Company Write Ups/Short Reports/Earnings/briefs/etc.

Elastic -- -- Write Up

Ensign Group -- -- Short Report

Achieve Life Sciences -- -- Write Up

VersaBank -- -- Write Up

Veeva Systems -- -- Write Up

Belden -- -- Write Up

Amazon -- -- Write Up

Tripadvisor -- -- Write Up

Walmart -- -- Write Up

Velo3D -- -- Short Report

GEE Group -- -- Write Up

FST Ltd -- -- Write Up

Manchester United -- -- Write Up

Arista Networks -- -- $$$ -- Write Up

Micron -- -- Write Up

Intuit -- -- Write Up

EquipmentShare -- -- Short Report

Vera Therapeutics -- -- Write Up

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CoStar Group -- -- Write Up

BlackLine -- -- $$$ -- Write Up

SAP -- -- Write Up

Palantir -- -- Write Up

Adobe -- -- Write Up

Hubbell -- -- Write Up

Hyliion -- -- Short Report

Sea Limited -- -- Write Up

Wingstop -- -- Write Up

Pinduoduo -- -- Write Up

Celsius Holdings -- -- Write Up

Freecast -- -- Short Report

ServiceNow -- -- Write Up

enGene Therapeutics -- -- Write Up

Alphabet -- -- Write Up

Broadcom -- -- Write Up

Industrial Logistics Properties Trust -- -- Write Up

Adobe -- -- Earnings

Micron -- -- Earnings

Accenture -- -- Earnings

Nokia -- -- brief

PayPal -- -- $$$ -- brief

Cerebras Systems -- -- Earnings

Oracle -- -- brief

Copart -- -- brief

Fox -- -- brief

Darden Restaurants -- -- Earnings

Barnes & Noble Education -- -- Earnings

Apple -- -- brief

Lifeway Foods -- -- brief

Arista Networks -- -- brief

Lockheed Martin -- -- brief

MercadoLibre -- -- Earnings

Uber -- -- Earnings

Take-Two Interactive -- -- brief

AnaptysBio -- -- brief

Liquidia -- -- brief

Rubrik -- -- Earnings

Costco -- -- brief

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More Company Write Ups/Earnings/briefs

Obrascon Huarte Lain SA -- $BME:OHLA -- Write Up

Selamat Sempurna -- $IDX:SMSM -- Write Up

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Investment AB Latour -- $STO:LATO-B -- Write Up

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INDITEX -- $IDEXY -- Earnings

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Hydreight Technologies -- $HYDTF -- brief

Aurora Spine -- $ASAPF -- $$$ -- brief

Midea Group -- $SHE:000333 -- brief

Berkshire Hathaway -- $BRK.A -- brieft

Company “Research” via Audio & Video Formats

Mobilicom -- -- Podcast

Salesforce -- -- Podcast

Calidi Biotherapeutics -- -- Podcast

Intel -- -- Podcast

Copa Holdings -- -- Podcast

Dlocal -- -- Podcast

Snowflake -- -- Podcast

Terra Innovatum -- -- Podcast

Maison Solutions -- -- Podcast

SpaceX -- -- Podcast

Build-A-Bear Workshop -- -- Podcast

Rave Restaurant -- -- Podcast

American Tower -- -- Podcast

Paramount Gold Nevada -- -- Podcast

ZenaTech -- -- Podcast

Arq -- -- Podcast

The Walt Disney -- -- Podcast

Evolution -- $EVVTY -- Podcast

Kits Eyecare -- $KTYCF -- Podcast

Lenovo -- $HKG:0992 -- Podcast

Honeywell Aerospace -- $HONAV -- Podcast

Holcim -- $HCMLY -- Podcast

Cizzle Brands -- $CZZLF -- Podcast

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Netflix -- -- YouTube

Onfolio -- -- YouTube

Figure Technology -- -- YouTube

Chegg -- -- YouTube

Nvidia -- -- YouTube

Conagra Brands -- -- YouTube

Papa John's -- -- YouTube

Micron -- -- YouTube

T-Mobile -- -- YouTube

SPGI -- -- YouTube

Alibaba -- -- YouTube

Aduro -- -- YouTube

Versant Media Group -- -- YouTube

Adobe -- -- YouTube

Fiserv -- -- YouTube

Alphabet -- -- YouTube

Oracle -- -- YouTube

PepsiCo -- -- YouTube

Krispy Kreme -- -- YouTube

Texas Pacific Land -- -- YouTube

Strawberry Fields REIT -- -- YouTube

CoreWeave -- -- YouTube

CrowdStrike -- -- YouTube

YouGov -- $LON:YOU -- YouTube

Ascentech -- $TYO:3565 -- YouTube

IC Group Holdings -- $CVE:ICGH -- YouTube

Zest -- $BIT:ZEST -- YouTube

Kraken Robotics -- $KRKNF -- YouTube

Interesting Links

Gems from the Magic Screen by

etc.

That’s crazy we hit 100th edition! Thank you everyone who has been reading and supporting From100kto1m and BWM segment, I really appreciate it!

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

VSE Corp -- -- Write Up

MannKind -- -- Write Up

Innventure -- -- Short Report

Qualcomm -- -- $$$ -- Write Up

Alico -- -- Write Up

Salesforce -- -- Write Up

Rollins -- -- Write Up

Sea -- -- Write Up

Astrotech -- -- Short Report

Sky Harbour -- -- Write Up

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Nokia Oyj -- NOK 4.20%↑ -- Write Up

Wix.Com -- -- Write Up

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Share

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Broadcom -- -- Earnings

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Microsoft -- MSFT -0.27%↓ -- brief

UiPath -- -- $$$ -- Earnings

Oddity -- -- Earnings

Five Below -- -- brief

Alphabet -- -- brief

Philip Morris -- -- brief

Rubrik -- -- brief

Synopsys -- -- Earnings

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Markel -- -- $$$ -- brief

Oracle -- -- Earnings

Restoration Hardware -- -- brief

Adobe -- -- Earnings

Zeta Global -- -- brief

Unity -- -- brief

Zscaler -- -- Earnings

Meta Platforms -- -- brief

Perma-Pipe -- -- Earnings (In French)

Snowflake -- -- Earnings

Bloomin’ Brands -- -- brief

Eli Lilly -- -- brief

TransMedics -- -- brief

Micron -- -- brief

Strategy -- -- brief

Ollie’s Bargain -- -- Earnings

Amazon -- -- Earnings

Palo Alto -- -- brief

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

2026 - - 02* | $DE?? - 03 | $M?? - 03 | $P??? - 06 | $N?? - 06

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

I will be keeping this month’s commentary short, but there is a few things to say.

I have started position in two holdings that I will give more color on for paid subs and although I have not sold anything fully I have moved capital around a bit so if you are not paid subscriber things don’t fully reflect the above pictures but its close enough if you don’t really care too much.

Also I want to say that I have read bunch of letters from bunch of HF/PM and everyone is down like -10% or even some -20& YTD blaming chips and tech or w/e … I don’t know just feel like maybe they shouldn’t be writing 10 pages about it but then again I don’t really do macro…

On Monday its my birthday and I will be going to Las Vegas for Planet MicroCap that’s happening next week from Tues-Thur. If you are planning to attend it, lets meet up! Also if anyone of the companies that attending pick your interest and you want me to ask them some questions hit me up with your questions in DM, I don’t mind asking them, I will also be doing a few 1on1’s and will tell how things went in the next update.

Books

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished two audiobooks:

How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets by Felix Dennis

YZ:

This is a book that has mentioned on X as being under appreciated and I thoughts I would listen to the audiobook and I must say that I agree. Even in 2026 I think its worthy of being read or listen to.

For me personally it was even more interesting to listen to because Felix Dennis was from UK so the rags to riches story was not the “usual USA story” which aspect of I really appreciated.

Goodreads:

Felix Dennis is an expert at proving people wrong. Starting as a college dropout with no family money, he created a publishing empire, founded Maxim magazine, made himself one of the richest people in the UK, and had a blast in the process.

How to Get Rich is different from any other book on the subject because Dennis isn't selling snake oil, investment tips, or motivational claptrap. He merely wants to help people embrace entrepreneurship, and to share lessons he learned the hard way. He reveals, for example, why a regular paycheck is like crack cocaine; why great ideas are vastly overrated; and why "ownership isn't the important thing, it's the only thing."

I give it 4 out of 5 stars.

The Holdco Guide: How Entrepreneurs Structure & Build a Holding Company That Lasts by Peter Kang

YZ:

This book peaked my curiosity since unintentionally I realized I’m drawn to holdcos. CVS, BRK/A, MRK, IAC, BOC, ONFO, etc… Very easy to understand with a lot of useful examples. This is a book that I will be buying also to have physical copy on my bookshelf.

Goodreads:

In The Holdco Guide, Peter Kang distills the strategy, structure, and decision-making behind building a durable, multi-business holding company. Drawing from his work building Barrel Holdings, along with a wide study of leading holding companies across industries, Kang offers an accessible blueprint for designing a “holdco” that can grow, adapt, and endure.

Rather than relying on academic theory or Wall Street jargon, this book makes the mechanics of ownership, governance, incentives, and capital allocation practical for everyday operators. It shows how real-world holdcos—from decentralized software collectors to operational powerhouses—structure their systems, deploy cash, and lead teams to create lasting value across cycles.

Perfect for entrepreneurs, operator-investors, and leaders exploring multi-business ownership, this guide sits comfortably alongside The Outsiders, Buy Then Build, and books on Warren Buffett and Berkshire Hathaway as a foundational resource for strategic operators.

You’ll learn how

Understand the core holdco archetypes—and how they behave across industriesDesign simple, durable structures for governance, incentives, and accountabilityBuild capital pathways that support reinvestment, stability, and long-term growthUse FCF, ROIC, ROIIC, cash conversion, and other high-signal metrics to improve decision-makingRing-fence operational and financial risk to protect the entire systemEvaluate opportunities across software, services, industrials, and other business categoriesApply practical frameworks, examples, and workshop exercises to architect your own holdcoClear, grounded, and immediately useful, The Holdco Guide helps founders and operators turn scattered ventures into coherent, resilient, high-performing systems built to last.

I give it 4 out of 5 stars.

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Originally profiled on April 29 in Four companies to add to your watchlist (2/2) & that was for paid subs but after digging deeper into Paycom I wanted to do a deep dive.

With that out of the way…

What’s inside…

1. Company (elevator pitch)

2. About Paycom

3. Management

4. Competitors

5. Financials & Metrics

6. Risks

7. Thesis

8. Conclusion

9. Holdings Disclosure

Disclaimer is at the end.

1. Company (elevator pitch)

Paycom is a payroll-centric human capital management platform built on a single, unified database that eliminates the need for employers to reconcile multiple HR systems. Its core advantage is its push toward owning and automating payroll workflows—most notably through products like Beti, which shift payroll execution directly to employees.

The investment debate centers on automation. Paycom’s tools can reduce administrative work and improve retention, but they may also cannibalize traditional revenue streams tied to service activity. The bull case is that automation strengthens the moat and re-accelerates growth through better client outcomes while the bear case is that it improves the product without generating enough new demand to offset slowing growth and competitive pressure.

2. About Paycom

Paycom was founded in Oklahoma City in 1998 by Chad Richison. The founding history matters because Paycom was built as a payroll technology company rather than assembled through acquisitions. Richison had prior payroll sales experience, and Paycom’s early insight was that employers wanted payroll to become internet-based, integrated, and less dependent on manual back- office processing.

Since going public in 2014, Paycom’s story has moved through three phases. The first phase was client acquisition and sales-force expansion. The second phase was platform expansion, as the company built payroll-adjacent modules across HR, time, talent, learning, benefits, and compliance. The third phase, and the phase that matters most today, is automation. Paycom is now trying to convince the market that its single database is not merely cleaner architecture, but the foundation for payroll and HR workflows that can increasingly run themselves.

This is why the company talks so aggressively about employee-driven payroll and automation. Paycom does not want to be merely another cloud HCM platform. It wants to own the workflow at the point where the data is created, verified, approved, and corrected. If the employee validates payroll data before payroll is processed, Paycom reduces the need for HR administrators to chase errors after the fact. That is a meaningful change in how payroll work is performed.

What Paycom actually sells:

Paycom sells a cloud-based HCM platform covering the employment lifecycle from recruitment to retirement. In practical terms, that means payroll, tax, time and attendance, talent acquisition, onboarding, HR management, benefits administration, performance, learning, compensation workflows, reporting, and related compliance services. The company’s commercial model is tied to employee headcount, payroll runs, product usage, adopted applications, and recurring platform activity.

Payroll remains the economic center of the platform, but the strategic value is broader than payroll processing. Paycom wants clients to enter employee data once and use it everywhere. The company argues that this reduces duplicate data entry, data conflicts, compliance errors, and administrative labor. In a category where mistakes can be costly and embarrassing, reliability and workflow simplicity matter almost as much as feature count.

There is also seasonality in the model. First-quarter revenue and margins benefit from payroll tax forms, ACA filings, and other year-start compliance activity. Fourth quarter can benefit from bonus payrolls and unscheduled payroll runs. Investors should therefore be careful not to simply annualize the strongest quarter without adjusting for seasonality.

