格隆汇5月12日｜美国总统特朗普：我们将100%掌握伊朗的核尘埃。

Andrzej Rostek/iStock via Getty Images Introduction When we buy equities, we don't buy them with the expectations of underperforming. We buy with the belief that the price will eventually rise. And if the stock pays a dividend, the income can helps soften the blow during periods of volatility. In the case of the BDC ( BIZD ) sector, I anticipated underperformance due to expected rate cuts and a weakening economy, both of which would pressure BDC's ability to sustain their dividends. Since turning cautious on the sector early last year, many BDCs have underperformed, with many ultimately reducing their dividends. In the case of Carlyle Secured Lending ( CGBD ), my dividend cut prediction proved accurate after management reduced the dividend by 12.5%. While headwinds appear priced in and the dividend reduction give management additional flexibility, I still believe investors should remain cautious and wait to see more financial stabilization before considering a position. In this article, I discuss their latest earnings, why management reduced the dividend, and why the 14% dividend yield & discount to NAV still warrant caution. Previous Thesis During my article on CGBD back in March, I remained cautious as I suspected the BDC was at high risk of potentially reducing the dividend. The sequential decline in the company's bottom line led to deteriorating dividend coverage, putting them at high risk of underperformance. Dividend coverage declined year-over-year from 118% to 82.5%. Although their balance sheet, spillover income, and higher investment activity provided a temporary cushion, I remained cautious and suggested investors wait for more economic clarity. Since, CGBD's price has held relatively steady, up close to 2%. For comparison, the S&P ( SP500 ) is up closer to 10% over the same period. Seeking Alpha Higher Losses Forces A 12.5% Dividend Cut Carlyle Secured Lending reported their Q1 earnings and saw a continued decline in their bottom line. Adjusted net inves...

lcva2/iStock Editorial via Getty Images I previously rated Microsoft Corporation ( MSFT ) ( MSFT:CA ) as a Strong Buy in March 2026, thanks to the improved margin of safety from the prior correction. In this article, I shall discuss why MSFT remains a Strong Buy, given their robust enterprise SaaS/cloud monetization trends and the discounted valuations. MSFT Proves That SaaS Is Not Dead MSFT 1Y Stock Price (Trading View) Since my last Strong Buy rating, MSFT has indeed bottomed in March 2026, with a similar cadence also observed in its hyperscaler/SaaS peers in varying degrees. As the 4th biggest global company by market cap at $3.08T at the time of writing, I am of the opinion that the King of Enterprise SaaS stocks remains extremely compelling here. 1. Robust SaaS/Cloud Prospects This is especially since MSFT has proven the prior market fears of new AI tools potentially disrupting the SaaS sector's per-seat monetization prospects wrong, with the ongoing AI boom merely giving way to the company's new monetization opportunity through usage-based pricing models. For example, the Q1'26 earnings season, or the company's FQ3'26 earnings call, reports their growing Copilot consumption revenues at " nearly 2x quarter-over-quarter " and the usage consumption models resulting "in acceleration in the top line." This is on top of more customers shifting "from a traditional seat model to seats plus consumption" and 60% of their customers in the customer service sector "already purchasing usage-based credits." This reason may also be why MSFT is looking to: fully transition the GitHub Copilot to usage-based billing from June 2026 onwards, to align "usage with costs" with the free-tier still enabled , and continue offering Microsoft 365 Copilot on a per-seat basis, albeit with "access and use agents, priced on a metered basis," amongst others, with the hybrid pricing models allowing them to deliver differentiated value across various audiences, in this case, developers and enter...

