.

    Answer

    CFO Razvan Radulescu and CEO John Wyskiel confirmed that while no one likes price increases, the tariff impact is industry-wide, and competitors have taken similar actions. They highlighted a collaborative relationship with their dealers. Radulescu noted that funding is balanced between state and federal sources, with EPA rounds 2 and 3 now flowing. Wyskiel added that Blue Bird is uniquely positioned with its alternative power options if customers seek non-EV clean solutions.

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    Eric Stine's questions to Blue Bird (BLBD) leadership • Q1 2025

    Question

    Eric Stine asked about the potential scenarios that could drive Blue Bird to the high end of its EBITDA guidance, sought clarity on the definition of "unspent funds" related to the executive order pausing EPA funding, and inquired about the company's ability to apply price increases to its existing backlog to counter potential tariffs.

    Answer

    CFO Razvan Radulescu stated that reaching the high end of the guidance range would likely require EV sales to exceed the 1,000-unit forecast, driven by strong momentum in non-EV powertrains. CEO Phil Horlock added that the strong order backlog and recent pricing actions provide good visibility and confidence. Horlock clarified that the resumption of the EPA program applies to new orders and fund disbursements, not just unspent funds, and noted that Blue Bird has not had a single EV order cancellation. Regarding tariffs, Radulescu confirmed the company is prepared to pass through costs, and Horlock noted that the dealer network understands this is a government-imposed tax.

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    Eric Stine's questions to Blue Bird (BLBD) leadership • Q4 2024

    Question

    Eric Stine asked about customer and competitor reactions to Blue Bird's recent price increases, the reasons for seasonality in the fiscal 2025 guidance, and whether the guided $50 million in CapEx for the new plant is incremental.

    Answer

    CEO Phil Horlock explained that the company's twice-yearly price increases are being accepted in the market, with win rates remaining competitive, suggesting competitors are acting similarly. CFO Razvan Radulescu clarified that the fiscal 2025 seasonality is driven purely by the number of production weeks in each quarter, not underlying business dynamics. He also confirmed the $50 million in CapEx is an extraordinary expense, on top of the typical $25 million annual CapEx.

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    Eric Stine's questions to ORION ENERGY SYSTEMS (OESX) leadership

    Eric Stine's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q1 2026

    Question

    Eric Stine of Craig-Hallum Capital Group LLC inquired about the new electrical infrastructure initiative, asking about the investment required and how it would leverage existing capabilities. He also asked about the timing of when the growing project pipeline would translate into revenue growth and operating leverage.

    Answer

    CEO Sally Washlow explained that the electrical infrastructure initiative is in its early stages and the company's current structure can manage initial growth before scaling. She confirmed that the project pipeline is expected to contribute to growth in the current fiscal year (FY26) and extend into FY27, with continued pipeline development driving further operating leverage.

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    Eric Stine's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q4 2025

    Question

    Eric Stine inquired about the drivers behind the recent rebound in order trends seen in Q4 and Q1. He also asked for the underlying assumptions for the conservative fiscal 2026 EV charging revenue outlook, given the company's large project pipeline.

    Answer

    CEO Sally Washlow confirmed strong order momentum starting in April, attributing it to reduced market uncertainty and execution on the existing backlog. CFO Per Brodin added that orders are materializing from previously announced large projects. Regarding the EV outlook, Washlow stated the company is taking a conservative approach but continues to see a strong pipeline and opportunities to gain market share as fleets electrify.

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    Eric Stine's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q2 2025

    Question

    Eric Stine inquired about the expected revenue growth breakdown across Orion's segments, the quarterly cadence for the second half of the fiscal year, and the company's strategy for better anticipating customer project pushouts.

    Answer

    CEO Mike Jenkins explained that the LED lighting business is expected to recover and accelerate in the second half, particularly in Q4, while the EV business will maintain or slightly increase its strong growth pace. He noted the maintenance business is now more profitable and will decline less than initially guided. Jenkins confirmed that results will be more weighted to Q4. To mitigate project delays, which are difficult to predict, he stated Orion's strategy is to build a larger, more robust project pipeline.

