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    Sameer Joshi

    Senior Equity Research Analyst at H.C. Wainwright & Co.

    Sameer Joshi is a Senior Equity Research Analyst at H.C. Wainwright & Co., specializing in clean technology, renewable energy, and medical technology sectors. He covers companies including Blink Charging and UGE International, with a notable track record such as a 582.4% return on his most profitable call and a 35.19% overall success rate as rated by TipRanks, earning him a 4.24-star ranking. Joshi began his career more than three decades ago, previously serving as Managing Director at Ardour Capital Investments and a Senior Associate at Canaccord Genuity, and has been with H.C. Wainwright since August 2015. He holds an MBA in Finance and Economics from Columbia Business School and maintains professional credentials including FINRA registration and multiple securities licenses.

    Sameer Joshi's questions to Blink Charging (BLNK) leadership

    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q2 2025

    Question

    Sought clarification on the financial impact of the Envoy settlement, specifically if it eliminates the contingent consideration liability. Also asked about the acquisition terms for Zometric and how the company manages profitability and margins for its European service business.

    Answer

    The Envoy settlement completely eliminates the contingent consideration liability from the balance sheet, replacing it with a combination of stock and performance-based warrants that expire in 20 months. The company did not disclose the specific terms of the Zometric acquisition but stated it was an advantageous deal structured mostly with stock and very little cash. European service margins have remained stable despite fluctuating electricity prices.

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    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q2 2025

    Question

    Sameer Joshi sought clarification on the Envoy settlement's impact on the balance sheet, specifically regarding the contingent consideration liability. He also asked about the acquisition cost for Zometric and inquired about how Blink manages gross margin profitability in Europe given fluctuating market conditions.

    Answer

    President, CEO & Director, Michael Battaglia, confirmed the Envoy settlement completely eliminates the contingent consideration liability. He stated the Zometric acquisition was an advantageous, mostly stock-based deal but did not disclose specific terms. Regarding Europe, Battaglia noted that margins have remained stable and that US service revenue growth actually outpaced European growth in the quarter. CFO Michael Bercovich detailed the structure of the performance-based warrants tied to the Envoy deal.

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    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q1 2025

    Question

    Sameer Joshi asked for Blink's aspirational service margin target, how the company plans to reduce operating expenses while investing in new product development, and for more details on its M&A strategy as part of the 'Blink Forward' plan.

    Answer

    CEO Michael Battaglia stated that the company's aspirational service margin target is in the mid-20s. He clarified that while new product development has a cost, it is modest. The primary path to profitability, he emphasized, is top-line growth, driven by a new Head of Sales and strategic partnerships like the one with Create Energy. Regarding M&A, Battaglia confirmed he is always evaluating targets and is currently focused on smaller, tuck-in acquisitions that can accelerate growth.

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    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q1 2025

    Question

    Inquired about the company's long-term target for service margins, how they plan to reduce operating expenses while also investing in new product development and DCFC sales, and for more details on their M&A strategy regarding market consolidation.

    Answer

    The company's aspirational target for service margins is in the mid-20s. While product development has modest costs, the primary focus for profitability is top-line growth, driven by a new sales lead. Regarding consolidation, the company is actively looking at potential tuck-in acquisitions that can accelerate growth.

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    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q3 2024

    Question

    Inquired about the mechanics and replicability of the new UK SPV, the factors influencing the full-year revenue guidance range, and the future outlook for operating expenses after recent reductions.

    Answer

    The UK SPV is an off-balance sheet vehicle for the owner-operator model, serving as a pilot for potential expansion. The revenue guidance variance is tied to product sales performance. Operating expenses are expected to continue declining due to cost-cutting measures, with some Q3 severance costs already absorbed.

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    Sameer Joshi's questions to Blink Charging (BLNK) leadership • Q3 2024

    Question

    Sameer Joshi inquired about the mechanics of the GBP 100 million SPV with Axxeltrova in the U.K., the factors influencing the high and low ends of the revised full-year guidance, and the expected trend for operating expenses.

    Answer

    COO and CEO-elect Michael Battaglia described the SPV as an off-balance sheet entity to support the U.K.'s LEVI program, allowing Blink to sell chargers into it and recognize revenue. CFO Michael Rama added that it's a pilot model being evaluated for other regions. Regarding guidance, Battaglia stated the delta between the high and low end is entirely concentrated in product sales. Rama explained that OpEx is expected to continue declining, driven by planned cost-cutting measures that will yield $9 million in annualized savings, even with some severance costs incurred in Q3.

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    Sameer Joshi's questions to Nano Nuclear Energy (NNE) leadership

    Sameer Joshi's questions to Nano Nuclear Energy (NNE) leadership • Q3 2025

    Question

    Sameer Joshi from H.C. Wainwright & Co., LLC asked about the projected cash usage and operating expense ramp over the next 18 months, the expected timeline for the Cronos construction permit approval, and the company's future targets for its vertical integration strategy.

    Answer

    CFO Jaisun Garcha stated that the estimated cash burn for the next 12 months is approximately $40 million, primarily for personnel and operational support. CEO James Walker clarified that while the executive order mandates an 18-month maximum for license applications, they anticipate a 12-month approval for the construction permit. Regarding vertical integration, Walker explained the focus is on the upstream fuel cycle, including potential involvement in mining, milling, and conversion, but not TRISO fuel fabrication.

