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    Troy Jensen • Cantor Fitzgerald

    Troy Jensen's questions to Quantum Computing Inc (QUBT) leadership

    Troy Jensen's questions to Quantum Computing Inc (QUBT) leadership • Q2 2025

    Question

    Troy Jensen from Cantor Fitzgerald inquired about Quantum Computing Inc.'s most critical technology milestones for the next one to three years and asked about plans for operating expenses, including potential M&A, following a recent major financing.

    Answer

    CEO & Chairman Yuping Huang identified the primary milestone as integrating quantum machines with nanophotonic chips to reduce size, weight, power, and cost, noting the foundry will support this and serve external customers. CFO Chris Roberts added that the company is accelerating hiring for engineering and sales and is actively evaluating strategic M&A opportunities to enhance its technology roadmap and revenue generation.

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    Troy Jensen's questions to Stratasys Ltd (SSYS) leadership

    Troy Jensen's questions to Stratasys Ltd (SSYS) leadership • Q2 2025

    Question

    Troy Jensen from Cantor Fitzgerald asked if the delayed large deals were associated with the F3300 system and automotive opportunities, and whether the second-half guidance includes any revenue or OpEx from the recent Forward AM and Nexa3D acquisitions.

    Answer

    CEO Yoav Zeif clarified that the deal slippage is not connected to the F3300; in fact, the system is a key promoter for these deals due to its reliability and performance. CFO Eitan Zamir added that the new guidance reflects more F3300 sales in 2025 than in 2024. Regarding the acquisitions, Yoav Zeif stated their financial impact is currently immaterial as the businesses are being rebuilt.

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    Troy Jensen's questions to Stratasys Ltd (SSYS) leadership • Q1 2025

    Question

    Troy Jensen of Cantor Fitzgerald questioned the significant sequential drop in R&D spending and its future run rate, and also asked about the impact of low-end competition, like Bambu Lab, on Stratasys's F123 sales.

    Answer

    CFO Eitan Zamir explained the change in R&D spending was a 'focus' rather than a 'cut,' consistent with the 2024 restructuring plan, and that spending as a percentage of revenue remains at historical levels. CEO Yoav Zeif asserted that the low-end market is not Stratasys's focus, as their industrial customers in aerospace, automotive, and medical prioritize reliability, accuracy, and service, which low-end systems lack. He views low-end growth as a positive for industry awareness, expecting users to eventually upgrade to Stratasys for industrial-grade applications.

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    Troy Jensen's questions to Stratasys Ltd (SSYS) leadership • Q4 2024

    Question

    Troy Jensen questioned the consecutive quarterly declines in consumables revenue despite a growing installed base. He also asked about the nature of the decline in long-term investments on the balance sheet and the company's focus for potential acquisitions.

    Answer

    CFO Eitan Zamir described the Q4 consumables dip as an 'outlier,' expecting full-year 2025 consumables revenue to exceed 2024 levels. He clarified the balance sheet change was mainly a non-cash impairment charge on the Ultimaker investment. CEO Yoav Zeif stated that M&A strategy will focus on shareholder value, leveraging the new Fortissimo investment and favorable market conditions for assets.

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    Troy Jensen's questions to Stratasys Ltd (SSYS) leadership • Q3 2024

    Question

    Troy Jensen from Cantor Fitzgerald asked about the consumables business, noting the slowing year-over-year growth and two consecutive quarters of sequential decline, and questioned the risk of it turning negative. He also sought clarification on rumors of a second round of workforce reductions.

    Answer

    CEO Dr. Yoav Zeif reaffirmed the strength of the recurring revenue model, stating that while quarterly results can be lumpy, the year-over-year growth trend is solid, supported by the shift to manufacturing applications and a growing installed base. He firmly denied any new workforce reductions, clarifying that the company executed one restructuring plan ahead of schedule, with benefits already seen in Q3.

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    Troy Jensen's questions to Rigetti Computing Inc (RGTI) leadership

    Troy Jensen's questions to Rigetti Computing Inc (RGTI) leadership • Q2 2025

    Question

    Troy Jensen of Cantor Fitzgerald inquired about the use of proceeds from the recent equity offering, future operating expense trends, and the status of the strategic partnership with Quanta.

    Answer

    CEO Subodh Kulkarni stated the primary focus for the new capital is accelerating R&D to reach quantum advantage, a milestone he estimates is 3-4 years away. CFO Jeffrey Bertelsen added that no significant step-up in operating expenses is anticipated in the near term. Kulkarni also detailed that the Quanta partnership is progressing well, with Quanta focusing on the non-QPU hardware stack, particularly control systems, allowing Rigetti to concentrate on its core QPU development.