lcva2/iStock Editorial via Getty Images I previously rated Microsoft Corporation ( MSFT ) ( MSFT:CA ) as a Strong Buy in March 2026, thanks to the improved margin of safety from the prior correction. In this article, I shall discuss why MSFT remains a Strong Buy, given their robust enterprise SaaS/cloud monetization trends and the discounted valuations. MSFT Proves That SaaS Is Not Dead MSFT 1Y Stock Price (Trading View) Since my last Strong Buy rating, MSFT has indeed bottomed in March 2026, with a similar cadence also observed in its hyperscaler/SaaS peers in varying degrees. As the 4th biggest global company by market cap at $3.08T at the time of writing, I am of the opinion that the King of Enterprise SaaS stocks remains extremely compelling here. 1. Robust SaaS/Cloud Prospects This is especially since MSFT has proven the prior market fears of new AI tools potentially disrupting the SaaS sector's per-seat monetization prospects wrong, with the ongoing AI boom merely giving way to the company's new monetization opportunity through usage-based pricing models. For example, the Q1'26 earnings season, or the company's FQ3'26 earnings call, reports their growing Copilot consumption revenues at " nearly 2x quarter-over-quarter " and the usage consumption models resulting "in acceleration in the top line." This is on top of more customers shifting "from a traditional seat model to seats plus consumption" and 60% of their customers in the customer service sector "already purchasing usage-based credits." This reason may also be why MSFT is looking to: fully transition the GitHub Copilot to usage-based billing from June 2026 onwards, to align "usage with costs" with the free-tier still enabled , and continue offering Microsoft 365 Copilot on a per-seat basis, albeit with "access and use agents, priced on a metered basis," amongst others, with the hybrid pricing models allowing them to deliver differentiated value across various audiences, in this case, developers and enter...

Banca Monte dei Paschi di Siena S.p.A. press release ( BMDPF ): Q1 total revenues stand at EUR 1,960 million. Excluding the contribution from the Mediobanca perimeter, amounting to EUR 925 million, revenues come to EUR 1,034 million, representing an increase compared with same period of the previous year (+2.7%, equal to EUR +27.2 million), driven by a positive trend in net interest income (+0.8%, equal to EUR +4.2 million), net fee and commission income (+3.0%, equal to EUR +11.8 million) and other income from financial operations (+13.1%, equal to EUR +8.7 million). Other operating income and expenses also record a positive performance (EUR +2.6 million). More on Banca Monte dei Paschi di Siena S.p.A. Banca Monte dei Paschi di Siena S.p.A. 2026 Q1 - Results - Earnings Call Presentation Historical earnings data for Banca Monte dei Paschi di Siena S.p.A. Financial information for Banca Monte dei Paschi di Siena S.p.A.

Austevoll Seafood ASA ( ASTVF ): Q1 EPS (adj.) of NOK 3.1. Revenue of NOK 9.81B (flat Y/Y). More on Austevoll Seafood ASA Historical earnings data for Austevoll Seafood ASA Dividend scorecard for Austevoll Seafood ASA Financial information for Austevoll Seafood ASA

Hispanolistic/E+ via Getty Images The CPI rose 0.64% in April, bringing the YoY rate to 3.811%. Both numbers were slightly hotter than expected. Core CPI rose 0.376%, bringing the YoY rate to 2.75%. Both numbers were slightly hotter than expected . Core CPI increased at the fastest pace in four years. By category, core services ex-housing continued its upward trajectory, but core goods CPI dipped, suggesting an annual lapping of the 2025 tariff hit. Digging into the report, supercore CPI was also an upside surprise, adding 0.454% from March to April, taking the annual rate to 3.379%, a multi-quarter high. For consumers, it means decidedly negative real average hourly earnings to begin the second quarter, given the sharp rise in energy costs. The energy component accounted for over 40% of the April consumer price rise. The shelter component also played an outsized role, and that tends to be a badly lagged part of the inflation picture. Gasoline CPI was +28.4% YoY, while electricity CPI printed +6.1% YoY. Used vehicle prices deflated in April, but CPI food at home jumped by the most since August 2022 last month. CPI rates across the board increased from those seen in March, and the market now sees headline CPI potentially climbing toward 4.5% at some point this year, though much hinges on how the conflict in Iran and the reopening of the Strait of Hormuz unfold. Equity futures actually ticked up as the April inflation data were absorbed. The S&P 500 ( SP500 ) was indicated lower by 0.4% heading into the 8:30 a.m. ET report. The same story was seen in the Treasury complex. Yields were up in the pre-market but then eased just marginally post-CPI. The bond market now leans toward a rate hike by early-mid 2027. April CPI hotter than expected Bloomberg CPI YoY 3.8%, highest since May 2023 Trading Economics CPI biggest 2-month jump since May-June 2022 Trading Economics Core CPI 2.8% YoY, highest since last September Trading Economics Core CPI m/m +0.4%, which hasn't been ho...

Bezos family anchors Robin Hood's permanent endowment push with $100 million gift as annual fundraising continues.

