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    Gus Richard

    Managing Director and Senior Research Analyst at Northland Capital Markets

    Gus Richard is a Managing Director and Senior Research Analyst at Northland Capital Markets, specializing in semiconductor and emerging technology equity research. He covers companies such as AMD and Arteris, and has demonstrated a strong performance track record with an average return exceeding 11% and a success rate above 52%, earning recognition as TipRanks' #10 Top Wall Street Analyst in 2019 and #56 in 2020. Richard began his analyst career in the 1990s, previously holding research roles at Piper Jaffray, First Albany Capital, Hambrecht & Quist, Alex Brown, and Robertson Stephenson & Company, and rejoined Northland in 2018 following prior stints including portfolio management at EGM Capital and in-industry positions at Intel, PMC Sierra, and VLSI Research. He holds a B.S. in Physics from Rochester Institute of Technology, a master's in Physics from Purdue University, and maintains FINRA securities licenses through Northland Securities, Inc.

    Gus Richard's questions to AMBARELLA (AMBA) leadership

    Gus Richard's questions to AMBARELLA (AMBA) leadership • Q2 2026

    Question

    Gus Richard of Northland Capital Markets asked for a split of the IoT business between security and non-security applications, which non-security areas are growing fastest, and whether the need for field application engineers could be a growth constraint.

    Answer

    CEO Fermi Wang identified portable video as the fastest-growing non-security application, driven by customers like Insta360 upgrading to higher-ASP CV5 SoCs. VP Louis Gerhardy noted that auto represented the low 20% range of revenue, with IoT as the balance. Regarding support, Wang explained that the unified hardware/software platform allows field engineers to support diverse applications efficiently, but confirmed the company is expanding its field engineering team as part of its growth plan.

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    Gus Richard's questions to AMBARELLA (AMBA) leadership • Q1 2026

    Question

    Gus Richard of Northland Capital Markets asked for an explanation of how AI tasks are split between the camera and the edge infrastructure (VMS), and inquired about Ambarella's market share in the security camera market, excluding China.

    Answer

    CEO Fermi Wang explained that edge infrastructure boxes are needed to upgrade the large installed base of non-AI cameras and to deploy the newest, most complex AI models more quickly than camera replacement cycles allow. He also stated that Ambarella has a majority share in the mid-to-high-end non-China security market, but does not compete in the low-end segment.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership

    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets sought clarification on the monetization of a 'test chip,' asking if it was a fully functional device and if it could become a standard product. He also inquired about the fabrication process (MPW) and the resource allocation for the Australis 2.0 software, questioning if its development was causing customer project delays.

    Answer

    President and CEO Brian Faith clarified that the 'test chip' is a fully functional engineering sample on an evaluation board, which customers in the aerospace and defense market are accustomed to paying for. He confirmed it is being fabricated on a multi-project wafer (MPW) and could become a standard product, which is why customer evaluation is critical. Faith also explained that Australis 2.0 is an internal IP generation tool, separate from the test chip, and its accelerated development was a strategic priority to handle multiple high-density customer designs in Q4 and beyond.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard from Northland Capital Markets asked for clarification on monetizing a 'test chip,' questioning if it was a fully functional engineering sample and if it could become a standard product. He also inquired about the resource allocation for the Australis 2.0 software, asking if it was the cause of customer project delays and if its development was tied to the new test chip.

    Answer

    President and CEO Brian Faith clarified that the 'test chip' is effectively a sellable engineering sample on an evaluation board, a common practice in the defense market. He stated it could become a standard product depending on customer feedback. Faith explained that the Australis 2.0 development is an internal software tool initiative, separate from the SRH FPGA test chip, and was prioritized to meet requirements for new high-density eFPGA IP contracts.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard questioned the plan to monetize a 'test chip,' asking if it is a fully functional product and how it would be manufactured. He also sought to clarify the reason for project delays, asking if it was due to reallocating customer-facing engineers to work on the internal Australis 2.0 design software.

    Answer

    President and CEO Brian Faith clarified that in the defense market, 'test chips' serve as paid engineering samples on evaluation boards, and confirmed this chip is a fully functional, standalone FPGA. He stated it was fabricated on a multi-project wafer (MPW) to minimize cost. Faith corrected that Australis 2.0 is an internal IP generation tool, not customer-facing software, and its prioritization was to support multiple new high-density IP contracts, which pushed out some IP-related revenue.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets asked for clarification on the business model of monetizing a test chip, questioning if it was a fully functional device. He also inquired if the test chip could become a standard product, the manufacturing process being used (MPW vs. full wafer), and the relationship between the Australis 2.0 software development and the new test chip tape-out.

