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    Michael Diana • Maxim Group

    Michael Diana is a Managing Director and Senior Research Analyst at Maxim Group, specializing in the financial sector with a focus on business development companies (BDCs) and specialty finance. He covers firms including Saratoga Investment Corp and has issued recommendations supported by a track record of 51% profitable calls and an average return per transaction of 1.2% according to TipRanks. Diana began his equity research career prior to joining Maxim Group, where he has built expertise in the analysis of BDCs and other financial companies. He holds senior-level responsibilities at Maxim Group and is likely to maintain FINRA securities licenses appropriate for his analyst role.

    Michael Diana's questions to Surgepays Inc (SURG) leadership

    Michael Diana's questions to Surgepays Inc (SURG) leadership • Q2 2025

    Question

    Michael Diana from Maxim Group asked for specific details on the Lifeline program's economics, including the distribution model (tents vs. online), commission structures, the amount of additional state revenue, monthly costs, and the role of device subsidies.

    Answer

    President & CEO Brian Cox detailed that tents are used in high-revenue states, while online enrollment is used in federal-only states. He revealed that in targeted states, net revenue is about $27 per subscriber, and with a more favorable AT&T contract, the margins are nearly identical to the former ACP program. Cox also confirmed that Surgepays provides a smartphone and receives a connection credit in some states that covers approximately two-thirds of the device's cost.

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    Michael Diana's questions to Surgepays Inc (SURG) leadership • Q4 2024

    Question

    Michael Diana of Maxim Group sought to clarify the revenue breakdown percentages, questioned the strategy for converting the 280,000 former ACP customers, and asked about the margin profile for the Torch (Lifeline) program and the growth trajectory of the platform services revenue.

    Answer

    Executive Kevin Cox confirmed the revenue percentages and explained that the company had already converted about one-third of its former ACP base to the Lifeline program but ceased financially supporting the remainder to preserve capital. Regarding margins, he clarified that the Lifeline strategy is now focused on states with higher government subsidies, making it more profitable than previously discussed. For platform services, Cox noted that revenue, after falling for part of 2024, grew significantly in Q3 and Q4 as the company successfully used the upcoming LinkUp Mobile launch as a catalyst to sign up new stores to its network.

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    Michael Diana's questions to Surgepays Inc (SURG) leadership • Q3 2024

    Question

    Asked for specific metrics across all business segments, including the number of convenience stores, the prepaid top-up revenue run rate, the addressable market for Lifeline, and the launch status, costs, and pricing for the LinkUp Mobile brand.

    Answer

    The company has 8,000-9,000 stores and a $2.2 million monthly top-up revenue run rate, which is expected to grow to $10-12 million per month by the end of 2025. The Lifeline qualifying population is the same as ACP. A new carrier deal will lower service costs to under $5. The LinkUp brand has been soft-launched and will be fully rolled out in Q1 2025 with competitive pricing and higher margins than Lifeline.

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    Michael Diana's questions to SWK Holdings Corp (SWKH) leadership

    Michael Diana's questions to SWK Holdings Corp (SWKH) leadership • Q3 2024

    Question

    Michael Diana inquired about the financial statement impact of resolving nonaccrual loans, specifically whether it would affect the provision line, and how new credit originations would be treated under the CECL methodology. He also sought confirmation that the realized yield would increase to approach the effective yield following these resolutions.

    Answer

    Jody Staggs, President and CEO, explained that if the nonaccrual loans are resolved without impairment, the associated CECL reserves would be reversed into earnings. He detailed the new CECL methodology, noting that a new seasoned, 5-rated loan would have a 0% reserve, while a new 4-rated loan would require a 4.4% reserve. Staggs confirmed that redeploying capital from the resolved nonaccruals should close the gap between the realized and effective yields.

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    Michael Diana's questions to FlexShopper Inc (FPAY) leadership

    Michael Diana's questions to FlexShopper Inc (FPAY) leadership • Q3 2024

    Question

    Michael Diana asked if the third quarter's 58% gross margin, driven by improved credit quality, should be considered a new sustainable benchmark for the company.

    Answer

    Executive John Davis (JD) responded that while they don't anticipate bad debt to continue dropping significantly, they see further margin contribution from their retail business. He stated the focus is now on growing the top line with the current strong unit economics. Executive Harold Heiser added that a significant future opportunity for gross profit expansion lies in adding a credit option for near-prime customers who visit the site but do not convert with the current lease-to-own offering.

