EVC Update
EVC reported a solid second quarter and outlook.
Tuesday, September 1, 2026
Back to today 
From X
Laughing Water Capital on X
below relates to how the extreme upside case for $NN spectrum could develop. Satellite direct to phone requires low band spectrum to be effective. $AAPL may want to control its own satellite destiny. There simply is not much low band to go around. https://t.co/Z2JM9yR7tk https://t.co/5NRaPZlWMI
Connor Haley on X
Good quarter from $NATL and thesis on track. -The ATMaaS business continues to outperform... 37% y/y growth in Q3... and it's on track to be 40%+ in Q4, well ahead of our expectations -SSB delivered >50% incremental EBITDA margins in Q3, fueling 21% EBITDA growth for the segment
Laughing Water Capital on X
@MGardnerDA1235 @yummyCenturyEgg @dylan55917 $NN has wanted to collaborate with the opposition for ~18 months. They repeatedly talk about how they want "engineer to engineer conversations", but the opposition will not engage. 1 explanation is b/c the opposition knows what the tests will say, but yes real tests are possible
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 4/x) for tolls, why slightly moving part of 2 of the 3 technologies by a few mhz crazy? $NN has said this would cost "tens of millions." no big deal. Not to mention that half of toll reading is already done by camera an AI. Why use limited spectrum when better tech is available? https://t.co/75Yxn4PCu4
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 3/x) beyond the pros view, consider for RFID in Europe they get 6 mhz. Japan 6. China 5. Why does US need 28? why aren't the 11 mhz between $NN's proposed 5 up and 10 down enough? not to mention that NN has already demonstrated they don't interfere with part 15
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 1/x ) $NN it is not me that says the spectrum is considered clean. it is industry pros with decades of experience across engineering and valuation that consider it clean. I am happy to change my mind if you feel your use of ChatGPT should be weighted more heavily than pros.
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 thank you for the work you did on $NN. I can see why you reached the conclusion you did when only looking at the trees you wanted to see. However, industry pros will tell you that the forest is very different, and that this spectrum is likely to be quite valuable. We will see.
Investor Letters
All letters- Palm Harbour Capital July 2026 082920 $910MVVVNF $1.7B
- Protean Funds July 2026 EVGGF $16BSTOR-B $1.7B
- Royce Investment Partners year-to-date period ended 6/30/26 AAP $2.6BAGO $3.1B
- Protean Funds June 2026 IDDWF $9.3BSKSBF $12B
- Alluvial Capital Management Second Quarter 2026 ZEG $5.2BDGXX $430M
- Hayden Capital Q2 2026 MELI $92BSE $63B
- Polaris Capital Management Second Quarter 2026 ENI $81BIX $42B
- First Eagle Investments second quarter 2026 032830 $42BIMO $60B
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