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    Maxwell Michaelis

    Research Analyst at Lake Street Capital Markets

    Maxwell Michaelis is a Research Analyst at Lake Street Capital Markets, specializing in equity research with a focus on innovative and emerging technology companies. He provides coverage on firms such as Ondas Holdings (NASDAQ:ONDS), consistently maintaining Buy ratings and raising price targets on the basis of rigorous fundamental analysis and conviction in long-term investment theses. Michaelis began his analyst career at Lake Street, where he delivers high-quality research aimed at identifying unique investment ideas; his recommendations are regularly tracked by financial data platforms for their impact and accuracy. He holds relevant securities industry credentials, ensuring compliance and expertise in delivering value-driven research to institutional clients.

    Maxwell Michaelis's questions to OptimizeRx (OPRX) leadership

    Maxwell Michaelis's questions to OptimizeRx (OPRX) leadership • Q1 2025

    Question

    Maxwell Michaelis asked for directional guidance on Q2 performance, specifically whether to expect typical flat seasonality from Q1 to Q2 or if outsized demand might lead to sequential growth.

    Answer

    Executive Andrew D'Silva responded that the company expects a 'small step-up sequentially' from Q1 to Q2. He added that historically, the first half of the year accounts for 35% to 45% of full-year revenue and that the company is on a 'pretty good pace' compared to historical trends.

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    Maxwell Michaelis's questions to Backblaze (BLZE) leadership

    Maxwell Michaelis's questions to Backblaze (BLZE) leadership • Q1 2025

    Question

    Maxwell Michaelis sought specifics on the product performance that drove the record contract win, the percentage of new business related to AI, and the pricing structure for B2 Overdrive compared to the standard B2 product.

    Answer

    CEO Gleb Budman stated the record win was driven by the need for fast, reliable data delivery for the customer's application, combined with significant cost savings. While declining to provide a specific percentage, he reiterated that AI was the fastest-growing part of the business in Q1. He detailed that B2 Overdrive starts at $15/TB/month, 2.5x the standard B2 price, but remains up to 90% more cost-effective than AWS for comparable high-throughput workloads.

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    Maxwell Michaelis's questions to Backblaze (BLZE) leadership • Q4 2024

    Question

    Maxwell Michaelis asked for the full-year growth rate of customers with over $50,000 in ARR and whether the B2 guidance implies continued strength in this cohort.

    Answer

    CFO Marc Suidan did not disclose a specific growth rate but confirmed that momentum with larger customers (over $50k ARR) has been very good, noting they are now closing deals in the $1 million range. He affirmed that the B2 growth guidance assumes ongoing momentum in moving upmarket.

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    Maxwell Michaelis's questions to ONE STOP SYSTEMS (OSS) leadership

    Maxwell Michaelis's questions to ONE STOP SYSTEMS (OSS) leadership • Q4 2024

    Question

    Maxwell Michaelis of Lake Street Capital Markets inquired about the expected 2025 order growth split between commercial and defense, any unforeseen strength in commercial markets, and the number of current development programs in the OSS segment.

    Answer

    Executive Michael Knowles responded that 2025 order growth is expected to be balanced equally between commercial and defense markets. He highlighted that the medical imaging sector is showing stronger and faster growth than initially anticipated due to accelerated AI adoption. Regarding development programs, Knowles explained the strategy of using customer-funded development to secure long-term production contracts, rather than providing a specific count of current programs.

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    Maxwell Michaelis's questions to Expensify (EXFY) leadership

    Maxwell Michaelis's questions to Expensify (EXFY) leadership • Q4 2024

    Question

    Maxwell Michaelis inquired about future product areas Expensify might pursue after the current initiatives and the Apple movie sponsorship. He also asked about the expected impact of the movie deal on the non-GAAP operating expense structure in 2025.

    Answer

    Executive Ryan Schaffer identified improving invoice and bill pay as the next logical product focus. CEO David Barrett added that a key priority is driving adoption of the existing product suite to get customers to realize its full value. Regarding expenses, Ryan Schaffer clarified that while the cash for the movie sponsorship has already been spent, GAAP accounting requires the expense to be recognized when the movie is released, which will cause a large, non-cash increase in sales and marketing expenses at that time.

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    Maxwell Michaelis's questions to Pure Storage (PSTG) leadership

    Maxwell Michaelis's questions to Pure Storage (PSTG) leadership • Q4 2025

    Question

    Maxwell Michaelis of Lake Street Capital Markets, LLC asked if there were any Pure-specific factors, beyond the geopolitical environment, that might pose a risk to the 11% revenue growth guide for the next year.

    Answer

    CEO Charles Giancarlo stated they see no specific artificial blockers and that in a normalized market, he would expect improvement. CFO Kevan Krysler reiterated that the guide depends on a consistent IT spending environment and the expected return to growth for the Evergreen//One service offering.

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    Maxwell Michaelis's questions to DHI GROUP (DHX) leadership

    Maxwell Michaelis's questions to DHI GROUP (DHX) leadership • Q3 2024

    Question

    Asked for clarification on the Q4 bookings guide's impact on the Dice segment, the expected timing of a return to growth for Dice in 2025, and the company's stance on M&A.

