JE

Fundamental Microcap Investor

[Bradley Steveson @BradleySteveson]

$DBOXF $DBO.TO
Today’s Cinemark earnings reinforced the Dbox investment thesis for me. More screens, more Dbox revenue, strong ROI and a very long runway.

[Bradley Steveson @BradleySteveson]

$DBOXF $DBO.TO Since all premium formats except for IMAX are dedicated to this movie, D-BOX should do quite well for Q3 with this right on the heels of Odyssey.
https://t.co/K8ouF3QEnk

[Bluntly Put Philosopher (BPP) @SocraticScribe]

$AISP DOJ Mosaic

In 2021 the DOJ’s Office of Inspector General concluded the department had a growing problem: video evidence was being created across multiple agencies, but there was no unified system to manage it. The Inspector General recommended a department-wide solution, and DOJ formally agreed with that recommendation.

Since then, the problem has only gotten bigger.

Body cameras have been rolled out across the FBI, DEA, ATF, and U.S. Marshals, with roughly 46,000 agents expected to be covered at full deployment. On top of that, hundreds of state and local agencies participate in DOJ-led task forces, meaning evidence routinely has to move across organizations. Every video has to be securely stored, searched, shared, audited, and ultimately produced in court while preserving chain of custody.

In other words, the government didn’t just identify the problem, it spent the next several years making it much larger.

Beginning in 2023, Airship AI quietly started appearing in that ecosystem.

A DOJ pilot expanded into sole-source contracts at three separate DOJ agencies through 2024. Then came what many investors overlooked: an August 2024 DoD procurement justification concluded that Airship’s Acropolis platform was “uniquely capable” of supporting multi-agency investigative collaboration, language that closely mirrors the capability DOJ’s Inspector General had identified as missing three years earlier.

The pattern continued.

By October 2025, Airship received roughly $11 million across 16 brand-name-only DOJ and DHS contract actions. Government AI inventories list Acropolis and related Airship products as operational systems, not experimental software, and one federal deployment reported a 10:1 return on investment. Renewal actions that appear to reference Airship’s legacy VMS product branding have also surfaced in CBP and ATF planning documents, suggesting existing deployments may be expanding rather than disappearing.

That brings us to today.

Management has repeatedly said federal awards expected in early 2026 were delayed by the government budget process, not because demand weakened. Those funding issues were resolved on June 10.

Meanwhile, several pilots remain active, including in-car video recording, which represents another major source of law enforcement video. DHS planning documents also identify a potential $10–20 million CBP platform procurement during the current fiscal year. While planning documents don’t guarantee an award, they do show the program is budgeted and actively moving through the procurement process.

Historically, many of Airship’s government contracts have been awarded through restricted procurement vehicles that receive little or no public announcement. As a result, investors often don’t learn about new business until it begins appearing in the company’s financial statements.

That’s why the earnings report around August 5 matters. If these deployments are progressing as management expects, deferred revenue, backlog, and guidance may provide the first visible evidence before many individual contract awards ever become public.

The risks are real. Federal procurement timelines can slip, planning documents don’t guarantee awards, the company remains heavily concentrated in government customers, and the same procurement structure that can delay public visibility into contract wins also makes them difficult for outside investors to independently verify until they appear in the financials.

Not investment advice. Long $AISP.

[Money Mark @MoneyMarkStocks]

Lots of people have been contacting me about yesterday's stock market action.

After 3 years of confidently chanting "AI is not a bubble!!", I recently stated my belief that certain segments of the stock market have entered bubble territory... but I do NOT believe "the bubble" is about to pop.

First of all, capex spending forecasts continue to INCREASE. Industry giants which were hoarding cash and doing buybacks are now pouring trillions into the economy (and raising money to pour even more). This is a big tailwind for economic growth (and corporate earnings, if you didn't notice this past quarter).

Individuals have not yet tapped a meaningful percentage of what AI can do for their lives. Meanwhile, with the emergence of agentic AI, corporations are scrambling to see what it means for them (positively or negatively). So, they're spending on capex too. That's not a 3 month process. It's a massive investment wave, which is economically bullish.

