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    Greg Gibas

    Vice President and Senior Research Analyst at Northland Securities, Inc.

    Greg Gibas is a Vice President and Senior Research Analyst at Northland Securities, Inc., specializing in coverage of Enterprise Software/SaaS, Communications Technology, Connectivity and Satellite Services, Media & Internet, Real Estate, and Industrial sectors. He has provided research and recommendations on companies such as Accel Entertainment and FGI Industries, with a notable track record including a #20 ranking in TipRanks’ Top 100 Wall Street Analysts in 2020 and a #5 ranking for success rate and average return per rating that same year. Greg began his analyst career after earning a B.S. in Finance from the University of Minnesota, and has been with Northland since 2015 following experience as a Financial and Economic Analyst. He holds the CFA charter and is registered with FINRA, maintaining SIE, Series 7, Series 63, and Series 86/87 securities licenses.

    Greg Gibas's questions to Powerfleet (AIOT) leadership

    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q4 2025

    Question

    Greg Gibas of Northland Securities requested more detail on the expected progression of revenue and EBITDA in the first half of fiscal 2026. He also asked for context on the extent to which elongated customer decision cycles impacted the full-year outlook.

    Answer

    CFO David Wilson explained that first-half growth figures need to be adjusted for proactive business shutdowns, like the FSM unit. He noted that second-half acceleration will be driven by compounding sales investments and strength in AI video and large-scale data ingestion deals. CEO Steve Towe added that while tariff uncertainty has a 'weathering effect' on customer CapEx decisions, the overall impact is not substantial and is being offset by strong growth in other areas and a healthy pipeline.

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    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q1 2026

    Question

    Greg Gibas of Northland Securities sought a breakdown of the drivers for the projected $30 million net debt improvement in the second half of the year. He also asked for details on the Sixx Rental win, including key differentiators and the deal's relative ARPU.

    Answer

    CFO David Wilson attributed the future debt improvement to top-line growth, improved working capital, and a decline in front-loaded upfront investments, such as a ~$4 million systems spend. CEO Steve Towe detailed that the Sixx win was secured due to superior data quality, digital transformation capabilities, and growing market credibility. He emphasized that the deal was 'very sweet,' with an ARPU 'certainly more than our average' due to its feature-rich nature.

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    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q1 2026

    Question

    Greg Gibas asked for a breakdown of the drivers behind the expected $30 million net debt improvement in the second half of the year and for more color on the organizational rationalization savings. He also inquired about the key differentiators and relative ARPU for the recent Sixt rental win.

    Answer

    CFO David Wilson explained the debt improvement will be driven by top-line growth, improved working capital, and a decline in front-loaded investments, such as a ~$4 million systems spend. CCO Melissa Ingram noted the organizational redesign is complete. CEO Steve Towe attributed the Sixt win to superior data quality and digital transformation capabilities, adding that the deal's ARPU was 'certainly more than our average ARPU,' reflecting its feature-rich nature.

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    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q4 2025

    Question

    Greg Gibas requested more detail on the expected progression of revenue and EBITDA in the first half of the year to better understand the bridge to the anticipated back-half acceleration. He also asked for more context on the impact of delayed customer decision cycles on the company's outlook.

    Answer

    CFO David Wilson explained that the first-half growth profile must be viewed after adjusting for proactive business shutdowns, such as the FSM unit. CEO Steve Towe added that while there is a 'weathering effect' from macro uncertainty on large CapEx deals, it is not a substantial headwind. He noted that the company has shed about $10 million in non-strategic ARR, and once this is lapped, the strong underlying growth from gross adds will become more apparent.

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    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q1 2025

    Question

    Asked for details on the drivers of the expected H2 net debt reduction, color on the organizational synergies achieved, and the key differentiators and ARPU profile of the recent Sixx rental win.

    Answer

    The H2 debt reduction will be aided by the conclusion of a front-loaded ~$4M systems investment. The major organizational restructuring and centralization is complete, with remaining synergies coming from vendor and system efficiencies. The Sixx win was driven by superior data quality and digital transformation capabilities, and the deal carries a significantly higher-than-average ARPU.

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    Greg Gibas's questions to Powerfleet (AIOT) leadership • Q4 2025

    Question

    Requested more detail on the expected progression of revenue and EBITDA in the first half of the year to better understand the bridge to the anticipated back-half acceleration. He also asked about the extent to which customer decision delays have impacted the yearly outlook.

    Answer

    The company explained that H1 absolute growth of ~40% needs to be adjusted for the proactive shutdown of certain businesses like FSM. The back-half acceleration is driven by the compounding impact of sales investments, AI video strength, and the growing capability to handle large data ingestion deals. While customer decision delays due to tariff uncertainty have had a 'weathering effect' on large CapEx deals, the overall impact is not considered substantial and is offset by strong growth in other areas. The company's ability to grow while shedding $10M in non-strategic ARR demonstrates the health of its gross adds.

