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

Thursday, November 12, 2026

Back to the front page

Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
The Value Road 2 clicks

From X

@Adam_Wyden 1 click

Adam D. Wyden on X

$DRVN Full year numbers DIDNT CHANGE in our view. They mentioned restatement costs of at least $50mm and the midpoint of restatement before was 40... My guess is incremental restatement cost is 10-20.. So if the restatement is high might have even been a beat... Take 5 comp was 4.9 pct and holding two year stack in 4q would imply 8.5 pct... this seems like a kitchen sink to me. Franchise brands and auto glass both look good too.
@StableBread

Fajasy on X

Management at TOYO Co., Ltd $TOYO won’t put a number on H2 2026 beyond “positive EBITDA,” after EBITDA fell to $34.0M in Q2 from $48.1M in Q1. $TOYO’s H1 2026 results show both its earnings power and the June break: → Revenue: $261.0M, up 87.6% y/y, but Q2’s $118.2M was down 17.2% from Q1, as cell sales fell 46.4% q/q. → Gross margin: 32.5%, up from 16.6%. Q2’s 31.3% compared with 20.9% a year earlier, and the 6-K credits the increase to “increase in provision of OEM services.” → Net income: $45.8M, or $1.20/diluted share, up from $2.5M, with Q2 at $17.4M. → EBITDA: $82.1M, with $48.1M in Q1 and $34.0M in Q2. → Cash flow: $61.4M from operations, less $27.8M of capex, for $33.7M of FCF. → Volumes: 2.61 GW of cells (1.45 GW in Q1, 1.16 GW in Q2) and 191.5 MW of modules. OEM fees (for cells made under one customer’s name) rose to $25.0M in Q2 from $12.2M in Q1, while cell sales fell to $61.4M from $114.6M, and since $TOYO books those fees net, the shift lifted the margin. Inventory rose to $132.1M as of June 30 from $80.0M as of December 31, which the 6-K attributes to lower June revenue during the U.S. customs (CBP) review. $TOYO wrote down $6.5M of inventory in H1, and it ties recoverability to CBP’s final decision. $TOYO beat its 2025 revenue target but missed its net income bars for 2024 and 2025, and its 2026 targets are on hold: → 2024: Its audited net profit, excluding a $35.1M accounting gain on its earnout shares, was $5.4M against the $41M its SPAC deal required, so 11,287,703 of the 13M earnout shares were canceled in May 2025. → 2025: Raised its targets in September 2025, from 3.5 GW of cells and $33M of net income, to $375-400M of revenue, 4.2-4.4 GW of cells, and $39-45M of net income. Revenue came in at $427.4M and cells at 4.5 GW, both above the targets, but GAAP net income of $37.2M missed, while adjusted net income came to $52.2M after adding back $13.7M of stock comp and a $1.3M earnout charge. → 2026: Guided on March 31 to 5.5-5.8 GW of cells, 1.0-1.3 GW of modules, and $90-100M of adjusted net income, which CEO Takahiko Onozuka said would “nearly double net income again.” $TOYO reaffirmed it on May 18, didn’t on August 19, and gave no figures on September 28 beyond positive H2 EBITDA. H1 delivered $46.0M of adjusted net income, 51.1% of the low end of the target, plus 47.5% of the cell target and 19.2% of the module target. So $TOYO’s trailing earnings are backed by cash, but most of them came from H2 2025 and Q1 2026, before the detentions. That’s why you should expect H2 2026 EBITDA to come in below H1’s $82.1M.

Investor Letters

All letters

Top Rebound Stocks for Nov’26

Texas Pacific Land's 50% selloff reflects faded data-center expectations, while its Permian royalty business generated $498 million of 2025…

TPL $19B
Rebound Capital 1 click

Peloton: Beyond The Bike

Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as…

PTON $2.6B
TSOH Investment Research 3 clicks

DoorDash’s FBA Moment

DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of…

DASH $78BKR $41B
MBI Deep Dives 3 clicks
MONOY · long

Monotaro CO LTD

MonotaRO, traded as MONOY in the U.S. and 3064 in Japan, is a Japanese MRO distributor recommended as a long.

MONOY $7.4B
Value Investors Club

Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $3.8B
Doomberg 5 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 286

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

375 firms

Sectors

Ordered by how often our editor reaches for them.