美国国防部长皮特・赫格塞思与参谋长联席会议主席丹・凯恩将军，将于周二出席参众两院负责审核五角大楼预算申请的小组委员会听证会。眼下正值伊朗战事期间，特朗普政府正申请1.5万亿美元国防预算。 赫格塞思与凯恩将接连出席参众两院拨款委员会下属、分管国防开支的小组委员会听证会。 这份2027财年1.5万亿美元预算草案，是政府与国会进行年度开支谈判的基准起点，较2026年国防预算大幅增加42%。 赫格塞思在开场陈述中表示，1.5万亿美元的预算申请“诚然是历史性规模”，但同时强调这是一份兼顾财政稳健的预算。 他称：“总统提交的这份预算，体现了当下局势的紧迫程度。” 民主党方面已就伊朗战事及其授权程序提出质疑。民主党众议员罗莎・德劳罗在开场发言中向赫格塞思和凯恩警示：本届政府并未向国会拿出任何清晰、连贯的战略方案。 听证会召开之际，特朗普政府因未就伊朗战争寻求国会授权，遭遇越来越强烈的反对声浪。 多项战争权力决议案推进受阻，但已有两名共和党议员——缅因州联邦参议员苏珊・柯林斯、肯塔基州联邦参议员兰德・保罗——与民主党立场一致，支持推进议案以限制特朗普的战争权限。此外，阿拉斯加州共和党参议员莉萨・穆尔科夫斯基表示，计划提交针对伊朗正式军事行动授权法案。 特朗普总统周一称，他认为伊朗最新和平提案“完全无法接受”，美伊停火局势已岌岌可危。特朗普同时向哥伦比亚广播公司透露，在油价飙升背景下，他计划暂停征收燃油税。 参议院拨款委员会民主党参议员、亚利桑那州的马克・凯利直言，1.5万亿美元的预算规模离谱至极。 他周日做客《与玛格丽特・布伦南面对面》节目时表示：“我五年半前刚进入参议院时，美国国防预算仅7000多亿美元。如今申请金额直接翻倍，几乎等同于全球其他所有国家国防开支的总和。” 赫格塞思上月曾在参众两院军事委员会听证会上作证，称伊朗战事迄今耗资250亿美元；但熟悉内部评估的美国官员当时透露，这场战争实际花销接近500亿美元。 责任编辑：陈钰嘉

When US President Donald Trump’s delegation touches down in Beijing on Wednesday night, he looks to be flanked by a cadre of corporate executives, headlined by a man seen by much of the Chinese public as the most familiar American entrepreneur of his generation: Elon Musk. The Tesla and SpaceX chief’s presence alongside Trump for meetings with President Xi Jinping adds a distinctive commercial and personal layer to a diplomatically delicate trip. “Musk’s inclusion in Trump’s China delegation has...

Here are the key takeaways on the US consumer price index report for April, released Tuesday: The headline CPI climbed 0.6% from a month before, as expected, while the core gauge excluding food and energy costs rose 0.4%, slightly more than forecast, though about 2-in-5 economists had expected at least 0.4%. On a year-on-year basis, the CPI jumped 3.8%, a pace that outstripped workers’ earnings for the first time in three years and marked the highest inflation print since May 2023. The core CPI was up 2.8%, the most since September. Core inflation was affected by a statistical quirk tied to housing costs, which climbed the most since 2024. Data on housing weren’t collected during the government shutdown late last year, and statisticians recorded a flat reading back then that ended up inflating the prices for April. Natixis estimated that owners’ equivalent rent added 0.17 percentage point to core inflation. Energy prices jumped 3.8% on the month, after a 10.9% March surge. Gasoline was up 5.4%. Airfares climbed 2.8% on a monthly basis and some 20.7% on an annual one. A number of economists cautioned against dismissing away the inflationary elements of the report, given risks of higher headline costs feeding through to inflation expectations. Markets showed limited reaction to the report, with two-year Treasury yields staying higher – up about 4 basis points as of 9:17 a.m. in New York, at 3.99%. S&P 500 futures stayed lower, and were down about 0.3%. The Bloomberg Dollar Spot Index remained higher, up about 0.4%. Read the full live blog on the Terminal and online .

Stocks are surging--but they're also developing a case of "bad breadth." That is, most of the gains are coming from a small slice of the market (I'm looking at you, tech).

Leading AI Research Lab signs two-year compute off-take agreement for the ALPHA-01 Enterprise-Scale NVIDIA B200 Deployment of 504 GPUs in Canadian Data CenterROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, May 12, 2026 (GLOBE NEWSWIRE) -- Alpha Compute Corp. (“Alpha Compute” or the “Company”), a pioneering technology leader in AI GPU-as-a-service (GPUaaS) and AI Confidential Compute, today announced it has closed a definitive lease agreement with a leading frontier artificial intelligence laboratory

Energy stocks were rising premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XL

Source: Bloomberg, 3:35

Ford's CATL-backed Michigan battery plant could become a rare model for controlled US-China industrial cooperation.

