OrthoPediatrics press release ( KIDS ): Q4 GAAP EPS of -$0.43 misses by $0.09 . Revenue of $61.6M (+16.9% Y/Y) beats by $0.33M . More on OrthoPediatrics OrthoPediatrics sees FY25 revenue of $236.1M Seeking Alpha’s Quant Rating on OrthoPediatrics Historical earnings data for OrthoPediatrics Financial information for OrthoPediatrics
OrthoPediatrics press release ( KIDS ): Q4 GAAP EPS of -$0.43 misses by $0.09 . Revenue of $61.6M (+16.9% Y/Y) beats by $0.33M . More on OrthoPediatrics OrthoPediatrics sees FY25 revenue of $236.1M Seeking Alpha’s Quant Rating on OrthoPediatrics Historical earnings data for OrthoPediatrics Financial information for OrthoPediatrics
(RTTNews) - Flutter Entertainment (FLUT, FLTR.L) Thursday reported a fourth-quarter net loss of $8 million or $0.05 per share, compared to net income of $81 million or $0.45 per share last year.
(RTTNews) - Flutter Entertainment (FLUT, FLTR.L) Thursday reported a fourth-quarter net loss of $8 million or $0.05 per share, compared to net income of $81 million or $0.45 per share last year.
Sundry Photography Rocket Companies ( RKT ) stock climbed 11% in Thursday after-hours trading after the company announced an agreement that will give Redfin users access to Compass's ( COMP ) Private Exclusive and Coming Soon listings. In addition, Rocket's Q4 revenue and earnings, meanwhile, topped the average Wall Street estimate. The company also named Rocket Companies' chief financial officer,...
Sundry Photography Rocket Companies ( RKT ) stock climbed 11% in Thursday after-hours trading after the company announced an agreement that will give Redfin users access to Compass's ( COMP ) Private Exclusive and Coming Soon listings. In addition, Rocket's Q4 revenue and earnings, meanwhile, topped the average Wall Street estimate. The company also named Rocket Companies' chief financial officer, Brian Brown, to the role of president. He'll continue to lead the finance team while also expanding his duties to include the strategic development of growth strategies across the enterprise. The parent of Rocket Mortgages expects Q1 adjusted revenue of $2.6B-$2.8B vs. the average analyst estimate of $2.29B. Q4 adjusted EPS of $0.11, beating the $0.09 consensus, rose from $0.07 in Q3 and $0.04 in Q4 2024. Q4 adjusted revenue of $2.44B, topping the $2.30B consensus, increased from $1.78B in the previous quarter and $1.19B a year ago. Total expenses of $2.52B grew from $1.79B in Q3 and $1.09B in the prior Q4. Rocket Mortgage’s ( RKT ) closed origination volume rose to $47.3B (vs. Visible Alpha consensus of $39.4B) from $32.4B in the prior quarter. Gain on sale margin of 2.82%, vs. the Visible Alpha estimate of 2.79%, widened from 2.80% in Q3. Net lock volume of $41.6BB, vs. the Visible Alpha estimate of $38.7B, climbed from $35.8B in the previous quarter. Adjusted EBITDA of $592M, vs. the $458M Visible Alpha estimate, climbed from $349M in Q3 and $177M in Q4 2024. Regarding the Redfin/Compass alliance , Rocket ( RKT ) said the agreement will include a high-intent lead pipeline, giving Compass International Holdings professionals access to more than 1M buyer inquiries. Redfin agents will benefit from increased consumer traffic. Additionally, Rocket Mortgage will strengthen affordability through preferred pricing for Compass ( COMP ) clients. Rocket Mortgages will also be embedded into Compass International Holdings' proprietary platform. Compass ( COMP ) stock dipped 4.1% in ...
1971yes/iStock via Getty Images These days, the Citrini report titled “The 2028 Global Intelligence Crisis” has become a major topic among investors. This report is not a market prediction but describes a dystopic scenario that might take place in mid-2028. By then, AI Agents can become extremely efficient, maybe too much, and this will be a significant concern for human intelligence. In such a sc...
