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    Stephen Gengaro • Stifel

    Stephen Gengaro's questions to DMC Global Inc (BOOM) leadership

    Stephen Gengaro's questions to DMC Global Inc (BOOM) leadership • Q1 2025

    Question

    Inquired about the implementation of the tariff surcharge for the Dyna business, pricing in the perforating gun market, the expected performance of Dyna in a potentially weaker second half, and the status of the Steel Connect situation.

    Answer

    The company has had partial success with the tariff surcharge, which is reflected in the guidance. Dyna's performance will depend on market conditions, with current expectations for flat to modestly down results. They provided no new information on Steel Connect, stating they are the largest shareholder and communications are periodic.

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    Stephen Gengaro's questions to ProFrac Holding Corp (ACDC) leadership

    Stephen Gengaro's questions to ProFrac Holding Corp (ACDC) leadership • Q4 2024

    Question

    Inquired about the frac supply-demand balance for 2025, including the impact of asset attrition. Also asked for a sense of the magnitude of pricing changes over the last year and whether there was concern about rising electricity costs for e-frac due to competition from other industries like data centers.

    Answer

    Management sees the frac market as tight due to accelerated equipment attrition, which could become more acute with a recovery in natural gas markets. They declined to provide specific pricing data, emphasizing their strategy of securing long-term partnerships. They view potential competition for power as a 'high-class problem' and an opportunity, given their vertical integration and focus on allocating resources for the best returns.

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    Stephen Gengaro's questions to ProFrac Holding Corp (ACDC) leadership • Q3 2024

    Question

    Inquired about the Q3 active fleet count, the balance between pricing and deployments, Q4 revenue and decremental margin expectations, the potential impact of Dune Express on the Proppant business, and the strategy for the power generation segment.

    Answer

    The company confirmed the fleet count estimate was reasonable and that Q4 expectations are in line with seasonal trends. They do not expect a material impact from Dune Express and see upside in their Proppant business. The power generation business is currently focused on servicing internal e-fleet needs with potential for future expansion.

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    Stephen Gengaro's questions to PFHC leadership

    Stephen Gengaro's questions to PFHC leadership • Q4 2024

    Question

    Stephen Gengaro inquired about ProFrac's perspective on the 2025 frac supply-demand balance, including the attrition rate of older assets, the magnitude of pricing changes over the last year, and potential risks from rising electricity costs due to demand from other industries like data centers.

    Answer

    Executive Chairman Matt Wilks described the frac market as 'pretty tight,' noting that high utilization is accelerating the attrition of legacy equipment, which he believes will become a major theme in 2025. He declined to quantify pricing changes but reiterated a focus on long-term partnerships over maximizing short-term pricing. CEO Ladd Wilks addressed the electricity cost question, calling it a 'high-class problem' and stating that while Livewire will prioritize internal needs, they will allocate capital to the best return opportunities while honoring customer commitments.

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    Stephen Gengaro's questions to GOEV leadership

    Stephen Gengaro's questions to GOEV leadership • Q1 2024

    Question

    Gengaro sought clarity on the delivery ramp for the year, asking for visibility on the timing and volume of vehicle deliveries to align with the annual guidance.

    Answer

    Aquila explained that they are currently allocating limited production among major customers and are focused on long-term strategies rather than short-term delivery numbers. He declined to give specific quarterly guidance but reiterated the goal of reaching a 20,000-unit run rate by year-end and delivering a few thousand vehicles in 2024, emphasizing a focus on methodical execution and securing non-dilutive financing.

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    Stephen Gengaro's questions to GOEV leadership • Q4 2023

    Question

    Asked for clarification on how acquired assets impact production capacity, the plan to address the funding gap given cash outflow guidance, and the expected revenue cadence for 2024.

    Answer

    The acquired assets are for increasing efficiency and automation within the 20,000-unit run rate, not for adding incremental capacity. The company will raise capital based on milestones to avoid waste. The revenue cadence will be a consistent step-up, but the primary focus is on achieving correct economics before scaling, rather than hitting specific quarterly targets.

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    Stephen Gengaro's questions to Smart Sand Inc (SND) leadership

    Stephen Gengaro's questions to Smart Sand Inc (SND) leadership • Q4 2023

    Question

    Asked about the impact of natural gas prices on 2024 guidance, the mix of contracted versus spot volumes, the company's perspective on recent M&A and valuations in the sand market, total nameplate capacity, and the evolution and pricing of the Canadian market.

    Answer

    The company acknowledged that low natural gas prices are a variable for H2 2024 guidance but expect it to be offset by oil-driven basins. About 50% of their volume is contracted with stable pricing. They believe Northern White sand is undervalued compared to in-basin sand and that their markets will remain strong. Total capacity is 10 million tons. They are optimistic about growth in the Canadian market, which has complementary product needs and similar pricing to the U.S., albeit with more seasonality.

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