After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued? Morningstar

IREN Limited ( IREN ) on Tuesday said it priced an upsized $2.6 billion offering of 1.00% convertible senior notes due 2033 in a private placement to qualified institutional buyers. The offering was increased from the previously announced $2 billion. IREN also granted initial purchasers an option to buy up to an additional $400 million of notes within 13 days of issuance. The notes will carry a conversion price of about $73.07 per share, representing a 32.5% premium to IREN’s May 11 closing price of $55.15. IREN said it expects net proceeds of about $2.57 billion, which it plans to use for general corporate purposes, working capital, and capped call transactions intended to reduce potential share dilution from note conversions. The notes are scheduled to settle on May 14, subject to customary closing conditions. IREN +0.22% premarket to $55.27. Source: Press Release More on IREN Limited IREN: On Track To 10X Its ARR By 2028 IREN's Real Moat Is Becoming Clearer Twenty One Capital sees lowest short interest in April among mid-mega cap firms IREN drops 8%, announces $2B convertible notes offering

佰维存储公告，控股子公司广东芯成汉奇拟增资扩股并引入外部投资者国创科技，国创科技将以4550万元认购新增注册资本252.78万元。公司及员工持股平台均放弃本次增资的优先认购权。增资完成后，佰维存储持有广东芯成汉奇的股权比例将由70%变更为68.2742%，广东芯成汉奇仍为公司合并报表范围内的控股子公司。本次交易已获董事会审议通过，不构成关联交易和重大资产重组。

财联社5月12日讯（编辑 冯轶） 今日港股继续窄幅震荡。截至收盘，恒生指数跌0.22%，国企指数跌0.02%，恒生科技指数跌0.7%。 【恒指于26000点上方缩量震荡 市场情绪谨慎】 盘面上，大型科网股涨跌不一，快手涨约2%，网易涨1.8%，腾讯跌1.55%，百度、小米、阿里巴巴均飘绿。 上涨的板块中，石油、黄金、铜业等资源股涨幅居前。此外，新能源、金融等板块也保持活跃。 下跌的板块中，半导体、光通信、存储等热门AI概念短线调整，地产、汽车等行业也有所走跌。 整体上看，港股短线情绪再度谨慎。今日恒指缩量调整，继续在26000点上方整固，全天成交2626.47亿港元。 沽空层面，今日总沽空金额为310.97亿港元，相当于恒指成交额的11.84%，场内空头持续回避。 快手-W、腾讯控股、阿里巴巴-W沽空金额位居前三，分别为16.35亿港元、13.22亿港元、10.91亿港元。 【AI主线高位调整 科技泡沫论引发分歧】 行情层面，今日AI主线调整引发市场关注，各大板块涨跌分化。 短线而言，科技泡沫论再度引发热议，成为全球风险偏好的核心锚点。 海外方面，“大空头”Michael Burry警告称，纳斯达克100指数面临急剧反转，因科技股估值过高。 此外，据摩根士丹利的最新客户报告显示，全球对冲基金加大了对亚洲的投资，上周韩国、日本和中国台湾股票的买入量达到10年来的最高水平。而目前亚洲市值最高的三家公司都是芯片制造商，即台积电、三星电子和SK海力士。 综合来看，经过一轮加速上涨行情后，围绕半导体和硬件领域的一系列超买信号正在全球范围内浮现。 但中金也指出，AI“主导”了近期市场表现，也“主导”了盈利与增长。AI现在仍未到典型的“泡沫”阶段，但投资相对需求和能力的“抢跑”也是客观存在的，这也是AI过去几年都是在波折中前行的主要原因。 值得一提的是，复盘2023年以来的AI行情都不是单边上行，粗略看一般是快速上涨两个季度后，泡沫担忧增加，震荡或走弱一个季度以等待新催化剂。 【A股同步缩量调整 机构看好各类资产继续修复】 与此同时，今日A股也同步调整，沪深两市成交额3.24万亿，较上一个交易日缩量2962亿，成交额连续5个交易日超3万亿。 盘面上，市场热点较为杂乱，中小盘股走势较弱，全市场超4000只个股下跌。 展望后市，中信建投研报称，自4月美伊谈判开启，战争尾部风险大幅下降...

