Philip Hoeppli/iStock via Getty Images I assign a Strong Buy rating to Gold Royalty Corp ( GROY ) stock. The elimination of the $40 million, 10% convertible debentures and the shift to a net-cash balance sheet change Gold Royalty's risk profile. The immediate integration of the Pedra Branca cash flows and adding ~$7.9 million annually along with the Borborema commercial production ramp-up (guarant...
Philip Hoeppli/iStock via Getty Images I assign a Strong Buy rating to Gold Royalty Corp ( GROY ) stock. The elimination of the $40 million, 10% convertible debentures and the shift to a net-cash balance sheet change Gold Royalty's risk profile. The immediate integration of the Pedra Branca cash flows and adding ~$7.9 million annually along with the Borborema commercial production ramp-up (guarantees strong) organic FCF without the need for more equity dilution. As of now, GROY stock trades at a deeply discounted 1.37x Price-to-Book and ~1.4x P/NAV that is progressing towards the mega-cap average of 2.1x with a long-term growth outlook of 367% (vs 2024) is a huge multiple-expansion potency. The downside risks to my Strong-Buy thesis are the engineering delays (idiosyncratic) at the Vareš mine and the cap-table dynamics (unpredictable) introduced by Tether's 10% equity block. However, the fully funded low-execution-risk 2029 growth profile of 23,000 to 28,000 Gold Equivalent Ounces [GEOs] overrides these localized risks and demands a higher premium valuation, in my opinion. Gold Royalty Corp. IR Volumetric Multiplier Effect Embedded Within Strategic Acquisitions For the long term, the bullish catalyst is the volumetric multiplier effect within its strategic acquisitions that are smartly timed with a total elimination of its high-cost debt. Wall Street is currently pricing GROY stock ( 220%+ 1Y price performance ) based on a static progression toward its 2029 guidance of 23,000 to 28,000 GEOs based on a discounted 1.4x Price-to-Net Asset Value [P/NAV] (as of December 2025) multiple compared to the 2.1x category-average. However, my focus is on the compounding leverage of operator-based mill expansions intersecting with GROY's newly deleveraged balance sheet. The $70 million cash acquisition of the Pedra Branca royalty (25% NSR on Gold, 2% NSR on Copper) from BlackRock ( BLK ) is an important catalyst ( financing upsized to $103.5 Million ). Earlier, this asset was ope...
On Monday, xAI CEO Elon Musk escalated his feud after Amazon.com, Inc. (NASDAQ:AMZN)-backed Anthropic accused Chinese firms like DeepSeek of copying its Claude model. Anthropic Alleges ‘Industrial-Scale' AI Distillation Anthropic said that Chinese AI companies, including DeepSeek, Moonshot AI and MiniMax, orchestrated what it described as "industrial-scale" distillation attacks on its Claude model...
On Monday, xAI CEO Elon Musk escalated his feud after Amazon.com, Inc. (NASDAQ:AMZN)-backed Anthropic accused Chinese firms like DeepSeek of copying its Claude model. Anthropic Alleges ‘Industrial-Scale' AI Distillation Anthropic said that Chinese AI companies, including DeepSeek, Moonshot AI and MiniMax, orchestrated what it described as "industrial-scale" distillation attacks on its Claude model. We've identified industrial-scale distillation attacks on our models by DeepSeek, Moonshot AI, and
"You Owe Us" Is The Mantra Of The Left Via The Daily Signal, This is a lightly edited transcript of a segment from today’s edition of “Victor Davis Hanson: In His Own Words” from Daily Signal Senior Contributor Victor Davis Hanson. Subscribe to Hanson’s own YouTube channel to watch past episodes. Sami Winc: Two things that came together for me. One was [New York City Mayor Zohran] Mamdani’s 9.5% i...
"You Owe Us" Is The Mantra Of The Left Via The Daily Signal, This is a lightly edited transcript of a segment from today’s edition of “Victor Davis Hanson: In His Own Words” from Daily Signal Senior Contributor Victor Davis Hanson. Subscribe to Hanson’s own YouTube channel to watch past episodes. Sami Winc: Two things that came together for me. One was [New York City Mayor Zohran] Mamdani’s 9.5% increase in the property tax for New Yorkers, but not that alone. I’m sure our audience has read about that. But I was looking at Power Line. I always like to give a shout-out to them because they have some great articles, and they were comparing New York State’s budget versus Florida’s budget. And they came up with, well, it’s only half at the state level. So, I thought, well, let’s look at the city level, New York City versus Miami. And while the billions that each of them has to spend is not meaningful in and of themselves. So, for example, New York City’s budget is $127 billion while Miami’s is only $3.4. But that being said, per citizen, what has to be paid into these cities? And so, for Mamdani, each of his citizens has to pay $14,431 in for his budget. And in Miami, it’s just half of that, at just under $7,000 per citizen. Victor Davis Hanson: And it’s more disproportionate because in New York, the number of people who are actually paying taxes is a much smaller percentage than in Miami. He inherited the city that was this blue-chip financial market, this cultural, financial capital of the world, and the first thing he did was raise spending by $11 billion. Second thing he did was prove that he couldn’t get the trash or the snow off the street during the storm. Third thing he did, it was very hard to find an appointee who somewhere in their dark history had not issued or written something antisemitic. All he does is smile and try to be … basically, his message is: I’m not Lenin, and Trotsky or Stalin. I’m the nice, happy-faced communist , and you’re going to like me, ...
