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    Michael Donovan

    Research Analyst at H.C. Wainwright & Co.

    Michael Donovan is an Equity Research Associate at H.C. Wainwright & Co., specializing in the coverage of crypto, digital assets, and biotechnology companies. He has contributed research on firms such as LM Funding America and other companies in emerging technology and life sciences, supporting senior analysts in delivering actionable insights. Donovan began his career in equity research with H.C. Wainwright, where he has helped generate investment ideas and analysis, though performance rankings and metrics are not publicly available. He holds relevant securities licenses and professional credentials required for his role, with a focus on research for institutional investors.

    Michael Donovan's questions to LM FUNDING AMERICA (LMFA) leadership

    Michael Donovan's questions to LM FUNDING AMERICA (LMFA) leadership • Q2 2025

    Question

    Michael Donovan of H.C. Wainwright & Co., LLC asked for clarification on the Bitcoin mining capacity at the newly acquired Mississippi site, specifically how much capacity would be available after deploying existing miners from storage and what the plans were for purchasing new miners.

    Answer

    Chairman & CEO Bruce Rodgers and CFO Richard Russell explained that miners currently in storage would be fully utilized at the Mississippi site. Rodgers confirmed that the company will need to acquire additional miners to fully utilize the expanded capacity, which will total 26 megawatts across all sites once expansions are complete.

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    Michael Donovan's questions to LM FUNDING AMERICA (LMFA) leadership • Q1 2025

    Question

    Michael Donovan, on behalf of H.C. Wainwright & Co., asked for updates on the Oklahoma site build-out, current plans for Texas, the status of unplugged miners following the S21 sale, and the geographic focus for new 5-20 megawatt sites.

    Answer

    Executive Bruce Rodgers clarified that Texas expansion is not a short-term focus due to a counterparty issue, while the Oklahoma expansion is on schedule. CFO Richard Russell added that for new site selection, the company is currently focused on opportunities in Oklahoma where they have favorable power agreements, contrasting with the situation in Texas.

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    Michael Donovan's questions to Canaan (CAN) leadership

    Michael Donovan's questions to Canaan (CAN) leadership • Q1 2025

    Question

    Michael Donovan, on behalf of Kevin Dede, asked for more clarity on self-mining expansion plans and whether the U.S. tariff situation has led to an increase in rig orders for May compared to April.

    Answer

    CEO Nangeng Zhang detailed self-mining progress, noting total deployed global hash rate reached 8.15 EH/s, with strategic operations in Ethiopia providing a hedge against U.S. uncertainty. He confirmed that while non-U.S. orders have been strong in Q2, U.S. demand remains suppressed with no signs of recovery due to tariffs. CFO Jin James Cheng added context on the direct cost impact of the tariffs on U.S. miners.

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    Michael Donovan's questions to Cango (CANG) leadership

    Michael Donovan's questions to Cango (CANG) leadership • Q1 2025

    Question

    Michael Donovan from H.C. Wainwright sought more clarity on the deployment of the remaining 18 exahash of computing power, including the finalization of the Ursalpha deal and its timeline. He also asked if Cango plans to use its Bitcoin holdings for lending or to earn yield.

    Answer

    CFO Yongyi Zhang clarified that the 18 exahash deal is expected to close by the end of July, with finalization pending the resolution of a separate PRC deal at an upcoming shareholder meeting. Regarding the 'Mine and Hold' strategy, Zhang stated the current priority is accumulating more Bitcoin, but the company will consider yield-generating activities once its holdings reach a sufficient scale.

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    Michael Donovan's questions to Cango (CANG) leadership • Q1 2025

    Question

    Michael Donovan of H.C. Wainwright sought more clarity on the deployment timeline for the remaining 18 exahash of computing power and asked if the company plans to use its Bitcoin holdings for lending or to earn yield as part of its HODL strategy.

    Answer

    CFO Yongyi Zhang clarified that the 18 exahash deal is expected to close by the end of July, with finalization pending a shareholder meeting regarding a separate PRC deal. Regarding the HODL strategy, he confirmed the current focus is on accumulating Bitcoin, but the company will consider yield-generating transactions once its holdings reach a sufficient scale.

