Sign in

    Ryan Pfingst

    Senior Research Analyst at B. Riley Securities

    Ryan Pfingst is a Senior Research Analyst at B. Riley Securities, specializing in sustainable energy and technology sectors with a particular focus on coverage of companies such as Ameresco, Amprius Technologies, Aspen Aerogels, Blink Charging, Centrus Energy, ChargePoint, Energy Recovery, Enovix, Eos Energy, FuelCell Energy, HASI, Montauk Renewables, NuScale Power, Oklo, OPAL Fuels, Plug Power, and Ur-Energy. He has achieved a performance record that includes a 64% success rate on 14 tracked stocks, an average return per transaction of 82%, and a most profitable recommendation that resulted in an 800% return on NuScale Power. Pfingst has nearly a decade of equity research experience, with over four years focused on oil and gas and almost two years on sustainable energy, and he joined B. Riley Securities after earning his B.S. in Business Administration with a concentration in Finance from the University of Richmond. He is believed to hold relevant securities licenses, as is typical for senior analysts at FINRA-registered broker-dealers, and has been recognized for his strong analytical performance on platforms like TipRanks.

    Ryan Pfingst's questions to Oklo (OKLO) leadership

    Ryan Pfingst's questions to Oklo (OKLO) leadership • Q2 2025

    Question

    Ryan Pfingst of B. Riley Securities asked for an update on the potential timing and milestones for the Eielson Air Force Base project and questioned whether recent partnerships could accelerate firm orders from data center customers.

    Answer

    Co-Founder, CEO & Director Jacob Dewitte noted the Eielson project timeline is in development, with detailed site work anticipated next summer. Both Dewitte and CFO R. Craig Bealmear emphasized that while partnerships are supportive, the focus remains on building deep, strategic relationships for LOI conversions, rather than rushing a PPA, and that interest in front-of-the-meter solutions is growing.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Ryan Pfingst inquired about the potential for new executive orders to accelerate nuclear deployment, specifically the Department of Defense's (DoD) regulatory authority, and asked for an update on the broader supply chain beyond fuel.

    Answer

    CEO Jacob Dewitte explained that the DoD has the authority to regulate nuclear plants for its own use, which could create an alternate, streamlined deployment pathway. Regarding the supply chain, he noted Oklo's design intentionally leverages existing, non-nuclear supply chains for components like stainless materials and steam systems, with fuel being the primary long-lead item. He highlighted that their technology avoids the need for large forgings common in light-water reactors.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Ryan Pfingst inquired about the Department of Defense's regulatory authority for nuclear power and its potential to accelerate reactor deployments, as well as the status of Oklo's supply chain beyond fuel for near-term construction.

    Answer

    Co-Founder and CEO Jacob Dewitte explained that the DoD has the authority to regulate nuclear plants for its own use cases, creating an alternate pathway that could streamline deployments. Regarding the supply chain, Dewitte emphasized that Oklo's design leverages existing, non-nuclear supply chains for common materials, avoiding bottlenecks seen in the light water reactor space. He highlighted the partnership with Siemens for steam generation and noted that most long-lead items are on an 18-month timeline.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Oklo (OKLO) leadership • Q3 2024

    Question

    Ryan Pfingst from B. Riley Securities asked if recent announcements from tech giants have increased customer interest in Oklo, potentially accelerating the conversion of Letters of Intent (LOIs) to Power Purchase Agreements (PPAs). He also inquired about the potential impact of the changing political landscape on the nuclear industry and Oklo's opportunities.

    Answer

    CEO Jake Dewitte confirmed that tech giant deals are accelerating customer discussions, establishing a market price for clean baseload power at or above $100/MWh. He stated that Oklo is intentionally focusing on building high-quality, long-term strategic partnerships rather than rushing to sign PPAs. Regarding the political landscape, Dewitte noted the strong, continuing bipartisan support for nuclear energy. He anticipates a continued focus on regulatory modernization and believes any changes to support mechanisms like the Inflation Reduction Act will likely maintain or enhance backing for nuclear.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Oklo (OKLO) leadership • Q3 2024

    Question

    Ryan Pfingst inquired about whether recent tech giant announcements have increased customer interest for Oklo, the potential timeline for converting letters of intent (LOIs) to power purchase agreements (PPAs), and the anticipated impact of the changing political landscape on the nuclear sector.