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    Sameer Joshi's questions to Cibus (CBUS) leadership

    Sameer Joshi's questions to Cibus (CBUS) leadership • Q2 2025

    Question

    Sameer Joshi of H.C. Wainwright & Co., LLC questioned the timeline for reducing operating expenses to meet the 2026 target of $30 million in net cash usage. He also asked if this target accounts for net proceeds from the biofragrance business and inquired about the commercialization timeline for other sustainable ingredients.

    Answer

    Interim CEO Peter Beethen and Interim CFO Carlo Bruich confirmed they are on track for the $30 million net cash usage target in 2026, which is a net number. Peter Beethen explained that while biofragrances are a near-term revenue driver, other sustainable ingredients are a longer-term opportunity for the late 2020s, pursued through partnerships.

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    Sameer Joshi's questions to Cibus (CBUS) leadership • Q1 2025

    Question

    Sameer Joshi asked about the regulatory and testing requirements for the Sustainable Ingredients products, whether Cibus would need to repeat trials in the EU after new regulations are finalized, and the expected cash burn run rate for the remainder of the year.

    Answer

    Interim CEO Peter Beetham stated that for Sustainable Ingredients, the primary focus is on customer testing and scaling, as the active ingredient is already known. He also noted that Cibus has a head start in Europe with ongoing trials in the U.K. and could begin EU trials next year. Executive Carlo Broos projected the net cash burn to be around $4 million per quarter for the rest of the year, similar to Q1.

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    Sameer Joshi's questions to Cibus (CBUS) leadership • Q4 2024

    Question

    Sameer Joshi asked about the revenue timeline for the sustainable ingredients business, specifically if meaningful revenue is expected in 2026. He also questioned Cibus's engagement with European customers and its work on European crops like wheat, and followed up on whether further cost optimizations are expected.

    Answer

    Interim CEO Peter Beetham expressed confidence in achieving revenues from its bio-fragrance program in 2026, citing significant progress. He confirmed Cibus is already working with five European customers on winter oilseed rape and expects more interest in other crops like wheat following regulatory progress. Executive Carlo Broos added that while major cost reductions are complete, the company continues to find efficiencies in back-office systems.

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    Sameer Joshi's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Sameer Joshi's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Asked for clarification on revenue lumpiness, details of the divestiture proceeds (escrow and earn-outs), future CapEx for the China innovation center, and the potential impact of US-China trade tariffs.

    Answer

    The company attributed revenue fluctuations to program slowdowns in the hydrogen sector outside of China. They clarified the escrow is for customary liabilities with timed releases and the earn-out is performance-based. The stated Q3 spending of $15M is inclusive of expected CapEx. They see no direct impact from tariffs due to their localization strategy in China.

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    Sameer Joshi's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q2 2025

    Question

    Sameer Joshi of H.C. Wainwright & Co., LLC sought clarification on the revenue trend for continuing operations, the conditions tied to the escrow and earn-out from the light-duty sale, future CapEx for the new hydrogen innovation center, and the potential impact of US-China trade tariffs.

    Answer

    President & CEO Daniel Sceli attributed the revenue slowdown to customers pausing hydrogen programs. CFO Bill Larkin explained the escrow is customary to cover potential liabilities, with a large portion to be released by January 2026, and confirmed the earn-out is performance-based. Larkin also stated the estimated $15 million in Q3 costs is inclusive of CapEx for the hydrogen center. Sceli noted that the company sees no direct impact from tariffs due to its China-for-China localization strategy.

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    Sameer Joshi's questions to Alto Ingredients (ALTO) leadership

    Sameer Joshi's questions to Alto Ingredients (ALTO) leadership • Q2 2025

    Question

    Sameer Joshi asked for clarification on SG&A improvements, specifically if the Eagle Alcohol-related savings were a one-time event, and inquired about potential for further reductions. He also sought details on the basis for the $18 million 45Z tax credit estimate, confirmed the source of feedstock, and requested an update on the Western asset monetization process.

    Answer

    CFO Rob Olander confirmed the $1.1 million Eagle Alcohol improvement was a one-time final acquisition cost and detailed ongoing cost-saving efforts beyond staffing, such as negotiating better supplier terms and lowering property taxes. Olander clarified the $18 million 45Z benefit is based on current anticipated Carbon Intensity (CI) scores, with any further CI reductions offering additional upside. President and CEO Bryon McGregor affirmed they only use American-sourced feedstock. Olander added that the Western asset monetization process is ongoing with Guggenheim, but is complex due to the unique assets and improving valuations from new regulations.

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    Sameer Joshi's questions to Alto Ingredients (ALTO) leadership • Q1 2025

    Question

    Sameer Joshi of H.C. Wainwright & Co. inquired about the financial accretion of the Q1 liquid CO2 acquisition, the composition of the announced $8 million in annual savings, the potential impact of Illinois Bill SB1723 on the company's CCS project, and the costs associated with the damaged Pekin load-out dock.

    Answer

    CFO Rob Olander confirmed the CO2 acquisition was immediately beneficial, contributing to a $2.9 million improvement at the Columbia facility, and stated the $8 million in savings would be realized starting in Q2 from a 13% reduction in both COGS and SG&A. CEO Bryon McGregor explained the Illinois bill could require relocating their CCS well, necessitating an amendment to their Class VI permit. Regarding the dock, Olander noted they have implemented temporary solutions and are assessing long-term options with their insurance carrier.

