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    Suji Desilva

    Managing Director and Senior Research Analyst at ROTH MKM

    Suji Desilva is a Managing Director and Senior Research Analyst at ROTH MKM, specializing in semiconductor and technology sector research with coverage of companies including Pixelworks, Marvel Technology, Netlist Inc., Arbe Robotics, Redwire Corp, D-Wave Quantum, and Aeva Technologies. He has been recognized as a Top 150 Wall Street Analyst by TipRanks and has demonstrated a strong buy/sell track record on covered equities such as Pixelworks, with multiple high-performing calls. Having begun his equity research career in 2003 at Credit Suisse and subsequently serving at Kaufman Brothers, ThinkEquity, and Topeka Capital Markets, Desilva joined ROTH MKM in July 2016. He holds a B.S. in Engineering from Cornell University, an MBA in Finance from Columbia Business School, and the CFA designation.

    Suji Desilva's questions to PIXELWORKS (PXLW) leadership

    Suji Desilva's questions to PIXELWORKS (PXLW) leadership • Q2 2025

    Question

    Suji Desilva inquired about the trend of Chinese mobile customers preferring custom ASICs, the associated business model, the timing of a one-time transcoding order, and the potential future structure of Pixelworks post-Shanghai subsidiary transaction.

    Answer

    President and CEO Todd DeBonis explained that Chinese OEMs use custom solutions for differentiation in a competitive market. For ancillary chips, Pixelworks would manage production, while for integrated SOCs, it would be an IP and design services model. CFO Haley Aman confirmed the transcoding order revenue is expected in Q4. DeBonis stated it was too early to comment on the company's structure post-transaction.

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    Suji Desilva's questions to PIXELWORKS (PXLW) leadership • Q2 2025

    Question

    Asked about the trend towards custom ASICs in the premium mobile market in China, the business model for these engagements, the timing and size of the one-time transcoding order, and the future structure of Pixelworks after the Shanghai subsidiary's strategic review.

    Answer

    Management explained that the custom ASIC trend is driven by the need for differentiation in a competitive market. The business model could be either production or IP/design services depending on the customer. The transcoding revenue is expected in Q4, but its magnitude was not disclosed. It's too early to comment on the company's structure post-strategic review.

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    Suji Desilva's questions to PIXELWORKS (PXLW) leadership • Q1 2025

    Question

    Suji Desilva inquired about the revenue level required for the Pixelworks Shanghai subsidiary to achieve profitability, its associated operating expenses, the geographic focus of TrueCut device discussions, and the revenue model for new ASIC design services.

    Answer

    Executive Todd DeBonis explained that Pixelworks Shanghai's OpEx is expected to be around $7 million to $7.5 million per quarter in the second half of the year. Profitability depends on a mix of revenue from projectors, mobile, IP licensing, and design services. For TrueCut, he clarified the focus is on global premium devices for North American and European markets, and the recently certified brand is not Chinese. Regarding ASIC services, he described a flexible model from partial to full turnkey design, noting a full 12-nanometer SoC project could range from $10 million to $20 million in cost depending on the scope.

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    Suji Desilva's questions to USA Rare Earth (USAR) leadership

    Suji Desilva's questions to USA Rare Earth (USAR) leadership • Q2 2025

    Question

    Suji Desilva from Roth Capital Partners, LLC asked for clarification on the equipment installation timeline for Q1 2026, the spending schedule for the $60 million in CapEx, details on the company's inorganic growth strategy, and its capacity to handle customized magnet requests for emerging high-volume applications like drones and data centers.

    Answer

    CEO Joshua Ballard explained that the core production equipment is being commissioned through year-end, with finishing equipment arriving in Q1 2026. CFO Rob Steele confirmed the bulk of the $60 million in CapEx for the first phase will be spent in calendar 2025. Regarding strategy, Mr. Ballard detailed plans to fill supply chain gaps through potential acquisitions, JVs, or investments to build scale and ensure supply. He also noted that the company will phase in capabilities to support diverse customer needs as it scales from 600 to 1,200 tons of capacity.