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    Eric Stine's questions to Ameresco (AMRC) leadership

    Eric Stine's questions to Ameresco (AMRC) leadership • Q2 2025

    Question

    Eric Stine asked for an update on the federal business, seeking to understand if concerns from earlier in the year have been resolved. He also questioned if 'rescoping' projects implied lower value and inquired about the expected revenue linearity between the third and fourth quarters.

    Answer

    George Sakellaris, Chairman, CEO & President, and Nicole Bulgarino, President of Federal Solutions & Utility Infrastructure, both affirmed that the federal business environment has significantly improved and is now on par with or better than previous levels. Bulgarino clarified that rescoping projects involves changing the technology mix (e.g., natural gas instead of solar), not reducing the overall project value. CFO Mark Chiplock projected that Q4 revenue would likely be heavier than Q3, partly due to some revenue being pulled forward into Q2.

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    Eric Stine's questions to Ameresco (AMRC) leadership • Q1 2025

    Question

    Eric Stine sought more detail on tariff mitigation, asking if pass-through language is standard in contracts, and clarified whether the risk from a reduced federal workforce is more about project delays than cancellations.

    Answer

    CEO George Sakellaris confirmed that they are making protective language against tariffs and foreign exchange fluctuations a standard feature in new contracts, which customers are accepting to ensure project certainty. CFO Mark Chiplock added that supply chain diversification is also a key mitigator. Regarding the federal workforce, management reiterated that the primary risk is potential administrative delays in converting awards to contracts, not cancellations, as the value proposition of their work remains strong for the government.

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    Eric Stine's questions to Ameresco (AMRC) leadership • Q4 2024

    Question

    Eric Stine sought to confirm if the federal project issues were limited to pauses and a one-off cancellation, and whether the conservative guidance could potentially be revised upwards as the year progresses.

    Answer

    President Nicole Bulgarino confirmed the one cancellation was a one-off and the pauses were specific to the GSA, with all impacts factored into guidance. CFO Mark Chiplock added that the guidance was built to be conservative, considering a wide range of potential risks from policy changes to funding cutbacks. He also affirmed that there is a possibility for performance to change as the year progresses.

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    Eric Stine's questions to Ameresco (AMRC) leadership • Q3 2024

    Question

    An analyst on behalf of Eric Stine from Craig-Hallum Capital Group asked about the growth outlook for utility customers in the RNG business and the long-term mix trend. He also inquired about opportunities to replicate the full-service partnership model of Bristol with other municipalities.

    Answer

    Mike Bakas, President of Renewable Fuels, stated that the voluntary market for RNG is 'picking up in a big way' and represents the long-term growth driver, expecting it to eventually surpass the transportation sector in demand. CEO George Sakellaris confirmed they are pursuing similar full-service municipal partnerships in the UK and Europe, leveraging their first-mover advantage and hiring consultants to accelerate growth.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership

    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Eric Stine from Craig-Hallum Capital Group LLC inquired about the sustainability of the record-high 34% gross margin, asking if any one-time items contributed to the result. He also sought an update on the wind business, questioning if the recent performance indicates that the previously mentioned 'historic volume ramp' from customer Inox is now underway.

    Answer

    CFO John Kosiba confirmed there were no one-time, non-recurring events in the gross margin calculation, attributing the strength to high revenue, full factory utilization, and an 'ideal' product and market mix. CEO Daniel McGahn added that this quarter serves as a 'proof point' for the business's potential. Regarding the wind business, McGahn clarified that a significant ramp is anticipated 'as early as next year' (fiscal or calendar), but emphasized that AMSC's growth is now diversified and not solely dependent on any single customer.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Eric Stine of Craig-Hallum inquired about the record-high gross margin, asking if it was sustainable and free of one-time items. He also sought an update on the wind business, specifically if the previously mentioned 'historic volume ramp' with Inox is now underway.

    Answer

    CEO Daniel McGahn and CFO John Kosiba confirmed the margin strength. Kosiba stated there were no one-time, non-recurring events, attributing the 34% margin to high revenue, strong factory utilization, and an 'ideal' product and market mix. McGahn added that while this quarter proves mid-30s margins are possible, the wind ramp is a longer-term trend expected as early as next year, and emphasized that AMSC's growth is diversified across multiple strong customers.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2025

    Question

    Eric Stine from Craig-Hallum Capital Group LLC inquired about the record-high gross margin, asking if it was influenced by any one-time items and about the company's confidence in maintaining a 30%-plus margin going forward. He also sought an update on the wind business, specifically whether the previously mentioned 'historic volume ramp' with partner Inox is now underway.

