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    Justin Clare

    Managing Director and Senior Research Analyst at Roth MKM

    Justin Clare is a Managing Director and Senior Research Analyst at Roth MKM, specializing in the Cleantech sector with coverage focused on companies such as Ormat Technologies, nVent Electric, Vertiv, Altus Power, and Atkore International Group. He has demonstrated a strong track record with frequent Buy and Strong Buy recommendations on these names and is routinely cited for his company-specific calls, though detailed performance metrics are not publicly posted. Clare began his financial services career as a portfolio analyst at Soteira Capital and investment associate at Jackson Financial Management before joining Roth in August 2014, where he has since advanced to his current leadership role. He holds a B.S. in Chemistry and an M.B.A. in Finance from the University of California, Irvine, and is a CFA charterholder as well as a member of the CFA Society of Orange County.

    Justin Clare's questions to ESS Tech (GWH) leadership

    Justin Clare's questions to ESS Tech (GWH) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners inquired about the commercial traction for the new Energy Base product, the company's revenue outlook for the second half of the year, the status of its recent capital raise, and the forecast for cash burn.

    Answer

    Interim CEO Kelly Goodman confirmed one Energy Base order and expects more conversions in H2 2025, highlighting a faster contracting pace with utility customers. Interim CFO Kate Sodolnyk declined to provide specific revenue guidance but noted the July cash balance was $7.2 million, reflecting recent capital inflows from a new financing package. Both executives emphasized a continued focus on disciplined cost control and right-sizing the business to manage cash burn and extend the operational runway.

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    Justin Clare's questions to ESS Tech (GWH) leadership • Q1 2025

    Question

    Justin Clare inquired about the revenue outlook for Q2 and the second half of the year, asking if the ramp is contingent on a successful capital raise. He also asked about the company's current cash runway and the specific requirements of the Arizona RFP that ESS won.

    Answer

    CFO Tony Rabb confirmed that Q2 revenue would be similar to Q1 and that a second-half ramp depends on securing additional capital. Rabb noted that future cash burn will be lower than in recent quarters and mentioned interim financing options like an ATM program and an EXIM loan. Interim CEO Kelly Goodman added that key factors in winning the Arizona RFP included the non-lithium requirement, the Energy Base's 10+ hour duration, its wide operating temperature range, competitive cost, and ESS's operational field experience.

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    Justin Clare's questions to ESS Tech (GWH) leadership • Q3 2024

    Question

    Justin Clare of Roth Capital Partners inquired about the specifics of Q3 customer delays, revenue recognition for Q4 EC unit shipments, and the operational timeline for the second automated production line.

    Answer

    CEO Eric Dresselhuys clarified that the primary Q3 delay was tied to a single Australian customer's funding, which has since been resolved. He confirmed ESS expects to recognize revenue for six EC units in Q4, though they will not be operational until Q2 2025. CFO Tony Rabb added that the second automated line is on track to be operational by mid-2025, with assembly beginning in Q1 2025.

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    Justin Clare's questions to ReNew Energy Global (RNW) leadership

    Justin Clare's questions to ReNew Energy Global (RNW) leadership • Q1 2026

    Question

    Justin Clare inquired about ReNew's manufacturing business, seeking details on Q1 2026 megawatt deliveries, the delivery outlook for the rest of the fiscal year, and the potential for booking new orders. He also asked for an update on the current attractiveness and competitiveness of the project bidding environment.

    Answer

    Kailash Vaswani, CFO, clarified that in Q1, ReNew sold nearly 700 MW of modules and 142 MW of cells to third parties. He explained that the upward revision to the manufacturing EBITDA guidance was due to continued visibility on third-party sales for the remainder of the year. Regarding the bidding environment, Mr. Vaswani described it as steady but with some 'irrational' competition, reinforcing ReNew's disciplined approach to only bid on projects that meet their internal return hurdles.

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    Justin Clare's questions to ReNew Energy Global (RNW) leadership • Q4 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the assumptions behind the fiscal 2026 guidance, particularly the Plant Load Factor (PLF) for wind and solar. He also sought details on the module sales outlook and the financing strategy for the new cell facility expansion.

    Answer

    CFO Kailash Vaswani explained that the fiscal 2026 guidance assumes Plant Load Factor levels will be similar to fiscal 2025 at the lower end of the range. He clarified that the 1.4 GW module order book is primarily for the Indian market. For the new facility, Vaswani confirmed a 70/30 debt-to-equity financing structure, with the recent $100 million equity raise covering the equity portion and debt discussions underway.

