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    Martin Malloy

    Research Analyst at Johnson Rice

    Martin Malloy is Director of Equity Research and Partner at Johnson Rice & Company L.L.C., specializing in the coverage of industrial and energy companies such as Chicago Bridge & Iron (CBI), KBR, Fluor, Team (TISI), and Chart Industries. With a track record spanning 30 years, Malloy has issued over 40 stock ratings, achieving a success rate of approximately 40% and an average return per recommendation of 1.6% according to TipRanks. He began his career in project finance and equity analysis, previously serving as a Senior Equity Analyst at Capital One Southcoast before joining Johnson Rice in August 2007. Malloy holds an MBA from Washington University in St. Louis and a BA from Washington and Lee University, and is professionally credentialed in financial services.

    Martin Malloy's questions to NET Power (NPWR) leadership

    Martin Malloy's questions to NET Power (NPWR) leadership • Q2 2025

    Question

    Martin Malloy of Johnson Rice & Company L.L.C. asked for clarification on the timing and key milestones for Project Permian (SN1), including FID and the operational start for the integrated simple cycle gas turbines. He also inquired about the behind-the-meter opportunities created by this new approach.

    Answer

    President, CEO & Director Danny Rice outlined a sequenced deployment for Project Permian, with the grid interconnect ready by mid-2028, allowing gas turbines to operate 1-2 years ahead of the core Net Power facility, which is targeted for 2029-2030. Rice explained that leading with proven gas turbines makes co-location with data centers viable for SN1 from the outset. COO Marc Horstman added that this phased approach allows power generation to ramp in sync with a data center's construction schedule.

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    Martin Malloy's questions to NET Power (NPWR) leadership • Q4 2024

    Question

    Martin Malloy from Johnson Rice inquired about the expected milestones and timeline for the company's modularization strategy and whether there have been any changes in discussions with the Department of Energy under the new administration.

    Answer

    COO Brian Allen stated that while modularization at the Permian site is limited by inland logistics, they have initiated a feasibility study for coastal mega-module designs, with milestones to be shared in future quarters. CEO Daniel Rice commented that NET Power's technology aligns well with potential administration goals for domestic energy security and noted that while the fate of the 45Q tax credit is uncertain, credible scenarios exist for an increase, which would be beneficial.

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    Martin Malloy's questions to Stabilis Solutions (SLNG) leadership

    Martin Malloy's questions to Stabilis Solutions (SLNG) leadership • Q2 2025

    Question

    Martin Malloy of Johnson Rice & Company L.L.C. inquired about the specifics of potential new offtake agreements, including their timing, scale, and the industries involved, and whether they could support project financing. He also asked about the timeline for adding new liquefaction capacity and the potential use of third-party LNG sources.

    Answer

    Executive Chairman and Interim CEO Casey Crenshaw confirmed that Stabilis is working on multiple long-term contracts across its marine, aerospace, and power generation segments. He specified that large offtake agreements in the marine sector are being finalized to support a Final Investment Decision (FID) and project financing for a new Gulf Coast liquefier. Crenshaw also explained that for power generation and aerospace, they can leverage their existing fleet and third-party supply network, but new marine contracts would necessitate new facilities. SVP & CFO Andy Puhala added that these are multi-year agreements with firm commitments.

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    Martin Malloy's questions to Stabilis Solutions (SLNG) leadership • Q1 2025

    Question

    Martin Malloy inquired about the contracting timeline for the additional liquefaction train and the specific customer drivers within the power generation market, such as data centers, manufacturing reshoring, or standby power.

    Answer

    Executive Chairman and Interim CEO J. Crenshaw stated that Stabilis is actively working on commercial contracts to support the new train, with an expected finalization in Q2 or Q3 2025. Regarding power generation, Crenshaw explained the opportunities are broad, covering AI data centers, digital mining, and microgrids, driven by increased power needs and the lack of last-mile infrastructure access.

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    Martin Malloy's questions to Stabilis Solutions (SLNG) leadership • Q4 2024

    Question

    Martin Malloy of Alliance Global Partners inquired about the timeline for the final investment decision (FID) on the new liquefaction train and sought clarification on the lower G&A expenses in the fourth quarter.

