Daily Brief TMT/Internet: Intrusion , Seagate Technology Holdings PL, Marathon Digital Holdings, Riot Blockchain, Shibaura Electronics, GA Technologies, Amesite and more

• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
• Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

• GA Technologies is a high-growth PropTech leader in Japan, driving the digital transformation of the traditionally analog real estate industry through its comprehensive online platform, RENOSY.
• The company has demonstrated an exceptional revenue growth trajectory, underpinned by its core RENOSY marketplace and the expansion of its B2B SaaS offerings through its subsidiary, ITANDI. Recent M&A activity signals a strategic push into data-driven services and international markets, including the US.
• While profitability is improving, margins remain thin, and the business is exposed to the cyclical nature of the real estate market and rising competition. Future success hinges on scaling its platform, achieving operating leverage, and successfully integrating acquisitions.

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• Amesite has strategically pivoted from a broad e-learning platform to a specialized AI-driven solutions provider for the healthcare sector, with its flagship product, NurseMagic™, at the forefront. This application is designed to significantly reduce the time healthcare professionals spend on documentation.
• The company is in its early growth stage, characterized by recent revenue increases driven by the adoption of NurseMagic™. However, Amesite is not yet profitable and has a history of operating losses, relying on capital raises to fund its operations.
• The successful scaling of NurseMagic™ and the ability to achieve profitability are the key determinants of Amesite‘s future success. The company’s performance is closely tied to its ability to penetrate the healthcare market and compete with both established and emerging players in the AI-powered healthcare solutions space.

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