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Wednesday, November 4, 2026

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Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties remaining and shared-services costs running through…

SITC $192M
Real Assets, Real Value 4 clicks

From X

@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.
@aleabitoreddit

Serenity on X

Just to show a point... AI names have crashed so much to the point $POET as a business is now considered close to worthless. It's now $829.7M MC vs. ~$788M net cash. And below its $847.5M book value. Considering institutions were funding it $400m at $21, with $26.25 exercisable warrants few months ago and it's back to ~$4.8. Poet would need to rally +337.5% just to return back to the original financing price. "FOGO" (Fear of Getting Obliterated) have hit extreme levels if "growth" companies are priced near liquidation values.

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Verra veerer

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

VRRM $333M
The Oak Bloke 3 clicks

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $371M
TSOH Investment Research 1 click

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…

OSS $117M
Cestrian Capital Research 1 click
ONT · long

Onterris INC

Onterris, formerly Montrose Environmental Group, trades at 8.6x next-12-month EBITDA as an environmental consulting and response services…

ONT $739M
Value Investors Club 1 click

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $99M
Triple S Special Situations Investing 4 clicks
BMBL 2026-10-21

Bumble is being taken private

Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.

BMBL $790M
Modern Value Investing 8 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $268M
Guardian Research 4 clicks

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