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    Michael Crawford • B. Riley Securities

    Michael Crawford's questions to AST SpaceMobile Inc (ASTS) leadership

    Michael Crawford's questions to AST SpaceMobile Inc (ASTS) leadership • Q1 2025

    Question

    Michael Crawford from B. Riley Securities asked if the dual low-band and mid-band spectrum strategy would lead to more bespoke MNO agreements and questioned when the custom ASIC would be integrated into launched satellites.

    Answer

    CEO Abel Avellan responded that the spectrum strategy will not fundamentally change MNO agreements, as the focus remains on enhancing the end-user experience by combining the penetration of low-band with the capacity of mid-band. He also stated that satellites with the custom ASIC are expected to be launched approximately two launches after the next one.

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    Michael Crawford's questions to AST SpaceMobile Inc (ASTS) leadership • Q3 2024

    Question

    Michael Crawford of B. Riley Securities inquired about the current production scaling efforts in Midland, Texas, asking for the time required to build a Block 2 satellite today versus at full production, and also asked for the expected timing of a definitive agreement with strategic partner Rakuten.

    Answer

    Chairman and CEO Abel Avellan explained that the Midland facility has been scaled to produce the 'Microns' (key satellite components) required for the 60-satellite target for 2025-2026, using the same technology as the operational Block 1 satellites. Regarding Rakuten, Mr. Avellan clarified that a definitive agreement is already in place as they are an investor and network operator, and ASTS is actively working with them to position Japan as one of the first markets for service after the U.S. and Europe.

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    Michael Crawford's questions to Redwire Corp (RDW) leadership

    Michael Crawford's questions to Redwire Corp (RDW) leadership • Q1 2025

    Question

    Michael Crawford requested details on Edge Autonomy's Q1 performance and pipeline, and asked for more color on Redwire's own pipeline, including the $0.5 billion in bids submitted in Q1.

    Answer

    Jonathan Baliff, CFO, declined to provide Edge's specific Q1 results pre-closing but pointed to historical data in the proxy and noted its backlog grew to $99.4 million. Peter Cannito, CEO, added that Redwire's ability to submit larger bids stems from its strategy of moving 'up the value chain' to offer full spacecraft platforms, enabling it to prime larger missions.

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    Michael Crawford's questions to NextNav Inc (NN) leadership

    Michael Crawford's questions to NextNav Inc (NN) leadership • Q1 2025

    Question

    Michael Crawford of B. Riley Securities questioned the regulatory path forward, asking if a Notice of Proposed Rulemaking (NPRM) on NextNav's specific petition is the only option or if a faster path could emerge from the FCC's broader PNT action.

    Answer

    Executive Mariam Sorond confirmed that a rule change requires an NPRM process followed by a report and order, so there is no 'shortcut'. However, she noted that the FCC has the flexibility to issue the NPRM based on the broader Notice of Inquiry (NOI) proceeding, not necessarily just NextNav's earlier petition. The key step is getting to an NPRM, regardless of the originating docket.

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    Michael Crawford's questions to NextNav Inc (NN) leadership • Q4 2024

    Question

    Michael Crawford of B. Riley Securities inquired about the potential capital costs and timing for deploying a 5G network with NextNav's technology, who would bear these costs, and the company's intended use of capital beyond operational expenses like headcount and legal fees.

    Answer

    Executive Mariam Sorond explained that a 5G operator partner would build the network, leveraging standard 5G infrastructure with NextNav's solution as a software layer, implying minimal additional costs for the operator. Executive Christian Gates added that the new note purchase agreement provides significant long-term liquidity and financial flexibility, extending debt maturity to mid-2028. He reiterated that NextNav's business plan does not require the company to fund a major network build-out itself.

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    Michael Crawford's questions to NextNav Inc (NN) leadership • Q3 2024

    Question

    Michael Crawford inquired about the status of discussions with stakeholders like the NTIA and Edison Electric Institute, the potential for short-term experimental licenses, competition from LEO space-based PNT, and the impact of a potential administration change on the FCC's timeline for an NPRM.

    Answer

    Executive Mariam Sorond stated that NextNav is committed to fact-based, engineer-to-engineer dialogue with over 110 stakeholders. She views the NTIA's call for testing as a helpful procedural tool to engage incumbents and noted that while a system-of-systems approach could include satellite, a ground-based network is essential. Regarding the FCC, she reiterated that NextNav does not anticipate an NPRM in 2024 and will not speculate on timing under any administration, emphasizing the bipartisan nature of the issue.