1971yes/iStock via Getty Images These days, the Citrini report titled “The 2028 Global Intelligence Crisis” has become a major topic among investors. This report is not a market prediction but describes a dystopic scenario that might take place in mid-2028. By then, AI Agents can become extremely efficient, maybe too much, and this will be a significant concern for human intelligence. In such a scenario, most of the white-collar jobs that prioritize mental labor over physical labor are at risk, and of course, this has systemic consequences. White-collar jobs account for ~50% of the US workforce and ~75% of US consumption, a crucial component of the US GDP (~70%). If they start to be replaced by cheaper AI Agents, consumption will drop as well as the GDP, and the stock market will follow suit. Citrini’s scenario points out a 10.20% unemployment rate by mid-2028 and an S&P 500 Index down 38% from the October 2026 highs. In short, a very doomsday future that is scaring investors. However, how much importance should we give to this report? Does it have the potential to change our investment decisions? These are the questions that I am going to answer in this article. 1) The SaaS Apocalypse Has Just Begun, but a Key Factor is Omitted According to this report, the SaaS apocalypse has just begun. It started with the latest AI developments, such as the recent release of Claude Opus 4.6 . This version is significantly better than the previous one, especially regarding everyday work tasks. Anthropic It can perform high-quality research on your behalf, run financial analyses, and create complex spreadsheets/presentations. And this is definitely not the most advanced version; there will be many more over the next years. Given these premises, are companies like Salesforce, FactSet, and Adobe at risk of being replaced? An interesting point raised by Citrini is that AI Agents could have an impact on their operations even if the technology to totally replace them is not yet availab...
It was the house inspection that set the internet ablaze. Former New Zealand Prime Minister Jacinda Ardern is planning a move to Australia after she was spotted with her husband eyeing property in Sydney — frankly, she always seemed like more of a Melbourne person to me. Either way, she may feel at home: tens of thousands of Kiwis moved here in 2025 alone. French billionaire investor Olivier Goude...
It was the house inspection that set the internet ablaze. Former New Zealand Prime Minister Jacinda Ardern is planning a move to Australia after she was spotted with her husband eyeing property in Sydney — frankly, she always seemed like more of a Melbourne person to me. Either way, she may feel at home: tens of thousands of Kiwis moved here in 2025 alone. French billionaire investor Olivier Goudet has also found something to like in the Great Southern Land. After recently buying into Australia’s iconic Treasury Wine Estates, he told me during an interview in Melbourne that he’s in it for the long haul. And with the end of earnings season drawing nearer, Qantas’s chief executive told us why a new aircraft fleet will transform the carrier. — Ben Westcott, Asia Agriculture reporter What’s happening now Former New Zealand Prime Minister Jacinda Ardern and her family are relocating to Australia, becoming the most high-profile addition to a growing wave of Kiwis moving here. More than 60,000 New Zealand citizens left the country in 2025, with 61% headed across the Tasman. Qantas Airways CEO Vanessa Hudson played down concerns about diminishing profits from international routes, saying the arrival of new aircraft on order will transform returns on the airline’s global network, in an interview with Bloomberg TV yesterday. Qantas shares slumped 9.2% on Thursday after earnings at its international unit unexpectedly fell. French billionaire investor Olivier Goudet says he wants to see Treasury Wine Estates back in the ASX 50. Touring the vintner’s Australia operations after buying a 5% stake in December, he told Bloomberg he supports new CEO Sam Fischer’s plan to turn around the beleaguered Penfolds maker . Australian stocks are on course for their best February performance since 2019 after a bumper results season helped restore some confidence in a market that has lagged peers in recent years. Meanwhile, our often overlooked technology stocks may offer signs of resilience am...
When Arlene went missing, suspicion fell on her abusive husband. This documentary is a sober reflection on violence against women, and a gripping whodunnit where some questions remain unanswered When the police arrived at Arlene Fraser’s house in Elgin, Moray in April 1998, they found a place where time had stopped suddenly, like a needle lifted hastily from a record. Sights that would have been o...
