Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Saturday, November 7, 2026

Back to the front page

Perimeter Group: 3Q26 Business Recap

Perimeter Group posted 24% revenue growth to $390 million as fire-safety contracts and acquisitions lifted results, while it brings PDI supply in-house after Flexsys disruptions.

PRM $4.8B
Speedwell Memos 1 click

From X

@StableBread 1 click

Fajasy on X

AI labs and data labeling companies (firms that turn experts’ knowledge into training data for the labs) could make my $12-19M sale range for Nubeva Technologies $NBVAF (TSXV: $NBVA) look conservative. My previous write-up’s sale comps were five cybersecurity companies buying small startups that detect, stop, or recover from ransomware, and I valued a Nubeva sale at $12-19M, the low end of those deals. AI labs and data labeling companies would widen the set of buyers beyond cybersecurity companies, but I found none that has bought a ransomware recovery company like Nubeva. The closest deals were for a stake in a ransomware recovery company, malware data, and specialist teams: → Microsoft $MSFT: Made an equity investment in Veeam, a data protection and ransomware recovery company, in February 2025, as part of a partnership to build AI-based threat detection and other Microsoft AI services into Veeam’s products. → Google $GOOGL: Owns VirusTotal, a malware-scanning site it bought in 2012, and Mandiant, the incident-response firm it bought for $5.4B in 2022. Its experimental Sec-Gemini model, introduced in April 2025, draws on Mandiant’s threat intelligence data. → OpenAI: Agreed to buy Promptfoo in March 2026 for an undisclosed price. Promptfoo, which tests AI systems for security holes, was valued at $86M after its July 2025 funding round, per PitchBook. → Mercor (a data labeling company): Agreed to buy Deeptune, which builds practice environments for AI agents, in July 2026, months after Andreessen Horowitz led Deeptune’s $43M Series A. The two 2026 deals didn’t disclose prices, and Mandiant and Veeam are far larger businesses than Nubeva, so I can’t put a new number on a sale. Still, my $12-19M range is probably conservative now, since it only counted cybersecurity companies as buyers, and an AI lab or data labeling company would be paying for Nubeva’s engineers and model rather than its ~$500K of FY2026 revenue. But an AI buyer wouldn’t get patents on what it’s paying for. Nubeva’s patents would cover how it recovers files and how it detects hidden encryption, but it won’t patent its binary analysis (figuring out what malware programs do) at all, and CEO Randy Chou explained why: “Anything you patent, that means you have to show how you did it. If you show how you did it, well, somebody can train an LLM to go do it.” So the model is only worth what Nubeva can prove it does, through a signed contract, a named partner, or test results.
@convequity

Convequity on X

We think $MNDY needs to make its platform verifiable to lead work management. MNDY has not disclosed its AI ARR in dollars. Our recent SaaS Survival Scorecard report estimates it at about $20 to $30 million as of the end of Q2 2026. Leading AI-native startups in other fields are far larger. In coding, Cognition reported crossing $1 billion in annualized revenue run rate on 25 September 2026, company-wide across Devin and Windsurf. In legal work, Harvey reported on 1 October 2026 that it crossed $400 million in ARR during Q3 2026. We think MNDY has long been highly adaptive, with great leadership and a strong recent cadence of features and products. But revenue growth has slowed, and in our view it has gained little from AI so far, because work management is a hard area for AI. In our view, coding agents suddenly became highly effective around early 2026, and work management has not yet had its own coding moment. Verifiability is the key difference: code can be tested, while most work management outcomes are hard to check. Rather than wait for that moment, how can MNDY make work management more verifiable? It could track and measure the actions taken on its platform and their outcomes, so that everything that happens there is verifiable. MNDY can learn from Palantir. Palantir launched AIP in 2023, its AI platform built on its ontology, and we think that ontology helped Palantir succeed with models much weaker than today's. Could MNDY build a similar substrate or ontology for work management in order to make the work done on its platform more verifiable? We do not claim to have the answer. Our view is that to thrive, and not only survive, MNDY needs to lead work management by making its platform verifiable, however it chooses to do that.

Investor Letters

All letters

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

Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

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

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 278

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

359 firms

Sectors

Ordered by how often our editor reaches for them.