New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, November 11, 2026

Back to the front page

From X

@StableBread

Fajasy on X

Elmet $ELMT, the U.S. tungsten parts maker, reported a record $347.4M backlog for Q3, with two U.S. defense stockpile awards making up $197.5M (56.9%) of the total. The Defense Logistics Agency (DLA), which runs the National Defense Stockpile, has funded $161.9M so far under its contract to buy up to $2B of tungsten ore and concentrate from $ELMT, already more than the $150M minimum it guaranteed. Each order under the contract can take up to 48 months to deliver, and $ELMT said in its October 1 deck that it doesn't intend to start deliveries "until sufficient incremental new supply is available." I wouldn't expect much of the $161.9M to show up in revenue before 2027. The other $35.6M is a DLA award for mostly molybdenum products that $ELMT's plants already make, and the 10-Q's own chart counts it in the $149.5M of aerospace and defense backlog. Take out both and backlog is $149.9M, up 14.0% from $131.5M as of July 3 and 71.7% from $87.3M as of September 30, 2025. In my August 16 update, I said I wanted to see the first backlog print with the new defense appropriation cycle. Without the two stockpile awards, aerospace and defense backlog grew 15.8% in Q3 to $113.9M, a bit slower than its 16.5% growth in Q1 and 17.8% in Q2. I don't see a step-up from the new appropriation cycle yet, and part of the growth is price: The 10-Q credits "tungsten material price flowing through to our end product pricing" without splitting price from volume.

Investor Letters

All letters

💥Tead-ering💥

Teads’ revenue fell 26% and its stock dropped 38% as Google AI summaries cut publisher referral traffic, worsening losses and straining its…

TEAD $17MGUTS $11M
PETITION 2 clicks

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research 3 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 3 clicks

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 26 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
SKIN · long

Skinhealth Systems INC

SkinHealth Systems owns a dominant professional skincare consumables franchise but trades at roughly $115 million market cap and $255…

SKIN $83M
Value Investors Club 5 clicks

The Junk (Mail) Merger Arb

Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.

STRR $34MHHS $30M
Triple S Special Situations Investing 8 clicks

Portillo’s: Strategic Reset

Portillo’s reset follows weak Texas unit economics, cutting next year’s openings to five from roughly 10 annually and shrinking store…

PTLO $515M
TSOH Investment Research

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 82 of 282

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

369 firms

Sectors

Ordered by how often our editor reaches for them.