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    Sameer Joshi's questions to FUEL TECH (FTEK) leadership

    Sameer Joshi's questions to FUEL TECH (FTEK) leadership • Q2 2025

    Question

    Asked for clarification on the FUEL CHEM revenue guidance, the timing of APC backlog recognition, details about the DGI demonstration costs and commercial revenue timeline, the impact of EPA rollbacks, and the size and timeline of the APC opportunity related to data centers.

    Answer

    The company clarified that the $15-16M FUEL CHEM guidance excludes new accounts. APC backlog recognition is project-specific. The DGI demo is an R&D expense, with hopes for commercial revenue in 2025. No major impact is expected from EPA rollbacks. The data center opportunity is the largest in over a decade, with a current bid pipeline of approximately $100M for APC.

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    Sameer Joshi's questions to FUEL TECH (FTEK) leadership • Q2 2025

    Question

    Sameer Joshi inquired about the 2025 outlook, including the FUEL CHEM revenue guidance, the timing of APC backlog recognition, the financial treatment of the DGI demonstration, and the potential impact of EPA regulations and the emerging AI data center opportunity.

    Answer

    Chairman, CEO & President Vince Arnone clarified that the $15-16 million FUEL CHEM guidance excludes new accounts and that APC backlog recognition is project-specific. He confirmed the DGI demonstration is an R&D expense with hopes for commercial revenue in 2025. Arnone stated that the primary APC driver is the AI data center build-out, representing a pipeline of approximately $100 million, rather than any regulatory changes.

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    Sameer Joshi's questions to FUEL TECH (FTEK) leadership • Q4 2024

    Question

    Sameer Joshi asked for clarification on the 2025 revenue guidance of over $30 million, specifically questioning the inclusion of new FUEL CHEM and APC contracts. He also inquired about gross margin expectations, spending trends for SG&A and R&D, the commercialization timeline for the DGI business, and the potential impact of tariffs.

    Answer

    Executive Vincent Arnone clarified that the guidance includes the expected $4-5 million in new APC awards but does not rely on significant revenue from the new FUEL CHEM account in 2025. He stated that FUEL CHEM's growth is driven by base accounts returning to normal operations and projected its gross margins to return to the 49-50% range. Arnone expects R&D and SG&A spending to be similar to 2024. He confirmed commercial revenues for DGI are expected in 2025 and noted that any tariff-related cost increases would be passed on to customers.

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    Sameer Joshi's questions to FTC Solar (FTCI) leadership

    Sameer Joshi's questions to FTC Solar (FTCI) leadership • Q2 2025

    Question

    Sameer Joshi asked for details on the revenue mix between products and services in Q2 and the outlook for Q3. He also questioned the drivers behind the improved Q3 gross profit guidance and sought clarity on the financing drawdown timeline relative to bookings and the company's revenue recognition policy.

    Answer

    CFO Cathy Behnen explained that the Q2 revenue mix was weighted toward services due to the timing of a large engineering contract and that the mix would likely shift back toward product revenue in Q3. She stated the improved Q3 gross profit guidance is a result of this expected mix shift and the absence of the $4 million accrual recorded in Q2. President, CEO & Director Yann Brandt clarified that the timing of the second financing tranche is dependent on a shareholder vote, not project bookings. Behnen concluded by explaining that revenue is recognized over time based on a percentage-of-completion method as projects progress.

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    Sameer Joshi's questions to FTC Solar (FTCI) leadership • Q3 2024

    Question

    Sameer Joshi of H.C. Wainwright & Co. inquired about the mix of 1P product in the backlog, customer installation feedback, geographic project diversity, the impact of the political climate, and the drivers behind the Q4 margin outlook.

    Answer

    CEO Yann Brandt explained that 1P products now constitute approximately 70% of new purchase orders and that customer feedback on installation ease and safety has been excellent. He noted project diversity across the U.S. Northeast, Southwest, and Southeast. Brandt also expressed confidence that solar will thrive regardless of the political environment, citing historical growth and domestic manufacturing investments. CFO Cathy Behnen added that the healthy Q4 margin outlook is primarily due to the product mix expected in the quarter.

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    Sameer Joshi's questions to ORION ENERGY SYSTEMS (OESX) leadership

    Sameer Joshi's questions to ORION ENERGY SYSTEMS (OESX) leadership • Q4 2025

    Question

    Sameer Joshi questioned if the EV outlook was overly cautious given strong Q4 results. He also asked for details on the Voltrec earn-out payments for fiscal 2026, the expected revenue cadence for the year, and future gross margin reporting by the new business units.

    Answer

    CFO Per Brodin explained that while the EV pipeline is strong, the cancellation of one significant project prompted a cautious outlook. He clarified the earn-out obligation is now fixed, with payments in stock, cash, and a subordinated note. Brodin expects FY2026 revenue to be more evenly distributed than in prior years and anticipates gross margins for the new units to be relatively consistent and improve from current levels.

