Sign in

    Trevor Walsh

    Research Analyst at Citizens JMP

    Trevor Walsh is Director of Equity Research at Citizens JMP Securities, specializing in coverage of technology, cybersecurity, defense, and healthcare companies such as CrowdStrike, Palo Alto Networks, Amentum, AeroVironment, and Larimar Therapeutics. Known for a strong track record on TipRanks, Walsh maintains a 72.2% success rate across 21 covered stocks with standout calls like a 163.6% return on CrowdStrike and an analyst rating average near five stars. He began his research career after earning an undergraduate degree from Princeton University in 2001 and an MBA from the University of Southern California in 2020, joining Citizens JMP in 2023 following analyst roles at other firms. Walsh holds standard FINRA securities licenses and has been recognized for insightful, growth-focused coverage and consistently profitable equity recommendations.

    Trevor Walsh's questions to SentinelOne (S) leadership

    Trevor Walsh's questions to SentinelOne (S) leadership • Q2 2026

    Question

    Trevor Walsh of Citizens asked about the buyer personas for AI security related to the Prompt acquisition, inquiring whether these are existing relationships or new contacts the company will need to engage.

    Answer

    CEO Tomer Weingarten identified two primary buyer personas, both of whom SentinelOne already engages. The first, for employee GenAI use cases, is akin to DLP and targets the same endpoint security teams. The second, for securing AI model runtimes, involves cloud security teams, which the company talks to via its existing cloud security business.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SentinelOne (S) leadership • Q1 2026

    Question

    Trevor Walsh of JMP Securities LLC asked about the free cash flow outlook and its seasonality for the rest of the year, and whether the new share repurchase program alters the company's strategic view on M&A.

    Answer

    CFO Barbara Larson reiterated that full-year free cash flow margin will exceed operating margin. She outlined the typical seasonality, with Q1 being strongest. She also stated that the company's strong liquidity position provides flexibility for both the buyback program and potential M&A.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SentinelOne (S) leadership • Q4 2025

    Question

    Trevor Walsh asked if the new module adoption disclosures reflect a change in sales strategy and inquired about SentinelOne's view on the cloud security market, particularly the role of its agent-based approach.

    Answer

    Tomer Weingarten (CEO) emphasized that the company's core strategy is flexibility, not forcing customers into an 'all-or-nothing' platform bundle. He stated they can sell a full cloud suite or just best-of-breed components to coexist with other vendors. This customer-centric approach, where expansion follows initial success, is driving the move toward more flexible platform pricing models.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SentinelOne (S) leadership • Q3 2025

    Question

    Trevor Walsh asked for the reasoning behind the gradual rollout of platform solutions like CNAPP to the MSSP channel, questioning if it was due to technical or partner enablement factors.

    Answer

    CEO Tomer Weingarten explained the gradual rollout is primarily an enablement effort. It involves adapting products for the multi-tenanted MSSP model and training partners to articulate the value proposition for that specific market segment. He noted the company recently expanded its MSSP team to accelerate the adoption of Data Lake and Purple AI, which are seen as a strong fit for MSSPs.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SOUNDTHINKING (SSTI) leadership

    Trevor Walsh's questions to SOUNDTHINKING (SSTI) leadership • Q2 2025

    Question

    Trevor Walsh of Citizens questioned the infrastructure needs for the new sniper detection solution, potential headcount additions to support it, the specific revenue headwind from Chicago, and the revenue recognition timing for a large SafePoint deal.

    Answer

    CEO Ralph Clark clarified the new sniper solution is a standalone implementation for critical infrastructure, not traditional law enforcement. CFO Alan Stewart confirmed no new headcount is needed as the current team developed it and operating expenses are expected to remain flat. Stewart also quantified the Q2 2024 Chicago revenue at $2.8 million and explained the new SafePoint deal is a multi-year booking with revenue recognized over time, which is already factored into the full-year guidance.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SOUNDTHINKING (SSTI) leadership • Q1 2025

    Question

    Trevor Walsh asked about the expected timing for SafePointe deals related to the 2027 California legislative mandate and followed up on how the margin benefits from the delayed New York City contract materialized in Q1 results.