格隆汇5月12日｜据内蒙古自治区纪委监委消息，内蒙古自治区党委金融工作委员会副书记马保国涉嫌严重违纪违法，目前正接受内蒙古自治区纪委监委纪律审查和监察调查。

Nadja Wohlleben/Getty Images News Ukraine's President Volodymyr Zelenskyy said he met Palantir Technologies' ( PLTR ) CEO Alex Karp, ​as Kyiv boosts efforts to use AI to gain an edge in the war with Russia. Zelenskyy said the two discussed areas of technological development in the context of combat operations and civilian needs. "A good meeting with the CEO of Palantir Technologies, Alex Karp. Step by step, we are developing cooperation with the American defense sector. Palantir is a renowned global company with strong potential, and there certainly are areas where we can be useful to one another, strengthening the defense of Ukraine, America, and our partners. We discussed areas of technological development – both in the context of combat operations and civilian needs. We agreed that our teams will stay in touch," said Zelenskyy in a post on X on Tuesday. Palantir said in a post on X that "the deployment of Palantir’s software on the battlefield in Ukraine has helped defend the brave people of Ukraine against Russia’s aggression since 2022 — and it will define how the entire West fights and wins for decades." The company added that "we are proud to be part of it and to strengthen our partnership with Ukraine." Ukraine had launched a project with Palantir called Brave1 Dataroom a few months ago to ⁠help intercept Russian drones. About three months ago, Ukraine's Defense Minister Mykhailo Fedorov said in a post on LinkedIn that the primary goal of Brave1 Dataroom is to equip interceptor drones with AI. On Tuesday Fedorov said in a post on LinkedIn that the results of the cooperation were the following: built a detailed air attack analysis system; deployed AI solutions for processing large volumes of intelligence data; and integrated technologies into deep strike operations planning. "A separate direction is the BRAVE1 Dataroom, created jointly with Palantir. This platform gives developers access to real battlefield data for training AI models. More than 100 companies...

专题：美国4月消费者物价同比上涨3.8%，创2023年5月以来新高 核心要点 经季节性调整，美国 4 月消费者物价指数（CPI）环比上涨 0.6%，同比升至 3.8%，为 2023 年 5 月以来最高水平。 剔除食品和能源后，核心 CPI 环比上涨 0.4%、同比上涨 2.8%，通胀仍远高于美联储 2% 的政策目标。 尽管能源价格（尤其汽油）是推 高通 胀的主因，但通胀压力已蔓延至多个其他领域。 这份数据对劳动者同样利空：实际时薪环比下滑 0.5%，同比下降 0.3%。 4 月美国各类商品和服务消费者物价涨幅超预期，进一步加剧市场对通胀冲击美国经济的担忧。 美国劳工统计局周二公布，4 月 CPI 经季调 环比上涨 0.6% ， 同比升至 3.8% 。环比数据符合市场预期，同比则高出 道琼斯 市场共识预期 0.1 个百分点。 剔除食品、能源的 核心 CPI 环比上涨 0.4%、同比上涨 2.8%，通胀水平仍大幅高于美联储 2% 的目标。美联储官员认为，核心通胀更能反映长期通胀趋势。 此次整体通胀同比增速创下 2023 年 5 月以来新高，较 3 月上行 0.5 个百分点；核心通胀同比也抬升 0.2 个百分点。 能源价格当月飙升 3.8%，再度成为通胀走高的主要推手；食品价格环比也上涨 0.5%。能源类价格近 12 个月累计涨幅达 17.9%，食品价格同比上涨 3.2%；汽油价格同比大涨 28.4%。 虽然能源、尤其是汽油成为市场关注焦点，但通胀压力已扩散至其他多个领域。 住房成本在经历前几个月放缓后，4 月环比回升 0.6%，说明通胀问题已超出伊朗局势带来的冲击范围。受关税影响显著的服装品类环比上涨 0.6%，机票价格环比大涨 2.8%，同比涨幅高达 20.7%。关税影响同样波及其他领域，家居用品及家政服务价格环比上涨 0.7%。 这份通胀数据对工薪阶层不利： 实际平均时薪 环比回落 0.5%，同比下降 0.3%。 数据公布后，美股股指期货走弱，美债收益率走高。据芝加哥商品交易所（CME）数据，交易员将美联储年内加息概率上调至约 30%。 海军联邦信用联盟首席经济学家希瑟・朗表示：“通胀已是当下美国经济的主要拖累，正在切实损害民众生活，居民财务压力显著加大。三年来首次出现通胀完全吞噬薪资涨幅的局面，中低收入家庭明显遭受冲击。” 最新通胀数据出炉之际，美联储正处在政策十...