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    Justin Clare's questions to ReNew Energy Global (RNW) leadership • Q3 2025

    Question

    Justin Clare of ROTH MKM inquired about the transmission of recent RBI rate cuts to ReNew's borrowing costs and asked for a comparison of project returns across plain vanilla solar, solar-plus-storage, and round-the-clock (RTC) projects.

    Answer

    An unnamed executive explained that the benefits of the rate cut have only been realized on a small portion of the portfolio linked to short-term rates, with broader transmission from lenders yet to occur. The executive also detailed that RTC projects offer the highest returns, followed by solar-plus-storage, with plain vanilla solar offering the lowest returns, noting a potential 2-3% IRR difference between the categories.

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    Justin Clare's questions to ReNew Energy Global (RNW) leadership • Q2 2025

    Question

    Justin Clare asked about the completion timeline for the RTC project, specifically regarding potential transmission readiness delays and the possibility of selling power on the merchant market. He also inquired about the impact of proposed import restrictions on cell manufacturing and whether ReNew plans to expand its cell production capacity.

    Answer

    Sumant Sinha, Founder, Chairman and CEO, confirmed the RTC project is on track for completion in the second half of the fiscal year with no expected transmission delays. He noted that only small amounts of power could be sold on the merchant market due to PPA terms. Regarding manufacturing, Mr. Sinha stated that the government is considering an ALMM for cells from April 2026, making an expansion of ReNew's own cell capacity a sensible option that the company is actively considering.

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    Justin Clare's questions to BROADWIND (BWEN) leadership

    Justin Clare's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC asked for clarification on the suspension of financial guidance following the Manitowoc sale announcement. He also inquired about demand visibility and capacity expansion plans for the Industrial Solutions segment, and the potential for margin improvement through operating leverage.

    Answer

    CFO Thomas Ciccone explained that the guidance was suspended primarily due to uncertainty around the exact closing date of the Manitowoc sale, which impacts revenue recognition and transitional costs. CEO Eric Blashford highlighted that the large gas turbine market has seen a fourfold increase in units sold year-over-year, providing visibility through 2028. He noted investments in robotic welding and other capabilities to meet this demand. Ciccone confirmed that increased revenue and capacity utilization are expected to improve margins given the company's fixed cost structure.

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    Justin Clare's questions to BROADWIND (BWEN) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the specifics behind the suspended financial guidance, the demand visibility and capacity in the Industrial Solutions segment, and the potential for margin expansion.

    Answer

    CFO Thomas Ciccone clarified that the guidance suspension is primarily due to the uncertain timing of the Manitowoc asset sale closing and related transitional costs, not other business uncertainties. CEO Eric Blashford highlighted that the gas turbine market is up 4x year-over-year, providing visibility through 2028, and confirmed Broadwind is investing in capacity to meet this demand. CFO Ciccone added that with a large fixed cost structure, increased revenue and capacity utilization are expected to drive margin expansion.

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    Justin Clare's questions to BROADWIND (BWEN) leadership • Q1 2025

    Question

    Justin Clare inquired about the drivers behind the strong Q1 revenue in the Heavy Fabrications segment, the outlook for this segment through 2025 and 2026, and the potential impact of tariffs on costs and competition. He also asked for visibility on the Gearing segment's demand outlook, considering recent oil price movements.

    Answer

    CFO Tom Ciccone attributed the Q1 Heavy Fabrications strength to high demand for repowering adapters and noted that a new tower run starting in Q2 should boost revenue for the rest of 2025. CEO Eric Blashford added that 2026 wind tower and repowering adapter demand is expected to be similar to 2025 levels. Regarding tariffs, Blashford stated the impact on wind components is minor and passed through, but tariffs may be encouraging onshoring activity in the Gearing segment. He also noted that while oil and gas gearing is soft, the company is seeing a lift from the power generation sector.

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    Justin Clare's questions to BROADWIND (BWEN) leadership • Q4 2024

    Question

    Justin Clare asked for a segment-level breakdown of the anticipated growth in the 2025 guidance. He also inquired about the potential for adjusted EBITDA margin expansion and the impact of the recent executive order on wind permitting on customer project activity.

