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    Matthew Koranda • Roth MKM

    Matthew Koranda's questions to Figs Inc (FIGS) leadership

    Matthew Koranda's questions to Figs Inc (FIGS) leadership • Q2 2025

    Question

    Matthew Koranda of Roth Capital Partners inquired about the sales progression during Q2 that led to the revenue beat and asked for specifics on the promotional pullback planned for the second half of the year.

    Answer

    CFO Sarah Oughtred attributed the Q2 outperformance to strong sales on baseline (non-promotional) days. She explained the second-half promotional pullback involves fewer generic site-wide sales in favor of event-specific promos and sample sales, making them more strategic. CEO Trina Spear added that the strength of full-price selling days enables this more disciplined promotional strategy.

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    Matthew Koranda's questions to GigaCloud Technology Inc (GCT) leadership

    Matthew Koranda's questions to GigaCloud Technology Inc (GCT) leadership • Q2 2025

    Question

    Matthew Koranda from ROTH Capital Partners, LLC asked what drove the revenue upside in Q2 relative to the company's guidance. He also sought clarification on the forecasted 2.5% gross margin headwind for Q3, questioning if it was an unmitigated figure and what specific mitigation strategies were planned.

    Answer

    CFO Erica Wei attributed the Q2 revenue beat primarily to the Noble House portfolio, which performed significantly better than their conservative internal models had projected during its SKU rationalization. Wei confirmed the 2.5% Q3 gross margin headwind is an unmitigated estimate and that the company plans to use targeted price increases to offset it, though she cautioned that the adjustment may take time to be fully absorbed.

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    Matthew Koranda's questions to GigaCloud Technology Inc (GCT) leadership • Q3 2024

    Question

    Matthew Koranda inquired about the Q4 outlook, specifically the revenue breakdown between service and product, and the reasons for the apparent organic deceleration. He also asked about the source of new buyer growth, where these buyers resell products, the progress of integrating Noble House products into the 1P platform, and the mechanics of how potential tariffs would impact 3P sellers.

    Answer

    Erica Wei, CFO, addressed the questions, stating the Q4 service and product revenue mix would likely remain similar to Q3. She clarified that Noble House contributes 15-20% of product revenue and was already included in Q4 2023 results for two months, contextualizing the year-over-year comparison. Wei attributed the surge in new buyers to increased market recognition, direct outreach, and word-of-mouth referrals, noting they are primarily sellers on major e-commerce platforms. Regarding tariffs, she explained that while 3P sellers from China are more common, the tariff is applied to the product cost, which is only one component of the total landed cost, thus mitigating the overall percentage impact on the final price.

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    Matthew Koranda's questions to Revolve Group Inc (RVLV) leadership

    Matthew Koranda's questions to Revolve Group Inc (RVLV) leadership • Q2 2025

    Question

    Matthew Koranda sought clarification on whether Q3 gross margin guidance fully captures tariff and pricing impacts, and asked about the drivers of OpEx deleverage in the second half of the year.

    Answer

    CFO Jesse Timmermans confirmed the guidance is a comprehensive best estimate. He explained that Selling & Distribution costs face tough comps from prior-year return rate improvements, while Marketing expenses will increase to support new owned brand launches and the opening of the Los Angeles store.

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    Matthew Koranda's questions to Standex International Corp (SXI) leadership

    Matthew Koranda's questions to Standex International Corp (SXI) leadership • Q4 2025

    Question

    Matthew Koranda questioned if the McStarlight acquisition was accretive to Engineering Technologies' margins and if synergies were in the forecast. He also asked about the impact of recent tariffs and for a detailed bridge to the company's fiscal 2028 long-term sales target.

    Answer

    CFO Ademir Sarcevic clarified that McStarlight has margins similar to the core ETG business. CEO David Dunbar added that exciting long-term synergies are emerging. Regarding tariffs, Sarcevic noted that only 4% of COGS comes from India and the impact is manageable. Dunbar then provided a bridge to the FY28 target, starting from the FY25 base and layering on expected growth from new products, fast-growth markets, and the core business, with further upside potential from specific market opportunities.

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    Matthew Koranda's questions to Gentherm Inc (THRM) leadership

    Matthew Koranda's questions to Gentherm Inc (THRM) leadership • Q2 2025

    Question

    Matthew Koranda of Roth Capital Partners, LLC questioned the timing of the expected second-half EBITDA margin expansion, asking if it would occur in Q3 or Q4 and what the drivers were. He also asked about the timeline to close the performance gap in Asia and the typical launch cycle for new adjacent market products.

    Answer

    CFO Jonathan Douyard stated that Q3 results would be similar to Q2, with most margin expansion expected in Q4, driven by operational and manufacturing efficiencies. President & CEO Bill Presley projected that the China revenue mix would shift to 60% global/40% domestic OEMs by next year and align with the market in 18-24 months. He also confirmed that adjacent market product launches are much faster than automotive, often under a year.

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    Matthew Koranda's questions to Byrna Technologies Inc (BYRN) leadership

    Matthew Koranda's questions to Byrna Technologies Inc (BYRN) leadership • Q2 2025

    Question

    Matthew Koranda inquired about June sales trends following recent civil unrest, the sustainability of the 25-40% growth forecast, and the specific indicators of market softness. He also sought clarification on the Sportsman's Warehouse rollout, including the number of shop-in-shops versus POS displays and their relative performance.

    Answer

    CEO Bryan Ganz confirmed a temporary sales spike during the June events but stated sales have since normalized. He affirmed the 25-40% annual growth forecast remains achievable due to expanding distribution channels, despite observing market softness through metrics like higher abandoned cart rates. Ganz detailed the Sportsman's Warehouse strategy, explaining the different store formats (shooting pods, store-in-stores, POS displays) and noting that while it's early, the company is focused on training and incentives to maximize performance across all 140 planned locations.

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    Matthew Koranda's questions to Cadre Holdings Inc (CDRE) leadership

    Matthew Koranda's questions to Cadre Holdings Inc (CDRE) leadership • Q1 2025

    Question

    Matthew Koranda of ROTH Capital Partners questioned what near-term levers Cadre has to improve the margins of the newly acquired Carr's Engineering division and whether the evolving tariff landscape would cause a reconsideration of the company's production footprint.

    Answer

    President Brad Williams outlined a phased integration plan, starting with foundational areas like finance and IT before implementing the Cadre operating model to drive margin improvement. CFO Blaine Browers added that margin gains would be focused at the gross margin line, not through SG&A cuts. Regarding the production footprint, Williams stated the company is satisfied with its current strategic locations, having already undertaken risk mitigation in Mexico and noting the strategic value of its nuclear facilities in the U.K. and Germany.

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