Of course, many valuations have become stretched, but TBH I'm not God to know with surety which ones! It really depends on how much more AI has to offer... and its new capabilities have surprised me each step of the way (and I've been a bull the whole way).

It's true that a growing number of people are pontificating about "the end of the AI bubble" this week, but I've been hearing that for 3 years. Everyone's an expert.

Meanwhile, bigger/smarter entities (like GOOGLE) are putting their money on AI. If they didn't believe in AI, they'd stop spending and watch OpenAI, Anthropic, etc. blow themselves up.

I DO believe this will end in a bear market, but so what? It always does! Until then, you can count on Wall St to bang the drum until it breaks. They're all about the money, so they'll sell the story until the book bursts into flames... and then they'll sell THAT to the public.

Personally, I think the story remains very much intact. There WILL be bumps in the road (check out the crazy corrections that occurred in 1998/1999!), but as long as the big guys keep raising capex forecasts, I don't know how anyone can say this is over.

The money is flowing, just like in 1998 and 1999. The difference is that there's a lot more immediate ROI this time around. In 1999, I was the head of Investment Research at AMR Research (one of the world's top Software/Internet consulting firms on the planet) and personally saw RFIs and RFPs fall off a cliff in November of 1999. That foretold the end. QQQ was at $67. Four months later QQQ topped out...

...at $120.

Here in June 2026, we don't yet see signs of slowing spending. There ARE many people and corporations adjusting their spending, but there are also many ramping it up (mine keeps going higher and is more likely to double than get cut). This is why capex forecasts keep going up. That's the statistic that tells you what you need to know.

I'm not saying to let things blindly ride. Being cognizant of the potential for a bursting bubble is healthy. Just understand that bull markets take two steps forward followed by a scary step back.

Accordingly, IDK if this "correction" is over, but I doubt the bull market is.

_________________________

🔥𝟏𝟓+ 𝐲𝐫𝐬 𝐨𝐟 𝟒𝟎% 𝐚𝐧𝐧𝐮𝐚𝐥 𝐫𝐞𝐭𝐮𝐫𝐧𝐬!!🔥
NO priority ideas closed at a loss since MAY... of 2024 !

Highlighted $AEHR @ 3, $NVDA @ 40, $MU @ 100, $ARM @ 100, $MRVL @ 70, $KRKNF at $0.60 (and dozens of other documented multi-baggers). 🚀
https://t.co/DSgv7C1UfM

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All from the guy who literally...
* Sold picks to Wall St in the '99 bubble
* Was paid by JIM CRAMER'S funds!
* Called the rise/fall of MoviePass (& was in the movie!)
* Lived one town from Roaring Kitty 😹

$AEHR, $AVEX, $CLFD, $CRM, $CURI, $CXDO, $DELL, $DRSHF, $GEODF, $GKPRF, $IDN, $INFU, $IREN, $ITMSF, $IWM, $IZEA, $KRKNF, $KRMD, $MU, $NVDA, $OKTA, $OPTX, $SMCI, $TPCS, $TRAK, $TSSI, $TWLO, $VTSI, $WATT

[Bradley Steveson @BradleySteveson]

$AEHR I went back to look. I have been putting this one out to X world since early 2025. Long lead times in this industry but once they are in, they are in. And they have the goods.

[Bradley Steveson @BradleySteveson]

$AEHR earnings were no surprise up or down. Looks like what I expected. Bookings, Backlog and Revenue will continue to increase for the foreseeable future.

[Money Mark @MoneyMarkStocks]

🚨𝐖𝐡𝐚𝐭'𝐬 𝐌𝐲 𝐍𝐄𝐖 𝐀.𝐈. 𝐏𝐢𝐜𝐤?🚨

Find out at 2PM, as the 30-year Wall Street technology and A.I. vet reveals the pick and answers YOUR Q&A with our global audience of 1O,OOO investors... on Stock Talk Live! https://t.co/lnjDQ817e9

𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤:
Is the market safe now?
What are the best A.I. stocks to buy?
Watt's next for the $WATT rollercoaster ride? Why was I targeted in the latest short report?
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All the latest A.I. news & analysis.
Plus, YOUR Q&A!

