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    Gowshihan Sriharan

    Research Analyst at Singular Research

    Gowshihan Sriharan is an Analyst at Singular Research, leveraging over a decade of equity research experience across both buy-side and sell-side roles, including prior positions at South Texas Money Management, Gravity Capital, Sidoti & Co, and C.L. King & Associates. His coverage includes companies such as BioLargo Inc. and Oportun Financial Corporation, where his recent analyses have identified significant return opportunities, including a 35% year-to-date return and a target price implying a potential 44% upside for BioLargo. Garnering a reputation for rapid sector analysis and investment thesis development, Sriharan holds the Chartered Financial Analyst (CFA) credential and operates as a generalist across multiple industries. He divides his time between London and the U.S., bringing international perspective and rigorous research standards to his analyst role at Singular Research.

    Gowshihan Sriharan's questions to PHOTRONICS (PLAB) leadership

    Gowshihan Sriharan's questions to PHOTRONICS (PLAB) leadership • Q3 2025

    Question

    Gowshihan Sriharan questioned the drivers for the sequential change in gross margin, the customer adoption and qualification timeline for the new multi-beam mask writer in Boise, the flexibility to redeploy cash from joint ventures for U.S. needs, and the potential business impact from U.S. government support for Intel.

    Answer

    CFO Eric Rivera attributed the gross margin change primarily to the overall business mix in Asia. CTO Christopher Progler reported that qualifications for the multi-beam writer are well underway with 3-5 customers already qualified, and noted it is the only such tool in a commercial U.S. mask shop. Rivera explained that the company controls the JV cash and can dividend it to the U.S. if needed. Both Rivera and Progler agreed that government support strengthening Intel, a key customer, would be beneficial for Photronics, especially for trusted government-related products.

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    Gowshihan Sriharan's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership

    Gowshihan Sriharan's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership • Q3 2025

    Question

    Gowshihan Sriharan of Singular Research asked for clarification on the expected magnitude of the F-16 revenue dip, the future trajectory for gross margins, the impact of defense budgets on the backlog, and the prioritization of acquisitions with the new credit facility.

    Answer

    CFO Jeffrey DiGiovanni explained that F-16 revenue is expected to be nominal for Q4 2025 and Q1 2026 during the production transition and reiterated a gross margin target in the 45% range. CEO Shahram Askarpour noted increased interest from defense contractors, clarified that the backlog only includes firm purchase orders, and stated that organic growth remains a significant part of the company's strategy alongside acquisitions.

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    Gowshihan Sriharan's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership • Q2 2025

    Question

    Asked about the magnitude of revenue pull-forwards from the Honeywell acquisition, the drivers of air transport revenue growth, the outlook for gross margins, and the expected impact of the new ERP system and expanded facility.

    Answer

    Management confirmed the >30% growth guidance for FY25 but noted that the magnitude of revenue pull-forwards is difficult to predict due to supply chain variables. The strength in air transport is driven by aftermarket demand from new aircraft production delays. They reiterated a focus on EBITDA over the more volatile gross margins. The new ERP system is intended to provide actionable data for better decision-making, and the expanded facility will provide capacity for over $250 million in revenue, far exceeding current growth needs.

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    Gowshihan Sriharan's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership • Q2 2025

    Question

    Gowshihan Sriharan asked about the magnitude of revenue pull-forwards from the Honeywell product lines, potential order delays, and the outlook for the company's FY25 growth guidance. He also inquired about the drivers of the air transport revenue improvement, the future of commercial retrofits, and whether gross margins would stabilize or face headwinds from the military business mix. In a follow-up, he asked about productivity gains from the new ERP system, the expected SG&A run rate, and the facility utilization required to meet growth targets.

    Answer

    Executive Shahram Askarpour stated that while the Honeywell transition has supply chain risks, they don't anticipate further delays and are confident in achieving over 30% growth for FY25. He noted that strong aftermarket demand is driving air transport revenue. Askarpour reiterated that gross margins will remain lumpy due to acquisition mix and urged focus on EBITDA and profit margins. Executive Jeffrey DiGiovanni added that the new ERP system's goal is to provide actionable data, but it's too soon to quantify P&L impact. He confirmed the SG&A run rate will remain around $3-4 million quarterly to support growth and that the expanded facility could eventually support over $250 million in revenue.

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    Gowshihan Sriharan's questions to INNOVATIVE SOLUTIONS & SUPPORT (ISSC) leadership • Q1 2025

    Question

    Gowshihan Sriharan inquired about ISSC's strategy for gaining market share in the military sector, the margin profiles of foreign versus domestic military contracts, the expected consolidated gross margin profile given the shift towards military business, and how the company balances infrastructure spending with its pursuit of strategic acquisitions.

    Answer

    Executive Shahram Askarpour explained that the company is investing heavily in infrastructure, systems, and DFARS compliance to become a Tier 1 supplier to the DoD, which is necessary for larger contracts. He noted that foreign military sales not funded by the U.S. are treated as commercial deals with better margins. While military programs have lower gross margins, they have minimal SG&A and engineering overhead, making their EBITDA contribution comparable to commercial business. Executive Jeffrey DiGiovanni added that the company is funding its expansion through operations and its credit facility, aiming to keep leverage around 3x post-acquisitions.

