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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

From X

@Adam_Wyden 1 click

Adam D. Wyden on X

$DRVN Full year numbers DIDNT CHANGE in our view. They mentioned restatement costs of at least $50mm and the midpoint of restatement before was 40... My guess is incremental restatement cost is 10-20.. So if the restatement is high might have even been a beat... Take 5 comp was 4.9 pct and holding two year stack in 4q would imply 8.5 pct... this seems like a kitchen sink to me. Franchise brands and auto glass both look good too.
@StableBread

Fajasy on X

Management at TOYO Co., Ltd $TOYO won’t put a number on H2 2026 beyond “positive EBITDA,” after EBITDA fell to $34.0M in Q2 from $48.1M in Q1. $TOYO’s H1 2026 results show both its earnings power and the June break: → Revenue: $261.0M, up 87.6% y/y, but Q2’s $118.2M was down 17.2% from Q1, as cell sales fell 46.4% q/q. → Gross margin: 32.5%, up from 16.6%. Q2’s 31.3% compared with 20.9% a year earlier, and the 6-K credits the increase to “increase in provision of OEM services.” → Net income: $45.8M, or $1.20/diluted share, up from $2.5M, with Q2 at $17.4M. → EBITDA: $82.1M, with $48.1M in Q1 and $34.0M in Q2. → Cash flow: $61.4M from operations, less $27.8M of capex, for $33.7M of FCF. → Volumes: 2.61 GW of cells (1.45 GW in Q1, 1.16 GW in Q2) and 191.5 MW of modules. OEM fees (for cells made under one customer’s name) rose to $25.0M in Q2 from $12.2M in Q1, while cell sales fell to $61.4M from $114.6M, and since $TOYO books those fees net, the shift lifted the margin. Inventory rose to $132.1M as of June 30 from $80.0M as of December 31, which the 6-K attributes to lower June revenue during the U.S. customs (CBP) review. $TOYO wrote down $6.5M of inventory in H1, and it ties recoverability to CBP’s final decision. $TOYO beat its 2025 revenue target but missed its net income bars for 2024 and 2025, and its 2026 targets are on hold: → 2024: Its audited net profit, excluding a $35.1M accounting gain on its earnout shares, was $5.4M against the $41M its SPAC deal required, so 11,287,703 of the 13M earnout shares were canceled in May 2025. → 2025: Raised its targets in September 2025, from 3.5 GW of cells and $33M of net income, to $375-400M of revenue, 4.2-4.4 GW of cells, and $39-45M of net income. Revenue came in at $427.4M and cells at 4.5 GW, both above the targets, but GAAP net income of $37.2M missed, while adjusted net income came to $52.2M after adding back $13.7M of stock comp and a $1.3M earnout charge. → 2026: Guided on March 31 to 5.5-5.8 GW of cells, 1.0-1.3 GW of modules, and $90-100M of adjusted net income, which CEO Takahiko Onozuka said would “nearly double net income again.” $TOYO reaffirmed it on May 18, didn’t on August 19, and gave no figures on September 28 beyond positive H2 EBITDA. H1 delivered $46.0M of adjusted net income, 51.1% of the low end of the target, plus 47.5% of the cell target and 19.2% of the module target. So $TOYO’s trailing earnings are backed by cash, but most of them came from H2 2025 and Q1 2026, before the detentions. That’s why you should expect H2 2026 EBITDA to come in below H1’s $82.1M.

Investor Letters

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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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