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    Mark Shooter • William Blair & Company

    Mark Shooter's questions to BWX Technologies Inc (BWXT) leadership

    Mark Shooter's questions to BWX Technologies Inc (BWXT) leadership • Q2 2025

    Question

    Mark Shooter, on for Jed Dorsheimer at William Blair, requested a metric to quantify the growing engagement in nuclear energy and asked for more detail on the expected TRISO fuel contracts.

    Answer

    President, CEO & Director Rex Geveden found it difficult to provide a single metric but confirmed that market activity is strong across all segments, calling it an unprecedented time. Regarding TRISO fuel, he characterized the expected contracts as strategically important for signaling commercial demand but noted they would be 'smallish' and not economically significant yet.

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    Mark Shooter's questions to Quantumscape Corp (QS) leadership

    Mark Shooter's questions to Quantumscape Corp (QS) leadership • Q2 2025

    Question

    Mark Shooter, on for Jed Dorsheimer, asked for details on the manufacturing areas receiving investment to increase pilot capacity, what Volkswagen needs to see before committing to a large-scale facility, and whether there has been increased engagement from US defense or drone manufacturers.

    Answer

    CEO Siva Sivaram and CFO Kevin Hettrich stated that downstream cell assembly capacity is being increased to match the higher separator output from the new Cobra process, which aligns with their annual goals. Sivaram declined to speak for Volkswagen but noted the expanded deal shows aligned interests. He also highlighted the strategic advantage of their US-based, graphite-free technology for non-automotive applications like defense, noting the QS ecosystem provides optionality.

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    Mark Shooter's questions to Quantumscape Corp (QS) leadership • Q1 2025

    Question

    Mark Shooter, on for Jed Dorsheimer, asked about future cell manufacturing collaborations and whether PowerCo might produce for non-VW customers. He also inquired about customer conversations around the anode-free design in light of supply chain concerns and recent industry comments, and asked about potential applications beyond electric vehicles.

    Answer

    CEO Dr. Siva Sivaram stated that the company is systematically looking at all opportunities with large OEMs and other manufacturers, without ruling out any options. He and CFO Kevin Hettrich reiterated that the anode-free design is a core strength, eliminating graphite supply chain risks and improving performance. Regarding other applications, Dr. Sivaram confirmed that while the primary focus is automotive, the company is keeping its eyes open for opportunities in data centers, aviation, and consumer electronics.

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    Mark Shooter's questions to Quantumscape Corp (QS) leadership • Q4 2024

    Question

    Mark Shooter from William Blair inquired about the potential location for PowerCo's large-scale manufacturing given geopolitical factors and asked for color on the scale required for the prospective launch customer's program.

    Answer

    CEO Siva Sivaram deferred to PowerCo on location specifics, noting their announced plants are in Germany, Spain, and Canada. Regarding the launch customer, he described it as a high-profile, relatively smaller volume project using the B1 samples from the San Jose facility, and emphasized that the customer would be the one to make any public announcements.

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    Mark Shooter's questions to Quantumscape Corp (QS) leadership • Q3 2024

    Question

    Mark Shooter of William Blair, on for Jed Dorsheimer, asked if the new licensing structure with PowerCo creates a shared responsibility for scaling the Cobra process, thereby de-risking the project. He also sought clarification on IP ownership, specifically if QuantumScape owns process improvements made by PowerCo and can transfer them to other partners.

    Answer

    CEO Siva Sivaram affirmed that the model is designed for PowerCo to commit the capital for factories while QuantumScape provides the core technology, maximizing shareholder returns. CFO Kevin Hettrich added that QuantumScape retains full ownership of the core separator technology IP, regardless of who creates it during the collaboration. While there are some contractual limitations, the terms are favorable for QuantumScape to work with other partners in the future.

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    Mark Shooter's questions to Amprius Technologies Inc (AMPX) leadership

    Mark Shooter's questions to Amprius Technologies Inc (AMPX) leadership • Q1 2025

    Question

    Mark Shooter from William Blair & Company asked about the expected trend for international revenue given the tariff situation and inquired about Amprius's competitive advantages over large Chinese battery manufacturers like CATL or BYD.

    Answer

    Executive Kang Sun explained that tariffs are not a primary concern due to the company's competitive cost base and significant global customer reach, which accounts for 83% of revenue. He differentiated Amprius from competitors by highlighting its focus on different market segments (aviation vs. EV/consumer electronics) and its comprehensive portfolio of proprietary silicon anode technologies, including silicon monoxide, silicon carbon, and silicon nanowire, which he believes gives Amprius a current leadership position.

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    Mark Shooter's questions to Amprius Technologies Inc (AMPX) leadership • Q4 2024

    Question

    Mark Shooter, on for Jed Dorsheimer, asked about the strategy of targeting a high number of customers versus focusing on a few large ones and whether any aerospace and defense clients have hesitated due to the company's manufacturing presence in China.

    Answer

    CEO Kang Sun clarified that Amprius only engages with customers demonstrating high-volume potential and leverages its scalable capacity to manage a broad pipeline. He noted that while no customers have walked away due to the China supply chain, some have requested a future transition to manufacturing in other countries within 6-9 months or by 2026.

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    Mark Shooter's questions to Amprius Technologies Inc (AMPX) leadership • Q3 2024

    Question

    Mark Shooter, on for Jed Dorsheimer, sought clarification on the $20 million in contracts, asking if all revenue would be recognized by May 2025. He also asked about the company's customer strategy regarding servicing many small customers versus securing fewer, larger ones, and inquired about long-term gross margin targets.

    Answer

    CEO Kang Sun confirmed the plan is to recognize the full $20 million in revenue from these contracts by May 2025. He also clarified that the company's strategy is to focus on large customers with substantial volume. CFO Sandra Wallach stated that while no specific guidance is being given, they see no reason SiCore product margins can't achieve parity with traditional graphite battery margins.

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    Mark Shooter's questions to Axcelis Technologies Inc (ACLS) leadership

    Mark Shooter's questions to Axcelis Technologies Inc (ACLS) leadership • Q3 2024

    Question

    Mark Shooter, on for Jed Dorschmeier, asked for color on the capacity digestion in China's power market and inquired about how much of the company's backlog is tied to China's silicon carbide sector.

    Answer

    CEO Russell Low explained that the 'digestion' in China's SiC market is less about overcapacity and more about customers taking time to mature their processes and improve yields on their initial production lines. CFO James Coogan did not provide a specific backlog breakdown but confirmed that softness in China's power and mature markets drove lower Q3 bookings and the weaker outlook for the first half of 2025.

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    Mark Shooter's questions to Enovix Corp (ENVX) leadership

    Mark Shooter's questions to Enovix Corp (ENVX) leadership • Q2 2024

    Question

    Mark Shooter of William Blair asked about the outlook for Average Selling Prices (ASPs) in the smartphone market as battery capacities increase, and questioned why Enovix can command higher margins in the AR/VR glasses market.

    Answer

    CEO Raj Talluri explained that as higher-capacity batteries become standard even in mid-tier phones, overall ASPs are rising, and Enovix's technology leadership should command a premium. For AR/VR, he noted that true augmented reality requires immense power, making high energy density critical. Chairman Thurman John Rodgers added that Enovix's architecture is uniquely suited for the small, custom shapes in glasses and offers superior thermal management.

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