Browse Research

BRUN

Oct 19, 2026

Boost Run Below SPAC Prices

Boost Run is down 77% from its June peak and below its SPAC price, even after a $525.6M Cohere contract took its total contract value past $2.6B. Did the thesis break, or just the stock?

Cybersecurity

Oct 11, 2026

Spotting Encryption Malware Hides

AI labs are paying to close the gap on malware binaries their best models still can’t read. A ransomware nanocap is now training its own model to read them, after data labeling companies approached its team.

Energy

Oct 7, 2026

Base Power Priced Near Zero

BWX Technologies builds the reactors for Navy submarines and aircraft carriers, and also develops microreactors to power military bases and potentially data centers. It’s down almost 40% and back near its 2024 multiple on its existing business alone.

NICU

Oct 2, 2026

$454M for Three Canadian Mines

With one copper mine already covering its own costs, the CEO says the next, which he restarted once before, could produce 2-3x as much. Plus, a much richer discovery isn’t in the October restart study yet.

Cybersecurity

Sep 27, 2026

$6.8M Bet on a Takeout

A cybersecurity nanocap valued below $10M holds two new U.S. patents, a deployment agreement with a top-10 global financial institution, and newly approved access to a frontier AI model.

Energy

Sep 21, 2026

Fluence Loses Its Charge

Fluence Energy is a top-three global battery storage integrator with a record $6.4B backlog, trading at 0.48x the ~$2.9B booked for FY2027. Its fourth guidance cut in 19 months took FY2026 revenue to ~$2.4B and adjusted EBITDA to a ~$200M loss.

ELMT

Sep 17, 2026

$450M and a Penny Warrant

The DoW committed $450M to Elmet in redeemable preferred stock plus warrants that give it 19.9% of Elmet's shares once exercised, with $200M funded at closing. Elmet also landed a $2B stockpile contract, and its diluted market cap is now $845M.

Robotics

Sep 16, 2026

Robot Safety at Robot Prices

Humanoids can’t work alongside humans without a safety layer, and FORT Robotics has been building that layer since 2018. But its SPAC merger values $11.6M of 2025 revenue at 48x EV/sales.

Earnings Update

Sep 9, 2026

Two Channels Worth $1B on Paper

Ambarella is a $2.82B edge AI chipmaker trading at 5.8x the FY2027 revenue guide, down from 8.4x in May. Two new distribution channels are sized at ~$500M each over seven years and X7 is its first standalone AI accelerator.