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Tyson Bauer

Wall Street Analyst at KC Capital

Tyson Bauer is a Wall Street Analyst at Kansas City Capital specializing in the Consumer Goods sector, with coverage of companies such as Mind Technology Inc. and Insteel Industries. With a proven track record, Bauer has generated a 66% success rate and an average return of 13.8% per rating over the past year, ranking #2,473 among nearly 10,000 analysts on TipRanks. His analyst career at Kansas City Capital dates back to at least 2016 and includes notable investment calls like a 152% return on MIND stock. Bauer’s professional background also features experience participating in earnings calls and financial research for multiple public companies, complemented by credentials relevant to his analyst role.

Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership

Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q4 2025

Question

Tyson Bauer asked for confirmation on the demand outlook for fiscal 2026, specifically if the company is not anticipating a significant residential recovery and is instead relying on non-residential strength. He also questioned the strategy for elevated inventory levels due to domestic supply issues and how this might impact margin variability under FIFO accounting. Bauer sought clarification on whether the Q4 sequential shipment decline was primarily due to production and supply constraints rather than demand, and if these issues have since been resolved. Finally, he inquired about the company's ability to infer product usage in data centers and the extent of its contribution.

Answer

H.O. Woltz III, Chairman, President, and CEO, affirmed that non-residential remains the primary demand driver and the company is not banking on a substantial housing recovery in 2026. He indicated that inventories would remain somewhat elevated through Q2, noting benefits from the pricing certainty of imported materials. Woltz confirmed that the Q4 shipment decline was indeed due to production issues caused by raw material shortages early in the quarter, which have since been resolved through increased domestic production and offshore sourcing. He also stated that while they can pinpoint project-related demand like data centers, they do not disclose specific details on this segment.

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Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q4 2025

Question

Tyson Bauer asked about Insteel's demand outlook for fiscal 2026, specifically if the company is factoring in a meaningful recovery in residential construction or primarily relying on non-residential strength. He also inquired about the company's inventory carry strategy, whether elevated levels would persist, and the potential for increased margin variability due to FIFO accounting. Bauer questioned if certainty in import pricing simplifies the pricing strategy, and sought clarification on whether the Q4 sequential shipment decline was primarily due to production/supply issues rather than demand. Finally, he asked if the production issues had been resolved and if the company could infer the specific end-use of products, such as for data centers.

Answer

H. Woltz (Chairman, President, and CEO, Insteel Industries) stated that non-residential construction remains the primary demand driver for Insteel, and the company is not anticipating a significant residential housing recovery in fiscal 2026, despite expectations for inventory issues to resolve by year-end. He explained that inventories are expected to remain somewhat elevated through Q2, but not higher than current levels, due to the strategy of acquiring offshore products at known costs, which offers a pricing advantage for project-related businesses. Woltz confirmed that the Q4 sequential shipment decline was indeed due to production and supply constraints early in the quarter, which have since been resolved through increased domestic production and offshore sourcing. He noted that while project-related demand, like for data centers, can be pinpointed, the company does not disclose specific segment details for these applications.

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Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q3 2025

Question

Tyson Bauer of Kansas City Capital Associates asked for a comparison of the EWP acquisition to past deals, clarification on whether challenges in meeting demand were due to capacity constraints or margin protection, the sustainability of current margins, the impact of the weak residential market, the year-end cash outlook, the magnitude of the domestic wire rod shortage, and a comparison of the current business environment to the 2021-2022 period.

Answer

H.O. Woltz III, Chairman, President & CEO, clarified that while the EWP acquisition was very good, the 2011 IV acquisition was more transformative for the company. He attributed challenges in meeting demand to raw material shortages and staffing issues, not margin protection, and expressed confidence that margins would remain strong. Woltz suggested that infrastructure spending is offsetting weakness from the residential sector. He estimated that imports would cover a 25-30% domestic shortfall in wire rod and found the current market fundamentally different and difficult to compare to the post-COVID 2021-2022 period.

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Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q2 2025

Question

Tyson Bauer of KC Capital asked for a comparison between the current market strength and the COVID-era recovery, questioned the company's pricing power and competitive response to price increases, and sought confirmation on whether favorable trends in ASP, shipment growth, and spreads would continue. He also inquired about the outlook for end markets and asked for clarification on the incentive compensation accrual.