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    Suji Desilva's questions to CEVA (CEVA) leadership

    Suji Desilva's questions to CEVA (CEVA) leadership • Q2 2025

    Question

    Suji Desilva from ROTH Capital Partners, LLC asked about the royalty stream from CEVA's flagship smartphone customer, questioning if its contribution would continue to grow into 2026. He also inquired about the key elements enabling CEVA to scale its Edge AI business and the potential opportunities in the data center market.

    Answer

    CEO Amir Panush declined to provide a 2026 forecast but expressed confidence in the continued success and ramp-up of their technology with the U.S. OEM customer. CFO Yaniv Arieli added that Q4 is historically the strongest quarter for smartphones, independent of this specific customer. Regarding AI, Panush highlighted the scalability of CEVA's hardware IP and its comprehensive software stack as key drivers. He explained that their low-power Edge NPU architecture is now finding applications in cloud inference, creating a new market opportunity.

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    Suji Desilva's questions to indie Semiconductor (INDI) leadership

    Suji Desilva's questions to indie Semiconductor (INDI) leadership • Q2 2025

    Question

    Suji Desilva from Roth Capital Partners, LLC inquired about the eMotion3d acquisition, asking if it introduces a new software licensing revenue stream for Indy. He also asked about the customer profile for the new Photonics business unit in the quantum sector.

    Answer

    Co-Founder, CEO & Director Donald McClymont confirmed the eMotion3d acquisition represents Indy's first significant move into generating a meaningful software licensing revenue stream. He also noted that the Photonics unit is engaging with customers in both quantum communications and quantum compute, with some revenue already generated.

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    Suji Desilva's questions to Rocket Lab (RKLB) leadership

    Suji Desilva's questions to Rocket Lab (RKLB) leadership • Q2 2025

    Question

    Suji Desilva inquired about how Neutron-related costs will transition from R&D to COGS and impact gross margins, and asked about the strategy for building out the company's payload capabilities, specifically regarding organic versus inorganic growth.

    Answer

    CFO Adam Spice explained that modeling the cost transition will be challenging due to the shift from R&D for the first flight to COGS for subsequent vehicles, with reusability adding further volatility; ultimately, launch cadence will be the key driver of margins. CEO Sir Peter Beck stated that the payload strategy is a mix of both organic and inorganic efforts. He noted that acquiring best-in-class technology like GEOST is often more efficient for national security payloads that require extensive heritage.

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    Suji Desilva's questions to Rocket Lab (RKLB) leadership • Q3 2024

    Question

    Suji Desilva inquired about the drivers for gross margin improvement, the margin profile of the solar business, and whether the $55 million in new Electron bookings represented an acceleration in demand.

    Answer

    CFO Adam Spice explained that gross margins are currently similar across both Launch and Space Systems, and noted the solar business is steadily improving as it works through an older, low-margin contract. Both CEO Peter Beck and CFO Adam Spice characterized launch bookings as inherently 'lumpy' but confirmed it was a strong quarter for Electron, supported by a rising average selling price (ASP) that now stands at $8.2 million in the total backlog.

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    Suji Desilva's questions to Redwire (RDW) leadership

    Suji Desilva's questions to Redwire (RDW) leadership • Q2 2025

    Question

    Suji Desilva of Roth Capital Partners sought clarification on the company's portfolio review process and inquired about the key competitive advantages of the Stalker UAS that contributed to its selection for the Army's LRR prototype program.

    Answer

    CFO Jonathan Baliff stated that program reviews are a regular, ongoing process and the significant EAC charge was identified during a standard review in July. CEO Peter Cannito highlighted the Stalker UAS's primary competitive advantages as its best-in-class flight duration and range, which are enabled by proprietary battery technology, as well as its extensive, combat-proven operational history with the U.S. Marine Corps and Special Forces.

