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OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8 million of operating cash.

OSS $129M
Cestrian Capital Research 1 click

From X

@Mr_Neutral_Man

Mr Neutral Man aka "Howard Marks of REITs” on X

I have consistently talked about buying $CUBE in the past year and highlighted their incredible NYC/NNJ portfolio It accounts for 1/4 of the company's NOI, up 5.5% in Q3 on a YOY basis. Moves the needle. Overall NOI up 2.1% YOY High barrier, no rent regs like housing, truly a great asset NOI declines mostly in Sunbelt high supply markets Story is as old as time Bought at a rough 6.7% cap about a year ago at $36 ish now $41.08 plus about $2.12 in dividends since Not too shabby for a 20% one year return for buying a high quality SS with low leverage
Mr Neutral Man aka "Howard Marks of REITs” CUBE $9.9B
@StableBread

Fajasy on X

On December 4, TOYO Co., Ltd’s $TOYO Ethiopian cells start paying a 15% U.S. tariff, unless Commerce approves its request for relief. Section 232 of the Trade Expansion Act of 1962 lets the U.S. president restrict imports that threaten national security. On August 6, 2026, a proclamation added a 15% tariff, from December 4, on the ingots, wafers, cells, and modules made from polysilicon, for Ethiopia and most other countries, plus minimum import prices of $0.22 per watt (/W) for cells and $0.38/W for modules. The proclamation also created an onshoring program, run by Commerce, that grants relief to companies building U.S. polysilicon, wafer, or cell plants, as long as construction under an approved plan begins by January 20, 2029. Section 232 helps $TOYO’s Texas panels but hurts its Ethiopian cells: 1) Texas modules: Imported panels will face the $0.38/W minimum import price from December 4, above the $0.33/W average in Q2 2026 for U.S. utility-scale modules, per the Solar Energy Industries Association (SEIA) and Wood Mackenzie. 2) Ethiopian cells: $TOYO’s cells are imports too, so from December 4, 2026, they pay the 15% tariff and must clear the $0.22/W minimum price. Rhone Resch, $TOYO’s Chief Strategy Officer, said at its October 6 Analyst Day that using Ethiopian cells means $TOYO’s Texas panels are “not a purely U.S. product,” and that $TOYO has presented Commerce a term sheet for onshoring relief tied to its planned Texas cell plant, though he said many such agreements probably won’t come until after December 4. Notably, Jeffrey Kessler, Commerce’s Under Secretary for Industry and Security, praised $TOYO at its October 6 ribbon-cutting in Texas for “committing to use exclusively US polysilicon,” and his department approves onshoring plans. Still, 30% of the polysilicon in $TOYO’s Ethiopian cells comes from Malaysia. CEO Takahiko Onozuka said on the Q2 call that $TOYO anticipates its Ethiopian cells “will be eligible for the relief under the framework now taking shape.” But he also said in the August 19 release that $TOYO expects an impact on its H2 2026 results, “though the magnitude is not yet certain.” So Section 232 should lift prices for $TOYO’s Texas panels, but it taxes the Ethiopian cells those panels are made from unless Commerce approves $TOYO’s term sheet. I won’t be comfortable with Section 232 until Commerce approves the term sheet, and Resch expects many such agreements only after the tariff starts on December 4.

Investor Letters

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The Data Center Bridge

Small- and mid-cap data center stocks trade as one despite sharply different funding bridges: 12 of 15 cover fixed costs on signed…

IREN $9.9BFRMI $1.9B
CV's Substack 16 clicks

Portfolio Update November 2025

Portfolio gained 0.6% in November and 22.9% in 2025, adding Floor & Decor and Copart while exiting West Pharmaceutical, Kraft Heinz, Novo…

FND $5.4B
D Invests

National Beverage Update

National Beverage’s rare share repurchase is framed as a buy signal, with 50% upside projected.

FIZZ $3.3B
Nat Stewart - Stock Picking Newsletter 3 clicks

FrontView REIT Investment Update

FrontView REIT remains discounted to estimated NAV after a 25% gain, while 19 asset sales at 6.8% cap rates and 98% occupancy support…

FVR $457M
Real Assets, Real Value

[$MNDY] Monday.com

Monday.com combines work management, CRM, Dev and Service on a flexible core platform, with 90% gross margins and AI disruption risk…

MNDY $3.9B
Lewistown Capital

The Priority Technology Situation

Priority Technology received an opportunistic buyout proposal, with its business better suited to remaining public absent a much higher…

PRTH $653M
Nat Stewart - Stock Picking Newsletter 5 clicks

Tis The (Earnings) Season

Argentine banks, tariff-exposed stocks and Customer’s Bancorp anchor an earnings-season watchlist after Milei’s election victory,…

CUBI $2.9B
Cluseau Research 3 clicks

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