Speedwell Research

In-depth research on quality public companies 📖 Free content on Substack 🎧 Podcast: The Synopsis 👇 All Linked below 🔸— @DrewCohenMoney & @kevg1412

[Speedwell Research @Speedwell_LLC]

Starting at GS research and migrating to the buy-side was a first hand experience in how lacking 3rd party research is.

Speedwell just released a short piece on how we differ.

https://t.co/5RlDhjZh2G

[Speedwell Research @Speedwell_LLC]

Our $PRM update was just released!

[Drew Cohen @DrewCohenMoney]

Update out on $PRM just dropped [Free]

More and more they are looking like a rare conglomerate that actually knows how to own several distinct businesses without destrotying them:

- Autonomy
- Decentralization
- Seperate Business Unit Goals
- Don't force "theoertical" synergies

In this respect it is much like $CSU

[Speedwell Research @Speedwell_LLC]

$DLO

[Drew Cohen @DrewCohenMoney]

https://t.co/nMw9xeOX8J

[Drew Cohen @DrewCohenMoney]

Haven't done an $AXON update in a bit so just posted a longer one to Speedwell.

The stock is -28% this month and -44% YTD so thought it warranted a closer look.

Check it out below!

[Speedwell Research @Speedwell_LLC]

https://t.co/9fH3OfqqLM

[Speedwell Research @Speedwell_LLC]

$APP 3Q26 Business Update is Out!

🔹 Revenues reaccelerate to +56% y/y

🔹 Operating margins expand to 78.2%

🔹 Gaming up +50% y/y

🔹 New model transition

🔹 CTV progress

Everything but the reverse DCF is free.

Link below 👇

[Speedwell Research @Speedwell_LLC]

$ABNB reported 3Q26 earnings

Revenue growth of +19% y/y (+16% y/y ex-fx)

Nights booked growth of +16% y/y

GBV grew +21% y/y

This is their highest GBV growth since 3Q22

[Speedwell Research @Speedwell_LLC]

$AXON 10 consecutive quarters of 30% revenue growth come to an end.

Total revenues grew +28% y/y

Connected Devices revenue decelerated to +16% y/y

Software & Services revenue accelerated to +43% y/y

$AXON down -15% AH

[Speedwell Research @Speedwell_LLC]

$PRM grew net revenues +24% y/y

♦️ Fire Safety revenue grew +14% y/y

♦️ Fire Safety EBITDA accelerated to +14% y/y, up from 1% last Q

♦️ Specialty Products revenue increased +84% y/y

♦️ Specialty Products EBITDA grew +140% y/y, up from +96% last Q

[Speedwell Research @Speedwell_LLC]

$APP advertising software revenue reaccelerates growth for the first time since 2Q25

Revenue grew +56% y/y to $2.2bn

[Speedwell Research @Speedwell_LLC]

https://t.co/7uCaJkc289

[Speedwell Research @Speedwell_LLC]

$CPNG 3Q26 Business Recap Released!

🔹 Product Commerce revenues grew +9% y/y (cc)

🔹 Active customers grew +2% y/y to 25.2mn (a new high)

🔹 Gross margins continued to be pressured

Read the full 3Q26 business recap below for more insights 👇

[Speedwell Research @Speedwell_LLC]

$CPNG active customers grew +2% y/y in 3Q26 to a new high of 25.2mn

[Drew Cohen @DrewCohenMoney]

Is there anyone who is short $APP?

What is the strongest bear case you have against them?

I’ll go last.

[Speedwell Research @Speedwell_LLC]

https://t.co/kjzFThMSxU

[Speedwell Research @Speedwell_LLC]

$CSGP 3Q26 Business Recap Released!

🔹 Total revenues grew +14% y/y (+7% y/y organic)

🔹 All segments reported decelerated growth for the quarter

🔹 Annualized net new bookings was just $37mn vs $84mn a year ago

For more, check out our short business recap on $CSGP 👇

[Speedwell Research @Speedwell_LLC]

https://t.co/C7LR3FOqtW

[Speedwell Research @Speedwell_LLC]

$EVO $EVVTY 3Q26 Update Released!

Revenues were up +3.7% y/y (+0.1% in constant currency)

For the first time since 2024, all regions reported q/q growth

Live revenue grew +3% y/y

RNG revenue increased +10% y/y

We break everything down in the update below 👇

[Speedwell Research @Speedwell_LLC]

https://t.co/qeBAAlbbAt

[Speedwell Research @Speedwell_LLC]

$APPF 3Q26 Business Recap Released!

🔹 Revenues grew +19% y/y

🔹 Value Added Services increased +21% y/y

🔹 Core Services was up +14% y/y

🔹 Total units grew to 9.8mn

🔹 Total customers were up +6% y/y to 23,121

Read the full $APPF business recap below👇

[Speedwell Research @Speedwell_LLC]

$GOOG's search headwind