    Answer

    Executive Chairman and Interim CEO J. Crenshaw explained that the FID timeline for the new train is dependent on securing customer contracts across marine, aerospace, and power markets. Both Crenshaw and CFO Andrew Puhala attributed the lower Q4 G&A to adjustments in bonus accruals and costs related to a CEO transition, suggesting the full-year G&A run rate is a reasonable future guide.

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    Martin Malloy's questions to Stabilis Solutions (SLNG) leadership • Q3 2024

    Question

    Martin Malloy of Alliance Global Partners inquired about the key milestones and timeline for the Gulf Coast marine bunkering project, as well as the pace of discussions and potential for offtake agreements in the data center market.

    Answer

    President and CEO Westervelt Ballard explained that the Gulf Coast project's final investment decision (FID) hinges on firming up commercial and financing agreements, with an estimated 18-24 month timeline from FID to operation. Regarding data centers, Ballard confirmed that discussions have accelerated significantly, with opportunities for long-term contracts to bridge power gaps and potentially justify further liquefaction capacity expansion.

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    Martin Malloy's questions to GULF ISLAND FABRICATION (GIFI) leadership

    Martin Malloy's questions to GULF ISLAND FABRICATION (GIFI) leadership • Q2 2025

    Question

    The analyst inquired about the end markets showing increased project dialogue, sought more details on the recent large structural steel project award, asked if tariffs and 'Buy America' trends were helping them win work, and questioned the current labor situation on the Gulf Coast.

    Answer

    The company responded that the increased dialogue is in LNG and petrochemical markets. The new large project is for structural steel outside of oil and gas, leveraging their fabrication capabilities for a time-sensitive award. They confirmed that both tariffs and the 'Buy America' push are creating new opportunities. Regarding labor, they are not yet seeing a dramatic impact and are confident in their ability to staff upcoming projects.

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    Martin Malloy's questions to GULF ISLAND FABRICATION (GIFI) leadership • Q2 2025

    Question

    Martin Malloy of Johnson Rice & Company L.L.C. inquired about the specific end markets driving increased dialogue for large projects. He also sought more details on the recently announced structural steel project, its nature, and whether tariff dynamics were a key factor in winning such work. Finally, he asked about the labor market conditions on the Gulf Coast.

    Answer

    President and CEO Richard Heo confirmed the pickup in dialogue is centered on LNG and petrochemical projects, driven by stabilizing tariff positions and project FIDs. He explained the new structural steel award is in a non-oil and gas market, aligning with their diversification strategy, and was secured due to Gulf Island's capabilities on time-sensitive projects. Heo affirmed that both tariffs and the 'Buy America' push are creating opportunities. Regarding labor, he expressed confidence in their ability to attract talent based on past successes.

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    Martin Malloy's questions to GULF ISLAND FABRICATION (GIFI) leadership • Q1 2025

    Question

    Martin Malloy of Alliance Global Partners inquired about the customer base and cross-selling potential from the ENGlobal acquisition, the impact of trade tariffs on fabrication demand, and the specific drivers behind LNG project delays.

    Answer

    Executive Richard Heo detailed that the ENGlobal acquisition provides access to onshore projects for existing customers and opens new end markets like power plants, data centers, and government services. Heo confirmed that while tariff uncertainty is prompting customers to consider domestic suppliers, it has also paused immediate project decisions. He clarified that current LNG project delays stem from cost management on already-sanctioned projects rather than issues with offtake agreements.

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    Martin Malloy's questions to GULF ISLAND FABRICATION (GIFI) leadership • Q3 2024

    Question

    Martin Malloy inquired about the drivers behind strong bidding activity in the fabrication segment, particularly in non-oil and gas markets, and sought more detail on the Gulf of Mexico decommissioning opportunity.

    Answer

    President and CEO Richard Heo explained that confidence in fabrication stems from robust activity in marine and civil infrastructure and improving subsea prospects for 2025, with the NASA project opening doors to similar work. Regarding decommissioning, Heo highlighted the multi-year programs from major operators, noting that Gulf Island's new Cleaning and Environmental Services (CES) offering positions them well to capture a share of this significant market.

