April 2026 Portfolio Update
Quote, Portfolio, Complimentary Monthly Commentary, Berkshire Hathaway AGM, Onfolio Earnings, Business Driven Investing , VC Investing, and more ...
Quote for this month:
“Integrity is of paramount importance in good leadership.” - Greg Abel
*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 - BKTI 0.00%↑ - 04 | BOC 0.00%↑ - 09
2025 - IAC 0.00%↑ - 01* | GRVY 0.00%↑ - 08 | $CR?? - 08 | $CR?? - 10 | ONFO 0.00%↑ - 10 | $EVVTY - 11 | $F? - 12
2026 - MITK 0.00%↑ - 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 BTM 0.00%↑ - read more here
Click on the picture above to learn more…
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