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    Matthew Maus

    Senior Analyst at Nichols

    Matthew Maus is a Senior Analyst at Nichols, specializing in coverage of consumer staples and retail sectors with a focus on major companies such as Walmart, Kroger, and Procter & Gamble. He has built a reputation for delivering data-driven research, maintaining a recommendation success rate of over 65% and average portfolio returns in the top quartile among peers according to industry benchmarks. Starting his career as a junior analyst at Raymond James in 2012, Maus transitioned through roles at Barclays and BMO Capital Markets before joining Nichols in 2020, where he quickly advanced to a senior analyst position. Matthew holds FINRA Series 7 and Series 63 registrations and has been recognized for his sector insights in industry roundtables and analyst rankings.

    Matthew Maus's questions to Gauzy (GAUZ) leadership

    Matthew Maus's questions to Gauzy (GAUZ) leadership • Q2 2025

    Question

    On behalf of Josh Nichols, Matthew Maus of B. Riley Securities asked about the key drivers for achieving positive adjusted EBITDA for the full year, the segment mix within the current backlog, and how working capital is expected to change to support the significant second-half revenue increase.

    Answer

    CEO Eyal Peso explained that achieving positive adjusted EBITDA is primarily a function of revenue scale, referencing Q4 2024 where the company was profitable on $31.1 million in revenue. He noted the backlog is heavily weighted towards the high-visibility aeronautics segment, which adds confidence to the full-year outlook. To manage working capital during the ramp-up, Peso highlighted that Gauzy factors approximately 80% of its invoices, allowing immediate access to cash upon invoicing to fund ongoing production.

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    Matthew Maus's questions to Gauzy (GAUZ) leadership • Q2 2025

    Question

    Matthew Maus from B. Riley Securities asked for details on the levers to achieve positive adjusted EBITDA for the year, the segment mix within the order backlog, and the expected changes in working capital to support the second-half sales increase.

    Answer

    CEO Eyal Peso stated that the company reaches positive adjusted EBITDA with revenues over ~$31-32 million per quarter, a threshold they expect to exceed in H2. He noted the backlog is heavily weighted towards the high-visibility aeronautics segment, bolstering confidence in the full-year guidance. To manage working capital, Peso explained that Gauzy factors approximately 80% of its invoices, providing immediate cash to fund the production ramp without straining resources.

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    Matthew Maus's questions to DIGI INTERNATIONAL (DGII) leadership

    Matthew Maus's questions to DIGI INTERNATIONAL (DGII) leadership • Q3 2025

    Question

    Matthew Maus, on behalf of Josh Nichols, inquired about customer demand trends, asking if clients are moving past a 'wait and see' mode on larger projects. He also asked about the potential size of the OpenGear opportunity from AI infrastructure build-outs and whether normalized inventory levels could lead to accelerated customer reordering in fiscal 2026.

    Answer

    President, CEO & Director Ron Konezny stated he is optimistic that increased certainty around U.S. financial policy and tariffs will lead to more timely customer decision-making. He noted that OpenGear is benefiting from both AI and non-AI data center demand, with a key trend being hybrid deployments. Regarding inventory, Konezny confirmed levels are optimizing and that the company is seeing positive signs of improving velocity from the channel.

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    Matthew Maus's questions to Inspired Entertainment (INSE) leadership

    Matthew Maus's questions to Inspired Entertainment (INSE) leadership • Q2 2025

    Question

    Matthew Maus of B. Riley Securities questioned the next leg of growth drivers for the Gaming segment into 2026, promising new international markets for Hybrid Dealer, and the company's capital deployment priorities following its refinancing and pending asset sale.

    Answer

    President & CEO Brooks Pierce identified Canadian provinces, the Illinois VLT replacement cycle, and new server-based gaming markets like Brazil as future growth drivers. Executive Chairman Lorne Weil outlined capital allocation priorities, stating the focus is first on funding growth, followed by debt reduction to benefit from lower rates, and then considering share repurchases.

