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    Ross Taylor • Not specified in transcript

    Ross Taylor's questions to TechPrecision Corp (TPCS) leadership

    Ross Taylor's questions to TechPrecision Corp (TPCS) leadership • Q1 2026

    Question

    Ross Taylor from ARS Investment Partners asked about the recent increase in backlog, the nature and duration of unprofitable contracts at the STADCO subsidiary, and the strategic plans to accelerate top-line revenue growth beyond its current plateau. He also questioned what cultural and operational changes are being implemented to improve profitability and professionalize the organization, specifically focusing on the financial drain from STADCO and the path to making it a positive contributor.

    Answer

    CEO Alex Shen and CFO Phil Podgorski confirmed that the unprofitable legacy contracts are predominantly at the STADCO subsidiary and that progress has been made on renegotiating 35-40% of them, though a definitive timeline for completion remains uncertain. They acknowledged STADCO's financial drag and stated they are implementing new operational routines to improve throughput and productivity. The executives noted that while they are actively pursuing new business with a formal 'pursuits list,' growth is constrained by the need for capital investment and the challenge of attracting and retaining skilled talent. They affirmed that STADCO has a strong path to recovery, which involves shedding or improving unprofitable contracts one at a time.

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    Ross Taylor's questions to TechPrecision Corp (TPCS) leadership • Q4 2025

    Question

    Inquired about the reasons for higher costs at STADCO, the progress on renegotiating legacy contracts, capacity to meet F-15EX demand, overall facility utilization, potential for non-DOD business, and the impact of the new board.

    Answer

    Management attributed higher STADCO costs to both rising input prices and operational variables. They confirmed progress on renegotiating legacy contracts is being done in "tranches," with more than 10% but less than half completed. The company can meet increased F-15EX demand. Facility utilization is dynamic, and the strategic focus remains on growing within the existing high-specification defense sector rather than diversifying into commercial areas.

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    Ross Taylor's questions to TechPrecision Corp (TPCS) leadership • Q3 2025

    Question

    Ross Taylor asked if Stadco's pricing issues are tied to specific production lots, about its capacity to meet demand for the CH-53K and F-15EX programs, and inquired about grant funding for capital equipment.

    Answer

    Executive Alexander Shen confirmed the pricing issues are linked to production lots and that they are making progress on negotiations. He affirmed Stadco has the capacity to meet delivery requirements for its key programs. Shen also disclosed a recent $4 million grant for the Ranor subsidiary, bringing the total grant funding to over $21 million, which is targeted for the submarine industrial base.

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    Ross Taylor's questions to TechPrecision Corp (TPCS) leadership • Q2 2025

    Question

    Ross Taylor asked about the timeline and strategy for returning the Stadco subsidiary to sustained profitability, seeking clarity on the nature of loss-making 'one-off' projects versus core programs like the F-15EX and CH-53K. He also inquired about the impact of machine breakdowns, Stadco's capacity to meet future production run-rates, and opportunities at the Ranor subsidiary related to customer supplier consolidation and capacity expansion funding.

    Answer

    CEO Alex Shen detailed a multi-faceted approach for the Stadco turnaround, focusing on better vetting of non-core projects, addressing legacy pricing, overcoming deferred maintenance issues, and minimizing under-absorbed overhead. Shen confirmed that despite quarterly volatility, Stadco can meet long-term production demands for its key defense programs. Regarding the Ranor subsidiary, he highlighted that capacity expansion is being supported by government-funded CapEx grants to add redundancy and relieve potential bottlenecks, not by the company's own capital.

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    Ross Taylor's questions to Mind Technology Inc (MIND) leadership

    Ross Taylor's questions to Mind Technology Inc (MIND) leadership • Q1 2026

    Question

    Ross Taylor from ARS Investment Partners, LLC asked about the financial impact of the $5.5 million delayed shipment on quarterly earnings, recent backlog movement, and the nature of a newly announced order. He also sought details on the investment in the Texas repair facility, its expected revenue contribution and role in utilizing U.S. tax losses, a potential partnership with German company GWL, and whether a roughly $50 million annual revenue run rate is a reasonable expectation for the fiscal year.

