callmeklem

[Yan Liberman @YanLiberman]

$Grass's July token holder call has been largely misunderstood because few realize that revenue is seasonal. With that in mind, the growth has been very strong.

TLDR

-2026 expected revenue of ~$70m
-Adjusted FDV at $0.36 is ~$250m, excluding Foundation-controlled treasury supply
-That's ~3.6x 2026 expected revenue
-H1 '26 revenue grew ~6x over H1 '25
-FY26 expected revenue is ~4x FY25 actuals
-Ongoing opex is ~$2.5m/month, implying $40m of operating profit in 2026

The seasonality is the whole misunderstanding. People are comparing H2 2025 ($14.3m) to H1 2026 ($17m), seeing a small step up, and concluding growth stalled. That's the wrong comparison. Frontier labs make their largest data purchase decisions around training cycles, and most of those cycles get contracted in the second half of the year. Compare like for like, H1 '25 to H1 '26, and revenue grew ~6x.

Ongoing cash expenses are ~$2.5m a month, mostly infrastructure. On $70m of 2026 revenue, that's ~$30m of annualized cash opex and roughly ~$40m of implied operating profit. Margins should expand as revenue grows because the cost base is largely fixed. They own the infrastructure rather than renting it.

"Why don't they return that money to token holders?" For the same reason that no start-up returns capital to early investors. It should be reinvested for growth and profitability. In 2025 they made compute/storage investments that reduced opex by over $1m per month.

In addition to the $70m they expect to earn via training data in 2026, they'll also be launching products in the LCR space this summer. I expanded on why LCR is interesting in a previous write up, but the current leading players in the category, Exa and Parallel, just raised at $2.2b and $2b respectively.

My summary above is partially sourced from the recap of the call they shared: https://t.co/JylhTnB7oK

Disclosure: Delphi Ventures has held a position in GRASS for approximately two years and holds it as of publication. This is not investment advice and the opinions expressed are my own.

[🇫🇷 BOURDEAU News 🇫🇷 @BourdeauNews]

🇫🇷💍 Faut marier les étrangers sous OQTF ?

🅰️. Oui
🅱️. Non

[gauchecaca @gauchecaca]

L'exception française...🤮

[callmeklem @ClementDurst]

@Bitcoinprof0637 Done

[callmeklem @ClementDurst]

@Bitcoinprof0637 Done 🍀

[callmeklem @ClementDurst]

@MediaMonad 0xDAE3311107f5AA8eA8dEF0b7784B0a81bA57b05f

[callmeklem @ClementDurst]

@Jaxweah 10k i broke my car ….

[callmeklem @ClementDurst]

@elonmuskTN 43

[ᵖᵃʳᵒᵈⁱᵉ Kim Jong Un @KimJongUnique]

Écoutez cet échange très lunaire :

"-Bardella, il est raciste.

-Pourquoi, il est raciste?

-Ben, j'en sais rien pourquoi il est raciste."

Les gauchos emploient les termes "facho" et "raciste", sans savoir ce que ça veut dire.

Conclusion : ils ont des QI de bulots.

[callmeklem @ClementDurst]

@MemeCore_M 86

[🇫🇷 BOURDEAU News 🇫🇷 @BourdeauNews]

🇫🇷🚔 Florian a-t-il ��vité ce jour-là une victime comme Mathis ?

[Naïma M'Faddel @naimamfaddel]

Toujours aucune réaction de @KMbappe ni de @OmarSy pour #Mathis ?
Chez eux, l’émotion ne s’exprime décidément qu’à certaines conditions.

[Bruno Attal @Bruno_Attal_]

Chaoulia Abed qui a tué Mathis à Lille après un refus d’obtempérer est connu pour 16 infractions.

À choisir je préfère que 20 Nahël ou Chaoulia soient neutralisés par la police pour sauver ne serait-ce que 1 Mathis.

C’est un choix de société.
LFI préfère sauver les Nahël, moi je préfère sauver les Mathis et vous ?

[TuScani | Sky-Sea🌱 ./ @TuTuScani]

People are concerned what the $GRASS unlock means for the chart.

There's no way to know, but with how the team is building, my confidence hasn't wavered. The same investors who have an unlock recently reinvested🤔

The best thing you can do is position yourself accordingly😉

[callmeklem @ClementDurst]

Non à la taxation des alternants ! - Signez la pétition ! https://t.co/xFTGVuQKLm via @ChangeFrance

[callmeklem @ClementDurst]

https://t.co/LVUaXFDuce

[Orlando 🐂⭕️ @OrlandoG85]

Polkadot has been added to CoinGecko's 'Made in America' category! 🌟

I predict a Polkadot ARK Investment ETF filing in 2025. 🚀

[NEXS @neXs_ai]

▪️ $FET ▪️

BREAKING 🚨

@Forbes just published their top cryptocurrencies to watch in 2025 list, and @Fetch_ai stands out as the only AI project to make the list!

Article Link ➝ https://t.co/5O9mKc2gIo

[Southern Fried Chad 💹🧲 @CountryBitcoin]

$WIF is so cooked

It's so over

It's not one of the few memes on Robinhood, Coinbase, Gemini, Binance, and Kraken.

It's not funny

It's not mainstream and its hard to understand

It has so many unlocks

...

STFU you dumb fucks. $WIF is one of the most obvious meme bets. Don't over think it

Hat stays on forever!

[callmeklem @ClementDurst]

Ajouter mon compte sur PHANTOM @callmeklem je rend les abonnements !