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    William Gregozeski

    Research Analyst at Greenridge Global LLC

    William Gregozeski is the Founder, President, and Director of Research at Greenridge Global LLC, where he specializes as an industry-agnostic equity analyst focused on small-cap and Asian-based companies. He has covered firms such as Barfresh Food Group Inc, MoneyHero Ltd, CNFinance Holdings Ltd, and Flexible Solutions International, delivering research that has influenced consensus earnings estimates and attracted investor attention. Beginning his career at Capstone Investments and Gar Wood Securities, he founded Greenridge Global in 2012 after gaining experience in both buyside and sell-side research, and he also serves as an analyst for Mont Blanc Capital Management AG. Gregozeski holds the CFA charter, an MBA, and a BS in Finance from Marquette University, and brings nearly 20 years of financial markets experience and professional credentials to his roles.

    William Gregozeski's questions to BARFRESH FOOD GROUP (BRFH) leadership

    William Gregozeski's questions to BARFRESH FOOD GROUP (BRFH) leadership • Q2 2025

    Question

    William Gregozeski of Greenridge Global LLC asked for a breakdown of the $1.8 million in inventory, the timing for announcing new school wins, and specific details on current and future manufacturing capacity for bottles and cartons.

    Answer

    CFO Lisa Roger clarified that the inventory is now primarily composed of bottled products, built up during the summer to prepare for the school year. CEO Riccardo Delle Coste added that new school wins will be updated as schools return and final bids are awarded. Regarding capacity, Delle Coste projected that bottle manufacturing capacity will reach 20-25 million units annually with the new partner in 2026. Roger noted that carton capacity is not a constraint and is roughly three times the current sales volume.

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    William Gregozeski's questions to MoneyHero (MNY) leadership

    William Gregozeski's questions to MoneyHero (MNY) leadership • Q1 2025

    Question

    Asked about the strategic implications of the new OSL partnership for entering the digital asset space, the sustainability of recent gross margin improvements as revenue scales, and the expected growth of operating costs in relation to the company's revenue targets and AI integration.

    Answer

    The OSL partnership is a strategic exploration of the high-margin digital asset space, with no definitive investment decisions made yet. The significant improvement in cost of revenue and gross margin is considered sustainable, driven by a strategic shift to higher-margin products and optimized rewards spending, not just short-term cuts. Operating costs are expected to grow at a much slower rate than revenue, creating operating leverage, due to a reset cost structure, scalable technology, and AI-driven efficiencies.

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    William Gregozeski's questions to MoneyHero (MNY) leadership • Q4 2024

    Question

    The analyst inquired about the impact of the recent reorganization on cost structure and margins, the outlook for advertising and marketing expenses, plans for AI and automation, and the strategy to leverage the NASDAQ listing and improve the stock price.

    Answer

    The reorganization has created a leaner, more efficient organization with significant cost savings (45% YoY reduction in employee expenses) and improved operating leverage, as seen in the reduced adjusted EBITDA loss. Marketing spend is now more disciplined and focused on ROI after a period of deliberate investment, with a 23% YoY reduction in Q4. The company is pursuing an "AI-first" strategy to enhance operational efficiency and scale the business without increasing headcount. Management believes executing its core efficiency strategy to drive profitable growth will ultimately lead the market to recognize the company's value and improve the stock price.

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    William Gregozeski's questions to FLEXIBLE SOLUTIONS INTERNATIONAL (FSI) leadership

    William Gregozeski's questions to FLEXIBLE SOLUTIONS INTERNATIONAL (FSI) leadership • Q1 2025

    Question

    The analyst asked about potential margin impacts from high-tariff raw materials, the expectation for sustained operating expenses after the Peru and Panama expansions, and the company's future dividend policy.

    Answer

    There will be no significant margin hit from tariffs, although a small amount of product was affected. There will be sustained operating cost increases from additional accounting staff and software upgrades, as well as carrying employees for the transition. Regarding the dividend, the board prefers the current flexibility but may consider a small, regular dividend supplemented by special dividends in the future, though no decision has been made.

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    William Gregozeski's questions to FLEXIBLE SOLUTIONS INTERNATIONAL (FSI) leadership • Q1 2025

    Question

    William Gregozeski of Greenridge Global inquired about the potential margin impact from high-tariff raw materials, whether to expect sustained operating expenses from the Peru and Panama expansions, and the company's future dividend policy.