    Answer

    CEO Jacob Dewitte confirmed that tech announcements have accelerated customer discussions and noted that market pricing signals are strong, at or above $100 per megawatt-hour. He explained that Oklo is prioritizing the quality of strategic partnerships over the speed of signing PPAs. Dewitte also stated that strong bipartisan support for nuclear is expected to continue, with a likely focus on regulatory modernization, which would be beneficial for Oklo's deployment strategy.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to OPAL Fuels (OPAL) leadership

    Ryan Pfingst's questions to OPAL Fuels (OPAL) leadership • Q2 2025

    Question

    Ryan Pfingst asked for details on the key drivers that allowed Opal Fuels to maintain its full-year guidance despite a weaker RIN price environment. He also inquired about the current M&A landscape and the company's view on potential acquisition opportunities.

    Answer

    CFO Kazi Hasan outlined several factors supporting the guidance: forward sales of RINs providing revenue certainty, production trending toward the lower end of the guidance range, the normalization of non-recurring G&A expenses, and an expected strong second half for the lumpy downstream construction business. On M&A, Co-CEO Adam Comora noted the industry remains fragmented and OPAL's scalable platform creates consolidation opportunities, which the company evaluates against other capital allocation options to maximize shareholder value.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to OPAL Fuels (OPAL) leadership • Q4 2024

    Question

    Ryan Pfingst from B. Riley Securities asked if federal incentive uncertainty has slowed early-stage project discussions and questioned how management thinks about balancing growth investments against capital preservation and free cash flow generation.

    Answer

    Co-CEO Adam Comora stated that early-stage development has not slowed, as feedstock hosts remain motivated to move projects forward. On capital allocation, Comora emphasized the company's disciplined approach, describing OPAL as a 'free cash flow machine' with low maintenance CapEx and the flexibility to 'turn off the growth engine' to maximize shareholder value. He announced plans for a Q3 Investor Day to further detail this strategy.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to OPAL Fuels (OPAL) leadership • Q3 2024

    Question

    Asked about the potential for increased M&A activity under the new political administration and for general commentary on the M&A landscape. Also questioned if the rollout of Cummins' 15-liter engine has accelerated discussions with new customers.

    Answer

    The company sees a good environment for M&A and expects it to improve, noting the fragmented nature of the industry offers consolidation opportunities. Recent transactions support their view of private market value. Regarding the 15-liter engine, they are excited about its potential and it has spurred conversations, but adoption is never as fast as hoped. They are seeing good growth even without the new engine, citing their long-standing relationship with customers like UPS, and believe they are well-positioned to capture new business as more OEMs offer the product.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to OPAL Fuels (OPAL) leadership • Q3 2024

    Question

    Ryan Pfingst of B. Riley Securities inquired about the potential for increased M&A activity under the new administration and the current M&A environment for RNG. He also asked if the commercial launch of Cummins' 15-liter natural gas engine has accelerated discussions with potential customers.

    Answer

    Co-CEO Jonathan Maurer stated that the environment for M&A is favorable and improving, with recent transactions supporting the value of OPAL's organic growth model in a fragmented industry. Co-CEO Adam Comora addressed the 15-liter engine, expressing excitement about its long-term potential for heavy-duty trucking. He noted that while adoption is not as fast as hoped, customer conversations are active, but broader product availability from OEMs is still needed to fully accelerate growth.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Amprius Technologies (AMPX) leadership

    Ryan Pfingst's questions to Amprius Technologies (AMPX) leadership • Q2 2025

    Question

    Ryan Pfingst of B. Riley Securities, Inc. inquired about the production capacity of the new South Korean contract manufacturing partner relative to existing agreements. He also asked about the key geographic regions Amprius is targeting for future manufacturing partnerships.

    Answer

    CEO Kang Sun stated that the current capacity in South Korea is adequate for present needs and that the partnership has strong local government support for future expansion. He identified Korea and China as having the best manufacturing skills currently but mentioned that Amprius is also exploring potential domestic partnerships in the United States with smaller battery companies.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to ASPEN AEROGELS (ASPN) leadership

    Ryan Pfingst's questions to ASPEN AEROGELS (ASPN) leadership • Q2 2025

    Question

    Ryan Pfingst of B. Riley Securities questioned management's confidence in the 2027 revenue target for the Energy Industrial segment and asked about the timing of meaningful shipments to non-GM EV customers.

    Answer

    President and CEO Don Young expressed strong confidence in a 2026 growth rebound for the Energy Industrial segment, driven by a recovery in project work. CFO Ricardo Rodriguez stated that meaningful shipments to ACC are expected to begin in Q4 2025 and ramp through 2026, with Daimler becoming a significant contributor in 2027.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to ASPEN AEROGELS (ASPN) leadership • Q3 2024

    Question

    Ryan Pfingst inquired about the Energy Industrial business, asking for the current annual revenue capacity following the recent expansion and the expected timeline to achieve the company's goal of doubling the segment's revenue.

