Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 9, 2026

Back to the front page

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

From X

@StableBread

Fajasy on X

TOYO Co., Ltd $TOYO went from a $123.9M working capital deficit and a going-concern warning to $29.8M of positive working capital in six months. Here’s the balance sheet: → Cash: $103.5M as of June 30, plus $20.0M of restricted cash, up from $51.6M as of December 31, helped by $52.6M of net proceeds from the June offering and its at-the-market (ATM) program. → Debt: $25.7M of short-term bank loans and $51.4M owed on the VSUN loan, including interest, which VSUN (the Vietnamese panel maker $TOYO was carved out of) extended to June 17, 2028, plus $37.6M of leases. → Working capital: $29.8M, vs. a $123.9M deficit as of December 31 that had drawn the auditor’s going-concern paragraph. The $52.6M of offering and ATM cash and the VSUN extension, which moved the $51.4M loan out of current liabilities, account for $104.0M of the $153.7M improvement, and $TOYO said substantial doubt no longer exists. → Customer prepayments: $114.0M of contract liabilities (products customers have paid for but $TOYO hasn’t delivered), including $64.7M from related parties. Before June 30, current liabilities had exceeded current assets at every balance sheet date since December 2023. The June offering (4,545,456 shares at $11.00) and the ATM (414,495 shares at an average $13.78) also raised $TOYO’s share count 13.1% to 42.7M as of June 30, from 37.8M as of March 31. So the balance sheet is no longer the risk it was in March, but part of the cash is customers’ prepayments, and the $51.4M VSUN loan comes due in June 2028.
@AsifSuria

Asif Suria on X

While rummaging through insider purchases last night, I came across a company that I almost discarded at first look. It scored poorly in our quantitive model (IA Score of 36), free cash flow was just a smidgen positive in 2025, debt on the balance sheet was growing and it remains unprofitable. Yet an independent director with deep industry experience was buying. This is his fourth insider purchase since joining the board in 2023 and he picked up $408,600 worth of stock according to the Form 4 filed yesterday. The company is California-based Alphatec Holdings $ATEC and they make a robotics platform focused on spinal surgery. The stock is down an astounding 62% over the last year. Dave Demski, the independent director that bought shares, used to previously be the COO and then the CEO of Globus Medical $GMED Globus Medical built a robotics platform to help with spinal surgery, hip reconstruction and more. During Demski's nearly 5 years as CEO of Globus Medical from 2017 to 2022, revenue increased from about $700 million to over $1 billion and the stock more than doubled despite the disruption due to COVID-19. So what made me take a closer look at Alphatec? I love companies that could be at a point of inflection and I'll let the income statement speak for itself. Last quarter the company almost broke even and free cash flow was positive. Year-over-year revenue growth was about 13% but it missed consensus estimates. For the full year they expected adjusted EBITDA of $137 million and free cash flow of $10 million. With an enterprise value of just $1.65 billion, I can see this company being an acquisition target for Medtronic $MDT, Zimmer, Boston Scientific or more importantly Globus Medical.

Investor Letters

All letters

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 2 clicks

NEW POSITION: Google LEAPS

Alphabet bought long-dated GOOGL calls after a 12.6% earnings drop, betting AI monetization and distribution overcome capex pressure and…

GOOGL $3.5T
Hated Moats 1 click

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click
MTMTY · short

Metlen Energy & Metals PLC

Metlen Energy & Metals faces a 40% short case centered on its overpriced aluminium, alumina and Greek power businesses.

MTMTY $6.8B
Value Investors Club

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 76 of 280

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.