    Answer

    CEO Eric Blashford projected that Industrial Solutions would maintain its strong growth pace, Gearing would grow from a slower start, and Heavy Fabrications' tower business would be flat. CFO Tom Ciccone noted potential for margin upside at the higher end of the revenue guidance. However, Mr. Blashford added that initial margins on new products can be lower due to PPAP runs. Regarding policy, Mr. Blashford stated the executive order is the primary reason for their muted 2026 outlook, as permitting uncertainty could cause developers to pause projects.

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    Justin Clare's questions to Fluence Energy (FLNC) leadership

    Justin Clare's questions to Fluence Energy (FLNC) leadership • Q3 2025

    Question

    Justin Clare from Roth Capital Partners, LLC asked if Fluence can offset U.S. tariff costs, whether the impact is temporary, and for an update on the ramp-up of AESC's second production line and any alternative domestic cell suppliers.

    Answer

    President and CEO Julian Nebreda clarified that the current margin pressure from tariffs is a temporary issue affecting pre-signed contracts, with the impact already in guidance. He expects new contracts to return margins to the target range. Regarding supply, he said the second AESC line is not needed until early 2027 and confirmed Fluence is exploring other options to ensure supply chain flexibility.

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    Justin Clare's questions to STEM (STEM) leadership

    Justin Clare's questions to STEM (STEM) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners, LLC inquired about the outlook for hardware sales following the company's strategic pivot to software, the anticipated evolution of the business mix towards utility-scale solar, and the expected trajectory for operating expenses (OpEx) through the end of 2025.

    Answer

    CEO Arun Narayanan reaffirmed hardware sales guidance of up to $35 million but emphasized the successful pivot to a software-centric model. He explained that the new PowerTrack EMS product is key to entering the utility-scale market by integrating solar and storage control. CFO Brian Musfeldt added that cash OpEx is expected to continue declining in the second half of the year through non-personnel savings, building on the significant year-over-year reduction already achieved, but did not provide a specific 2026 run rate.

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    Justin Clare's questions to STEM (STEM) leadership • Q1 2025

    Question

    Justin Clare of Roth MKM inquired about the impact of potential tariffs on the storage and solar bookings environment, the potential for hardware supply constraints to affect software contracting, and the key drivers behind the company's expected improving profitability throughout 2025.

    Answer

    CFO and EVP Spencer Hole explained that OEM hardware is a small part of the 2025 plan and that software activations are largely from existing backlog, mitigating immediate tariff impacts. He noted no slowdown in solar deployments and expects to pass on any minor tariff costs. CEO Arun Narayanan added that upselling to existing customers is another growth vector. Regarding profitability, Narayanan cited H2-weighted revenue and ongoing cost management, while Hole highlighted the new business unit structure's role in improving financial discipline.

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    Justin Clare's questions to STEM (STEM) leadership • Q4 2024

    Question

    Justin Clare sought clarification on the new backlog and bookings metrics, specifically if the change was due to requiring fully executed purchase orders, and questioned why a large increase in storage operating AUM did not result in a corresponding rise in software revenue.

    Answer

    CFO Doran Hole confirmed the new metrics for contracted backlog and CARR are now based on fully executed purchase orders, with backlog holding hardware and non-recurring services, while CARR holds recurring software revenue. He attributed the software revenue disparity to a one-time reduction in Q4 related to specific SPE deals.

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    Justin Clare's questions to STEM (STEM) leadership • Q3 2024

    Question

    Justin Clare of ROTH Capital Partners followed up on the shift to shorter contracts, asking about the impact on annual revenue. He also inquired about the potential for one-time revenue from new service offerings and sought an update on the timeline for converting CARR to ARR.

    Answer

    Interim CEO David Buzby responded that while pricing is under review, he does not expect a material change in annual revenue per contract, with the focus being on providing flexibility. He confirmed that the services business will generate a mix of onetime and longer-term recurring revenue. Regarding the CARR to ARR conversion timeline, Buzby stated it is being closely examined and more details will be provided with full-year 2024 results.

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    Justin Clare's questions to Energy Vault Holdings (NRGV) leadership

    Justin Clare's questions to Energy Vault Holdings (NRGV) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners, LLC inquired about the new $300M preferred equity deal, asking for details on its return structure, the broader financing strategy for the associated $1B in CapEx, and the development status of projects slated for 2027 completion.

