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Key take-aways on tech names at the small cap conference of the year.

(MDLA): Medallia Inc.’s (NYSE: MDLA) signals-based Experience Cloud proved resilient during the pandemic, reducing the need for the traditional markets to fully recover for the company to capitalize on digital transformation. In the high-risk verticals, MDLA reported that 94% of its hospitality customers “renewed for more than a year” in the last year and the Contact Centers potential opens a strong growth opportunity. In turn, the company sees ~200bps subscription revenue growth acceleration in the current fiscal year to ~25% y/y.

(CREE): Cree Inc. (NASDAQ: CREE) explained why it believes it will not only lead the generational industry transition from Silicon to SiC in Power Semis aimed primarily at the EV space, but also the reason why any new entrant would face formidable barriers: (i) temperatures needed to grow the crystals in the SiC wafer production process is “half of the Sun’s surface temperature (5K° Fahrenheit),” (ii) scale, as Cree is currently the only source of 200mm wafers, and (iii) requires nearly defect-free large-area (Power) chips for Auto qualification. Canalyst has a fully-functional model to help reflect the impact at Cree as EV and other SiC customers ramp by ’23-24e.

(BLDP): Ballard Power Systems Inc. (NASDAQ: BLDP) is working with the Tier-1 industry supplier Mahle to deliver a zero-emission hydrogen fuel-cell propulsion technology to the trucking industry. It expects to deploy the first prototype this year, and deliver a commercial product for the European market by YE’22e. Also from the conference, the Green Recovery Funds in Europe have “a very heavy emphasis on green hydrogen production.” For fuel-cell buses, “we see a program for a 1,000 fuel-cell buses in the European market over the next 5 years.”

(DGII): On the medium term potential for the company, the CEO of Digi International Inc. (NASDAQ: DGII), a provider of IoT tech said: “We could double EBITDA, potentially, in five years, and we can double our recurring (revenue) in three years.” DGII anticipates that its inorganic growth opportunities will accelerate this timeline. DGII reported EBITDA margin % of 11% in FY20 or ~200bps y/y expansion. Canalyst offers a full financial model and reported metrics for DGII and other companies in the peer group.

(SPWR): SunPower Corp. (NASDAQ: SPWR). As a result of partnering with TCU (Tech Credit Union) to provide financing for solar projects, SPWR’s cost of capital will be “materially lower than 6% as we go through the year.” In turn, it expects: “that to be a big driver of our gross margin expansion in 2021.” Also, SPWR is currently in discussions to add a second source of funding, adding to the tailwinds. 

(CMBM): Cambium Networks Corp. (NASDAQ: CMBM), a provider of fixed-wireless infrastructure products, reported that “enterprise is coming back”. As a result, it sees its Wi-Fi 6 revenues accelerating to 40-60% y/y growth in FY21e (vs. 12% y/y in FY20), with the most impacted industries like Hospitality (strongest recovery), Retail (the slowest in recovery) and Education (schools re-opening) sectors on the mend. 

(FTHM): Fathom Holdings (NASDAQ: FTHM), a cloud-based platform serving real-estate brokerages in the US underlined the countercyclical profile of its business model: “any time there is downward pressure on commissions…our model tends to win out.” With technology as the differentiator, FTHM notes that in those regions where they established meaningful penetration they tend to capture outsized market share: “in Dallas-Fort Worth (TX) we are one of the largest brokerages…even as there are 30K agents (in the region).” FTHM’s share price of $42.94/share (March 17, ’21) is ~4x of that at its IPO in July 2020. Read more on FTHM in our Canalyst Insight post here.

(PLUG): Despite the recent turbulence, Plug Power Inc. (NASDAQ: PLUG) has reiterated its FY21 guidance of 41% y/y growth to gross billings of $475M. It expects to deploy its Green Hydrogen technology at 60+ Amazon (AMZN) distribution centers in ’21. PLUG recently completed the gigafactory in South Korea with its partner SK Group, and is set to start production in its new 225K sq. ft. facility in the NY state. Also, the company sees its partnership with Renault (RNO FP) to use fuel cells in light-commercial-vehicle result in ~30% market share of the 500K unit SAM by 2030e, with initial deployments in early ‘22e. Canalyst offers a full financial model that includes company guidance, long term outlook and forecasts.

Canalyst has fully-functional financial models for all these names, and many more of the presenting companies at this year’s conference. Conference attendees receive a complimentary model bundle to prep for their meetings.

For a deeper look on these names and to see how you can leverage your time at conferences with Canalyst, request a demo today.


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