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    Richard Ryan • Oak Ridge Financial

    Richard Ryan's questions to Graham Corp (GHM) leadership

    Richard Ryan's questions to Graham Corp (GHM) leadership • Q4 2025

    Question

    Richard Ryan from Oak Ridge Financial asked if there were any changes in the terms of recent large Navy contracts, such as margin profile or pricing structure, and questioned the status of the company's welder workforce and future hiring needs.

    Answer

    President & COO Matthew Malone stated that while the large Navy contracts remain firm fixed-price, they now include clauses to protect against commodity price volatility and allow for early ordering of high-risk materials. CFO Christopher Thome reported that the welder training program has been a success, with the welder count at the Batavia facility up 10% year-over-year, indicating that labor supply is not an issue.

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    Richard Ryan's questions to Graham Corp (GHM) leadership • Q3 2025

    Question

    Richard Ryan of Colliers Securities inquired about the dynamics of the shipbuilding market, asking how Graham Corporation is navigating supplier challenges to find opportunities. He also asked for details on the source of the strong growth in the aftermarket business and the location of a recent next-gen nozzle order.

    Answer

    CEO Daniel Thoren explained that key naval customers are urging Graham to disregard market 'noise' and continue delivering equipment, leading to productive discussions about expanding their role. He clarified that the aftermarket strength is still primarily from the energy and chemical sectors, driven by domestic maintenance demand and growing international interest in new, efficient technologies. CFO Christopher Thome confirmed the second next-gen nozzle order was domestic.

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    Richard Ryan's questions to Graham Corp (GHM) leadership • Q2 2025

    Question

    Richard Ryan asked for elaboration on the potential to capture additional work amid Navy supply chain challenges and inquired if grant opportunities, similar to the BlueForge grant for Batavia, exist for the Barber-Nichols expansion in Colorado.

    Answer

    President and CEO Daniel Thoren confirmed that the Navy is exploring reallocating work to high-performing suppliers like Graham, creating new opportunities. VP & GM of Barber-Nichols Matthew Malone added that while they are in constant communication with customers and BlueForge about future opportunities for both sites, there was nothing specific to announce at this time.

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    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership

    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership • Q4 2025

    Question

    Richard Ryan of Oak Ridge Financial questioned the source of growth in the medical market, asking if it was due to geographic shifts or market share gains, and inquired how Sono-Tek is seeing positive momentum in the semiconductor market despite broader industry weakness.

    Answer

    President & CEO Stephen Harshbarger explained that medical growth is shifting geographically from China to the U.S. and EU, driven by demand for more complex and sophisticated systems. In the semiconductor space, he stated that Sono-Tek is offering unique solutions the competition cannot, particularly for niche applications requiring ultrasonic spray. He mentioned a key strategic partnership for complex wafer handling has allowed them to bid on higher-value fab systems, turning a potential $300,000 machine into an $850,000 proposal.

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    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership • Q2 2025

    Question

    Richard Ryan asked about the composition and expected delivery timing for the portion of the backlog not related to the large clean energy orders. He also requested an update on the company's efforts to internalize capabilities, the current state of its supply chain, and whether there were any customer concerns about a weakening economy or funding issues.

    Answer

    CEO and President R. Harshbarger stated that the other half of the backlog is scheduled to ship in the current fiscal year and contains a healthy mix of medical and electronics systems. He described the in-housing of the NovoCoat product line as a successful program that is now about 50-70% complete, improving supply chain control and starting to benefit gross margins. Harshbarger acknowledged some softening in older, established markets like printed circuit boards but noted that the key high-tech focus areas of medical, microelectronics, and clean energy remain strong.

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    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership • Q2 2025

    Question

    Inquired about the composition and delivery timeline for the half of the backlog not related to the large announced orders, the status of internalizing capabilities to improve the supply chain, and whether customers are expressing concerns about a weakening economy.

    Answer

    The other half of the backlog is mostly scheduled to ship in the current fiscal year and contains a healthy mix of medical and clean energy systems. The in-housing of the NovoCoat product line has been successful, giving the company more control and starting to show gross margin benefits. While older, more established markets are showing some softness, the high-tech sectors (medical, microelectronics, clean energy) remain strong, validating the company's strategic shift.

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    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership • Q4 2024

    Question

    Richard Ryan of Oak Ridge Financial inquired about the fiscal 2025 conversion timeline for the $9.1 million backlog, the success rate of converting lab work into orders, and details on recent medical system shipments to Ireland.

    Answer

    CEO and President R. Harshbarger confirmed the entire $9.1 million backlog is scheduled for delivery in fiscal 2025, including four high-ASP machines. He stated that the company's New York lab has a 75% success rate in converting development work into sales, a benchmark they are working to replicate at international labs. Regarding the medical shipments, Harshbarger clarified they were for existing customers but for new, unique implantable devices, demonstrating customer confidence and an expansion beyond the company's traditional stent-coating systems.

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    Richard Ryan's questions to Sono-Tek Corp (SOTK) leadership • Q2 2024

    Question

    Asked about the composition and delivery timing of the backlog, the current state of the quotation book and lab activity, the breadth of the customer base in alternative energy, and the potential size of the re-emerging solar market opportunity.

    Answer

    The backlog contains two major orders over $1M and is split roughly 60/40 for delivery between the current and next fiscal year. The quote book shows higher closure rates and higher average selling prices, and the R&D lab is 'jampacked'. The alt energy customer base is expanding from a handful of high-volume clients to a 'whole another wave' behind them. The solar opportunity is expected to be 'significantly larger' than it was historically due to the shift to selling high-volume production machines.

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    Richard Ryan's questions to inTest Corp (INTT) leadership

    Richard Ryan's questions to inTest Corp (INTT) leadership • Q1 2025

    Question

    Richard Ryan requested more detail on the Industrial segment's performance, specifically asking about the industry and application for a $1.5 million order from a returning customer. He also asked if the engineering delays that pushed revenue out of the quarter were related to new or existing products and customers.

    Answer

    Executive Nick Grant clarified that the $1.5 million industrial order was for induction heating systems used by a returning customer in the utility space to precondition welds on large steel utility poles. Regarding the delays, he stated they were on new, complex chiller and chamber products for both new and existing customers, and confirmed the issues were resolved with shipments expected in the coming weeks.

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    Richard Ryan's questions to inTest Corp (INTT) leadership • Q4 2024

    Question

    Richard Ryan of Oak Ridge Financial questioned whether the company's previous 2027 revenue target of $200M-$250M is still viable given the flat guidance for 2025. He also asked if the company's product portfolio and competitive positioning remain strong.

    Answer

    Executive Nick Grant confirmed that the company is not abandoning its long-term revenue targets, stating they have the right initiatives and market opportunity, though market cooperation has delayed progress. He also affirmed that inTEST's competitive position remains extremely strong due to the value-add and innovation of its solutions, with no significant changes in the competitive landscape.

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