    Answer

    Chairman & CEO Robert Piconi stated that specific details on the preferred equity structure will be shared at an investor event post-closing. CFO Michael Beer outlined a general capital stack for projects: roughly 50% project financing, 30-40% from Investment Tax Credits (ITCs), and the remainder from equity. Robert Piconi added that the funds also cover development expenses (DevEx) and that the 2027 pipeline projects in the US, Australia, and Europe are in mid-to-late development stages.

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    Justin Clare's questions to Energy Vault Holdings (NRGV) leadership • Q1 2025

    Question

    Justin Clare of Roth MKM inquired about the impact of U.S. tariffs on securing new bookings, the expected demand following the tariff pause, and the composition of the 2025 guidance, including the ability to source batteries.

    Answer

    CEO Robert Piconi explained that tariff discussions in April caused a "lock and stop" on new U.S. projects but the recent pause has reignited customer conversations. He noted that over 80% of the 2025 revenue guide was already contracted. Executive Michael Beer added that the company is reiterating its guidance, observing that customers were already trying to pull 2026 deliveries forward, and the industry is becoming more creative with logistics.

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    Justin Clare's questions to Energy Vault Holdings (NRGV) leadership • Q3 2024

    Question

    Justin Clare inquired about Energy Vault's build-own-operate strategy, asking about the potential capacity the company might add to its balance sheet in 2025-2026, the associated capital requirements, and potential funding sources. He also asked how the company weighs owning a project versus a traditional EPC sale and the impact on the 2025 outlook.

    Answer

    Robert Piconi, Chairman and CEO, stated that there is ample capital available for high-IRR projects and the company is evaluating deploying hundreds of millions, supported by strategic investors. He explained that the decision to own assets versus recognizing immediate EPC revenue is based on long-term shareholder value, balancing near-term commitments with the creation of long-term, high-margin EBITDA streams. This strategic choice involves foregoing lower-margin EPC revenue for more lucrative, predictable returns from owned assets.

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    Justin Clare's questions to ORMAT TECHNOLOGIES (ORA) leadership

    Justin Clare's questions to ORMAT TECHNOLOGIES (ORA) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the progress on Enhanced Geothermal Systems (EGS), asking if the initial application would be at existing plants or new sites, and questioned the potential product demand from other EGS developers.

    Answer

    CEO Doron Blachar stated that while Ormat is pursuing multiple EGS technologies, the initial focus will likely be on enhancing production at existing facilities to leverage current infrastructure. He believes that once EGS is proven, it will significantly expand Ormat's growth in both development and products, noting Ormat's non-Chinese manufacturing as a key future advantage.

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    Justin Clare's questions to ORMAT TECHNOLOGIES (ORA) leadership • Q1 2025

    Question

    Justin Clare inquired about the potential impact of increased tariffs on the energy storage project pipeline beyond 2026, the effect of tariffs on geothermal project costs, and the prospective timing and application of Enhanced Geothermal Systems (EGS) technology.

    Answer

    Executive Doron Blachar explained that Ormat is mitigating storage tariff impacts by exploring diverse battery suppliers, including U.S.-based manufacturers, and continuing development in Israel. He stated the tariff impact on geothermal is not material, as imported components are a small fraction of total CapEx, and rising PPA prices offer a buffer. Regarding EGS, he noted it could enhance existing plants and open new development areas, but acknowledged that technological challenges remain.

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    Justin Clare's questions to ORMAT TECHNOLOGIES (ORA) leadership • Q4 2024

    Question

    Justin Clare of ROTH Capital Partners inquired about the scope of the IRA safe harbor for geothermal projects, the potential to extend these timelines, and the revenue recognition and margin profile for the large New Zealand contract.

    Answer

    CFO Assaf Ginzburg stated the safe harbor covers nearly 400 MW of geothermal and solar projects, including many not yet publicly named, which are critical for 2027-2028 targets. He confirmed Ormat is working to extend these timelines. CEO Doron Blachar added that revenue from the New Zealand contract will be recognized over 2.5 years (2025-2027), with 2026 as the likely peak, and the Products segment is targeting 18-20% gross margins.

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    Justin Clare's questions to ORMAT TECHNOLOGIES (ORA) leadership • Q3 2024

    Question

    Justin Clare from ROTH Capital Partners asked about Ormat's strategy for mitigating potential risks from changes to the IRA legislation, specifically regarding Safe Harboring projects. He also requested an update on PPA pricing trends and the status of re-contracting for assets with PPAs expiring in 2026-2027.