Answer

H.O. Waltz (Executive) differentiated the current environment from the post-COVID period, stating that today's fundamentals are more solid and based on real demand rather than inventory rebuilding. He noted that tight raw material supplies across the industry lessen sensitivity to competitive pricing, and he anticipates elevated prices continuing through Q3. Waltz also mentioned that commercial construction markets are showing encouraging signs of life. Scot Jafroodi (CFO) clarified that the incentive accrual is not a catch-up but is directly tied to the strong performance during the quarter.

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Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q1 2025

Question

Tyson Bauer from KC Capital asked about the primary drivers for 2025 revenue growth (price vs. volume), specific annual savings from recent cost synergies, the full-year SG&A outlook, the relative importance of interest rates versus tariffs, and details on emerging opportunities like data centers and DOT budgets.

Answer

Executive H.O. Waltz indicated that revenue growth would be driven by acquisitions and likely rising selling prices due to tight raw material supply, though the market's sustainability beyond Q2 is uncertain. He did not quantify annual savings but noted the closed plant was operating at a loss. CFO Scot Jafroodi projected an additional $900,000 in amortization expense for the year. Waltz identified tariffs as a more significant factor for Insteel than interest rates and stated the company remains focused on its core construction markets rather than new emerging segments.

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Tyson Bauer's questions to INSTEEL INDUSTRIES (IIIN) leadership • Q4 2024

Question

Tyson Bauer of KC Capital questioned Insteel's strategies for mitigating PC strand import pressures beyond trade cases, the historical effect of falling interest rates on construction project timelines, the potential for hurricane-related demand, and the implications of the current cash balance on future special dividends.

Answer

H.O. Waltz (executive) stated that the primary lever against import pressure is correcting the Section 232 tariff loophole, a united effort with industry partners. He opined that current interest rates primarily affect speculative projects and that falling rates could free up capital. Waltz confirmed that hurricane damage is stimulative for demand, particularly for concrete poles and pipes. Regarding capital allocation, he reiterated that the priority is funding growth, with excess cash returned to shareholders, while noting practical difficulties with large-scale share repurchases.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership

Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q2 2026

Question

Tyson Bauer asked about the breakdown of parts and services revenue, the impact of the Huntsville expansion on future revenue, the variance in the reported backlog compared to expected figures, the consistency of fiscal 2026 revenue with fiscal 2025, and the market's cautiousness regarding large annual orders and the effects of administration rhetoric on offshore wind versus deep sea mapping.

Answer

Robert Capps, President & CEO, confirmed the aftermarket revenue was in the ballpark and trending up, with Huntsville's ramp-up expected to boost activity. He clarified there were no cancellations impacting backlog, attributing variances to aftermarket business and timing. Capps reiterated that fiscal 2026 should be consistent with fiscal 2025, acknowledging potential quarter-to-quarter delivery swings. He noted general market cautiousness, especially in seismic, due to CapEx commitments and macro uncertainties, including U.S. offshore wind slowdowns, but maintained a bullish long-term outlook.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q2 2026

Question

Tyson Bauer inquired about MIND Technology's aftermarket revenue, specifically if the Q2 figure included any catch-up from the Huntsville expansion, the sustainability of the $7 million run rate, and the expected boost from the expanded facility. He also sought clarification on the $6 million variance in backlog, asking about potential cancellations or reclassifications. Furthermore, Bauer questioned the guidance for fiscal 2026, comparing it to fiscal 2025, and asked about the timing of large annual orders from Scandinavian customers given market cautiousness. Finally, he probed into the impact of current administration rhetoric on offshore wind projects versus deep-sea mapping and rare earth exploration.

Answer

Rob Capps, President and CEO, clarified that the Q2 aftermarket revenue did not include a catch-up from Huntsville, noting that while $7 million is indicative of an upward trend, it's not a precise run rate. He confirmed that the Huntsville expansion is expected to ramp up and boost activity through the balance of this year and into next. Regarding the backlog variance, Mr. Capps stated there were no cancellations, attributing the difference to a combination of aftermarket business being in backlog and other factors. He reiterated that the general view for fiscal 2026 remains consistent with earlier guidance, expecting similar results to fiscal 2025, acknowledging potential quarter-to-quarter delivery swings. Mr. Capps also noted some market cautiousness, particularly in the seismic market, affecting CapEx commitments, but maintained a bullish long-term outlook. On the impact of administration rhetoric, he explained that MIND Technology sells to diverse survey work, including energy, wind, and rare earth exploration, and while there's a slowdown in U.S. offshore wind, global activity continues, contributing to current market caution.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q2 2026

Question

Tyson Bauer from KC Capital inquired about the breakdown of parts and services revenue, the impact of the Huntsville expansion, the reconciliation of backlog figures given a delayed Q1 order, the fiscal 2026 outlook compared to fiscal 2025, the status of annual orders from Scandinavian customers, and the real-world effects of current administration rhetoric on offshore wind versus deep-sea mapping.