IWant, Beti, GONE, and the automation:

(That was a bit of a play on words, back to serious stuff) Beti is the flagship example of Paycom’s automation strategy. Instead of requiring HR administrators to review and correct payroll after information has moved through the system, Beti pushes payroll verification to employees before payroll is finalized. That sounds simple, but it changes responsibility, timing, and behavior. It reduces the administrative burden on HR, it gives employees direct visibility into their pay, and it can reduce errors before they become exceptions.

GONE extends the same logic into automated time-off decisioning. Rather than forcing managers or HR teams to manually evaluate every time-off request, the system attempts to automate the decision using policy rules and available data. IWant is the AI interface layer that helps users access employee information without navigating the software manually. Together, these tools support Paycom’s larger claim: the company is not adding AI as a marketing feature, it’s trying to remove manual HR work from the process.

The positive is that Paycom has a real workflow advantage. The platform can reduce client labor, reduce errors, and create measurable ROI, so Paycom should have stronger retention, more pricing power, better sales conversion, and better large-client traction. The negative side is that competitors are also adding automation, and that Paycom’s automation may cannibalize work that previously supported revenue. This is something that we need to monitor over the next several years.

3. Management

Paycom is fundamentally a Chad company Chad Richison company. Mr Richison founded Paycom in 1998, has served as CEO since founding, has been on the board since 1998, and became chairman in 2016. As of the 2026 proxy, he beneficially owned about 5.9 million shares, or 12.4% of the company. That is meaningful alignment, and it helps explain why Paycom has maintained a consistent product philosophy for so long.

The executive bench has also been changing. Shane Hadlock became President and Chief Client Officer in February 2026, which aligns with the company’s focus on service quality, client adoption, and automation. Robert D. Foster became CFO in February 2025, bringing payroll and accounting experience. Jeffrey York returned as Chief Sales Officer in January 2026 after previously holding the role for many years. These changes suggest management is trying to tighten the link between product automation, client success, sales execution, and financial discipline.

Board and governance

Paycom’s board has six directors after the resignation of Archana Vemulapalli. The board is classified into three classes, with staggered three-year terms. The board is mostly independent, with five independent directors and one non-independent director, Richison. Frederick C. Peters II serves as lead independent director because Richison is both CEO and chairman. The board brings experience in payments, finance, regulation, technology finance, retail branding, public-company governance, and public policy.

4. Competitors

Paycom competes in a large and highly competitive HCM market. Payroll and HR software is mission- critical because employers must pay employees correctly, withhold taxes, comply with labor rules, track time, administer benefits, and maintain employee records. Switching costs are meaningful because implementation is painful and payroll errors are unacceptable. That is why the best companies in this category can be durable, but it is also why brand, compliance, service quality, and uptime are extremely important.

ADP is the scale incumbent, with global payroll reach, compliance expertise, and a large installed base. Paychex is especially strong among small and midsize businesses. Paylocity is a modern cloud competitor with strong mid-market momentum. Dayforce has deep workforce-management and continuous-payroll capabilities. Workday is stronger in large-enterprise HR and finance. UKG remains a major private competitor in workforce management and HCM. Paycom’s differentiation is strongest when a customer values a unified payroll-first system, less customization, employee-owned data accuracy, and automation that reduces HR workload.

The risk is not that Paycom lacks differentiation. The risk is that competitors can approximate enough of the functionality that customers do not pay a premium for Paycom’s version. ADP can bundle and outspend. Workday can win enterprise relationships. Paylocity can sell a modern cloud experience. Dayforce and UKG can win complex workforce-management use cases.

5. Financials & Metrics

Paycom’s economics are unusually strong for a company whose current growth rate is only mid-single to high-single digits. In 2025, revenue increased 9.0% to $2.052 billion. Gross profit was about $1.706 billion, implying a gross margin of roughly 83.2%. Operating income was $567.2 million, or about 27.6% of revenue. Net income was $453.4 million, or about 22.1% of revenue. This is a highly profitable software and payroll processing business, not a speculative SaaS company burning cash for growth.

The first quarter of 2026 continued the profitability pattern. Revenue was $571.9 million, up 7.8% year over year. GAAP net income was $155.7 million, or 27.2% of revenue. Adjusted EBITDA was $275.4 million, or roughly 48% of revenue. Operating income increased 13.5% year over year, and operating margin improved to 36.8%. The margin performance was excellent; the remaining question is whether revenue growth can re-accelerate.

On one hand Paycom can fund R&D, sales, dividends, and buybacks from a large earnings base, on the other is that company still needs to spend aggressively to compete.

Clients, market penetration, and growth runway

Paycom served about 39,200 clients in 2025, primarily in North America, with a target client size that runs from roughly 50 employees to 10,000 or more. The company still has a meaningful domestic market opportunity, especially if it can win larger employers. Larger clients can produce much more revenue per relationship, and because Paycom’s gross margins are high, incremental revenue from larger clients can be attractive.

The difficulty is that larger clients have longer sales cycles, more complex implementations, more demanding service expectations, and more entrenched existing systems. Paycom’s historically standardized model has worked well in the mid-market. Moving further upmarket raises the reward, but it also raises execution risk. The best evidence that the strategy is working would be higher retention, stronger recurring revenue growth excluding float income, and clear signs of traction among employers with more than 1,000 employees.

Client funds and float income

A subtle but important part of Paycom’s model is interest earned on funds held for clients. Payroll processors temporarily hold payroll and tax funds before those funds are remitted to employees or tax authorities. In a higher-rate environment, this float can become meaningful. In 2025, Paycom earned $113 million of interest on client funds. In Q1 2026, interest on client funds was $27.8 million, down from $30.5 million in Q1 2025 even though average daily funds held for clients increased from $2.9 billion to $3.1 billion. The decline came from lower interest rates.

This matters because float income is not the same as recurring software revenue. It can lift revenue and margins when rates are high, but it can also become a headwind when rates fall. Management’s 2026 guidance assumes interest on funds held for clients of about $103 million, down from 2025.

Capital allocation

Capital allocation has become central to the Paycom story. The company pays a dividend and has been aggressive with repurchases. In Q1 2026 alone, Paycom paid $17.7 million in dividends and repurchased 8.375 million shares for about $1.060 billion. That reduced outstanding shares from 54.8 million at year-end 2025 to 46.6 million at March 31, 2026. The company also had $675 million of long-term debt at quarter-end and amended its credit agreement to increase revolving commitments.

6. Risks

Competition is an important risk. Paycom competes against much larger and well-funded companies such as ADP, Paychex, Workday, Dayforce, UKG, Paylocity, and newer HR/payroll platforms like Rippling and Gusto. Paycom’s differentiation is its single-database architecture and employee-driven payroll workflow, but competitors are also investing heavily in automation, AI, self-service tools, and integrated HR suites. If competitors can approximate Paycom’s functionality closely enough, Paycom’s differentiation may narrow and customers may make decisions based more on price, bundled offerings, service levels, or existing vendor relationships.

Paycom is affected by employment, wage activity, interest rates, regulation, and corporate software spending. The labor market matters because Paycom’s revenue is influenced by client employee counts, payroll runs, and employer formation. A stable labor market is usually enough to support payroll activity, while a stronger hiring cycle can help employee counts and client demand. Also interest rates matter through client-funds income, higher rates can support float income while lower rates can reduce it.

Another major risk is that Paycom’s own automation strategy may create longer then expected revenue pressure. Beti, GONE, and IWant are designed to reduce manual work, payroll errors, service needs, and administrative friction for customers. That is good for the client, but it can complicate Paycom’s revenue model. If the platform automates tasks that previously created usage, service activity, or incremental revenue, then the product can become more efficient while reported revenue growth slows.

Finally, capital allocation creates both opportunity and risk. Paycom has been returning capital through dividends and large share repurchases. Buybacks can create significant per-share value if the stock is repurchased below intrinsic value and the business remains durable. But aggressive repurchases are less attractive if growth continues to slow or if the company increases leverage to fund them.

7. Thesis

The base case is that Paycom remains a very good business, but not obviously a premium-growth SaaS compounder. It has a mission-critical product, strong margins, recurring revenue, founder alignment, and a credible automation thesis. It also has slower growth, a competitive market, governance concentration, and uncertainty around how automation changes revenue. The stock can work from the current valuation if earnings are durable and recurring revenue growth excluding float income stabilizes. It can disappoint if growth drifts toward GDP-like levels and repurchases become the main source of per-share growth.

The bull case is that Paycom has a genuine product advantage. The single database, employee-driven payroll, GONE, IWant, and automation tools reduce client workload in ways that competitors cannot easily replicate because many competitors have more fragmented architectures or broader but less unified systems. In that case, the current slowdown is a transition cost. Growth stabilizes and eventually improves, retention moves higher, large-client adoption improves, margins remain strong, and buybacks shrink the share count at attractive prices.

The bear case is that Paycom’s differentiation is real but not commercially powerful enough. Competitors add AI, self-service, and workflow automation quickly. Customers like Paycom, but not enough to offset market maturity, competitive pressure, and automation-related cannibalization. Growth remains in the 5% to 7% range, float income declines, buybacks support EPS but do not create a true growth story, and the company deserves a modest market multiple despite high margins.

A few things that needs to be kept an eye on are:

• Recurring and other revenue growth ex interest on clients funds

• Annual revenue retention (needs to be 91%+) and clients growth

• Products proof of use (Beti, GONE, etc)

• Margins durability / debt levels / capital allocation

8. Conclusion

In conclusion, Paycom is not a broken business. It is a financially excellent, founder-led payroll and HCM company with exceptional margins, meaningful ownership alignment, a mission-critical product, and a differentiated automation strategy. The market is asking a fair question: is Paycom’s automation strategy a true growth engine, or is it mainly a retention and margin tool?

The most attractive feature is the combination of profitability, product focus, and founder alignment. The most concerning feature is the possibility that Paycom has already penetrated the easiest part of its market and that future growth requires harder wins against larger and better-resourced competitors. The stock may work well if Paycom grows recurring revenue high-single to low-double digits, holds adjusted EBITDA margins above 40%, and uses buybacks intelligently.

9. Holdings Disclosure

At the time of this publication, I do own shares of in my main portfolio.

Disclaimer

The information in this article is provided for informational and educational purposes only.

The information is not intended to be and does not constitute financial advice or any other advice, is general in nature, and is not specific to you. Before using this article’s information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.

None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. The author is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Company Write Ups/Short Reports/Earnings/briefs/etc.

MMTec -- -- Short Report

StoneCo -- -- Write Up

ImmuCell Corporation -- -- Write Up

Nokia Oyj -- -- Write Up

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GrafTech International -- -- Write Up

Atara Biotherapeutics -- -- Short Report

XP Inc -- -- $$$ -- Write Up

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Airbnb -- -- Earnings

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Exxon -- -- $$$ -- Earnings

Intuit -- -- $$$ -- Earnings

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Heico -- -- Earnings

Alphabet -- -- brief

Hormel Foods -- -- $$$ -- Earnings

Duolingo -- -- brief

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Corsair -- -- Earnings

ServiceNow -- -- brief

Uber -- -- brief

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Target -- -- brief

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Loar Holdings -- -- Earnings

S&P Global -- -- $$$ -- Earnings

Alibaba -- -- $$$ -- Earnings

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Kraken Robotics -- $KRKNF -- Earnings (In French)

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Company “Research” via Audio & Video Formats

Microsoft -- -- Podcast

NVIDIA -- -- Podcast

Cardiol Therapeutics -- -- Podcast

Formula One Group -- -- Podcast

Take-Two Interactive -- -- Podcast

Texas Roadhouse -- -- Podcast

Brookfield -- -- Podcast

Bassett Furniture Industries -- -- Podcast

United Parcel Service -- -- Podcast

The Trade Desk -- -- Podcast

Brag House Holdings -- -- Podcast

Medicus Pharma -- -- Podcast

Pfizer -- -- Podcast

Enlivex -- -- Podcast

Tesla -- -- Podcast

Cerebras -- -- Podcast

Caterpillar -- -- Podcast

Sea Limited -- -- Podcast

Rocket Lab -- -- Podcast

Xos Trucks -- -- Podcast

AUTO1 GROUP -- $ETR:AG1 -- Podcast

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Pershing Square USA -- -- YouTube

NVIDIA -- -- YouTube

e.l.f. Beauty -- -- YouTube

Forum Energy Technologies -- -- YouTube

Boeing -- -- YouTube

Fiserv -- -- YouTube

DoorDash -- -- YouTube

AST SpaceMobile -- -- YouTube

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Medtronic -- -- YouTube

Msci -- -- YouTube

Zscaler -- -- YouTube

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Salesforce -- -- YouTube

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Crocs -- -- YouTube

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Oscar Health -- -- YouTube

SoFi -- SOFI 0.22%↑ -- YouTube

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1Stdibs.Com -- -- YouTube

Decker's Corporation -- -- YouTube

ManpowerGroup -- -- YouTube

Baker Hughes -- -- YouTube

Workday -- -- YouTube

Zedge -- -- YouTube

Floor & Decor -- -- YouTube

Biorem -- $BIRMF -- YouTube

Tantalus Systems -- $TGMPF -- YouTube

Constellation Software -- $CNSWY -- YouTube

Inditex -- $ITX -- YouTube

Strata Critical Medical -- -- Substack Video

oRo Co -- $TYO:3983 -- $$$ -- Substack Video

Interesting Links

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etc.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

WEX -- -- $$$ -- Write Up

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Circle -- -- Write Up

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Sea Ltd -- -- Write Up

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Copart -- CPRT -1.68%↓ -- Write Up

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Salesforce -- -- Write Up

Verisk Analytics -- -- Write Up

Share

Reddit -- -- Earnings

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Toast -- -- Earnings

Angi -- -- $$$ -- Earnings

Omada Health -- -- Earnings

Amazon -- -- brief

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Progressive -- -- Earnings

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Alphabet -- -- brief

Boston Omaha -- -- Earnings (In Spanish)

Crocs -- -- Earnings

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Advanced Micro Devices -- -- brief

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Flywire -- -- Earnings

Alphabet -- -- brief

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Yeti Holdings -- -- Earnings

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“If you’re going through hell, keep going.”