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    Michael Crawford's questions to Globalstar Inc (GSAT) leadership

    Michael Crawford's questions to Globalstar Inc (GSAT) leadership • Q1 2025

    Question

    Michael Crawford of B. Riley Securities inquired about the economics of the XCOM RAN business, progress on lower-cost radios, the strategic role of Band n53, and launch timelines for the replenishment and Extended MSS Network satellites.

    Answer

    CEO Paul Jacobs explained that while XCOM RAN revenue forecasts are not public due to long sales cycles, the system is performing well with new lower-cost radios and has garnered government interest. He highlighted Band n53 as a key differentiator for mission-critical private networks. Regarding the satellites, Jacobs noted the Extended MSS Network launch timing is pending partner decisions. Executive Rebecca Clary added that CapEx reimbursement for the replenishment satellites begins once the first batch is operational, which will require two launches.

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    Michael Crawford's questions to Globalstar Inc (GSAT) leadership • Q4 2024

    Question

    Michael Crawford of B. Riley Securities inquired about the technical capabilities of the new Aurora satellites, the launch and deployment timeline for the new constellation, the progress of new ground infrastructure, and updates on the XCOM RAN solution, particularly regarding its large retail customer.

    Answer

    CEO Paul Jacobs explained that the new Aurora satellites feature beam-forming capabilities and digital processing but stated that no update on the launch timing has been provided. He confirmed that the development of new ground infrastructure is a long-term process that is currently underway. Regarding XCOM RAN, Jacobs noted the team is focused on cost reduction to broaden market competitiveness while awaiting the lead customer's decision to roll out the technology.

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    Michael Crawford's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Michael Crawford's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q1 2025

    Question

    Michael Crawford from B. Riley Securities asked for details on specific missile programs driving turbojet engine production, the financial accounting for the 24 pre-contract Valkyrie units, and the reporting of the Prometheus joint venture.

    Answer

    CEO Eric DeMarco listed Powered JDAM, MACE, and Franklin as potential missile programs for Kratos's engines. CFO Deanna Lund clarified that upon contract award, the capitalized or inventoried cost of completed Valkyrie units would transfer to inventory, and full revenue would be recognized. She also confirmed the Prometheus venture would be recorded below the line in "interest and investments."

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    Michael Crawford's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q4 2024

    Question

    Michael Crawford from B. Riley Securities inquired about the strategic objectives for Kratos's Defense Electronics business following recent acquisitions and asked for the specific drivers behind the strong 2.3:1 book-to-bill ratio in the space business during Q4.

    Answer

    CEO Eric DeMarco stated the objective is to become a leading U.S. merchant supplier of microwave electronics, leveraging technology from its Israeli business and strong relationships with prime contractors. CFO Deanna Lund and CEO Eric DeMarco attributed the high space book-to-bill ratio to significant national federal satellite program awards, noting the government is encouraging Kratos to prime more contracts.

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    Michael Crawford's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q3 2024

    Question

    Michael Crawford from B. Riley Securities asked for a breakdown of the satellite business mix between LEO and GEO orbits, whether a major new space opportunity is commercial or sovereign, and for an outlook on Kratos's role in the Air Force's CCA program.

    Answer

    CEO Eric DeMarco explained that the satellite business has been historically GEO-focused but is now shifting towards LEO and MEO to align with market trends. He confirmed the new $100M+ space opportunity is 'not commercial.' Regarding the Air Force, DeMarco expressed confidence that Kratos's low-cost, capable drones will be part of the solution to meet the Air Force's massive and under-resourced responsibilities.

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    Michael Crawford's questions to Ducommun Inc (DCO) leadership

    Michael Crawford's questions to Ducommun Inc (DCO) leadership • Q1 2025

    Question

    Michael Crawford of B. Riley Securities inquired about the expected timing of increased shipset rates to Boeing and Spirit, the performance drivers in the rotary-wing sector, and the reasons behind the Q1 increase in Days Sales Outstanding (DSO).

    Answer

    Suman Mookerji acknowledged a destocking impact from Boeing but noted that demand rates from both Boeing and Spirit improved through Q1 and are expected to continue growing. CEO Stephen Oswald added his confidence that Boeing will reach a 38/month rate on the 737 by late Q3. Regarding rotary-wing, Suman Mookerji explained that temporary softness in commercial helicopters was due to program transitions and material issues, with a significant ramp-up in Apache blade production expected in Q2. Suman Mookerji clarified the DSO increase was due to sales seasonality late in the quarter and is not a structural issue.

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    Michael Crawford's questions to Ducommun Inc (DCO) leadership • Q4 2024

    Question

    Michael Crawford of B. Riley Securities questioned Ducommun's exposure to potential defense budget reprioritization, long-term capacity planning for its VIASAT in-flight connectivity business, and the current state of the M&A pipeline.