    Answer

    CEO Daniel O’Brien confirmed there would be no significant margin hit from tariffs, though a minor impact was unavoidable. He explained that sustained operating costs will increase due to the need for more accounting staff and software to support the expanded business. Regarding dividends, O'Brien stated the Board values flexibility but might consider a small, regular dividend augmented by special dividends in the future.

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    William Gregozeski's questions to FLEXIBLE SOLUTIONS INTERNATIONAL (FSI) leadership • Q2 2024

    Question

    Inquired about the rationale behind the sale of the Florida, LLC, the use of proceeds from the sale, the specific terms of recent option grants, the sustainability of current gross margins, and the outlook for the agriculture business.

    Answer

    The executive explained the Florida, LLC sale was strategic, retaining a key supply agreement while adding a partner focused on sales growth. The cash will be held for now. He confirmed the strict vesting terms for options are tied to $100 million in drug revenue. Gross margins were high due to a favorable mix and are at the top end of the expected range, while the Ag business is stable with a cautiously positive outlook.

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    William Gregozeski's questions to FLEXIBLE SOLUTIONS INTERNATIONAL (FSI) leadership • Q2 2024

    Question

    William Gregozeski of Greenridge Global asked about the rationale behind selling the Florida, LLC, the intended use for the cash proceeds, the specific vesting terms for the new option grants, the sustainability of the quarter's high gross margins, and the outlook for the agricultural business amid low corn prices.

    Answer

    CEO Dan O’Brien stated the Florida, LLC was sold for a profit to a new owner better equipped to grow its sales, while FSI retained the exclusive supply agreement. He noted the cash will be invested conservatively as it's insufficient to fully fund the drug business entry. O'Brien confirmed the options vest upon reaching $100 million in drug-specific revenue. He described the high gross margin as a partial anomaly due to favorable product mix but noted new, higher-margin food products could support this level. He characterized the ag business as flat but with a cautiously positive outlook for the 2025 early buy season.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership

    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q4 2023

    Question

    William Gregozeski of Janney Montgomery Scott inquired about CNFinance's outlook on future borrowing costs, loan demand trends, and the targeted split between its trust and commercial models for 2024. He also asked whether recent compliance and borrower evaluation efforts were linked to the company's technology platform upgrades and questioned the company's plans for its recently expired share repurchase program.

    Answer

    Director and VP Jun Qian stated that the goal for 2024 is to continue lowering borrower financing costs from the 16.1% average seen in 2023. He noted that while loan demand has been soft, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 30% mix for the commercial bank model. Mr. Qian clarified that compliance initiatives are separate from technology investments, which are focused on refining collateral evaluation and borrower rating systems. CFO Jing Li confirmed that the company intends to ask the Board of Directors to approve an extension of the share repurchase plan for another year.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q4 2023

    Question

    William Gregozeski of Greenridge Global inquired about the sustainability of recent borrowing costs, the current demand for loans, the split between trust and commercial models, the connection between compliance initiatives and technology platform upgrades, and the company's plans for its recently expired share repurchase program.

    Answer

    Director and Vice President Jun Qian, speaking through translator Matthew Lou, stated that the company aims to continue lowering financing costs for borrowers from the 16.1% average seen in 2023. He noted that while loan demand was soft, the 2024 target for loan origination is RMB 20 billion, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian also clarified that compliance building and technology investments are separate initiatives, with tech upgrades focused on collateral evaluation and borrower rating models. CFO Jing Li added that the company intends to ask the Board of Directors to extend the share repurchase plan for another year.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q4 2023

    Question

    William Gregozeski of Greenridge Global inquired about the sustainability of current borrowing costs, the demand and mix for loans between trust and commercial models, the connection between compliance efforts and technology upgrades, and the company's plans for its recently expired share repurchase program.

    Answer

    Director and VP Jun Qian, speaking through translator Matthew Lou, stated that the goal for 2024 is to continue lowering financing costs for borrowers. He also noted that while loan demand was weaker than expected in 2023, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian clarified that compliance building and technology investments are separate initiatives, with tech investments focused on collateral evaluation and borrower rating models. CFO Jing Li added that the company intends to ask the Board of Directors to extend the share repurchase plan for another year.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q4 2023

    Question

    William Gregozeski of Greenridge Global inquired about the sustainability of current borrowing costs, the demand for loans including the size and mix between trust and commercial models, the relationship between compliance initiatives and technology platform upgrades, and the company's plans for its recently expired share repurchase program.

