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    John Marc Roy

    Managing Director at Water Tower Research

    John Marc Roy is a Managing Director at Water Tower Research, specializing in IT hardware, communications equipment, and advanced technology sectors such as AI, blockchain, FinTech, and quantum computing. He covers companies including Bakkt Holdings Inc. and W&T Offshore, Inc., providing equity research and market insights noted for their rigor; while specific performance rankings and return metrics are not publicly disclosed, his work is widely recognized and trusted by institutional and retail investors. Roy began his analyst career at prominent firms including UBS Securities and Merrill Lynch before joining Water Tower Research in 2020, bringing decades of experience in investment research. He holds a Ph.D. and is known for his participation in industry events, though detailed FINRA securities license information is not available.

    John Marc Roy's questions to Tuya (TUYA) leadership

    John Marc Roy's questions to Tuya (TUYA) leadership • Q1 2025

    Question

    John Marc Roy from Water Tower Research asked for insight into how Tuya is using AI for its internal processes, such as documentation and code development, and whether this could lead to increased margins and decreased costs.

    Answer

    CFO Yi Yang confirmed that AI is being used across various departments to improve efficiency. He provided examples including AI-generated content for marketing, AI-assisted resume screening and contract review for HR and legal, and AI tools for UI development, project management, and code debugging in R&D. Yang affirmed that leveraging AI internally is a key strategy to enhance operating leverage by lowering operational costs and improving overall efficiency.

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    John Marc Roy's questions to Tuya (TUYA) leadership • Q4 2024

    Question

    John Marc Roy inquired about the growth prospects for the SaaS business and the company's stance on mergers and acquisitions, given its significant cash position.

    Answer

    Co-Founder and CFO Alex Young (Yi Yang) positioned SaaS as a long-term growth driver dependent on the expanding base of deployed PaaS devices, with a focus on increasing recurring revenue models. Regarding M&A, Young confirmed it is an open option for extending scenario coverage or adding vertical industry solutions, but the primary focus remains on building a strong global developer ecosystem organically.

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    John Marc Roy's questions to Tuya (TUYA) leadership • Q3 2024

    Question

    John Marc Roy from Water Tower Research took a step back to ask about the long-term runway for the company's solid revenue growth given its current markets, and whether the current level of R&D investment is sufficient or might need to accelerate.

    Answer

    CFO Alex Yang reiterated the company's long-term vision, stating that IoT and AI will become fundamental technologies like the internet, and with current penetration at a low single-digit level, the runway is extensive over the next 10-20 years. Regarding investments, she confirmed that after adjusting strategy during the recent downcycle, the company has stabilized its expenses and investments to a reasonable level and is focused on maintaining profitability while continuing to invest in new use cases.

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    John Marc Roy's questions to SES AI (SES) leadership

    John Marc Roy's questions to SES AI (SES) leadership • Q1 2025

    Question

    John Marc Roy from Water Tower Research inquired about the expected revenue cadence for 2025, key metrics for measuring the success of Molecular Universe, and the company's long-term gross margin outlook.

    Answer

    CFO Jing Nealis stated that while SES AI does not provide quarterly guidance, revenue is expected to be stable, and the company is on track to meet its full-year guidance of $15-$25 million. CEO Qichao Hu identified revenue as the ultimate success metric for Molecular Universe. Regarding margins, Jing Nealis projected a blended gross margin above 60%, driven by a mix of high-margin (>80%) software and services and lower-margin (20-30%) product sales.

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    John Marc Roy's questions to Unusual Machines (UMAC) leadership

    John Marc Roy's questions to Unusual Machines (UMAC) leadership • Q4 2024

    Question

    John Marc Roy asked for more detail on the potential impact of tariffs on the business in 2025 and which key financial metrics investors should prioritize, given the distortions from GAAP accounting.

    Answer

    CEO Allan Evans explained that tariffs could expand margins by 10-15% and are already driving inbound sales interest from domestic companies. Evans also emphasized focusing on cash flow and operational cash burn, which the company targets at around $750,000 per quarter, rather than the misleading GAAP figures.

