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    Ted Jackson

    Managing Director and Senior Research Analyst at Northland Securities, Inc.

    Ted Jackson is a Managing Director and Senior Research Analyst at Northland Securities, Inc., specializing in industrial technology and services sector coverage. He covers companies such as CNH Industrial and Sono-Tek, with a documented public track record including an overall analyst ranking of 981 on TipRanks, a success rate of 36%, and an average return of 18.4%. With over 30 years of capital markets experience spanning equities, commodities, trading, and investment banking, Jackson joined Northland in June 2021 following a diverse industry background. He holds the Chartered Financial Analyst (CFA) designation and maintains FINRA SIE, Series 7, Series 63, Series 79, and Series 86/87 licenses.

    Ted Jackson's questions to Titan Machinery (TITN) leadership

    Ted Jackson's questions to Titan Machinery (TITN) leadership • Q2 2026

    Question

    Ted Jackson of Northland Securities, Inc. asked for color on the inventory mix between new and used equipment, particularly the age profile of used inventory. He also inquired if Titan ever refuses trade-ins, if there's a market share opportunity when competitors do, and what management is hearing about the pending farm bill.

    Answer

    CFO Bo Larsen directed attention to the earnings deck for inventory details, noting used inventory decreased while new inventory increased due to shipment timing. CEO Bryan Knutson confirmed they actively manage late-model used equipment, a historical practice in downturns. He emphasized that Titan quotes every deal, viewing it as a 'numbers game,' which can create market share opportunities. Regarding the farm bill, Knutson expressed hope for a permanent bill with better price support and funding for research into new crop uses like ethanol.

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    Ted Jackson's questions to HYSTER-YALE (HY) leadership

    Ted Jackson's questions to HYSTER-YALE (HY) leadership • Q2 2025

    Question

    Asked about second-half seasonality for the lift truck business in the Americas and EMEA, the company's changing view on tariffs and its impact on pricing and backlog, the product mix and future of the legacy business at Bolzoni, and the warehouse market macro environment's effect on market share goals.

    Answer

    The company expects Americas demand to stabilize as tariff rules do, while EMEA will follow typical weak Q3 seasonality. The tariff situation is still volatile but accounted for in the outlook, with pricing adjustments being phased in. The Bolzoni legacy business is being phased out and should be near zero by 2027. Despite a tough warehouse market, the company is making progress on gaining market share.

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    Ted Jackson's questions to HYSTER-YALE (HY) leadership • Q3 2024

    Question

    Inquired about inventory levels and free cash flow for Q4 and 2025, the outlook for Nuvera's growth and cost structure, the expense drivers for Bolzoni, and details on 2025 CapEx and the 2024 effective tax rate.

    Answer

    A significant cash flow increase is expected in Q4 from lower inventory, with improvements continuing in 2025. Nuvera's growth is deferred due to hydrogen availability issues; a minor workforce reduction ($0.2M severance) was made in operations. Bolzoni's Q3 costs were impacted by logistics, but 2025 SG&A should be stable with inflation. Some 2024 CapEx will shift to 2025 due to resource constraints, not funding. The full-year 2024 tax rate is expected to be 32%.

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    Ted Jackson's questions to CNH Industrial (CNH) leadership

    Ted Jackson's questions to CNH Industrial (CNH) leadership • Q2 2025

    Question

    Ted Jackson of Northland Securities, Inc. focused on the North American market, asking about the price gap between new and used equipment and whether clearing inventories would require more aggressive incentives in the second half of the year.

    Answer

    CEO Gerrit Marx acknowledged the price differential and confirmed that increased financial support to move used equipment is necessary and has been factored into the company's guidance. He stressed that clearing both new and used inventory is critical to opening the channel for new Model Year 2026 machines, which he noted will have significant value-added updates to differentiate them from older models.

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    Ted Jackson's questions to SONO TEK (SOTK) leadership

    Ted Jackson's questions to SONO TEK (SOTK) leadership • Q4 2025

    Question

    Inquired about the alternative energy business, specifically the timing of backlog shipments, visibility for the second half of the year, the impact of US policy changes, and the effect of international tariffs.

    Answer

    The company confirmed eight clean energy systems are in the backlog and will ship in the first half of FY26. While there's some caution in the US clean energy market due to policy uncertainty, demand from the EU and Asia remains strong. Tariffs are not currently a major issue outside of China. Full-year visibility should improve by the next earnings report, with potential large orders from the medical and semiconductor sectors expected.