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    Sameer Joshi's questions to ClearSign Technologies (CLIR) leadership

    Sameer Joshi's questions to ClearSign Technologies (CLIR) leadership • Q1 2025

    Question

    Sameer Joshi of H.C. Wainwright & Co. inquired about the sales incentives for the Zeeco partnership, the expansion potential for ClearSign Eye sensors at super major refineries, and the macro-level impact of tariffs and regulations on the business.

    Answer

    CEO Colin James Deller explained that the specific sales incentive structure with partner Zeeco is still under development as the engagement is new. He confirmed significant expansion potential for ClearSign Eye sensors, with thousands of opportunities at the initial super major's site and across its global refinery network. Deller also noted that while macro uncertainty exists, the company has seen minimal direct impact from tariffs on pricing, and the core regulatory drivers for its low-NOx technology remain strong.

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    Sameer Joshi's questions to Electrovaya (ELVA) leadership

    Sameer Joshi's questions to Electrovaya (ELVA) leadership • Q2 2025

    Question

    Asked about the drawdown mechanics of the EXIM loan, the accounting for Jamestown startup costs, the potential to exceed revenue guidance, and the margin profile of newer applications.

    Answer

    The EXIM loan is a draw-based facility used as needed. Jamestown startup costs will be mostly classified as COGS. The company acknowledges the potential to exceed its conservative $60M guidance but prefers to remain prudent. All new verticals are targeted for at least 30% gross margins.

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    Sameer Joshi's questions to Oklo (OKLO) leadership

    Sameer Joshi's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Sameer Joshi asked for clarification on the borehole drilling's impact on design, when reactor size must be specified in the licensing process, and whether the Oklo Fuel Foundry could handle recycled fuel.

    Answer

    CEO Jacob Dewitte clarified that drilling data informs site-specific structural engineering for the standardized plant design. He stated that the licensing platform is centralized around the 75 MW size, with smaller deployments being 'underrated' versions. He also distinguished that the 'Fuel Foundry' is for fresh fuel, while a separate, different facility and regulatory process is planned for fuel recycling and subsequent fabrication.

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    Sameer Joshi's questions to Oklo (OKLO) leadership • Q1 2025

    Question

    Sameer Joshi sought clarification on the purpose of the recent borehole drilling, how reactor sizing is handled in the licensing process, and the capabilities of the planned Fuel Foundry regarding recycled fuel.

    Answer

    Co-Founder and CEO Jacob Dewitte confirmed the drilling data primarily informs the plant's foundation engineering. He clarified that licensing is centralized around the 75 MW platform; smaller deployments would be 'underrated' versions of the same design. Dewitte also specified that the 'Fuel Foundry' is for fresh HALEU fuel, while a separate regulatory effort is underway for a fuel recycling facility that would handle recycled fuel.

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    Sameer Joshi's questions to BROADWIND (BWEN) leadership

    Sameer Joshi's questions to BROADWIND (BWEN) leadership • Q1 2025

    Question

    Sameer Joshi focused on the Industrial Solutions segment, asking for confirmation that its Q1 revenue decline was solely due to temporary supply chain issues. He also questioned if the significant quarterly inventory increase was related to this segment and inquired about revenue goals and margin expectations for the PRS product line in 2026.

    Answer

    CFO Tom Ciccone confirmed the Industrial Solutions revenue drop was a temporary supply chain delay that was largely resolved early in Q2. He clarified the inventory build was primarily driven by preparations for a large tower run in the Heavy Fabrications segment, not Industrial Solutions. CEO Eric Blashford added that for the PRS product line, the company targets it to be about 10% of total revenue, or $15-$20 million, by 2026, with gross margins expected to be similar or higher, supported by rentals and service.

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    Sameer Joshi's questions to CENTRUS ENERGY (LEU) leadership

    Sameer Joshi's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Sameer Joshi asked for an explanation of the 48% decrease in SWU costs, an update on the 5B cylinder supply, and an overview of the competitive landscape for HALEU production.

    Answer

    CFO Kevin Harrill attributed the lower SWU cost to the mix of contracts delivered, including higher-margin shipments delayed from Q4, and the company's average costing method. President and CEO Amir Vexler confirmed the 5B cylinder supply is steady and not impacting production. He described the competitive landscape by highlighting Centrus's significant first-mover advantage as the only operator with a licensed, active HALEU enrichment facility using proven centrifuge technology.

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    Sameer Joshi's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Sameer Joshi asked for the dynamics behind the 48% decrease in SWU costs, an update on the 5B cylinder supply status, and an overview of the competitive landscape for HALEU production.

    Answer

    CFO Kevin Harrill attributed the lower average cost to their average costing accounting method and noted that Q1 margins were positively impacted by higher-margin shipments delayed from Q4 2024. President and CEO Amir Vexler confirmed a steady supply of 5B cylinders and detailed Centrus's competitive advantage in HALEU, being the only U.S. facility with a CAT 2 license and proven centrifuge technology.

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    Sameer Joshi's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Sameer Joshi asked about the dynamics behind the 48% decrease in SWU costs, the supply status of 5B cylinders, and the competitive landscape for HALEU production.

    Answer

    CFO Kevin Harrill attributed the favorable cost variance to the company's average costing method and the positive margin profile of shipments delayed from Q4 into Q1. President and CEO Amir Vexler confirmed a steady supply of 5B cylinders and detailed Centrus's competitive advantage as the only U.S. operator with a CAT 2 license to enrich HALEU, noting significant barriers for new entrants.