    Answer

    CEO Doron Blachar explained that Safe Harboring geothermal projects has been a standard company practice for over a decade to protect against policy changes, and a similar approach is being applied to Energy Storage projects. He expressed confidence that geothermal PTCs would likely continue, noting their extension under the previous Trump administration. Blachar also confirmed that PPA pricing trends continue to be strong, with new contracts being negotiated "north of $100," and that they are in final negotiations to re-contract the Heber and Mammoth G2 facilities at these elevated prices.

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    Justin Clare's questions to Enlight Renewable Energy (ENLT) leadership

    Justin Clare's questions to Enlight Renewable Energy (ENLT) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on the safe harbor topic, asking about Enlight's plans to secure additional projects beyond the current 6 GW to meet its 6.5-8 GW target. He also questioned the PPA pricing trends for U.S. projects with COD dates in 2028-2029 and whether a potential reduction in tax credits could lead to upward pressure on PPA prices.

    Answer

    Gilad Yavetz (Co-Founder, CEO & Director) and Jared Mckee (VP Business Development) addressed the questions. Mr. Yavetz noted that the company has until July 2026 to qualify projects and is progressing rapidly, having added 1.1 GW since May. Regarding PPA trends, Mr. Mckee stated it is too early to predict supply adjustments without final regulatory guidance but confirmed they are advancing their start-of-construction strategy. Mr. Yavetz added that strong electricity demand from data centers and AI is the decisive factor, and he is confident the U.S. market will adapt to a subsidy-free environment, similar to other developed markets.

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    Justin Clare's questions to Enlight Renewable Energy (ENLT) leadership • Q2 2025

    Question

    Justin Clare sought more detail on the 6 GW of safe-harbored projects, asking for a breakdown of when they were qualified. He also asked about the outlook for PPA prices for projects with COD dates in 2028-2029 and whether a reduction in tax credits could lead to higher PPA prices.

    Answer

    CEO Gilad Yavetz stated that the company has until July 2026 to qualify projects and has already increased its safe-harbored portfolio from 4.9 GW to 6 GW since May. Incoming Clēnera CEO Jared Mckee noted it's too early to know how supply will adjust post-guidance but confirmed the company is advancing its start-of-construction strategy. Gilad Yavetz added that strong electricity demand, particularly from AI and data centers, will be the decisive factor, and the market will adapt to a non-subsidy environment, supporting prices.

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    Justin Clare's questions to Enlight Renewable Energy (ENLT) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners, LLC followed up on the safe harbor topic, asking about the strategy to secure additional projects beyond the current 6 GW to meet the company's 6.5-8 GW target. He also inquired about PPA pricing trends for projects with COD dates in 2028-2029 and whether a potential reduction in tax credits could lead to upward pressure on PPA prices.

    Answer

    CEO Gilad Yavetz stated that the company has until July 2026 to qualify projects for safe harbor and is progressing rapidly, having added 1.1 GW since May. On PPA pricing, incoming Clēnera CEO Jared Mckee noted it was too early to predict supply adjustments without final guidance. Gilad Yavetz added that strong electricity demand from data centers and AI is the most critical factor, and he is confident the U.S. market will adapt to a subsidy-free environment, similar to what has occurred in Europe.

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    Justin Clare's questions to Enlight Renewable Energy (ENLT) leadership • Q2 2025

    Question

    Justin Clare of Roth Capital Partners, LLC followed up on the safe harbor topic, asking about plans to secure additional projects beyond the current 6 GW to meet the 6.5-8 GW target. He also questioned the outlook for PPA price trends for projects with COD dates in 2028-2029, and whether a potential reduction in tax credits could lead to upward price pressure.

    Answer

    CEO Gilad Yavetz explained that with a deadline of July 2026 to qualify projects, having 6 GW secured already represents a very strong position and they are on a rapid pace to qualify more. Regarding PPA pricing, Jared Mckee and Gilad Yavetz noted that while it's early to predict the full impact of regulatory changes, the fundamental driver is soaring electricity demand from AI and data centers. They expressed confidence that the market will adapt and project economics will remain attractive, even in a subsidy-free environment.

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    Justin Clare's questions to Clearway Energy (CWEN) leadership

    Justin Clare's questions to Clearway Energy (CWEN) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC sought clarification on the increase in expected retained CAFD for 2025-2027 and the updated equity issuance plan, asking how much equity might be required to reach the low versus high end of the new CAFD per share target range.