    Answer

    CEO Donald Young explained that capacity is increasing through improved line efficiency and broader product qualification at the external facility, and he believes they can reach a $50 million quarterly run-rate during 2025. He reiterated the goal of doubling the business within a five-year period. CFO Ricardo Rodriguez added that the Q4 guidance implies an annual run rate of $168 million, which will be a key test of their capacity.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Energy Recovery (ERII) leadership

    Ryan Pfingst's questions to Energy Recovery (ERII) leadership • Q2 2025

    Question

    Ryan Pfingst of B. Riley Securities inquired about Energy Recovery's confidence in its long-term desalination revenue targets, the pricing strategy for its next-generation PX product, updates on CO2 refrigeration partnerships, and progress on a business case for the data center market.

    Answer

    President and CEO David Moon and CFO Mike Mancini expressed confidence in 2026 desalination revenue based on recent awards and a strong pipeline. Mancini clarified that next-gen PX products are priced by capacity, leading to higher unit prices. Moon noted that discussions with CO2 partner Hill Phoenix are ongoing, summer testing is proceeding as planned, and the data center market currently appears too nascent for their technology, while heat pumps show more promise.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Energy Recovery (ERII) leadership • Q1 2025

    Question

    Ryan Pfingst of B. Riley Securities inquired about the desalination market's health amid macro pressures, the revenue impact of a delayed Q1 order, the company's international manufacturing strategy, opportunities to offset lost China wastewater revenue, and key milestones for the Hillphoenix CO2 partnership.

    Answer

    Executive David Moon confirmed the desalination market remains strong, particularly in the Middle East and North Africa, with no significant macro impact. Executive Michael Mancini specified that a delayed Q1 order was valued at approximately $2 million. Regarding international expansion, David Moon stated a preference for establishing a wholly-owned facility but remains open to short-term partnerships to mitigate tariffs. He also expressed confidence in offsetting lost China wastewater revenue. On the CO2 front, Moon detailed progress with Hillphoenix, citing successful field tests and outlining the next steps as finalizing a commercial agreement and launching an integrated test site.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Energy Recovery (ERII) leadership • Q4 2024

    Question

    Ryan Pfingst from B. Riley Securities inquired about the rationale for the additional $30 million share buyback, the expected geographic breakdown of desalination revenue for 2025, and whether potential tariffs pose a risk to the 2025 wastewater revenue guidance.

    Answer

    Executive Michael Mancini stated the increased buyback was driven by strong visibility into 2025 cash flow and the rapid execution of the previous authorization. He also projected the 2025 desalination revenue mix would be similar to 2024, with over 60% from the Middle East and North Africa. Executive David Moon added that the buyback shows confidence in their playbook and clarified that potential tariffs on exports to China are a risk to the wastewater business's ROI for customers, though no impact is currently seen.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Energy Recovery (ERII) leadership • Q3 2024

    Question

    Ryan Pfingst of B. Riley Securities inquired about the competitive landscape for Energy Recovery's PX G technology in the CO2 refrigeration market and the company's capital allocation strategy, particularly regarding potential share repurchases and capital requirements for the CO2 business.

    Answer

    President and CEO David Moon confirmed that while Energy Recovery competes with other technologies, there is currently no direct pressure exchanger competition for its PX G product. CFO Mike Mancini stated that a detailed capital allocation policy, including growth strategy and capital needs, would be presented at the upcoming investor webinar on November 18.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Ameresco (AMRC) leadership

    Ryan Pfingst's questions to Ameresco (AMRC) leadership • Q2 2025

    Question

    Ryan Pfingst asked for an update on the renewable natural gas (RNG) business in light of recent legislation and EPA rules, and inquired about Ameresco's specific role in its small modular reactor (SMR) partnership with Terrestrial Energy.

    Answer

    George Sakellaris, Chairman, CEO & President, stated that the company remains very excited about its RNG business, highlighting the ability to monetize the ITC for 10 safe-harbored plants. CFO Mark Chiplock added that the 45Z tax credit presents another significant opportunity. Nicole Bulgarino, President of Federal Solutions & Utility Infrastructure, described the SMR partnership as a long-term play to provide firm, clean energy, with Ameresco currently focused on developing 'bridge solutions' for customers like data centers.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to Eos Energy Enterprises (EOSE) leadership

    Ryan Pfingst's questions to Eos Energy Enterprises (EOSE) leadership • Q2 2025

    Question

    Ryan Pfingst from B. Riley Securities questioned potential customer-side risks that could impact second-half sales and asked for an outlook on the growth of service revenue.