    Answer

    Executive Ralph Clark positioned the California mandate as primarily a 2026 opportunity but stressed current traction in other verticals. He noted the law is significant as it removes the 'do nothing' option for approximately 400 hospitals. Executive Alan Stewart explained that while the NYC deal's margin benefits were realized, they were offset by roughly $1 million in additional Q1 costs, including a >$700,000 all-hands meeting and increased cloud spending for AI modeling.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SOUNDTHINKING (SSTI) leadership • Q4 2024

    Question

    Trevor Walsh of JMP Securities inquired about Sound Thinking's position on submitting a bid for the new Chicago RFP and asked if potential multimillion-dollar contracts with hospital chains for the SafePoint system were factored into the 2025 financial guidance.

    Answer

    Executive Ralph Clark stated that while the company is encouraged by Chicago's RFP for gunshot detection, they are still evaluating a potential response but remain confident they offer the best solution. Executive Alan Stewart confirmed that growing bookings from the SafePoint system, which exceeded $3 million in Q4, are expected to contribute to the increased revenue guidance for 2025.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to SOUNDTHINKING (SSTI) leadership • Q3 2024

    Question

    Trevor Walsh inquired about the revenue recognition timing for SafePointe and PlateRanger deals, the key drivers for the expected EBITDA margin leverage in the 2025 guidance, and the strategic rationale behind publicizing the Oakland efficacy study.

    Answer

    CFO Alan Stewart explained that SafePointe has a much shorter deployment cycle of 6-7 weeks compared to ShotSpotter, allowing for faster revenue recognition. He attributed the 2025 EBITDA leverage to revenue growth from newer solutions that are now scaling past their initial investment phase, along with some cost reductions. CEO Ralph Clark detailed that the Oakland study is part of a deliberate strategy to help agency partners proactively tell their story and demonstrate the tool's value, which proved successful in securing the renewal in a progressive city.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership

    Trevor Walsh's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership • Q2 2025

    Question

    Trevor Walsh of Citizens asked about the competitive landscape for the Prometheus JV's merchant supplier ambitions and the expected ramp-up timeline for the new $750 million Poseidon program.

    Answer

    CEO Eric DeMarco explained the Prometheus strategy involves a parallel approach: serving partner Rafael while simultaneously engaging with other primes to become a merchant supplier. He stated that the new facility for the Poseidon program is expected to be complete in 2027, with production ramping up in the 2028-2029 timeframe.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership • Q4 2024

    Question

    Trevor Walsh of Citizens JMP asked about Kratos's strategic approach to facility build-outs (contract-driven) compared to competitors building speculative 'mega factories' and sought clarification on the timing of the MACH-TB facility investment.

    Answer

    CEO Eric DeMarco explained that Kratos's model is to avoid speculative investments, typically requiring a committed customer or partner before committing significant capital, a strategy that de-risks projects like Prometheus. He emphasized that affordability and proven systems attract customers, justifying the investments. CFO Deanna Lund confirmed the bulk of the MACH-TB facility investment is in the 2025 plan, with a small amount carrying over to 2026.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to QUALYS (QLYS) leadership

    Trevor Walsh's questions to QUALYS (QLYS) leadership • Q2 2025

    Question

    Trevor Walsh of Citizens JMP asked about Qualys's build-versus-buy strategy for AI security capabilities and sought clarification on whether public sector investments would continue to increase after achieving FedRAMP High certification.

    Answer

    CEO Sumedh Thakar detailed the company's focus on organic AI innovation, such as its agentic AI platform, given the dynamic nature of the space. CFO Joo Mi Kim confirmed that while major FedRAMP High investments are complete, ongoing GTM and marketing investments will continue to capitalize on the federal opportunity.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to QUALYS (QLYS) leadership • Q1 2025

    Question

    Trevor Walsh of Citizens JMP Securities inquired about the rollout strategy for the Managed Risk Operations Center (MROC) with partners, including how Qualys is gaining mindshare and why it started with a select group of six partners. He also asked about the gross margin impact from partner programs, given Q1's strong performance.

    Answer

    CEO Sumedh Thakar explained that the MROC offers partners a new, high-value service distinct from the commoditized MDR market, focusing on pre-breach risk quantification and remediation. He said Qualys is starting with a select group of committed partners who are co-investing in the new service. CFO Joo Mi Kim clarified that the primary driver for potential gross margin contraction is data center investments, not partner initiatives, and that the partner revenue mix increase to 49% is manageable without material margin impact.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to QUALYS (QLYS) leadership • Q3 2024

    Question

    Trevor Walsh inquired about the key factors that will drive customers to adopt Qualys as a risk consolidator and asked how the company tracks the ROI on its increased sales and marketing investments.