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    Michael Donovan's questions to BIOTRICITY (BTCY) leadership

    Michael Donovan's questions to BIOTRICITY (BTCY) leadership • Q3 2025

    Question

    Michael Donovan inquired about the sustainability of recent cash flow improvements, sought details on the planned 2025 expansion into new verticals, and asked about the company's strategy for international expansion.

    Answer

    CEO Waqaas Al-Siddiq explained that the positive cash flow trend is sustainable due to expected margin improvements and prudent reinvestment in commercial growth. He clarified that vertical expansion includes launching complementary cardiac services and partnering to enter adjacent specialties like pulmonology. Regarding international growth, Al-Siddiq stated the strategy is opportunistic and partner-driven, with the primary focus remaining on the U.S. market, though Germany and Japan are key potential markets.

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    Michael Donovan's questions to BIOTRICITY (BTCY) leadership • Q3 2025

    Question

    Michael Donovan inquired about the sustainability of Biotricity's recent free cash flow improvements, sought details on the planned 2025 expansion into new verticals, and asked about specific geographic targets for international expansion in 2026.

    Answer

    Executive Waqaas Al-Siddiq stated that cash flow sustainability will be driven by continued margin improvements and prudent reinvestment into commercial growth. He clarified that new 'verticals' include expanding the product portfolio for cardiologists and partnering in complementary fields like pulmonology and neurology. Regarding international expansion, Al-Siddiq emphasized a U.S.-first focus, explaining that any international moves would be opportunistic and partner-driven rather than building a direct presence.

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    Michael Donovan's questions to BIOTRICITY (BTCY) leadership • Q2 2025

    Question

    Michael Donovan inquired about the predictive capabilities of Biotricity's Cardiac AI, the drivers behind the significant SG&A reduction, the rationale for the company's largest-ever inventory order, the market status in Canada, and specific opportunities within the new neurology and pulmonology partnerships.

    Answer

    CEO Waqaas Al-Siddiq explained that the Cardiac AI focuses on early detection of complex arrhythmias to prevent costly hospitalizations and improve patient outcomes. He attributed the 35.5% decrease in SG&A to a combination of economies of scale, a more efficient account management team, and a sales force refocused on larger GPO-related deals. Al-Siddiq stated the large inventory order provides all necessary assets to service new and upgrading customers, securing the company's path to profitability. He also noted that Canadian distribution partnerships are beginning to generate revenue and that the neurology and pulmonology initiatives are active, revenue-generating, and proving the thesis of targeting patient populations with cardiac comorbidities.

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    Michael Donovan's questions to BIOTRICITY (BTCY) leadership • Q4 2024

    Question

    Michael Donovan of D.A. Davidson & Co. inquired about Biotricity's strategic expansion into the pulmonary and neurology fields, the status of ongoing pilot programs, the impact of U.S.-based GPO partnerships on international growth in markets like Canada, and expectations for future gross margins.

    Answer

    Executive Waqaas Al-Siddiq explained that the expansion into pulmonary and neurology is a partner-led strategy to bundle cardiac diagnostics with existing sleep and neurological tests, with plans to potentially offer these to Biotricity's own network later. He confirmed two active, multi-site pilot studies with a growing pipeline driven by GPO access. Al-Siddiq clarified that GPOs are U.S.-focused and the Canadian strategy relies on building a distributor network following Health Canada approval. He affirmed that while quarterly margins may fluctuate with hardware sales, the underlying subscription margin is trending towards the mid-to-upper 70s, and he expects overall margin improvement to continue as recurring revenue grows.

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    Michael Donovan's questions to BIOTRICITY (BTCY) leadership • Q3 2024

    Question

    Inquired about the cardiac AI cloud platform's milestones and commercialization timeline, its priority within R&D spending, and whether the recent increase in device sales stemmed from existing relationships or new GPO contracts.

    Answer

    The executive detailed that the AI cloud aims to improve algorithms for scalability. An FDA filing is expected by the end of the year, with commercial availability projected for mid-to-late 2025. This platform is the top R&D priority, as other products have moved to a less resource-intensive maintenance mode. The increase in device sales was attributed to a combination of both growing existing accounts and newly closed accounts.

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    Michael Donovan's questions to RYVYL (RVYL) leadership

    Michael Donovan's questions to RYVYL (RVYL) leadership • Q3 2024

    Question

    Michael Donovan of H.C. Wainwright & Co. inquired about the revenue potential of North American licensing partnerships, the impact of the incoming U.S. administration on regulations, potential M&A opportunities in 2025, the status of the coyni platform, and the key differentiators between the NanoKard and NEMS Core platforms.