    Answer

    President & CEO Robert P. Capps quantified the delayed shipment's impact as approximately $2 million in lost gross profit for the quarter. He noted the new order came from an existing customer with a new need and that the backlog includes encouraging new prospects. Capps detailed the ~$0.5M investment in the Texas facility, expecting it to generate several million in annual U.S.-based revenue. He confirmed a partnership with GWL is in development and agreed that a revenue run rate in the order of magnitude of $50 million is a reasonable target.

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    Ross Taylor's questions to Mind Technology Inc (MIND) leadership • Q4 2025

    Question

    Ross Taylor of ARS Investment Partners asked about EBITDA margin sensitivity to revenue volume and the outlook for fiscal 2026 margins. He also inquired about the order book potential from new applications like sea bottom mapping and mining, progress in the defense sector, and whether internal growth opportunities require R&D investment or market development.

    Answer

    Executive Robert Capps acknowledged margin sensitivity to volume but expressed optimism that productivity enhancements could help maintain strong margins similar to recent quarters. He confirmed that applications like ocean bottom mapping are expanding their addressable market beyond traditional energy. Capps noted the defense program was paused but is now being re-engaged, and that internal growth initiatives involve both R&D work and market acceptance. He concluded that while the growth rate may differ, the overall outlook for fiscal 2026 is very positive.

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    Ross Taylor's questions to Mind Technology Inc (MIND) leadership • Q3 2025

    Question

    Ross Taylor asked for the year-to-date GAAP earnings, the sustainability of the 40% aftermarket revenue contribution, and the primary markets driving sales growth. He also questioned the potential for subsea mapping for drone submarines, the required R&D funding for new products, and the outlook for the cash conversion ratio, while expressing support for avoiding large acquisitions.

    Answer

    Executive Robert Capps provided the year-to-date net income of approximately $3.043 million before dividend activity. He explained that while the 40% aftermarket revenue figure is historically consistent, the absolute dollar amount is expected to grow with the installed base, and this business tends to have better margins. Capps identified energy exploration and marine survey activity (for carbon capture, wind farms) as the main growth drivers. He stated that R&D spending should remain at current levels and expects the cash conversion ratio to see some near-term improvement.

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    Ross Taylor's questions to Mind Technology Inc (MIND) leadership • Q2 2025

    Question

    Ross Taylor from ARS Investment Partners asked for specifics on quarter-end inventory, the expected G&A run rate, the annual cost of being a public company, the baseline for the second-half performance outlook, and the strategic rationale behind the recent capital structure simplification.

    Answer

    Executive Robert Capps stated inventory was about $20 million. He projected a slight reduction in the $2.8 million quarterly G&A expense and estimated annual public company costs could approach $2 million. Capps clarified that the outlook for an improved second half was based on revenue, comparing it to the roughly $20 million generated in the first half. He explained the simplified capital structure removes valuation uncertainty and provides greater flexibility for growth, including potential partnerships or capital raises.

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    Ross Taylor's questions to Perma-Fix Environmental Services Inc (PESI) leadership

    Ross Taylor's questions to Perma-Fix Environmental Services Inc (PESI) leadership • Q4 2024

    Question

    Ross Taylor asked about the expected economics of the Gen 2 PFAS unit, including revenue and margins, and whether the DFLAW program's initial revenue would be sufficient to achieve free cash flow breakeven. He also questioned the strategy for getting the core business to profitability to fund growth initiatives without further dilution.

    Answer

    Executive Mark Duff outlined a goal for the Gen 2 PFAS unit to generate approximately $5 million in quarterly revenue with incremental margins similar to other waste streams. He expressed confidence that the DFLAW ramp-up, combined with other waste streams, should allow the company to be cash positive by the end of Q3. He acknowledged the struggle with the core business and reiterated the focus on returning to a baseline of $20 million in quarterly revenue. CFO Ben Naccarato confirmed no additional CapEx was needed for Hanford.