    Answer

    The Q4 bookings guide reflects trends similar to Q3, with some large Dice customers renewing at lower levels, which is viewed as a temporary reset. A gradual recovery for Dice in 2025 is a reasonable expectation. The company is not actively pursuing M&A, focusing instead on organic growth from its current platforms.

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    Maxwell Michaelis's questions to DHI GROUP (DHX) leadership • Q3 2024

    Question

    Maxwell Michaelis of Lake Street sought clarification on the Q4 bookings guide, asking if the 8-10% contraction implied further degradation in the Dice segment. He also inquired about the timing of the expected 2025 bookings recovery and the company's current stance on M&A.

    Answer

    CFO Raime Muhle clarified that Q4 performance is expected to be similar to Q3, with some large Dice customers renewing at lower levels, which she described as a 'healthy reset.' She affirmed that expecting incremental improvements at Dice alongside continued growth at ClearanceJobs in 2025 was a 'reasonable perspective.' Executive Art Zeile stated that the company is not actively considering M&A, focusing instead on maximizing performance from its existing platforms.

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    Maxwell Michaelis's questions to MAGNITE (MGNI) leadership

    Maxwell Michaelis's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Maxwell Michaelis sought clarification on the Disney renewal, asking if Magnite sourcing demand for Disney was a new aspect of the relationship.

    Answer

    CEO Michael Barrett clarified that this is not a new capability but rather a reflection of the industry's evolution. As premium publishers like Disney embrace more biddable programmatic and expand into new areas like audio or international markets with a smaller direct sales footprint, it creates a more natural opportunity for Magnite to source demand and earn a higher take rate.

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    Maxwell Michaelis's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Maxwell Michaelis asked for clarification on the Disney renewal, questioning if Magnite sourcing its own demand for a higher take rate was a new capability for that partnership.

    Answer

    CEO Michael Barrett clarified that this is not a new capability but an evolution of the market and the partnership. As premium publishers like Disney increasingly adopt biddable programmatic models, it creates more opportunities for Magnite to source demand, which carries a higher take rate. He added that expansion into new areas like international markets also naturally lends itself to Magnite-sourced demand.

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    Maxwell Michaelis's questions to BCOV leadership

    Maxwell Michaelis's questions to BCOV leadership • Q3 2024

    Question

    Inquired about the company's interest in using its growing cash balance for inorganic growth opportunities (M&A) and asked about how new business trends were continuing into the fourth quarter.

    Answer

    The company acknowledged its cash balance is growing beyond simple working capital needs and that they are considering all options for its use, including inorganic opportunities, though nothing specific was mentioned. Regarding Q4, they expressed confidence after strong Q3 execution but did not provide specific details on current trends, noting Q4's importance for the 2025 outlook.

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    Maxwell Michaelis's questions to QUANTUM CORP /DE/ (QMCO) leadership

    Maxwell Michaelis's questions to QUANTUM CORP /DE/ (QMCO) leadership • Q1 2025

    Question

    Inquired about the decision not to reaffirm the full-year fiscal '25 guidance, specifically the adjusted EBITDA target, and asked for an update on the progress of the stated $16 million in operational efficiencies.

    Answer

    The company stated it is their standard practice not to reiterate full-year guidance quarterly. They confirmed the plan for a back-half weighted year to achieve the EBITDA target, citing significant one-time expenses in the first half. Regarding operational efficiencies, they are on track to realize the full amount by the end of the calendar year and pointed to the OpEx reduction from over $35 million to $30.8 million as evidence of progress.

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    Maxwell Michaelis's questions to QUANTUM CORP /DE/ (QMCO) leadership • Q1 2025

    Question

    Maxwell Michaelis of Lake Street Capital Markets asked why the company did not reaffirm its full-year fiscal 2025 guidance and questioned the progress made on the previously announced $16 million in operational efficiencies.

    Answer

    CFO Kenneth Gianella stated that not reiterating the full-year outlook is standard practice and that the company's plan remains back-half weighted, with significant one-time expenses in H1 expected to subside. Regarding efficiencies, he confirmed they are on track to realize the savings by the end of the calendar year. CEO Jamie Lerner highlighted tangible progress, pointing to the reduction in quarterly OpEx from over $35 million to $30.8 million.

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    Maxwell Michaelis's questions to QUANTUM CORP /DE/ (QMCO) leadership • Q1 2025

    Question

    Maxwell Michaelis of Lake Street Capital Markets asked why the company did not reaffirm its full-year fiscal 2025 guidance, sought confirmation that the prior adjusted EBITDA guidance still stands, and inquired about the progress on achieving its $16 million operational efficiency target.

    Answer

    CFO Kenneth Gianella stated that it is Quantum's standard practice not to reiterate full-year guidance quarterly and that the year is expected to be back-half weighted. He confirmed the previous adjusted EBITDA guide of $10 million to $20 million still stands, noting significant one-time restructuring costs in the first half. Regarding operational efficiencies, Gianella confirmed they are on track to realize the savings by the end of the calendar year. CEO Jamie Lerner highlighted the progress, pointing to the quarterly OpEx reduction from over $35 million to $30.8 million.

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