“Never give in - never, never, never, never.”

“Success is the ability to go from failure to failure without losing your enthusiasm.”

All by Winston Churchill

Subscribe now

*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

2026 - - 02* | $DE?? - 03 | $M?? - 03

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

If you haven’t yet figured it out by the fact that I had three (3) quotes for this months (I never do more then one) that there must be something happening, well let me tell that there is… Now before you start to worry let me just start saying everything is okay!

The reason for three quotes well they all great three quotes and all by the same person, a person who definitely went through worse things then I am going through mentally, with that said mentally I’m exhausted.

Most of you know that on this Substack I’m keeping it 100% real, raw, and unfiltered (well for the most part at least when it comes to cursing) I have been doing this blog since Dec 2020 and I always share the good, the bad, and the ugly…

If you would take two updates on the surface April and May ‘s updates they do not look much different when it comes to numbers but if you really think about it and see that since April 1st to May 1st and then from May 1st to the thumbnail of May you will see a big difference in price swing and that is mostly attributable to ONFO but also other things like BUR, BOC, and well it seems like everything else in port and that is just sometimes exhausting (mentally) and this is that sometimes.

Everyone can share their wins, their big wins .. I know I been guilty of it for ego boost, but gotta eat that humble pie too… and to add to the pain is that right now S&P is up like 8% YTD and I went from 15%+ to 2ish is messing with me a bit…

Although I would love to complain more about this … writing this actually makes me feel a lot better although literally nothing has changes since before I start writing these words and after … just by the fact that I have some folks to share this makes me feel easier … a bit crazy, but relaxing.

With that out of the way, I really don’t feel like writing more here for this month … there has been a lot of earnings (for my companies) this past few weeks and most of them are either been crap or markets reacted to them as if they were crap … o well, I need to process this more and so I will just leave it as is.

If anyone wants to chat about anything you can always reach out to me via email or DM me on Substack app … see y’all next month …

Oh almost forgot I will be going to Planet MicroCap Conference next month in Las Vegas.

Berkshire Hathaway AGM

Although this year around you could definitely feel / see that there were less people attending AGM when it came to meet ups and the true fans of investing there were still plenty of awesome people to meet and chat with.

Like , , , , just to name a few.

Check out some of the pics that I took while at Omaha for Berka AGM

A few times I passed by / saw Natural Grocers and decide to check it out since I own shares in Sprouts Farm. I must say the first thing that hit when walking in the store was the smell of “medicine” (NG is big on vitamins there was a huge part dedicated to different vitamins, herbs, natural remedies, etc). They did not have any main brands of energy drinks (part of my walk in reason wanting to grab Celsius) the closest thing they had was YACHAK Yerba Mate … not even close…

With that said the staff members were nice and there is a bit of everything in there, but Sprouts is definitely (in my opinion) better option, NG is partially family owned so I think I should still take a look at the company from investor point of view.

Earnings

Petty Cash

Viemed Healthcare Q1 2026 Update – VMD

Disclosure: I own shares in VMD. I am not a professional. Please do your own due diligence…

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2 months ago · 10 likes · Dean

Book

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished one audiobooks:

Stock Market Maestros: The winning habits, strategies, and mindsets of the world’s best investors by Lee Freeman-Shor, Clare Flynn Levy

YZ: I cant say I loved the book or that I even liked the book BUT I defiantly did NOT hate it and in terms of habits / mindsets you wont learn anything new but I did pick up on a few investors that I want to follow more closely:

• Greg Padilla

• John Barr

• Maneesh Bajaj

Goodreads:

In this hotly anticipated follow up to his bestselling book, The Art of Execution, Lee Freeman-Shor and experienced fintech CEO Clare Flynn Levy delve into what the most skilled investors do differently from the rest of us – and offer practical steps for professional and personal investors alike.

Drawing on exclusive access to detailed trade data, sophisticated analytics tools and hours of in-depth interviews, Lee and Clare reveal how the best professional investors in the world achieve extraordinary results – not by getting it right all the time, but by making good decisions, both when they’re winning and when they’re losing.

From surprising habits to rules based on hard experience, you’ll learn strategies and techniques you can adapt into your own investing today. Including:
Why execution – timing, sizing, and managing positions – matters more than stock picking alone.How elite investors know when to cut their losers and ride their winners to make 1,000%+ returns.The habits and disciplines of the 'Assassins,' 'Hunters,' and 'Connoisseurs' who consistently outperform.Practical frameworks to refine your own decision-making process.

I give it 3 out of 5 stars.

Read more

I’m keeping this one a bit shorter because I am in Omaha for Berkshire AGM and did not have as much time to as I usually do + my laptop is acting up. Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Cloudflare -- NET 0.74%↑ -- Write Up

Intuitive Surgical -- -- Write Up

Snowflake -- -- Write Up

Microsoft -- -- $$$ -- Write Up

Figure Technology -- -- Short Report

Birkenstock -- -- Write Up

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TransMedics -- -- Write Up

Meridian Holdings -- -- Write Up

Compass Pathways -- -- Write Up

Fair Isaac Corp -- -- $$$ -- Write Up

Lexin Fintech -- -- Write Up

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CF Industries -- -- Write Up

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Mastercard -- -- Write Up

XPEL -- -- Write Up

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Tactile Systems -- -- $$$ -- Write Up

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Regis -- -- Write Up

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Msci -- -- Write Up

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ASML Holding -- -- $$$ -- Earnings

Terns Pharmaceuticals -- -- brief

Copart -- -- brief

Merlin Labs -- -- brief

Amazon -- -- brief

Tesla -- Earnings

GFL Environmental -- -- brief

Netflix -- -- Earnings

GE Vernova -- -- Earnings

Medpace -- -- Earnings

Kaspi -- -- $$$ -- brief

Intel Corp -- -- Earnings

ServiceNow -- -- brief

Sea Limited -- -- brief

Live Nation -- -- brief

Robinhood Markets -- -- Earnings

Philip Morris International -- -- brief

Wix -- -- brief

Taiwan Semicndctr -- -- Earnings (In Portuguese)

Barrick Mining -- -- brief

Lam Research -- -- Earnings

Crocs -- -- $$$ -- brief

PayPal -- -- brief

Lands' End -- -- brief

Transmedics Group -- -- Earnings

Ford -- -- brief

Interactive Brokers Group -- -- Earnings

SuperCom -- -- Earnings

Bloom Energy -- -- Earnings

Klarna Group -- -- brief

SanDisk -- -- brief

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Lemonade -- -- Earnings

Markel -- -- Earnings

Atlassian -- -- Earnings

Spotify -- -- Earnings

CareCloud -- -- brief

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Art Vivant Co -- $TYO:7523 -- Write Up

IMAX China -- $IMXCF -- Write Up

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Opro Co. Limited -- $TYO:228A -- $$$ -- Write Up

Churchill China -- $LON:CHH -- Write Up

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Beacon Trusteeship -- $NSE:BEACON -- brief

Xvivo Perfusion -- $STO:XVIVO -- Earnings

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Company “Research” via Audio & Video Formats

Roblox -- -- Podcast

The Trade Desk -- -- Podcast

Polaryx Therapeutics -- -- Podcast

Blue Owl Capital -- -- Podcast

Algorhythm Holdings -- -- Podcast

Chipotle -- -- Podcast

Wix -- -- Podcast

QXO -- -- Podcast

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Givaudan -- $GVDNY -- Podcast

Xiaomi -- $XIACY -- Podcast

Subscribe now

PayPal -- -- YouTube

LandBridge -- -- YouTube

Mobileye Global -- -- YouTube

Grab -- -- YouTube

Onfolio -- -- YouTube

Fair Isaac -- -- YouTube

Sea Limited -- -- YouTube

KraneShares CSI China Internet ETF -- -- YouTube

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Advanced Micro Devices -- -- YouTube

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ServiceNow -- -- YouTube

Tesla -- -- YouTube

Nokia -- -- YouTube

Msci -- -- YouTube

Nintendo -- $NTDOY -- YouTube

SECURE Waste Infrastructure -- $SECYF -- YouTube

QHSLab -- $USAQ -- YouTube

Wolters Kluwer -- $WTKWY -- YouTube

Evolution AB -- $EVVTY -- YouTube

Tencent Holdings -- $TCEHY -- Substack Video

Red Violet -- -- Substack Video

Interesting Links

3 Small-Caps in 3 Minutes by

The Mexican Airport Stocks by

Four companies to add to your watchlist (1/2) by

Four companies to add to your watchlist (2/2) by

10 Businesses legendary investor Nick Sleep would be buying today. by

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etc.

"From $100K to $1M" & More.

Four companies to add to your watchlist (1/2)

I go through a lot of companies (that’s how I’m able to pump out BWM on bi weekly basis) and most of them do not meet my investing criteria but once in a while I find a company that I find interesting but that (at that time) might be overvalued and so I put it on my watch list…

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2 months ago · 7 likes · Yegor

Moving on to the next two companies … these two are less know actually to be honest I may only saw one or two articles about one of them within the last few year and the other one is a recent IPO which no one has discussed yet but I think both are good additions to your watch list and maybe even portfolio.

The information in this article is provided for informational and educational purposes only.

Read more

I go through a lot of companies (that’s how I’m able to pump out BWM on bi weekly basis) and most of them do not meet my investing criteria but once in a while I find a company that I find interesting but that (at that time) might be overvalued and so I put it on my watch list.

I wanted to introduce a bit of different type of “write ups”

I will be sharing four companies, in a short format write ups - two for everyone to see and two for my paid subscribers. All four companies are currently in my IRA account, but none of them are in my main portfolio (yet) … The two behind paywall have priority on my watch-list but I do think all four are interesting and have not been discussed on Substack.

Disclaimer is at the end.

Two industrial and two technology/fintech.

First one is The Gorman-Rupp Company (GRC), I was introduced to it by attending Gabelli’s 36th Annual Pump, Valve, & Water Systems Symposium:

The Gorman-Rupp Company ( )

Introduction

The Gorman-Rupp Company is a long-established industrial manufacturer operating within a highly specialized niche of the global capital goods sector. Founded in 1933 and headquartered in Mansfield, Ohio, the company designs and manufactures pumps and pump systems used in a wide range of mission-critical applications, including water and wastewater handling, fire suppression, industrial processes, agriculture, construction, petroleum transfer, and HVAC systems.

At a high level, Gorman-Rupp resembles a traditional cyclical industrial business. However, a more detailed examination reveals a differentiated model characterized by strong margins, diversified end markets, recurring aftermarket revenue, and disciplined capital allocation. These attributes position the company as a durable industrial compounder rather than a purely cyclical equipment manufacturer.

Business Model and Operations

GRC operates as a single-segment manufacturer of pumps and pump systems, but its operational scope is both broad and technically complex. The company produces thousands of pump configurations ranging from less than one gallon per minute to nearly one million gallons per minute, serving applications that span from small industrial processes to large-scale municipal infrastructure.

A defining characteristic of the business is the application-specific nature of its products. Unlike commoditized equipment, many of GRC’s pumps are engineered solutions designed for specific operating environments. These environments frequently involve demanding conditions and mission-critical functions, such as municipal wastewater systems, fire suppression infrastructure, and industrial chemical processing. As a result, reliability and performance are paramount, and purchasing decisions are often driven by total cost of ownership rather than initial price.

The company distributes its products through a broad network of independent distributors, manufacturers’ representatives, direct sales channels, and international partners. This network enables GRC to serve approximately 140 countries while maintaining localized technical support and customer relationships. Notably, no single customer or country accounts for more than 10% of revenue, reflecting a highly diversified customer base.

Central to the business model is the installed base dynamic. Pumps are long-lived assets that require ongoing maintenance, replacement parts, and eventual replacement. This creates a recurring revenue stream through aftermarket sales, which account for approximately 9% to 12% of total revenue while not contractual in nature, this recurring demand contributes to revenue stability and margin resilience.

Industry Structure and Market Position

The global pump industry is estimated to be approximately $80 billion in annual size and is highly fragmented, consisting of numerous niche-oriented players alongside larger diversified industrial companies. The fragmented nature of the industry is driven by the diversity of applications and the need for specialized engineering solutions.

Within this landscape, GRC competes primarily on performance, reliability, and service, rather than price. Customers in many of its end markets exhibit strong brand loyalty, particularly in applications where equipment failure can result in significant operational or safety consequences. Company’s long-standing reputation for quality and customer service has enabled it to establish durable relationships with distributors and end users.

Gorman-Rupp’s revenue is intentionally diversified across multiple end markets, including industrial, fire suppression, agriculture, municipal water, construction, OEM, and petroleum applications.