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    Suji Desilva's questions to Intuitive Machines (LUNR) leadership

    Suji Desilva's questions to Intuitive Machines (LUNR) leadership • Q2 2025

    Question

    Suji Desilva of Roth Capital Partners, LLC asked about Intuitive Machines' competitive advantages in the lunar satellite market and requested details on the highest probability pipeline opportunities and their potential magnitude over the next 6 to 12 months.

    Answer

    CEO Steve Altemus stated that the company's competitive edge stems from its sole-award Near Space Network (NSNS) contract, flight experience around the moon, and its existing global ground network. He identified the Lunar Terrain Vehicle (LTV) Services contract as the most transformative upcoming award, with a potential value approaching a significant portion of the program's multi-billion dollar ceiling.

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    Suji Desilva's questions to D-Wave Quantum (QBTS) leadership

    Suji Desilva's questions to D-Wave Quantum (QBTS) leadership • Q2 2025

    Question

    Suji Desilva of Roth Capital Partners, LLC asked about the next milestones or key activities investors should watch for to gauge D-Wave's progress in Quantum AI.

    Answer

    CEO Alan Baratz did not announce specific future milestones but elaborated on the company's strategic direction. He mentioned that D-Wave is actively working to apply its quantum systems to other modern AI approaches, such as transformer and diffusion models, with the goal of creating a comprehensive platform that supports these advanced methods.

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    Suji Desilva's questions to SITIME (SITM) leadership

    Suji Desilva's questions to SITIME (SITM) leadership • Q2 2025

    Question

    Suji Desilva of Roth Capital Partners, LLC asked about the contribution of new products to revenue and their impact on gross margin expansion, and sought details on what enables SiTime to win higher dollar content in data center equipment.

    Answer

    CEO Rajesh Vashist explained that new products, such as the Elite and Cascade families, carry significantly higher ASPs and are driving growth, particularly in data centers, with 2026 expected to be a significant year for new product revenue. He attributed higher dollar content wins to SiTime's unique ability to provide a complete system solution of natively produced oscillators and clocks. This system-level approach solves complex architectural problems for customers, justifying the increased content value through customized and multiple clock chip additions.

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    Suji Desilva's questions to Valens Semiconductor (VLN) leadership

    Suji Desilva's questions to Valens Semiconductor (VLN) leadership • Q2 2025

    Question

    Suji Desilva of Roth Capital Partners, LLC requested an update on the three previously announced automotive OEM design wins, asking about the next key milestones for investors to monitor.

    Answer

    CEO Gideon Ben-Zvi stated that the wins are with prestigious European OEMs, which is generating positive industry attention and helping to attract other potential customers. He emphasized that while the company is actively leveraging this success, further details on milestones or new engagements can only be disclosed once they become formal.

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    Suji Desilva's questions to ACM Research (ACMR) leadership

    Suji Desilva's questions to ACM Research (ACMR) leadership • Q2 2025

    Question

    Suji Desilva from Roth Capital Partners, LLC inquired about customer traction and key milestones for ACM's business outside of mainland China.

    Answer

    CEO David Wang detailed ongoing evaluations with key customers in the U.S. and Korea for cleaning and plating tools, and noted strong interest from Taiwan for panel-level packaging. He highlighted the new Oregon facility as a key enabler for global expansion. CFO Mark McKechnie added that more tools are scheduled for delivery to the U.S. in Q3.

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    Suji Desilva's questions to Astera Labs (ALAB) leadership

    Suji Desilva's questions to Astera Labs (ALAB) leadership • Q2 2025

    Question

    Suji Desilva requested a framework for comparing retimer content in scale-out versus scale-up applications and asked if the 10 Scorpio X customer engagements imply multiple programs per customer.

    Answer

    CEO Jitendra Mohan explained that retimer usage depends on signal reach, not just architecture, with scale-up having more links but using retimers selectively on longer connections. President & COO Sanjay Gajendra confirmed the 10+ engagements are with unique customers, and within each customer, Astera is tracking multiple programs at various stages of development and qualification.

