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    Rob Brown

    Research Analyst at Lake Street Capital Markets

    Rob Brown is the Founding Partner and Senior Equity Research Analyst at Lake Street Capital Markets, specializing in industrials, technology, energy, and industrial goods. He covers a broad range of companies including Applied Digital, Limbach Holdings, Babcock & Wilcox Enterprises, Ballard Power Systems, Arq Inc, PowerSecure, and Centrus Energy, boasting a success rate of over 73% and average returns exceeding 56%, with standout calls like an 800% gain on Westport Fuel Systems. Brown co-founded Lake Street Capital in Minneapolis following prior analyst experience and holds a Bachelor of Science degree. He is recognized for his exceptional stock-picking performance and extensive sector coverage.

    Rob Brown's questions to PIONEER POWER SOLUTIONS (PPSI) leadership

    Rob Brown's questions to PIONEER POWER SOLUTIONS (PPSI) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets asked about the rollout and variables of the up to $10 million eBoost order with a charging services company, the maturation timeline of the sales pipeline across markets like municipalities and robotaxis, and the expected milestones for the HomeBoost product launch.

    Answer

    President, CEO & Chairman Nathan Mazurek explained that the deal with the charging services company (SparkCharge) involves fixed pricing over a 24-month window with held inventory. He noted that while government agencies are slow, the private sector, particularly the robotaxi market, is moving much faster. Regarding HomeBoost, Mazurek stated its launch was slightly delayed for design optimization, with no revenue expected in 2025 but orders anticipated to build for a meaningful contribution in 2026.

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    Rob Brown's questions to 374Water (SCWO) leadership

    Rob Brown's questions to 374Water (SCWO) leadership • Q2 2025

    Question

    Inquired about the North Carolina AFFF destruction contract, the timeline for establishing a national network of waste destruction facilities, and the next steps following the DoD project at the Colorado School of Mines.

    Answer

    The company responded that the initial North Carolina contract is for about $1 million with significant expansion potential. They aim to establish 8-10 TSDF sites across North America in partnership with major players. Successful DoD projects, like the one at Peterson Space Force Base and the ongoing one in Detroit, are positioning them to bid on larger federal contracts, especially through partnerships with RCRA-certified facilities.

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    Rob Brown's questions to 374Water (SCWO) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets inquired about the North Carolina AFFF destruction contract, the timeline for establishing a national network of waste destruction facilities, and the next steps following the DoD project with the Colorado School of Mines.

    Answer

    CEO Chris Gannon detailed that the initial North Carolina contract is the first phase of a potentially larger, multi-million dollar opportunity to destroy the state's AFFF stockpiles. He explained the strategy to build a network of 8-10 TSDF partner facilities across North America, starting with partners like Crystal Clean. Regarding the DoD, Gannon noted that successful projects at Peterson Space Force Base and the ongoing DIU project in Detroit are positioning the company to bid on major federal contracts, emphasizing the importance of their RCRA TSDF partnerships to meet government requirements.

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    Rob Brown's questions to NATURAL GAS SERVICES GROUP (NGS) leadership

    Rob Brown's questions to NATURAL GAS SERVICES GROUP (NGS) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets inquired about the opportunity pipeline for new growth contracts, specifically asking for color on the active areas and timing, and also questioned the sustainability of the company's strong rental gross margins.

    Answer

    CEO Justin Jacobs responded that new unit opportunities are primarily for 2026, as 2025 is largely locked in. He noted that while opportunities are broad-based, the majority are in the Permian Basin, consistent with the company's current business mix. Regarding margins, Jacobs stated that the low 60s percentage range seen over the last year is believed to be sustainable.

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    Rob Brown's questions to NATURAL GAS SERVICES GROUP (NGS) leadership • Q4 2024

    Question

    Rob Brown of Lake Street Capital Markets asked whether the strong demand outlook was a true reflection of market improvement or simply a function of long lead times pushing orders into 2026. He also requested more detail on the market dynamics driving demand for electric drive units.

    Answer

    CEO Justin Jacobs clarified that strong demand is ongoing and the 2026 focus is driven by long lead times, not a change in underlying demand. He explained that the primary driver for electric drive unit adoption is the customer's access to reliable and sufficient power, which remains a significant uncertainty in the market.