    Answer

    CCO & Interim CFO Nathan Kreger acknowledged that while legislative uncertainty has been resolved, factors like customer financing timelines can still affect order timing, though there is no single bottleneck. He explained that current service revenue is tied to commissioning, but as the installed base of assets grows, long-term service agreements will become a more significant and recurring part of the revenue mix.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to NUSCALE POWER (SMR) leadership

    Ryan Pfingst's questions to NUSCALE POWER (SMR) leadership • Q1 2025

    Question

    Ryan Pfingst asked if the 10 'advanced' customer discussions are exclusively for U.S. data centers and requested more detail on the Class III estimate being prepared for the RoPower project.

    Answer

    CEO John Hopkins clarified the discussions are diverse, including coal plant replacements and industrial companies seeking process heat, not just data centers. He noted the complexity involves coordinating with states, utilities, and developers. For RoPower, Hopkins explained the Class III estimate is a key deliverable to Fluor that helps RoPower better define the project's next steps and costs, while they monitor the political situation in Romania, which currently appears stable for the project.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to NUSCALE POWER (SMR) leadership • Q4 2024

    Question

    Ryan Pfingst from B. Riley Financial requested details on the steps required to finalize a project with a data center customer and asked for an update on the next steps and key milestones for the RoPower project in 2025.

    Answer

    President and CEO John Hopkins identified the negotiation and finalization of long-term power purchase agreements (PPAs) as the predominant step in securing customer projects under the ENTRA1 model. For the RoPower project, he stated that NuScale is a subcontractor to Fluor and the next major milestone is the final investment decision by Nuclear Electrica, expected in the fourth quarter of 2025.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to NUSCALE POWER (SMR) leadership • Q3 2024

    Question

    Ryan Pfingst asked if the upcoming power uprate approval is specific to the 6-module design and what the timeline would be for a 12-module approval. He also inquired about the potential for increased support for nuclear under a new presidential administration.

    Answer

    Executive Clayton Scott explained the uprate includes elements applicable to both 6- and 12-module designs, and a site-specific license will be pursued for the first 12-module plant. President and CEO John Hopkins stated that while it's early, he is hopeful for an acceleration in advanced nuclear development under the incoming administration, expecting fewer regulations and citing the new president's previously pro-nuclear stance.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Ryan Pfingst inquired about the timeline and potential roadblocks for a competitor to obtain a HALEU production license and asked for an update on Centrus's 42-month timeline to establish a full-scale HALEU cascade.

    Answer

    President and CEO Amir Vexler explained that a competitor would face a multi-year, multi-million dollar process to get an NRC license for a HALEU facility, representing a major obstacle. He confirmed the 42-month timeline for Centrus's own cascade remains accurate, supported by the company's ongoing $60 million investment in supply chain readiness and facility improvements.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Ryan Pfingst asked about the potential timeline and roadblocks for a competitor to obtain a HALEU production license and sought an update on Centrus's 42-month timeline for its first full-scale cascade.

    Answer

    President and CEO Amir Vexler explained that a competitor seeking a HALEU license for a new facility would face a multi-year process costing tens of millions of dollars, representing a major obstacle. He confirmed Centrus's 42-month timeline remains unchanged, supported by the company's ongoing $60 million investment to expand manufacturing and qualify the supply chain.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Ryan Pfingst of B. Riley Securities inquired about the timeline and potential roadblocks for a competitor to obtain a HALEU production license, and also asked for an update on Centrus's 42-month timeline for bringing a full-scale HALEU cascade online.

    Answer

    President and CEO Amir Vexler explained that obtaining a HALEU license is a major obstacle for new entrants, taking years and tens of millions of dollars due to the stringent Category 2 facility requirements. He confirmed that Centrus's 42-month timeline estimate for a full-scale cascade remains unchanged, supported by the company's ongoing $60 million investment in supply chain expansion, facility improvements, and engineering design.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Ryan Pfingst inquired about the timeline and potential roadblocks for a competitor to obtain a HALEU production license and asked for an update on Centrus's 42-month timeline for its own full-scale HALEU cascade.

    Answer

    President and CEO Amir Vexler explained that for a new entrant, obtaining an NRC license for a HALEU facility is a major obstacle that would take years and tens of millions of dollars. He confirmed that Centrus's previously stated 42-month timeline to bring a cascade online post-funding remains unchanged, supported by the company's ongoing $60 million investment to prepare the supply chain and facilities.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q4 2024

    Question

    Ryan Pfingst asked if the $60 million investment officially kick-starts the 42-month timeline for the first commercial cascade and inquired about any other drivers of Q4 strength beyond pricing, as well as directional expectations for 2025.