    Answer

    CEO Daniel McGahn and CFO John Kosiba confirmed the 34% gross margin was a 'near perfect quarter' driven by high revenue, favorable product mix, and strong factory utilization, with no one-time accounting events. They expressed confidence that margins in the mid-30s are achievable at current revenue levels. Regarding the wind business, Daniel McGahn clarified that the significant ramp for Inox is anticipated to begin as early as next year, noting that while the relationship is strong, Inox is one of several key growth drivers for the diversified company.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Eric Stine from Craig-Hallum Capital Group LLC inquired about the record-high gross margin, asking for confirmation that no one-time items skewed the result and questioning the company's confidence in maintaining a 30%+ margin. He also asked for an update on the wind business, specifically if the previously mentioned 'historic volume ramp' from Inox is now underway.

    Answer

    CFO, SVP & Treasurer John Kosiba confirmed there were no one-time, non-recurring events in the gross margin, attributing the strength to high revenue, an ideal product and market mix, and high factory utilization. Chairman, President & CEO Daniel McGahn added that the quarter serves as a proof point for the business's potential to achieve mid-30s margins. Regarding the wind business, McGahn stated that the ramp is anticipated as early as next year and that AMSC is well-positioned to support Inox, while also highlighting that AMSC's overall business is now highly diversified and not solely dependent on any single customer.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Eric Stine from Craig-Hallum Capital Group LLC inquired about the record-high gross margin, asking for confirmation that no one-time items were involved and questioning the company's confidence in maintaining a 30%+ margin. He also asked for an update on the wind business, specifically if the previously mentioned 'historic volume ramp' from Inox was now underway.

    Answer

    CFO John Kosiba confirmed there were no one-time, non-recurring events in the gross margin, attributing the 34% result to strong revenue, high factory utilization, and an ideal product and market mix. Chairman, President & CEO Daniel McGahn added that the result serves as a proof point for the business's potential. Regarding the wind business, McGahn stated that the ramp is anticipated for the next fiscal year and that while the relationship with Inox is strong, AMSC's overall business growth is diversified across multiple strong customers and is not solely dependent on any single one.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q4 2024

    Question

    Eric Stine inquired about the order breakdown for the Grid segment in Q4, the high-level expectations for fiscal 2025, and the performance of the Wind business, including its contribution to Q4 orders and its outlook.

    Answer

    Daniel McGahn, Chairman, President and CEO, explained that the business is diversifying, with a long-term target of roughly 25% each from materials (including semiconductors), traditional power, and renewables, with the remainder from military and utility. He noted the recent acceleration in orders was largely driven by the semiconductor sector. For the Wind business, McGahn highlighted that while demand from partner Inox is strong, AMSC is now working on shorter-term contracts to be more responsive to Inox's production ramp, resulting in a lower 12-month backlog for that segment as orders are converted to revenue more quickly.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q3 2024

    Question

    Eric Stine inquired about the scale and growth of the company's "deep pipeline" following recent acquisitions. He also asked about the future ordering pattern from customer Inox Wind, questioning if it would continue as smaller, frequent batches or revert to larger, less frequent orders.

    Answer

    Daniel McGahn, Chairman, President and CEO, stated that the project pipeline's growth rate exceeds the company's overall growth, driven by diversity and increased content per project. Regarding Inox Wind, McGahn confirmed the current "batch to batch" ordering model, which is tied to their customers' payment schedules, is expected to continue, providing a clear path for near-term growth in the wind segment.

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    Eric Stine's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q2 2024

    Question

    Eric Stine of Craig-Hallum Capital Group inquired about the growth potential of AMSC's Wind business, comparing partner Inox Wind's current 3-gigawatt backlog to historical levels where AMSC's revenues were higher on a smaller backlog. He also asked for early market feedback and customer reactions regarding the recent acquisition of NWL.

