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    Peter Anthony Wright

    Research Analyst at PartnerCap Securities

    Peter Anthony Wright is President and Equity Analyst at PartnerCap Securities, LLC, specializing in coverage of technology and semiconductor stocks for institutional clients. He has covered major companies including several SPACs and semiconductor firms, consistently delivering high-performing investment calls and earning recognition as the #1 Technology Analyst by Institutional Investor for two consecutive years during his tenure at Fidelity Investments. Wright started his career at CIBC World Markets, later holding senior roles at Tradition, Cantor Fitzgerald as Managing Director and Head of Boston Institutional Sales, and served as Principal at AI Capital Management before joining PartnerCap Securities in 2020. He holds a BS in Economics from The Wharton School and, as the President of a registered broker-dealer, maintains FINRA registration and relevant securities licenses.

    Peter Anthony Wright's questions to IVAC leadership

    Peter Anthony Wright's questions to IVAC leadership • Q2 2024

    Question

    Asked for details on the HAMR upgrade cycle and installed base, the customer sampling process for the TRIO platform, applications for polymer coatings, and clarification on gross margin guidance.

    Answer

    Executives stated that about 20 of an install base of 140-145 systems have been upgraded to HAMR, with a steady upgrade cycle expected for the next 5 years. TRIO customer samples are processed in-house in Santa Clara on customer-provided parts. The TRIO's temperature control allows it to coat curved polymer parts for applications like optical lenses. The Q3 gross margin guidance is based entirely on the HDD business, as the focus for TRIO is on securing orders, not immediate revenue.

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    Peter Anthony Wright's questions to IVAC leadership • Q4 2023

    Question

    Sought validation for a long-term financial model, asked for more color on the end-market demand for TRIO's technology, inquired about the nature of the TRIO negotiations, and asked about the company's plans for its cash balance.

    Answer

    Executives agreed his financial model was consistent with past statements but declined to comment on ongoing negotiations. They highlighted TRIO's proven capability for coatings with applications in consumer devices and automotive. The primary use of cash is to protect the balance sheet, with some minor investment in in-house metrology.

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