This diversification reduces exposure to any single economic cycle and allows the company to balance cyclical and non-cyclical demand drivers. While segments such as construction and agriculture are sensitive to economic conditions, others such as municipal water infrastructure and fire suppression are supported by long-term structural demand. The inclusion of aftermarket repair parts further enhances stability.

Management

The leadership of The GRC reflects a deeply operational and internally developed management culture, led by CEO Scott A. King, who rose through manufacturing and operational roles before assuming the top position. This background is indicative of a broader company philosophy that prioritizes execution, product knowledge, and continuity over external leadership turnover or strategic reinvention. Supporting him, CFO James C. Kerr brings financial discipline that is evident in the company’s steady deleveraging and consistent capital allocation. Overall, the management team is characterized by tenure, stability, and a strong understanding of the company’s core operations.

Culturally, GRC emphasizes long-term employee development, operational consistency, and customer focus. With an average employee tenure of approximately 12 years and no history of work stoppages, the company benefits from significant institutional knowledge and workforce stability. This stability supports its ability to deliver highly reliable and customized products, reinforcing its reputation in mission-critical applications.

From a capital allocation perspective, management demonstrates a conservative and shareholder-aligned approach, prioritizing reinvestment, dividend growth, debt reduction, and selective acquisitions. Company’s 53-year track record of consecutive dividend increases underscores this discipline, while recent deleveraging highlights prudent financial management. Additionally, meaningful family ownership contributes to a long-term orientation, reinforcing a focus on sustainable value creation rather than short-term performance.

Financial Performance and Economics

Gorman-Rupp’s recent financial performance reflects a combination of steady growth, strong margins, and improving operational efficiency. For the fiscal year ended December 31, 2025, GRC reported net sales of approximately $682.4 million, gross profit of $209.1 million, operating income of $95.4 million, and net income of $53.0 million .

Profitability remains a key strength. Gross margins reached approximately 30.6% in 2025, while EBITDA margins approached 19% . These levels are strong relative to typical industrial manufacturers and reflect pricing power, product differentiation, and the contribution of higher-margin aftermarket sales.

Growth has been supported by both organic expansion and acquisitions. Between 2021 and 2025, the company achieved a compound annual growth rate of approximately 14%, with organic growth contributing roughly 8ish% and acquisitions, including the Fill-Rite transaction, contributing the remainder.

On the balance sheet, the company has made substantial progress in deleveraging. Total debt declined to approximately $310.8 million in 2025, with a leverage ratio of 2.3x, down from higher levels in prior years. This trend enhances financial flexibility and reduces risk. Management has made multiple comment on having debt reduction as one of their priority.

Competitive Landscape

Understanding GRC’s competitive position requires placing the company within the broader industrial pump value chain. This chain begins with raw material and component suppliers, progresses through manufacturing and assembly, and ultimately reaches end users through distribution, installation, and long-term service.

GRC occupies a strategic middle position within this supply chain, acting as both a manufacturer and an engineered solutions provider while maintaining deep integration with independent distributors. Company focuses on designing and assembling pump systems rather than producing all underlying components, sourcing key inputs such as motors and castings from third party suppliers. This approach allows it to remain asset-efficient while concentrating on higher-value activities such as engineering, testing, and application design.

Competitors within the industry can be broadly grouped into three categories. First are large diversified industrial companies such as Xylem Inc., Flowserve Corporation, and ITT Inc. These firms operate at significantly larger scale and offer broader product portfolios, often competing in large infrastructure and global industrial projects. However, their scale can limit flexibility in highly specialized applications. GRC competes effectively in these areas by emphasizing customization, responsiveness, and strong distributor relationships rather than breadth.

The second category consists of smaller niche and privately held manufacturers. These companies often possess deep expertise in specific pump types or regional markets. GRC differentiates itself from these competitors through its combination of specialization and scale, offering a broader product portfolio, stronger brand recognition, and a global distribution network while retaining the flexibility needed to serve niche applications.

The third category includes low-cost foreign manufacturers that compete primarily on price. GRC largely avoids direct competition in this segment by focusing on mission critical applications where reliability, service, and total cost of ownership outweigh initial purchase price. Its predominantly U.S.-based manufacturing footprint further supports supply chain stability and reduces exposure to tariffs and geopolitical risks.

A critical component of GRC’s competitive positioning is its distribution network. Long-standing relationships with independent distributors provide local market access, technical expertise, and service capabilities. This network creates a localized competitive advantage that is difficult for both large global competitors and new entrants to replicate.

Taken together, GRC occupies an economically attractive position within the value chain, above commoditized component suppliers and below large system integrators. Allowing GRC to capture value through engineering differentiation, recurring aftermarket demand, and strong customer relationships without requiring excessive capital investment.

Share

Growth Opportunities

GRC is positioned to benefit from several favorable long-term trends. Investment in aging water and wastewater infrastructure represents a significant and sustained demand driver. Increasing frequency of extreme weather events is also driving demand for flood control and stormwater management solutions.

Additionally, the expansion of data centers and artificial intelligence infrastructure is creating new applications for pumps in cooling systems and fire suppression. These emerging end markets provide incremental growth opportunities beyond the company’s traditional base.

GRC also retains the ability to grow through market share gains in a fragmented industry and through selective acquisitions that expand its product offerings and distribution capabilities.

Risks and Considerations

Despite its high-quality characteristics, The Gorman-Rupp Company remains exposed to a range of operational, financial, and structural risks that could impact performance across cycles. One of the most important considerations is the company’s exposure to cyclical end markets, particularly construction, agriculture, and certain industrial segments. Demand in these areas is closely tied to capital spending, commodity prices, and broader economic conditions. Periods of economic slowdown, reduced infrastructure investment, or declines in agricultural profitability can lead to delayed orders, lower volumes, and margin pressure. While GRC’s diversification helps mitigate this risk, it does not eliminate cyclicality entirely.

The competitive dynamics of the pump industry also require continuous investment. Market is highly competitive and includes both large multinational competitors and smaller niche manufacturers, all competing for share across various applications. Maintaining a competitive position requires ongoing spending on engineering, product development, manufacturing efficiency, and customer support. In addition, pricing pressure can emerge in more commoditized segments, particularly from lower-cost foreign competitors. If the company is unable to sustain its differentiation through performance and reliability, it could face margin compression over time.

From an operational standpoint, GRC is exposed to raw material cost volatility and supply chain risks. The production of pumps depends on inputs such as castings, steel, motors, and other components, many of which are sourced from third-party suppliers. Fluctuations in material costs, supply shortages, or disruptions in global trade can impact production timelines and profitability. While GRC has historically managed these risks effectively, including through pricing actions and sourcing flexibility, sustained inflation or supply constraints could potentially pressure margins.

Another important consideration is the company’s acquisition strategy and related integration risks. Growth in recent years has been partially driven by acquisitions, most notably the Fill-Rite transaction. While acquisitions can enhance product offerings and expand distribution capabilities, they also introduce risks related to integration, cultural alignment, and execution. Failure to realize expected synergies or operational improvements could reduce returns on invested capital and distract management from core operations. But so far GRC has proven that they are thoughtful acquirers.

Financially, although leverage has declined meaningfully, debt remains a relevant factor. The company’s outstanding debt includes term loans, revolving credit facilities, and secured notes, which introduce interest expense and financial obligations that must be serviced regardless of economic conditions. Higher interest rates or weaker operating performance could constrain financial flexibility, particularly during downturns. However, as mentioned before management has mentioned that paying down debt is one of the priorities.

Taken together, these risks do not undermine the long-term investment case but highlight the importance of evaluating GRC as a cyclical but high-quality industrial business. Its ability to navigate these risks through pricing power, diversification, operational discipline, and capital allocation will ultimately determine the consistency of its performance over time.

Conclusion

GRC represents a differentiated industrial business that combines niche specialization with scale, resulting in durable competitive advantages and strong financial performance. Its strategic position within the pump industry value chain, supported by engineering expertise, a robust distribution network, and a large installed base, enables it to generate consistent returns despite operating in a mature and fragmented market.

While not immune to economic cycles, company’s diversified end markets, recurring aftermarket revenue, and exposure to long-term infrastructure and technological trends provide a foundation for sustained performance. Combined with disciplined capital allocation and a long history of shareholder returns, GRC can be viewed as a high-quality industrial compounder with embedded recurring characteristics, capable of delivering steady value over the long term.

Moving on to Omega Flex, Inc. which I found accidentally by using screeners, interestingly enough there is not that much information about this company:

Omega Flex, Inc. ( )

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Introduction

Omega Flex, Inc. is a niche industrial manufacturer specializing in flexible metal hose and tubing systems used to transport gases and liquids across a wide range of applications. While significantly smaller than most publicly traded industrial peers, company occupies a distinct position within the supply chain by focusing on highly engineered, safety-critical products that are primarily used in construction, energy, and industrial systems.

At a surface level, Omega Flex appears to be a straightforward small-cap manufacturing business. However, a deeper analysis reveals a company with consistently high margins, strong free cash flow generation, and a highly conservative balance sheet. These qualities are counterbalanced by limited growth prospects and a heavy reliance on cyclical end markets. The core investment question is whether Omega Flex should be viewed as a high-quality, steady cash-generating business or as a structurally constrained company facing long-term demand headwinds tied to its core markets.

Business Model and Operations

Omega Flex’s business is centered on the manufacture and sale of flexible metal hose and related accessories, which are primarily used for the safe conveyance of natural gas, propane, and other fluids. Company’s flagship products are TracPipe / CounterStrike, both are widely used in residential and commercial construction for gas piping systems while offerings such as DoubleTrac, DEF-Trac, and MediTra serve industrial, environmental, and medical applications.

Unlike more diversified industrial companies, Omega Flex concentrates on a limited number of engineered solutions, allowing it to build expertise and brand recognition in safety critical applications where reliability and regulatory compliance are essential. Its products are typically embedded within larger infrastructure systems, making them essential but not highly visible to end users. Omega Flex distributes its products primarily through wholesalers, distributors, and original equipment manufacturers rather than selling directly to end users, enabling broad market access while maintaining a relatively efficient commercial structure.

Management and Capital Allocation

Omega Flex is led by CEO Dean W. Rivest, whose leadership reflects a consistent emphasis on operational efficiency and financial conservatism. Management’s approach prioritizes profitability, cash flow generation, and balance sheet strength over aggressive expansion or acquisition-driven growth. This philosophy is evident in the company’s capital allocation decisions, which favor maintaining high liquidity and returning capital to shareholders through dividends.

Mr. Dean W. Rivest serves as Chief Executive Officer and Director at Omega Flex, Inc. since January 1, 2024 and served as its President since January 19, 2022 until December 2023. Mr. Rivest is also a director and president and chief executive officer of Flex-Trac, Director and Chairman of Omega Flex Limited and President of Omega Flex SAS. He served as an Executive Vice President of Omega Flex, Inc. since 2020 until January 19, 2022 and responsible for manufacturing and engineering for all products, as well as sales and marketing for the industrial and MediTrac’s products. Prior to that, Mr. Rivest was the Vice President and General Manager of the industrial and MediTrac’s products since 2005. Mr. Rivest is also managing director of one of the companies foreign subsidiaries. In addition to being a registered professional engineer, Mr. Rivest is the inventor of several patents directly related to it;s product lines. He served as an Executive of OmegaFlex, Inc. His credentials include an M.S. in Mechanical Engineering from Rensselaer Polytechnic Institute, a B.S. in Mechanical Engineering from Western New England College and an A.S. in Mechanical Engineering from Springfield Technical Community College.

Omega Flex has not pursued significant acquisitions or transformative strategic initiatives, instead focusing on its core competencies and maintaining a stable business model. While this approach supports financial stability and consistent returns, it also contributes to the company’s limited growth profile, as fewer resources are directed toward expansion or diversification efforts.

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Industry Position and Supply Chain Role

Omega Flex occupies a specialized role within the industrial fluid-handling supply chain, functioning as a component-level supplier rather than a system-level manufacturer. Its products are integrated into broader systems such as building infrastructure and industrial equipment, positioning Omega Flex between raw material suppliers and end-market installers or system integrators.

The competitive landscape consists of both specialized hose manufacturers and larger diversified industrial firms. Omega Flex differentiates itself through product certification, regulatory compliance, and performance in safety-critical environments. This differentiation allows the company to compete more on reliability and quality than on price, particularly in applications such as gas distribution where failure risks are significant. Company’s proprietary manufacturing processes and long-standing relationships with distributors and installers further reinforce its position within its niche.

Financial Performance and Economics

Omega Flex’s financial profile reflects a business that is highly profitable but experiencing limited growth. For fiscal year 2025, company reported net sales of approximately $98 million, representing a decline of about 3% compared to the prior year. This revenue contraction was primarily driven by weaker demand conditions in construction related end markets, particularly residential housing. Operating income for the year was approximately $17 million, while net income attributable to shareholders was approximately $15 million, down from $18.0 million in the prior year.

Despite this decline, company continues to exhibit strong margin characteristics. Gross margins remained around 60%, operating margins were approximately 17%, and net margins were roughly 15%. These levels are notably high for a company of Omega Flex’s size and reflect a combination of pricing power, efficient manufacturing, and disciplined cost control. In addition, business generates strong cash flow. Operating cash flow in 2025 was approximately $17 million, while capital expenditures were modest at around $2 million, resulting in free cash flow of roughly $15 million. A significant portion of this cash is returned to shareholders through dividends, with total dividends declared in 2025 of approximately $13.7 million, or $1.36 per share.

