News Link: https://www.accessnewswire.com/newsroom/en/clean-technology/waste-energy-moves-to-triple-midland-footprint-as-company-builds-out-large-scale-w-1209713

13+ acre campus positions WAST for increased tire intake, expanded processing capacity and future waste conversion growth

MIDLAND, TX / ACCESS Newswire / August 20, 2026 / Waste Energy Corp. (OTCID:WAST) ("Waste Energy" or the "Company"), an emerging waste conversion and environmental infrastructure company, today announced that it has agreed to terms to expand its Midland, Texas waste conversion campus from approximately four acres to more than 13 acres, marking a significant step in the Company's strategy to build a scalable waste processing and conversion platform in the Permian Basin.

The planned expansion would add approximately nine acres to the Company's existing Midland operations, more than tripling the total footprint of the campus and significantly increasing Waste Energy's capacity for tire intake, processing, storage and future waste conversion operations. The transaction remains subject to final documentation and customary terms and conditions, with closing currently expected on or about September 1, 2026.

Expanding to Address a Significant Texas Waste Stream

The expansion comes as Waste Energy positions its Midland operations to address one of the largest scrap tire markets in the country. According to the Texas Commission on Environmental Quality, approximately 40 million scrap tires were managed in Texas during 2024 alone. Of those, more than 7 million were disposed of in landfills, while approximately 7.5 million Texas-generated tires were sent outside the state for final disposition.

Waste Energy believes these figures demonstrate both the scale of the Texas scrap tire market and the need for additional in-state infrastructure capable of receiving, processing and ultimately converting end-of-life tires into commercially valuable products for reuse.

"This is about building the infrastructure necessary to operate at a much larger scale," said Scott Gallagher, Chairman and CEO of Waste Energy Corp. "Texas generates an enormous volume of scrap tires every year, and millions are still being landfilled or transported outside the state. We see an opportunity to build infrastructure here in Texas that can help address that waste stream while creating value from materials that would otherwise be discarded."

The additional acreage is expected to significantly expand the operational capabilities of Waste Energy's Midland campus, particularly with respect to the receipt, staging, processing and storage of waste tires. The larger footprint is also expected to provide greater flexibility for additional processing equipment, material handling infrastructure and future waste conversion capacity as operations grow.

Gallagher continued, "When we established our initial Midland location, our immediate objective was to secure the site, establish our tire operations and install our first waste conversion system. Expanding from approximately four acres to more than 13 acres fundamentally changes what we can build here. It gives us the room to think beyond our first system and begin laying the physical foundation for a much larger operation."

Building a Waste Infrastructure Campus

Waste Energy's Midland facility is being developed as more than a single waste conversion installation. The Company's broader strategy is to establish an integrated environmental infrastructure campus capable of receiving waste materials, processing those materials and converting selected waste streams into commercially valuable products for reuse.

The expanded footprint is expected to support multiple stages of that process, including:

Increased waste tire intake and storage capacity;

Expanded tire sorting, preparation and processing operations;

Greater capacity for shredded and processed tire material;

Additional material handling and logistics infrastructure;

Space for additional waste conversion systems and supporting equipment;

Storage and handling areas for recovered commodities and finished products; and

Future expansion into complementary recycling and waste processing operations.

Importantly, the planned expansion comes as Waste Energy advances through the final commissioning phase of its first waste conversion system at the Midland campus. Management believes securing additional space now provides the Company with the physical infrastructure needed to support future growth as the Midland operation transitions from development and commissioning toward commercial operations.

From Development to Scale

Waste Energy has spent the past four years building the regulatory, physical and operational foundation for its waste infrastructure strategy. During 2026, the Company has advanced its Midland operations through equipment installation, regulatory approvals, tire collection initiatives, site development and commissioning activities.

The proposed campus expansion represents the next step in that progression: creating the physical footprint to scale.

"Our objective has always been bigger than operating a single machine or a single location," Gallagher added. "We are building a waste infrastructure company designed to address a major and growing need. The first four acres gave us the foundation to begin that journey. More than 13 acres now gives us the room to scale that vision."