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    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Rob Brown from Lake Street Capital Markets asked about the current revenue run rate for the high-pressure controls business and the expected operating expense level after the divestiture of the light-duty segment is fully settled.

    Answer

    President & CEO Daniel Sceli described the high-pressure controls market as a 'bumpy road' due to a pause in hydrogen projects outside of China. Regarding OpEx, Sceli noted the divestiture allows for rightsizing, while CFO Bill Larkin added that a normalized run rate will likely not be fully realized until 2026 due to residual costs from the previously consolidated business, such as audit and tax fees.

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    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q1 2025

    Question

    Asked for an outlook on the High-Pressure Controls business for the year, its growth opportunities, and the source of the recent growth in the Cespira business.

    Answer

    The High-Pressure Controls business has a backlog of hydrogen contracts that are delayed but still active, and the company is pivoting to adapt these components for the growing CNG market. The new plant in China is being finalized to meet local demand. The 25% growth in Cespira is primarily from Europe, driven by increased marketing from Volvo and expansion into new markets like India, which was part of the original business plan.

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    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q1 2025

    Question

    Rob Brown questioned the outlook and growth drivers for the High-Pressure Controls business and sought details on the source of the recent growth in the Cespira JV.

    Answer

    CEO Daniel Sceli explained that the High-Pressure Controls business is supported by a backlog of hydrogen contracts and is now pivoting to capture the accelerating CNG market, with a new plant in China to meet local demand. Executive Bill Larkin attributed Cespira's 25%+ growth to increased activity from Volvo in key European markets and expansion into India, noting this growth was part of the original business plan.

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    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q4 2024

    Question

    Asked for clarification on the enterprise value of the divested business and inquired about the go-forward strategy, including the revenue rate of the retained business and the timeline for expanding into the natural gas market.

    Answer

    Executives clarified the sale price calculation relative to cash. Strategically, the company will focus on two areas: the HPDI business, which is on a planned growth path, and the High-Pressure Controls business, which is pivoting from a hydrogen focus to aggressively pursue the North American CNG market, though a specific timeline for revenue is not yet available.

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    Rob Brown's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q4 2024

    Question

    Rob Brown from Lake Street Capital Markets, LLC sought clarification on the net value of the light-duty business sale after accounting for debt. He also asked about the go-forward revenue rate and growth strategy for the remaining business, particularly the pivot towards natural gas applications.

    Answer

    CFO Bill Larkin indicated the sale price would be offset against cash in a net calculation. CEO Dan Sceli outlined a two-part strategy for the remaining business: the Cespira (HPDI) segment is on a planned growth trajectory, while the High-Pressure Controls and Systems segment is pivoting to leverage its hydrogen technology for the growing CNG market in North America. He noted this pivot is a key initiative to capture immediate opportunities.

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    Rob Brown's questions to Babcock & Wilcox Enterprises (BW) leadership

    Rob Brown's questions to Babcock & Wilcox Enterprises (BW) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets asked for details on how extending the life of power plants benefits the parts and service business, and requested an update on the BrightLoop technology pipeline, including the number of projects and potential applications like steam generation.

    Answer

    Kenneth Young, Chair & CEO, explained that as plants extend their lifespans, they require significant investment in major components, efficiency upgrades, and environmental systems, which drives demand for B&W's parts and services. Regarding BrightLoop, Young stated there are 'well over 10' projects in the pipeline. He highlighted its versatility to produce steam or hydrogen from various fuels, and its key advantage of offering an economical option to capture CO2 in the future without major capital expenditure or impacting plant efficiency. He confirmed active discussions for steam generation projects with utilities using coal or natural gas, as well as biomass-to-steam opportunities.

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    Rob Brown's questions to Babcock & Wilcox Enterprises (BW) leadership • Q2 2025

    Question

    The analyst asked about the dynamics of the parts and service business as plant lifespans are extended and inquired about the BrightLoop technology pipeline, specifically regarding the number of projects and the potential for steam generation applications.

    Answer

    The company explained that extending plant lives drives immediate demand for deferred maintenance and major component upgrades, boosting the parts and service business. For BrightLoop, there are well over 10 projects in the pipeline. There is significant interest in its ability to produce steam from various fuels (coal, natural gas, biomass) while offering an economical, built-in option for CO2 capture, which is attracting attention from utilities for new baseload generation without the need for expensive post-combustion technology.

