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Friday, November 6, 2026

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Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $832M
Nat Stewart - Stock Picking Newsletter 17 clicks

From X

@DOMOCAPITAL

DOMO Capital Management, LLC on X

Icahn owns ~33% himself if you count the Nomura swaps. The new Ares credit agreement limits buyers to 35% of shares outstanding, so $MNRO can let the poison pill expire and Icahn can immediately move the Nomura swaps to himself OR he could keep them as swaps and add another 16%+ of shares instead.... I digressed there a bit, but the initial point was going to be that they already technically own essentially 50%. DOMO Capital owns 1-2% of the outstanding shares as well...
@aleabitoreddit

Serenity on X

Agility Robotics merger is now approved! $AGLT is expected to begin trading November 5th, following the November 4 closing... As the first US pure-play humanoid company! The company is backed by $NVDA, $AMZN, Foxconn, Softbank, and others... to automate human work in warehouses and manufacturing. ~61.48% of the 41.4M public shares were redeemed (~25.45M shares), leaving ~15.95M public shares tradeable. Given heavily reduced share count, as a warning, the stock may experience significant volatility. Disclosure: Not a recommendation, purchased $CCXI shares today after seeing the news and currently hold a position.
@StableBread

Fajasy on X

The bitcoin miner turned AI data center developer, $DGXX, is at $2.13/share, down 46.3% since my August 16 update. Since then, it got a $200M debt commitment, syndicated by $GS, to finish its Alabama AI data center, and said Phase 1 (December) and Phase 2 (March 2027) remain on target. That’s good news if the loan closes (expected within 90 days), since I said in August it would decide whether $DGXX can fund the rest of the build with debt or has to keep selling stock. CEO Michel Amar told Frank Curzio of Curzio Research in a November 2 interview that debt financing “seems to be a little bit scarce these days” and has slowed $DGXX down. Regardless, he said all the equipment for both phases is already bought, with the chillers installed. With ~$135M of cash as of October 13 and no debt at June 30, $DGXX’s EV is ~$81M. Amar also said he wants $DGXX at $500M+ of yearly revenue within 36 months, with its leased data center business earning ~60% EBITDA margins and ~25% cash flow margins after debt service. As of August, only ~$140M of the $250-300M of ARR it targets by Q3 2027 was contracted. $DGXX has used $174.5M of its $175M ATM program, and its share count has been flat at 101.4M since August 14. So if the loan falls through, selling more stock would take a new filing. The October 13 release also says $DGXX sold no ATM shares in Q3, though its Q2 10-Q shows it sold 2.85M after June 30 at an average of $3.95, well below the stock’s $5.45 close on June 30. So I’d track dilution through the share count in the Q3 10-Q, not management’s comments. Its November 2 proxy also asks shareholders to expand its stock award pools to 20.3M shares from 16.3M (20% of shares outstanding), with 11.9M free for new grants, after Amar and his son, President Alec Amar, were awarded a combined $19.5M in 2025 (~9% of today’s market cap), mostly in stock and options. That’s more dilution than I’d like after the share count rose 46% this year, to 101.4M from 69.4M at the end of 2025, and the proxy would also let the board raise the RSU pool 10%/year from 2028 without another shareholder vote. Both Amars have bought $166K of stock in the open market since August, most recently 20,000 shares at $2.76 by Michel Amar on October 14, but that’s small next to the $19.5M they were awarded in 2025. Q3 results come out November 13.

Investor Letters

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GREAT DEC-TECTIVE WORK

Diversified Energy reported $255.6 million of “true” nine-month free cash flow, while its $1.8 billion Birch acquisition would shift…

DEC $900M
The Oak Bloke 2 clicks

Research Note

Nine Mile Metals is the subject of a research note.

VMSXF $14M
Atrium Research - Equity Research 4 clicks

Site Centers (NYSE:SITC)

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

SITC $192M
Real Assets, Real Value 4 clicks

Namib Minerals: Research Flash

Namib Minerals accelerates Redwing’s restart, targeting first gold this month and a ramp from 338 ounces monthly to 835 ounces by Q2 2027.

NAMM $46M
Atrium Research - Equity Research 6 clicks
SILC · long

Silicom LTD

Silicom (SILC) is pitched as inexpensive on its existing hardware business, with upside framed as a cheap call option.

SILC $183M
Value Investors Club 4 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

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $14M
Atrium Research - Equity Research 2 clicks

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

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