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Saturday, November 14, 2026

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Q3 Earnings Updates

Q3 updates cover Crocs, Entravision and Fiserv beats, coal and oil weakness, and Xerox’s sharp decline, testing the underlying cases for recently featured stocks.

CROX $7.5BEVC $874M
Hidden Rock Capital's Newsletter 1 click

From X

@leevalueroach

Lee Roach on X

GameStop $GME is doing a Magic the Gathering meet up at stores across the board. Wall Street simply does not understand the significance of this as they don't follow nerdass card market and they definitely don't follow Hasbro $HAS and see how much their Magic the Gathering revenues are up. And they most certainly don't understand that GameStop is a card shop now because Wall Street suits are too busy going to the Peter Luger Steak house and ordering overpriced hunks of meat and a nice side of mashed potatoes while their big fat bellies fall over their legs and wives secretly hate them because they are too busy buried in their financial models and not their wives bosoms.
@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.

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The Spy Who Shagged The Market

Nvidia’s leadership scandal puts its AI-market role under scrutiny, with comparisons to AIG’s pre-GFC liquidity influence.

AIG $43B
WHAT ARE WE DOING? “Contrarians At The Gate” 4 clicks

Is Nebius Fucked?

Nebius’ Q3 beat relied on $325 million of one-off partnership fees as it raised 2027 CapEx to $40–45 billion and may need $6–11 billion of…

NBIS $32B
Daniel Romero 6 clicks

QXO Inc Earnings Update: Q3 2026

QXO's Q3 sales rose 79% to $4.9 billion after TopBuild and Kodiak acquisitions, while acquisition debt lifted interest expense to $163…

QXO $13B
SixSigmaCapital: Navigating the Financial Markets 3 clicks

Cerrado Gold: Research Note

Cerrado Gold will acquire Argentina’s Manantial Espejo mine from Pan American Silver for $20 million and targets a 2027 restart funded by…

PAAS $15B
Atrium Research - Equity Research 2 clicks

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