Podcast Episodes

Veritone (VERI) Q4-25 earnings: Sold out of AI data & the fast-food camera barter

Veritone’s Q4 2025 results reveal a company so starved for AI training data that they are literally bartering software for access to fast-food securi…

4 months ago

PONY AI (PONY) Q4-25 earnings: The $132M trading illusion & the zero-CapEx robotaxi

Pony AI posted a historical first-ever GAAP profit in Q4 2025, but the autonomous driving company made it by playing the stock market, not the street…

4 months ago

Argan (AGX) Q4-26 earnings: Building the physical AI grid & the 25% margin pop

Argan’s Q4 2026 earnings highlight an incredible 25% gross margin achieved simply by finishing a mega-project two months ahead of schedule.

In ~10 min…

4 months ago

Karman Holdings (KRMN) Q4-25 earnings: The $1B backlog & the cost-plus margin trap

Karman Holdings' Q4 2025 results reveal a defense prime scaling at breakneck speed, but a ballooning backlog is bringing lower margins and heavy debt…

4 months ago

Worthington (WOR) Q3-26 earnings: The accidental AI cooling play & a $205M cash drain

Worthington Enterprises' Q3 FY2026 reveals a legacy metal manufacturer accidentally transforming into a critical AI infrastructure play while aggress…

4 months ago

Ondas (ONDS) Q4-25 earnings: The $82M paper loss & a $550M defense prime pivot

Despite soaring revenues and expanding margins, Ondas Holdings' Q4 2025 headline results were completely distorted by an $82 million paper accounting…

4 months ago

PDD Holdings (PDD) (the Temu guys): Chinese ecommerce & the price of a rural moat

PDD Holdings just delivered 14% revenue growth in Q4, but intentionally cratered its own net income by 16% to bankroll remote logistics and factory R…

4 months ago

Chewy (CHWY) Q4-25 earnings: Betting on humanoids & an 84% Autoship fortress

Chewy’s Q4 2025 results reveal a tech-enabled margin machine disguised as a pet retailer, posting a 200% adjusted EPS beat driven by radical automati…

4 months ago

Vertical Aerospace (EVTL) Q4-25 earnings: Weather delays, ticking clocks & a defense pivot

Vertical Aerospace's Q4 2025 reveals a company racing against a mid-2026 cash cliff while battling competitor lawsuits and historic British rainfall.…

4 months, 1 week ago

Velo3D (VELO) Q4-25 earnings: Biting a $7M bullet to build a 400-machine defense empire

Velo3D’s Q4 2025 print pairs a brutal negative 73% gross margin with a record $31 million defense backlog as they radically pivot the business model.…

4 months, 1 week ago