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    Griffin Boss • B. Riley Securities, Inc.

    Griffin Boss's questions to AST SpaceMobile Inc (ASTS) leadership

    Griffin Boss's questions to AST SpaceMobile Inc (ASTS) leadership • Q2 2025

    Question

    Griffin Boss of B.Riley Securities asked about the economics of revenue share agreements with MNO partners, particularly if the 50/50 split changes with ASTS bringing its own spectrum. He also inquired about real-world user capacity based on the 120 Mbps peak data rate and the possibility of an earlier batch launch of Bluebird 2 satellites.

    Answer

    President & Chief Strategy Officer Scott Wisniewski affirmed the 50/50 revenue share model remains "sacrosanct" in current contracts, where partners provide spectrum and customers. Founder, Chairman & CEO Abel Avellan explained that the 120 Mbps peak data rate is per cell, shared among users, and that there is no plan to launch a batch of satellites ahead of the scheduled FN1 launch.

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    Griffin Boss's questions to AST SpaceMobile Inc (ASTS) leadership • Q4 2024

    Question

    Griffin Boss of B. Riley Securities inquired about the incremental subscriber potential from the new SATCO joint venture with Vodafone, the nature of the $43 million SDA contract, and its revenue recognition timeline.

    Answer

    Executive Scott Wisniewski explained that the Vodafone joint venture significantly expands the addressable market in Europe, potentially tripling the number of covered countries to reach a market of over 600 million connections. He confirmed the $43 million contract is for non-communication applications but declined to provide specifics, stating the revenue is expected to be recognized over the next 12 months on a milestone basis, likely becoming linear after an initial ramp-up period.

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    Griffin Boss's questions to Globalstar Inc (GSAT) leadership

    Griffin Boss's questions to Globalstar Inc (GSAT) leadership • Q2 2025

    Question

    Griffin Boss from B. Riley Securities sought to quantify the remaining development work for the XCOM RAN platform and clarify whether progress was contingent on the initial customer's decision to proceed.

    Answer

    CEO Paul Jacobs clarified that the core technology for the initial customer is complete and has undergone extensive testing. He stated that current development is focused on minor, incremental features for new opportunities and on building a more horizontal platform. Jacobs also noted that the company is close to completing its own software stack components to replace third-party software, which will lead to future cost savings.

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    Griffin Boss's questions to Globalstar Inc (GSAT) leadership • Q3 2024

    Question

    Griffin Boss asked if an out-of-period performance bonus was included in prior guidance, requested more detail on progress with the global retail customer, and sought clarification on the timing for upcoming beta testing.

    Answer

    CFO Rebecca Clary stated the bonus was likely factored into the midpoint of prior guidance but was not the sole reason for the increase. CEO Paul Jacobs described progress with the retail customer as "very well," noting they are awaiting the customer's internal processes to move forward. He clarified that the progression to beta testing is expected in Q1 2025.

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    Griffin Boss's questions to Redwire Corp (RDW) leadership

    Griffin Boss's questions to Redwire Corp (RDW) leadership • Q2 2025

    Question

    Griffin Boss of B. Riley Securities requested details on Edge Autonomy's full second-quarter financial results and its contribution to the backlog. He also asked about the Army's LRR program, including the potential number of down-selected companies and the expected award timing.

    Answer

    CFO Jonathan Baliff noted that since the acquisition closed on June 13, only a small portion of Edge's results are in the Q2 report. However, he disclosed that Edge Autonomy's revenue for the full second quarter was approximately $58 million, with more pro forma details to be provided in the 10-Q. CEO Peter Cannito stated they do not know how many companies will be selected for LRR but feel well-positioned, and while award timing is uncertain, the DoD's focus on drone dominance suggests it will not linger.

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    Griffin Boss's questions to Redwire Corp (RDW) leadership • Q4 2024

    Question

    Griffin Boss pointed out that the LTM book-to-bill ratio fell below 1x and asked for context, questioning if award cycles are lengthening or bid losses are increasing. He also requested directional guidance for the first quarter of 2025.

    Answer

    CEO Peter Cannito attributed the sub-1x book-to-bill to timing, highlighting the record $4.1 billion in bids submitted during the year as a balancing factor. CFO Jonathan Baliff added that the wide full-year guidance range accounts for the longer sales cycles on these larger bids. Peter Cannito declined to provide Q1 guidance, stating the company's focus is on closing the Edge Autonomy acquisition.

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    Griffin Boss's questions to Redwire Corp (RDW) leadership • Q3 2024

    Question

    Griffin Boss from B. Riley Securities requested an update on the progress of the ROSA program with Thales and inquired about Redwire's forward-looking M&A strategy, including current valuation trends in the space market.