Balance Sheet and Financial Strength

One of Omega Flex’s most compelling attributes is its exceptionally strong balance sheet. As of December 31, 2025, company held approximately $53 million in cash and cash equivalents, with total assets of about $105 million and shareholders’ equity of roughly $84 million.

Omega Flex carries no funded debt, with no borrowings outstanding under its credit facility at year-end. This debt-free position, combined with its high cash balance, provides significant financial flexibility and downside protection during economic downturns. Company’s conservative capital structure supports its ability to sustain dividend payments and navigate cyclical fluctuations in its end markets without relying on external financing.

Growth Profile and Constraints

A defining characteristic of Omega Flex is its limited growth trajectory. Over recent years, revenue has shown modest declines, largely due to cyclical weakness in construction markets and higher interest rates that have dampened housing activity. Because a significant portion of the company’s products are used in residential and commercial construction, demand is closely tied to macroeconomic conditions such as interest rates and building activity.

Company’s narrow product focus and limited international exposure, which accounts for only a small percentage of total revenue, further constrain its growth opportunities. While there is potential for incremental expansion through product innovation or penetration of niche markets such as medical gas systems, these opportunities are unlikely to materially alter company’s overall growth profile. As a result, Omega Flex does not currently exhibit the structural growth drivers typically associated with larger or more diversified industrial companies.

Risks and Considerations

Omega Flex faces several key risks, many of which stem from its concentrated business model. The most significant risk is its dependence on construction related end markets, particularly residential housing, which introduces cyclicality and sensitivity to macroeconomic conditions such as interest rates. Declines in construction activity can have a direct and immediate impact on demand for the company’s products, as evidenced by recent revenue trends.

In addition, the company’s reliance on a relatively narrow set of products increases its exposure to changes in industry dynamics, regulatory environments, and customer preferences. Long-term shifts toward electrification and reduced reliance on fossil fuels could negatively impact demand for gas piping systems, which represent a core component of Omega Flex’s business. Competitive pressures from both low-cost manufacturers and larger, better-capitalized firms may also affect pricing and margins over time.

Company is also dependent on its distribution network, with a significant portion of sales concentrated among a limited number of distributors. While the broad acceptance of its products mitigates some of this risk, changes in distributor relationships could impact sales in the short term. Additionally, Omega Flex faces ongoing exposure to product liability claims, particularly related to its gas piping systems, which could result in legal costs or reputational damage.

Conclusion

Omega Flex represents a high-quality but low-growth industrial business characterized by strong margins, consistent free cash flow generation, and a highly conservative balance sheet. Its position within the supply chain as a specialized component manufacturer allows it to generate attractive returns on capital, but also limits its scalability and long-term growth potential.

From an investment perspective, Omega Flex is best viewed as a stable, cash-generating niche industrial that offers financial resilience and income through dividends, rather than as a growth-oriented investment. The investment case ultimately depends on whether an investor prioritizes consistency and capital preservation over expansion and long-term growth potential.

Thank you for reading!

Let me know what you think about this type of short and to the point posts rather than long deep dives…

… do you like or do yo prefer long formats?

Third and fourth companies, I will be sharing in the next few days and those two will be available to the paid subscribers.

Disclaimer*

The information in this article is provided for informational and educational purposes only.

The information is not intended to be and does not constitute financial advice or any other advice, is general in nature, and is not specific to you. Before using this article’s information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.

None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. The author is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Figma -- -- Write Up

Cloudflare -- -- Write Up

Wealthfront -- -- Write Up

QXO -- -- $$$ -- Write Up

Hingham Institution for Savings -- -- Short Report

Motorsport Games -- -- Write Up

Zeta Global -- -- Write Up

Crocs -- -- Write Up

Pagaya Technologies -- -- Write Up

ServiceNow -- -- Write Up

Netflix -- -- $$$ -- Write Up

Duolingo -- -- Write Up

Cellebrite -- -- Write Up

Merlin Labs -- -- Write Up

Williams -- -- Write Up

Travelzoo -- -- Write Up

Quest Diagnostics -- -- $$$ -- Write Up

Axon Enterprise -- -- Write Up

Aduro Clean Technologies -- -- Write Up

Microsoft -- -- Write Up

Sonida Senior Living -- -- Write Up

Intel -- -- Write Up

Coursera -- -- $$$ -- Write Up

SoFi -- -- Write Up

Burford Capital -- -- Write Up

Salesforce -- -- Write Up

Adobe -- -- Write Up

CS Disco -- -- Write Up

GE Healthcare -- -- Write Up

Comstock -- -- Write Up

Medpace -- -- $$$ -- Write Up

KLA -- -- Write Up

Logitech -- -- Write Up

Kaspi.kz -- -- Write Up

Hurco Companies -- -- Write Up

Shift4 -- -- Write Up

New York Times -- -- Write Up

Novo Nordisk -- -- Write Up

Bloom Energy -- -- Write Up

Oracle -- -- Write Up

PicPay -- -- Write Up

Share

TransMedics Group -- -- Earnings

Paypal -- -- brief

Palo Alto Networks -- -- Earnings

UP Fintech Holding -- -- brief

Uniti Group -- -- brief

Wheaton Precious Metals -- -- brief

American Eagle -- -- brief

Autodesk -- -- $$$ -- brief

Vodafone Group -- -- Earnings

Nike -- -- brief

META -- -- brief

Nu Holdings -- -- brief

Ferrari -- -- brief

Netflix -- -- brief

Sidus Space -- -- Short briefing

BlackRock -- -- Earnings

Grab -- -- brief

Alphabet -- -- brief

Celsius -- -- brief

Novo Nordisk -- -- brief

The Charles Schwab -- -- Earnings

Amazon -- -- brief

Toast -- -- brief

NVIDIA -- -- brief

Rogers Communications -- -- brief

ASML Holding NV -- -- Earnings

Waste Management -- -- brief (In Spanish)

Zhihu -- -- brief

HP -- -- brief

SK Telecom -- -- brief

Plug Power -- -- brief

Brookfield Asset Management -- -- brief

Apple -- -- brief

Netflix -- -- Earnings

Sable Offshore -- -- brief

Texas Pacific Land -- -- brief

New Fortress Energy -- -- brief

Acacia Research -- -- Earnings

Service Corp. International -- -- brief

Charter Communications -- -- brief

Reddit -- -- brief

Costar Group -- -- brief

J.B. Hunt Transport Services -- -- Earnings

Modiv Industrial -- -- brief

GFL Environmental -- -- brief

Forward Air -- -- brief

Microsoft -- -- brief

Block -- -- brief

Rocket Lab -- -- brief

Zoom Communications -- -- brief

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“Integrity is of paramount importance in good leadership.” - Greg Abel

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

2026 - - 02* | $DE?? - 03 | $M?? - 03

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

Sold out of BSM and BUR:

• BSM - I have exited out of BSM at what end up being my cost basis BUT given that for all that time that I held the stock I end up collecting around 10% dividend. There were a few reasons why I sold out … 1) was management’s discussion of great and optimistic future with data centers build out and needing energy sources like nat gas, they even did a special event for it Black Stone Minerals September 2025 Investor Presentation . That to me was a yellow ish flag. 2) US LNG going to Europe and being a great benefit to nat gas providers, still waiting for this one (its been like 2-3 years) maybe it will happen but it seems that oil still have so much to go before moving to nat gas. 3) Company being energetic about the future and starting to dig into debt to cover dividends. 4) lastly when war conflict started in the end of feb / beginning of march - oil responded well with spikes while nat gas did not have as big of a reaction and looking back it seems like nat gas experiences less volatility then oil when these type of conflicts go on (oil from 50 ish to 100 ish and still there while nat gas in the range 2.5 to 5 and not down back to 2.5 ish) I’m no O&G expert but it seems like I will find better opportunities else where… I did learn that I have one company to play as a hedge for when there is spikes in O&G volatility but that co is not BSM.

• BUR - US court overturned a major ruling regarding Argentina's YPF case and sank BUR’s stock 50% … my bet with BUR was and still is YPF case, I thought risk vs reward was interesting … US court overturning ruling was not something I thought was likely but understood there is a chance … I was waiting to see if I would be able to find anything that would confirm that BUR has filed en banc rehearing which had deadline April 10 but so far nothing, and so I’m out. I will be monitoring and if anything changes favorably towards BUR, I would be willing to buy back my shares. Unlike TCS, BUR’s loss I’m not as sour about since I understood chance of this (I’m not happy but it is what it is). I’m not going to even attempt to justify anything to hold the shares, BUR play was on YPF case.

Bought two holdings that I’m not ready to reveal to everyone yet still accumulating shares in them but one is in footwear and the other one is the one that I mentioned in my BSM part above.

BKTI Investor day

I have listened to BKTI Investor day “zoom call” and I’m just going to say this, as long as Mr Suzuki is at the helm - I will be holding my shares, he has not disappointing to far, there have been bumps but he pushed when it was time to push and he held back when things where not ready yet because that was the right thing to do. So far he as proven to be a good steward of shareholders capital.

Here is AI Summary powered by Fiscal.AI of the investor day

Business Performance Analysis

BK Technologies’ strong performance, culminating in a doubling of revenue and significant margin expansion, is primarily attributed to a strategic pivot initiated in 2019. The company shifted its focus from the niche wildland fire market, where it held a dominant 90% market share, to the broader public safety Land Mobile Radio (LMR) market. This involved a substantial investment of approximately 20% of revenues in R&D over five years, leading to the successful launch of the BKR 5000 in 2020 and the multiband BKR 9000 handheld radio in 2023. Concurrently, the adoption of an asset-light operating model, coupled with a focus on higher Average Selling Price (ASP) products, has been instrumental in improving profitability. The BKR 9000’s design, intentionally mirroring the form factor of competitors like Motorola’s APX 8000, has also facilitated customer adoption by minimizing the learning curve and perceived risk for first responders.

Key Financial Highlights

• Revenue doubled from $44 million to $86 million from 2020 to 2025.

• Gross margin increased to approximately 50% by 2025.

• EBITDA margin improved from 3.5% in 2020 to over 20% in 2025.

• Cash balance grew from $7 million at year-end 2024 to $22.8 million at year-end 2025.

• The company operates with a debt-free balance sheet.

Key Takeaways

A significant development is the upcoming launch of the multiband in-vehicle mobile, the BKR 9500, in the first half of 2027. This product is strategically designed as a “drop-in replacement” for the company’s 50,000+ existing KNG mobile units in the field, aiming to reduce customer upgrade costs and accelerate adoption by leveraging existing vehicle infrastructure and eliminating the need for extensive retraining. Furthermore, BK Technologies is expanding its software and solutions portfolio under the BK ONE brand, launched in Spring 2025. This includes InteropONE, a SaaS-based push-to-talk over broadband service with patented technology for on-demand talk group creation, and BKRplay, a patent-pending technology that extends InteropONE capabilities to BKR radios, offering a cost-effective alternative to integrated cellular by leveraging the smartphone’s shorter lifecycle. The company’s Technology Innovation Center, established in 2019, has proven its model of targeted R&D and deep domain expertise in producing differentiated products, now extending this playbook to software development. The public safety LMR market is projected to accelerate its growth to a 10% Compound Annual Growth Rate (CAGR), driven by higher ASPs from multiband radio adoption and the integration of broadband solutions, which BK Technologies views as augmenting, rather than competing with, LMR.

Guidance

BK Technologies has outlined ambitious Vision 2030 targets, aiming to double revenue to $170 million, increase gross margin to 60%, and expand EBITDA margin to 35%. This is projected to triple EPS to $13 and generate $55 million in free cash flow. These financial targets are based solely on organic growth, with any potential acquisitions expected to be additive. Operationally, the company plans to begin shipping the BKR 9500 multiband in-vehicle mobile in the first half of 2027, followed by the expected launch of its next-generation BKRX platform in 2029. The software roadmap includes a twice-yearly release cadence to enhance the core radio platform, develop broader platform capabilities like fleet management and mobile phone symbiosis, and expand the BK ONE solutions portfolio. The company maintains a disciplined capital allocation strategy, prioritizing high-return organic investments in innovation and software, complemented by targeted acquisitions in software and solutions, and opportunistic returns to shareholders through share repurchases or special dividends.

and so far it seems that Mr Market agrees…

One of the companies that have not fully revealed released earnings and well lets just say that sometimes its good to buy the dip …

I will discuss earnings later on in the paid segment…

Berkshire Hathaway AGM

Is anyone going to Berkshire AGM this year?

If you are going, DM/email me and lets catch up in Omaha.

This one should be interesting with Greg Abel taking the baton from Warren Buffett on going non stop with Q&A, looking forward to it.

Onfolio Earnings

Although I’m a bit disappointed that ONFO is still not profitable on gaap metrics, I’m not too surprised and on EBITDA basis they are positive for the first time.

Usually I would be skeptical of anyone going with EBITDA, but Dom has shown to be thoughtful and careful to not abuse EBITDA.

