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    Thomas Boyes

    Research Analyst at TD Cowen

    Thomas Boyes is an analyst at TD Cowen specializing in coverage of the Basic Materials and Industrials sectors, with a strong focus on companies such as Purecycle Technologies Holdings, Energy Vault Holdings, ESS Tech Inc, and EOS Energy Enterprises. He has issued over 50 stock ratings, notably achieving a price target met ratio of 29.52% and besting industry performance benchmarks with recommendations like a 252% return on EOS Energy Enterprises. Boyes started his career at Cowen before joining TD Cowen, where he has asked questions on key earnings calls and established his expertise through actionable investment insights. His professional credentials include multiple documented analyst ratings and active participation in research for publicly traded companies.

    Thomas Boyes's questions to ESS Tech (GWH) leadership

    Thomas Boyes's questions to ESS Tech (GWH) leadership • Q1 2025

    Question

    Thomas Boyes asked about the typical customer deposit range for new orders, whether current manufacturing capacity is a bottleneck for future demand, and requested a status update on the delayed project with a customer in Australia.

    Answer

    CFO Tony Rabb stated that customer deposits historically range from 5% to 20%, and the company aims for the higher end of that range with milestone payments to ensure projects are at least cash-neutral. Interim CEO Kelly Goodman clarified that manufacturing capacity is not a bottleneck, as adding new lines is relatively inexpensive and quick. Regarding the Australian project, Goodman reported no new update, as the government funding for the project has not yet been secured.

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    Thomas Boyes's questions to PureCycle Technologies (PCT) leadership

    Thomas Boyes's questions to PureCycle Technologies (PCT) leadership • Q1 2025

    Question

    Thomas Boyes asked for an update on the company's pricing structure, specifically the traction of a feedstock-plus model, and inquired about the liquidity outlook, cash burn rate, and the potential need for additional capital.

    Answer

    CEO Dustin Olson stated that the feedstock-plus pricing model is gaining more traction with customers. Regarding liquidity, Olson and CFO Jaime Vasquez explained that steadier operations are reducing costs, and the cash burn will be minimized by selling existing inventory and remaining revenue bonds. They have access to a $200 million line of credit and expect Ironton to reach breakeven around Q3 2025, significantly reducing cash burn in the second half of the year.

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    Thomas Boyes's questions to PureCycle Technologies (PCT) leadership • Q4 2024

    Question

    Thomas Boyes asked for details on the average blend in compounded resins, whether the automotive pilot involves single or multiple OEMs, and if the discount on revenue bonds is expected to narrow.

    Answer

    Executive Dustin Olson explained that compounding varies by application, from simply augmenting properties to creating specific blends like 50% PCT for fiber, 30% for film, and 60-70% for an automotive bumper. He confirmed initial automotive success has spurred interest from other manufacturers. Executive Jaime Vasquez stated an expectation that the bond discount would improve from the previous $0.80 on the dollar, reflecting the project's derisking through recent operational and commercial successes.

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    Thomas Boyes's questions to PureCycle Technologies (PCT) leadership • Q3 2024

    Question

    Thomas Boyes asked about the drivers behind the rapid commercial progress in the automotive sector, the cost economics of the new Denver sortation facility, and the expected construction timeline for the Augusta plant.

    Answer

    CEO Dustin Olson attributed the automotive progress to long-standing development efforts and the product's ability to act as a 'like-in-kind' replacement for virgin materials. He stated the Denver facility improves Ironton's yield and reliability by providing feedstock control, with co-product sales offsetting costs. For Augusta, he estimated a 6 to 10-quarter construction timeline, aided by pre-purchased long-lead equipment.

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    Thomas Boyes's questions to Eos Energy Enterprises (EOSE) leadership

    Thomas Boyes's questions to Eos Energy Enterprises (EOSE) leadership • Q1 2025

    Question

    Thomas Boyes asked for details on the relative labor impact of subassembly versus containerization automation, inquired about potential funding issues for its Puerto Rico project, and sought an update on the timing of the second DOE loan reimbursement.

    Answer

    CEO Joseph Mastrangelo explained that subassembly automation significantly reduces labor and improves quality, while containerization automation boosts throughput with the existing workforce. Both he and CCO Nathan Kroeker confirmed their Puerto Rico project is unaffected by reported funding issues and is proceeding. Regarding the DOE loan, Mastrangelo stated they are on track for reimbursement submission, undergoing a standard portfolio review with new DOE personnel.

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    Thomas Boyes's questions to Eos Energy Enterprises (EOSE) leadership • Q4 2024

    Question

    Thomas Boyes of TD Cowen inquired about the 2025 revenue ramp cadence, the role of Z3 contribution margin, and the impact of subassembly automation. He also asked if potential tariffs on Chinese lithium-ion batteries are increasing customer demand for Eos's American-made solution.