    Answer

    CEO Stephen Oswald and executive Suman Mookerji expressed confidence in their diversified defense portfolio, noting no single program exceeds 10% of defense revenue and highlighting strength in missile defense and electronic warfare. Oswald explained that the facility handling VIASAT work is already backfilling with other high-demand programs. Mookerji commented that while M&A deal flow has been slower, active opportunities are still being pursued to meet Vision 2027 goals.

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    Michael Crawford's questions to Ducommun Inc (DCO) leadership • Q3 2024

    Question

    Michael Crawford asked for specifics on the increased content value per aircraft for the 787 program following a share shift win and inquired about the performance of recently acquired Engineered Products businesses.

    Answer

    Stephen Oswald, Chairman, President and CEO, confirmed the 787 content increase would be 'double digit' but deferred providing a precise shipset value until the next earnings call. Suman Mookerji, an executive, stated that the acquired engineered product portfolio has shown good performance across the board without singling out any specific business.

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    Michael Crawford's questions to Kimball Electronics Inc (KE) leadership

    Michael Crawford's questions to Kimball Electronics Inc (KE) leadership • Q3 2025

    Question

    Michael Crawford inquired about the strategic and financial implications of the new, larger leased facility in Indianapolis, including its impact on fixed costs and the potential sale value of the existing owned facility. He also asked for a breakdown of the recent increase in open orders by business vertical and questioned what would be required to exceed the high end of the company's revenue guidance for the fiscal year.

    Answer

    CEO Richard Phillips explained the new Indianapolis facility provides more space and advanced capabilities for the medical CMO business, with a creative lease structure to minimize upfront costs. CFO Jana Croom added that rent payments are deferred until the build-out is complete, and additional labor costs will align with new revenue. Phillips noted it's too early to estimate the sale value of the old facility, with a transition expected to take 2-3 years. Regarding open orders, he stated the largest increase was in Medical, followed by similar increases in Industrial and Automotive. Croom clarified that stronger-than-expected demand would be needed to surpass the high end of the revenue guidance.

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    Michael Crawford's questions to Kimball Electronics Inc (KE) leadership • Q2 2025

    Question

    Michael Crawford questioned the company's lack of disclosure on its sales funnel and win rates, highlighted the difficulty in modeling fiscal 2026 growth given current program declines, and asked for the current facility utilization rate in Jasper, IN.

    Answer

    Chief Financial Officer Jana Croom acknowledged the need for more detailed funnel and win rate disclosures, stating the company is actively working to provide this information in coming quarters. Chief Executive Officer Ric Phillips and CFO Jana Croom confirmed that calendar year 2025 is expected to be challenging, with stabilization and a return to growth anticipated in the second half of fiscal 2026. Ric Phillips also stated that the Jasper facility is currently at approximately 65% utilization with available capacity for new work.

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    Michael Crawford's questions to Kimball Electronics Inc (KE) leadership • Q1 2025

    Question

    Michael Crawford of B. Riley Securities inquired about the Tampa facility's book value versus its expected sale price, the life cycle of programs across the company's vertical markets, and tangible progress in new growth adjacencies like off-highway equipment.

    Answer

    Chief Financial Officer Jana Croom stated the Tampa facility's expected sale price of $18-$20 million significantly exceeds its book value and the $8-$11 million in exit costs. She detailed that Industrial programs have the shortest life cycle, Automotive has significant new programs ramping, and Medical remains stable. Chief Executive Officer Ric Phillips added that while no specific new wins can be disclosed, quoting activity and investment readiness are high in strategic areas like domain controllers, energy storage, and auto-injectors.

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    Michael Crawford's questions to TTM Technologies Inc (TTMI) leadership

    Michael Crawford's questions to TTM Technologies Inc (TTMI) leadership • Q1 2025

    Question

    Michael Crawford of B. Riley Securities sought to quantify indirect tariff risk by asking about products shipped to contract manufacturers that later enter the U.S. He also asked about TTM's PCB manufacturing capacity share outside of China and which programs in the pending defense bill could drive upside.

    Answer

    CEO Thomas Edman explained it is not feasible to track the final destination of products assembled by contract manufacturers. Regarding capacity, he affirmed TTM is the largest PCB manufacturer in North America, a position to be enhanced by the Syracuse facility. On the defense bill, Edman highlighted that funding for integrated air and missile defense and radar systems aligns directly with TTM's core strengths and represents significant long-term opportunity.

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    Michael Crawford's questions to TTM Technologies Inc (TTMI) leadership • Q4 2024

    Question

    Michael Crawford inquired about the breakdown of the Aerospace & Defense backlog between PCBs and Integrated Electronics, the potential margin impact from the new Syracuse facility's initial production in 2026, and the primary production bottlenecks in North America.

