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BMRN Earnings Review

BioMarin’s Q3 revenue rose 32% to $1.02 billion after the Amicus acquisition, while lower 2026 guidance and $2.8 billion of net debt weighed on earnings.

BMRN $11B
Cestrian Capital Research 1 click

From X

@aleabitoreddit

Serenity on X

$AAOI has finished a $500m ATM In April.. $600m ATM in June. Then filed another $600m in August. It's out of my control if management wants to abuse this trash repeated ATM structure. Instead following $AXTI like LTA prepayments and using that to fund buildout. Or taking private placements like $NVDA + Nebius for $2B and using that to fund buildout. Or convertible notes at 40% premiums. It's really hard for the stock to break out of $100 or $150 or $200 if there's $600M of selling pressure at those levels (and maybe expectations of future ATMs). I had the same criticism with $IREN with their $6B ATM, which is why it's been rangebound for half a year. And I'll say the same thing with my own thesis names too. I see $AAOI operationally very bullish for 2027, with $471m/month transceiver revenue. 400k ELSFP units/month entering 2028. The revenue ramp is absurd and can compress to single digit forward P/E. But I find it hard to get excited over funding infinite ATMs during the buildout, when you're sacrificing opportunity cost with names currently profitable like $SNDK or Samsung. I think a lot of retail investors conflate stock performance with how a company is doing operationally. $AAOI is capitalizing on a bottleneck with high demand visibility, but stock has been going nowhere near-term with repeated ATMs. I do expect AOI to strongly outperform (especially in 2027) if they stop issuing these stupid ATMs.

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When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 4 clicks
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $20B
Stock Thoughts 5 clicks

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