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    Suji Desilva's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership

    Suji Desilva's questions to MAGNACHIP SEMICONDUCTOR (MX) leadership • Q2 2025

    Question

    Suji Desilva of ROTH Capital Partners, LLC inquired about the lingering impact of customer pull-ins from the first half and whether the gross margin decline was primarily due to pricing pressure or factory utilization adjustments.

    Answer

    CEO Young-Joon Kim stated that the pull-ins, estimated at around $2 million, were largely accounted for in Q2, especially in the TV sector. CFO Shin Young Park confirmed that gross margin pressure stems from both severe pricing competition on older products in China and a consequently lower-than-forecasted factory utilization rate, which led to the softer outlook.

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    Suji Desilva's questions to Aeva Technologies (AEVA) leadership

    Suji Desilva's questions to Aeva Technologies (AEVA) leadership • Q2 2025

    Question

    Suji Desilva from Roth Capital Partners inquired about the expected timeframe for a major customer like Daimler Truck to reach its full-scale annual revenue potential and whether another customer could ramp up concurrently.

    Answer

    CFO Saurabh Sinha stated that a customer typically reaches scale approximately two to three years after its Start of Production (SOP). CEO Soroush Salehian added that Daimler Truck's SOP is next year, with a ramp in 2027, and a major passenger car program is expected to follow about a year later, enabling concurrent scaling. Salehian also highlighted that industrial automation programs are progressing faster and are expected to ramp to production earlier than the automotive timelines.

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    Suji Desilva's questions to Silicon Motion Technology (SIMO) leadership

    Suji Desilva's questions to Silicon Motion Technology (SIMO) leadership • Q2 2025

    Question

    Suji Desilva asked whether the gross margin could expand above the target range given the mix shift to automotive and enterprise, and also inquired about the R&D efforts for MonTitan firmware, questioning if it will remain a resource challenge.

    Answer

    President & CEO Wallace Kou stated that gross margin depends on product mix each quarter but expects to meet guidance and see better results in 2026. CFO Jason Tsai explained that as more MonTitan customer projects are completed, the company will build a wider range of firmware capabilities, though turnkey solutions will remain resource-intensive.

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    Suji Desilva's questions to Silicon Motion Technology (SIMO) leadership • Q2 2025

    Question

    Suji Desilva from Roth Capital Partners, LLC asked if the favorable product mix from automotive and enterprise could push gross margins above the target range and questioned if managing MonTitan firmware development would be a persistent resource challenge.

    Answer

    President and CEO Wallace Kou responded that while some high-end products have better margins, the overall gross margin depends on the quarterly product mix, but he expressed confidence in meeting guidance and seeing better results in 2026. CFO Jason Tsai added that as more MonTitan customers are brought on, the company will build a wider range of firmware capabilities, creating leverage, especially as some customers will only require SDKs.

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    Suji Desilva's questions to MAXLINEAR (MXL) leadership

    Suji Desilva's questions to MAXLINEAR (MXL) leadership • Q2 2025

    Question

    Suji Desilva questioned MaxLinear's roadmap for Active Electrical Cables (AECs) and asked about the applicability of the Panther storage accelerator in AI infrastructure.

    Answer

    CEO Kishore Seendripu confirmed they are actively supporting customers with AEC designs, where MaxLinear's low-power technology is a key advantage. He strongly affirmed Panther's value in AI, stating it addresses critical power and latency bottlenecks and is becoming an AI-centric product.

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    Suji Desilva's questions to Credo Technology Group Holding (CRDO) leadership

    Suji Desilva's questions to Credo Technology Group Holding (CRDO) leadership • Q4 2025

    Question

    Suji Desilva asked for an update on the competitive landscape for AECs and inquired about the demand drivers and timing for Credo's longer-reach, 7-meter rack-to-rack solutions.

    Answer

    CEO Bill Brennan stated that the competitive environment has not changed meaningfully and that Credo's advantage lies in its system-level ownership, which enables faster innovation and time-to-market. He explained that the demand for longer rack-to-rack AECs is driven by next-generation data center designs using liquid cooling, which allows for higher compute density and creates a need to replace optical links to improve reliability. He cited one public customer, xAI, and a second customer ramping this year.