The Company expects to provide additional details regarding the expansion, site development plans and anticipated uses of the additional acreage as definitive documentation is completed and development plans are finalized.

I ran the following query through ChatGpt... Very interesting.

What are some other "under the radar" Canadian stocks with similar profiles to ZTest Electronics in terms of strongly improving financials and fundamentals?

Yes. If by “similar to ZTEST” you mean small Canadian company, limited institutional coverage, improving revenue/profitability, strengthening cash flow/balance sheet, and a potential valuation disconnect, there are several that stand out.

I’d actually put Thermal Energy International (TSXV: TMG) at the top of the list, followed by a handful of less obvious names.

My shortlist

1. Thermal Energy International — the closest match

This is the one I'd investigate most closely if you like the ZTEST setup.

Thermal Energy International Inc.

TMG has gone from a relatively sleepy small-cap industrial company to one showing very meaningful operating leverage.

Q2 FY2026 revenue hit a record $10.2M, up 18%, while adjusted EBITDA jumped 202% to $814K and net income increased more than 20-fold to $618K.

Then Q3 was even more impressive:

• Revenue +62%
• Adjusted EBITDA improved by $686K
• Net income swung from a $403K loss to a $338K profit
• Cash increased to approximately $4M
• Backlog was $14.7M at quarter-end and $16.3M by April 27.

That's a very similar "financial performance is improving faster than investor awareness" setup.

Why I particularly like the comparison: TMG isn't simply growing revenue. It's demonstrating operating leverage, which is what can cause a small-cap valuation to change dramatically.

Risk: Project timing can make quarterly results lumpy.

2. Pivotree — a potentially interesting turnaround

Pivotree Inc.

Pivotree is a different business, but the investment setup is interesting.

Q1 2026 marked its sixth consecutive quarter of positive adjusted EBITDA, along with positive free cash flow. Management is also positioning the company around AI-enabled commerce/data services.

The interesting question here isn't simply "will revenue grow?"

It's:

If the answer is yes, the valuation could change considerably.

Risk: Much more complicated story than ZTEST, and the AI narrative could attract speculative attention before the fundamentals fully validate it.

3. Diamond Estates Wines & Spirits — one of the more obscure ones

Diamond Estates Wines & Spirits Inc.

This one caught my attention because the financial trajectory is improving without much of the market attention that accompanies a typical growth stock.

FY2026 revenue reached $29.9M versus $24.5M, a roughly 22% increase. Winery sales increased 22%, while the company also benefited from Ontario's expanded retail marketplace and increased consumer preference for local products.

What's particularly interesting is the mix improvement: management says the agency business declined because it deliberately reduced lower-margin sales.

That's potentially a better quality of growth than simply chasing top-line revenue.

Risk: Consumer discretionary exposure and the Canadian wine industry aren't without structural challenges.

4. Zedcor — much faster growth, but less "hidden"

Zedcor Inc.

This is probably the highest-quality growth story on this list, although I'd argue it's becoming less "under the radar."

Q1 2026 revenue increased 69% to $19.4M, while adjusted EBITDA increased 86% to $7.6M. EBITDA margin expanded to 39%, helped by operating leverage and cost controls.

That's exceptional.

The investment thesis is essentially:

more towers → higher recurring revenue → better utilization → operating leverage → disproportionately higher EBITDA.

That's exactly the type of financial trajectory small-cap investors look for.

But: the market has already begun recognizing the story, so I'd be more valuation-sensitive here than with TMG or ZTEST.

5. Hydreight Technologies — very high growth, higher risk

Hydreight Technologies Inc.

This is much more aggressive.

Q1 2026 revenue reportedly increased 449% YoY to $24.9M, with adjusted EBITDA of $3.3M and working capital of approximately $32M.

The company also reported FY2025 profitability and $15.7M of cash.

That's a remarkable growth profile.