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    Troy Jensen's questions to 3D Systems Corp (DDD) leadership

    Troy Jensen's questions to 3D Systems Corp (DDD) leadership • Q2 2025

    Question

    Troy Jensen of Cantor Fitzgerald inquired about the revenue breakdown of the $80 million MedTech business, the composition of the overall Healthcare segment, the progress of the Dental business with its new NextDent solution, and the calculation of gross margins excluding a one-time milestone payment.

    Answer

    President and CEO Jeffrey Graves clarified that MedTech revenue is predominantly from personalized health services and parts, with modest printer sales. He confirmed the Healthcare segment comprises MedTech, Dental, and Regenerative Medicine. Graves expressed strong optimism for the new NextDent denture solution, highlighting its favorable economics and large addressable market. EVP and CFO Jeff Creech confirmed that excluding the milestone, gross margin was approximately 38% and would normalize in subsequent quarters.

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    Troy Jensen's questions to 3D Systems Corp (DDD) leadership • Q1 2025

    Question

    Troy Jensen inquired about the inventory dynamics in the dental aligner market and the rationale behind potential divestitures of nascent technologies amid the company's cost-cutting initiatives.

    Answer

    CEO Jeffrey Graves explained that volatility in the aligner market is a symptom of large customers maturing and adopting more sophisticated, just-in-time inventory management, not a sign of weakening end-market demand. Regarding the portfolio, Graves confirmed a strategic focus on core growth areas like healthcare, aerospace, and AI infrastructure, while pausing or reining in more exploratory R&D efforts. He emphasized that the company is not broadly exiting technologies but is prioritizing investments in markets with the highest certainty of growth.

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    Troy Jensen's questions to 3D Systems Corp (DDD) leadership • Q4 2024

    Question

    Troy Jensen from Cantor Fitzgerald & Co. asked for an update on cost-cutting initiatives, specifically regarding R&D spending on long-term, non-revenue-generating projects like bioprinting. He also sought clarity on Q1 seasonality and revenue expectations given the pending divestiture of the Geomagic business, and questioned how gross margins could remain stable after selling the accretive software unit.

    Answer

    CEO Jeffrey Graves explained that the company is focusing its R&D spend and will slow down, pause, or seek partners for some longer-term bioprinting projects outside of the core human lung program. CFO Jeff Creech confirmed that 2025 guidance excludes Geomagic revenue post-Q1. Graves attributed the stable gross margin outlook not just to cost cuts but more significantly to efficiency gains from the completed manufacturing in-sourcing initiative, which improves supply chain and assembly operations.

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    Troy Jensen's questions to 3D Systems Corp (DDD) leadership • Q3 2024

    Question

    Troy Jensen asked for an update on the Oqton software platform, inquired about the presence of a 10% customer, and sought information on the timing of the next milestones for the regenerative medicine business.

    Answer

    CEO Jeffrey Graves highlighted Oqton's progress, particularly its successful implementation with Baker Hughes, which improves productivity and quality for high-reliability parts. He confirmed a 10% customer, related to the dental business, would be detailed in the 10-Q. Regarding regenerative medicine, he expects to announce new milestones in 2025 and noted that technology from this project, like high-resolution projectors, is already benefiting industrial printers like the new PSLA platform.

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    Troy Jensen's questions to D-Wave Quantum Inc (QBTS) leadership

    Troy Jensen's questions to D-Wave Quantum Inc (QBTS) leadership • Q2 2025

    Question

    Troy Jensen of Cantor Fitzgerald requested more details on the Advantage two system, including its deployment in South Korea, the expected number of installations, and its technical improvements.

    Answer

    CEO Alan Baratz emphasized that Advantage two was the system used to demonstrate quantum supremacy, featuring key upgrades in interconnectivity, coherence time, and energy scale. He projected a total of six or seven Advantage two systems in the near term, including cloud service upgrades and on-premise installations like the one at Jülich and the potential system in South Korea.

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    Troy Jensen's questions to IONQ Inc (IONQ) leadership

    Troy Jensen's questions to IONQ Inc (IONQ) leadership • Q2 2025

    Question

    Troy Jensen asked about the practical applications and encryption-breaking capabilities of an 80,000 logical qubit system, and questioned the company's strategy for integrating numerous acquisitions and potential future M&A.

    Answer

    CEO & Chairman Niccolo de Masi explained that their roadmap details applications for each stage, with thousands of logical qubits enabling work on problems like logistics optimization and Shor's algorithm around 2027. He emphasized that the greatest value may come from yet-unforeseen applications, particularly in quantum AI. Regarding M&A, he cited his extensive experience, highlighting a focus on cultural fit and the synergistic potential of combined teams. He stated that IonQ will continue to monitor the landscape to expand its leadership in both quantum computing and networking.