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    Ted Jackson's questions to ALTA EQUIPMENT GROUP (ALTG) leadership

    Ted Jackson's questions to ALTA EQUIPMENT GROUP (ALTG) leadership • Q1 2025

    Question

    Inquired about the sources of strength and weakness by vertical in the material handling business, the potential impact of tariffs on the Master Distribution segment and Volvo equipment, and whether tariffs affect cross-border operations with Canada.

    Answer

    Executives noted stability in material handling from food & beverage, utilities, and medical sectors, with manufacturing being an area of uncertainty. They confirmed direct tariff impact on the Master Distribution business, which is currently manageable, while the impact on Volvo is less direct and on the lower end of the surcharge range. The US and Canadian businesses operate independently, so cross-border parts movement is not a significant factor.

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    Ted Jackson's questions to Hyliion Holdings (HYLN) leadership

    Ted Jackson's questions to Hyliion Holdings (HYLN) leadership • Q3 2024

    Question

    The analyst asked for details on 2025 production capacity in units, the timing of revenue recognition, the dependency of 2025 capacity on new equipment, the production outlook for 2026, and specifics about the research revenue from the Navy contract, including its timing and cost structure.

    Answer

    The company expects to ship 'several dozen' units in 2025, generating low double-digit millions in revenue, with revenue recognition for all units expected around mid-2025 after commercialization. The 2025 capacity is supported by recently installed equipment, with more printers arriving later in 2025 to support 2026 growth. The Navy contract revenue is part of an ongoing relationship involving R&D services and KARNO unit sales, has associated costs, and is considered a core part of the business going forward.

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    Ted Jackson's questions to Hyliion Holdings (HYLN) leadership • Q3 2024

    Question

    Ted Jackson of Northland asked for clarification on the 2025 production capacity in units, the timing of revenue recognition for those units, whether 2025 capacity depends on new equipment, the potential production capacity for 2026, and details on the new R&D revenue stream from the Navy contract.

    Answer

    CEO Thomas Healy stated 2025 production is expected to be 'several dozens of units.' CFO Jon Panzer clarified that revenue for all units sold in late 2024 and 2025 should be recognized around mid-2025 upon official commercialization. Management confirmed that recently installed equipment supports 2025 volume, while new printers arriving later in 2025 are for the 2026 ramp. Regarding the Navy contract, Panzer described it as a continuous R&D service relationship generating revenue from engineering work, material sales, and KARNO unit sales, with associated costs built into forecasts.

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    Ted Jackson's questions to Xos (XOS) leadership

    Ted Jackson's questions to Xos (XOS) leadership • Q3 2024

    Question

    Focused on the balance sheet, asking about working capital improvements through inventory reduction and receivables collection, the plan for the convertible note moving to current liabilities, and the potential for future sales of energy credits.

    Answer

    The company is working to reduce its high inventory levels (currently 8-10 months) towards an industry standard of 4-8 turns/year. A 'significant dent' is expected to be made in the $25M incentive receivables balance in Q4. Discussions are ongoing regarding the convertible note that matures in Q3 2025, and the company anticipates continued support from the investor. The Q3 sale of energy credits was a first but is expected to be a periodic, cash-accretive event in the future.

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    Ted Jackson's questions to MNTX leadership

    Ted Jackson's questions to MNTX leadership • Q4 2023

    Question

    Inquired about the strategy for bringing PM products to North America, the timeline for manufacturing capacity expansion, the 2024 and 2025 CapEx outlook, the expected tax rate for 2024, and the outlook for backlog stabilization.

    Answer

    Bringing PM products to North America is dependent on establishing a strong dealer network for local customization. Capacity expansion is an ongoing process, with some completed in 2023 and more planned for 2024/2025 before a larger step-up. 2024 CapEx is targeted at $10 million, mostly for the rental fleet. The 2024 tax rate is estimated at 28%. The backlog is expected to remain healthy, though management would be comfortable with a slightly shorter 6-month backlog (down from 9) to improve customer satisfaction and margin visibility.

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    Ted Jackson's questions to MNTX leadership • Q3 2023

    Question

    Asked about the rental segment's growth potential and expansion plans, the sustainability of the high gross margins, the impact of UAW strikes on chassis supply, and the progress on the long-term strategy to shift some manufacturing from Europe to the U.S.

    Answer

    Executives indicated the newest rental location in Lubbock is still ramping up with significant growth potential, but they are not ready to announce further expansion plans. The high gross margin is considered a new baseline driven by a multi-year strategy, not a one-off event. They have not seen any significant impact from UAW strikes on their chassis supply but are monitoring it. The plan to move manufacturing from Europe is in the very early stages, starting with supply chain integration, with no specific timeline available.

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