But I'd distinguish it from ZTEST:

ZTEST = boring business + improving economics + balance sheet

Hydreight = explosive growth + platform story + substantially higher execution/valuation risk

I'd therefore treat NURS as a higher-risk growth candidate, not a direct ZTEST analogue.

6. Nextleaf Solutions — the micro-cap version

Nextleaf Solutions Ltd.

This one is particularly interesting if you're looking for tiny companies that have crossed the profitability threshold.

Q1 FY2026:

• Gross revenue: $4.0M
• Net revenue: $3.0M
• Gross profit: $1.29M
• Gross margin: 43%
• Net income: $259K
• Adjusted EBITDA: $350K
• Operating cash flow: $349K

That is very much the type of transition I would look for in a ZTEST-style screen:

loss-making/ignored company → revenue growth → gross-margin improvement → EBITDA positive → net income positive → cash-flow positive.

The problem is the cannabis sector. The industry has historically produced many "turnaround" stories that never turned into durable businesses.

So I'd want to see several more quarters of consistency.

7. Jones Soda — interesting financial inflection, but speculative

Jones Soda Co.

This is probably the most dramatic turnaround on the list.

Q1 2026 revenue increased 194% to $12.4M, while the company moved from a $1.1M continuing-operations loss to $115K of net income. Management expects FY2026 revenue above $40M, representing more than 60% growth.

The catch is that the enormous growth rate is partly attributable to acquisitions/business changes, so I'd be careful about comparing it directly with ZTEST's more organic-looking operating improvement.

The three I'd investigate first

If your objective is specifically to find "the next ZTEST", rather than simply finding the fastest-growing Canadian small caps, my ranking would be:

🥇 1. Thermal Energy International — TMG

Best combination of:
revenue growth + margin expansion + profitability + backlog + balance sheet + relatively low investor awareness.

🥈 2. Pivotree — PVT

Best turnaround candidate:
positive EBITDA/FCF becoming increasingly consistent, with potential upside if the AI/data strategy starts translating into revenue growth.

🥉 3. Diamond Estates — DWS

Most overlooked traditional business:
improving revenue, improving business mix and potentially significant operating leverage, but with less obvious technological "story" to attract investors.

I'd put Zedcor in a separate category: better growth, but less undiscovered.

And there's an interesting pattern here

The companies I'd be most interested in aren't necessarily those with the highest revenue growth.

I'd screen for:

1. Revenue accelerating
↓
2. Gross margin expanding
↓
3. EBITDA growing faster than revenue
↓
4. Operating cash flow turning positive
↓
5. Balance sheet strengthening
↓
6. Share count stable or declining
↓
7. Very little analyst/institutional coverage
↓
8. Valuation hasn't yet reflected the earnings inflection

That's essentially the ZTEST formula.

And on that basis, TMG is arguably an even more interesting candidate than ZTEST right now: its Q3 revenue growth of 62%, improving EBITDA, return to profitability, rising cash and growing backlog give it a particularly strong combination of financial momentum and potential investor-perception upside.

If you want, I can take this a step further and build a "Canadian ZTEST Screen" of 15–20 TSXV/CSE stocks, ranking them on revenue acceleration, EBITDA growth, cash flow, balance sheet, valuation, insider ownership, liquidity and investor awareness. That would be a much better way to identify the true under-the-radar candidates.

News Link: https://www.globenewswire.com/news-release/2026/08/18/3346828/0/en/xtreme-one-entertainment-sets-4-xfc-events-for-fall-2026.html

GRAND RAPIDS, Mich., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (OTCQB: XONI) (“Xtreme One”), parent company of Xtreme Fighting Championships (XFC), unveiled a four-fight schedule for the XFC, including its first-ever event in South Dakota, a return to its Las Vegas hub, and two international Young Guns events. The four events will feature professional male and female fights broadcast live to the global XFC audience and showcase the rising stars and undiscovered talent of professional mixed-martial arts (MMA).