    Answer

    President and CEO Brian Faith clarified that the 'test chip' is effectively a fully functional engineering sample on an evaluation board, which defense customers are accustomed to purchasing. He explained that whether it becomes a standard product depends on customer feedback. The initial fabrication is being done on a multi-project wafer (MPW) to minimize cost and risk, a key reason for the accelerated schedule. Faith also distinguished that the Australis 2.0 software is an internal tool for the IP licensing business and is a separate initiative from the self-funded SRH FPGA test chip tape-out.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets questioned the mechanics of monetizing a test chip, asking if it was a fully functional engineering sample and if it could become a standard product. He also inquired about the fabrication logistics, such as whether it was on a multi-project wafer (MPW). Richard then shifted to the software development, seeking to understand how prioritizing the internal Australis 2.0 tool led to delays in customer-related revenue.

    Answer

    President and CEO Brian Faith clarified that the 'test chip' is a fully functional engineering sample that customers in the defense market are accustomed to paying for. He noted it could become a standard product with minor changes, depending on customer feedback. Faith confirmed the chip was fabricated on an MPW to minimize costs, requiring the team to work intensively to meet the submission deadline. He explained that Australis 2.0 is an internal tool for generating IP, and its accelerated development was necessary to meet the requirements of new, high-density IP contracts, causing a delay in recognizing revenue for those specific contracts.

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    Gus Richard's questions to QUICKLOGIC (QUIK) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets asked for clarification on the unusual concept of monetizing a test chip, questioning if it was a fully functional device. He also inquired if the test chip could become a standard product, the manufacturing mechanism being used, and the relationship between the Australis 2.0 software development and customer project delays.

    Answer

    President & CEO Brian Faith explained that in the defense market, 'test chip' is interchangeable with 'engineering sample,' and customers are accustomed to paying for these evaluation kits to test their own designs. He confirmed the test chip is fully functional and could become a standard product with potentially minor changes based on customer feedback. Faith also revealed the chip is being fabricated on a multi-project wafer (MPW) to minimize initial costs. He clarified that Australis 2.0 is a proprietary internal tool for generating eFPGA IP, and its development is separate from the SRH FPGA test chip tape-out, though both were prioritized to accelerate future opportunities.

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    Gus Richard's questions to VEECO INSTRUMENTS (VECO) leadership

    Gus Richard's questions to VEECO INSTRUMENTS (VECO) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets asked for insight into which technology areas—such as advanced packaging, gate-all-around, or backside power—are seeing the most intense customer engagement. He also inquired about the potential for a recovery in the data storage systems business.

    Answer

    CEO William Miller identified AI, high-performance computing, and high-bandwidth memory as the primary drivers. He highlighted significant pull in advanced packaging wet processing and growth in gate-all-around applications. Regarding data storage, Miller noted that increased customer utilization and commercial discussions about future needs are positive signs, though no purchase orders are in hand yet.

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    Gus Richard's questions to Arteris (AIP) leadership

    Gus Richard's questions to Arteris (AIP) leadership • Q2 2025

    Question

    Gus Richard asked if the AMD deal was primarily for chiplet implementations, sought an update on the number of heterogeneous chiplet projects Arteris is seeing, and tried to confirm if the book-to-bill ratio was above 1.5.

    Answer

    CEO K. Charles Janac stated the AMD deal is a multi-license agreement for various products, including AI-oriented chiplets. He estimated Arteris currently sees about 30 heterogeneous chiplet projects, or ~5% of total SoC designs, but expects that to grow to 30% over the next few years. CFO Nick Hawkins declined to comment on book-to-bill but pointed to the 28% YoY growth in RPO as a strong positive indicator of demand.

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    Gus Richard's questions to CAMTEK (CAMT) leadership

    Gus Richard's questions to CAMTEK (CAMT) leadership • Q2 2025

    Question

    Gus Richard asked about the applications Camtek is seeing at OSATs compared to traditional foundries for HPC. He also inquired about the broader opportunity in chiplets and advanced packaging.

    Answer

    COO Ramy Langer described a significant trend where major OSATs are increasingly taking on HPC business, specifically in COWAS and COWAS-like applications, which is driving a significant number of orders. He clarified that Camtek views chiplets as an integral part of the growing HPC market, which includes GPUs, CPUs, and high-bandwidth memory, and sees it as a healthy, growing market.

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    Gus Richard's questions to FORMFACTOR (FORM) leadership

    Gus Richard's questions to FORMFACTOR (FORM) leadership • Q2 2025

    Question

    Gus Richard from Northland Capital Markets asked about the source of the tariff impact and what the company can do to mitigate it through supply chain diversification. He also requested a status update on the silicon photonics (CPO) pilot production ramps.