When Arlene went missing, suspicion fell on her abusive husband. This documentary is a sober reflection on violence against women, and a gripping whodunnit where some questions remain unanswered When the police arrived at Arlene Fraser’s house in Elgin, Moray in April 1998, they found a place where time had stopped suddenly, like a needle lifted hastily from a record. Sights that would have been ordinary had she been there were disturbing in her absence: a bicycle on its side in the yard, a vacuum cleaner plugged into a socket in the hall, washing on the line. Having stood in her dressing gown to wave her two children off as they left for school that Tuesday morning, Arlene had since vanished. Across two episodes that sensitively manage to juggle a sobering reflection on violence against women and a gripping whodunnit where a full answer keeps maddeningly eluding the authorities, Murder Case lays out what is thought to have happened to Arlene, and replays the twists and surprises of the trial – or rather, the trials – where concrete details refused to emerge. It is sad, enraging, frustrating, compelling. Continue reading...
hapabapa/iStock Editorial via Getty Images Novo Nordisk ( NVO ) continues to struggle in its competition with Eli Lilly ( LLY ) in the GLP-1 race, which directly affects the company's share price. The stock has dipped by more than 20% since my previous bearish article, which means that the call aged well . The biggest fundamental problem remains that Novo has lost its earnings growth momentum, and...
hapabapa/iStock Editorial via Getty Images Novo Nordisk ( NVO ) continues to struggle in its competition with Eli Lilly ( LLY ) in the GLP-1 race, which directly affects the company's share price. The stock has dipped by more than 20% since my previous bearish article, which means that the call aged well . The biggest fundamental problem remains that Novo has lost its earnings growth momentum, and due to intensifying competition in the GLP-1 industry it will be extremely challenging to return to its growth trajectory. It is vital to keep in mind that time is money in pharma because of the finite patent life of their innovative blockbuster drugs. The company's market cap has dipped closer to levels before the GLP-1 mania, meaning that the share price is unlikely to decline further because NVO still remains a large and highly profitable company. However, since earnings are not expected to grow over the next few years and time working against NVO, I remain skeptical about a notable share price rebound. Therefore, I think that NVO deserves a maximum of 'Hold' rating at the moment. Fundamental analysis Novo Nordisk was one of the hottest stocks between early 2022 and mid-2024 when its share price approximately tripled amidst the GLP-1 mania when the company enjoyed soaring Ozempic and Wegovy sales. However, NVO's share price has been in a continued decline since mid-2024, and the share price has dropped even lower than early 2022 levels. In my analysis, I prefer to heavily rely on fundamentals, especially earnings growth projections. SA The fact that NVO's share price returned to 2021-2022 levels looks absolutely fair if we look at the above chart. The dark blue line in the above slide demonstrates how earnings estimates for FY2031 change over time. We can see that in early 2022, analysts projected an EPS of $5.34 for FY2031. As of today, Wall Street forecasts Novo Nordisk's earnings per share to be $4.71 in FY2031 . It means that earnings forecast for FY2031 has decline...
Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the first entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Beijing’s forceful campaign to instil a “correct” understanding of tenure pe...
Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the first entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Beijing’s forceful campaign to instil a “correct” understanding of tenure performance among party cadres may signal Chinese leaders’ determination to downplay headline growth...
MARKHAM, Ontario, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and twelve months ended December 31, 2025.
MARKHAM, Ontario, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and twelve months ended December 31, 2025.
CALGARY, Alberta, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Black Diamond Group Limited ("Black Diamond", the "Company" or "we"), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced its operating and financial results for the three months (the "Quarter") and twelve months ("2025" or the "Year") ended December 31, 2025 compared with the three months (the "Co...
CALGARY, Alberta, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Black Diamond Group Limited ("Black Diamond", the "Company" or "we"), (TSX:BDI), a leading provider of space rental and workforce accommodation solutions, today announced its operating and financial results for the three months (the "Quarter") and twelve months ("2025" or the "Year") ended December 31, 2025 compared with the three months (the "Comparative Quarter") and twelve months ("2024" or the "Prior Year") ended December 31, 2024. All financial figures are expressed in Canadian dollars.
ISTANBUL, Türkiye, Feb. 27, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the fourth quarter and for the full year ended December 31, 2025.
ISTANBUL, Türkiye, Feb. 27, 2026 (GLOBE NEWSWIRE) -- D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), today announces its unaudited financial results for the fourth quarter and for the full year ended December 31, 2025.
Iran Rushes To Load Oil Onto Ships In Anticipation Of US Strikes Via Middle East Eye Iran is loading almost three times the amount of oil it normally does onto tankers in the Persian Gulf in a sign it is anticipating a US attack that could prevent its oil from hitting the market . Iranian oil exports from Kharg Island reached nearly 20.1 million barrels between 15 and 20 February, Bloomberg report...