    Answer

    Chairman and CEO Peter Cannito confirmed the Thales ROSA program is progressing well and that planned investments are being made. CFO Jonathan Baliff highlighted that strong growth in commercial revenue reflects this progress. On M&A, Mr. Cannito stated that market valuations have come down, creating opportunities to acquire companies with excellent technology that have run out of capital. He reiterated that M&A is a core competency and Redwire will remain selective, focusing on technological differentiation without overpaying.

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    Griffin Boss's questions to Reservoir Media Inc (RSVR) leadership

    Griffin Boss's questions to Reservoir Media Inc (RSVR) leadership • Q1 2026

    Question

    Griffin Boss of B.Riley Securities inquired about the recent investment in Lightroom, asking for details on the investment size and strategic intent. He also sought clarification on the dip in digital revenue and the drivers behind increased administrative expenses.

    Answer

    Founder and CEO Golnar Khosrowshahi explained that the Lightroom investment is opportunistic, designed to leverage both existing and future IP for immersive content. CFO Jim Heindelmeyer added that it represents a single-digit equity stake. Heindelmeyer also clarified that the digital revenue dip was due to the timing of receipts from DSPs, not a negative trend, and that the rise in administrative costs was primarily driven by higher management revenue, not just inflation.

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    Griffin Boss's questions to Reservoir Media Inc (RSVR) leadership • Q4 2025

    Question

    Griffin Boss of B.Riley Securities sought clarification on the $115 million in capital deployed during the fiscal year, asked for a comparison of India's market growth and monetization versus other regions, and questioned if the fiscal 2026 guidance implies a mid-single-digit organic growth rate, which seems conservative given recent M&A.

    Answer

    Founder, CEO & Director Golnar Khosrowshahi clarified the $115 million was for the full fiscal year and detailed the significant growth potential in India due to lower streaming saturation and a large population. CFO Jim Heindelmeyer reiterated that the FY2026 guidance is built prudently, excluding projections for major new hits or non-recurring items like the audit recoveries that benefited FY2025, and that guidance will be updated as the year progresses.

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    Griffin Boss's questions to Reservoir Media Inc (RSVR) leadership • Q3 2025

    Question

    Griffin Boss of B. Riley Securities inquired about the drivers of higher administrative expenses, the outlook for the M&A pipeline following significant recent capital deployment, and Reservoir's perspective on the direct licensing deal between Spotify and Universal.

    Answer

    Executive Jim Heindlmeyer clarified that the increase in administrative expenses was primarily variable, linked to higher management revenue and corresponding compensation for artist managers. Executive Golnar Khosrowshahi affirmed that the M&A pipeline remains robust with off-market opportunities and expressed general optimism about the industry implications of the Spotify-Universal deal.

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    Griffin Boss's questions to Reservoir Media Inc (RSVR) leadership • Q2 2025

    Question

    Griffin Boss inquired about the sustainability of record-high Music Publishing margins, the strength of the deal pipeline, and current trends in catalog acquisition multiples.

    Answer

    CFO Jim Heindlmeyer explained that margins fluctuate based on revenue mix and deal types, rather than a new sustainable level. CEO Golnar Khosrowshahi affirmed the deal pipeline remains very strong with good visibility for the fiscal year, noting that while high-teen multiples persist in the market, Reservoir is finding opportunities to execute at 'better multiples' through its off-market sourcing strategy.

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    Griffin Boss's questions to American Public Education Inc (APEI) leadership

    Griffin Boss's questions to American Public Education Inc (APEI) leadership • Q1 2025

    Question

    Griffin Boss asked for a reminder of the expected revenue synergies from the planned institutional consolidation, particularly for the healthcare business, and inquired about the driver behind the outsized interest expense included in the Q2 guidance.

    Answer

    CEO Angela Selden explained that while specific revenue synergy numbers have not been provided, a key benefit is enabling Hondros to offer Rasmussen's broader curriculum, including early and post-licensure nursing and other online programs. CFO Richard Sunderland clarified that the higher interest expense in Q2 guidance is driven by the one-time redemption premium on the company's preferred stock.

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    Griffin Boss's questions to Universal Technical Institute Inc (UTI) leadership

    Griffin Boss's questions to Universal Technical Institute Inc (UTI) leadership • Q2 2025

    Question

    Griffin Boss of B. Riley Financial requested more detail on the EBITDA trajectory, asking to quantify the expected increase in operating expense investments for fiscal 2026 and 2027 compared to the current year.

    Answer

    CFO Bruce Schuman did not provide a specific guide for FY26 but offered context, stating that the second half of FY25 includes about $6 million in growth-focused OpEx. He also emphasized the $55 million CapEx budget for FY25, with 70% of the remaining $40 million dedicated to growth investments like new campuses, which are critical for future performance.

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