当地时间5月12日，美国电动汽车制造商 特斯拉 宣布，将投资约2.5亿美元用于扩建其位于德国柏林近郊格伦海德（Gruenheide）的超级工厂，旨在显著提升该基地的电池电芯产能并强化供应链。 根据特斯拉发布的声明，此次增资将使该厂电池年产能由目前的8吉瓦时（GWh）提升至18吉瓦时。公司指出，随着生产规模的扩大，该工厂对当地劳动力的需求也将大幅增长。 特斯拉方面强调，此次扩产是其实现生产一体化战略的关键环节。公司计划到2027年，在格伦海德工厂实现从电池电芯制造到整车组装的完整闭环生产，以进一步提升生产效率并优化运营成本。 责任编辑：龙运翔

格隆汇5月12日｜美国国防部长皮特・赫格塞思与参谋长联席会议主席丹・凯恩将军，将于周二出席参众两院负责审核五角大楼预算申请的小组委员会听证会。眼下正值伊朗战事期间，特朗普政府正申请1.5万亿美元国防预算。 赫格塞思与凯恩将接连出席参众两院拨款委员会下属、分管国防开支的小组委员会听证会。 这份2027财年1.5万亿美元预算草案，是政府与国会进行年度开支谈判的基准起点，较2026年国防预算大幅增加42%。 赫格塞思在开场陈述中表示，1.5万亿美元的预算申请“诚然是历史性规模”，但同时强调这是一份兼顾财政稳健的预算。 他称：“总统提交的这份预算，体现了当下局势的紧迫程度。” 民主党方面已就伊朗战事及其授权程序提出质疑。民主党众议员罗莎・德劳罗在开场发言中向赫格塞思和凯恩警示：本届政府并未向国会拿出任何清晰、连贯的战略方案。参议院拨款委员会民主党参议员、亚利桑那州的马克・凯利直言，1.5万亿美元的预算规模离谱至极。

NHS England confirms: Palantir staff can access patient data The Register

Amazon launched its debut Swiss franc bond in a record six-part deal

Picture a first-time investor who sinks $200 into Intel shares and watches the position climb to $850, a 280% gain. The instinct is to feel like a genius and let it ride. According to Robert Croak and Austin Hankwitz of the Rich Habits Podcast, that instinct is the single biggest mistake beginner investors make. The ... The Biggest Mistake Beginner Investors Make, According to the Rich Habits Podcast

Guido Mieth/DigitalVision via Getty Images Westrock Coffee Company ( WEST ) just reported Q1 earnings , which were received very well by the market, and since I haven’t covered the company in well over a year, I thought I’d go through the latest developments. I'll explore why I am still not quite convinced, but the company is getting a lot more attractive now that operations have improved dramatically from before. Latest numbers Revenue for the quarter came in at $308.8m, up 44% y/y, which beat estimates by around $24m. A decent beat and great growth. Let’s look at the breakdown in revenues in more detail. Beverage solutions, which made up the majority of sales, with over 77% of total revenues, grew a whopping 45.9% to $239.3m, while Sustainable Sourcing & Traceability, which made up the rest of net sales of $69.5m, also saw an impressive growth of 39.8%. Even though these were very impressive results, I think the star of the show was the company’s operational improvements. Overall gross profit came in at $45.8m, up 57.4%, and gross margin was around 15% vs 13.6% last year. Consolidated Adjusted EBITDA came in at $26m, which has more than tripled compared to the same time last year, when it was $8.2m. The company attributed this massive improvement to all five production lines being commercialized. Looking at the segment profitability, Beverage Solutions saw its adjusted EBITDA increase by 142.9% y/y to $23.3m, while SS&T grew its EBITDA by 242% to $6.5m. We can see that the company managed to reach scale and gained a lot of operational leverage as profitability improved tremendously, because with the extra facilities in play, the fixed costs were able to be spread out across the whole operation a lot more efficiently. On a GAAP basis, the company is still unprofitable, with Q1 GAAP EPS coming in at ($0.09), but it beat estimates by a whopping 6 cents. That was quite a huge surprise. Let’s take a look at the company’s financial position. WEST finished the quarter wi...