Sign in

    Jeff Kauffman

    Partner and Transportation & Logistics Equity Research Analyst at Vertical Research Partners

    Jeffrey A. Kauffman is a Partner and Transportation & Logistics Equity Research Analyst at Vertical Research Partners, specializing in coverage of companies across airlines, freight, logistics, transportation equipment, as well as the rideshare and alternative energy sectors. Over his celebrated 30-year career, Kauffman has covered major industry leaders and consistently ranked among the top three transportation analysts by The Wall Street Journal, Institutional Investor, and Greenwich Research polls, recognized for his insightful investment calls and sector expertise. He previously held senior executive roles including global head of freight transportation research at Merrill Lynch, sector head at Sterne Agee, Buckingham Research, and Loop Capital Management, and also brings buy-side experience as a portfolio manager and founder of Tahoe Ventures, LLC. Kauffman is actively involved as a board member on logistics degree and investment funds at Indiana University and maintains professional credentials commensurate with his position, though specific securities licenses and registrations are not listed in public sources.

    Jeff Kauffman's questions to UNION PACIFIC (UNP) leadership

    Jeff Kauffman's questions to UNION PACIFIC (UNP) leadership • Q1 2025

    Question

    Jeff Kauffman of Vertical Research Partners asked what has been a 'legitimate surprise' in the forward outlook over the past three months, particularly within the Bulk or Industrial segments.

    Answer

    CEO Vincenzo Vena identified the escalating discussion around tariffs and the potential impact on the consumer as the biggest external surprise. He stated there were no major surprises in the Bulk or Industrial segments, instead emphasizing the strong and predictable execution by the operations and commercial teams in the areas within their control.

    Ask Fintool Equity Research AI

    Jeff Kauffman's questions to NKLA leadership

    Jeff Kauffman's questions to NKLA leadership • Q2 2024

    Question

    Questioned the company's comfortable cash level, plans to raise capital to maintain it, and the expected financial contribution from regulatory credits and fueling operations in 2024 and 2025.

    Answer

    The company aims to have enough cash to operate for a full fiscal year without needing to go to the market and is actively talking to investors to achieve this. Regulatory credits (CARB) are a significant opportunity, potentially worth $45k-$50k per unit, and are expected to grow into a substantial, 100% gross profit revenue stream as volume increases and other states adopt similar programs.

    Ask Fintool Equity Research AI

    Jeff Kauffman's questions to NKLA leadership • Q1 2024

    Question

    Asked to distinguish one-time vs. recurring costs from Q1, questioned why increased fueling stations don't translate to higher 2024 volume guidance, and inquired about the importance of ASP for national accounts given available incentives.

    Answer

    Executives identified several Q1 costs (warranty, inventory write-downs, BEV returns) as non-recurring once scale is achieved. The increase in fueling stations is a proactive measure to remove a future bottleneck and support sales growth, which is currently constrained by other factors. For national accounts, the deal structure varies, with the immediate focus being on getting initial trucks into their fleets to prove the technology, rather than maximizing the initial ASP.

    Ask Fintool Equity Research AI

    Jeff Kauffman's questions to NKLA leadership • Q4 2023

    Question

    Inquired about the accounting for BEV recall costs, revenue streams from fuel cell trucks, and the company's cash position and potential need for a capital raise.

    Answer

    The BEV recall costs were mostly accrued in Q3, with cash impact in H1 2024; subsequent BEV sales will be for revenue. Fuel cell truck revenue is primarily from the vehicle sale, with minimal energy revenue expected in 2024. The company has a strong cash position, expects lower cash burn in H2, and does not see an immediate need to raise capital.

    Ask Fintool Equity Research AI