Iran Rushes To Load Oil Onto Ships In Anticipation Of US Strikes Via Middle East Eye Iran is loading almost three times the amount of oil it normally does onto tankers in the Persian Gulf in a sign it is anticipating a US attack that could prevent its oil from hitting the market . Iranian oil exports from Kharg Island reached nearly 20.1 million barrels between 15 and 20 February, Bloomberg reported on Wednesday, citing Kpler data. That is the equivalent of more than three million barrels per day (bpd) and almost three times the amount loaded over the same dates in January, Bloomberg said. For comparison, Iran’s previous three-month average of loadings was 1.54 million bpd . Oil facilities on Kharg Island in the Persian Gulf about 1,250 km south of Tehran, NurPhoto Kharg Island is home to a massive terminal from which 90 percent of the Islamic Republic’s oil is exported . Iran raced to get its oil out of the country and onto ships for export abroad in June 2025, just before the US joined Israel’s attack on the country. Kharg Island would also be more vulnerable to attack than the shadow fleet of tankers Iran uses to transport its oil. But Iran is not the only oil producer in the Middle East ramping up exports. Reuters reported on Wednesday that Saudi Arabia is increasing its oil production and exports as part of a contingency plan - should a US attack on Iran disrupt supplies . Saudi Arabia also made a similar decision in June 2025, lifting oil exports by around 0.5 million bpd and shipping crude to overseas storage units around the time of the US strikes on Iran’s nuclear facilities, Reuters reported. In a sign that more crude is hitting the seas, the costs of chartering Very Large Crude Carriers or VLCCs have more than tripled since the start of the year to over $170,000 per day , Reuters reported, citing data provided by financial market data group, LSEG. Shipping rates are determined by supply and demand. The supply of VLCCs available to rent is largely fixed be...
Arista Networks (NYSE: ANET) may be one of the most important infrastructure plays in the AI boom. As AI data centers scale globally, their high-speed Ethernet networking could become mission-critical. With revenue climbing 29% and margins expanding, the path toward $200 may depend on sustained demand and continued execution. Stock prices used were the market prices of Feb. 20, 2026. The video was...
Arista Networks (NYSE: ANET) may be one of the most important infrastructure plays in the AI boom. As AI data centers scale globally, their high-speed Ethernet networking could become mission-critical. With revenue climbing 29% and margins expanding, the path toward $200 may depend on sustained demand and continued execution. Stock prices used were the market prices of Feb. 20, 2026. The video was published on Feb. 25, 2026. Continue reading
A number of stocks fell in the afternoon session after the semiconductor sector tumbled as a 'buy the rumor, sell the news' event unfolded around AI-chip leader Nvidia, despite its strong earnings report.
A number of stocks fell in the afternoon session after the semiconductor sector tumbled as a 'buy the rumor, sell the news' event unfolded around AI-chip leader Nvidia, despite its strong earnings report.
Nvidia (NASDAQ:NVDA), which develops GPUs and AI solutions for gaming and data centers, closed Thursday at $184.89, down 5.46%. The stock fell after blockbuster Q4 results and strong guidance failed to ease AI-bubble worries. Investors are watching how sustained AI infrastructure
Nvidia (NASDAQ:NVDA), which develops GPUs and AI solutions for gaming and data centers, closed Thursday at $184.89, down 5.46%. The stock fell after blockbuster Q4 results and strong guidance failed to ease AI-bubble worries. Investors are watching how sustained AI infrastructure
Earnings Call Insights: Arhaus, Inc. (ARHS) Q4 2025 Management View John Reed, Founder, Chairman, President & CEO, highlighted, "In 2025, the Arhaus team delivered record net revenue of $1.38 billion, up 8.5% year-over-year. Since 2019, our net revenue has nearly tripled, underscoring the strength and durability of our model rooted in artisan craftsmanship and airloom quality design." Reed emphasi...
