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    Jonathan Dorsheimer • William Blair & Company

    Jonathan Dorsheimer's questions to Axcelis Technologies Inc (ACLS) leadership

    Jonathan Dorsheimer's questions to Axcelis Technologies Inc (ACLS) leadership • Q1 2025

    Question

    Jonathan Dorsheimer asked for a more granular breakdown of the Q1 gross margin outperformance and the guided Q2 decline, focusing on the impact of business mix and the potential positive effect of normalizing trade tariffs.

    Answer

    CFO James Coogan attributed the Q1 margin beat primarily to a favorable mix, including higher-margin spare parts sales and deferred revenue recognition. He stated that this positive mix is not expected to repeat in Q2. Regarding tariffs, Coogan noted that while there could be some upside from normalization, the company has already mitigated a significant portion of the impact through its global supply chain and manufacturing footprint, making the net effect relatively small.

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    Jonathan Dorsheimer's questions to Aehr Test Systems (AEHR) leadership

    Jonathan Dorsheimer's questions to Aehr Test Systems (AEHR) leadership • Q3 2025

    Question

    Jonathan Dorsheimer inquired about the significant increase in accounts receivable on the balance sheet and asked for a more detailed explanation of the value proposition for AI processor burn-in, questioning if it has progressed to a durable, commercial-level ramp.

    Answer

    CFO Chris Siu clarified that the accounts receivable increase included an unbilled receivable that has since been invoiced. CEO Gayn Erickson added that shipment timing late in the quarter also contributed and assured there were no underlying issues. Regarding AI, Erickson detailed the significant value of wafer-level burn-in, which allows for optimized stress testing before expensive packaging, improving yield and reducing test time. He confirmed the engagement is a commercial production ramp, not a trial, and highlighted Aehr's unique, patented technology that makes it possible.

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    Jonathan Dorsheimer's questions to Aehr Test Systems (AEHR) leadership • Q2 2025

    Question

    Jonathan Dorsheimer of William Blair & Company asked about the Q2 revenue miss, the primary near-term growth drivers beyond silicon carbide, and the reasons for the decline in gross margin.

    Answer

    Executive Gayn Erickson confirmed the revenue miss was a timing issue, with systems ready to ship but orders finalized post-quarter. He identified AI processors and new silicon carbide customers as larger near-term drivers than hard disk drives. CFO Chris Siu and Erickson attributed the lower gross margin to product mix, specifically the inclusion of lower-margin Incal systems, and noted that facility consolidation will provide future cost efficiencies.

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    Jonathan Dorsheimer's questions to Enovix Corp (ENVX) leadership

    Jonathan Dorsheimer's questions to Enovix Corp (ENVX) leadership • Q4 2024

    Question

    Jonathan Dorsheimer inquired about the growth profile of the customer associated with a recent drone purchase order and the overall strength of the defense business. He also asked for a ranking of the commercial smartphone customer pipeline by commercialization stage.

    Answer

    CEO Raj Talluri noted significant interest in their high-rate batteries from the Korea facility for defense applications but could not comment on a specific customer's profile. For smartphones, Talluri confirmed sampling seven of the top eight OEMs and highlighted progress with two key customers. He revealed that one lead customer provided exact dimensions for a battery over 7,000 mAh intended for a 2025 phone model, marking a major milestone.

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    Jonathan Dorsheimer's questions to Enovix Corp (ENVX) leadership • Q2 2024

    Question

    Jonathan 'Jed' Dorsheimer of William Blair & Company sought clarification on yield ramp expectations, asking if yields would start at Fremont's previous levels before ramping. He also asked about the accounting treatment for underutilization costs as the high-volume line ramps.

    Answer

    CEO Raj Talluri and COO Ajay Marathe clarified that yields for both the Agility and HVM lines will indeed begin where Fremont's operations concluded and then ramp toward the target of mid-to-high 90s. CFO Farhan Ahmad explained that accounting for underutilization costs is a complex, non-cash item and the specific depreciation methodology is still being finalized.

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    Jonathan Dorsheimer's questions to ON Semiconductor Corp (ON) leadership

    Jonathan Dorsheimer's questions to ON Semiconductor Corp (ON) leadership • Q3 2024

    Question

    Jonathan Dorsheimer asked about the specific value proposition for customers in the data center power tree and why silicon carbide is the preferred solution over alternatives like gallium nitride.

    Answer

    CEO Hassane El-Khoury explained that the value proposition is total power tree efficiency, which directly impacts hyperscalers' operating costs. He clarified it's not a matter of SiC versus GaN, as different technologies are optimal for different parts of the power tree. SiC is used for high-voltage conversion near the grid, while other technologies like silicon are used closer to the processor. onsemi's advantage is its ability to offer a complete portfolio.

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