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Thursday, October 29, 2026

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Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

From X

@BrokenMoats 2 clicks

Broken Moats on X

$DNA another perfectly rational move, happens daily across this low quality business, low quality balance sheet biotech tangential name space (ironically while actual biotech names sell off due to rates). My biggest question is why are these co. not raising $$$, all of them need money in this basket and their stock prices are up 100's% points in a very short period of time (few months). Wh not stretch the life of the company and fix the balance sheets?
@StableBread

Fajasy on X

Revenue at Nubeva Technologies $NBVAF (TSXV: $NBVA) has fallen 76% since 2023, but it still has ~4 years of cash. Since losing Kroll, its biggest customer, Nubeva’s revenue has dropped from its FY2023 high of $2.07M. Expenses fell 66% over the same period, from $4.03M to $1.36M. Nubeva booked $500,586 in FY2026, across three revenue lines: 1) Software licenses ($204,055, 41% of revenue): Attributed in the MD&A “primarily” to NuRR, its ransomware-recovery product. 2) Subscriptions ($90,819, 18%): NuRR, down from $113,356 in FY2025. The December 2025 interim MD&A blamed the decline on fewer customers renewing. 3) Support and maintenance ($205,712, 41%): The last TLS (web-traffic decryption) customer, paying under a source-code and distribution agreement Nubeva kept when it sold its TLS technology in March 2024. Just two customers made up 82% of FY2026 revenue (41% each). While the concentration risk exists, both customers have continued working with Nubeva. The TLS customer has been paying since before the March 2024 sale, and the license customer since FY2025. Nubeva ended FY2026 with $2,489,316 of cash and money-market funds and no debt beyond a $12,262 pandemic-era SBA loan. Cash fell $600,162 over the year, which means runway is ~4 years ($2,489,316 / $600,162) if nothing material changes. CEO Randy Chou didn’t expect Nubeva to burn cash in 2025. In a March 4, 2024 video posted the day the TLS sale closed, he said the sale would make Nubeva cash-flow positive for calendar 2024, with 2025 “targeted to be the same.” Instead, cash fell $457,706 in the 12 months to January 31, 2026, the closest reported period to calendar 2025 ($3,184,879 to $2,727,173). In other words, the TLS sale didn’t make Nubeva self-funding, so the ~4-year runway is how long Chou has to automate support or sell. Even if both top customers churned, cash would still cover ~2.5 years of operations. Nubeva hasn’t raised equity since a CAD$1.59M private placement in February 2022, and the last warrants expired in FY2025, so dilution has been minimal.

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CoStar: 3Q26 Business Recap

CoStar’s 3Q26 revenue growth slowed to 14% as bookings fell to $37 million, while cost cuts lifted EBIT margin to 8.8%.

CSGP $13B
Speedwell Memos 3 clicks

My Last GFL Update - Hopefully

GFL’s take-private structure hinges on BC Partners rolling 60% of its stake to preserve debt portability under the 40% permitted-holder…

GFL $20B
310 Value’s Newsletter 5 clicks

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