    Answer

    President and CEO Sumedh Thakar explained that customers are drawn to the Enterprise TruRisk Management (ETM) platform because it consolidates findings, provides a single risk score, and crucially, enables remediation—a key differentiator. CFO Joo Mi Kim stated that ROI is tracked via metrics like sales productivity (bookings per rep). She noted that while new business reps have performed well, post-sales (renewals/upsell) has been weaker, and the company is analyzing campaign effectiveness to optimize 2025 investments.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to AXON ENTERPRISE (AXON) leadership

    Trevor Walsh's questions to AXON ENTERPRISE (AXON) leadership • Q2 2025

    Question

    Trevor Walsh from Citizens JMP asked if law enforcement staffing shortages are driving technology spending and requested clarification on the second-half tariff impact.

    Answer

    Founder, CEO & Director Rick Smith confirmed they are actively discussing how technology like Draft1 and DFR can offset staffing issues, with some agencies reallocating budgets from unfilled positions. COO & CFO Brittany Bagley stated that the current understanding of tariff impacts is fully incorporated into the H2 guidance.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to AXON ENTERPRISE (AXON) leadership • Q1 2025

    Question

    Trevor Walsh asked for an update on the TASER 10 Apollo cartridge timeline and its market opportunity, and also sought clarification on whether the guided 50-basis-point tariff impact to EBITDA represents a worst-case scenario.

    Answer

    CEO Patrick Smith stated the Apollo cartridge is about a year from scaled production. He expects it to be most impactful for the mission in the U.S. by helping displace lethal force, while serving as a significant revenue driver internationally by opening new markets. CFO Brittany Bagley described the 50bps tariff impact as a 'realistic' best guess based on current information, not a worst-case scenario, and noted the company will continue to seek further offsets.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to AXON ENTERPRISE (AXON) leadership • Q4 2024

    Question

    Trevor Walsh asked if Axon is hearing concerns from state-level customers about the impact of federal funding flows on their budgets. He also inquired about the new 'total future contracted bookings' metric and the reason for its introduction.

    Answer

    President Joshua Isner stated that federal funding dynamics are not expected to materially impact Axon's business. CFO Brittany Bagley explained the new bookings metric was introduced because the GAAP RPO metric is less indicative of business performance, as it excludes contracts with termination for convenience clauses, which are increasingly common but rarely exercised.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to AXON ENTERPRISE (AXON) leadership • Q4 2024

    Question

    Trevor Walsh asked about the potential impact of federal funding flows on state and local agency budgets and their purchasing power. He also requested clarification on the new 'total future contracted bookings' metric and why it was introduced.

    Answer

    Joshua Isner, President, expressed confidence that federal funding dynamics would not negatively impact state and local business. Patrick Smith, CEO, added that Axon's products enjoy bipartisan support as critical public safety technology. Brittany Bagley, CFO, explained the new bookings metric better reflects the business, as the GAAP RPO metric increasingly excludes contracts with termination for convenience clauses, which are now common but rarely used.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to TYLER TECHNOLOGIES (TYL) leadership

    Trevor Walsh's questions to TYLER TECHNOLOGIES (TYL) leadership • Q2 2025

    Question

    Trevor Walsh from Citizens JMP asked for an update on the company's federal business, inquiring if budget-related pressures have eased and what opportunities exist in that segment.

    Answer

    President & CEO Lynn Moore reiterated that the federal business is a small part of their overall revenue, at less than 5%. He stated that projects have not been taken away and that he does not see a material change in the outlook for that business, though he noted Q3 is the most significant quarter for federal activity.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Planet Labs PBC (PL) leadership

    Trevor Walsh's questions to Planet Labs PBC (PL) leadership • Q1 2026

    Question

    Trevor Walsh from JMP Securities inquired about the commercial business, asking if recent tariff discussions caused any deal disruptions and whether the pipeline indicates any customer uncertainty.

