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Logan Kapman

Research Analyst at Raymond James

Logan Kapman is a Research Analyst at Raymond James & Associates, specializing in equity research with a focus on technology and networking companies. He covers specific firms including Arlo Technologies and NETGEAR, with documented participation in their earnings calls where he inquired about supply constraints, operating expenses, and competitive dynamics. Limited public performance metrics are available, though he is recognized for detailed research questions in Q2 2025 calls; note that Logan Katzman, potentially the same individual, is a registered broker at the firm. Kapman's career details are sparse in public records, with current employment at Raymond James and FINRA registration confirming his professional standing.

Logan Kapman's questions to Arlo Technologies (ARLO) leadership

Question · Q4 2025

Logan Kapman inquired about Arlo's expectations for product gross margins in 2026, specifically the anticipated rebound from Q4 2025 levels and the overall cadence. He also asked for insights into current trends and opportunities in Arlo's international markets for 2026, noting the recent public listing and expansion plans of a major European partner.

Answer

COO and CFO Kurt Binder clarified that product gross margins rebounded by 300 basis points in Q4 2025 to -14.4% from Q3's -17%, driven by 25-30% BOM cost reductions on 3rd generation products and better management of promotions. He expects continued rebound in Q1 2026 and strong combined gross margin growth for the full year, with services margins remaining in the 84-85% range. CEO Matthew McRae confirmed expected strength and continued growth from the European partner, Verisure, in the first half of 2026, including potential expansion into Mexico. He also mentioned plans to invest in and push for additional share gains in other regions like Canada, Australia, and New Zealand.

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