Earnings Call Insights: Arhaus, Inc. (ARHS) Q4 2025 Management View John Reed, Founder, Chairman, President & CEO, highlighted, "In 2025, the Arhaus team delivered record net revenue of $1.38 billion, up 8.5% year-over-year. Since 2019, our net revenue has nearly tripled, underscoring the strength and durability of our model rooted in artisan craftsmanship and airloom quality design." Reed emphasized the appointment of Michael Rengel as Chief Merchandising Officer, with a focus on product strategy and enhancing cross-functional collaboration. He described strong written sales, particularly in upholstery and customization, and noted, "Our high-end clients continue to invest... They are prioritizing quality, craftsmanship and longevity. This plays direct to Arhaus strengths." Reed shared that showroom expansion remains a growth driver, ending 2025 with 107 showrooms after completing 13 projects. Michael Lee, Chief Financial Officer, stated, "In 2025, we delivered record net revenue of $1.38 billion, up 8.5% year-over-year and at the high end of our guidance range." Lee noted gross profit of $536 million and an adjusted EBITDA of $145 million, with an adjusted EBITDA margin of 10.5%. He explained, "Gross margin decreased 50 basis points to 38.9% of net revenue in 2025, primarily driven by higher showroom occupancy costs associated with our continued expansion." Lee also announced a special cash dividend of $0.35 per share and confirmed the company remains debt-free with $253 million in cash and cash equivalents at year-end. Outlook Management provided 2026 guidance of net revenue between $1.43 billion and $1.47 billion, indicating a year-over-year growth rate of 3.7% to 6.6%. Comparable delivered sales are anticipated to be flat to plus 3%. Net income guidance is $66 million to $75 million, with adjusted EBITDA between $150 million and $161 million. For Q1 2026, net revenue guidance is $300 million to $320 million, with comparable delivered sales expected to range from...
Earnings Call Insights: Daqo New Energy Corp. (DQ) Q4 2025 Management View Anita Zhu, Deputy CEO, reported that "solar product market prices rebounded from the third quarter onward with the polysilicon sector posting the most notable gains." Utilization rate rose from 33% in Q1 to 55% in Q4, and annual production volumes reached 123,652 metric tons, meeting guidance but marking a 39.7% year-over-y...
Earnings Call Insights: Daqo New Energy Corp. (DQ) Q4 2025 Management View Anita Zhu, Deputy CEO, reported that "solar product market prices rebounded from the third quarter onward with the polysilicon sector posting the most notable gains." Utilization rate rose from 33% in Q1 to 55% in Q4, and annual production volumes reached 123,652 metric tons, meeting guidance but marking a 39.7% year-over-year decrease. Zhu explained that "our 2025 sales volume reached 126,707 metric tons, exceeding production volume and reducing year-end inventory to a reasonable level." Despite weaker pricing, Zhu emphasized, "we significantly have narrowed our losses during the year as compared to 2024. In particular, EBITDA swung to a positive USD 1.7 million in 2025 compared to a negative USD 337.4 million in 2024, while net loss attributable to Daqo New Energy Corp. shareholders narrowed to USD 170.5 million from USD 345.2 million in 2024." Zhu highlighted proactive steps to mitigate market oversupply, including maintaining a 55% utilization rate and reducing production costs: "Total production costs declined by 9% to USD 5.83 per kilogram in Q4 2025 from USD 6.38 per kilogram in Q3 2025." Cash costs hit a record low. Zhu stated, "we expect our total polysilicon production volume in the first quarter of 2026 to be approximately 35,000 metric tons to 40,000 metric tons, and our full year 2026 production volume to be in the range of 140,000 metric tons to 170,000 metric tons." CFO Ming Yang reported, "revenues were $221.7 million compared to $244.6 million in the third quarter of 2025 and $195.4 million in the fourth quarter of 2024." Gross profit was $15.4 million, and gross margin was 7%. Net loss attributable to shareholders was $7.3 million. Outlook Zhu indicated the company expects first quarter 2026 polysilicon production volume of 35,000 to 40,000 metric tons and full-year 2026 production volume between 140,000 and 170,000 metric tons. Zhu said, "we expect anti-involution initiativ...
Earnings Call Insights: MannKind Corporation (MNKD) Q4 2025 Management View CEO Michael Castagna emphasized the transformation of MannKind, stating, "Tyvaso DPI has transformed both United Therapeutics and MannKind's future to fund our respective innovation and growth." Castagna highlighted the company's evolution from $3.8 million in quarterly revenue and a $300 million market cap in 2018 to over...