    Answer

    CEO Thomas Edman explained that the A&D backlog mix is roughly 50/50 between PCBs and Integrated Electronics, similar to the revenue mix. Regarding the Syracuse facility, both Edman and CFO Daniel Boehle clarified that the margin headwind would be minimal in 2025 and less significant than Penang's due to its smaller scale. Edman identified front-end engineering, drill, and test as the main bottlenecks in North American facilities, noting that plating capacity is in good shape.

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    Michael Crawford's questions to TTM Technologies Inc (TTMI) leadership • Q3 2024

    Question

    Michael Crawford of B. Riley Securities questioned if there was any impact from a recent fire at the Chippewa Falls facility. He also asked about the automotive segment's weakness, including lifetime program value wins for the quarter and the outlook for a market revival, and how prior year's large wins would translate to revenue.

    Answer

    CEO Thomas Edman confirmed the fire had no material impact. Regarding the automotive market, he described it as being in a state of flux, reporting low program wins of $25 million and expecting 2025 to remain challenging. Edman explained that while prior program wins will mostly go to production, their revenue contribution is being affected by less aggressive ramp schedules and delayed start dates from customers.

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    Michael Crawford's questions to Anterix Inc (ATEX) leadership

    Michael Crawford's questions to Anterix Inc (ATEX) leadership • Q3 2025

    Question

    Michael Crawford of B. Riley Securities asked for the typical timeframe from a favorable rate case decision, like Commonwealth Edison's, to a spectrum license agreement. He also sought clarity on the valuation goalposts for the remaining spectrum portfolio, referencing past auctions, and inquired about Anterix's readiness to offer 5x5 solutions in different markets.

    Answer

    COO Ryan Gerbrandt explained that there is no single timeline for a utility post-regulatory approval, as it depends on their internal procurement processes, but noted that overall market demand is a strong positive driver. Chief Regulatory and Communications Officer Chris Guttman-McCabe confirmed that past auctions serve as valuation goalposts, but emphasized that the company's current market capitalization provides significant room to be creative and flexible on pricing. Guttman-McCabe also stated that Anterix could move quickly to 5x5 in a 'very significant percentage' of the country and would address other markets on a case-by-case basis.

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    Michael Crawford's questions to Anterix Inc (ATEX) leadership • Q2 2025

    Question

    Michael Crawford sought clarification on the timing and amount of accelerated customer payments expected in fiscal Q4. He also asked about initial improvements identified in the sales process review and the outlook for the company's 5x5 MHz FCC petition under potential leadership changes at the commission.

    Answer

    CFO Tim Gray clarified that the $35 million expected in Q4 is the total for that quarter, bringing the full fiscal year receipts to the low $50 million range. CEO Scott Lang stated that a key sales process improvement is better articulating Anterix's unique value in providing private, secure, and flexible networks compared to carriers, and leveraging customer testimonials. COO Ryan Gerbrandt reinforced this with examples from the UBBA summit. Regarding the FCC, Chief Regulatory and Communications Officer Chris Guttman-McCabe expressed confidence in receiving support for the 5x5 MHz petition, noting it is not political and that Commissioner Carr has been a past supporter of their efforts.

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    Michael Crawford's questions to Viasat Inc (VSAT) leadership

    Michael Crawford's questions to Viasat Inc (VSAT) leadership • Q3 2025

    Question

    Michael Crawford of B. Riley Securities requested clarification on the mechanics of Viasat's claim in the Ligado bankruptcy, specifically regarding the co-op agreement, lease payments, and the strategic importance of Viasat's interleaved L-band spectrum to Ligado's holdings.

    Answer

    CEO Mark Dankberg declined to comment on the specifics of the active litigation, directing investors to public court filings for information. He acknowledged the validity of the issues raised regarding spectrum coordination but stated the company could not discuss them outside of the legal process.

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    Michael Crawford's questions to Viasat Inc (VSAT) leadership • Q2 2025

    Question

    Michael Crawford of B. Riley Securities asked for clarification on the Viasat-3 satellite timelines, the post-Viasat-3 strategy involving multi-tenant and proliferated GEO satellites, and the company's confidence in demand for the new capacity.

    Answer

    Chairman and CEO Mark Dankberg explained that Viasat-3 F2 has a longer orbit-raising time, which is why F3 may enter service first. He detailed a two-pronged future strategy: a multi-tenant model for the D2D market and a proliferated GEO approach for broadband to lower costs and de-risk manufacturing. He affirmed strong confidence in demand, citing the inability of current constellations to meet peak usage in high-density areas.

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