Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Friday, October 23, 2026

Back to today

Research & Analysis: ERock, Inc. (NYSE: EROC)

ERock’s modular microgrids bridge data-center power gaps years before grid interconnects, with Meta and Anthropic projects filling capacity through early 2028.

EROC $453M
Monte Independent Investment Research 9 clicks

From X

@BrokenMoats 1 click

Broken Moats on X

$BSP lockup comes right at the end of the year....might want to file that date away, and go read the S1. Difficult to find a more flawed business model and aggregios valuation then this. It is Upland reincarnated and perhaps Valeant if they start getting dodgy on their receivables as financing starts drying up. BSP business is simply a game of removing almost all costs of broken, zombie software companies (bring r&d to near zero, remove a bulk of the employees, jack the price to any residual customers, report improved metrics, do not report the metrics you do not want to show (stopped reporting NRR, other metrics post IPO). An Italian based rollup of a collection of 2012 point solutions (Vimeo, Brightcove, Eventbrite, AOL (yes that AOL), and a bunch of others that were failed investments on their own right and in decline. Very little in shared synergies. The cadence of deals and size of deals has been dramatically increasing since 2003 (as you would expect). sub 300m in 2023, 800m in 2024, 2B in 2025, and already at 4B for 2026. This law of large numbers will continue to have to scale to continue to be able to show the financial wizardly of improved adjusted profits. Because as the cohorts exhaust the initial boost from price increases and cost cuts the businesses start more aggressively shedding their customer base (increasing the melt of the ice cube), so before these metrics infect their financials they need new deals to over run the melt (not a coincidence deal flow is faster and bigger). And thats the game, the equity price (and future dilution a certainty) (as they are around 6-7B net debt once they close their recent acquisition, this is post the ipo raise too). Once/if the story, law of numbers cannot run anymore to the right with financing, the gig will be up. Plenty of prior versions of this exact model as predecessors just go look at Upland software $UPLD. Won't end well but weird float dynamics with the A shares, IPO, lockup (12/28) and the aggressiveness of software/semi currently that is squeezing lots of more obvious AI disrupted software vendors, so its obvious where their ends up ultimately but might be treacherous on its path there, certainly tough until the float increases to short. Should be fun to watch, and an opportunity once liquidity opens up

Investor Letters

All letters

Moon River Moly: Research Note

Moon River Moly’s updated Davidson PEA lifts after-tax NPV to $1.24 billion as flotation raises tungsten output 350% and cuts molybdenum…

MRIVF $16M
Atrium Research - Equity Research 4 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $291M
Guardian Research 4 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $74M
Calvin Blissett 11 clicks

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $492M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $292M
TSOH Investment Research 18 clicks
PYPD · long

Polypid LTD

PolyPid, an $80 million Israeli biotech, fell nearly 30% despite solving a clinical problem.

PYPD $103M
Value Investors Club

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 5 clicks

TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

BMBL $783M
TSOH Investment Research 12 clicks

Publications we follow

Every publication on this site, hand-picked.

128 publications

Newsletters 108

YouTube 4

Blogs 15

Seeking Alpha 62 of 253

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.