A Busted Businesses or a Cyclical Bottom?
Two U.S. protein-snacking companies lost $6 billion in market value as impairments, inventory growth and margin pressure test whether the category has reached a cyclical bottom.
Saturday, September 5, 2026
Back to today
From X
Tim Eriksen on X
Solitron Devices $SODI 10-K filed after close. Improved Q4 as we said in our press release. Gross margin of 41% in Q4. https://t.co/lZgDHy71CQ
marginofdanger on X
Another great quarter from $WEBC with accelerating top line and gross margin expansion. Company continues to buy back and refresh buyback. https://t.co/w22AeWh2pH https://t.co/BK1bO8vt37
marginofdanger on X
Don't normally focus on sellside notes but in this instance Pablo Zuanic is on point re: $MAPS https://t.co/5ZgejaYBR7
marginofdanger on X
$TIPT filed an 8-K this morning where they said they expected the Fortegra deal to close by Friday 5/29. Pro forma TBV is ~$24/share, stock last 17.17.
Timyan Bank Alert on X
@wamackey88 Management is the only constituent to have benefited from this grift that is $BCOW
Timyan Bank Alert on X
@Stl_MAR @Catahoula_Value I think (from past close experience) that the family calling the $TRCY shots is hopelessly inept. Doesn’t mean they won’t sell it at some point but they have turned away some great alternatives.
Timyan Bank Alert on X
$BCOW Fact check: 100% true https://t.co/AqIAdOnsSa
Timyan Bank Alert on X
@Catahoula_Value It feels like $BCOW management would rather continue stealing from the shareholders. $LRBI is performing well on its own and improving so not needed. Sure does spotlight the values though. $MBBC also in $PSBQ backyard where Nick Z is really improving his bank.
Investor Letters
All letters- Protean Funds August 2026 SUSRF $254M
- Pendelhaven Asset Management B.V. July 2026 DR0 $443MGRVY $464M
- Asset Value Investors Ltd July 2026 079940 $396M
- Forager Funds Management July 2026 BVS $991M
- PenderFund Capital Management Ltd. July 2026 TSAT $702M
- Palm Harbour Capital July 2026 064850 $167M082920 $938M
- Protean Funds July 2026 DVYSR $86MTRUE-B $584M
- Royce Investment Partners first half of 2026 AIOT $352MPAR $559M
Tectonic Therapeutic: Competitor Data Strengthens The TX45 Bull Case
Tectonic Therapeutic's TX45 CpcPH-HFpEF program gains support from Merck's CADENCE data; Phase 1b hemodynamics and cash through Q1 2029 set…
Equity Eagle 2 clicks
EVC Update
EVC reported a solid second quarter and outlook.
$LMB: Limbach missed the data center boom. Is that the opportunity? | 1 Main Capital
Limbach's EBITDA fell 30% as organic revenue declined, but 1 Main Capital calls the weakness temporary and views CYMCOR as its first…
IEH Corporation: Research Note
IEH Corporation won $6.5 million of APKWS orders, lifting backlog above $45 million as defense connector demand drives capacity expansion.
GoPro sold itself at 9:20 AM to get ahead of a meme stock
GoPro rushed out its Starman Optical merger after Markiplier-driven buying sent GPRO up roughly 90% premarket, offering shareholders $1.14…
Shattuck Labs: A Receptor-Side Bet On The TL1A Boom
Shattuck Labs pivots to DR3-targeted IBD therapy SL-325, funded through a Phase 2b readout as it competes with anti-TL1A drugs.
Equity Eagle 
Emerge Commerce ($ECOM.V) FINS Review
Emerge Commerce's $44 million COVID-era acquisitions produced losses and impairments, while modestly improved Q2 liquidity leaves its…
NTG Clarity Networks ($NCI.V) FINS Review
NTG Clarity’s $18.6M of Q2 service revenue sat in contract assets, while $4.6M cash burn cut cash to $2.85M and raises liquidity concerns.
INMB 2026-08-28 INmune Bio: CORDStrom In The Lead After Signs Of UK Regulatory Alignment
INmune Bio's Ebstrocel targets recessive dystrophic epidermolysis bullosa with UK, EU and US filings planned by early 2027, while XPro adds…
Tejo Strategy Investing 
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
TOYO · short Toyo CO LTD
TOYO CO LTD is the target of a short thesis.
Hydreight Technologies: A Strong Quarter With Some Yellow Flags (Rating Downgrade)
Hydreight Technologies' Q2 revenue rose 12% sequentially to $28 million, while gross margin fell to 19.4% and cash burn stayed elevated,…
Fernanda Galvez Jalil 1 click
The Verra Sneerer (NASDAQ:VRRM)
Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
FUFU 2026-08-27 BitFuFu: A $93 Million Liability No One Can Explain
BitFuFu’s $93.4 million unexplained long-term payable equals 57% of liabilities, overshadowing sharply higher self-mining and hosting…
Dorine Cherop 
No Paywall: CDTi Advanced Materials: Two Supermajors and Twelve Months of Cash
CDTi Advanced Materials has $804,000 of cash, roughly 12 months of runway, and unproven maritime methane technology despite ExxonMobil and…
Atlas Engineered Products ($AEP.V) FINS Review
Atlas Engineered Products reported Q2 revenue up 19% to $16.2 million, but ended cashless on its credit line as inventory rose 47% and…
ARQQ 2026-08-25 Arqit Quantum: The Little Boat That Couldn't
Arqit Quantum trades at 397.6x FY26 EV/Sales while facing 5.44 million shares of dilution, cash burn and uncertain recurring revenue.
Luis Cortes Dequidt 1 click
US-Canada Tariffs: Finding Investment Opportunities
US-Canada tariffs impose 50% duties on $20 billion of Canadian goods, lifting US steel makers while pressuring Canadian exporters and…
CDTi Advances Multi-Sector Catalyst Programs as Blue-Chip Partners Near Production
CDTi has doubled revenue since 2020 to $10 million and is moving catalyst programs for data centers, methane abatement and carbon capture…
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