𝐓𝐡𝐞 𝟑𝟎 𝐲𝐫 𝐯𝐞𝐭 𝐂𝐫𝐚𝐦𝐞𝐫 𝐩𝐚𝐢𝐝 𝐟𝐨𝐫 𝐩𝐢𝐜𝐤𝐬 𝐢𝐬 𝐋𝐈𝐕𝐄 𝐚𝐭 𝟐𝐏𝐌!!!
https://t.co/gKI6RpTIfx

🔥𝟏𝟓 𝐲𝐞𝐚𝐫𝐬 𝐨𝐟 𝟒𝟎% 𝐚𝐧𝐧𝐮𝐚𝐥 𝐫𝐞𝐭𝐮𝐫𝐧𝐬!!🔥
NO picks closed at a loss since MAY... of 2024 !
What do you expect from the guy who literally...

* Sold picks to Wall St in the '99 bubble
* Was paid by JIM CRAMER'S funds!
* Called the rise/fall of MoviePass (& was in the movie!)
* Nailed $DWAC before it was  $DJT
* Lived one town from Roaring Kitty 😹

$AEHR, $ALAR, $AMPL, $ARAAF, $ATGN, $BCHT, $BCHTD, $CTLP, $CURI, $CXDO, $DELL, $DRSHF, $ECOR $GAIA, $GEODF, $GKPRF, $GLD, $IDN, $ITMSF, $IWM, $IZEA, $KRKNF, $MOB, $MU, $NVDA, $OPTX, $SMCI, $SNES, $TPCS, $TSSI, $VTSI, $WATT

[GrumpierByTheDay @GrumpierBTDay]

$KUYA $KUYAF
While everybody panics (although today there seems to be some renewed optimism), there are screaming deals in the market, even at much lower metals prices.

Let's run some numbers.

Kuya has leading AISC at $15 inclusive of toll milling. Target 350tpd by end of '26. We'll smudge average grade down to 13oz/ton and let's use $40 silver.

13oz/ton * 350ton/day * ($40/oz[silver] - $15/oz[cost]) * 90days = $10.2 million quarterly run rate at the end of Q4 next year _assuming_$40_silver_.

Less operating costs of let's say $2M (currently $1.5M) leaves $8.2M in quarterly operating cash flow.

Lets round that down and annualize to $32M. What's an appropriate multiple for that? Let's just figure a range:
3 = $96M
4 = $128M
5 = $160M

That'd suggest a 1-year-forward MCAP of between $96M and $160M, which compares favorably to the current $80M MCAP. The numbers are even better when you adjust for the $20M of cash on hand.

If we re-run those numbers with silver at $60...
- the quarterly run rate jumps from $10.2M to $18.4M
- OCF jumps from $8.2M to $16.2M
- Annualized spikes from $32M to $64M
- And even our pessimistic p/ocf multiple of 3 brings the implied forward MCAP to $192M.

Silver reached $121... though I'd never model at that price. It's currently sitting at $70, which I'd still not model at. But $60? I think that's a reasonable 'upside' price.

Of course, not all that cash will be sent off to shareholders.

Instead there's mine development and, importantly, exploration work to be done. But we can't value exploration with any precision.

Rather, what I try to do is determine: is the expense of drilling and exploration +EV or -EV?

Thus far, according to their presentation, KUYA has spent an average of $0.20 to define an ounce in the ground. This is an insane conversion of drill dollars to ounces.

But that's a backward-looking stat; looking forward there are at least 4 good drill targets.

The first is the current mine. It's open at depth and along strike. Two drills are on site /today/.

The three other targets are close to the current mine:
- Tito, with 1km strike, and 12 trench samples over 1000g/ton
- Carmelitas, currently measured at 250m with 15 veins identified, sampled up to 1900g/ton
- Millococha, 500m, with samples measuring up to 2,600g/ton.