ONFO plans to resume acquisitions in 2026, actively reviewing promising opportunities to expand its portfolio. While G&A expenses are expected to increase in the near term to support business growth, management projects these costs to decrease as a percentage of revenue over the long term, with one-time professional fees from 2025 not expected to recur at the same level in 2026. The new digital asset treasury strategy involves a long-term hold and staking approach, aiming for recurring income and capital appreciation, rather than active trading.

Looking forward to see what company(ies) ONFO will acquire in 2026. I highly recommend following Dom on LinkedIn or X…

Lastly unrelated to earnings but def. related to Onfolio, check out video below

Business Driven Investing With Robert Hagstrom

I was able to attend event with (a few of my investing friends) great speakers/investors like Robert Hagstorm, Michael Mauboussin, and Christopher Mayer …

The mental A team was strong! Really enjoyed it…

The conversation was more or less about investing the way Warren Buffett invests aka investing into businesses and not stocks, say it louder for the people in the back…

If you really think about it when you invest into stocks but think of them as businesses its much easier to hold those stocks during turbulent times, because as long as the fundamentals are intact under the hood, the market volatility is not as “scary” as Mr Market makes everyone believe it is …

VC Investing

I have added new company to my VC Investing List , participated in another round of funding in Upshift, and Kutt was acquired by a public company:

• The Breakfast is the latest addition to my VC Portfolio.

• I have added a bit more capital into Upshift. Making interesting progress.

• Kutt has been acquired by Bitcoin Depot - read more here

Click on the picture above to learn more…

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Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Alphabet -- -- Write Up

Reddit -- -- $$$ -- Write Up

Energous -- -- Short Report

Marex Group -- -- Write Up

AutoZone -- -- $$$ -- Write Up

Assertio -- -- Write Up

Nomad Foods -- -- Write Up

Fair Isaac Corporation -- -- Write Up

Bunge Global SA -- -- Short Report

Arm Holdings -- -- Write Up

TransDigm -- -- Write Up

Crocs -- -- $$$ -- Write Up

Booking Holdings -- -- Write Up

Harrow -- -- Write Up

Funko -- -- Short Report

Snowflake -- -- Write Up

Honeywell -- -- Write Up

Pioneer Power Solutions -- -- $$$ -- Write Up

Carnival Cruise -- -- Write Up

Ryvyl -- -- Short Report

MarineMax -- -- Write Up

Auna -- -- Write Up

Chipotle Mexican Grill -- -- Write Up

Adobe -- -- Write Up

Prudential Financial -- -- $$$ -- Write Up

S&P Global -- -- Write Up

Yelp -- -- $$$ -- Short Report

ADMA Biologics -- -- Short Report

Toast -- -- Write Up

DICK’S Sporting Goods -- -- $$$ -- Write Up

Broadridge Financial Solutions -- -- Write Up

Xerox Holdings -- -- Write Up

Lockheed Martin -- -- Write Up

BGC Group -- -- Write Up

Applied Materials -- -- Write Up

Distribution Solutions Group -- -- Write Up

Lennar -- -- Short Report

ServiceNow -- -- Write Up

SuperCom -- -- Write Up

American Coastal Insurance -- -- Write Up

Radcom -- -- Write Up

Venture Global -- -- $$$ -- Write Up

SoFi Technologies -- -- Short Report

Guardian Pharmacy Services -- -- Write Up

Alpha Metallurgical Resources -- -- Write Up

Instacart -- -- Write Up

Cooper-Standard Holdings -- -- Write Up

AVIAT NETWORKS -- -- Short Report

Buckle -- -- $$$ -- Write Up

Ferrari NV -- -- Write Up (In Spanish)

Apollo Global -- -- Write Up

Lam Research -- -- Write Up

Pool -- -- Write Up

MakeMyTrip -- -- Short Report

National Health Investors -- -- Write Up

Rubrik -- -- Earnings

S&P Global -- -- brief

Miami International Holdings -- -- Earnings

Super Micro Computer -- -- $$$ -- brief

dLocal -- -- Earnings

Oracle -- -- brief

Nvidia -- -- brief

Visa -- -- brief (In Spanish)

Comstock -- -- brief

QXO -- -- brief

Meta -- -- brief

Gravity -- -- brief

Sezzle -- -- brief

LandBridge -- -- brief

Webull Corporation -- -- Earnings

CareCloud -- -- brief

Medpace -- -- $$$ -- brief

Netflix -- -- brief

Restoration Hardware -- -- Earnings

Energous -- -- Short brief

Crocs -- -- brief

Salesforce -- -- brief

Sunbelt Rentals Holdings -- -- $$$ -- Earnings

Starbucks -- -- brief

Modiv Industrial -- -- brief

Universal Logistics Holdings -- -- brief

eToro Group -- -- Earnings

Alibaba -- -- Earnings

ACCESS Newswire -- -- Earnings

Adobe -- -- $$$ -- Earnings

Vertex Pharmaceuticals -- -- Earnings

Burford -- -- $$$ -- brief

World Kinect -- -- brief

Sonida Senior Living -- -- brief

Versant -- -- brief

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More Company Write Ups/Earnings/briefs

Bayerische Motoren Werke -- $BMWKY -- Write Up

Niitaka -- $TYO:4465 -- $$$ -- Write Up

Evolution AB -- $EVVTY -- Write Up

GN Store Nord -- $GNNDY -- $$$ -- Write Up

Golden Growers Cooperative -- $GGROU -- Write Up

RTC Group -- $LON:RTC -- Write Up

Tencent Holdings -- $TCEHY -- Write Up

Seraphim Space Investment Trust -- $LON:SSIT -- $$$ -- Write Up

BlueHarbor Bank -- $BLHK -- Write Up

NTG Clarity Networks -- $NYWKF -- Write Up

SECURE Waste Infrastructure -- $SECYF -- $$$ -- Write Up

Vizsla Copper -- $VCUFF -- Write Up

Keystone Law -- $LON:KEYS -- Write Up

Adani Ports -- $NSE:ADANIPORTS -- Write Up

Osaka Yuka Industry -- $TYO:4124 -- Write Up

Exail -- $EXALF -- $$$ -- Write Up

Cerillion -- $LON:CER -- Write Up

Silicon Studio -- $TYO:3907 -- Write Up

California Nanotechnologies -- $CANOF -- Write Up

Universal Music Group -- $UMG -- Write Up

Baltic Classifieds Group -- $LON:BCG -- Write Up

Townnews-Sha Co -- $TYO:2481 -- Write Up

Total Energy Services -- $TOTZF -- Write Up

PyroGenesis -- $PYRGF -- Write Up

Gabler Group AG -- $ETR:XK4 -- Write Up

Billington Holdings -- $LON:BILN -- Write Up

Rubicon Organics -- $ROMJF -- Earnings

Aris Mining -- TSE:ARIS -- brief

3i Group -- $LON:III -- brief

Dino Polska -- $DNOPY -- Earnings

Auxly Cannabis Group -- $CBWTF -- brief

Games Workshop -- $GWKSY -- brief

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Zhen Ding -- $TPE:4958 -- Earnings

Next Group -- $NXGPY -- Earnings

TerraVest Industries -- $TRRVF -- brief

Stif France -- $EPA:ALSTI -- Earnings

Bollore SE -- $BOIVF -- brief

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Company “Research” via Audio & Video Formats

Bassett Furniture -- -- Podcast

Spotify -- -- Podcast

Apple -- -- Podcast

Kinsale Capital -- -- Podcast

Interactive Brokers -- -- Podcast

Micron -- -- Podcast

DoorDash -- -- Podcast

EJF Investments -- $LON:EJFI -- Podcast

Deep Sea Minerals -- $DSEAF -- Podcast

Brookfield -- -- YouTube (In Spanish)

Marex -- -- YouTube

Paramount Skydance -- -- YouTube

Lululemon -- -- YouTube

Robert Half -- -- YouTube

Uber -- -- YouTube

Visa -- -- YouTube

Mercado Libre -- -- YouTube

Superior Group of Companies -- -- YouTube

Aduro Clean Technologies -- -- YouTube

Zeta Global -- -- YouTube

Salesforce -- -- YouTube

SOFI -- -- YouTube

Verizon -- -- YouTube

Palantir -- -- YouTube

Micron -- -- YouTube

Duolingo -- -- YouTube

Fair Isaac -- -- YouTube

Alibaba -- -- YouTube

Exxon -- -- YouTube

Domino's Pizza -- -- YouTube

Aehr Test Systems -- -- YouTube

Reddit -- -- YouTube

Walker & Dunlop -- -- YouTube

Fortinet -- -- YouTube

Theravance -- -- YouTube

Factset -- -- YouTube

Amcor -- -- YouTube

IDT Corporation -- -- YouTube

Clear Security -- -- YouTube

Zoomd Technologies -- $ZMDTF -- Substack Video

Interesting Links

The Marathoner’s Edge by

5 Must-Read Studies For Investors by

Full Time Investing Countermeasures by

4 Interesting Stocks on my Research List by

Most Investing Mistakes Are Not Analytical by

4 Small-cap to Watch in the Commodities Sector by

Investing Explained: Dollar Cost Averaging (DCA) by

The 8 Interviews That Will Make You a Better Investor by

Asian trip (Tiger Brokers, Tobila, Quants Research Holdings) by

etc.

Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Seer -- -- Write Up

Travelzoo -- -- Write Up

Costco Wholesale -- -- Write Up

Himax -- -- Write Up

Wingstop -- -- Write Up

RBB Bancorp -- -- Write Up

Arista Networks -- -- Write Up

Lyft -- -- Write Up

Barnes & Noble Education -- -- Write Up

Capital One -- -- Write Up

CoStar Group -- -- Write Up

Trade Desk -- -- Write Up

Grupo Aeroportuario del Centro Norte -- -- Write Up

Cardio Diagnostics Holdings -- -- Short Report

VNET Group -- -- $$$ -- Write Up

Nu Holdings -- -- Write Up

Zeta Global -- -- Write Up

Brightstar Lottery -- -- Write Up

Lam Research -- -- Write Up

Visa -- -- $$$ -- Write Up

Neuraxis -- -- Write Up

Sony Group -- -- Write Up

AerCap Holding -- -- Write Up

Cheniere Energy -- -- $$$ -- Write Up

Duolingo -- -- Write Up

Vital Farms -- -- Write Up

Linde -- -- Write Up

Cognizant -- -- $$$ -- Write Up

Velo3D -- -- Write Up

Share

American Coastal Insurance -- -- Earnings

Paypal -- -- brief

Alphabet -- -- brief

Floor & Decor -- -- brief

Stevanato Group -- -- Earnings

MercadoLibre -- -- brief

Nvidia -- -- Earnings

Shift4 Payments -- -- Earnings

Choice Hotels International -- -- brief

Burford Capital -- -- brief

Ollie's Bargain -- -- Earnings

Franklin Street Properties -- -- brief

Crocs -- -- Earnings

Progressive -- -- Earnings

Pool Corp -- -- Earnings

Adobe -- -- Earnings

Microsoft -- -- brief

Chord Energy -- -- brief

Strategy -- -- brief

Electrovaya -- -- brief

ClearPoint Neuro -- -- Earnings

dLocal -- -- Earnings

TIC Solutions -- -- Earnings

Micron -- -- Earnings

Revolution Medicines -- -- brief

More Company Write Ups/Earnings/briefs

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“To be successful, concentrate on the companies you own, not on the market itself.” -Walter Schloss

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*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05

2024 - - 04 | - 09

2025 - - 01* | - 08 | $CR?? - 08 | $CR?? - 10 | - 10 | $EVVTY - 11 | $F? - 12

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

Complimentary Monthly Commentary - CMC

Sold out of two holdings that were not revealed (paid subscribers get same day and weekly updates) both for profits ranging from 15%-40% I’m not planning to reveal them here because potentially I would like to buy them again in the future so both are on my watchlist, I will say that both are related to commodities.

Otherwise I have not been too active, been doing more thinking and trying to slim down portfolio, I will say that I been buying a lot more Onfolio and since the screenshot above, ONFO is now my 2nd largest position in main port and largest if you include all the Prefs and SPVs that I own related to ONFO + in my IRA account.

13Fs

I like looking at new 13Fs, they don’t give full story but this is one way to find new ideas and see what other investors are doing or better said … did since its looking backwards.

sometimes sells says as much or even more then the buys…

a few more Earnings

Petty Cash

Viemed Healthcare Q4 FY2025 Update – VMD

Disclosure: I own shares in VMD. I am not a professional. Please do your own due diligence…

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4 months ago · 3 likes · Dean

Gabelli’s 36th Annual Pump, Valve, & Water Systems Symposium

When I told my wife I wanted to go the city at 8am and listen to different companies talk about pumps, valves, and water systems - she looked at me like I was crazy and even though she trusts me I thought I would show her the link to the event hahaha

But yes that’s the kind of things that I find interesting because you never know what you might find and that’s another way to do scuttlebutting research + getting your self out of your circle and learning about something new and I think pumps and valves can definitely be in my circle of competence if I find that one company that will interesting me… and that one company I did find!

The Gorman-Rupp Company is one of those “boring” companies but very interesting! + there was another company that is indirectly related to my private investment so I did learn a ton!

I want to give big thank you to Mr Gabelli (who was present and was asking questions at the event!!!) and Gabelli Team overall, especially Sara Bakrow for providing me with access to the event really appreciate it!

I highly recommend checking out Gabelli’s website and their YouTube channel where you can find all other companies that presented that day.

