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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 23 clicks

From X

@StableBread 4 clicks

Fajasy on X

One of the world’s 10 biggest financial institutions signed a deal in 2024 to deploy software from Nubeva Technologies $NBVAF (TSXV: $NBVA). Nubeva won’t name the bank, but its filings leave a trail. The April 2024 release on the deal said revenue from the first 12 months “is not expected to be material,” and no press release or filing has updated the deal since. Nubeva reports revenue by country, and in FY2026, U.K. revenue was $204,055, the same figure as the license line. Nubeva also discloses what share of revenue its largest customers make up. In both of the last two years, U.K. revenue matched one customer’s share almost exactly. In FY2026, U.K. revenue was 40.8% of the total ($204,055 / $500,586), and the two largest customers were 41% each. In FY2025, U.K. revenue was 36.6% ($193,986 / $530,616), and the second-largest customer was 37%. One of the two 41% customers lines up with the support and maintenance line, 41.1% of FY2026 revenue ($205,712 / $500,586), which the last customer of Nubeva’s old TLS (web-traffic decryption) product pays. That means the license revenue, the U.K. revenue, and the remaining 41% customer all appear to be the same account. The FY2025 statements show the 37% customer at 0% of FY2024 revenue, so it started paying in FY2025, the first full fiscal year after the bank deal. In a June 2024 video, CEO Randy Chou said the bank doesn’t want anyone to know it uses Nubeva. If the U.K. customer is the bank, HSBC $HSBC is the likeliest candidate. It’s based in London, and at eighth by assets, it’s the only U.K.-headquartered bank in S&P Global $SPGI’s top 10. Then there’s Netskope $NTSK. The company that bought Nubeva’s key-capture patents runs a public page titled “Netskope + HSBC” that pitches its platform to the bank. It’s a sales page, with a “Meet with your Netskope team” button and a named Netskope sales rep, and it pitches Netskope against a “Bluecoat / Zscaler hybrid approach,” which reads like HSBC’s current setup. It also shows Netskope courting HSBC, not HSBC buying from Netskope, and nothing on the page mentions Nubeva or ransomware. If the bank is HSBC, Netskope, which owns the key-capture patents Nubeva sold, is already pitching Nubeva’s biggest license customer. None of this proves the bank is HSBC. But in the latest quarter (February-April 2026), instead of growing, revenue from the U.K. customer fell ~70% (vs. a 19% rise in the same quarter a year earlier). License revenue was $18,796 ($204,055 for the year minus $185,259 through January), vs. the ~$62K/quarter it averaged in the first three quarters. The FY2026 MD&A doesn’t say whether the license customer renewed. If it didn’t, Nubeva likely lost the bank (possibly HSBC) behind 41% of its FY2026 revenue. The six-month report due by December 30, 2026 will show whether license revenue came back.
@aleabitoreddit 2 clicks

Serenity on X

$CCXI looks like it's going public Q4 2026. And my hope is that it sort of looks like $OKLO if they generate enough excitement. Watched the investor presentation the other day, just waiting for the public listing anytime soon (I personally added some the other day). Big fan of humanoids, pretty confident physical AI shift is coming next. I'm personally not looking too much about the price action while it's in its filing phase, fun usually begins after ticker change. We'll see what happens

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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 5 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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