Is a drill at any of these locations likely to create value, or destroy it? I think the answer is pretty clear.

Notably, they're drilling 20k meters this year - the first drilling on site in half a decade. This *while* they're ramping from about 80tpd to 350tpd over the course of the year.

The market is offering you stupid value. You just have to be brave enough to take it.

[JE @jebben22]

Potential $AEHR links to $NVDA and $GOOG. @BradleySteveson has been connecting dots in our community and keeping us informed on one of Breakout Investors favorite stocks.

Join us to stay up to date on our community's latest analysis.

WhatsApp group:

https://t.co/WmMBaiRRgB

[Bradley Steveson @BradleySteveson]

Excellent and we agree with you on Google and Nvidia. Let's see where that takes this one and when!

[Breakout Investors @BreakoutInvestr]

$KUYAF - Just hosted Kuya Silver CEO David Stein who presented the investment opportunity to our community with Q&A led by @FBuschek.

https://t.co/XVSVik7Oi9

Excellent presentation and fantastic opportunity ahead.

Kuya is on track for 100 tpd which will result in breakeven or better based on current silver prices.

We will get a production update in coming weeks as well as some drill results.

David is confident on their execution path to 350 tpd which would result in 20M in cash flow!

[Breakout Investors @BreakoutInvestr]

Our Breakout Investors community is on 🔥 right now!

Monthly returns for top picks:

$TSSI 180%
$IDN 112%
$STRM 87%
$INTX 57%
$DUOT 28%
$AEHR 40%
$KUYAF 30%
$DUOT 28%
$GEODF 15%
$PESI 14%
$ITMSF 13%
$SNIPF 34%
$INMB 8%

Credit to @FBuschek @BradleySteveson @aarondwarwick @AshleighSDay for the crazy amount of work they put into this day to day! 🙏

See 🧵for details on how to join us!

[Breakout Investors @BreakoutInvestr]

Boom! 🔥🔥🔥

MDaudit to acquire all outstanding shares of $STRM stock for $5.34 per share in cash, a premium of 138% to Streamline’s closing price on May 28, 2025.

This was a top 10 Breakout Investor pick. Thanks @FBuschek for your work on this one.

Congrats all!

[Florian Buschek @FBuschek]

So did $SNIPF finally kick out $CDLX from BofA? Sure looks like that to me.... ER today or tomorrow.

[JE @jebben22]

@BreakoutInvestr @BradleySteveson @cforte Fantastic work guys!

[Breakout Investors @BreakoutInvestr]

Our latest post on $TSSI, "TSSI Factory Visit" published to our Elite community, is now free to everyone!

🧵👇for the post and details on why our community continues to be excited and how you can join the collaboration.

@BradleySteveson and @cforte are pretty entertaining 😆

[Florian Buschek @FBuschek]

It is $DUOT. My write up is now public.

[Florian Buschek @FBuschek]

$DUOT write up now public.
Since then we got some more info, amongst others that the Fortress deal should get them 30% GM and that they have deliberately chosen NOT to raise money and do a bad deal, and instead waited on the Fortress deal closing with some prefunding along.

[JE @jebben22]

Excellent analysis from @sammccolgan on $LCFY

[Nat Stewart @natstewart5]

My favorite micro/small cap catalyst is dead simple - earnings growth that the market doesn't see yet

Earning growth attracts a new investor base that is not price sensitive

On the other hand, pure value plays often leave a bunch of "catalyst" players wanting to exit at the same time - with no next buyer (yo-yo stocks)

If the growth story proves accurate, there is often an element of reflexivity to it - the higher share price enables faster growth

In other words, you assisted the fundamental business with your buying pressure

If you catch a "value-to-earnings growth" transition, it can pay to hold beyond your initial fair value target

While some % will disappoint and you will kick yourself, the "moonshots" can be astronomical

[JE @jebben22]

@sammccolgan @DavidRios333170 Congrats, rockstar status!