Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 2, 2026

Back to today

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

@StableBread

Fajasy on X

35% of TOYO Co., Ltd’s $TOYO H1 2026 revenue came from one customer it doesn’t name, and 22% came from companies under its own controlling shareholder. $TOYO manufactures solar cells, the processed silicon wafers that turn sunlight into electricity, and assembles some of them into panels (modules). Its cells use TOPCon (tunnel oxide passivated contact), a common high-efficiency silicon cell design. $TOYO runs three factories: 1) Ethiopia (4 GW of cells): Started production in April 2025, six months after $TOYO announced the plant, added a second 2 GW line in August, and reached its 4 GW nameplate in October 2025. 2) Vietnam (2 GW of cells): Running since H2 2023, but its cells now go to non-U.S. markets like India and Taiwan, since the U.S. Commerce Department set anti-dumping and countervailing duties (taxes on imports sold below cost or subsidized) on Vietnamese cells in April 2025. 3) Texas (2 GW of modules): A leased 567,140-square-foot plant near Houston that started its first 1 GW line in October 2025 and had completed its second by early October 2026. It assembles panels from $TOYO’s Ethiopian cells. VSUN (Vietnam Sunergy JSC) is the Vietnamese panel maker $TOYO was carved out of, and both companies sit under the same majority shareholder, Abalance, a Japanese solar group. VSUN is still $TOYO’s lender, owed $51.4M including interest, and a past wafer supplier through its Chinese subsidiary. $TOYO’s $261.0M of H1 2026 revenue came from four lines: → Third-party cells (56.5%): $147.6M of cells sold to outside module makers. → Related-party sales (22.0%): $57.5M of cells and modules sold to VSUN and its affiliates. → OEM services (14.2%): $37.2M of fees for cells made under one customer’s name, which $TOYO books net, counting only its fee as revenue. → Third-party modules (7.2%): $18.7M of Texas-made panels. Upstream, 70% of the polysilicon (the refined silicon that wafers are cut from) in $TOYO’s Ethiopian cells comes from a U.S. producer and the rest from OCI’s plant in Malaysia, Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call. Resch also said its 2026 wafers come from non-China production, “including a designated facility in Indonesia.” $TOYO markets its supply chain as “non-FEOC,” free of any foreign entity of concern. U.S. buyers care, since the One Big Beautiful Bill Act (OBBBA) denies the main clean-power tax credit to projects with too much equipment from Prohibited Foreign Entities, a label aimed at Chinese suppliers.

Investor Letters

All letters

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 1 click
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

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 3 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $404M
The Oak Bloke 2 clicks

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 4 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 73 of 273

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

286 firms

Sectors

Ordered by how often our editor reaches for them.