(this is not paid by anyone and this is my personal honest review)

Fireside Chat with Bill Gurley & Malcolm Gladwell

Another event that I went to was Bill Gurley and Malcolm Gladwell firechat

I don’t know a lot about Mr Gurley but it was interesting listen to him and Malcolm Gladwell have a chat about personal life and VC investing and I did go to the event with who of my investing friends so overall I’ll call it a good time.

Book

I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.

This time around I finished one audiobooks:

Broker, Trader, Lawyer, Spy: The Secret World of Corporate Espionage by Eamon Javers

YZ:

This was an interesting read, not because I think I would be able to implement it to be frank I think the tactics that are used are a bit cringe for my taste, but it is interesting to know that there are people and companies that would go to such length to try to uncover competitors secrets or to try to find “dirt” sometimes literally in dirty trash.

I think by reading a summary of the book you would get the basic understand of it but if you want to get actual real life examples and to get some real life thriller into your reading life this book should scratch that itch.

Goodreads:

Award-winning reporter Eamon Javers’s Broker, Trader, Lawyer, Spy is a penetrating work of investigative and historical journalism about the evolution of corporate espionage, exploring the dangerous and combustible power spies hold over international business. From the birth of the Pinkertons to Howard Hughes, from presidents to Cold War spies, Broker, Trader, Lawyer, Spy is, like Legacy of Ashes and Blackwater, a first rate political thriller that also just happens to be true.

I give it 3.75 out of 5 stars.

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Let the munching begin!

Company Write Ups/Short Reports/Earnings/briefs/etc.

Intuit -- -- Write Up

Red Violet -- -- $$$ -- Write Up

Lifezone Metals -- -- Write Up

Nova Minerals -- -- Short Report

The Trade Desk -- -- Write Up

Netflix -- -- Write Up

Uber Technologies -- -- Write Up

Automatic Data Processing -- -- $$$ -- Write Up

Syntec Optics -- -- Short Report

Priority Technology Holdings -- -- Write Up

Arista Networks -- -- Write Up

Salesforce -- -- Write Up

Tyler Technologies -- -- Write Up

Wix.com -- -- Write Up

Zeta Global Holdings -- -- Write Up

SanDisk -- -- $$$ -- Write Up

Dutch Bros -- -- Write Up

Adobe -- -- Write Up

Propetro Holding Corp -- -- Write Up

TD Synnex -- -- Write Up

Gravity -- -- Write Up

S&P Global -- -- $$$ -- Write Up

Super Group -- -- Short Report

Ralliant -- -- Write Up

Viking Therapeutics -- -- Write Up

Ferrari -- -- Write Up

Rivian -- -- $$$ -- Write Up

Algorhythm Holdings -- -- Short Report

Turtle Beach Corp -- -- Write Up

Klaviyo -- -- Write Up

Crocs -- -- Write Up

Rollins -- -- Write Up

VeriSign -- -- $$$ -- Write Up

Reddit -- -- Write Up

GE HealthCare Technologies -- -- Write Up

Alphabet -- -- Write Up (In Spanish)

ServiceNow -- -- Write Up

Crown Crafts -- -- Write Up

Waste Management -- -- Write Up

Graphic Packaging -- -- Write Up

PayPal -- -- $$$ -- Write Up

LKQ Corp -- -- Write Up

Universal Electronics -- -- Write Up

Parker-Hannifin -- -- Write Up

Texas Instruments -- -- Write Up

BJ’s Wholesale Club -- -- Write Up

Duolingo -- -- Write Up

Jack In The Box -- -- Write Up

ACCESS Newswire -- ACCS -0.44%↓ -- Write Up

CareCloud -- -- Write Up

Tigo Energy -- -- Write Up

Prairie Operating -- -- Write Up

Dollar General -- -- Write Up

Modular Medical -- -- $$$ -- Write Up

Klarna -- -- Write Up

Gen Digital -- -- Write Up

American Coastal Insurance -- -- Write Up

Crown Holdings -- -- Write Up

Share

Palo Alto Networks -- -- Earnings

Walmart -- -- brief

Visa -- -- Earnings

Uber Technologies -- -- Earnings

Pinterest -- -- Earnings

Lumen -- -- $$$ -- brief

Portillos -- -- brief

Tyler Technologies -- -- brief

PDD Holdings -- -- brief

Toast -- -- Earnings

Crocs -- -- brief

Airbnb -- -- Earnings

Meta -- -- brief

Roblox -- -- $$$ -- brief

BigBear.ai Holdings -- -- Negative brief

Marketaxess Holdings -- -- Earnings

Legacy Education -- -- Earnings

Mobility Global -- -- brief

Zeta Global Holdings -- -- brief

Cloudflare -- -- Earnings

Nebius Group -- -- Earnings

Canadian National Railway -- -- Earnings (In Spanish)

Grab Holdings -- -- Earnings

Deere -- -- $$$ -- Earnings

AppLovin -- -- Earnings

Applied Materials -- -- Earnings

Arista Networks -- -- brief

Spotify -- -- Earnings

Brookfield Infrastructure Partners -- -- Earnings

OppFi -- -- Negative brief

Shopify -- -- Earnings

PayPal -- -- $$$ -- Earnings

Warrior Met Coal -- -- brief

Astera Labs -- -- Earnings

Medpace -- -- Earnings

Ferrari -- -- Earnings

United States Antimony -- -- brief

Rocket Lab -- -- brief

Meta -- -- Earnings

Alibaba -- -- $$$ -- brief

Docusign -- -- brief

Duolingo -- -- brief

Rivian -- -- brief

Entravision -- -- brief

DaVita -- -- Earnings (In Spanish)

Teva Pharmaceutical -- -- Earnings

Copart -- -- Earnings

Willscot Holdings -- -- brief

Madison Square Garden Sports -- -- brief

DoorDash -- -- Earnings

Wix.Com -- -- brief

Remitly -- -- brief

Howard Hughes Holdings -- -- Earnings

Booking -- -- Earnings

Alphabet -- -- brief

LifeVantage -- -- Earnings

Robinhood -- -- Earnings

Pagaya -- -- Earnings

Accenture -- -- brief

Veris Residential -- -- brief

More Company Write Ups/Earnings/briefs

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I had to repost (actually recreate) this update as the original post disappeared. I’m not sure how that happened (still trying to figure it out). If something is “off,” my apologies as I tried to quickly recreate it.

Quote for this month:

“You must survive the bad days, not just look good on average.” - Howard Marks

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I’m going to keep quote from last month’s update for this one too, as a reminder for myself…

*Portfolio*

*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*

Portfolio (Basic):

Holding since:

2020 - LKQ 0.00%↑ - 03

2021 - SFM 0.00%↑ - 03 | VMD 0.00%↑ - 05

2022 - $NTDOY - 12

2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05

2024 - $M?? - 01 | $BKTI - 04 | $BOC - 09

2025 - $IAC - 01* | $GRVY - 08 | $CR?? - 08 | $CR?? - 10 | $ONFO - 10 | $EVVTY - 11 | $F? - 12

2026 - $BUR - 01* | $MITK - 02* |

*IAC originally was purchased in 2021, but sold at the end of 2024 for tax loss purposes and re-bought back in 2025.

*EVVTY originally was purchased in 2022, but sold at the end of 2025 for tax loss purposes and re-bought back in 2025.

*BUR originally was purchased in 2023, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

*MITK originally was purchased 2022, but sold at the end of 2025 for tax tax loss purposes and re-bought back in 2026.

Complimentary Monthly Commentary - CMC

Buying back BURFORD and MITEK

2026 has been tough so far but luckily I’m not the only one who’s experiencing that (lol? not really) given that I do not add cash and working with the capital that’s already in there it makes it a bit tricky and maneuver the markets on the down side and sometimes “you need to move faster” but given that during the day I have my own business to run and I”m a father to 2 girls “moving faster” is not always possible.

Cant say I’m too upset about performance but I’m sure we all would be much happier to see green days > red days…

Big chunk on portfolio is leaning towards BKTI which is already up 300% and I’m not planning to sell for now and ONFO which is a microcap that so far market thinks its going to zero … I have different opinion from the market but I’ll be honest its not easy to go against the crowd … I really don’t care what others are saying on the web because a lot of times people will quote your famous investors and figures about holding companies and not stocks and back up the truck when there is blood on the streets and bluh bluh bluh but the problem with a lot of them they will post they will tweet and if sh!t hits the fan they will delete the post they will delete the tweet and maybe they will even delete the account or just restart with different post as if history doesn’t matter … I do not do that I been doing this publicly since 2021 and as I said I will be doing this at least until 2030 to build the public track record with good and the bad (I just hope there will be more good lol)

Enough with “yelling at the clouds” I’m doing my best with what I got and I do what I think is right and let time show if my unconventional way is alpha positive or not.

I bought back BUR, because until judge gives final “call” anything is possible…

I bought back MITK, although I was not sure I want to but I waited until earnings came out and I’m happy with the turnaround and what the current management is trying to do and so I’m back in it, again the problem is I need to rotate something to get more cash since I do not add money in main portfolio.

I also sold the rest of my WBD to get some more cash for purchases of BUR and MITK

Dealflow Discovery Conference + bonus

I went to Dealflow Discovery Conference in Atlantic City, see the images below for the companies that presented…

Above you can see check mark are those that I have attended

Here are a few that I found interesting:

• Grown Rogue - I’m gonna keep an eye on this one, CEO was very interesting and it reminds a bit of Cronos (but not really)

• Perfect - I been following it and there is a lot of write ups or mentions on Substack but it’s basically a net-net but there is just something off IDK need to do more work on this

• Access Newswire - I did a write up on

Charlie Holdings - potentially might be interesting to those who willing to dig deeper, President Heny Sicignano, interesting guy…

I must also speak about American Rebel Holdings as that one was a wild card

They gave me their beer to try and company called American Rebel … I mean like what else do you want , right?

Do your own due diligence…

BONUS

Check out Virtual Investor Conferences for more interesting ideas (image above is clickable to go to their website, its not affiliation, I don’t get paid, I’m just sharing more ways to get interesting ideas to turn over more rocks and look for gems)

Tax Season

Tis the tax season (almost…) I got my 2025 Tax Doc from Webull and figured I would continue the tradition to compare my Webull results on yearly basis based on tax docs. Started it with this post…

This is just for fun

ST - Short term, LT - Long Term, QD - Qualified Divided

• 2019

  • Short-term Profit - around $170

• 2020

  • Short-term Profit - around $3,000

  • Long-term Profit - around $400

  • Qualified Dividend - around $400

• 2021

  • ST Profit - around $12,000

  • LT Profit - around $8,000

  • QD - around $5,000

• 2022

  • ST Profit (Loss) - around (-$8,000)

  • LT Profit - around $6,000

  • QD - around $2,000

• 2023

  • ST Profit - around $3,000

  • LT Profit - around $4,000

  • QD - almost $3,000

• 2024

  • ST Profit - around $1,600

  • LT Profit - around $15,000

  • QD - around $2,500

• 2025

  • ST Profit (Loss) - around (-$5,500)

  • LT Profit - around $88,000

  • QD - almost $3,000

Earnings

Speedwell Memos

Evolution: 4Q25 Business Update

Welcome to Speedwell Memos. Our main website is SpeedwellResearch.com…

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5 months ago · 20 likes · Speedwell Research

Do Not Distribute

Evolution and the Doom of Playing It Safe

From its founding in 2006 until 2023, Evolution grew at an incredible pace…

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5 months ago · 41 likes · 1 comment · Ali Gündüz

https://appinvestor.substack.com/i/188112711/gravity-co-inc-grvy

VC Investing and venting

Before going to good news I need vent a bit… as some of you might know / remember I posted about a year go that I invested into ElevenLabs and I was very excited … well I got notified not too long ago that ‘investment” was canceled and they returned the money but I actually wanted to invest and signed everything but company just decided they can (A YEAR LATER) not fulfill on their promise, I’m not really sure how it works and the investment was only in THAT huge amount but still, I think its really NOT COOL to hold on to the funds for a year and then be like “nope here is your money back you cant invest” VC investing is interesting game I have to say and I’m learning something new every time.

Also learning that trying to do investment directly rather then via some platform also makes a difference VC is about connections and people so when doing it via platforms sometimes that gets lost…

Anyways , that kind of played out in different way (good) because I increased my stake in Ivee which you can learn about click here.

But that’s not even the good news, the good news is that Our Bond went public!

I invested into BOND or now $OBAI via Wefunder and its my first official VC investment that went public (via direct listing) so not an IPO but still (little wins). With BOND going public I also learned a few more things about VC investing again you live and you learn …

I will share a bit more about it later on in the post but here just wanted to celebrate a little win in public.

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With that out of the way…

What’s inside…

1. Company (elevator pitch)

2. (Past) From Issuer Direct to ACCESS Newswire

3. (Present) About ACCS

4. Management

5. Competitors

6. Financials & Metrics

7. Thesis

8. Conclusion

9. Holdings Disclosure

10. Personal Touch

Disclaimer is at the end.

1. Company (elevator pitch)

ACCESS Newswire (ACCS) is a founder-led communications platform that’s transitioning from transactional press releases to a subscription-first PR and IR SaaS model. About half of revenue is already recurring, gross margins run around 75%, and the core business is EBITDA-positive. The market still prices it like a legacy newswire, but if ARR conversion continues, this is a small-cap platform re-rating story with operating leverage just starting to show.

