bjdlzx/E+ via Getty Images Note: I have discussed Aviat Networks, Inc. ( AVNW ) or "Aviat Networks" previously, so investors should view this as an update to my earlier coverage of the company. After the close of Monday's regular session, leading wireless transport and access solutions provider Aviat Networks reported disappointing Q3/FY2026 results, with both sales and profitability coming in wel...
bjdlzx/E+ via Getty Images Note: I have discussed Aviat Networks, Inc. ( AVNW ) or "Aviat Networks" previously, so investors should view this as an update to my earlier coverage of the company. After the close of Monday's regular session, leading wireless transport and access solutions provider Aviat Networks reported disappointing Q3/FY2026 results, with both sales and profitability coming in well below consensus expectations. Company Press Releases / Regulatory Filings On the conference call , management attributed the weak performance to two major factors: The conflict in the Middle East which has resulted in certain projects being pushed out. Unfavorable end-of-quarter demand shifts by a number of Tier 1 customers. In aggregate, quarterly sales were impacted by approximately $9 million. Lower volumes in combination with an unfavorable regional and product mix resulted in gross margins declining to a new 18-month low. While impacted by project delays, the company's Africa and Middle East region was the sole bright spot in the quarter: Company Press Releases / Regulatory Filings Despite an aggregate $25.8 million working capital benefit from lower accounts receivable, unbilled receivables and inventories, free cash flow was negative $5.4 million mostly due to a $33.3 million sequential reduction in accounts payable of which approximately $11.0 million was paid to NEC Corporation or "NEC" ( NIPNF , NECPY ). Remember that Aviat Networks acquired NEC's wireless transport business in late 2023 for $65.5 million in cash and stock, subject to working capital adjustments. In the second half of calendar year 2025, NEC issued letters of arbitration to the company demanding $19 million of additional component purchases and payment of outstanding accounts payable balances, as disclosed in Aviat Networks' quarterly report on form 10-Q. Since the end of FY2025, Aviat Networks has reduced outstanding NEC accounts payable balances from $41.7 million to $24.9 million. The company...
Hans Wismeijer/iStock via Getty Images Introduction I have been covering and investing in Aris Mining ( ARIS ) since mid-2025, when it appeared on my radar screen, not from equity but as a debt investment. I recently had the opportunity to speak with management, which clarified operating and development issues. While gold has lost some of its safe-haven status amid the ongoing Iran war and oil sho...
Hans Wismeijer/iStock via Getty Images Introduction I have been covering and investing in Aris Mining ( ARIS ) since mid-2025, when it appeared on my radar screen, not from equity but as a debt investment. I recently had the opportunity to speak with management, which clarified operating and development issues. While gold has lost some of its safe-haven status amid the ongoing Iran war and oil shock , it should remain over $4,000/oz. Aris is set to nearly quadruple production by 2031 and remains my top pick in the gold sector. Operating Update In my conversation with management, I clarified several items, including the contract mining issue. While many companies utilize contractors, Aris has a sizable chunk of ore extraction contracted to some 50-odd companies that receive a percentage of the refined gold production, which accounts for about 35% of costs. The rationale behind this, rather than using wholly owned operators, is to ensure community harmony. The Colombian mines have been in operation for hundreds of years, and communities are key stakeholders with considerable expertise; incorporating them into the mines' profitability makes good business sense. In my experience analyzing the mining sector, communities are more important than regulations and taxation; they can close a mine faster than other issues. The second topic was the company's expansion. The two current mines (Marmato & Segovia) are on schedule to reach 500k oz by 2028, with the bulk of the volume gains occurring in 2027, as detailed in the table below. The next expansion should be in Guyana, where Aris has the environmental license. They could break ground in early 2027 with the first gold in 2029. This adds about 50% to the 500k oz level. The last development should be Soto Norte, with production starting in 2030, and bring Aris to 1m oz in 2031. The Soto Norte mine is extremely low-cost due to its ore body concentration and should reduce the overall cash cost curve once in operation. Assuming a...
Figure CEO Says Humanoid Robots Could Soon Enter Homes For $600 A Month Figure's CEO told Sourcery's Molly O'Shea that the humanoid robotics company is preparing for a "near-term" push to bring humanoid robots into homes, where they would perform basic household tasks under a consumer subscription model that could cost "hundreds per month," similar to a car lease. Molly O'Shea asked Figure CEO Bre...
Figure CEO Says Humanoid Robots Could Soon Enter Homes For $600 A Month Figure's CEO told Sourcery's Molly O'Shea that the humanoid robotics company is preparing for a "near-term" push to bring humanoid robots into homes, where they would perform basic household tasks under a consumer subscription model that could cost "hundreds per month," similar to a car lease. Molly O'Shea asked Figure CEO Brett Adcock: "In the near term, what do you see as the first commercial application for these robots? Like, is it gonna be in the home? Is it gonna be in the factory?" Adcock responded: "In the near term, we're gonna be selling these into the home. So you can lease a Figure 03 for something like $600 a month." He continued: "Yeah. You can plug it into a wall outlet, and it'll go to its dock and charge. I want it to do the laundry every day, dishes every day, and tidy the house multiple times a day. That's what I want." . @adcock_brett says in the "near term" @Figure_robot will sell humanoid robots for the home for ~$600/month: "You can plug it in a wall outlet, it'll go to its dock and charge." "I want it to do the laundry every day, dishes every day, and tidy the house multiple times a day." https://t.co/z1GlCILVW9 pic.twitter.com/n8lFocjUy1 — sourcery (@sourceryy) May 5, 2026 Adcock posted a chart on Threads showing, he said, "Humanoid robots manufactured at Figure by month," revealing a clear production ramp. However, the chart lacked a Y-axis, leaving the actual shipment numbers unclear. Forbes pointed out that shipments may have climbed from roughly 60 units in February to 120 in March and 240 in April. However, those shipment numbers remain far below China's Agibot, which reportedly shipped 5,000 humanoids over three months. Our latest note on the humanoid robot space, including UBS's delivery estimates, is available here . Tyler Durden Tue, 05/05/2026 - 22:10
Stocks in the Chinese mainland and across Asia rose on Wednesday morning, after US President Donald Trump said he would hold off on a contentious escort operation in the Strait of Hormuz and several US tech giants reported strong earnings. The markets on the Chinese mainland reopened trading after the Labour Day holiday, with the CSI 300 Index climbing 0.7 per cent as of 9.32am local time and the ...
Stocks in the Chinese mainland and across Asia rose on Wednesday morning, after US President Donald Trump said he would hold off on a contentious escort operation in the Strait of Hormuz and several US tech giants reported strong earnings. The markets on the Chinese mainland reopened trading after the Labour Day holiday, with the CSI 300 Index climbing 0.7 per cent as of 9.32am local time and the technology-heavy Star Market in Shanghai surging 5 per cent. Other major Asian markets all edged up....