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    Jeff Osborne

    Managing Director and Senior Research Analyst at TD Cowen

    Jeff Osborne is a Managing Director and Senior Research Analyst at TD Cowen, specializing in the sustainability and mobility technology sector with a primary focus on technology, energy transition, and electrification themes. He covers notable companies such as Tesla, Nextracker, and Enphase Energy, though his published performance metrics place his recommendation success rate between 33% and 45% with average returns per transaction ranging from -1.6% to -21%, according to independent analysis platforms. Osborne began his analyst career prior to 2013, has issued over 68 professional equity ratings, and joined TD Cowen after previous research roles in related industries. He maintains industry-recognized credentials, including FINRA registration and applicable securities licenses, and is recognized for his contributions to TD Cowen’s annual Sustainability & Energy Transition Primer.

    Jeff Osborne's questions to Ballard Power Systems (BLDP) leadership

    Jeff Osborne's questions to Ballard Power Systems (BLDP) leadership • Q2 2025

    Question

    Jeff Osborne from TD Cowen inquired about the operating expense cadence, the timing and magnitude of restructuring charges in Q3, and the financial framework for achieving cash flow positivity by the end of 2027. He also asked for an update on the material handling market.

    Answer

    VP of Finance Jay Murray clarified that the bulk of restructuring charges will be incurred in Q3, with the recent actions expected to reduce go-forward operating costs by another 30%, primarily realized in 2026. CEO Marty Neese added that the goal is to be cash flow positive exiting 2027, based on a detailed 10-quarter plan. Regarding material handling, Neese noted seeing 'green shoots' in demand for stack replacements from OEMs and integrators seeking higher durability.

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    Jeff Osborne's questions to Ballard Power Systems (BLDP) leadership • Q2 2025

    Question

    Jeff Osborne from TD Cowen asked for clarity on the Q2 operating expense cadence, future restructuring charges, the financial model for achieving cash flow positivity by 2027, and market activity in material handling.

    Answer

    VP of Finance Jay Murray and CEO Marty Neese clarified that the bulk of restructuring charges will occur in Q3, aiming for a 30% reduction in go-forward operating costs. Neese confirmed the goal is to be cash flow positive *exiting* 2027, based on a detailed ten-quarter plan. He also noted seeing 'green shoots' in the material handling market, specifically for stack replacements where Ballard's product durability is a key differentiator.

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    Jeff Osborne's questions to ITRON (ITRI) leadership

    Jeff Osborne's questions to ITRON (ITRI) leadership • Q2 2025

    Question

    Jeff Osborne of TD Cowen asked for details on the pace of regulatory approvals impacting backlog, sought to reconcile macro versus micro reasons for project delays, and inquired if the typical revenue recognition timeline is lengthening.

    Answer

    CEO Tom Deitrich stated that the pipeline of awarded-but-not-yet-approved projects is within a normal range. He clarified that while long-term utility CapEx is rising, near-term annual budget constraints are causing project slowdowns. He also confirmed that the lag from project approval to revenue recognition is trending towards the longer end of the typical 9-12 month range due to project sequencing by customers.

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    Jeff Osborne's questions to Eos Energy Enterprises (EOSE) leadership

    Jeff Osborne's questions to Eos Energy Enterprises (EOSE) leadership • Q2 2025

    Question

    Jeff Osborne of TD Cowen asked for clarification on the revenue recognition timing for the large strategic customer in Q2 and inquired about the current order-to-delivery lead times being quoted to customers.

    Answer

    CCO & Interim CFO Nathan Kreger confirmed that the vast majority of the revenue for the strategic project was recognized in Q2 upon delivery, as shipments are complete. Regarding lead times, Kreger explained that delivery windows are negotiated with each customer. The company's single SKU product design provides significant flexibility to adjust production slots to meet specific customer delivery schedules.

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    Jeff Osborne's questions to REE Automotive (REE) leadership

    Jeff Osborne's questions to REE Automotive (REE) leadership • Q2 2024

    Question

    Asked for clarification on the manufacturing process flow between Coventry and Roush, the timeline for revenue-generating vehicle deliveries, the maximum production capacity at the Roush facility, and when to expect updated guidance on the production plan and financial targets.

    Answer

    REE will manufacture the corners in Coventry, while Roush will handle final vehicle assembly in the U.S. using locally sourced components managed by REE and Motherson. Revenue-generating deliveries will begin in 2025. The Roush facility has a potential capacity of 5,000 units/year on two shifts. Updated guidance will be provided once the new production plan with Motherson is finalized, which may take longer than until the next call.

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    Jeff Osborne's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Jeff Osborne's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2024

    Question

    Asked for an update on the European partner's inventory situation and its expected resolution timeline. Also inquired about the CapEx outlook for the second half of the year and beyond.

    Answer

    The partner's inventory issue is resolving, with volumes having ramped up through Q2 and expected to continue in Q3. CapEx for the year will be elevated due to investments in Euro 6 production but will be lower in the second half. Future CapEx should decline significantly with the JV now handling HPDI investments, potentially falling below $10M next year.

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    Jeff Osborne's questions to NKLA leadership

    Jeff Osborne's questions to NKLA leadership • Q1 2024

    Question

    Inquired about the CapEx for mobile refuelers, the potential for more BEV repurchases, an updated volume target for breakeven, and the status of a historical large order from Anheuser-Busch.

    Answer

    The company confirmed the mobile refueler cost but kept annual CapEx guidance unchanged, citing financing and partner purchases. They do not anticipate more BEV repurchases but are reserved for them. They declined to provide an updated breakeven volume target, citing the newness of the strategy. The Anheuser-Busch relationship is with its distributors, and they are actively demoing with many large fleets.

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