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    Logan Hennen

    Research Analyst at Northland Securities

    Logan Hennen is an Equity Research Associate at Northland Securities in Minneapolis, specializing in financial services sector research with a focus on companies such as Mitek Systems, Green Dot, and Medallion Financial. He contributes to coverage of these firms by providing detailed earnings analysis and strategic insights, with recent participation in quarterly earnings calls. Logan began his career in equity research as an intern before advancing to his current role at Northland, where he continues to expand his expertise. His professional credentials include hands-on public company research and reporting, supporting a senior analyst team in the development of actionable investment ideas.

    Logan Hennen's questions to Canaan (CAN) leadership

    Logan Hennen's questions to Canaan (CAN) leadership • Q2 2025

    Question

    Logan Hennen of Northland Capital Markets inquired about current market dynamics, pricing strategy, and demand for A15 miners, and followed up on Canaan's strategy for penetrating the North American market with its new U.S. production facility.

    Answer

    CEO Nangeng Zhang noted that the average selling price (ASP) rose to $11.1 per terahash in Q2. He acknowledged U.S. customer hesitation due to tariffs but sees demand returning, aided by the new U.S. facility which mitigates some tariff impacts. Zhang emphasized North America's long-term strategic importance. CFO James Cheng added that the U.S. facility improves delivery and customer experience, citing recent orders from Cypher and CleanSpark as proof of concept.

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    Logan Hennen's questions to MEDALLION FINANCIAL (MFIN) leadership

    Logan Hennen's questions to MEDALLION FINANCIAL (MFIN) leadership • Q2 2025

    Question

    Inquired about the trend in recreational loan delinquencies, the reasons for lower origination volumes, the unit economics of strategic partnership loans, and the forward-looking outlook for loan growth, margins, and credit quality.

    Answer

    The company stated that higher delinquencies are from older loan vintages predating a credit tightening in mid-2023, with newer loans performing better. Lower originations were attributed to stricter underwriting and capital management, but the recent capital raise should enable more growth. Strategic partnership loans generate a 20-50 basis point fee plus about five days of interest float at high yields (~20%). The company expects its net interest margin to remain around 8% and to maintain current credit standards.

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