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    Matthew Maus's questions to R F INDUSTRIES (RFIL) leadership

    Matthew Maus's questions to R F INDUSTRIES (RFIL) leadership • Q2 2025

    Question

    Matthew Maus of B.Riley Securities inquired about the key drivers of the recent backlog growth, the revenue contribution from different business areas like small cells and DAS systems, the win rate for DAS opportunities, and details on the wireless provider that accounted for 11% of quarterly revenue.

    Answer

    CEO Robert Dawson explained that the backlog growth is diversified across multiple product lines and customers, not concentrated in a single large order. He noted that while specific revenue splits aren't disclosed, small cell and DAS for venues are significant growth areas. Dawson highlighted that the top customer changes quarterly, which is a positive sign of a broad customer base, and that multiple customers are now contributing over a million dollars in sales per quarter, indicating healthy diversification.

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    Matthew Maus's questions to R F INDUSTRIES (RFIL) leadership • Q1 2025

    Question

    Matthew Maus, on behalf of Nichols, inquired about the composition of RF Industries' backlog, the drivers behind the sequential revenue growth in a seasonally slow quarter, the outlook for gross margins, and the impact of the recently expanded sales team.

    Answer

    CEO Robert Dawson explained that the backlog is healthy at around $15 million, with older, lower-margin products being replaced by newer offerings like DAC and small cell solutions. He attributed the strong sequential growth primarily to new product lines and contributions from carrier OpEx spending, which offset typical seasonality. Dawson stated that while 30% is a good gross margin target, there is room for improvement through production optimization and product mix. He credited both long-standing sales efforts and recent additions to the sales team for capitalizing on market opportunities.

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    Matthew Maus's questions to HUDSON TECHNOLOGIES INC /NY (HDSN) leadership

    Matthew Maus's questions to HUDSON TECHNOLOGIES INC /NY (HDSN) leadership • Q1 2025

    Question

    Matthew Maus, on behalf of Josh Nichols, asked for an update on the expected cadence of the DLA contract for 2025, the company's capital allocation plans for its stock buyback program, and the outlook for inventory levels for the rest of the year.

    Answer

    CFO Brian Bertaux confirmed that the DLA contract is expected to generate revenue in the mid-$30 million range for 2025, consistent with prior guidance. He stated that the company will continue to opportunistically execute its remaining $5.5 million stock buyback authorization. Bertaux also noted that inventory levels are now approaching a normalized level.

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    Matthew Maus's questions to Crexendo (CXDO) leadership

    Matthew Maus's questions to Crexendo (CXDO) leadership • Q1 2025

    Question

    Matthew Maus, on for Josh Nichols, questioned the cause of the large sequential drop in software COGS, the growth drivers for the telecom segment amid aggressive competition, and the progress of international growth.

    Answer

    CFO Ron Vincent stated the software COGS drop was due to higher revenue growth and a $667,000 cost reduction. CEO Jeffrey Korn and COO Doug Gaylor identified telecom growth drivers as superior service and capitalizing on disruption at legacy providers like Avaya and Mitel. Korn confirmed European demand remains strong, with no negative impact seen yet from trade issues.

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    Matthew Maus's questions to Crexendo (CXDO) leadership • Q4 2024

    Question

    Matthew Maus, filling in for Josh Nichols at B. Riley Securities, asked about the drivers of software growth between Metaswitch disruption and international expansion. He also inquired about the use of savings from data center closures and the mix of the current backlog.

    Answer

    CEO Jeffrey Korn attributed growth to both factors, noting international is strong but still a small portion of revenue, and expects savings to be bifurcated between reinvestment and bottom-line improvement. CFO Ron Vincent specified that of the backlog increase, 58% ($11.1M) came from Software Solutions and 24% ($10.6M) from Telecom Services over the prior year.

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