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    Rustam Kanga • Citizens Capital Markets and Advisory

    Rustam Kanga's questions to Backblaze Inc (BLZE) leadership

    Rustam Kanga's questions to Backblaze Inc (BLZE) leadership • Q2 2025

    Question

    Rustam Kanga asked how the recent suite of security feature announcements, such as Legal Hold, contributes to the company's strategic shift upmarket.

    Answer

    CEO Gleb Budman explained that new functionality for performance, security, and AI directly supports the upmarket momentum. He highlighted that features like Legal Hold and Bucket Access Logs were top requests from larger companies, making Backblaze a more strategic part of their infrastructure. These tools, combined with the go-to-market transformation, give the sales team the necessary products to close larger, more complex deals.

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    Rustam Kanga's questions to Ribbon Communications Inc (RBBN) leadership

    Rustam Kanga's questions to Ribbon Communications Inc (RBBN) leadership • Q2 2025

    Question

    Rustam Kanga from Citizens Capital Markets and Advisory sought to confirm that the FX headwind guidance is based on current rates holding steady. He also asked if the optimism around European defense opportunities was linked to increased NATO defense budgets.

    Answer

    EVP & CFO John Townsend and President, CEO & Director Bruce McClelland confirmed the FX headwind analysis assumes current exchange rates for the shekel, euro, and Canadian dollar persist. McClelland clarified that the current European defense opportunities are not yet driven by increased NATO spending, but rather by existing investment cycles. He noted the primary future opportunity lies in voice modernization programs similar to those in the U.S., which have not yet begun in earnest in Europe.

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    Rustam Kanga's questions to Ribbon Communications Inc (RBBN) leadership • Q1 2025

    Question

    Rustam Kanga of Citizens inquired about the early customer reception for the newly launched NPT-2714 metro core router and its potential contribution. He also asked about the strategic impact of the network expansion with Converge ICT in the Philippines.

    Answer

    CEO Bruce McClelland described the NPT-2714 as a strategic, high-capacity router that allows Ribbon to offer end-to-end solutions and expand into the core of customer networks, noting a good pipeline of opportunities. Regarding the Converge project, he explained it's a new backbone built with Western providers to serve hyperscalers without Chinese equipment, serving as a key reference point for Ribbon in the APAC region.

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    Rustam Kanga's questions to Ribbon Communications Inc (RBBN) leadership • Q3 2024

    Question

    Rustam Kanga, on for Trevor Walsh, asked for more detail on the drivers behind the successful cross-selling motion in the IP Optical segment, particularly with rural broadband providers.

    Answer

    Bruce McClelland, CEO, attributed the cross-selling success to two main factors. First, Ribbon leverages existing relationships with rural operators, where it already provides voice infrastructure, to introduce and sell its IP Optical portfolio. Second, the company is successfully using its IP routing platforms to replace legacy TDM and SONET infrastructure for a broader set of service provider customers who manage interconnect networks, offering them a cost-effective circuit emulation solution.

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    Rustam Kanga's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Rustam Kanga's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q1 2025

    Question

    Rustam Kanga from Citizens JMP asked for comments on the Navy CCA program, sought to reconcile comments on a U.S. supply base with cost issues on target drones, and inquired about the impact of regional conflict on the Israeli microwave electronics business.

    Answer

    CEO Eric DeMarco declined to comment on any CCA programs. He explained the target drone cost issue stems from two specific sole-source suppliers who have significantly raised prices on fixed-price contracts. Regarding the Israeli business, he noted that conflict drives demand for air defense systems, and he sees no respite in demand.

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    Rustam Kanga's questions to Aviat Networks Inc (AVNW) leadership

    Rustam Kanga's questions to Aviat Networks Inc (AVNW) leadership • Q3 2025

    Question

    Rustam Kanga from Citizens JMP sought clarification on the tariff mitigation strategy, asking if the goal was to absorb costs internally and only pass on unmitigated impacts, making the 2-2.5% of COGS an upper bound for potential surcharges.

    Answer

    CFO Michael Connaway confirmed this interpretation was correct. He detailed the playbook: first, work with the supply base for offsets; second, optimize manufacturing; and only then pass on the remaining delta. He emphasized the goal is to be earnings-per-share neutral, even if it creates near-term gross margin pressure, viewing it as the right long-term strategy to treat suppliers and customers like partners.

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