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    Troy Jensen's questions to Proto Labs Inc (PRLB) leadership

    Troy Jensen's questions to Proto Labs Inc (PRLB) leadership • Q2 2025

    Question

    Troy Jensen from Cantor Fitzgerald sought clarification on the company's 30-day revenue visibility, which seemed longer than historical levels. He also asked for an update on the progress of the strategic push into production parts and inquired about expectations for Q4 seasonality.

    Answer

    CFO Dan Schumacher clarified that the longer 30-day visibility applies only to the partner network, which constitutes about 15% of revenue, while the factory business retains very short visibility. He highlighted an 11% increase in revenue per customer and 44% growth in customers using both the factory and network as key success metrics for the production initiative. For Q4, Schumacher stated that the company expects a return to typical seasonality, with revenue likely down slightly from Q3.

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    Troy Jensen's questions to Proto Labs Inc (PRLB) leadership • Q1 2025

    Question

    Troy Jensen from Cantor Fitzgerald questioned whether the push into production would primarily benefit the factory or the network, inquired about typical revenue seasonality, and asked if tariffs could be a significant factor for growth throughout the year.

    Answer

    CEO Rob Bodor and CFO Dan Schumacher both emphasized that production growth occurs in both the factory and the network, with the network being well-positioned for production work due to quality controls and a defined partner base. Schumacher outlined typical seasonality (Q1 up from Q4, Q2 up, Q3 flat/up, Q4 down) but was cautious about predicting the full-year impact of tariffs, reiterating the company's strong positioning.

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    Troy Jensen's questions to Proto Labs Inc (PRLB) leadership • Q4 2024

    Question

    Troy Jensen asked about gross margin expectations for 2025, the potential impact of the network business mix, the percentage of customers utilizing both factory and network services, and the expected full-year tax rate.

    Answer

    CFO Dan Schumacher stated that while mix is a factor, automation and AI-driven pricing are expected to support margins. CEO Robert Bodor revealed that just over 5% of customers currently use the combined factory and network offering, indicating significant cross-sell potential. Management also confirmed the Q1 guided tax rate of 26.5% to 27.5% is a reasonable expectation for the full year.

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    Troy Jensen's questions to Proto Labs Inc (PRLB) leadership • Q3 2024

    Question

    Troy Jensen questioned the details of the German facility changes, asking if it was related to the Alphaform acquisition, the extent of DMLS manufacturing in Europe, the expected OpEx savings, and whether other services like Sheet Metal might also be shifted to the Network model.

    Answer

    CEO Rob Bodor confirmed the changes relate to parts of the Alphaform acquisition and that European DMLS orders will now be fulfilled via North Carolina and network partners. CFO Dan Schumacher clarified that the changes, which include closing a separate precision injection molding facility, will primarily impact gross margin rather than OpEx. Regarding Sheet Metal, Bodor acknowledged the service's headwinds and stated that the new global structure provides more flexibility to consider different fulfillment strategies going forward.

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    Troy Jensen's questions to Impinj Inc (PI) leadership

    Troy Jensen's questions to Impinj Inc (PI) leadership • Q2 2025

    Question

    Troy Jensen from Cantor Fitzgerald inquired about the opportunity pipeline in the logistics vertical, asking if more large deals are expected in the coming quarters. He also asked for the specific amount of licensing revenue recorded in Q2.

    Answer

    CEO Chris Diorio responded by broadening the definition of the logistics opportunity, stating that it includes not just pure-play logistics firms but any enterprise managing its own supply chain, indicating a vast addressable market. CFO Cary Baker confirmed that Q2 licensing revenue was $16 million.

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    Troy Jensen's questions to Impinj Inc (PI) leadership • Q1 2025

    Question

    Troy Jensen of Cantor Fitzgerald asked for clarification on the implied high gross margin for Q2. He also inquired about the gross margin outlook for the second half of the year and requested details on the company's convertible debt.

    Answer

    CFO Cary Baker confirmed the high implied Q2 gross margin is correct, driven by the annual high-margin license payment, and noted that product-only gross margin is expected to be similar to Q1. He anticipates second-half product gross margins will benefit from the M800 ramp, improved yields, and lower wafer costs. He also provided details on the convertible debt: a ~$111 conversion price, a May 2027 due date, and a notional value of $287.5 million.

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    Troy Jensen's questions to Impinj Inc (PI) leadership • Q4 2024

    Question

    Troy Jensen asked for more insight into the "aggressive endpoint price shopping," specifically regarding ASP reductions, and requested clarification on the expected magnitude of the "modest" gross margin decline in Q1.