Earnings Call Insights: Valens Semiconductor (VLN) Q4 2025 Management View CEO Yoram Salinger introduced himself, emphasizing his background in scaling technology companies and his intent to focus Valens on its core markets. Salinger stated, “We expect that in 2026, our revenues will reach between $75 million and $77 million. The midpoint reflects growth approximately 8% over last year.” He noted ...
Earnings Call Insights: Valens Semiconductor (VLN) Q4 2025 Management View CEO Yoram Salinger introduced himself, emphasizing his background in scaling technology companies and his intent to focus Valens on its core markets. Salinger stated, “We expect that in 2026, our revenues will reach between $75 million and $77 million. The midpoint reflects growth approximately 8% over last year.” He noted that the company will provide single-year growth projections due to macroeconomic uncertainty and reduced visibility beyond the near term. Salinger outlined a strategic shift: “From now on, we are concentrating our resources on our core businesses, audio-video and automotive. Those are the markets where Valens brings unmatched technology leadership and where we see sustained profitable growth opportunities.” The CEO highlighted significant product performance: VS3000 sales nearly doubled year-over-year, transitioning into mainstream products, and VS6320 sales grew by nearly 25% in 2025. Salinger described the VS3000 as “basically the most suitable option” for demanding audio-video installations and forecasted continued growth for both chipsets. In automotive, the VA7000 chipset secured a new design win for a Chinese OEM, bringing total VA7000 A-PHY design wins to four globally. Salinger called the company a “pillar within the growing A-PHY ecosystem.” Salinger also announced a workforce reduction of approximately 10%, expected to save around $5 million annually, to optimize cost structure and enable continued investment in core business segments. CFO Guy Nathanzon reported, “We generated quarterly revenue of $19.4 million, which exceeded our guidance range of $18.2 million to $18.9 million. This compared to revenues of $17.3 million in Q3 2025 and $16.7 million in Q4 2024.” He noted cross-industry business accounted for 70% of revenue with automotive at 30% for Q4 2025. Outlook Management expects Q1 2026 revenue between $16.3 million and $16.7 million. Full-year 2026 revenu...
Earnings Call Insights: ADMA Biologics (ADMA) Q4 2025 Management View Adam Grossman, Co-Founder, President, CEO & Director, stated that "ADMA delivered a strong finish to 2025, reflecting disciplined execution across our commercial, manufacturing and financial platforms." Grossman highlighted that total revenue for the full year was $510 million, with adjusted EBITDA at $231 million and adjusted n...
Earnings Call Insights: ADMA Biologics (ADMA) Q4 2025 Management View Adam Grossman, Co-Founder, President, CEO & Director, stated that "ADMA delivered a strong finish to 2025, reflecting disciplined execution across our commercial, manufacturing and financial platforms." Grossman highlighted that total revenue for the full year was $510 million, with adjusted EBITDA at $231 million and adjusted net income at $161 million. He emphasized ASCENIV as the engine of growth, achieving $363 million in net revenue and 51% year-over-year growth, positioning it for continued market penetration in 2026. Grossman also addressed working capital, noting expectations for improvement over 2026 as distribution agreements, including one with McKesson, ramp up. He outlined a major plasma network restructuring, including monetizing three plasma centers and securing long-term supply agreements, resulting in access to over 280 collection centers and improved supply visibility into the late 2030s. Grossman announced the retirement of CFO Brad Tade and the appointment of Terry Kohler as incoming CFO, citing Kohler's expertise in working capital optimization and financial execution. Brad Tade, CFO & Treasurer, stated, "Our full year 2025 financial results demonstrate ADMA's consistent execution, expanding profitability and earnings power." Tade reported fourth quarter revenue of $139.2 million and a corporate gross margin of 63.8% for Q4. He said that ADMA ended 2025 with $88 million in cash and expects improved cash generation in 2026 due to higher margins and improved working capital. Terry Kohler, incoming CFO & Treasurer, said, "The company has built a differentiated platform with high demand, increasing margins and a clear path to increasing cash generation. My focus will be on supporting disciplined execution, strengthening working capital performance and cash conversion and enhancing financial strategy as we scale." Outlook ADMA projects total revenue to exceed $635 million in 2026 a...
Brett Schulman, Co-Founder and CEO of CAVA, discusses how the company has been able to outpace inflation and competitors while maintaining high-quality ingredients, convenient multichannel access, and a strong customer experience. He speaks with Romaine Bostick on “The Close.” (Source: Bloomberg)
Brett Schulman, Co-Founder and CEO of CAVA, discusses how the company has been able to outpace inflation and competitors while maintaining high-quality ingredients, convenient multichannel access, and a strong customer experience. He speaks with Romaine Bostick on “The Close.” (Source: Bloomberg)