2. (Past) From Issuer Direct to ACCESS Newswire

Issuer Direct’s roots date back to 1988, when it was founded as part of the early wave of corporate communications and regulatory technology providers focused on helping public companies manage disclosure obligations and investor communications. Over its first decade, Issuer Direct established itself as a niche provider of compliance and communications solutions serving thousands of clients ranging from startups to large global brands.

Throughout the 2010s, the company expanded both organically and through strategic acquisitions, steadily broadening its product footprint. Early acquisitions included precision investor relations tools and transfer agent capabilities, which added depth to its compliance and corporate communications offerings. In 2014, Issuer Direct acquired ACCESSWIRE, bringing in a press release distribution business that complimented its core regulatory services. In 2017, it acquired Interwest Transfer Company, further strengthening its service portfolio. By 2019, the company had moved its operations to Raleigh, North Carolina, centralizing its growth efforts.

A particularly pivotal event in Issuer Direct’s evolution occurred in November 2022, when the company acquired Newswire.com, a leading press release distribution and media analytics platform. This acquisition almost doubled its press release customer base and significantly increased its communications revenues, reshaping Issuer Direct from a primarily compliance-oriented business into a more communications-focused technology company.

Over time, Issuer Direct built a blended business encompassing regulatory compliance, investor relations, press release distribution, media monitoring, and communications analytics. While successful, this hybrid model also led to a complex portfolio with varying capital intensity and growth profiles

3. (Present) About ACCS

ACCESS Newswire, Inc. (ACCESS) is undergoing a fundamental transformation. In early 2025, the company formally rebranded as ACCESS Newswire and divested its legacy compliance business in February of that year. This transaction removed a capital-intensive, lower-multiple segment and materially simplified the operating structure. Proceeds from the sale were used to reduce debt by approximately 80%, significantly improving balance sheet flexibility.

Today, ACCESS Newswire provides an integrated suite of communications, distribution, and analytics tools designed to help organizations create, distribute, monitor, and measure corporate messaging across traditional media, digital outlets, and investor-facing channels.

The platform is organized across three primary product groupings:

• ACCESS PR - a subscription that includes press release distribution, media monitoring, pitching and database.

• ACCESS IR - a subscription that includes investor relations website, quarterly earnings calls, and press release distribution to cover the announcement of your earnings date and actual
  earnings releases

• ALL ACCESS – encompasses the best of both ACCESS PR and ACCESS IR into a customized platform for each custome

This convergence strategy is central to management’s long-term vision of positioning ACCESS as a single system of record for corporate storytelling and stakeholder communication.

Historically, the corporate communications industry has been dominated by transactional pricing models, particularly pay-per-press-release economics. ACCESS is actively shifting away from this model toward recurring subscriptions.

As of 2025, approximately half of company revenue is subscription-based, and management has stated a target of roughly 75% subscription revenue by the end of 2026. Subscription customers generate meaningfully higher lifetime value, more predictable revenue streams, and improved margin stability compared to transactional users.

From a customer perspective, ACCESS reported approximately 12,400 total customers as of Q3 2025, of which roughly 970 were subscription customers. Average ARR per subscriber stood at approximately $11,650, representing roughly 14% year-over-year growth. Even modest conversion of the remaining non-subscriber base represents a meaningful ARR expansion opportunity.

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ACCESS is increasingly positioning itself as a technology-enabled communications platform rather than a simple distribution utility. AI-driven editorial automation has already produced measurable internal efficiency gains of approximately 10% through real-time content validation and workflow optimization. Customer-facing AI tools are in the process of being rolled out to reduce friction in reporting, analytics, and post-distribution measurement.

The platform also incorporates social media monitoring across more than 30 platforms, providing real-time sentiment analysis, engagement metrics, and reach analytics. These tools are integrated with leading social management platforms, enabling a more comprehensive view of communications performance.

The company’s #KillTheReport initiative reflects this broader shift. By replacing static post-distribution reports with real-time, prompt-based analytics, ACCESS addresses a longstanding pain point for PR professionals and further differentiates its platform from legacy competitors.

4. Management

ACCESS Newswire is led by Brian Balbirnie, the company’s Founder and Chief Executive Officer. Balbirnie co-founded Issuer Direct (now ACCESS Newswire) and has served as CEO continuously since inception. His background is primarily rooted in corporate communications, disclosure, and investor relations services, and he has been directly involved in shaping the company’s product offerings and strategic direction throughout its history.

Under Balbirnie’s leadership, Issuer Direct expanded through a combination of organic development and acquisitions, building capabilities across compliance services, investor relations infrastructure, and press release distribution. Over time, this included the acquisition and development of the ACCESSWIRE platform and, later, the acquisition of Newswire.com, which materially expanded the company’s communications footprint and customer base. Balbirnie has overseen the integration of these platforms and the consolidation of multiple brands into a unified operating structure.

The broader management team consists of executives with long tenures inside the organization, particularly across product, technology, and operations. Many senior leaders joined the company through acquisitions and have remained through subsequent integrations, contributing to institutional knowledge and continuity. Collectively, management’s experience is concentrated in communications technology, PR workflows, investor relations services, and regulatory-facing customer environments.

Other notable shareholders:

• Topline Capital Management, LLC - 18.3% or 709,264 shares.

• Graeme Rein (Board Member and CIO of Yorkmont Capital Management, LLC) - GR owns 1.61% and Yorkmont owns 5.24% and in total 6.85% or 265,091 shares.

5. Competitors

The press release and corporate communications market remains dominated by legacy incumbents that historically benefited from distribution scale, deep enterprise relationships, and high switching costs. While these incumbents continue to hold meaningful pricing power, the category is also increasingly defined by customer dissatisfaction with opaque pricing, rigid contracts, siloed product experiences, and slow platform innovation. This creates an opening for a more unified, subscription-oriented platform that competes on workflow, analytics, and customer experience rather than pure distribution reach. Enter ACCESS

• GlobeNewswire, now part of Notified, is typically strongest where global distribution breadth and enterprise credibility matter most. Its footprint and long-standing relationships can make it a default choice for larger customers with global needs or established vendor lists. However, for many mid-market and cost-sensitive organizations, GlobeNewswire is perceived as relatively expensive and more rigid in contract structure. In addition, its offering is often viewed as distribution-led rather than deeply integrated PR tooling, which can limit its appeal for teams that want a single platform that connects creation, distribution, monitoring, and measurement in one workflow.

• PR Newswire, owned by Cision, remains one of the most recognized names in the industry and benefits from strong market positioning, regulatory familiarity, and entrenched corporate procurement relationships. That said, the PR Newswire model is frequently criticized by customers for opaque pricing, transaction-heavy economics, and the feeling of paying “tolls” rather than subscribing to a value-expanding platform. Where ACCESS aims to align incentives through subscriptions and bundled functionality, PR Newswire’s legacy structure can feel misaligned with modern expectations around predictability, usability, and measurable ROI.

ACCESS Newswire’s competitive positioning is best understood not as an attempt to outspend incumbents, but as an attempt to out-execute them on customer experience and business model alignment. The company emphasizes transparent and predictable pricing, a unified PR and IR offering that reduces fragmentation, and a subscription-first approach that encourages platform adoption rather than one-off transactions. ACCESS also appears to be innovating faster in areas like AI-assisted workflows, social monitoring, and real-time analytics, which can resonate with customers who are dissatisfied with static reporting and legacy toolchains. In effect, ACCESS’s go-to-market advantage is based on being a more modern, converged platform that is easier to adopt, easier to understand economically, and more capable of increasing customer value over time

6. Financials & Metrics

All financial figures referenced below reflect continuing operations only and exclude the divested compliance business.

For the first nine months of 2025, ACCESS generated revenue of $16.8 million and maintained gross margins of approximately 75%. Operating losses narrowed materially to $1.1 million, compared to a $2.0 million operating loss during the same period in 2024. Net loss from continuing operations was approximately $1.0 million.

Importantly, Q3 2025 marked a near break-even quarter on a GAAP basis for continuing operations, reflecting the early impact of operating leverage following restructuring.

Adjusted EBITDA further highlights this trend. The company generated adjusted EBITDA of $933,000 in Q3 2025, representing a 16% margin. For the first nine months of the year, adjusted EBITDA totaled $2.3 million, or approximately a 14% margin. These results underscore the profitability potential of the core business as revenue mix continues to shift toward subscriptions.

As of September 30, 2025, ACCESS reported cash and equivalents of $3.26 million and net accounts receivable of $4.14 million. Deferred revenue stood at $5.02 million, up from $4.74 million at year-end 2024, signaling continued momentum in subscription bookings.

The balance sheet has been materially strengthened following the compliance divestiture. Long-term debt declined from $15.9 million at year-end 2024 to approximately $2.8 million post-sale. This reduction significantly lowers financial risk and allows management to focus capital allocation on product development and growth initiatives rather than debt service.

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7. Thesis

ACCESS Newswire should be evaluated as a high-margin communications SaaS platform in transition rather than a declining legacy newswire business. The company represents a subscription conversion story supported by a post-restructuring balance sheet and visible operating leverage.

If management continues to execute on ARR growth, platform adoption, and sustained profitability, ACCESS has the potential to re-rate from a legacy services valuation toward a modern platform multiple.

Why the Market Is Mispricing ACCESS

Legacy Labeling Error:

A meaningful portion of the market still appears to mentally categorize ACCS as either a legacy issuer-services business or a low-growth press release utility. That framing fails to fully reflect the strategic transformation that occurred through the compliance divestiture, the corporate rebrand, and the company’s deliberate repositioning around a converged communications platform. As a result, the market may be anchoring on an outdated business mix and an outdated narrative, rather than underwriting the go-forward model.

GAAP Noise Obscures Core Earnings Power:

Reported GAAP results can appear messy during periods of restructuring and major portfolio changes, particularly when discontinued operations, tax impacts, and transaction-related items distort comparability. In ACCS’s case, these items can obscure the underlying progress of the continuing operations business, which has already demonstrated positive adjusted EBITDA at mid-teens margins. As long as the market continues to focus on noisy GAAP headlines rather than normalized operating performance, the company’s improving earnings power may remain underappreciated. Then again you can’t “eat” EBITDA…

ARR Is Underappreciated (and Not Fully Surfaced in Filings):

Despite the fact that subscription mix has reached roughly half of revenue and management has communicated a clear target to push that mix materially higher, subscription ARR is not always cleanly “headline visible” in the way many SaaS investors expect. In the absence of a highly standardized ARR disclosure format, investors may underestimate the extent of recurring revenue durability and the degree to which future cash flows are becoming more predictable. In this context, deferred revenue trends may be a more useful signal than the market is currently crediting, particularly because deferred revenue functions as a forward indicator of contracted subscription activity that has not yet been recognized on the income statement.

Small-Cap Illiquidity and Limited Coverage Create Structural Discount:

ACCS’s position as a small-cap name on NYSE American naturally limits its investor audience. With modest liquidity and limited sell-side coverage, the stock is less likely to attract generalist SaaS investors, large funds with liquidity constraints, or passive inflows tied to major indices. This dynamic can create a persistent valuation discount that only closes when operational progress becomes impossible to ignore, or when a broader investor base begins to understand the business as a platform rather than a legacy service provider.

Operating Leverage Is Inflecting Faster Than Perception:

The company’s financial profile includes structural elements that are typically associated with platform businesses, including gross margins around 75%, improving efficiency post-restructuring, and the potential for strong incremental margins as subscription revenue expands. If headcount remains relatively flat and subscription mix rises, incremental revenue should translate into disproportionately higher EBITDA. The market may be slow to price this dynamic until revenue growth becomes more visibly ARR-driven and profitability becomes more consistently reflected in reported results.

With that said near-term revenue growth remains modest, and the company faces ongoing competitive pressure from larger incumbents with substantial resources. Execution risk exists around subscription conversion, and customer budgets may prove sensitive during macroeconomic downturns. That said, the company’s significantly reduced leverage, strong gross margins, and improving profitability profile materially mitigate existential risk.

8. Conclusion

ACCESS Newswire should be analyzed as a platform transition and re-rating candidate rather than a static press release business. The company has simplified its model, cleaned up its balance sheet, demonstrated subscription traction, and achieved early operating leverage. The remaining question is top-line acceleration, not structural viability. If subscription mix and ARR growth continue to progress toward management’s stated targets, the gap between market perception and underlying economic reality is likely to narrow meaningfully, and if not buy backs should take care of that over time.

That said, I’ve too often jumped in prematurely and paid for it mentally while companies worked through long transformation periods. Even when operational progress became visible, Mr Market frequently withheld recognition for extended stretches. While that delay can ultimately create opportunity, it has taught me the value of patience. This time, I plan to wait for clearer visibility before committing capital.

This one is on my watchlist.

9. Holdings Disclosure

At the time of this publication, I do not own shares of in my main porftolio.

Disclaimer

The information in this article is provided for informational and educational purposes only.

The information is not intended to be and does not constitute financial advice or any other advice, is general in nature, and is not specific to you. Before using this article’s information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.

None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any security, company, or fund. The author is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

I have decided to also start to include my checklist to provide even more look into the way I do research, but also (mostly) to keep myself from being lazy and not “skip” on steps when researching companies. This available to paid subscribers only. Checklist below:

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