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    Sameer Joshi's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Sameer Joshi of H.C. Wainwright & Co. asked for an explanation of the 48% decrease in SWU costs, the status of the 5B cylinder supply, and an overview of the competitive landscape for HALEU production in the U.S.

    Answer

    CFO Kevin Harrill attributed the lower SWU costs to a high-margin Q4 shipment being deferred into Q1 and the absence of a low-margin contract that impacted the prior-year quarter. President and CEO Amir Vexler confirmed a steady supply of 5B cylinders with no production impact. He also detailed Centrus's significant first-mover advantage in HALEU, being the only operator with the required CAT 2 license, while potential competitors face multi-year licensing and development hurdles.

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    Sameer Joshi's questions to TIGO ENERGY (TYGO) leadership

    Sameer Joshi's questions to TIGO ENERGY (TYGO) leadership • Q1 2025

    Question

    Asked about the future impact of tariffs, the sufficiency of current inventory to handle them, the demand drivers for the new off-grid product, and the company's confidence in its strong second-half revenue guidance.

    Answer

    The company stated that the tariff impact is expected to be minimal in Q2 due to supply chain mitigation and existing U.S. inventory. They confirmed having enough pre-tariff inventory for the quarter. The off-grid product demand is from the U.S. Midwest and South. They expressed confidence in their full-year guidance based on distributor feedback, market trends, and a growing backlog.

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    Sameer Joshi's questions to TIGO ENERGY (TYGO) leadership • Q4 2024

    Question

    Sameer Joshi sought clarification on 2025 gross margin expectations, questioning if the 40% ex-charge margin from Q4 is sustainable against the mid-30s guidance. He also asked about the company's confidence in its full-year revenue guidance and the potential impact of future tariffs.

    Answer

    CFO Bill Roeschlein clarified the sustainable gross margin range is 35% to 40%, supported by recent trends (36.5% in Q3 and 40.2% in Q4, ex-reserves). He expressed confidence in the full-year revenue guidance, calling it a 'conservative but realistic range' based on four consecutive quarters of sequential growth. Regarding tariffs, Roeschlein noted that moving production to Thailand in 2017-18 mitigates risk and the company has no indication its products will be targeted.

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    Sameer Joshi's questions to TIGO ENERGY (TYGO) leadership • Q4 2024

    Question

    Asked for clarification on gross margins, seeking to understand if the 40% level seen in Q4 is sustainable, questioned the company's confidence in its full-year 2025 guidance, and inquired about potential impacts from tariffs.

    Answer

    The company stated that a sustainable gross margin range is between 35% and 40%, supported by recent trends. Confidence in the full-year guidance is based on four consecutive quarters of sequential growth, with the guidance range representing a realistic continuation of that trend. The risk of tariffs is considered low, as production was moved to Thailand years ago to mitigate this issue.

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    Sameer Joshi's questions to TIGO ENERGY (TYGO) leadership • Q3 2024

    Question

    Sameer Joshi inquired about the expected geographical drivers for growth into the second half of 2025 and sought details on the anticipated Q4 inventory charge, including its potential size and whether it was due to price devaluation or obsolescence.

    Answer

    The company explained that current growth is driven by newer geographies like the Czech Republic, the U.K., and Australia, and they expect a recovery in traditional markets like Germany and Italy in 2025 to provide a further boost. The potential Q4 inventory charge is related to their GO ESS product line (batteries and inverters) due to a competitive pricing environment, not obsolescence. The legacy TS4 product line pricing remains stable.

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    Sameer Joshi's questions to CECO ENVIRONMENTAL (CECO) leadership

    Sameer Joshi's questions to CECO ENVIRONMENTAL (CECO) leadership • Q1 2025

    Question

    Sameer Joshi inquired about CECO's M&A plans for the coming quarters, the expected margin impact from the growing backlog's mix of projects, and whether the steady top-line guidance implies lower volumes offset by price actions.

    Answer

    Todd Gleason (executive) indicated a near-term focus on digesting recent acquisitions and strengthening the balance sheet, suggesting new M&A is more likely in the second half of 2025 or into 2026. He expects gross margins to remain stable in the 34-36% range. He clarified that the full-year guidance was maintained because it is early in the year and reflects confidence in the current range, not because of an anticipated volume-for-price trade-off.

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    Sameer Joshi's questions to CECO ENVIRONMENTAL (CECO) leadership • Q3 2024

    Question

    Sameer Joshi asked for clarification on the high incremental EBITDA margins in the 2025 guidance, the future pace of M&A, and the potential business impact of the U.S. presidential election.

    Answer

    CEO Todd Gleason explained the 20%+ incremental EBITDA margin on new revenue in the 2025 guidance reflects embedded productivity, mix, and synergy benefits. CFO Peter Johansson stated that the recently upsized credit facility provides adequate resources to continue their programmatic M&A strategy. Regarding the election, management anticipates a post-election stabilization that will help move projects forward.

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    Sameer Joshi's questions to PIONEER POWER SOLUTIONS (PPSI) leadership

    Sameer Joshi's questions to PIONEER POWER SOLUTIONS (PPSI) leadership • Q4 2024

    Question

    Inquired about the sustainability of Q4's high gross margins, the reason for the lower quarterly revenue run-rate guidance for 2025 compared to Q4 2024, potential M&A strategy, and the impact of macroeconomic factors on the outlook.