    Answer

    CEO Craig Cornelius and CFO Sarah Rubenstein explained that the updated funding sources align with the new, higher 2027 CAFD per share target of $2.50-$2.70. Cornelius clarified that while the midpoint of the new range is achievable with minimal equity, reaching the high end and funding 2028-2029 growth would utilize the planned $50 million to $100 million in equity issuances.

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    Justin Clare's questions to Clearway Energy (CWEN) leadership • Q2 2025

    Question

    Justin Clare from Roth Capital Partners, LLC inquired about the specific drivers for the increased retained CAFD forecast for 2025-2027 and sought clarity on the updated equity issuance plan, asking how much equity is needed to reach the low vs. high end of the new guidance.

    Answer

    CEO Craig Cornelius and CFO Sarah Rubenstein explained the retained CAFD increase is aligned with the new, higher 2027 CAFD per share target of $2.50-$2.70. Cornelius clarified that while the midpoint of the old range was achievable without equity, reaching the midpoint and high end of the new range would necessitate the planned $50-$100 million in modest, accretive equity issuances.

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    Justin Clare's questions to Atkore (ATKR) leadership

    Justin Clare's questions to Atkore (ATKR) leadership • Q3 2025

    Question

    Justin Clare from ROTH Capital Partners sought to clarify the fiscal 2026 headwinds, asking how much was due to already-realized price declines versus future expectations, and inquired about the potential to recapture market share in steel conduit.

    Answer

    President and CEO Bill Waltz confirmed that the majority of the forecasted fiscal 2026 headwind stems from the year-over-year mathematical impact of pricing declines that have already occurred in fiscal 2025. He also stated his belief that Atkore has the potential to recapture market share in steel conduit over time as lower import volumes and tariff impacts reduce importers' ability to undercut domestic pricing, which should benefit both margins and market share.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership

    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on gross margins, asking which specific end markets, such as semiconductors, drove the strength and whether margins above 30% are sustainable at revenue levels over $70 million. He also asked about the company's strategy for data centers and the key factors enabling its success in the semiconductor market.

    Answer

    CEO Daniel McGahn and CFO John Kosiba confirmed the materials sector, including semiconductors, contributed to the favorable mix, but noted overall project margins are similar across the business. Kosiba stated that at revenues approaching $70 million, a 30% gross margin is a 'very comfortable' assumption with a normal mix. Regarding data centers, McGahn described it as 'early days,' with an initial focus on substation-level projects. He attributed semiconductor success to offering a more complete, proprietary, and higher-content solution that is unique in the market.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Justin Clare of Roth Capital Partners sought more detail on the strong gross margin, asking which end markets drove it and if 30%+ is the new norm for revenues over $70 million. He also asked about progress in the data center market and the key success factors in the semiconductor space.

    Answer

    CEO Daniel McGahn and CFO John Kosiba addressed the margins, attributing the strength to an accelerated materials and semiconductor mix but noting project margins are broadly similar across the business. Kosiba affirmed that at $70M+ revenue, a 30% margin is a comfortable assumption with a normal mix. McGahn described data center efforts as 'early days' and not a near-term revenue driver. He credited semiconductor success to offering a more complete, valuable, and proprietary solution.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2025

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on gross margins, asking for more detail on which end markets, such as semiconductors, drove the strength and whether revenues above $70 million would consistently yield 30%-plus margins. He also inquired about progress in the data center market and the key factors enabling success in the semiconductor space.

    Answer

    CEO Daniel McGahn and CFO John Kosiba attributed the strong margin partly to an acceleration in the materials and semiconductor sector, which had a favorable content mix for the quarter, but noted project margins are broadly similar across the business. Kosiba affirmed that a 30% margin is a comfortable assumption for revenues around $70 million with a normal mix. On data centers, McGahn stated it's 'early days' and they are in discussions with EPCs and end-customers for substation-level solutions, but it's not a near-term revenue driver. Success in semiconductors is credited to offering more complete, valuable, and proprietary solutions.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on gross margins, asking for more detail on which end markets, such as semiconductor, drove the strength and whether revenues above $70 million would consistently yield 30%+ margins. He also asked about progress in the data center market and the key factors enabling success in the semiconductor space.

