NTG Clarity $NCI.V, a post-mortem. Three things that management and I should have paid more attention to:
1. Overhiring: Management mentioned that they're "wasting" C$1m/month on employees who are not yet assigned to any project. This was literally their whole EBITDA (~$3.5M) 2
$CYBT.CN Q2 earnings were mildly disappointing but the call was informative. In short, some upcoming contracts with large orgs were delayed even though the POCs were successful due to admin/legal hurdles. These should go through by Q3.
Other notes:
- I really like how they're
It's a miss for $CYBT. They only hit 4M ARR by Q2 due to procurement delays with large orgs. That said, they have 8+6 POCs in the pipeline with a 80% conversion rate to contracts.
$CYBT.CN reports earnings at 4:30PM today. It's a nice double from my first buy in Dec '25, but I believe they are just getting started.
They've guided for $5M ARR in Q2 (almost 2x from where they were in six months ago), so I'm cautiously excited.
Semtech $SMTC's Q2 earnings were excellent but the guidance was an absolute beast and the trajectory is so impressive.
Guidance for Q3 is 54% yoy and GM is 58.3%. This is 15% above consensus. Long-term margin once sale of cellular module is completed > 64% GM. Main reason
$PNG.V - I was wrong. The XL-UUV agreement is not with Anduril but rather a new customer. Even more bullish, as batteries for larger underwater vehicles are higher value.
I suspect the new customer is BAE or Hanhwa. But at the end of the day, good to see them diversifying
$SHMD got destroyed after earnings and the stock is down ~50% ytd. But reading between the lines, I am starting to see a genuine inflection here.
They've started behaving like a "real company". Earnings calls, meeting with institutions, clear guidance on future dilution. Quick
