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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 $169M
Cestrian Capital Research 1 click

From X

@leevalueroach

Lee Roach on X

Clearwater Paper $CLW is a sitting duck for an aggressive activist. Stock is down 30% today. Management has zero at risk capital and all of the shares they own were given to them. No insider buys and only sells. Then this Stanford goofy comes in and buys their Augusta Mill for a ridiculously stupid valuation. He spent shareholders capital at the peak of the cycle for this capex pig at $1,184/ton. This mill has been a problem since day one and now is driving the stock down 30% today because they have to spend even more money on downtime for this POS. And then Mr. Arsen puts this POS in his header on LinkedIn. Only way they can realize value for this is by selling entire company or literally Arsen changing his name to Arson and torching this thing to the ground. The only thing Arsen is doing is torching shareholder capital here. There is no one stopping an activist here imo. Management owns 2% of the shares all from awards. No open market buys from insiders, only sells. Shareholders are visibly unhappy with say on pay support falling four years in a row and 2026 equity pay passed with only 54.5%. There is also no poison pill, all eight seats are up at the 2027 meeting and there is a fat change in control so management will get paid if you can get this dog shit sold. Also bank debt can be prepaid at par and that won't block a buyer. Suzano was exploring a bid in 2024 and Koch/Georgia-Pacific are logical buyers. Idea is to buy all the dog shit $CLW owns and shut it down and it fixes the oversupply in the market. Activist playbook is to buy a big block, flip the board, run a sales process and focus on capital discipline. I think you could sell this for $560/ton which is around $31/share, more than 2x current valuation. Management has blown their entire load on this dumb Augusta facility at the peak and it continues to cost shareholders who have at risk capital money. Management are employees who get paid no matter what happens. Activists should apply here. Fat pitch imo.
@StableBread 1 click

Fajasy on X

A solar manufacturer that grew revenue 141.5% in 2025 now trades at 2.0x TTM earnings, after falling 77.5% from its June peak. U.S. customs (CBP) has been detaining its Ethiopian cells since May, and Commerce is deciding whether they should pay the duties on Chinese cells, with a first ruling due around December 14. That company is TOYO Co., Ltd $TOYO, now at $3.83/share. $TOYO’s closest comps are four other listed solar manufacturers selling into the U.S., and all four are down from their 2026 highs too, as of the October 26 close: → First Solar $FSLR: Down 47.2% to $168.15/share. → Canadian Solar $CSIQ: Down 65.2% to $8.85/share. → JinkoSolar $JKS: Down 72.7% to $8.17/share. → T1 Energy $TE: Down 82.4% to $2.12/share. Only $TE has fallen further from its 2026 high. Besides CBP’s detentions and the Ethiopia inquiry, four more overhangs landed after the June peak: 1) Discounted stock sale: $TOYO sold $50M of stock and warrants at $11.00 on June 24, a 14.9% discount to the prior close, and the stock fell 38.8% that day to $7.91. 2) New tariff: An August 6 proclamation set a 15% U.S. tariff on imported solar cells and panels, including $TOYO’s cells from Ethiopia, starting December 4. 3) Guidance dropped: $TOYO didn’t reaffirm its 2026 targets with its H1 results on August 19, when the stock fell 24.2%, and on September 28 only said it expects positive EBITDA for H2 2026. 4) Parent delisted: The Tokyo Stock Exchange delisted Abalance, the Japanese group that controls $TOYO, on September 26. Still, $TOYO is profitable and has net cash: → Earnings: $156.4M of TTM EBITDA and $80.5M of TTM net income. → Cash flow: $61.4M from operations in H1 2026, less $27.8M of capex, for $33.7M of FCF. → Balance sheet: Went from a going-concern warning to positive working capital in six months, with $26.4M of net cash as of June 30. → Texas: Doubled its Texas module capacity to 2 GW and signed ~$240M of binding module contracts since mid-June. → Tax credits: Management expects $140M/year of U.S. manufacturing tax credits at full Texas output, 85.6% of $TOYO’s market cap, and leaves those credits out of its forecasts. $TOYO’s EV of $137.2M is just 0.9x its TTM EBITDA. So is $TOYO a profitable non-Chinese cell maker on sale, or is the market right that Ethiopia’s U.S. sales won’t last?

Investor Letters

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Namib Minerals: Research Flash

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Atrium Research - Equity Research 2 clicks

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SAMG · long

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Value Investors Club

Unicycive (UNCY):

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Triple S Special Situations Investing 4 clicks

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BMBL 2026-10-21

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Modern Value Investing 8 clicks

GLOO, part two

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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.

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Calvin Blissett 11 clicks

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