    Answer

    President & CFO Ashley Fieglein Johnson responded that tariff-related news has not materially impacted customer conversations. She noted a potential long-term opportunity for Planet's monitoring solutions to address supply chain issues but confirmed no specific impact was observed in the quarter.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Planet Labs PBC (PL) leadership • Q4 2025

    Question

    Trevor Walsh asked if the 10-satellite deal size with JSAT is a good proxy for future Space Services deals and inquired about the process for increasing the regulatory approval for more Pelican satellites if needed.

    Answer

    CEO William Marshall indicated that they are seeing interest from other countries at a similar scale to the JSAT deal, though he noted the transactions are complex. He affirmed that Planet is in a unique position to supply these deals due to its vertically integrated model and extensive experience.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Planet Labs PBC (PL) leadership • Q3 2025

    Question

    Trevor Walsh from JMP Securities asked for management's perspective on the potential impact of the incoming U.S. administration on the space domain and customer sentiment. He also questioned the relevance of the new customer count metric given the shift in go-to-market strategy and inquired about the onboarding process for large new customers like Laconic.

    Answer

    CEO Will Marshall stated that key government priorities like national security are nonpartisan and believes the incoming administration's focus on efficiency and commercial capabilities positions Planet well. CFO Ashley Johnson defended the customer count metric as a key differentiator showing a broad customer base, while noting the direct sales team is focused on larger accounts. She added that the onboarding timeline for new customers varies based on the complexity of the sale and the products involved.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Planet Labs PBC (PL) leadership • Q2 2025

    Question

    Trevor Walsh from JMP Securities requested deeper insight into the recent go-to-market changes and the new vertical leaders' focus. He also asked about the ongoing challenges in providing full-year guidance, even as large contracts are being won.

    Answer

    President Ashley Whitfield Johnson explained the changes involve a deeper alignment of both commercial and product teams around customer verticals, with a singular focus on growing the book of business in each market. She clarified that the difficulty in providing full-year guidance remains due to the unpredictable mix of business between direct data deals and partner-led contracts, which significantly impacts revenue recognition and gross margin. Therefore, the company is taking a quarter-at-a-time approach to guidance.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Amentum Holdings (AMTM) leadership

    Trevor Walsh's questions to Amentum Holdings (AMTM) leadership • Q1 2025

    Question

    Trevor Walsh of Citizens JMP questioned the potential business impact of government headcount reductions and asked for clarification on the 1% revenue impact from the new administration that was factored into the annual guidance.

    Answer

    CEO John Heller framed government efficiency efforts as a business opportunity, asserting that the essential workload remains and creates demand for innovative private sector partners like Amentum. CFO Travis Johnson clarified that the 1% revenue impact is a minimal estimate, isolated to specific foreign aid work, and that potential upside from new administration priorities has not yet been factored into guidance, which could offset this impact as the year progresses.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Amentum Holdings (AMTM) leadership • Q1 2025

    Question

    Asked about the potential impact of government headcount reductions and sought clarification on the 1% revenue impact assumption in the guidance related to the new administration.

    Answer

    Government efficiency drives create opportunities for Amentum to provide more cost-effective solutions. The 1% revenue impact is a specific, minimal assumption related to foreign aid work; guidance could improve if new opportunities aligned with administration priorities, which are not currently factored in, come to fruition.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Amentum Holdings (AMTM) leadership • Q1 2025

    Question

    Trevor Walsh from Citizens JMP asked about the potential business impact from government headcount reduction efforts and requested more detail on the 1% revenue impact from the new administration that is factored into the annual guidance.

    Answer

    CEO John Heller positioned potential government efficiency drives as an opportunity, stating that the government's mission scope remains, creating demand for innovative companies to help execute that work more effectively. CFO Travis Johnson clarified that the 1% revenue impact is a minimal and isolated factor related to foreign aid work. He emphasized that guidance was reaffirmed because this is offset by strength elsewhere and does not include potential upside from new opportunities aligned with the administration's priorities.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to V2X (VVX) leadership

    Trevor Walsh's questions to V2X (VVX) leadership • Q1 2025

    Question

    Trevor Walsh questioned the year-over-year decline in Air Force revenue, the potential for margin expansion from the extended LOGCAP contract, and any potential tariff impacts on product-focused initiatives.