    Answer

    The executive stated that Q4's strong 29% gross margin was due to a favorable product sales mix and could be sustainable or improve. The lower 2025 quarterly revenue guidance ($6-8M vs Q4's $9.8M) is because Q4 included a single, large ~$5M project for the LA DOT that isn't recurring at that scale quarterly. The company is open to strategic acquisitions in ancillary power but will avoid unprofitable companies. Macro risks are baked into the guidance, and core government customer demand remains strong despite political changes.

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    Sameer Joshi's questions to PIONEER POWER SOLUTIONS (PPSI) leadership • Q4 2024

    Question

    Sameer Joshi from H.C. Wainwright asked about the sustainability of the high 29% gross margin seen in the fourth quarter. He also questioned the 2025 revenue guidance, which implies a lower quarterly run-rate than Q4's results, and inquired about the company's M&A strategy and potential impacts from macroeconomic factors or tariffs on the 2025 outlook.

    Answer

    Executive Nathan Mazurek clarified that Q4's strong gross margin was driven by a favorable revenue mix with a high percentage of product sales, and he suggested these margins could be sustained or improved with continued growth in product and leasing. He explained that Q4 2024 revenue was exceptionally high due to a single, large $5 million project for the Los Angeles Department of Transportation. The 2025 guidance reflects a more normalized quarterly cadence. On strategy, Mazurek stated the company is open to acquiring ancillary power businesses but will avoid unprofitable 'bleeder' companies. He noted that macroeconomic risks are baked into the outlook and does not foresee major impacts from tariffs or political changes, as key customers are already committed to electrification.

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    Sameer Joshi's questions to PIONEER POWER SOLUTIONS (PPSI) leadership • Q3 2024

    Question

    Sameer Joshi from H.C. Wainwright asked for details on the recent 35% gross margin achievement, the composition of the $24 million backlog, the company's M&A strategy, and the expected SG&A run rate following the PSEP divestiture.

    Answer

    Executive Nathan Mazurek attributed the high gross margin on a specific large sale to excellent team execution and subcontractor management, noting it's a target for future sales but that upcoming quarters will provide more clarity. He described the backlog as primarily driven by school bus and fleet-related orders with 1-3 year service agreements. On M&A, Mazurek confirmed they are opportunistically looking for accretive deals. CFO Walter Michalec projected corporate overhead at ~12% of revenue, with the Critical Power segment's SG&A remaining around $1 million, plus R&D.

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    Sameer Joshi's questions to Emeren Group (SOL) leadership

    Sameer Joshi's questions to Emeren Group (SOL) leadership • Q4 2024

    Question

    Sameer Joshi inquired about the reasons for the wide revenue range in the 2025 DSA guidance, the financial impact of projects delayed from Q4 2024, the gross margin profile for the DSA segment, the potential for revenue upside in 2025 from new deals, and the pipeline's mix of battery storage (BESS) versus solar PV projects.

    Answer

    CFO Kevin Chen explained that the wide DSA guidance range ($35M-$45M) is due to accounting complexities with mixed DSA/SPA structures and confirmed that delayed Q4 projects represented about $10 million in revenue. CEO Yumin Liu clarified that DSA margins vary by milestone, with early payments having lower margins as costs are booked first. He also confirmed potential for 2025 revenue upside, as the current guidance only includes a portion of the $100 million DSA pipeline under negotiation. Both executives described the project pipeline as a healthy mix of BESS and solar across all regions, with more storage projects expected from the U.S. and various European countries.

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    Sameer Joshi's questions to AEMETIS (AMTX) leadership

    Sameer Joshi's questions to AEMETIS (AMTX) leadership • Q4 2024

    Question

    Sameer Joshi questioned the reasons behind the late-stage delay of the LCFS amendments by California's Office of Administrative Law (OAL), the operational status of the India biodiesel plant, and the expected timeline for the India subsidiary's IPO.

    Answer

    CEO Eric McAfee and President of Advanced Fuels Andy Foster explained the LCFS delay was a procedural surprise that could take a few months to resolve, and they are hopeful for the governor's intervention. McAfee clarified that a new biodiesel tender was just issued in India and Aemetis has inventory ready for shipment. He projected the India IPO for late 2025 or early 2026, contingent on market conditions.

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    Sameer Joshi's questions to AEMETIS (AMTX) leadership • Q1 2025

    Question

    Sameer Joshi from H.C. Wainwright asked for more details on the potential for RNG and ethanol in the Indian market ahead of the planned IPO, the impact of regional border issues, the outlook for future biodiesel orders, and opportunities for cheaper debt via the EB-5 program.

    Answer

    Chairman and CEO Eric McAfee elaborated on plans to diversify the India business beyond biodiesel into ethanol and RNG, citing strong government support and favorable pricing structures designed to boost the IPO's valuation. He stated that regional border troubles have no impact on their operations on the southern East Coast. He confirmed the current $31M biodiesel order runs through July and the industry is pushing for continuous orders to avoid production gaps. McAfee also confirmed the company is actively pursuing low-cost (<3%) EB-5 financing, seeing strong investor interest.