    Answer

    CFO Cary Baker explained that pricing negotiations were largely in line with expectations and focused on driving M800 adoption, which is a lower-priced SKU, leading to lower average ASPs but is expected to be accretive to gross margin over time. CEO Chris Diorio added that the price shopping is occurring at the label level due to bonding overcapacity, causing delayed orders. Regarding gross margin, Cary Baker reiterated it would mark the low point for the year but did not provide a specific percentage range.

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    Troy Jensen's questions to Impinj Inc (PI) leadership • Q3 2024

    Question

    Troy Jensen asked for an update on the Qualcomm partnership, including its implications for RAIN adoption, the timing for implementation in mobile devices, and its relation to the Digital Product Passport (DPP). He also requested further guidance on Q4 gross margins.

    Answer

    CEO Chris Diorio explained that Qualcomm's public statement has significantly advanced RAIN's position for the DPP in Europe. He anticipates the first opportunities will be in enterprise mobile devices, with consumer adoption following later as the back-end ecosystem matures. CFO Cary Baker guided to a Q4 gross margin of around 53%, benefiting from a richer systems mix and high-margin authenticity IC sales, and reiterated confidence in long-term targets.

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    Troy Jensen's questions to Kornit Digital Ltd (KRNT) leadership

    Troy Jensen's questions to Kornit Digital Ltd (KRNT) leadership • Q1 2025

    Question

    Troy Jensen from Cantor Fitzgerald sought clarification on the new $14.5 million AIC ARR metric, asking about the timing of revenue recognition and how long it took to build that ARR base. He also requested an update on the market opportunity and traction for Kornit's roll-to-roll systems.

    Answer

    CFO Lauri Hanover explained that AIC revenue recognition begins after a system is shipped and installed, so it is not immediate, and that the program was launched in mid-2024. CEO Ronen Samuel reported that the roll-to-roll segment is seeing growth, particularly in the footwear market where a second customer is buying additional systems. He also noted progress in technical textiles and mainstream fashion, though growth is still below initial expectations.

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    Troy Jensen's questions to Kornit Digital Ltd (KRNT) leadership • Q4 2024

    Question

    Troy Jensen sought clarification on the Q1 gross margin outlook, asking if it could be as low as the prior year's Q1. He also requested guidance on financial income to aid in EPS modeling.

    Answer

    CFO Lauri Hanover clarified her earlier comment, stating that Q1 is typically the lowest gross margin quarter of the year, but did not imply it would be as low as the prior year's level. She declined to provide guidance on financial income, reiterating that Kornit only provides guidance for revenue and adjusted EBITDA.

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    Troy Jensen's questions to Xometry Inc (XMTR) leadership

    Troy Jensen's questions to Xometry Inc (XMTR) leadership • Q1 2025

    Question

    Troy Jensen asked about the mix of production versus prototyping revenue, suggesting a low average order value implies a high level of prototyping, and also inquired about the percentage of revenue exposed to overseas tariffs.

    Answer

    Executive Shawn Milne noted the revenue-per-buyer metric is quarterly and should be annualized for comparison. CEO Randy Altschuler argued that Xometry's strong growth and expansion into production-heavy technologies like injection molding and die casting demonstrate its success beyond prototyping. He also stated that the vast majority of U.S. marketplace revenue is fulfilled by domestic partners.

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    Troy Jensen's questions to Nano Dimension Ltd (NNDM) leadership

    Troy Jensen's questions to Nano Dimension Ltd (NNDM) leadership • Q2 2024

    Question

    Troy Jensen inquired about the apparent strategic shift towards robotics, AI, and software, the comparative growth outlook for Additive Manufacturing versus robotics, and the company's primary focus over the next 12-24 months between integrating Desktop Metal and pursuing further M&A.

    Answer

    Executive Yoav Stern confirmed the strategic shift, stating that software will be the primary driver for machine sales, making the hardware secondary. He projected stable 10-15% growth for robotics and Industry 4.0, while Additive Manufacturing growth will be segment-specific, driven by software and materials. Stern clarified that the company will focus on both integrating Desktop Metal and carefully pursuing new acquisitions, noting they are already in talks with 3-4 other companies.

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    Troy Jensen's questions to Nano Dimension Ltd (NNDM) leadership • Q1 2024

    Question

    Troy Jensen from Cantor Fitzgerald inquired about the revenue breakdown between additive and robotics, the status of discussions with Stratasys, and the revenue level required for the company to achieve breakeven.

    Answer

    CEO Yoav Stern explained that revenue was roughly split half between additive electronics and other additive manufacturing types. He also characterized the ongoing discussions with Stratasys as friendly and intensive. CFO Tomer Pinchas projected that the company could reach breakeven in the second half of 2025, assuming 25-30% annual growth.

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