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    Ross Taylor's questions to Perma-Fix Environmental Services Inc (PESI) leadership • Q3 2024

    Question

    Ross Taylor questioned the economics of the PFAS business, asking about the expected price per gallon for treating concentrated waste and the anticipated operating margin compared to other treatment services.

    Answer

    Mark Duff, Executive, stated that pricing is difficult to pinpoint and ranges from $10-$15 per gallon for general liquids up to $45-$50 for highly concentrated waste, depending on volume. He expects rates to rise once the EPA designates PFAS as a hazardous waste. For planning purposes, the company is assuming a typical operating margin but believes the process can become more profitable than other waste streams as they optimize operations and recycle chemicals.

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    Ross Taylor's questions to Richardson Electronics Ltd (RELL) leadership

    Ross Taylor's questions to Richardson Electronics Ltd (RELL) leadership • Q2 2025

    Question

    Asked about the long-term outlook for the semi-cap business, the nature of the wind turbine business (aftermarket vs. new build), the status of the Thales tube inventory buildup, and the strategic direction for the healthcare/medical imaging division.

    Answer

    The semi-cap outlook is positive for Q3 but less clear beyond that, though no negative indicators have appeared. The wind business is an aftermarket play, insulated from new build slowdowns. The Thales tube inventory build will conclude at the end of calendar 2025. The healthcare business is improving operationally but is still loss-making, and strategic alternatives are still being explored.

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    Ross Taylor's questions to Richardson Electronics Ltd (RELL) leadership • Q2 2025

    Question

    Ross Taylor asked if the outlook for the semiconductor-related business was still on track to reach prior peak levels, whether a slowdown in new wind turbine installations would impact their aftermarket business, the status of the Thales tube inventory build-up, and the strategic plan for the medical imaging business.

    Answer

    Wendy Diddell, COO, indicated good Q3 visibility for the semi-cap business but noted customers are keeping longer-term forecasts 'closer to the vest,' though no negative trends are apparent. Gregory Peloquin, General Manager, confirmed their wind business is focused on existing turbines and repowering, making it resilient to new installation slowdowns. CEO Edward Richardson and Wendy Diddell explained that one more year of Thales inventory build remains, they are confident in selling the inventory, and are actively seeking new manufacturing sources. Diddell added that while the Healthcare business is improving margins, it is still losing money and they continue to explore strategic alternatives.

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    Ross Taylor's questions to Richardson Electronics Ltd (RELL) leadership • Q1 2025

    Question

    Sought confirmation on the outlook for the semiconductor business, asking if the forecasted 'record year' in 2025 is a calendar year and implies over $40M in revenue. Also inquired about the unit economics of battery starter packs and commented on the company's positive setup for 2025 and beyond, suggesting share buybacks.

    Answer

    Executives confirmed the 'record year' forecast is for calendar 2025 and that the business is their highest margin segment. Details on inventory drawdown for this business would be discussed offline. Pricing for starter packs is confidential, but a 1,000-train order is on the books, making it a strong future revenue driver. Management agreed with the assessment that the company is setting up for a return to meaningful growth and profitability.

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    Ross Taylor's questions to Richardson Electronics Ltd (RELL) leadership • Q1 2025

    Question

    Ross Taylor sought confirmation that the forecasted 'record year' for the semiconductor business in 2025 refers to the calendar year and would exceed a $40 million run rate. He also asked about unit volumes for battery starter packs and reaffirmed the positive outlook for a return to meaningful profitability, suggesting a share repurchase.

    Answer

    Executive Edward Richardson confirmed the outlook for the semiconductor business is for calendar 2025 and that it is the company's highest margin business. GM Gregory Peloquin stated that while he could not share pricing, the company has an agreement for 1,000 train starter packs with one customer and expects more, making it a strong revenue driver. Management agreed with the overall positive outlook for a return to meaningful profitability and growth.

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