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Tuesday, November 3, 2026

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TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $31B
Cestrian Capital Research 3 clicks

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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.

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Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3…

STVN $5.4B
Best Anchor Stocks 3 clicks

Mammoth Energy: Fly Like An Eagle

Mammoth Energy's aviation unit derives 85% of revenue from engine and APU leases, earning 18% yields while Surf Air's going concern warning…

TUSK $151M
Naples Investor 2 clicks
BSP · short

Bending Spoons Spa

Bending Spoons is a software and digital-assets holding company that has completed more than 50 acquisitions since 2013.

BSP $29B
Value Investors Club 1 click

FTAI Aviation Update, Part Two

FTAI Aviation’s $234 million Jereh JV deposit funds Power inventory, while customer concentration, lower cash guidance and pending U.S.

FTAI $20B
CV's Substack 4 clicks

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