Answer

Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer, clarified that aftermarket revenue was approximately $7 million for the quarter, with no specific catch-up from Huntsville, but an expectation for ramping up operations. They explained backlog variances are due to aftermarket business and timing, reiterating that fiscal 2026 results should be similar to fiscal 2025, with potential quarterly fluctuations. Capps noted some cautiousness in the seismic market, affecting CapEx commitments, and acknowledged a slowdown in U.S. offshore wind activity while emphasizing long-term bullishness for marine technology.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q1 2026

Question

Tyson Bauer of Kansas City Capital Associates inquired about the status of the $5.5 million in delayed Q1 deliveries, the accounting for these orders, and the strategy to utilize the company's $80 million in U.S. tax loss carryforwards given its international revenue base. He also asked about market trends, including deep-sea mining opportunities, the status of master supply agreements, details on the upcoming streamer system enhancement, bid margin stability, and plans to re-enter the maritime security market.

Answer

President & CEO Robert P. Capps confirmed the delayed orders are partially shipped and expected to be fully delivered in Q2. He acknowledged the challenge of utilizing U.S. NOLs but noted there are ways to do so. Capps sees growing opportunities in deep-sea exploration, confirmed the use of master supply agreements to streamline business, and described the new streamer system as an enhancement to address new markets. He stated that bid margins are stable and that MIND is re-examining a return to the maritime security sector.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q4 2025

Question

Tyson Bauer of KC Capital inquired about the composition of MIND's backlog, including the 'unofficial backlog' from aftermarket services, and the source of management's optimism regarding future orders. He also sought clarification on the shelf registration, the company's capacity for growth towards a potential $100 million revenue target, the strategic review process, and the expected revenue cadence for fiscal 2026.

Answer

Executive Robert Capps confirmed the concept of an 'unofficial backlog' is accurate, citing high confidence in pending complex system orders and the quick-turn nature of aftermarket sales. He affirmed the shelf registration is a return to normal business practice. While not committing to a specific revenue target, Capps acknowledged substantial capacity for growth and the need for scale. He stated all strategic options are being evaluated on their merits and agreed that Q1 revenue would likely normalize from Q4's record level, but the full-year outlook remains strong.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q3 2025

Question

Tyson Bauer inquired about MIND's transition from survival to a growth phase, the strategic options available with its improved cash position, and the scale of its global installed base and aftermarket business. He also asked about the competitive landscape, the impact of pricing leverage on margins, potential effects of a new U.S. administration, customer CapEx cycles, and the implications of the next-generation streamer system.

Answer

Executive Robert Capps explained that the improved capital structure provides flexibility to expand product offerings and enter new markets, though large acquisitions are not planned. He emphasized MIND's dominant position in source controllers and its extensive global installed base, which drives a steady aftermarket business. Capps noted that recent revenue reflects older pricing, suggesting future opportunities for margin improvement. He sees a new administration as a net positive, mainly through permitting, but expects minimal impact from tariffs due to manufacturing in Singapore. He confirmed order flow is lumpy but expects continued activity into the new year, with the new streamer system expanding the addressable market in the longer term.

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Tyson Bauer's questions to MIND TECHNOLOGY (MIND) leadership • Q2 2025

Question

Tyson Bauer of KC Capital inquired about MIND's revenue sustainability given the backlog, the drivers behind strong gross margins, the outlook for cash flow and inventory, the diluted share count post-conversion, and the market's reaction to the new capital structure.

Answer

Executive Robert Capps confirmed the expectation of sustained revenue around the $10 million level, with some quarterly fluctuations. He attributed the strong gross margins to operating leverage, rational purchasing, and product mix, suggesting they are sustainable. Capps also expressed hope to work down inventory, improving cash flow, and confirmed the ~8 million diluted share count is a good number to use. He acknowledged the market might take time to adjust to the new capital structure.

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