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    Martin Malloy's questions to TETRA TECHNOLOGIES (TTI) leadership

    Martin Malloy's questions to TETRA TECHNOLOGIES (TTI) leadership • Q2 2025

    Question

    Martin Malloy from Johnson Rice & Company L.L.C. inquired about the economics of produced water desalination, including energy usage, costs, and related legislative initiatives. He also asked about the offshore completion market outlook and how subsea tree order trends align with TETRA's strengths in high-pressure wells and key basins.

    Answer

    President & CEO Brady Murphy explained that the economics for desalination are improving as operator disposal costs rise while technology costs decrease. He highlighted supportive regulatory momentum from Texas House Bill 49 and the EPA. Regarding offshore, Murphy noted that trends toward higher-pressure wells play to TETRA's strengths with its heavy bromine-based fluids. SVP & CFO Elijio Serrano added that customers are showing acceptance of a license model for desalination, which would reduce TETRA's capital requirements.

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    Martin Malloy's questions to TETRA TECHNOLOGIES (TTI) leadership • Q3 2024

    Question

    Martin Malloy asked about the timing of the final investment decision (FID) for the Arkansas bromine project, the potential for offtake agreements, and the competitive advantages of TETRA's desalinization technology.

    Answer

    CEO Brady Murphy indicated a full $270M FID is unlikely in Q4, with a staged approach being more probable to manage capital. He noted that anticipated demand from deepwater projects and Eos Energy consumes most of the planned capacity, reducing the need for external offtake agreements. Murphy then detailed the proprietary three-stage desalinization process, which combines TETRA's pre- and post-treatment with two different membrane technologies for various water types.

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    Martin Malloy's questions to Eos Energy Enterprises (EOSE) leadership

    Martin Malloy's questions to Eos Energy Enterprises (EOSE) leadership • Q1 2025

    Question

    Martin Malloy questioned the company's plans and timelines for manufacturing capacity expansion beyond the current 2 GWh. He also asked if the recent order in Florida was a repeat order from a large utility that had previously tested Eos technology.

    Answer

    CEO Joseph Mastrangelo confirmed they are evaluating a second factory site and are in final negotiations for a bulk order of assembly lines, targeting a significant volume increase late this year or early next. He noted the immediate focus is optimizing the Turtle Creek facility. CCO Nathan Kroeker affirmed the Florida order was from a long-standing relationship, classifying it as a repeat order.

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    Martin Malloy's questions to Eos Energy Enterprises (EOSE) leadership • Q4 2024

    Question

    Martin Malloy from Johnson Rice & Company inquired about customer feedback on the initial Z3 battery installations and whether improved manufacturing performance is translating into deeper engagement and larger orders from utility customers.

    Answer

    CCO Nathan Kroeker reported 'very positive' customer sentiment and noted a significant increase in the size of projects in the pipeline from both utilities and developers. CEO Joe Mastrangelo confirmed that Eos is actively engaged in processes with every major utility, and they represent a key part of the opportunity pipeline, reflecting growing interest in their long-duration storage solution.

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    Martin Malloy's questions to Eos Energy Enterprises (EOSE) leadership • Q3 2024

    Question

    Martin Malloy of Johnson Rice & Company inquired about early customer feedback from Z3 battery installations and whether the new automated production line is attracting more or different types of customers.

    Answer

    CEO Joseph Mastrangelo reported that initial results from Z3 installations are positive, though more work is ongoing with customers. He confirmed a significant increase in customer visits to their facilities, stating that seeing the automated line provides confidence in Eos's ability to scale, which was a factor in the City Utilities order. He emphasized that the technology's performance, particularly its high round-trip efficiency at longer durations, is a key draw for customers.

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    Martin Malloy's questions to CHART INDUSTRIES (GTLS) leadership

    Martin Malloy's questions to CHART INDUSTRIES (GTLS) leadership • Q1 2025

    Question

    Martin Malloy asked for more detail on the scope of Chart's opportunities in the nuclear market, from existing plant upgrades to SMRs, and inquired if the ChartWater business is involved in oilfield produced water.

    Answer

    CEO Jillian Evanko outlined three nuclear opportunities: 1) smaller, consistent retrofit work on existing plants, 2) compression for more embryonic SMR designs, and 3) the largest near-term opportunity in helium circulation and liquefaction for advanced nuclear concepts. She clarified that the water business is not focused on oilfield applications but rather on oxidation, oxygenation, and PFAS treatment.