    Answer

    Chairman, President and CEO Daniel McGahn affirmed the significant growth potential for the Wind business, noting that partner Inox Wind is well-poised for expansion and advised analysts to "stay tuned" for more news. Regarding the NWL acquisition, McGahn reported that customer feedback has been very positive, highlighting the quality of NWL's team and operations. He mentioned that the acquisition expands access to new industrial customers, particularly in the semiconductor space, and that he prefers to demonstrate cross-selling success in future quarters.

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    Eric Stine's questions to TIGO ENERGY (TYGO) leadership

    Eric Stine's questions to TIGO ENERGY (TYGO) leadership • Q2 2025

    Question

    Eric Stine of Craig-Hallum Capital Group asked for more detail on the drivers of Tigo's performance in Europe, specifically the balance between market share gains and market recovery in countries like Germany, the Czech Republic, and Poland, and the role of its open architecture.

    Answer

    CFO Bill Roeschlein highlighted strong performance and recovery in Germany, substantial growth in the fragmented Czech market, and a recent rebound in Poland. CEO Zvi Alon emphasized that a key differentiator is Tigo's single product SKU serving residential, C&I, and utility-scale, which allows them to capture share wherever demand exists. He attributed growth to increased brand awareness, marketing programs with distributors, and direct engagement with installers.

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    Eric Stine's questions to TIGO ENERGY (TYGO) leadership • Q4 2024

    Question

    Eric Stine asked for clarification on the Q4 adjusted EBITDA, noting the outperformance when excluding the inventory charge. He also inquired if further inventory charges are expected and asked for an update on operating expense trends and the revenue level required to achieve EBITDA breakeven in 2025.

    Answer

    CFO Bill Roeschlein confirmed the Q4 inventory charge was larger than initially anticipated but stated it is now considered adequate, with 90% of the GO ESS inventory reserved and no further charges implied in the Q1 guide. He projected cash OpEx to remain below $10 million quarterly after Q1. Roeschlein updated the breakeven EBITDA target to a quarterly revenue of $25-$28 million, with profitability expected in the second half of 2025, likely Q3.

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    Eric Stine's questions to TIGO ENERGY (TYGO) leadership • Q3 2024

    Question

    Eric Stine asked about current market share trends, particularly in Europe, and the level of interest and pipeline for licensing their rapid shutdown device.

    Answer

    The company responded that they are gaining market share against their main competitor, with their unit volumes increasing from 10% to 15-20% of the competitor's. They have been told they are the best-selling optimizer in some large European markets. Growth in newer regions is offsetting sluggishness in traditional markets like Germany and Italy. They also confirmed that they are steadily adding licensees for their rapid shutdown technology.

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    Eric Stine's questions to Enphase Energy (ENPH) leadership

    Eric Stine's questions to Enphase Energy (ENPH) leadership • Q2 2025

    Question

    Eric Stine asked for management's opinion on the potential timing for the U.S. Treasury to issue its updated guidance on safe harbor rules, which TPO partners are awaiting to finalize their plans.

    Answer

    President & CEO Badri Kothandaraman stated that Enphase has no specific insight into the timing of the Treasury's guidance. He noted that the company is in the same position as the public and is following the lead of its TPO partners, who are monitoring the situation daily and will execute their safe harbor strategies once clarity is provided.

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    Eric Stine's questions to Flux Power Holdings (FLUX) leadership

    Eric Stine's questions to Flux Power Holdings (FLUX) leadership • Q3 2025

    Question

    Speaking on behalf of Eric Stine, an analyst asked about the positive changes seen from adding new sales personnel, plans for further team expansion, the deployment timeline for new heavy-duty models like the G96, and potential end markets beyond airport GSE.

    Answer

    CEO Krishna Vanka deferred to Chief Revenue Officer Kelly Frey, who explained the new sales approach positions Flux as a software and solutions provider, not just a battery seller. Frey highlighted the opportunity to use data to solve broader customer energy challenges. Vanka added that the G96 model is specifically for airport GSE, is already in customer testing and production, and represents a strategic move into higher voltage categories that could open new verticals in the future.

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    Eric Stine's questions to Flux Power Holdings (FLUX) leadership • Q2 2025

    Question

    Requested clarification on the Q3 outlook, asked about the possibility of achieving positive EBITDA in the second half of the fiscal year, and inquired about the company's past sales approach versus its future strategy for capturing market share.

