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@StableBread

Fajasy on X

One of the world’s 10 biggest financial institutions signed a deal in 2024 to deploy software from Nubeva Technologies $NBVAF (TSXV: $NBVA). Nubeva won’t name the bank, but its filings leave a trail. The April 2024 release on the deal said revenue from the first 12 months “is not expected to be material,” and no press release or filing has updated the deal since. Nubeva reports revenue by country, and in FY2026, U.K. revenue was $204,055, the same figure as the license line. Nubeva also discloses what share of revenue its largest customers make up. In both of the last two years, U.K. revenue matched one customer’s share almost exactly. In FY2026, U.K. revenue was 40.8% of the total ($204,055 / $500,586), and the two largest customers were 41% each. In FY2025, U.K. revenue was 36.6% ($193,986 / $530,616), and the second-largest customer was 37%. One of the two 41% customers lines up with the support and maintenance line, 41.1% of FY2026 revenue ($205,712 / $500,586), which the last customer of Nubeva’s old TLS (web-traffic decryption) product pays. That means the license revenue, the U.K. revenue, and the remaining 41% customer all appear to be the same account. The FY2025 statements show the 37% customer at 0% of FY2024 revenue, so it started paying in FY2025, the first full fiscal year after the bank deal. In a June 2024 video, CEO Randy Chou said the bank doesn’t want anyone to know it uses Nubeva. If the U.K. customer is the bank, HSBC $HSBC is the likeliest candidate. It’s based in London, and at eighth by assets, it’s the only U.K.-headquartered bank in S&P Global $SPGI’s top 10. Then there’s Netskope $NTSK. The company that bought Nubeva’s key-capture patents runs a public page titled “Netskope + HSBC” that pitches its platform to the bank. It’s a sales page, with a “Meet with your Netskope team” button and a named Netskope sales rep, and it pitches Netskope against a “Bluecoat / Zscaler hybrid approach,” which reads like HSBC’s current setup. It also shows Netskope courting HSBC, not HSBC buying from Netskope, and nothing on the page mentions Nubeva or ransomware. If the bank is HSBC, Netskope, which owns the key-capture patents Nubeva sold, is already pitching Nubeva’s biggest license customer. None of this proves the bank is HSBC. But in the latest quarter (February-April 2026), instead of growing, revenue from the U.K. customer fell ~70% (vs. a 19% rise in the same quarter a year earlier). License revenue was $18,796 ($204,055 for the year minus $185,259 through January), vs. the ~$62K/quarter it averaged in the first three quarters. The FY2026 MD&A doesn’t say whether the license customer renewed. If it didn’t, Nubeva likely lost the bank (possibly HSBC) behind 41% of its FY2026 revenue. The six-month report due by December 30, 2026 will show whether license revenue came back.
@calvinblissett 2 clicks

Calvin Blissett on X

$FSBW: Bought Pacific West Bank in August for 30m. Exp +7.5% EPS growth in 2027 due to this. PWBK has a 92% deposit mix NOT CDs. (attractive b/c lower cost). First Bancorp a bit cyclical due to home lending, consistent double digit ROE, conservative way to play eventual housing rebound. The problem was not that Pacific West had no franchise. It had a recognizable Portland commercial-banking niche, a relatively attractive deposit base, and specialized relationships with SMBs, nonprofits, professional-services businesses and digital partners. The problem was scale. Management acknowledged that Pacific West's size and market position made both organic and strategic growth difficult, while the cost and complexity of running a regulated community bank had risen materially after 2008 and 2020.
@ActAccordingly 3 clicks

PAA Research on X

All trading below their 200-day moving averages right now: - Dow transports ($DJT) - Industrials $XLI - Retail $XRT - $GS Right at the 200-day MA - $KRE. $RUT seems destined to test the 200-day. Normal late September action, but it doesn't feel good. I guess we're setting the state for some golden crosses come late October/November or we're going lower. $MAGS carrying the day like 2024 when we dreamed of lower deficits and lower rates....