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    Martin Malloy's questions to CHART INDUSTRIES (GTLS) leadership • Q3 2024

    Question

    Martin Malloy asked about the progress and growth runway for the Repair, Service, and Leasing (RSL) segment, specifically regarding maintenance contracts and digital service offerings.

    Answer

    CEO Jillian Evanko expressed satisfaction with the RSL segment's performance but cautioned that recent high gross margins may not be sustainable. She described the company as being in the 'early innings' of penetrating the installed base, especially with legacy Chart assets. While noting positive growth in service agreements, she highlighted the current 39% quarterly customer uptake as a significant opportunity for future growth.

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    Martin Malloy's questions to CHART INDUSTRIES (GTLS) leadership • Q2 2024

    Question

    Martin Malloy asked about the sustainability of the RSL (aftermarket) segment's strong results and inquired about future initiatives to drive its growth.

    Answer

    CEO Jillian Evanko expressed high satisfaction with the RSL segment, attributing its record margins to implementing Howden's best practices and commercial synergies. She stated they are in the 'early innings' of the opportunity, with future growth driven by digital offerings, expanding Long-Term Service Agreements (LTSAs), and pricing optimization. She sees a meaningful path to continue growing the segment's revenue and margin.

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    Martin Malloy's questions to Ballard Power Systems (BLDP) leadership

    Martin Malloy's questions to Ballard Power Systems (BLDP) leadership • Q4 2024

    Question

    Martin Malloy asked for a bigger-picture perspective on the future availability and timetable for gray, blue, and green hydrogen for Ballard's customers.

    Answer

    CEO Randall MacEwen explained that there is growing acceptance of blue and gray hydrogen, which is critical for near-term deployments. He stated that between now and 2030-2035, the availability of low-cost hydrogen is more important than its 'color' to drive vehicle adoption. While policy uncertainty remains a challenge, he sees progress in blue hydrogen projects and believes the Hydrogen Council's revised long-term forecast for green hydrogen is credible.

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    Martin Malloy's questions to ITRON (ITRI) leadership

    Martin Malloy's questions to ITRON (ITRI) leadership • Q4 2024

    Question

    Martin Malloy requested an update on the progress of Itron's partnerships with companies like GE Vernova and ABB, and asked for more color on the LUMA Energy project in Puerto Rico, including its timing and backlog contribution.

    Answer

    CEO Tom Deitrich explained that partnerships with GE Vernova, Schneider, and others are currently in customer pilot stages and not yet generating revenue, but are aimed at helping customers adopt new technology faster. Regarding the LUMA project, he described it as a full Grid Edge Intelligence platform deployment that is just getting started. He noted that most of the revenue is expected in the years ahead, likely over a 3-to-4-year rollout, rather than providing a significant pop in 2025.

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    Martin Malloy's questions to Bloom Energy (BE) leadership

    Martin Malloy's questions to Bloom Energy (BE) leadership • Q3 2024

    Question

    Martin Malloy from Johnson Rice inquired about the project financing for the 80-megawatt SK award, asking if direct lender financing is a new development and how significant it is.

    Answer

    CEO K.R. Sridhar explained that as the Korean market shifts to private development, direct financing is crucial. He confirmed that securing a "blue chip financier" like Korea Development Bank is a new and significant development, attributing it to the bank's growing comfort with Bloom's technology performance.

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    Martin Malloy's questions to New Fortress Energy (NFE) leadership

    Martin Malloy's questions to New Fortress Energy (NFE) leadership • Q3 2024

    Question

    Martin Malloy of Johnson Rice asked for clarification on the 2025 free cash flow outlook, questioning if cash available for debt reduction could exceed $1 billion based on prior EBITDA guidance and new net CapEx figures. He also requested an update on the company's data center initiatives.

    Answer

    CFO Christopher Guinta confirmed the analyst's calculation was directionally correct, stating that while definitional free cash flow would be negative due to gross CapEx, the cash flow after accounting for project financing, debt service, and taxes is expected to be positive in 2025. CEO Wesley Edens added that the data center project is progressing with active tenant conversations and that the market for off-grid 'island power' has grown exponentially, making the project's economic model compelling.

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