    Answer

    Management clarified that Q3 revenue is expected to be similar to Q2 (around $16M), and Q4 is expected to be profitable on an adjusted EBITDA basis, leading to breakeven or slightly positive cash flow. The new sales strategy will shift from a passive, partner-driven approach to a proactive, solution-selling model that generates demand directly in the market.

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    Eric Stine's questions to CENTRUS ENERGY (LEU) leadership

    Eric Stine's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Eric Stine asked for any insight on the timing of SWU and uranium sales for the remainder of 2025 and inquired about the separate NNSA national security opportunity.

    Answer

    CFO Kevin Harrill reiterated that the company does not provide guidance but noted that revenue timing is driven by customer reactor reload schedules, typically every 18-24 months. President and CEO Amir Vexler added that Centrus's technology is deployment-ready and uniquely capable of meeting national security needs, but he refrained from predicting the NNSA's specific actions.

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    Eric Stine's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Eric Stine of Craig-Hallum Capital Group inquired about the potential timing and seasonality of SWU and uranium sales for 2025, and also asked for an update on the separate NNSA national security opportunity.

    Answer

    CFO Kevin Harrill stated that the company does not provide guidance and that sales timing is driven by utility customers' 18-to-24-month reload schedules, not seasonality. President and CEO Amir Vexler noted that while he could not speculate on NNSA actions, Centrus's unobligated, deployment-ready technology is the only one currently operating that can meet U.S. national security needs.

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    Eric Stine's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Eric Stine asked for insight into the timing of SWU and uranium sales for the rest of 2025 and inquired about the separate NNSA national security opportunity.

    Answer

    CFO Kevin Harrill reiterated that the company doesn't provide financial guidance but noted that customer reloads typically occur every 18-24 months, which drives revenue timing. President and CEO Amir Vexler addressed the NNSA opportunity by stating Centrus's technology is deployment-ready and uniquely capable of meeting national security needs, but he declined to speculate on the NNSA's specific actions or timing.

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    Eric Stine's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Eric Stine requested any insight into the timing of SWU and uranium sales for the rest of 2025 and asked about the separate NNSA national security opportunity.

    Answer

    CFO Kevin Harrill reiterated that the company does not provide guidance but noted revenue timing is driven by utility customer reload schedules, typically every 18-24 months. President and CEO Amir Vexler addressed the NNSA opportunity by emphasizing that Centrus's unobligated U.S. technology is deployment-ready and uniquely able to meet national security needs, without speculating on NNSA's specific actions.

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    Eric Stine's questions to PureCycle Technologies (PCT) leadership

    Eric Stine's questions to PureCycle Technologies (PCT) leadership • Q1 2025

    Question

    Eric Stine asked about the progress and expected completion timeline for the 33 active customer trials and inquired about the pricing dynamics for compounded products, specifically if they would command a premium.

    Answer

    CEO Dustin Olson responded that some trials will begin commercializing in Q2, with a strong ramp expected in the second half of 2025, though each customer's timeline varies. On compounding, he explained it is a value-added service that enables quicker customer adoption and is accretive to the business plan. Pricing will ultimately be driven by supply-demand dynamics, especially in applications where PureCycle is the only viable supplier.

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    Eric Stine's questions to PureCycle Technologies (PCT) leadership • Q4 2024

    Question

    Eric Stine sought context on the achieved production rate of 12,500 pounds per hour, asking if it was a sustained run, and questioned the production target for Q1, probing whether production capacity is still the primary limiting factor.

    Answer

    Executive Dustin Olson clarified that the 12,500 lbs/hr rate was a stable, planned test to collect data. He explained that overall production is being deliberately paced to match the commercial ramp-up, primarily to manage working capital and tailor product specifications for customers. Olson confirmed that production capability is now much less of a limiting factor than in the past, and the focus has shifted to securing commercial contracts to justify ramping up operations.

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    Eric Stine's questions to PureCycle Technologies (PCT) leadership • Q3 2024

    Question

    Eric Stine sought clarification on whether current production is being intentionally paced below demonstrated milestones and asked about the company's confidence in ramping up production to meet future commercial demand.

    Answer

    CEO Dustin Olson explained that production is being paced to align with commercial efforts, including building inventory and commissioning systems. He affirmed high confidence in the ability to ramp production as needed, attributing this to step-change improvements in product quality from the new CP2 removal system. Olson noted that successful trials create 'me-too' adoption, which will accelerate the commercial ramp.