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    Gowshihan Sriharan's questions to Information Services Group (III) leadership

    Gowshihan Sriharan's questions to Information Services Group (III) leadership • Q2 2025

    Question

    Gowshihan Sriharan asked about the margin impact of end-to-end transformation deals, hurdles for clients scaling AI, ISG's value proposition as a vendor-agnostic advisor, and the company's capital allocation priorities.

    Answer

    Chairman & CEO Michael Connors explained that AI-related work is strongly priced, supporting margin expansion, and that client hurdles to AI adoption are primarily cost and the state of their data management. He emphasized that ISG's value comes from its trusted, independent research and advisory role. EVP & CFO Michael Sherrick reiterated that the capital allocation strategy remains consistent: dividends, share buybacks, and M&A, based on disciplined ROI analysis.

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    Gowshihan Sriharan's questions to Information Services Group (III) leadership • Q1 2025

    Question

    Gowshihan Sriharan inquired about ISG's pricing strategy amid AI-driven productivity gains, the level of activity with global capability centers (GCCs) due to tariffs, and what investments are still needed to capture new opportunities.

    Answer

    CEO Michael P. Connors explained that ISG's AI strategy enhances margins through advisory services, AI-powered platforms, and internal productivity. He described the GCC space as 'hot,' with ISG advising many clients and hosting a dedicated CEO conference. CFO Michael Sherrick added that future investments are focused on enhancing existing platforms with AI to maintain relevancy, rather than building entirely new systems.

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    Gowshihan Sriharan's questions to Information Services Group (III) leadership • Q4 2024

    Question

    Gowshihan Sriharan of Singular Research asked how AI-centric client conversations are translating into committed revenue and multiyear contracts. He also questioned if ISG's brand in Europe and APAC required reinvestment and inquired about the scalability and market opportunity for the Training as a Service (TaaS) offering.

    Answer

    Michael P. Connors, Chairman and CEO, stated that AI is driving larger and longer contracts due to efficiency gains. He affirmed the ISG brand is strong globally and that market lag in Europe and APAC is due to geopolitical factors, not brand weakness. He described the TaaS offering as a bullish, multiyear recurring revenue stream that is being scaled efficiently through the use of AI.

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    Gowshihan Sriharan's questions to Oportun Financial (OPRT) leadership

    Gowshihan Sriharan's questions to Oportun Financial (OPRT) leadership • Q2 2025

    Question

    Gowshihan Sriharan of Singular Research asked about yield management, questioning if the mix of higher origination fees and lower portfolio yield was an intentional trade-off. He also inquired about any behavioral changes observed in former credit card customers since the portfolio sale.

    Answer

    CEO Raul Vazquez explained that the company is not seeing competitive pressure on origination fees and actively manages the balance between fees and interest rates to optimize securitization and pricing. He confirmed that no meaningful changes in customer behavior, retention, or cross-sell rates have been observed since the credit card portfolio sale, which has been accretive to the P&L.

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    Gowshihan Sriharan's questions to Oportun Financial (OPRT) leadership • Q4 2024

    Question

    Gowshihan Sriharan of Singular Research questioned the drivers behind the 10-15% origination growth guidance for FY25 and asked for an assessment of the competitive landscape's effect on the company's portfolio yield.

    Answer

    CEO Raul Vazquez explained that the guided growth will be driven by a modest incremental investment in marketing, not by opening the credit box. He described the competitive landscape as rational and constructive, with competitors' pricing reflecting the higher cost of capital, which allows Oportun to maintain its yield and pursue growth.

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    Gowshihan Sriharan's questions to CONDUENT (CNDT) leadership

    Gowshihan Sriharan's questions to CONDUENT (CNDT) leadership • Q2 2025

    Question

    Gowshihan Sriharan from Singular Research asked about the pull-through effect of AI solutions on other services, whether the market is underestimating revenue catalysts from regulatory changes like Medicaid redeterminations, the impact of talent initiatives on attrition and wages, and the strategic implications of the new Chairman of the Board.

    Answer

    President, Director & CEO, Cliff Skelton, stated that AI is in 'execution mode' as an enhancement to improve efficiency and quality across the business, rather than a standalone offering. He agreed that regulatory changes present a real opportunity dependent on state implementation speed. He also confirmed that wage pressure has muted and attrition has lowered, especially in senior roles. Regarding the new Chairman, Mr. Skelton and CFO Giles Goodburn clarified that it was a timely leadership transition and no significant strategic shift is expected, with near-term objectives remaining consistent.

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    Gowshihan Sriharan's questions to Stride (LRN) leadership

    Gowshihan Sriharan's questions to Stride (LRN) leadership • Q4 2025

    Question

    Gowshihan Sriharan of Singular Research asked about the primary constraints limiting Stride's ability to convert strong demand into enrollments. He also questioned the sustainability of Career Learning's revenue per enrollment growth outpacing General Ed and asked about the strategic options for the adult learning segment, such as selling or overhauling it.