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    Rob Brown's questions to Babcock & Wilcox Enterprises (BW) leadership • Q1 2025

    Question

    Asked about the key drivers for the strong demand and record bookings in the quarter, and whether to expect normal seasonality in demand for the rest of the year.

    Answer

    The strong demand is driven by increased global baseload power generation, leading to higher utilization of coal plants and a greater need for parts and services. Some of this is catch-up from delayed maintenance. The company expects normal seasonality to continue, with Q3 and Q4 typically being stronger than Q1 and Q2.

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    Rob Brown's questions to Babcock & Wilcox Enterprises (BW) leadership • Q3 2024

    Question

    Asked for details on the project timeline for the Massillon BrightLoop facility and for more information on the newly announced West Virginia project and its associated forgivable loan.

    Answer

    For the Massillon project, long-lead items are ordered, with a major construction ramp-up beginning in Q2 of next year. The goal is to produce hydrogen by early 2026 and reach full commercial operation in Q2 2026. The West Virginia agreement is for a $10 million forgivable loan to build a small-to-midsize BrightLoop plant using biomass and coal, which must be operational by 2030. The loan's forgiveness is tied to local job creation.

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    Rob Brown's questions to Ballard Power Systems (BLDP) leadership

    Rob Brown's questions to Ballard Power Systems (BLDP) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets inquired about Ballard's near-term market focus under its new cost structure and sought details on the recent large marine order.

    Answer

    President and CEO Marty Neese identified bus, rail, and marine as key near-term markets, highlighting the total cost of ownership (TCO) advantage for hydrogen in larger fleets. He described the marine order as a 6.3 MW deal for the FCWave product, which took two years to secure, underscoring the vertical's long-term potential due to favorable range and fueling infrastructure characteristics.

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    Rob Brown's questions to Ballard Power Systems (BLDP) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets asked about the near-term markets Ballard is pursuing, such as rail and marine, and how the company's new cost structure will influence its market approach. He also requested more details on the significant marine order announced after the quarter.

    Answer

    President and CEO Marty Neese identified bus, rail, and marine as key near-term markets. He highlighted the strong total cost of ownership (TCO) proposition for hydrogen buses in North America and Europe, especially for larger fleets. Regarding the marine order, Neese explained it was a multi-year sales cycle for a 6.3 MW system, underscoring the long-term potential of the marine vertical due to its favorable range, route, and fueling infrastructure characteristics.

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    Rob Brown's questions to Clean Energy Fuels (CLNE) leadership

    Rob Brown's questions to Clean Energy Fuels (CLNE) leadership • Q2 2025

    Question

    Rob Brown asked for more details on the operational ramp-up of the new dairy projects and sought an update on the regulatory clarity affecting customer purchasing decisions in the trucking market.

    Answer

    CFO Robert Vreeland described the dairy project ramp-up as addressing normal, post-commissioning 'punch list' items with no major showstoppers. President & CEO Andrew Littlefair added that this commissioning phase is a longer, six-month process to debug and enhance the facilities. On regulatory matters, Littlefair noted that while macro issues and California rules have slowed truck sales, clarity is emerging, and RNG's economic advantage remains a strong selling point for fleets.

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    Rob Brown's questions to NN (NNBR) leadership

    Rob Brown's questions to NN (NNBR) leadership • Q2 2025

    Question

    Rob Brown of Lake Street Capital Markets inquired about the incremental margins on NN Inc.'s new business wins, the key verticals driving this new activity, and the demand outlook for the electrical, grid, and data center markets.

    Answer

    CEO Harold Bevis explained that new business is priced to achieve at least a 15% margin for open capacity or a 25% ROI for new investments, making the overall win basket 3-4 EBITDA points accretive. He noted that while the residential electrical distribution market is flat, the power generation segment is growing, driven by their partnership with Cummins for data center applications.

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    Rob Brown's questions to Limbach Holdings (LMB) leadership

    Rob Brown's questions to Limbach Holdings (LMB) leadership • Q2 2025

    Question

    Rob Brown from Lake Street Capital Markets asked for an update on the demand environment and inquired about the future trajectory of the GCR business, specifically whether it will continue to decline or level off.