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    Suji Desilva's questions to AMBARELLA (AMBA) leadership

    Suji Desilva's questions to AMBARELLA (AMBA) leadership • Q1 2026

    Question

    Suji Desilva from Roth Capital Partners, LLC asked for help in framing the size of the Edge AI server opportunity relative to end devices and inquired about how the competitive landscape in this new market differs from their traditional markets.

    Answer

    CEO Fermi Wang provided a framework, noting a large installed base of cameras could be upgraded via edge infrastructure boxes that integrate 16-32 cameras, with Ambarella's content per box being in the low three-digit dollar range. VP of Corporate Development Louis Gerhardy described the competitive landscape as new, stating Ambarella competes against general-purpose processors by offering a more efficient solution in terms of performance-per-watt.

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    Suji Desilva's questions to AKTS leadership

    Suji Desilva's questions to AKTS leadership • Q2 2024

    Question

    Asked about the long-term segment contributors, the competitive advantage offered by the new single-crystal product, and requested an update on the company's ongoing litigation with Qorvo.

    Answer

    Executives see strong long-term performance from Wi-Fi (due to increased content in Wi-Fi 7) and defense (expected to triple over the next year), with mobile considered an upside to the current model. The single-crystal product provides performance advantages in power handling and harmonics and is a key building block for the advanced XP3F technology. Regarding litigation, Akoustis has filed for partial summary judgment against Qorvo in Delaware, and its own case against Qorvo in Texas is moving forward after a favorable court ruling.

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    Suji Desilva's questions to AKTS leadership • Q4 2023

    Question

    Asked for details on the size of the WiFi 7 revenue opportunity compared to previous WiFi generations and inquired about the customer engagement and revenue ramp timing for the automotive market.

    Answer

    The WiFi 7 opportunity is expected to be larger than prior generations due to a 50-100% increase in filter content per system, driven by higher performance requirements for MLO. In the automotive market, the company is engaged with over five customers for CV2X and has components on a Tier-1 IC reference design for wBMS, but significant revenue from these new platforms is not expected for another couple of years.

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    Suji Desilva's questions to Energous (WATT) leadership

    Suji Desilva's questions to Energous (WATT) leadership • Q2 2023

    Question

    Suji Desilva of ROTH MKM inquired about the 20 active Proof-of-Concept (POC) installations, asking for a breakdown of how many are near the validation or production stage. He also sought details on the production ramp, end market, and timing for the one customer in production, and questioned the visibility into the second-half revenue ramp needed to achieve the 20% annual growth guidance.

    Answer

    CEO Cesar Johnston clarified that of the 20 POCs, eight are in the more advanced proof-of-validation (POV) phase. He explained the one production customer is a Fortune 100 company in the logistics and warehousing sector, partnered with Thinaer, but could not disclose the name due to an NDA. Johnston confirmed the company's guidance for over 20% year-over-year revenue growth, weighted to the second half, and stated the expectation is for more than one production system to contribute to revenue in Q4, contingent on customer decisions.

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    Suji Desilva's questions to Energous (WATT) leadership • Q1 2023

    Question

    Suji Desilva inquired about the 2023 revenue guidance ramp given the Q1 decline, the practical applications and network topology for the new 2-watt PowerBridge, the typical customer investment in a proof-of-concept (POC), and how the company counts its 14 POC installations across customers and sites.

    Answer

    CEO Cesar Johnston reiterated the company's 20% annual revenue growth guidance, stating that increasing POCs will convert to production revenue. He explained that the new 2-watt PowerBridge offers extended range and can be mixed with 1-watt units depending on application needs. Johnston noted that POCs vary significantly in scale, from single units to hundreds of transmitters, and clarified that the company counts deployed sites, with the growth from 2 to 14 POCs in recent quarters indicating strong strategic traction.

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