    Answer

    Chairman, President & CEO Daniel McGahn attributed the strong margin partly to an accelerated shipment mix in the materials and semiconductor sector, noting the content shipped had a higher margin for the period. CFO, SVP & Treasurer John Kosiba added that with a 'normal' mix at revenues approaching $70 million, a 30% margin is a comfortable assumption. Regarding data centers, McGahn described it as 'early days,' with efforts focused at the substation level with EPCs, but not a driver in the coming quarters. Success in semiconductors is due to offering more valuable, proprietary, and complete solutions.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q1 2026

    Question

    Justin Clare from Roth Capital Partners, LLC followed up on gross margins, asking which specific end markets, such as semiconductors, drove the strength and whether revenues above $70 million would consistently yield margins over 30%. He also asked about progress in the data center market and the key factors enabling success in the semiconductor industry.

    Answer

    Chairman, President & CEO Daniel McGahn attributed the strong margin partly to an acceleration of high-content shipments in the materials and semiconductor sector, noting it was a timing anomaly rather than a structural difference in project margins. CFO John Kosiba stated that with a normal mix, a 30% margin is a comfortable assumption at revenue levels approaching $70 million. Regarding data centers, McGahn described it as early days, with a focus on substation-level solutions for EPCs. He credited semiconductor success to offering a more complete, valuable, and proprietary solution.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q4 2024

    Question

    Justin Clare sought more details on the semiconductor opportunity, including pipeline visibility, US versus international growth, and order sizes. He also asked about the impact of tariffs on order cadence and the in-field performance of the delivered Navy Ship Protection Systems.

    Answer

    Daniel McGahn, Chairman, President and CEO, described the semiconductor pipeline as having 'triple-digit potential' and being a global opportunity, not just US-based. He noted that individual fab orders can now range from $2 million to $10 million, with potential for larger orders in the future. On tariffs, he stated they have been a net positive by encouraging reshoring. Regarding the Navy systems, McGahn confirmed they are performing as well or better than advertised and that the Canadian Navy contract validates the technology, but he could not share sensitive performance details.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q3 2024

    Question

    Justin Clare asked for details on the opportunity in data centers, including which products are a fit and potential order timing. He also inquired about the semiconductor business outlook following CHIPS Act funding and whether U.S. renewable project permitting issues pose a challenge.

    Answer

    Daniel McGahn, Chairman, President and CEO, clarified the data center opportunity lies in providing grid-support products to utilities, which is a longer-term prospect. He confirmed CHIPS Act funding is driving near-term semiconductor opportunities with several large orders in the company's 'crosshairs.' McGahn noted that U.S. renewables permitting is not a concern as it represents a 'very small part' of AMSC's business.

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    Justin Clare's questions to AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) leadership • Q2 2024

    Question

    Justin Clare of ROTH Capital Partners sought an update on the revenue ramp timeline for the Canadian Navy contract and asked if the combination of growth in the Wind and Navy businesses could lead to margin uplift. He also inquired about potential opportunities for AMSC to address grid congestion, possibly with its HTS wire technology.

    Answer

    CEO Daniel McGahn confirmed that revenue from the Canadian contract is expected to begin ramping in fiscal 2025, with the first system delivery scheduled for 2026. He agreed that increased scale in both the Navy and Wind businesses presents a potential for margin expansion, though the overall project mix remains a factor. Regarding grid congestion, McGahn focused on the near-term opportunity to supply existing New Energy power systems to utilities and industrial customers, stating a superconductor-based solution is likely more than a year away from financial impact.

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    Justin Clare's questions to SUNation Energy (SUNE) leadership

    Justin Clare's questions to SUNation Energy (SUNE) leadership • Q1 2025

    Question

    Justin Clare of Roth MKM inquired about the quarterly trend for the 2025 adjusted EBITDA guidance, opportunities for further operating cost reductions, the company's acquisition strategy, and the business impact of recent solar tariffs.

    Answer

    CFO James Brennan explained that while quarterly guidance isn't provided, Q1 is seasonally the lowest, with performance ramping up through Q4. He also noted that future acquisitions will create cost synergies. CEO Scott Maskin added that their acquisition criteria focus on diversification, positive EBITDA, and strong customer reviews to lower lead acquisition costs. Regarding tariffs, Maskin stated the company is not significantly exposed and views the current situation as short-term, not a cause for panic.

