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    Jonathan Dorsheimer

    Managing Director and Group Head of Energy and Power Technologies at William Blair & Company, L.L.C.

    Jed Dorsheimer is a Managing Director and Group Head of Energy and Power Technologies at William Blair & Company, specializing in research on companies across energy generation, energy efficiency, energy storage, and sustainability services. He covers more than 77 stocks, including notable names such as Wolfspeed (WOLF), and maintains a 51% success rate on his investment recommendations with an average return per transaction of 28.8%, as tracked on TipRanks. Dorsheimer joined William Blair in August 2022 after serving as Global Head of Sustainability and Managing Director at Canaccord Genuity, with prior senior executive experience at Acuity Brands, and has received top rankings for stock-picking from The Wall Street Journal, StarMine, and TipRanks. He holds a B.S. in finance from Bentley University and is a FINRA-registered broker (CRD# 4494157).

    Jonathan Dorsheimer's questions to AXCELIS TECHNOLOGIES (ACLS) leadership

    Jonathan Dorsheimer's questions to AXCELIS TECHNOLOGIES (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 'Jed' Dorsheimer questioned the significant increase in accounts receivable on the balance sheet and requested a more detailed explanation of the value proposition for AI processor burn-in, asking if the technology has moved from R&D to a commercial production level.

    Answer

    CFO Chris Siu and CEO Gayn Erickson attributed the accounts receivable increase to an unbilled receivable and standard shipment timing late in the quarter, confirming no underlying issues. Erickson then elaborated on the value of wafer-level burn-in for AI, emphasizing its ability to optimize testing, reduce costly failures post-packaging, and solve thermal challenges that system-level tests cannot. He affirmed the customer engagement is for production, not R&D, and highlighted Aehr's significant technology and IP lead.

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    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 AEHR TEST SYSTEMS (AEHR) leadership • Q1 2025

    Question

    Jonathan "Jed" Dorsheimer of William Blair & Company, L.L.C. asked for details on the $16.6 million backlog composition and the lack of system win press releases. He also questioned if the revenue mix would rebalance towards systems, the attach rate for automated aligners, the 150mm vs. 200mm wafer mix, and why new customers are now skipping the FOX-NP evaluation system for the FOX-XP.

    Answer

    CEO Gayn Erickson declined to provide a detailed backlog breakdown to protect competitive information related to the recent Incal acquisition but confirmed a significant portion is from Incal. He affirmed that future revenue will be more balanced between systems and WaferPaks, with non-SiC systems contributing. Erickson stated that while the aligner attach rate is mixed, it's trending toward over 50% automated. He explained that new customers are going directly to the higher-capacity FOX-XP systems because Aehr's in-house testing services have already proven the process, giving them the confidence to skip the evaluation phase.

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    Jonathan Dorsheimer's questions to Enovix (ENVX) leadership

    Jonathan Dorsheimer's questions to Enovix (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 (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 WOLFSPEED (WOLF) leadership

    Jonathan Dorsheimer's questions to WOLFSPEED (WOLF) leadership • Q2 2025

    Question

    Jonathan 'Jed' Dorsheimer of William Blair asked for an update on the progress of securing CHIPS Act funding, referencing its importance for national security. He also questioned the company's liquidity sources, noting the absence of a new 200-millimeter supply agreement in the discussion and asking about expectations for such a deal.

    Answer

    Executive Chairman Tom Werner expressed high confidence in securing CHIPS funding, positioning Wolfspeed as a 'prototype' of what the act supports. CFO Neill Reynolds detailed a clear path to over $0.75 billion in liquidity from 48D tax credits, asset sales, the CHIPS grant, and related financing. Werner added that constructive work on 200mm supply agreements is ongoing and expected to 'bear fruit' within the calendar year.

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    Jonathan Dorsheimer's questions to WOLFSPEED (WOLF) leadership • Q1 2025

    Question

    Jonathan Dorsheimer of William Blair & Company sought clarification on the Q2 device revenue guidance for the Durham fab and asked about the strategy for the 2026 convertible notes and the associated $300 million capital raise.

    Answer

    CFO Neill Reynolds projected Q2 power device revenue to be in the $90-$95 million range at the midpoint, with Durham's contribution decreasing as inventory is managed down. Regarding the financing, Reynolds explained that to receive the first CHIPS grant tranche, the company must raise a portion of the $300 million in equity and refinance a portion of the 2026 convertible notes. He stated they will assess market conditions to determine the best course of action for long-term shareholder value.

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    Jonathan Dorsheimer's questions to ON SEMICONDUCTOR (ON) leadership

    Jonathan Dorsheimer's questions to ON SEMICONDUCTOR (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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