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    Sameer Joshi's questions to SenesTech (SNES) leadership

    Sameer Joshi's questions to SenesTech (SNES) leadership • Q4 2024

    Question

    Sameer Joshi of H.C. Wainwright & Co. inquired about the potential scale of the New York City pilot program, the sales strategy for the warehousing sector, and the drivers behind strong e-commerce growth. He also sought clarification on the nature of the projected quarterly expense reduction and asked about market traction for the new Lure bait dispenser.

    Answer

    Executive Joel Fruendt detailed that the NYC pilot will start in two 10-block areas with potential for expansion and that warehousing sales are ramping up after successful field tests. He confirmed the company uses paid advertising and SEO to drive e-commerce sales. Executive Thomas Chesterman clarified the reduction from $1.5 million to $1 million was for quarterly cash burn (adjusted EBITDA). Fruendt added that the Lure dispenser is seeing strong interest and enables product use in new areas, driving sales of the core Evolve product.

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    Sameer Joshi's questions to LSI INDUSTRIES (LYTS) leadership

    Sameer Joshi's questions to LSI INDUSTRIES (LYTS) leadership • Q2 2025

    Question

    Sameer Joshi asked for a refresher on LSI's new product launch process, questioned the drivers behind EMI's strong top-line growth, and inquired about the company's current M&A strategy and pipeline.

    Answer

    President and CEO James Clark detailed a three-tiered product launch strategy: refreshing existing products, expanding product families, and launching entirely new platforms like V-LOCITY. He attributed EMI's success to strong cultural alignment, a talented team, and early cross-selling wins, noting the full benefits are still materializing. Regarding M&A, Clark confirmed LSI maintains a robust pipeline, remains a disciplined buyer, and is likely to complete another acquisition within the calendar year, considering both incremental and transformational opportunities.

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    Sameer Joshi's questions to REE Automotive (REE) leadership

    Sameer Joshi's questions to REE Automotive (REE) leadership • Q3 2024

    Question

    Inquired about the status of the U.S. service network, the potential impact of a new U.S. administration on tariffs and incentives, and the security of the supply chain for key components.

    Answer

    The company stated they have an 80-location service network in place across the U.S. and Canada. They believe their product's strong Total Cost of Ownership (TCO) insulates them from potential changes in U.S. tariffs or incentives. The supply chain is secured for the start of production, and partner Motherson is now focused on optimization.

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    Sameer Joshi's questions to NR leadership

    Sameer Joshi's questions to NR leadership • Q3 2024

    Question

    Inquired about the nature of the customer project shifts to renewables, the repayment terms for the note receivable from the Fluids sale, the company's M&A pipeline, and a clarification on the post-divestiture PP&E balance.

    Answer

    The project shift was a customer's temporary reallocation of capital and labor to solar projects; the original transmission work is postponed, not lost. The receivable is mostly a working capital true-up to be resolved in the next quarter, plus a $5 million longer-term note. The company has a pipeline of potential acquisitions in the access solutions space, but nothing is imminent. The PP&E balance is largely unchanged because the major assets (plant, fleet) were always part of the continuing operations.

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    Sameer Joshi's questions to Gevo (GEVO) leadership

    Sameer Joshi's questions to Gevo (GEVO) leadership • Q3 2024

    Question

    Sameer Joshi inquired about the remaining steps for the DOE's conditional loan commitment, the financing for the Red Trail acquisition, the integration of Cultivate AI, the inventory valuation of RNG environmental attributes, and future operating cost levels.

    Answer

    CEO Dr. Patrick Gruber confirmed the DOE loan commitment is designed to survive administrative changes and that the Red Trail acquisition is being financed with debt. He explained that Cultivate AI is being integrated with Verity to provide a more complete data offering. Prompted by CFO Lynn Smull, Dr. Gruber clarified that RNG inventory is booked at the current -150 CI score but will be monetized at a higher value post-pathway approval. He also affirmed the company's mission to continue driving down operating costs.

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    Sameer Joshi's questions to Beam Global (BEEM) leadership

    Sameer Joshi's questions to Beam Global (BEEM) leadership • Q2 2024

    Question

    Sameer Joshi inquired about the potential scale of the British Ministry of Defence contract for 2025 and asked for more detail on the significant growth in the sales pipeline, including its composition and conversion rate to backlog.

    Answer

    President, CEO and Chairman Desmond Wheatley expressed strong optimism for the British military opportunity, citing the UK's 2027 fleet electrification mandate and a successful initial deployment, but declined to provide a specific forecast. Regarding the pipeline, he explained that while it has grown, federal orders have been delayed, or 'moved right,' due to budget uncertainty. To counteract this, Beam is diversifying its revenue streams through increased commercial sales, European expansion, and a new distributor strategy.

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    Sameer Joshi's questions to GOEV leadership

    Sameer Joshi's questions to GOEV leadership • Q4 2023

    Question

    Asked about the modification needs, costs, and timelines for the purchased manufacturing assets, and inquired about the plan for the 7-state service center rollout.

    Answer

    Some purchased assets require minor modifications, but costs are low as programming is handled in-house. The service rollout will use elite, mobile 'fast action teams' that can be deployed quickly to customer sites, supplemented by over-the-air updates for most issues.