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    Greg Gibas's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership

    Greg Gibas's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q2 2025

    Question

    Greg Gibas from Northland Securities, Inc. requested an update on the Mini Beans collection, asking about its year-over-year sales performance and progress in securing broader wholesale distribution. He also asked about the key drivers behind the accelerated e-commerce demand.

    Answer

    President & CEO Sharon Price John reported an 80% year-over-year revenue increase for Mini Beans and noted their successful integration into larger marketing stories. Chief Operations & Experience Officer J. Christopher Hurt confirmed wholesale placements with partners like Hudson and Applegreen. On e-commerce, CFO & President Voin Todorovic attributed the 15.1% growth to favorable product launch timing compared to the prior year, while Sharon Price John emphasized the website's critical role as an omnichannel tool for planning store visits.

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    Greg Gibas's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q1 2025

    Question

    Greg Gibas of Northland Securities, Inc. asked for more color on the retail expansion of the MiniBeans product line outside of Build-A-Bear workshops and sought clarification on the updated financial outlook, particularly the incremental impact from tariffs.

    Answer

    Chief Operations & Experience Officer J. Christopher Hurt detailed that MiniBeans are being tested in Hudson airport stores and Applegreen travel locations in the U.S., as well as with international partners in Italy and the Nordics. CFO Voin Todorovic clarified that the updated pretax income guidance of $61M to $67M now incorporates a net impact of less than $10M from tariffs and associated costs, alongside a previously mentioned $5M in medical and labor costs, noting significant mitigation efforts are underway.

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    Greg Gibas's questions to GameSquare Holdings (GAME) leadership

    Greg Gibas's questions to GameSquare Holdings (GAME) leadership • Q2 2025

    Question

    Greg Gibas from Northland Securities, Inc. asked for details on the Q2 revenue shortfall, the timing of opportunities in the crypto space, the rationale for delaying guidance, and the source of incremental restructuring savings.

    Answer

    CEO Justin Kenna explained the Q2 revenue miss was due to macro factors like tariff confusion delaying large deals with Chinese partners and a strategic de-emphasis on low-margin programmatic advertising. He stated these deals are still active and expected to close. Kenna confirmed that revenue from new crypto partnerships is expected in H2 2025, not as a long-term strategy. He detailed that the $5 million in annualized savings comes from consolidating technology platforms like StreamHatchet and Psychic and continued integration efficiencies, creating a clear path to profitability.

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    Greg Gibas's questions to FGI Industries (FGI) leadership

    Greg Gibas's questions to FGI Industries (FGI) leadership • Q2 2025

    Question

    Greg Gibas from Northland Securities, Inc. asked for details on FGI's tariff navigation strategies, the degree of improvement in the order pipeline since early Q2, the impact of product launch timing, and clarification on the gross margin outlook embedded in the full-year guidance.

    Answer

    CEO David Bruce detailed that navigating the fluid tariff environment involved close collaboration with suppliers and customers to maintain product value, which was more challenging than in the past. He confirmed the order pipeline has largely returned to its pre-tariff momentum, with program delays rather than cancellations. Bruce also stated that while some new product launches were pushed from Q2 into the second half, this was anticipated and factored into the company's decision to maintain its full-year guidance, which implies a performance rebound.

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    Greg Gibas's questions to Nerdy (NRDY) leadership

    Greg Gibas's questions to Nerdy (NRDY) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. asked about early back-to-school engagement trends and the factors behind the Q2 adjusted EBITDA outperformance relative to guidance.

    Answer

    CEO Chuck Cohn reported positive early back-to-school trends, with healthy conversion and retention metrics building on a strong spring. CFO Jason Pello attributed the EBITDA beat to a 350 basis point sequential gross margin expansion and broad P&L efficiencies driven by AI-enabled automation. He confirmed the company remains on track for Q4 profitability.

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    Greg Gibas's questions to CoreCivic (CXW) leadership

    Greg Gibas's questions to CoreCivic (CXW) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. asked about the drivers for expected U.S. Marshals population growth and which facilities are best positioned. He also inquired about the fourth and fifth idle facility discussions and whether Q4 2025 represents a fair earnings run rate.

    Answer

    CEO Damon Hininger explained that historical precedent shows U.S. Marshals populations rise 12-18 months into a new administration as U.S. Attorneys are appointed and enforcement priorities shift. He identified Arizona, Oklahoma, and Mississippi as key opportunity states. While declining to detail negotiations, he confirmed Q4 2025 results would represent a run rate of at least $400 million in annualized EBITDA, excluding any new contracts.

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    Greg Gibas's questions to Target Hospitality (TH) leadership

    Greg Gibas's questions to Target Hospitality (TH) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. questioned the competitiveness of the data center contract bidding process, the primary factors driving the updated full-year guidance, and whether government interest in the West Texas assets has changed since the prior quarter.

    Answer

    President and CEO Brad Archer explained that the data center contract was awarded based on Target's ability to execute reliably at scale, rather than on price. CFO Jason Vlasic identified the main drivers for the raised guidance as the workforce hub contract's value increasing to $154 million and a settlement from the concluded PCC contract. Archer also confirmed that government interest in the West Texas assets has not waned and has actually increased since the budget was approved, and highlighted the new proprietary 'SecureFlex' facility as another growth opportunity.