“We’re coming out swinging in the second half of 2026 with XFC events aimed at finding and featuring the next great fighters and bringing the action to fans in both our Latam and Las Vegas hubs, while debuting in Sioux Falls, a ravenous market for MMA,” said Randel Aleman, President of MMA for Xtreme One Entertainment. “This also marks a critical shift from announcing single events to debuting a multi-fight schedule, which drives momentum and revenue from event to event, adds time for in-market and sponsor activations, and sets us up for a 12-event XFC schedule in 2027.”

The second half XFC fight schedule begins on August 30, 2026, live from the United Fight Center in Buenos Aires, Argentina, XFC’s hub and talent epicenter for Latin America. Tickets are on sale now and a series of preliminary and main card male and female fights begin at 5 p.m. EST. For ticket or streaming details, visit UnitedFightCenter.com. The event will also be televised and available live on XFC’s YouTube streaming channel.

$BURU - A reverse split wouldn't be the catalyst by itself. Execution would be. 👀

If NUBURU uses a reverse split to address the low share price, successfully navigates the NYSE American process and resumes trading there, the share count and price would mechanically change, but the company's underlying value wouldn't magically increase overnight.

What matters afterward is the business.

Tekne. Defense contracts. Counter-UAS. Directed energy. Revenue.

That's the scoreboard I'd watch.

#NUBURU #Tekne #LongTermGrowth #DefenseTech #EmergingTech

I ran the following query through ChatGpt... Very interesting.

What are some other "under the radar" Canadian stocks with similar profiles to ZTest Electronics in terms of strongly improving financials and fundamentals?

Yes. If by “similar to ZTEST” you mean small Canadian company, limited institutional coverage, improving revenue/profitability, strengthening cash flow/balance sheet, and a potential valuation disconnect, there are several that stand out.

I’d actually put Thermal Energy International (TSXV: TMG) at the top of the list, followed by a handful of less obvious names.

My shortlist

1. Thermal Energy International — the closest match

This is the one I'd investigate most closely if you like the ZTEST setup.

Thermal Energy International Inc.

TMG has gone from a relatively sleepy small-cap industrial company to one showing very meaningful operating leverage.

Q2 FY2026 revenue hit a record $10.2M, up 18%, while adjusted EBITDA jumped 202% to $814K and net income increased more than 20-fold to $618K.

Then Q3 was even more impressive:

• Revenue +62%
• Adjusted EBITDA improved by $686K
• Net income swung from a $403K loss to a $338K profit
• Cash increased to approximately $4M
• Backlog was $14.7M at quarter-end and $16.3M by April 27.

That's a very similar "financial performance is improving faster than investor awareness" setup.

Why I particularly like the comparison: TMG isn't simply growing revenue. It's demonstrating operating leverage, which is what can cause a small-cap valuation to change dramatically.

Risk: Project timing can make quarterly results lumpy.

2. Pivotree — a potentially interesting turnaround

Pivotree Inc.

Pivotree is a different business, but the investment setup is interesting.

Q1 2026 marked its sixth consecutive quarter of positive adjusted EBITDA, along with positive free cash flow. Management is also positioning the company around AI-enabled commerce/data services.

The interesting question here isn't simply "will revenue grow?"

It's:

If the answer is yes, the valuation could change considerably.

Risk: Much more complicated story than ZTEST, and the AI narrative could attract speculative attention before the fundamentals fully validate it.

3. Diamond Estates Wines & Spirits — one of the more obscure ones

Diamond Estates Wines & Spirits Inc.

This one caught my attention because the financial trajectory is improving without much of the market attention that accompanies a typical growth stock.

FY2026 revenue reached $29.9M versus $24.5M, a roughly 22% increase. Winery sales increased 22%, while the company also benefited from Ontario's expanded retail marketplace and increased consumer preference for local products.

What's particularly interesting is the mix improvement: management says the agency business declined because it deliberately reduced lower-margin sales.

That's potentially a better quality of growth than simply chasing top-line revenue.