    Answer

    President and CEO Michael McCann stated that the demand environment is strong, driven by a proactive sales model targeting customers who must spend on repairs. He highlighted the strategy of converting reactive work into proactive, long-term capital programs, citing a national healthcare client with 20 locations as an example. Regarding GCR, McCann reiterated the full-year guidance of 70-80% ODR revenue, implying a 20-30% GCR mix. He affirmed the strategic push towards owner-direct work will not change, though the mix could fluctuate with future acquisitions.

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    Rob Brown's questions to ENVIRI (NVRI) leadership

    Rob Brown's questions to ENVIRI (NVRI) leadership • Q2 2025

    Question

    Rob Brown from Lake Street Capital Markets inquired about the specific factors driving the expected performance improvement in the Harsco Environmental segment in the second half of the year. He also asked about the typical duration of down cycles in the Rail business.

    Answer

    Chairman & CEO F. Nicholas Grasberger explained that the anticipated second-half improvement in Harsco Environmental is due to three key factors: the ramp-up of new sites, the full six-month impact of cost reduction initiatives, and performance enhancements at several underperforming locations. Regarding the Rail segment, he stated that the current downturn is expected to be shorter-lived than historical cycles because it's driven by customer uncertainty rather than a broad recession, and he does not foresee the weakness persisting into 2026.

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    Rob Brown's questions to Applied Digital (APLD) leadership

    Rob Brown's questions to Applied Digital (APLD) leadership • Q4 2025

    Question

    Rob Brown asked for an update on the status of the previously mentioned 'advanced negotiations' with a hyperscaler customer and inquired about the remaining work needed to complete the first Ellendale facility.

    Answer

    CEO Wes Cummins confirmed they are in advanced negotiations with an investment-grade North American hyperscaler but did not provide further identifying details. He noted that the remaining work on the first Ellendale building is primarily the technical fit-out, which is already underway, with the customer expected to begin ramping up in calendar Q4 of the current year.

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    Rob Brown's questions to CECO ENVIRONMENTAL (CECO) leadership

    Rob Brown's questions to CECO ENVIRONMENTAL (CECO) leadership • Q2 2025

    Question

    Rob Brown from Lake Street Capital Markets inquired about the strength and depth of the sales pipeline for the power generation market, CECO's capacity to handle new work, and the demand drivers in other key industrial verticals.

    Answer

    CEO Todd Gleason and CFO Peter Johansson characterized the power generation market as being in its "earlier innings," with an active pipeline exceeding $1 billion. They assured that capacity is not a concern due to strategic planning with major partners. Gleason also highlighted robust demand drivers in semiconductors, natural gas infrastructure, and industrial water, supported by the ongoing industrial reshoring trend in North America.

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    Rob Brown's questions to ARGAN (AGX) leadership

    Rob Brown's questions to ARGAN (AGX) leadership • Q1 2026

    Question

    Rob Brown of Lake Street Capital Markets, LLC inquired about Argan's project pipeline visibility following the Sandoz Lakes award, the potential peak backlog level, and the revenue outlook for the Industrial Construction Services segment.

    Answer

    CEO David Watson stated the project pipeline remains robust, projecting the backlog will grow 'significantly over $2,000,000,000' this year, supported by long-term demand extending to 2030. For the Industrial segment, Watson acknowledged a recent contraction but highlighted a $91 million backlog and expects 'meaningfully' increased revenues in the next several quarters.

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    Rob Brown's questions to ARGAN (AGX) leadership • Q4 2025

    Question

    Inquired about the project pipeline's composition and regional focus, changes in the customer base, and the outlook for the industrial construction business.

    Answer

    The project pipeline is largely U.S.-based, with Texas being a key area, and backlog is expected to grow over the next six months. The customer base is still primarily independent power producers (IPPs), but they are open to all potential customers. The industrial business (TRC) is seeing strong demand and has added over $40 million in new contracts post-year-end, with revenue expected to grow mid-to-late in the year. Overall company revenue may dip slightly in the next quarter before increasing as new projects ramp up.

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    Rob Brown's questions to ARGAN (AGX) leadership • Q3 2025

    Question

    Inquired about changes in the project pipeline activity, the specific timing of the Texas gas plant under LOI, the comparative backlog burn rate for solar versus gas projects, and the outlook for the industrial business.