    Answer

    CEO Joe Mastrangelo explained the revenue ramp will be back-half weighted as subassembly automation comes online in Q2/Q3, which is key to lowering costs and increasing output. He noted newer orders are already contribution margin positive. Regarding tariffs, Mastrangelo and CCO Nathan Kroeker emphasized that while being American-made is an advantage, Eos's superior levelized cost of storage (LCOS) and operational flexibility are the primary drivers of customer interest, not just tariffs.

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    Thomas Boyes's questions to Eos Energy Enterprises (EOSE) leadership • Q3 2024

    Question

    Thomas Boyes of TD Cowen asked for details on the underlying issues causing delays with the new in-line enclosures and inquired about the timeline for establishing a dual-source supply chain to mitigate these risks.

    Answer

    CEO Joseph Mastrangelo explained the delay was due to a supplier's challenges in transitioning from prototype to scaled manufacturing of the steel enclosures, not an issue with Eos's battery production. He noted that Eos has 27 cubes worth of batteries manufactured and waiting. To resolve this, the company is working with the existing supplier while also qualifying a second source, with a prototype already in-house and a goal to begin production from the new supplier by year-end.

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    Thomas Boyes's questions to STEM (STEM) leadership

    Thomas Boyes's questions to STEM (STEM) leadership • Q1 2025

    Question

    Thomas Boyes of TD Cowen asked for details on the brownfield opportunity for managed services, including target geographies, and questioned the rationale behind discontinuing PowerBidder Pro development and its impact on assets under management (AUM).

    Answer

    CFO and EVP Spencer Hole described the brownfield opportunity as broad-based and linked to existing managed services geographies, where volume drives profitability. CEO Arun Narayanan added that the decision to pause PowerBidder Pro was a strategic choice to focus investment on higher-potential products like PowerTrack. Hole noted that the discontinued contracts had a low average selling price, allowing storage ARR to grow despite the AUM reduction.

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    Thomas Boyes's questions to STEM (STEM) leadership • Q4 2024

    Question

    Thomas Boyes asked about the strategic position of the PowerBidder offering, the specific reasons for project eliminations from the backlog, and the long-term outlook for the battery hardware resale business.

    Answer

    CEO Arun Narayanan stated that PowerBidder Pro is part of the company's offering with one active customer and that Stem is evaluating further use cases. CFO Doran Hole explained that project eliminations were due to a "kitchen sink" of factors including stale bookings and developer delays, calling it a conservative cleanup. He added that hardware resales will be opportunistic and are not the long-term strategic focus, which remains on recurring software revenue.

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    Thomas Boyes's questions to STEM (STEM) leadership • Q3 2024

    Question

    Thomas Boyes from TD Cowen asked about the role of the modular ESS solution in the new advisory model, whether near-term bookings would exclude hardware, and the rationale for shifting from 15-20 year contracts to 3-5 year terms.

    Answer

    COO Mike Carlson and CFO Doran Hole clarified that the modular edge device (PowerCore EMS) remains a critical part of the strategy, distinguishing it from the deemphasized large-ticket OEM battery hardware. Carlson noted that bookings through year-end will be a mix of hardware and software deals, explaining the wide guidance range. He also explained the shift to shorter 3-5 year software contracts is driven by customer demand and SaaS industry standards, decoupling software from long-term hardware warranties.

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    Thomas Boyes's questions to Energy Vault Holdings (NRGV) leadership

    Thomas Boyes's questions to Energy Vault Holdings (NRGV) leadership • Q4 2024

    Question

    Thomas Boyes of TD Cowen inquired about the operational timeline for the Calistoga project, its link to recent financing, and the company's strategy for mitigating upcoming U.S. tariff impacts on battery systems. He also asked for an update on the KORE Power investment.

    Answer

    CEO Robert Piconi explained that the Calistoga project is mechanically complete and in commissioning, with the committed $28 million financing expected in April not being a gating factor for operations. Piconi noted that the company is mitigating 2026 tariff risks by accelerating U.S. deliveries into 2025 and leveraging its significant project pipeline in Australia, which is unaffected. Regarding KORE Power, he stated they are revamping their strategy after financing difficulties, and Energy Vault is exploring other domestic and international supply chain options. CFO Michael Beer clarified the Calistoga financing will return cash to the balance sheet.

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    Thomas Boyes's questions to DNMR leadership

    Thomas Boyes's questions to DNMR leadership • Q4 2023

    Question

    Asked for clarification on the DOE loan funding process, more details on a joint development agreement for lids and containers, and an update on feedstock pricing.

    Answer

    The DOE loan would provide an immediate draw against proceeds upon closing, with the ~$190M already spent counting as equity. The company could not share many details on the new JDA but confirmed it's with a major QSR for food container lids. Canola feedstock prices, which were ~$0.86/lb in Q4, are expected to fall to the mid-$0.60/lb range by year-end.

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