    Answer

    CEO James Rhyu identified constraints such as structural program caps and operational funnel conversion metrics, which the company continuously works to optimize. CFO Donna Blackman clarified that revenue per enrollment is viewed on a combined basis, with variances driven by student mix rather than different funding rates. Regarding adult learning, Rhyu stated that while it needs better execution, it is not a material drag or distraction, and the company is not currently a seller.

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    Gowshihan Sriharan's questions to NCS Multistage Holdings (NCSM) leadership

    Gowshihan Sriharan's questions to NCS Multistage Holdings (NCSM) leadership • Q2 2025

    Question

    Gowshihan Sriharan of Singular Research asked for a breakdown of Canadian growth between new and existing clients, the drivers behind Q2 margin performance, and details on the profitability and payment terms for recent international projects.

    Answer

    CEO Ryan Hummer attributed Canadian outperformance to winning new customers in the highly active Montney play and existing clients drilling longer laterals. CFO Mike Morrison clarified that the Q2 adjusted gross margin decline was due to a less favorable product mix, specifically fewer high-margin tracer projects, not price concessions. Hummer added that international projects typically yield above-average margins, with quick payment terms in the North Sea and longer, but priced-in, terms in the Middle East.

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    Gowshihan Sriharan's questions to NCS Multistage Holdings (NCSM) leadership • Q1 2025

    Question

    Gowshihan Sriharan of Singular Research asked for details on the Q2 international revenue guidance, the North Sea project pipeline, whether strong Canadian activity was a pull-forward, and the pricing environment for new products in the U.S. given tariff pressures.

    Answer

    CFO Michael Morrison clarified that Q2 international guidance includes both well construction in the Middle East and tracer activity, with North Sea opportunities weighted toward the second half of the year. CEO Ryan Hummer added that strong Q1 Canadian performance was due to favorable weather and a growing customer base that works through the spring break-up, not a pull-forward. Regarding pricing, Hummer acknowledged that passing on tariff-related costs will be challenging but stressed NCSM's commitment to discipline and the value of its differentiated technology.

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    Gowshihan Sriharan's questions to ORION ENERGY SYSTEMS (OESX) leadership

    Gowshihan Sriharan's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q4 2025

    Question

    Gowshihan Sriharan asked how Orion plans to sustain gross margin improvements with a flat EV forecast. He also questioned the rationale for using stock for the earn-out settlement at current prices and inquired if Nasdaq compliance is part of management's compensation milestones.

    Answer

    CFO Per Brodin stated that margin improvements are expected from the lighting and services segments through pricing and supply chain initiatives, with EV margins remaining consistent. He explained the earn-out settlement structure was a mutual agreement to mitigate near-term liquidity impact. CEO Sally Washlow confirmed that management compensation is tied to performance, which implicitly includes maintaining Nasdaq compliance.

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    Gowshihan Sriharan's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership

    Gowshihan Sriharan's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q1 2025

    Question

    Gowshihan Sriharan asked about the potential impact of tariffs on Flotek's growing international business and whether margins and lead times in the Middle East were expected to improve.

    Answer

    CEO Ryan Ezell responded that Flotek mitigates tariff and supply chain risks by sourcing and manufacturing chemicals in-country, aligning with local content requirements in the Middle East. He expressed confidence in the company's preparedness for supply chain disruptions. Regarding Middle East operations, Ezell acknowledged constant margin pressure but noted that as Flotek's presence matures and its product mix evolves, it is working with local partners to shorten lead times and build out its regional footprint.

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    Gowshihan Sriharan's questions to APOGEE ENTERPRISES (APOG) leadership

    Gowshihan Sriharan's questions to APOGEE ENTERPRISES (APOG) leadership • Q4 2025

    Question

    Gowshihan Sriharan inquired about competitive dynamics in the architectural markets and Apogee's confidence in its ability to pass on costs. He also asked about the M&A strategy in the current environment and whether the company was building any significant inventory buffers.

    Answer

    CEO Ty Silberhorn described a rational competitive environment, particularly in Metals, and noted that the company is actively looking for opportunities to win projects from international suppliers affected by tariffs. On M&A, he stated Apogee remains active and opportunistic but acknowledged some market slowness. CFO Matt Osberg clarified that the company is not building unusual inventory buffers, as most of its business is made-to-order.

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    Gowshihan Sriharan's questions to APOGEE ENTERPRISES (APOG) leadership • Q3 2025

    Question

    Gowshihan Sriharan asked about the key factors that could drive EPS performance to the upper end of the guidance range in Q4. He also requested more detail on the expected synergies from the UW Solutions acquisition and an update on its long-term margin target for the Architectural Framing segment.

    Answer

    CFO Matt Osberg stated that the company expects to finish at the bottom of its EPS range, primarily due to greater-than-expected volume pressure, making an upside scenario unlikely. He reiterated the UW Solutions target of $100 million in revenue at a 20% adjusted EBITDA margin for fiscal 2026 and confirmed they are on track for a $5 million synergy target. For Framing, he expects the segment to finish fiscal 2025 within its 10-15% margin range and sees an opportunity for it to remain there in fiscal 2026.

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