    Answer

    Pipeline activity remains extremely elevated with new opportunities and existing projects progressing. The Texas LOI project is expected to start work in the next couple of months. Solar projects have a more consistent revenue burn rate compared to the bell-curve of gas projects. The industrial segment's revenue and backlog are expected to dip in the near term before rebounding in early fiscal 2026, based on a strong pipeline of opportunities.

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    Rob Brown's questions to ARGAN (AGX) leadership • Q2 2025

    Question

    Inquired about the business environment and pipeline for the TRC segment, the completion timeline for current solar and battery projects, and whether the anticipated new gas projects are facing development delays.

    Answer

    The executive highlighted TRC's record quarterly performance and strong long-term outlook, though a short-term backlog dip is possible due to high revenue conversion. The solar projects are on a quick timeline, with most expected to be complete by the fiscal year-end. The prospective gas projects are progressing through their development milestones, supporting the company's optimistic timeline for securing them.

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    Rob Brown's questions to CHART INDUSTRIES (GTLS) leadership

    Rob Brown's questions to CHART INDUSTRIES (GTLS) leadership • Q1 2025

    Question

    Rob Brown asked about the gross margin improvement in the Specialty Products segment and its future potential.

    Answer

    CEO Jillian Evanko expressed satisfaction with the segment achieving over 30% gross margin, a key focus for the company. While she would be pleased if it remained in the low 30s for 2025, she believes the segment's potential is closer to 33-34% in the medium term as further operational efficiencies are realized.

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    Rob Brown's questions to Flux Power Holdings (FLUX) leadership

    Rob Brown's questions to Flux Power Holdings (FLUX) leadership • Q3 2024

    Question

    Inquired about the visibility of order activity and market demand for the second half of the year, and asked for an update on the status of new product launches and model refreshes.

    Answer

    The current slowdown is attributed to interest rate impacts, with customer orders being delayed rather than canceled. There are indications of a pickup in the second half of calendar 2024. The company is rolling out new heavy-duty models across its product lines and developing higher-voltage (80-volt) applications for larger forklifts to meet emerging demand.

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    Rob Brown's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership

    Rob Brown's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q1 2016

    Question

    Rob Brown from Lake Street Capital Markets asked for clarification on Q1 gross margins, questioning if they were impacted by one-time items or solely by low volume. He also asked about the margin trajectory for the year and the company's visibility into the on-road segment ramp.

    Answer

    CFO Michael Lewis confirmed that the Q1 gross margin decline was primarily due to under-absorption from staffing up for the second half and unfavorable volume/mix, not one-time charges. He reiterated the goal of returning to historical 20%+ margins to meet annual targets. Chairman and CEO Gary Winemaster added that visibility into the on-road segment comes from a combination of ongoing order boards, production orders, and strong market indicators, such as the successful launch with Navistar and the engine's acknowledged performance advantages.

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    Rob Brown's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q4 2015

    Question

    Rob Brown from Lake Street Capital Markets asked about the feasibility of achieving high-teens gross margins given the 2016 business mix outlook and questioned the expected cadence of the on-road business ramp-up throughout the year.

    Answer

    CFO Michael Lewis stated that a high-teens gross margin is still achievable through operational efficiencies and a favorable mix shift to higher-margin on-road products. CEO Gary Winemaster added that the on-road ramp would be driven by the school bus market and Chinese OEM programs moving into production in the third quarter, with on-highway growth expected to offset declines in oil and gas revenue.

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    Rob Brown's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q3 2015

    Question

    Rob Brown of Lake Street Capital Markets inquired about the expected timeline for gross margin improvement and the alignment of the company's cost structure.

    Answer

    Chairman and CEO Gary Winemaster responded that the issues impacting margins have largely been resolved, and he anticipates seeing improvements within the next one to two quarters.

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    Rob Brown's questions to POWER SOLUTIONS INTERNATIONAL (PSIX) leadership • Q2 2015

    Question

    Rob Brown from Lake Street Capital Markets asked for clarification on how the $500 million on-road market opportunity might be split between the U.S. and China, and how the gross margin structure is expected to trend under the new guidance.

    Answer

    COO Eric Cohen explained that while the $500 million on-road market is achievable in the U.S. alone, the accelerating opportunities in China could help them reach that target faster. CFO Dan Gorey projected Q3 gross margins to be in the low to mid-17% range, impacted by the decline in oil and gas sales and temporary purchase accounting effects from the Powertrain Integration acquisition, which should normalize by Q4.

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