Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, October 28, 2026

Back to today

From X

@StableBread

Fajasy on X

U.S. Customs and Border Protection (CBP) detained just $13,770 of TOYO Co., Ltd’s $TOYO solar cells in May, yet by $TOYO’s own account, the review affected its Q3 and Q4 2026 earnings. CBP enforces the Uyghur Forced Labor Prevention Act (UFLPA), which presumes that any product made even partly in China’s Xinjiang region involves forced labor, so the agency can hold solar shipments until the importer documents where its polysilicon came from. The cells were worth little, but U.S. customers pulled back. $TOYO’s largest customer (35% of H1 2026 revenue) placed no orders in June, Ethiopian production lines sat idle that month, and moving their costs into G&A drove most of a ~$3.4M rise in other G&A costs in Q2. Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call on August 19 that the total amount detained was “not all that significant,” and he was optimistic the detentions would be released in Q3, which ended September 30. By October 6, 2026, when $TOYO held its Analyst Day, CBP had detained four of $TOYO’s cell shipments, though $TOYO didn’t say how many cells or dollars they carried. Resch called the detentions “almost a normal part of the process,” and on the Q2 call, he had said CBP moves a company to an expedited path “after about four reviews or so.” He also introduced Ana Hinojosa as part of the $TOYO team, noting she was CBP’s former Executive Director of Trade Remedy Law Enforcement. She told analysts the company was “very optimistic that the resolution of the detentions is a day to a week away.” I found no announcement of a release in $TOYO’s press releases or filings through October 26. VSUN, the Vietnamese panel maker $TOYO was carved out of, has had the same problem. Abalance, the Japanese group that controls both companies, disclosed that CBP refused entry to part of VSUN’s panels from Vietnam in January 2026, costing it ¥2,082M (~$13.3M at today’s exchange rate), and that solar products from two major overseas subsidiaries, which it didn’t name, were detained under the UFLPA. I’m not comfortable with the detentions yet, since CBP doesn’t appear to have a deadline to decide, and June already proved that customers stop placing orders while $TOYO’s cells are under review.
@StableBread

Fajasy on X

I compared the 8-K on Quantum’s $QMCO CFO firing to the one on its chief accounting officer’s exit in August. $QMCO terminated William White as CFO on October 9, 2026, effective immediately, eight months after appointing him on February 2, 2026. When I first wrote up $QMCO on May 6, White was its newly appointed CFO, after the seat had been empty since August 2025. The 8-K gives no reason, and I found no press release about the firing on $QMCO’s investor relations site. Instead, the 8-K says $QMCO expects to file its September-quarter 10-Q on time. The filing also says $QMCO expects to meet or exceed its guidance for the quarter, even though it was still “early in its financial closing process.” Chief accounting officer Hiral Patel took over as principal financial officer, so she now signs off on $QMCO’s financial statements with the CEO. Patel only joined $QMCO on September 1, after the company decided on August 11 to replace Laura Nash as chief accounting officer. The 8-K on Nash says there are “no disagreements” between her and the company, but the one on White doesn’t say either way. So within two months, $QMCO replaced both of its top finance officers. $QMCO’s June-quarter 10-Q still reports material weaknesses (the most serious kind of gap in a company’s financial reporting controls) in revenue recognition, inventory, and income taxes. It also says $QMCO “lacked sufficiently qualified staff or resources to perform control activities.” None of the weaknesses has led to a material misstatement, but $QMCO has restated its financial statements before, in May 2024 and again in August 2025. In my May 6 write-up, I listed restatements as a risk that could break the story, and wrote that a third “would be a serious credibility hit.” $QMCO expected to fix one of its three revenue weaknesses, the schedules that set when service revenue is recognized, by the end of the September quarter. Its June-quarter 10-Q was also officially filed on August 11, a day after its 40-day deadline, and its FY2026 10-K needed a notice of late filing in June. So with open material weaknesses, a history of restatements, and a 10-Q filed a day late in August, I’d rather see the September-quarter 10-Q, due November 9, before taking $QMCO at its word.

Investor Letters

All letters

Namib Minerals: Research Flash

Namib Minerals’ How Mine mill reached 55,000 tonnes per month, 36% above prior capacity, while a proposed $30 million Ecobank facility…

NAMM $43M
Atrium Research - Equity Research 2 clicks

Bimergen Energy: Research Flash

Bimergen Energy filed for a Texas retail-power license to supply data centers directly and gained eligibility for federal contracts through…

BESS $15M
Atrium Research - Equity Research 3 clicks

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 clicks

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 $22M
Atrium Research - Equity Research 4 clicks
BMBL 2026-10-21

Bumble is being taken private

Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.

BMBL $788M
Modern Value Investing 8 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 $274M
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 $75M
Calvin Blissett 11 clicks
OPRX · long

Optimizerx CORP

OptimizeRx, OPRX, trades 30% below its February 2025 writeup despite becoming a stronger company.

OPRX $178M
Value Investors Club 2 clicks

FrontView REIT (NYSE: FVR)

FrontView REIT’s 35% selloff after tenant credit problems and a lock-up expiry leaves its net-lease portfolio at a 9.5% cap rate and 10.5x…

FVR $446M
Real Assets, Real Value

CYD and H22 Results First Take:

CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.

CYD $842M
Maius Partners 2 clicks

Portfolio Updates

CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…

CYD $842M
Maius Partners 4 clicks

Fading a Myopic Sell-Off

Organigram’s shares fell 25% after Q1, despite Motif Labs making OGI Canada’s largest cannabis producer and a top-three player across major…

OGI $135M
Raging Bull Investments 1 click

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 269

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.