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    Sameer Joshi's questions to Flux Power Holdings (FLUX) leadership

    Sameer Joshi's questions to Flux Power Holdings (FLUX) leadership • Q2 2024

    Question

    Asked about the UL listing and customer pipeline for new heavy-duty models, the revenue potential and adoption rate for integrated telematics, and the company's operating leverage and capacity to support revenue growth up to $150 million without significant OpEx increases.

    Answer

    The heavy-duty models have achieved UL certification, and the company is working on getting top-tier OEMs to approve them, which is taking longer than expected. The telematics offering is evolving, with an initial installation fee and a recurring monthly fee, and is seen as a key differentiator and value creator with high margin potential. The company has significant operating leverage, with the current infrastructure and a second shift capable of supporting up to $150 million in revenue with only modest increases in OpEx, as most new hires would be in production (COGS).

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership

    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q2 2023

    Question

    Sameer Joshi inquired about the outlook for gross margins with new RedCap inventory, the impact of inventory levels on the sales ramp, visibility into the military (MMM) sales pipeline, the strategy for commercial revenue growth, and future plans for product development spending.

    Answer

    Lesley Matt, CEO, explained that while the company does not provide guidance, she anticipates gross margins will improve as fresh inventory of key products like RedCap and EnFocus switches becomes available. She confirmed that RedCap is a 'lead horse' product that pulls through sales of other inventory. Regarding the military pipeline, Matt noted it is getting healthier with orders booked through Q2 2024. She affirmed that growing commercial revenue is a key focus and that product development spending should increase in line with future top-line revenue growth.

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q2 2023

    Question

    Sameer Joshi from H.C. Wainwright & Co. inquired about Energy Focus's gross margin outlook, the role of RedCap inventory in driving sales, visibility into the military business pipeline, the commercial revenue growth strategy, and future plans for product development spending.

    Answer

    Lesley Matt, CEO of Energy Focus, explained that while specific guidance isn't provided, gross margins are expected to improve with new RedCap and product inventory. She characterized RedCap as a key product that pulls through sales of other commercial items. Matt noted that the military pipeline is being rebuilt with orders booked into mid-2024 and that the company is focused on growing the commercial business. She also indicated that R&D spending would increase modestly in line with future revenue growth.

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q2 2023

    Question

    Sameer Joshi inquired about Energy Focus's outlook, asking if gross margins would improve with new RedCap inventory, whether supply chain issues remain a sales bottleneck, the visibility of the military sales pipeline, the strategy for commercial revenue growth, and plans for future R&D spending.

    Answer

    CEO Lesley Matt explained that while the company does not provide guidance, she anticipates gross margins will improve as fresh inventory of key products like RedCap and EnFocus switches arrives. Matt confirmed that these products are crucial for pulling through sales of other items. Regarding the military segment, she noted that the pipeline is being rebuilt with orders booked into mid-2024 and visibility is improving quarterly. Matt affirmed that growing commercial revenue is a key focus and that R&D spending will increase in line with top-line revenue growth.

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q2 2023

    Question

    Sameer Joshi inquired about the potential for gross margin improvement driven by new RedCap inventory, whether inventory levels are a bottleneck for sales, the visibility of the military sales pipeline, the outlook for commercial revenue growth, and future plans for product development spending.

    Answer

    CEO Lesley Matt explained that while specific guidance isn't provided, she expects gross margins to improve as fresh supplies of RedCap and new products arrive. She described RedCap as a key product that helps pull through sales of other inventory items, and noted that the military pipeline is healthier with orders booked through Q2 2024. Matt confirmed the company anticipates sequential growth in commercial revenues and indicated that product development spending will increase in alignment with top-line revenue growth.

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q1 2023

    Question

    Sameer Joshi of H.C. Wainwright & Co. inquired about the sustainability of recent gross profit improvements, the risk of inventory obsolescence, the outlook for sequential revenue growth, the development timeline for GaN power supplies, and future R&D spending.

    Answer

    CEO Lesley Matt stated that gross profit is expected to continue improving through new product introductions and a better sales mix. She noted that the current inventory is not at risk of becoming stale as it awaits complementary products to drive sales. Matt also detailed plans for a GaN power supply launch by year-end and mentioned that R&D costs are being managed via a strategic partnership with Sander Electronics. Executive James Warren added that Q1 gross profit did not benefit from one-time items and that inventory has been appropriately marked down in prior periods.

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    Sameer Joshi's questions to ENERGY FOCUS, INC/DE (EFOI) leadership • Q4 2022

    Question

    Sameer Joshi inquired about Energy Focus's top-line recovery prospects for 2023, the expected sales mix between military and commercial channels, and the margin profiles of these segments. He also asked for updates on the EnFocus module rollout, visibility into the military sales pipeline, inventory valuation, the operating expense run rate, cash availability, and the resolution of specific supply chain challenges.

    Answer

    CEO Lesley Matt stated that she expects 2023 revenue to meet or exceed 2021 levels, with a 50-50 military-commercial sales mix anticipated for the year. She noted that while the EnFocus rollout was delayed, they hope to launch it in 2023. Matt confirmed inventory is now mark-to-market after significant reserves were taken in Q4, and that supply chain issues for ICs and RedCap products are being resolved. SVP and General Counsel Jim Warren added that the company is rebuilding its working capital structure and operating largely off cash collections following a strategic investment.

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