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    Rob Brown • Lake Street Capital Markets

    Rob Brown's questions to Natural Gas Services Group Inc (NGS) leadership

    Rob Brown's questions to Natural Gas Services Group Inc (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 Inc (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 Limbach Holdings Inc (LMB) leadership

    Rob Brown's questions to Limbach Holdings Inc (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 Corp (NVRI) leadership

    Rob Brown's questions to Enviri Corp (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 Corp (APLD) leadership

    Rob Brown's questions to Applied Digital Corp (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 Corp (CECO) leadership

    Rob Brown's questions to CECO Environmental Corp (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 Inc (AGX) leadership

    Rob Brown's questions to Argan Inc (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 Chart Industries Inc (GTLS) leadership

    Rob Brown's questions to Chart Industries Inc (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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