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    Michael Diana's questions to FlexShopper Inc (FPAY) leadership • Q2 2024

    Question

    Asked for more detail on the new 'lease funding approvals' metric, specifically the customer take-up rate and the duration of an approval. He also sought clarification on the number of new retail locations added in 2024 and the resulting total.

    Answer

    Customer engagement with approvals is seasonal and varies by product, with take rates from 30% to 75%. The approval period, historically 90 days, is being extended. The company confirmed adding 580 locations in Q1/Q2, another 150 in June, with 500 more expected in the second half, which will bring the total number of locations to just under 5,000.

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    Michael Diana's questions to FlexShopper Inc (FPAY) leadership • Q2 2024

    Question

    Michael Diana asked for more detail on the new 'lease funding approvals' metric, specifically regarding customer usage rates and the duration of approvals, and also sought clarification on the growth of retail partner locations.

    Answer

    CEO Harold Heiser clarified that the usage of lease approvals is seasonal and varies by product category, with 'need-to-have' items seeing higher take rates. He mentioned the approval duration is being extended beyond the historical 90 days due to a more stable consumer environment. Heiser also confirmed the addition of 580 stores in early Q2, 150 in June, and a plan for another 500 in the second half of 2024, which would bring the total to nearly 5,000 locations.

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    Michael Diana's questions to FlexShopper Inc (FPAY) leadership • Q4 2023

    Question

    Sought clarification on the retail strategy numbers (720, 580, 1,600) and inquired about the expected contribution mix between the online and retail channels by the end of 2024.

    Answer

    The 720 and 580 figures represent new store rollouts, while the 1,600 refers to an existing partner's stores where an improved checkout process is being implemented to double lease throughput. By year-end 2024, the new customer mix is projected to be 45% online and 55% retail, while the total customer mix (including repeats) is expected to be two-thirds online and one-third retail.

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    Michael Diana's questions to Mobile Infrastructure Corp (BEEP) leadership

    Michael Diana's questions to Mobile Infrastructure Corp (BEEP) leadership • Q3 2024

    Question

    Michael Diana asked for evidence of return-to-office trends and details on the conversion of downtown office spaces to residential units, including specific markets and developer negotiations. He also inquired about opportunities for expense reduction through greater oversight and operating leverage, and requested an update on the company's use of technology and ancillary revenue initiatives.

    Answer

    Executive Manuel Chavez noted that return-to-office is strongest in the Southwest and Midwest, with a positive trend of daily parkers converting to monthly contracts. He confirmed office-to-residential conversions are impacting results in Cincinnati, with projects in Fort Worth, Cleveland, and Indianapolis in the pipeline, and that they are actively negotiating with developers. President Stephanie Hogue explained that the shift to management contracts provides greater visibility to control expenses, while operating leverage is achieved by scaling the asset base through third-party operators without significant corporate overhead growth. Chavez concluded that they are working with operators on new technology and continue to evaluate ancillary revenues like EV charging and cell towers.

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    Michael Diana's questions to Mobile Infrastructure Corp (BEEP) leadership • Q3 2024

    Question

    Asked for details on return-to-office trends, the markets seeing office-to-residential conversions, expense management opportunities from the shift to managed contracts, and any updates on technology and ancillary revenues.

    Answer

    Executives reported stronger return-to-office trends in the Southwest and Midwest. Office-to-residential conversions are having an immediate impact in Cincinnati, with others in the pipeline. The shift to management contracts provides better expense visibility and control, while third-party operators offer scalable operating leverage. The company is actively monitoring new parking technology and exploring ancillary revenue from EV charging, self-storage, and cell towers.

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    Michael Diana's questions to Hall of Fame Resort & Entertainment Co (HOFV) leadership

    Michael Diana's questions to Hall of Fame Resort & Entertainment Co (HOFV) leadership • Q4 2023

    Question

    Inquired about the role of technology in increasing guest length of stay, plans for future hotels, and sought confirmation that 2025 will be the key year for realizing synergies from new assets.

    Answer

    A third hotel is planned for Phase 3, to be funded by operating income rather than debt. Technology is critical; a new campus-wide operating system launching by mid-summer 2024 will allow guests to pre-book multiple experiences, which is expected to increase length of stay. While 2025 is confirmed to be a pivotal year for capitalizing on synergies once the new assets are open, the company is already implementing this integrated model and seeing benefits today.

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