    Answer

    SVP and CFO Shawn Mural explained the Air Force revenue decline was driven by the predictable sunsetting of the KC-10 and T1A programs, partially offset by the WTRS and F5 program ramps. President and CEO Jeremy Wensinger noted the LOGCAP extension creates a 'recompete holiday,' allowing the team to focus on new business growth. Mural confirmed they see no material tariff impact on their product lines due to largely domestic sourcing.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to V2X (VVX) leadership • Q4 2024

    Question

    Trevor Walsh asked how potential broad-based DoD budget cuts might impact V2X's programs and what the company's capital allocation priorities are now that its net leverage target has been achieved.

    Answer

    President and CEO Jeremy Wensinger and CFO Shawn Mural both characterized V2X's work as supporting enduring missions that are less susceptible to broad cuts, suggesting policy changes are a more likely driver of spending shifts. Regarding capital allocation, Wensinger stated that the focus is on options that generate the most shareholder value, while Mural confirmed that achieving the leverage target provides greater optionality which the company is actively evaluating.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to V2X (VVX) leadership • Q3 2024

    Question

    Trevor Walsh of Citizens JMP questioned potential risks to the new $5 billion in awards ramping in 2025, sought details on the pending F-16 cockpit upgrade contract, and asked why adjusted EBITDA guidance was held flat while revenue and EPS were raised.

    Answer

    SVP & CFO Shawn Mural stated there are no currently foreseen issues with the new program ramps but acknowledged that dynamic funding priorities and international customer relations are always factors. President & CEO Jeremy Wensinger added that the F-16 program is similar to GMR, moving from development to a growth phase with significant potential. Mural explained that the unchanged EBITDA guidance reflects a higher mix of cost-type work, which carries lower margins, driving the top-line revenue increase without a proportional rise in EBITDA.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to V2X (VVX) leadership • Q2 2024

    Question

    Trevor Walsh asked for the CEO's perspective on the geopolitical environment and V2X's positioning, details on the Gateway Mission Router (GMR) contract's expansion potential, and the outlook for the company's backlog for the remainder of the year.

    Answer

    President and CEO Jeremy Wensinger highlighted V2X's global footprint in the INDOPACOM and Middle East regions as a key differentiator aligned with DoD funding. Regarding the GMR, he stated the goal is to make it a program of record, which would unlock significant opportunities, and V2X is investing in enhancing the technology's form factor. SVP and CFO Shawn Mural projected a full-year book-to-bill around 1.0 and expects backlog to increase in Q3 and Q4, driven by new awards and on-contract growth.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Rocket Lab (RKLB) leadership

    Trevor Walsh's questions to Rocket Lab (RKLB) leadership • Q4 2024

    Question

    Trevor Walsh of Citizens JMP asked about potential payload limitations for the new Flatellite platform and the future deployment of R&D headcount after Neutron's first launch.

    Answer

    CEO Sir Peter Beck stated that while Flatellite is not ideal for large optical telescopes, it is highly flexible and scalable for most other remote sensing and connectivity payloads. CFO Adam Spice clarified that R&D spending will subside post-launch, with engineering talent being repurposed into production roles, shifting expenses from R&D to cost of sales.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Cloudflare (NET) leadership

    Trevor Walsh's questions to Cloudflare (NET) leadership • Q4 2024

    Question

    Trevor Walsh of Citizens JMP asked for the key product differentiators of Cloudflare Workers for building AI agents and for examples of large customers using it for internal purposes.

    Answer

    CEO Matthew Prince contrasted the Workers pay-per-use model with the hyperscaler model of renting underutilized virtual machines. He explained that Cloudflare's ability to act as a 'giant scheduler' drives high GPU utilization (peaking at 70%), allowing it to offer better price-performance. This efficiency, derived from proprietary IP that makes GPUs multi-tenant, creates a competitive moat. He confirmed large companies are building agents, though startups are more public about it.

    Ask Fintool Equity Research AI

    Trevor Walsh's questions to Okta (OKTA) leadership

    Trevor Walsh's questions to Okta (OKTA) leadership • Q3 2025

    Question

    Trevor Walsh asked if Okta's new governance and privileged access products avoid legacy competitors because they aren't pursuing direct displacements, and if this strategy might change to drive growth.

    Answer

    CEO Todd McKinnon clarified that Okta's strategy is not to rip-and-replace entrenched on-premise systems, as it's impractical. Instead, the focus is on capturing the much larger market of new, cloud-native use cases where its modern, integrated suite excels. He argued this positions Okta better for long-term growth than legacy vendors trying to adapt to the cloud.

    Ask Fintool Equity Research AI