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

Friday, November 13, 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 $778M
The Value Road 4 clicks

From X

@StableBread

Fajasy on X

Boost Run $BRUN granted 6.23M RSUs in Q3, 7.4% of its 84.2M shares outstanding, and will expense $103.4M for them over a weighted-average 3 years, a cost its adjusted EBITDA excludes. The 6.23M includes the 4.59M granted to the CFO, CTO, and COO on September 29, and the 10-Q doesn't name who got the other 1.64M. Q3's stock comp was only $0.25M, since most of the RSUs came on September 29. $BRUN's adjusted EBITDA adds stock comp back, so from Q4 it will exclude ~$8.6M/quarter of RSU expense on average, equal to 47.9% of Q3's $18.0M of adjusted EBITDA. And $BRUN's 2026 equity plan still has 2,986,298 shares left to grant, another 3.5% of the shares outstanding. The bear, base, and bull cases in my October 19 update counted 88.8M fully diluted shares, including only the executives' 4.59M RSUs. The full 6.23M takes the count to 90.4M, which trims each case's per-share value by 1.8%.
@StableBread

Fajasy on X

Boost Run $BRUN just pushed $12.7M/month of revenue from a project at a Georgia data center into Q1 2027, which implies year-end ARR of $283-291M instead of the $400M it expected in August! CFO Erik Guckel said on the Q3 call that $BRUN would've reached $435M of ARR by year-end 2026 without the delay. CEO Andrew Karos blamed a city council request that paused progress at the site, now resolved, and said the project is worth $144-152M of ARR. Q3 revenue came in at $39.9M, up from $31.1M in Q2 but 23.6% below the $52.2M that a straight-line climb to $400M of ARR implied. Year-end ARR would then land right around the $280M in the bear case of my October 19 update. That bear case also had a $62.2M stock sale assumption, which I said on October 26 I'd drop if the 10-Q confirmed $BRUN's $600M+ of project financing. The 10-Q backs up most of the $600M+: $486.9M of new GPU leases through September 30, plus five equipment leases signed in October that require $83.1M of payments. So I'm dropping that stock sale risk, which lifts the bear case to $5.04/share after counting all 6.23M RSUs granted in Q3. At ~$6.20/share, $BRUN trades 23.0% above that bear case. TCV stands at $2.7B, up $800M from Q2, and the 10-Q adds that the agreements signed in September alone are worth more than $700M. Still, the Q3 deck $BRUN released on November 12 says TCV includes renewal options and LOIs, without saying how much of the $2.7B they make up. So I read the miss as timing, not demand: If the Georgia project is billing by March 31, 2027, ARR would clear the $400M in my base case a quarter later than I assumed. The other date to watch is November 30, when the 240 GPU servers from the order $BRUN signed in June are scheduled to start.
@Fierce__beast

Fierce_beast on X

$EVLV I don't look at gross profit only, i look at profit to shareholders after all maintenance expenses like SBC and also capital required to grow the business. I will probably make enemies because of this hardline. On that metric the business is losing money and you'd think by now at their (9k locations?) scale they'd be a lot more profitable. Understanding how much a company currently generates in profits should be simple to understand and not require elaborate gymnastics
@Fierce__beast

Fierce_beast on X

ARR growth rate is stable finally, but what about their profitability? Think about how easy it is to game ARR and how many company's did successfully before collapsing. not sure it will happen to $evlv, but it does provide a warning to over relying on company derived KPIs, especially if that company has had a history of changing metrics, changing managements, and being successfully sued for providing inaccurate marketing material. Profitability is not improving and that is not a good sign for their LT goal you can be a company that grows revenues and expands margins, you can be a company that grows revenues but contracts margins, you can be a company that grows margins but contracts revenues. you can be a company that loses revenues and margins at the same time. which one is evolv $evlv bulls will argue that we should wait for another quarter or two before we see an inflection in profits. that eventually they will scale into their business. i'm afraid to say that i'm suspicious that profits will materialize in any meaningful way ever. if the technology was so transformative and so much better than competitors, and that they have thousands and thousands of customers already, then why is it still losing money?

Investor Letters

All letters

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 $391M
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 $870M
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 $870M
The Value Road 4 clicks
SFIX · long

Stitch Fix INC

Stitch Fix’s 2017 IPO rested on overly ambitious long-term growth expectations and an unrealistic definition of its addressable market.

SFIX $365M
Value Investors Club 1 click

FrontView REIT (NYSE: FVR)

FrontView REIT’s 35% selloff after tenant credit problems and a lock-up expiry leaves its net-lease portfolio at a 9.5% cap rate and 10.5x…

FVR $600M
Real Assets, Real Value 2 clicks

CYD and H22 Results First Take:

CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.

CYD $750M
Maius Partners 2 clicks

Portfolio Updates

CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…

CYD $750M
Maius Partners 4 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 84 of 289

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

376 firms

Sectors

Ordered by how often our editor reaches for them.