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    Greg Gibas's questions to GEO GROUP (GEO) leadership

    Greg Gibas's questions to GEO GROUP (GEO) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. requested an update on contracting opportunities with the U.S. Marshals Service, the expected timing of facility reactivations once new ICE funding is available, and whether ICE has communicated plans to increase ISAP participants after detention capacity is maximized.

    Answer

    Executive Chairman George Zoley confirmed that discussions with the U.S. Marshals Service are underway but noted that agencies are awaiting new reconciliation funding, expected mid-to-late August. He reiterated that ICE's intense focus remains on scaling up detention capacity, not expanding ISAP at this time. CFO Mark Suchinski added that they anticipate a 6-to-12-month extension for the ISAP contract to be awarded in the near future.

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    Greg Gibas's questions to Genius Sports (GENI) leadership

    Greg Gibas's questions to Genius Sports (GENI) leadership • Q2 2025

    Question

    Greg Gibas from Northland Securities, Inc. asked about the estimated timing for the BetVision rollout for additional sports and whether guidance assumes incremental launches in the second half. He also sought clarification on the impact of foreign exchange on the revised forecast.

    Answer

    Nicholas Taylor (CFO) confirmed that BetVision for soccer is live now and its rollout to new leagues like Serie A is built into the guidance. He added that basketball is expected to go live in Q3. Regarding FX, he clarified that the guidance increase is driven purely by underlying business momentum and new partnerships, as the forecast already accounted for sterling appreciation, making the current FX impact immaterial to the change.

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    Greg Gibas's questions to Accel Entertainment (ACEL) leadership

    Greg Gibas's questions to Accel Entertainment (ACEL) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. inquired about Fairmont Park's performance relative to initial expectations, the timeline for Phase Two development, and the specific timing of the key customer loss in Nevada for year-over-year comparison purposes.

    Answer

    Mark Phelan, President of U.S. Gaming & Interim CFO, stated that Fairmont's performance indicators have matched internal expectations and it is on track to be a significant contributor by 2026. He noted that Phase Two planning is focused on design and understanding customer flow, with the timeline still to be determined. He also clarified that the Nevada customer was lost at the end of Q3 2024.

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    Greg Gibas's questions to Accel Entertainment (ACEL) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. questioned how performance at the Fairmont Park casino compared to initial expectations, asked for an updated timeline on Phase Two development, and requested the specific timing of the key customer loss in Nevada for year-over-year comparison.

    Answer

    Mark Phelan, President of U.S. Gaming & Interim CFO, stated that Fairmont Park's performance has met internal expectations across all segments and that the company remains confident in its long-term contribution. He noted that Phase Two planning is underway but a definitive timeline is TBD, pending further operational learnings and regulatory coordination. He also clarified that the key customer in Nevada was lost at the end of Q3 2024.

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    Greg Gibas's questions to ASURE SOFTWARE (ASUR) leadership

    Greg Gibas's questions to ASURE SOFTWARE (ASUR) leadership • Q2 2025

    Question

    Greg Gibas of Northland Securities, Inc. asked for details on the Latham integration process, including the required investment and long-term cross-sell expectations. He also inquired about the implied organic revenue growth for the second half of the year and its expected cadence.

    Answer

    CEO Pat Goepel explained that the primary integration goal is to combine Latham with Asure's payroll, AssurePay, and 401k products to enable rapid, self-service installations. He indicated that organic growth would likely be in the single digits for the second half of 2025 due to tough comparisons, but the long-term goal is to achieve double-digit organic growth by increasing attach rates and per-employee-per-month revenue.

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    Greg Gibas's questions to ASURE SOFTWARE (ASUR) leadership • Q4 2024

    Question

    Greg Gibas inquired about the sensitivity of revenue guidance to the implementation timing of large enterprise deals and asked about the expected volume of reseller acquisitions in 2025.

    Answer

    CEO Pat Goepel stated they have taken a conservative approach with the newest large enterprise win, modeling only initial license fees with most revenue not expected until 2026 to de-risk the forecast. CFO John Pence explained that the pace of reseller acquisitions is directly tied to securing the new credit facility; it will be slower if funded by operating cash flow and faster if the facility closes.

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    Greg Gibas's questions to A-Mark Precious Metals (AMRK) leadership

    Greg Gibas's questions to A-Mark Precious Metals (AMRK) leadership • Q1 2025

    Question

    Greg Gibas of Northland Securities inquired about the specific markets or geographies being targeted for M&A and asked for commentary on the current competitive landscape.

    Answer

    Executive Gregory Roberts noted it was premature to specify M&A geographies but confirmed the opportunities are broad and cover both DTC and wholesale segments. Regarding competition, he expressed confidence that A-Mark is gaining market share, citing strong new customer acquisition data and the resonance of their retail customer messaging.

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