Earnings Call Insights: MannKind Corporation (MNKD) Q4 2025 Management View CEO Michael Castagna emphasized the transformation of MannKind, stating, "Tyvaso DPI has transformed both United Therapeutics and MannKind's future to fund our respective innovation and growth." Castagna highlighted the company's evolution from $3.8 million in quarterly revenue and a $300 million market cap in 2018 to over $200 million annual run rate (excluding Tyvaso DPI) and a $1 billion market cap. He noted, "Our long-range plan is not dependent on future growth from UT-related revenues." Castagna announced a completed acquisition of sCPharmaceuticals, integrating FUROSCIX into MannKind's cardiometabolic franchise, and reported record quarterly revenue of $112 million for Q4. He pointed to two important regulatory PDUFA dates: Afrezza pediatric indication (May 29) and FUROSCIX ReadyFlow Autoinjector (July 26). Castagna described FUROSCIX's Q4 net sales as $23.3 million, with full-year net sales of $70.4 million, and outlined strategies for accelerating growth, including hospital pull-through, doubling the sales force to 160 reps, and increased marketing ahead of the potential autoinjector launch. He stated, "We believe our investments in these strategic initiatives will support FUROSCIX's growth to achieve a CVR range of $110 million to $120 million in 2026." Afrezza achieved $22.3 million in Q4 U.S. net sales and $74.6 million globally for 2025, including its first commercial shipment to Cipla in India. Castagna highlighted new ADA guidelines positioning inhaled insulin as equivalent to injectable insulins, supporting Afrezza's growth potential, especially in pediatrics. CFO Christopher Prentiss reported, "Q4 2025 revenues by category based on total revenues of $112 million, up 46% from the prior year quarter." He noted collaboration and services revenue of $28 million, with $26 million UT-related, and highlighted a revised supply agreement with UT providing minimum annual quantities an...
PureCycle Technologies press release ( PCT ): Q4 Revenue of $2.7M misses by $3.67M . More on PureCycle Technologies PureCycle and MP Materials top materials stocks in short interest; Greif and ICL show minimal exposure Seeking Alpha’s Quant Rating on PureCycle Technologies Historical earnings data for PureCycle Technologies Financial information for PureCycle Technologies
PureCycle Technologies press release ( PCT ): Q4 Revenue of $2.7M misses by $3.67M . More on PureCycle Technologies PureCycle and MP Materials top materials stocks in short interest; Greif and ICL show minimal exposure Seeking Alpha’s Quant Rating on PureCycle Technologies Historical earnings data for PureCycle Technologies Financial information for PureCycle Technologies
terng99/iStock via Getty Images Energy Recovery, Inc. ( ERII ) reported Q4 '25 results and provided updates on its business strategy and 2026 business guidance , causing the cratering of its stock price 30%+ on the day after the release. The reasons for the stock price decrease are three: the abandonment of the CO2 business effort, recognizing it will be too challenging/expensive to develop; missi...
terng99/iStock via Getty Images Energy Recovery, Inc. ( ERII ) reported Q4 '25 results and provided updates on its business strategy and 2026 business guidance , causing the cratering of its stock price 30%+ on the day after the release. The reasons for the stock price decrease are three: the abandonment of the CO2 business effort, recognizing it will be too challenging/expensive to develop; missing the 2025 desalination guidance; and guiding for a weak 2026 in desalination. These all point towards a 2026 with at best similar profitability, but without the optionality of the CO2 business, plus potentially the risk of further desalination delays. Hopes move to 2027 for a recovery in desalination projects and water profitability. The valuation (adjusted for net cash holdings) has moved to the range of 15/25x earnings after the price collapse, depending on which point of the 2026 guidance is considered. I believe this could be interesting given the still very strong margins of the water business, plus secular tailwinds. However, given execution challenges, I cannot consider this a conservative Buy. I continue to own, but downgrade ERII to a Hold. CO2 business abandonment ERII announced in its letter to shareholders that it will pause its efforts to develop a market for the CO2 pressure exchanger for use in CO2 commercial refrigeration systems. This comes after a year of increasingly grim comments, including Q3 '25 's "customers are indicating that scaled rollouts will take more time than previously hoped. We expect a more measured adoption curve of the PX G," and "We recognize that lower adoption rates can have a corresponding impact on the return profile of the business, and so we remain focused on prudent allocation of capital as this business develops." Still, this was a surprise, given that in the Q3 '25 call , management had also said that "OEMs are still very, very interested in the product, still very interested in the product. We're getting pull. And so it's ju...