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    Eric Stine's questions to CHART INDUSTRIES (GTLS) leadership

    Eric Stine's questions to CHART INDUSTRIES (GTLS) leadership • Q1 2025

    Question

    Eric Stine asked about the sustainability of growth in emerging end markets like space and nuclear, where Q1 orders surpassed all of 2024, and questioned if the Repair, Service & Leasing (RSL) business could act as a counter-cyclical buffer in an uncertain economy.

    Answer

    CEO Jillian Evanko described the company's evolution away from lumpy, project-based results, citing a diverse backlog, strong RSL segment, and technology leadership (IPSMR) as drivers of consistency. She agreed that the RSL business provides a buffer, as customers prioritize maintenance and retrofits during economic uncertainty, and highlighted growth drivers like digital monitoring and facility optimization.

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    Eric Stine's questions to CHART INDUSTRIES (GTLS) leadership • Q4 2024

    Question

    Eric Stine questioned if the $2 billion in customer commitments was exposed to U.S. policy risk and how that figure compares historically. He also asked if Q4 order strength was sustainable and if the 2025 book-to-bill would exceed 1.

    Answer

    CEO Jillian Evanko stated the $2 billion in commitments has minimal exposure to U.S. federal policy, as they depend on corporate FIDs or private financing. She noted the commitment funnel's resilience indicates strong demand. Evanko confirmed Q4's strength was indicative of the broader business and that she expects a book-to-bill ratio at or above 1 for Q1 and the full-year 2025.

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    Eric Stine's questions to CHART INDUSTRIES (GTLS) leadership • Q3 2024

    Question

    Eric Stine asked about the thought process behind the 2025 guidance, particularly how Chart incorporated the project-based nature of its business and what factors differentiate the low and high ends of the range.

    Answer

    CEO Jillian Evanko explained that the 2025 outlook incorporates learnings from project timing shifts in 2024 and is supported by strong backlog coverage, with 61% scheduled to convert in the next 12 months. She noted the high end of the range depends on converting more existing backlog and the timing of new orders. CFO Joseph Brinkman added that any new large LNG orders would likely impact late 2025, with other segments driving more of the near-term opportunity.

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    Eric Stine's questions to CHART INDUSTRIES (GTLS) leadership • Q2 2024

    Question

    Eric Stine sought reassurance on the Q4 guidance, asking if it is sufficiently de-risked to account for potential revenue slippage from large projects.

    Answer

    CEO Jillian Evanko affirmed that the updated guidance was thoughtfully constructed based on strong backlog visibility and the timing of orders received late in Q2. She stated that they have worked to build in a buffer for historical timing shifts, expressing confidence in the revised and 'handicapped' forecast.

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    Eric Stine's questions to Alto Ingredients (ALTO) leadership

    Eric Stine's questions to Alto Ingredients (ALTO) leadership • Q4 2024

    Question

    Inquired about the timeline for the Pekin CCUS project becoming operational, the strategic importance of the carbonic acquisition for the Columbia plant's viability, and the status of resolving issues with the Magic Valley technology provider now that the plant is idled.

    Answer

    The executive estimated the Pekin CCUS project could be operational around 2029-2030, factoring in a two-year EPA permit approval and another two years for construction, though this could be expedited. The carbonic acquisition was described as a 'game changer' for the Columbia plant, making it profitable and avoiding a potential cold idling. The company has not ruled out pursuing action against technology providers for Magic Valley but has idled the plant to stop losses while using it as a terminal to offset some fixed costs.

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    Eric Stine's questions to Alto Ingredients (ALTO) leadership • Q3 2024

    Question

    Speaking on behalf of Eric Stine, Luke Persons asked about the viability of the previously outlined $9 million annual EBITDA uplift for the Magic Valley facility and whether the recent ADM leaks could alter the moratorium timeline for new carbon capture permits.

    Answer

    Executive Bryon McGregor explained that the original Magic Valley EBITDA forecast is difficult to ascertain now due to a material deterioration in market conditions, including lower values for corn oil and protein, which have offset the benefits of the plant's upgrades. Regarding the carbon capture permits, McGregor noted that while there has been no official response from the EPA, well construction technology and quality have advanced significantly since ADM's original work, which could be a mitigating factor.