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    John Marc Roy's questions to Cambium Networks (CMBM) leadership

    John Marc Roy's questions to Cambium Networks (CMBM) leadership • Q3 2024

    Question

    John Marc Roy of Water Tower Research inquired about the outlook for market challenges and gross margin improvement, whether the downturn in the defense sector represents a delay or a lost opportunity, the expected timeline for resolving the bank covenant noncompliance, and if the enterprise segment is now considered the primary future growth driver for Cambium.

    Answer

    CFO Jacob Sayer stated that gross margin improvements are largely due to lower excess and obsolete inventory charges, with a target range in the high 40s to 50%. CEO Morgan Kurk added that while the higher-margin defense business should help, the commercial segment faces ongoing price pressure. Regarding the defense business, Kurk clarified that while the orders were not lost to competitors, there is a risk that government programs may not fully materialize. He declined to provide a timeline for the bank negotiations but confirmed they are ongoing. Finally, Jacob Sayer affirmed that the enterprise business is Cambium's key growth area, given the compression in the point-to-multipoint market and the lumpiness of defense contracts.

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    John Marc Roy's questions to Cambium Networks (CMBM) leadership • Q3 2024

    Question

    John Marc Roy of Water Tower Research inquired about the outlook for market challenges, particularly in defense, and whether improving gross margins signal a recovery. He also asked if the defense downturn represents a delay or lost business, the status of bank covenant negotiations, and if the enterprise segment is Cambium's primary future growth engine.

    Answer

    CFO Jacob Sayer attributed the gross margin improvement primarily to better inventory management and lower E&O charges, targeting a high 40s to 50% range in the long term. CEO Morgan Kurk added that while the defense market has strong margins, the commercial segment faces ongoing price pressure. Regarding defense orders, Kurk believes the business was delayed rather than lost to a competitor, but acknowledged the risk of program cancellation. He could not provide a timeline for the bank covenant resolution, confirming active negotiations. Finally, Jacob Sayer affirmed that the enterprise business is indeed viewed as the company's main growth area, given compression in the point-to-multipoint market and the lumpiness of defense contracts.

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    John Marc Roy's questions to Cambium Networks (CMBM) leadership • Q3 2024

    Question

    John Marc Roy of Water Tower Research inquired about the outlook for market challenges, asking if improving gross margins signal a recovery. He also sought clarity on whether the defense business slowdown represents a delay or a lost opportunity, the expected timeline for resolving the bank covenant situation, and if the enterprise segment is now considered the primary future growth driver for Cambium.

    Answer

    CFO Jacob Sayer explained that gross margin improvements were primarily due to lower excess and obsolete inventory charges, with a target range in the high 40s to 50% as revenues recover. CEO Morgan Kurk added that while the defense market has strong margins, the commercial segment faces ongoing price pressure. Regarding defense, Kurk stated the business was not lost to a competitor but acknowledged the risk that government programs might not fully materialize. He declined to provide a timeline on bank negotiations. Jacob Sayer confirmed that the enterprise business is Cambium's key growth area, given compression in the point-to-multipoint market and the lumpiness of defense contracts.

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    John Marc Roy's questions to Cambium Networks (CMBM) leadership • Q3 2024

    Question

    John Marc Roy of Water Tower Research inquired about the outlook for market challenges, whether improving gross margins signal a recovery, the nature of the defense business slowdown, the status of bank covenant negotiations, and the strategic importance of the growing Enterprise segment.

    Answer

    CFO Jacob Sayer explained that recent gross margin improvements were primarily due to lower excess and obsolete inventory charges, with a target range in the high 40s to 50% as revenues normalize. CEO Morgan Kurk added that while the higher-margin defense business should help, the commercial segment continues to face significant price pressure. Regarding the defense business, Kurk clarified that the orders were delayed or 'pushed out' rather than lost to a competitor, but acknowledged the risk that government programs may not reach full fruition. On the bank covenant situation, Kurk stated he could not provide a timeline for resolution as negotiations are ongoing. Finally, Sayer confirmed that the Enterprise segment is considered Cambium's primary growth area, given the compression in the point-to-multipoint market and the lumpiness of the defense business.

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