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    Justin Clare's questions to TPIC leadership

    Justin Clare's questions to TPIC leadership • Q1 2025

    Question

    Justin Clare asked how a potential early phase-down of the 45X tax credit might affect decisions to add lines in Iowa or open another U.S. site. He also questioned if 2025 U.S. demand has been impacted by tariffs or permitting, sought an outlook for 2026, and asked about the EBITDA margin trend for the year.

    Answer

    President and CEO William Siwek stated an early 45X phase-down could impact future expansion decisions. He confirmed 2025 U.S. demand remains strong and unchanged, and projected that 2026 demand would likely be flat with 2025. CFO Ryan Miller added that Q2 EBITDA margin will be impacted by a safety stand-down, but he expects a strong second half with Q3 being the peak for volume and margins, and that the full-year sales guidance is still achievable.

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    Justin Clare's questions to TPIC leadership • Q4 2024

    Question

    Asked about the factors driving weak Q4 gross margins despite high utilization and questioned the 2025 profitability outlook for the Turkish operations following recent restructuring.

    Answer

    The Q4 margin was negatively impacted by an inventory reduction under the cost-to-cost accounting method, investments in 24/7 operations, and a $6 million net warranty charge; without these items, the margin was around 5%. For 2025, the company expects its Turkish plants to be EBITDA positive, even with challenges and a planned reduction of two lines mid-year.

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    Justin Clare's questions to TPIC leadership • Q3 2024

    Question

    Justin Clare of Roth Capital Partners requested specific details about the Iowa plant reopening, including the number of lines, CapEx requirements, start-up costs, and the expected revenue ramp-up timeline. He also asked for more information on the newly secured U.S. capacity, such as whether it is a greenfield or brownfield site and its potential scale.

    Answer

    CEO Bill Siwek stated the Iowa plant will have two lines, ramping in Q3 2025 to full production by Q4, with minimal CapEx and start-up costs. He also confirmed the additional U.S. capacity is a brownfield (former blade facility) with space for up to four lines, located in a strategic geographic area, with more details to be provided early next year.

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    Justin Clare's questions to TPIC leadership • Q2 2024

    Question

    Justin Clare of ROTH Capital Partners sought to clarify if the comment about customers wanting all available capacity in 2025 applied to both the U.S. and European markets. He also asked if the strong U.S. demand makes production line transitions unlikely in U.S.-serving facilities next year.

    Answer

    President and CEO William Siwek confirmed his 'full sold out' comment was specific to the U.S. market, as the company is still working with customers to determine final 2025 volumes for Europe. He agreed it was a reasonable expectation that there would be very few, if any, transitions in the U.S. next year, aside from a couple that will start late this year and carry over into 2025.

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    Justin Clare's questions to AMPS leadership

    Justin Clare's questions to AMPS leadership • Q2 2024

    Question

    Asked about the new targeted market strategy, the reasons for the 2024 guidance reduction (project delays vs. cancellations), and the value and timing of deferred community solar revenue.

    Answer

    The company is focusing on markets with new programs (MD, ME, IL) and using a mix of direct and partner-led engagement. The guidance cut is due to timing delays in new builds caused by utility interconnections, not a lack of opportunities. Approximately $4 million in community solar revenue was deferred from Q2 to the second half of the year.

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    Justin Clare's questions to AMPS leadership • Q1 2024

    Question

    Asked about the composition of the 2024 guidance (new builds vs. acquisitions) and the status of projects currently under construction, including any potential cancellations.

    Answer

    The company reaffirmed guidance, highlighting the strong contribution from the existing operating portfolio's $196 million in annualized recurring revenue. Regarding projects under construction, they noted ongoing client activity but also development timetable issues, which are part of a review to improve transaction velocity.

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    Justin Clare's questions to AMPS leadership • Q3 2023

    Question

    The analyst inquired about the recent 121-megawatt acquisition, focusing on the seemingly low price per watt, the expected EBITDA contribution and multiple, the financing mix, and the company's capacity for future M&A. He also asked about construction timelines for meeting 2024 development targets.

    Answer

    The company confirmed the acquisition was priced attractively at the low end of their typical 10-11x EBITDA multiple, with the lower price-per-watt reflecting the power prices in the portfolio's concentrated Southeast region. The deal will be financed predominantly with debt from the Blackstone facility plus cash on hand, and the company has ample capacity for more deals without issuing equity. Regarding construction, they are on track for 75 MW in 2023 and are scaling up the platform to meet 2024 goals, with some 2024 projects already under construction.

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