Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.</li><li>The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.</li><li>Positively, Unity's Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.</li></ul>

Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.Positively, Unity's Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.

Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!

<ul><li>Unity Technologies' second-quarter performance in 2025 showcased notable progress and challenges across its operational segments.</li><li>The company's financial results exceeded expectations, highlighting strengths in both the Grow and Create segments.</li><li>The total revenue surpassed the high end of guidance by $16 million, and adjusted EBITDA exceeded projections by $15 million.</li></ul>

Unity Technologies' second-quarter performance in 2025 showcased notable progress and challenges across its operational segments.The company's financial results exceeded expectations, highlighting strengths in both the Grow and Create segments.The total revenue surpassed the high end of guidance by $16 million, and adjusted EBITDA exceeded projections by $15 million.

Unity Software: Geographic Expansion, Market Penetration & Other Factors Powering Our Optimism!

<ul><li>Unity Technologies recently reported their earnings, presenting both its positive strides and current challenges in the first quarter of 2025.</li><li>The company's results exceeded expectations in several areas, notably in revenue and adjusted EBITDA, surpassing high-end guidance by 5% and 29% respectively.</li><li>The company attributed this growth to its unified efforts in the Grow and Create segments, both of which exhibited considerable strength.</li></ul>

Unity Technologies recently reported their earnings, presenting both its positive strides and current challenges in the first quarter of 2025.The company's results exceeded expectations in several areas, notably in revenue and adjusted EBITDA, surpassing high-end guidance by 5% and 29% respectively.The company attributed this growth to its unified efforts in the Grow and Create segments, both of which exhibited considerable strength.

Unity Software: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

<ul><li>Unity Technologies has managed to deliver a notable performance in the latest quarter, surpassing its guidance on both revenue and adjusted EBITDA.</li><li>The revenues from its strategic portfolio increased, and its adjusted EBITDA not only beat the high end by 26% but was also supported by a solid free cash flow showing a 74% increase from the previous year.</li><li>A significant advancement was seen in Unity's Create solutions, with revenues rising by 9% year-over year, fueled by a 15% increase in subscriptions.</li></ul>

Unity Technologies has managed to deliver a notable performance in the latest quarter, surpassing its guidance on both revenue and adjusted EBITDA.The revenues from its strategic portfolio increased, and its adjusted EBITDA not only beat the high end by 26% but was also supported by a solid free cash flow showing a 74% increase from the previous year.A significant advancement was seen in Unity's Create solutions, with revenues rising by 9% year-over year, fueled by a 15% increase in subscriptions.

Unity Software Inc.: Unity Vector Transition As A Significant Endeavor To Revitalize Growth!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

United States

Unity Software Inc. provides software solutions. The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Unity Software serves customers worldwide.

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Unity Software (U US)

Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!

Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations. The company...

Baptista Research

Unity Software: Geographic Expansion, Market Penetration & Other Factors Powering Our Optimism!

Unity Technologies' second-quarter performance in 2025 showcased notable progress and challenges across its operational segments. The company's...

Baptista Research

Unity Software: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

Unity Technologies recently reported their earnings, presenting both its positive strides and current challenges in the first quarter of 2025. The...

Baptista Research

Unity Software Inc.: Unity Vector Transition As A Significant Endeavor To Revitalize Growth!

Unity Technologies has managed to deliver a notable performance in the latest quarter, surpassing its guidance on both revenue and adjusted...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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