    Answer

    Director and Vice President Jun Qian, speaking through translator Matthew Lou, stated that the goal for 2024 is to continue lowering borrower financing costs. He noted that while loan demand was soft, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Mr. Qian also clarified that compliance building and technology investments are separate initiatives, with tech efforts focused on collateral evaluation and borrower rating systems. CFO Jing Li added that the company intends to ask the Board of Directors to approve a one-year extension of the share repurchase plan.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q4 2023

    Question

    William Gregozeski of Greenridge Global inquired about the sustainability of recent borrowing costs, the current demand for loans, the target mix between trust and commercial models, the connection between compliance efforts and technology upgrades, and plans for the recently expired share repurchase program.

    Answer

    Director and Vice President Jun Qian, via translator Matthew Lou, explained that CNFinance aims to continue lowering borrower financing costs in 2024. He noted that while loan demand was weaker than expected, the company targets RMB 20 billion in total loan originations for 2024, maintaining a 70/30 split between the trust and commercial bank models. Qian also clarified that compliance initiatives are separate from technology investments, which are focused on improving collateral evaluation and borrower rating models. CFO Jing Li added that management intends to request a one-year extension of the share repurchase plan from the Board of Directors.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q3 2023

    Question

    William Gregozeski of Janney Montgomery Scott inquired about the drivers behind the significant growth in trust lending volume to RMB 3.9 billion and its future outlook. He also asked for the company's loan origination forecast for 2024, including the expected mix between trust and commercial models, and sought details on the current financial health of the company's sales partners.

    Answer

    Jun Qian, Director and Vice President, explained that the growth in trust lending was driven by a strategic shift to Tier 1 cities and a focus on large-ticket products with high-value collateral. For 2024, he provided a conservative forecast of RMB 20 billion in total loan originations, roughly flat year-over-year, with 30-35% from the commercial bank model. Regarding sales partners, Mr. Qian noted their financial health has improved due to loosened installment payment terms and the company's assistance in disposing of non-performing loans to recover cash.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q2 2023

    Question

    William Gregozeski asked for an update on SME loan demand, the outlook for origination growth for the rest of the year, and trends related to sales partner loan repurchases.

    Answer

    Jun Qian, Director and Vice President, noted that while broader market loan demand in China has decreased, CNFinance achieved significant year-over-year growth in loan originations and transactions in H1 2023. This was attributed to a low base from the pandemic-affected prior year and the company's relatively small market share. Mr. Qian confirmed the company is maintaining its full-year origination target of RMB 20 billion. He also interpreted the decrease in interest on loans to sales partners as a positive indicator of improving asset quality and fewer defaults.

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    William Gregozeski's questions to CNFinance Holdings (CNF) leadership • Q2 2023

    Question

    The analyst inquired about current SME loan demand, the outlook for origination growth for the rest of the year, and the reasons behind the decrease in interest on loans to sales partners.

    Answer

    The company reported that while overall SME loan demand in China is decreasing, CNFinance saw significant year-over-year growth in loan origination due to a low 2022 base and its small market share. They are maintaining their full-year origination target of RMB20 billion. The decrease in interest on loans to sales partners is considered a positive indicator of improving asset quality and fewer defaults, meaning fewer partners have to repurchase defaulted loans.

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    William Gregozeski's questions to CLPS (CLPS) leadership

    William Gregozeski's questions to CLPS (CLPS) leadership • H1 2021

    Question

    William Gregozeski of Greenridge Global inquired about CLPS's target revenue mix by geography for fiscal years 2021 and 2022, and asked for specific plans on using the recently raised capital to fuel growth.

    Answer

    CFO Rui Yang stated that while Mainland China remains the primary market, revenue from outside China is expected to grow to approximately 12% in fiscal 2021 and 13% in fiscal 2022. Executive VP Wilson Wong detailed that the newly raised capital will fund global expansion, particularly in Southeast Asia via its Singapore headquarters and in the U.S. market, as well as for IT talent training. CFO Rui Yang added that the company closed a $16 million direct offering in March 2021.

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