    Answer

    CFO Shai Shahar confirmed the tariff impact is from goods imported into the U.S. and that the company is exploring various mitigation strategies but is taking a 'wait and see' approach before making significant supply chain changes. CEO Michael Slessor updated that multiple CM300XI systems are now installed and running in pilot production for CPO, with the current focus on hardening the technology for a significant high-volume ramp anticipated in 2026.

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    Gus Richard's questions to TERADYNE (TER) leadership

    Gus Richard's questions to TERADYNE (TER) leadership • Q2 2025

    Question

    Gus Richard of Northland Capital Markets asked about the business impact from the growing domestic semiconductor industry in China, particularly in industrial and auto. He also questioned Teradyne's competitive standing in the Chinese robotics market.

    Answer

    President & CEO Greg Smith noted that outside of areas restricted by trade regulations, Teradyne competes well in China, with high share in memory and a focus on high-volume, high-quality suppliers in the competitive auto and industrial SoC space. In robotics, he acknowledged strong local competition but stated Teradyne is focused on competing and growing share in the highly competitive Chinese market, which has a faster growth rate than other regions.

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    Gus Richard's questions to NORTHERN TECHNOLOGIES INTERNATIONAL (NTIC) leadership

    Gus Richard's questions to NORTHERN TECHNOLOGIES INTERNATIONAL (NTIC) leadership • Q3 2025

    Question

    Asked about the drivers behind the sequential gross margin improvement, the strategy behind increased hiring in the oil and gas segment, and requested more details on the size and timing of large opportunities in the Natur-Tec bioplastics business.

    Answer

    The company attributed the gross margin improvement to both a weak prior quarter and ongoing efficiency efforts. The hiring in oil and gas is to expand into new geographies like the Middle East and pursue new applications. The major Natur-Tec opportunity is a new, less permeable compostable plastic for food packaging, which they are working to scale up over the next one to two years.

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    Gus Richard's questions to NORTHERN TECHNOLOGIES INTERNATIONAL (NTIC) leadership • Q1 2025

    Question

    Asked about the stability and growth prospects for the core Zerust industrial business, the outlook for European JVs given economic pressures in Germany, the expected seasonality of the oil and gas business, and the sustainability of Natur-Tec's growth rate.

    Answer

    Management confirmed the Zerust industrial business is stable but they are cautious about Germany's auto sector. European JV performance is mixed, with Germany being a weak spot but other countries performing well. The oil and gas business is expected to be weighted towards the second half of the year (approx. 40/60 split). They affirmed that ~20% growth for Natur-Tec is a reasonable expectation for the year.

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    Gus Richard's questions to CEVA (CEVA) leadership

    Gus Richard's questions to CEVA (CEVA) leadership • Q3 2024

    Question

    Gus Richard of Northland Capital Markets asked if the increased customization work for customers, which impacts gross margins, represents a new, permanent business model and if this trend extends beyond 5G.

    Answer

    CFO Yaniv Arieli and CEO Amir Panush asserted this is not a change to the business model. Panush specified that such customization is limited to a handful of strategic deals per year and that the timing of a few of these deals caused the temporary margin dip. Arieli added that while CEVA offers high-value integrated platforms to OEMs, the core business remains licensing off-the-shelf IP, and customization is opportunistic rather than a new standard.

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    Gus Richard's questions to Enovix (ENVX) leadership

    Gus Richard's questions to Enovix (ENVX) leadership • Q2 2024

    Question

    Gus Richard of Northland Capital Markets asked whether Enovix would build inventory ahead of purchase orders as it approaches volume production.

    Answer

    CFO Ryan Benton noted that the current sampling process already involves substantial volumes, exercising their inventory systems. However, Chairman Thurman John Rodgers stated firmly that the company 'can't afford the inventory' and will not pre-build. He explained the factory's sub-30-day cycle time allows them to build to order against purchase orders.

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    Gus Richard's questions to CPTN leadership

    Gus Richard's questions to CPTN leadership • Q4 2023

    Question

    The analyst asked about the financial implications of a program 'rescoping' (like the GM cancellation), the production timeline for a new award, and the competitive landscape following a Chinese competitor being added to a U.S. government list.

    Answer

    Regarding the rescope, the company is seeking to recover its investment costs, which are a non-trivial amount proportional to OpEx over the last few years. The production timeline for new awards is generally in the 2026-2028 timeframe. The listing of the Chinese competitor is seen as a positive development, as it reduces the number of competitors in active bidding processes.

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