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    Eric Stine's questions to TPIC leadership

    Eric Stine's questions to TPIC leadership • Q4 2024

    Question

    Asked for an update on the next steps for additional U.S. manufacturing capacity and how that investment is balanced with market uncertainty, and also inquired about the outlook for start-ups and transitions in 2026.

    Answer

    The company is ramping up its Iowa facility with two lines, but further expansion there and at a second potential site depends on policy and demand certainty. The second facility was always planned for 2026 and beyond. The outlook for 2026 start-ups and transitions is dependent on demand; if demand solidifies with policy certainty, there could be activity, but if it remains soft, there will be very few transitions.

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    Eric Stine's questions to TPIC leadership • Q2 2024

    Question

    Eric Stine of Craig-Hallum Capital Group LLC asked how TPI Composites reconciles its confidence in achieving $100 million in 2025 adjusted EBITDA with its cautious commentary on the timing of a broader wind market recovery. He also asked for details on the startup of the previously idle Juarez facility.

    Answer

    President and CEO William Siwek clarified that the $100 million target is based on TPI's specific customer volumes, which are expected to be up year-over-year in 2025, even if the overall U.S. market recovery is slower. He confirmed the Juarez facility, which started up for GE early in the year, will have a meaningful impact on both 2024 and 2025 results.

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    Eric Stine's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership

    Eric Stine's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q1 2016

    Question

    Eric Stine of Craig-Hallum inquired about the progress of the school bus market, the potential for a gasoline version of the engine, the timing of the USPS next-generation vehicle contract, and international opportunities in the Middle East.

    Answer

    Gary Winemaster, Chairman and CEO, responded that school bus trends with partners like Navistar are positive, noting significant wins. He highlighted the strategic advantage of their fuel-agnostic engines, which can run on gasoline, propane, or natural gas, meeting demand for lower-cost options. Regarding the USPS contract, he stated they are eagerly awaiting the down-select results and feel they are in a great position with their partners. For the Middle East, he confirmed that the 3PI business model is being presented to potential customers and could represent a future opportunity, though it is not yet included in forecasts.

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    Eric Stine's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q4 2015

    Question

    Eric Stine of Craig-Hallum sought details on the puts and takes for the 2016 guidance, the status of the $100 million on-road revenue target, existing relationships in the 'last mile delivery' market, and expectations for operating expense levels in 2016.

    Answer

    CEO Gary Winemaster explained that delays in Chinese certifications affected timing but confirmed the $100 million on-road target is part of a larger long-term opportunity. He noted partnerships related to the USPS program but could not disclose specifics. CFO Michael Lewis projected 2016 operating expenses to be in the 12-13% range of sales, an improvement from the current 14% but not yet at the 10% long-term goal.

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    Eric Stine's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q3 2015

    Question

    Eric Stine of Craig-Hallum questioned the initial traction in the school bus market, the potential for gasoline engines in that segment, the turnaround plan for 3PI including a key customer, and sought clarification on the 2016 oil and gas outlook.

    Answer

    CEO Gary Winemaster highlighted positive performance feedback on school bus engines and sees potential for propane's market share to grow from 12% to over 30%. COO Eric Cohen and CEO Gary Winemaster detailed the 3PI turnaround, focusing on cost reduction and high-value applications like CHP, noting large customers like GE are expected to re-engage. Winemaster also confirmed the Perkins engine represents potential upside to the 2016 guidance.

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    Eric Stine's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q2 2015

    Question

    Eric Stine of Craig-Hallum inquired about the outlook for the RV market following the Powertrain Integration acquisition, the company's positioning for the U.S. Postal Service's long-life vehicle opportunity, and recent performance and competitive dynamics in the material handling market.

    Answer

    Chairman and CEO Gary Winemaster expressed optimism for the RV market, stating their powerful engine package could capture a significant share of a market potentially worth over $200 million, with programs hoped for by late 2016. Regarding the postal vehicle, management confirmed they are working with leading players but could not disclose specifics. In material handling, they noted strong growth and increased market share, particularly through the Hyster-Yale win, and see potential further gains due to changes with competitor Nissan.

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