    Answer

    CFO George Oliva addressed the licensing question, noting the primary agreement targets a vertical that previously handled 1 million transactions monthly, which they aim to approximate over time with higher profit margins. CEO Fredi Nisan expressed optimism about potential regulatory changes but offered no specifics. Nisan declined to comment on M&A, stating the company is not prepared to discuss it. Regarding coyni, Nisan explained it will not be spun out but its technology has been integrated and rebranded internally. He then differentiated NanoKard as a closed-loop, high-risk gift card solution, while NEMS Core is a broader platform for acquiring and core banking services (wire, ACH) aimed at ISOs and agents.

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    Michael Donovan's questions to RYVYL (RVYL) leadership • Q3 2024

    Question

    Michael Donovan of H.C. Wainwright & Co. inquired about the revenue potential of North American licensing partnerships, the impact of the incoming U.S. administration on regulations, potential M&A activity in 2025, the status of the coyni platform, and the market differentiation between the NanoKard and NEMS Core products.

    Answer

    CFO George Oliva detailed a key licensing deal for a previously vacated vertical, noting its potential to approximate 1 million transactions per month over time with high profit margins. CEO Fredi Nisan expressed optimism about potential regulatory changes but offered no specifics, and declined to comment on M&A. Nisan also clarified that coyni's technology has been integrated internally rather than spun out. He then differentiated NanoKard as a closed-loop, high-risk gift card solution, while NEMS Core is a broader platform for acquiring and core banking services aimed at ISOs and agents.

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    Michael Donovan's questions to RYVYL (RVYL) leadership • Q3 2024

    Question

    Michael Donovan inquired about the revenue potential of North American licensing partnerships, the impact of potential U.S. regulatory changes, the company's 2025 M&A outlook, the status of the coyni technology, and the key differentiators between the NanoKard and NEMS Core platforms.

    Answer

    CFO George Oliva detailed a key licensing agreement targeting a previously vacated high-volume vertical, noting significant profit potential despite lower per-transaction revenue. CEO Fredi Nisan expressed optimism about upcoming regulatory changes but declined to provide specifics or comment on M&A. Regarding products, Nisan and executive Ben Errez explained that coyni technology has been integrated internally rather than spun out, with its future tied to U.S. regulations. Nisan also differentiated NanoKard as a closed-loop solution for high-risk verticals, while NEMS Core is a broader platform offering acquiring, core banking, and licensing for ISOs to accelerate onboarding.

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    Michael Donovan's questions to RYVYL (RVYL) leadership • Q4 2023

    Question

    Asked for details on the partnerships with R3 and ACI Worldwide, future margin expectations, the impact of shifting from terminal-based to app-based processing in North America, the company's strategy regarding high-risk licenses, and hurdles to increasing market penetration in American Samoa.

    Answer

    The R3 partnership is for the RYVYL Block solution to move business workflows to a blockchain ledger, currently in a pilot phase. The ACI partnership enhances security and risk management for European growth. Visa Direct integration is in testing. Gross margins are expected to remain stable at 38-40%. The shift to app-based processing is a long-term strategy to improve customer touchpoints and risk management, though it may take time to rebuild momentum. The company focuses on niche verticals rather than competing with major players like PayPal in the general market. In American Samoa, the 60% penetration has plateaued as it covers most significant merchants, with future growth expected from e-commerce and coyni services.

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    Michael Donovan's questions to Applied Digital (APLD) leadership

    Michael Donovan's questions to Applied Digital (APLD) leadership • Q1 2025

    Question

    Michael Donovan, on behalf of Kevin Dede of H.C. Wainwright, questioned customer turnover and pricing trends in the Cloud Services business and asked about the company's efforts in engineering heat recirculation solutions.

    Answer

    Executive Wesley Cummins reported that GPU pricing has remained stable and the company continues to expand with its largest customer. He noted a potential need to swap out one customer but expressed confidence in backfilling the demand. Regarding heat recirculation, he confirmed they are actively exploring agricultural applications, such as greenhouses, for the liquid-cooled Ellendale facility, with potential deployment in calendar 2025.

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