In today’s briefing:
- NVDA 2Q26 (Jul-25) Small Beat. 3Q26 (Sept-25) Small Beat. Everything Is on Track, Don’t Blink.
- Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
- Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
- Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market
- Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW
- Tuya, Inc: 2Q25 Growth Continues in a Challenging Environment
- APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?
- Unit Corp – Updating Projections After a Strong Q2
- Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!
- Choice Hotels International: Enhanced Effective Royalty Rates & Partnership Revenue Expansion…
NVDA 2Q26 (Jul-25) Small Beat. 3Q26 (Sept-25) Small Beat. Everything Is on Track, Don’t Blink.
- 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus.
- 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.
- The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28.
Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
- The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd.
- . As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
- The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024.
Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
- Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
- The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.
- Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.
Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market
- Gevo is focused on making cost-effective, scalable, drop- in fuels and chemicals.
- These include low-carbon ethanol, synthetic aviation fuel (SAF), renewable natural gas (RNG), and other products.
- Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities into products that satisfy significant global demand, like SAF.
Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW
- Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.
- The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.
- Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys.
Tuya, Inc: 2Q25 Growth Continues in a Challenging Environment
- Tuya reported another solid quarter in a challenging environment, with revenue of $80.1 million, up 9% Y/Y. Gross margin increased Y/Y by 40 bps to 48.4%, while PaaS revenue increased 7% Y/Y to $58.1 million.
- Cash and equivalents decreased to $1,006 million due to a cash dividend and the company has no debt.
- Management had noted that the rollercoaster of 1Q25 could continue, and it seems to have done just that.
APA Corporation Partners with TotalEnergies—Will This Offshore Alliance Be a Game-Changer?
- The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.
- The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.
- The quarter’s performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.
Unit Corp – Updating Projections After a Strong Q2
Last week, I spoke to the CFO of Unit Corp and wanted to share a brief update (full notes from my call below).
The big surprise this quarter was that production GREW (+16% y/y in the quarter). I’ve become used to seeing 10% to 15% annual declines, and while management had guided that production would start to flatten out given increased drilling activity, it was still very nice to see.
- The company is in the process of drilling 2 net new wells this year and results have been quite strong.
Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!
- Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.
- The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.
- The company’s customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.
Choice Hotels International: Enhanced Effective Royalty Rates & Partnership Revenue Expansion…
- Choice Hotels International reported its second-quarter 2025 financial results, reflecting both strategic advancements and noticeable challenges.
- The company reported significant achievements, with adjusted EBITDA hitting $165 million, marking a year-over-year increase.
- This was driven by a more than 2% net increase in global rooms, including a 3% rise in more revenue-intensive rooms.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