    Answer

    President and CEO Amir Vexler confirmed that the $60 million investment is an 'accurate characterization' of the kick-start for the 42-month timeline. Regarding 2025, Vexler noted that while the company does not provide guidance, it remains opportunistic, particularly with its sizable uranium inventory, and will continue to evaluate market conditions for potential spot sales.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to CENTRUS ENERGY (LEU) leadership • Q3 2024

    Question

    Ryan Pfingst of B. Riley Securities inquired about the customers behind the new $2 billion in contingent LEU sales commitments and asked if building out LEU and HALEU production simultaneously would alter the HALEU production timeline.

    Answer

    President and CEO Amir Vexler identified KHNP as one publicly announced customer and stated other commitments are from utilities under NDAs. He confirmed the commitments had increased by $200 million. Regarding the production timeline, Mr. Vexler noted that the question of whether a parallel build-out would affect the projected 42-month schedule was complex and that he would provide a more detailed answer after consulting with his team.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to FUELCELL ENERGY (FCEL) leadership

    Ryan Pfingst's questions to FUELCELL ENERGY (FCEL) leadership • Q1 2025

    Question

    Ryan Pfingst from B. Riley Securities inquired about the timeline and Power Purchase Agreement (PPA) terms for the recently announced Hartford project. He also asked about the broader market impact of the new U.S. administration and any potential project hesitancy due to uncertainty around tax credits.

    Answer

    EVP, CFO, and Treasurer Mike Bishop detailed that the Hartford project is now at an economic site and is expected to be constructed in 2026. President and CEO Jason Few added that it is a firm 20-year PPA, adding $160 million to backlog with no company exposure to gas prices. Few also commented that while there is market uncertainty, the company's fuel flexibility is a key advantage under the current administration, and he expressed optimism about potential ITC benefits.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to FUELCELL ENERGY (FCEL) leadership • Q1 2025

    Question

    Asked for the timeline and PPA details for the Hartford project, and questioned the market impact of the current U.S. administration and policy uncertainty on project development.

    Answer

    The Hartford project is in advanced development with construction expected in 2026 under a firm 20-year PPA. While policy uncertainty (e.g., PTC) has caused some project slowdowns, the company feels well-positioned due to its fuel flexibility and is optimistic about potential ITC benefits. Customer demand remains strong, driven by the need for rapid power deployment.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to FUELCELL ENERGY (FCEL) leadership • Q3 2024

    Question

    Inquired about plans for U.S. solid oxide manufacturing expansion, potential DOE funding, and details about the e-fuels project in Canada and its future opportunities.

    Answer

    The company is actively pursuing DOE funding programs for U.S. manufacturing expansion but is being cautious with capital deployment pending more clarity on tax rules. The Canadian e-fuels project leverages their high-efficiency electrolysis and heat integration with nuclear power, representing a medium to long-term opportunity due to the technology's core strengths.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to HA Sustainable Infrastructure Capital (HASI) leadership

    Ryan Pfingst's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q4 2024

    Question

    Ryan Pfingst asked if volatile D3 RIN prices affect HASI's investment process for Renewable Natural Gas (RNG) facilities, or if the company is insulated through fixed-price offtake agreements.

    Answer

    President and CEO Jeffrey Lipson acknowledged that RIN prices are a factor watched closely in underwriting. However, he clarified that HASI's capital tranche in these projects is senior debt, which they do not view as being materially exposed to RIN price volatility due to its protected position in the cash flow waterfall.

    Ask Fintool Equity Research AI

    Ryan Pfingst's questions to TrueCar (TRUE) leadership

    Ryan Pfingst's questions to TrueCar (TRUE) leadership • Q3 2024

    Question

    Speaking on behalf of Naved Khan, Ryan Pfingst asked about the company's specific strategies for driving higher-converting traffic and the reasons behind the growth trends in TrueCar's branded channel units.

    Answer

    Executive Jantoon Reigersman outlined a dual strategy: first, attracting higher-quality, in-market shoppers at the top of the funnel, and second, implementing continuous product improvements to boost conversion rates for mid- and lower-funnel users. CFO Oliver Foley added that there is a strong correlation between marketing spend on the TrueCar brand and unit growth from affinity partners, as brand awareness campaigns drive members to their exclusive benefit sites where they ultimately convert.

    Ask Fintool Equity Research AI