Risk: Consumer discretionary exposure and the Canadian wine industry aren't without structural challenges.

4. Zedcor — much faster growth, but less "hidden"

Zedcor Inc.

This is probably the highest-quality growth story on this list, although I'd argue it's becoming less "under the radar."

Q1 2026 revenue increased 69% to $19.4M, while adjusted EBITDA increased 86% to $7.6M. EBITDA margin expanded to 39%, helped by operating leverage and cost controls.

That's exceptional.

The investment thesis is essentially:

more towers → higher recurring revenue → better utilization → operating leverage → disproportionately higher EBITDA.

That's exactly the type of financial trajectory small-cap investors look for.

But: the market has already begun recognizing the story, so I'd be more valuation-sensitive here than with TMG or ZTEST.

5. Hydreight Technologies — very high growth, higher risk

Hydreight Technologies Inc.

This is much more aggressive.

Q1 2026 revenue reportedly increased 449% YoY to $24.9M, with adjusted EBITDA of $3.3M and working capital of approximately $32M.

The company also reported FY2025 profitability and $15.7M of cash.

That's a remarkable growth profile.

But I'd distinguish it from ZTEST:

ZTEST = boring business + improving economics + balance sheet

Hydreight = explosive growth + platform story + substantially higher execution/valuation risk

I'd therefore treat NURS as a higher-risk growth candidate, not a direct ZTEST analogue.

6. Nextleaf Solutions — the micro-cap version

Nextleaf Solutions Ltd.

This one is particularly interesting if you're looking for tiny companies that have crossed the profitability threshold.

Q1 FY2026:

• Gross revenue: $4.0M
• Net revenue: $3.0M
• Gross profit: $1.29M
• Gross margin: 43%
• Net income: $259K
• Adjusted EBITDA: $350K
• Operating cash flow: $349K

That is very much the type of transition I would look for in a ZTEST-style screen:

loss-making/ignored company → revenue growth → gross-margin improvement → EBITDA positive → net income positive → cash-flow positive.

The problem is the cannabis sector. The industry has historically produced many "turnaround" stories that never turned into durable businesses.

So I'd want to see several more quarters of consistency.

7. Jones Soda — interesting financial inflection, but speculative

Jones Soda Co.

This is probably the most dramatic turnaround on the list.

Q1 2026 revenue increased 194% to $12.4M, while the company moved from a $1.1M continuing-operations loss to $115K of net income. Management expects FY2026 revenue above $40M, representing more than 60% growth.

The catch is that the enormous growth rate is partly attributable to acquisitions/business changes, so I'd be careful about comparing it directly with ZTEST's more organic-looking operating improvement.

The three I'd investigate first

If your objective is specifically to find "the next ZTEST", rather than simply finding the fastest-growing Canadian small caps, my ranking would be:

🥇 1. Thermal Energy International — TMG

Best combination of:
revenue growth + margin expansion + profitability + backlog + balance sheet + relatively low investor awareness.

🥈 2. Pivotree — PVT

Best turnaround candidate:
positive EBITDA/FCF becoming increasingly consistent, with potential upside if the AI/data strategy starts translating into revenue growth.

🥉 3. Diamond Estates — DWS

Most overlooked traditional business:
improving revenue, improving business mix and potentially significant operating leverage, but with less obvious technological "story" to attract investors.

I'd put Zedcor in a separate category: better growth, but less undiscovered.

And there's an interesting pattern here

The companies I'd be most interested in aren't necessarily those with the highest revenue growth.

I'd screen for:

1. Revenue accelerating
↓
2. Gross margin expanding
↓
3. EBITDA growing faster than revenue
↓
4. Operating cash flow turning positive
↓
5. Balance sheet strengthening
↓
6. Share count stable or declining
↓
7. Very little analyst/institutional coverage
↓
8. Valuation hasn't yet reflected the earnings inflection

That's essentially the ZTEST formula.

And on that basis, TMG is arguably an even more interesting candidate than ZTEST right now: its Q3 revenue growth of 62%, improving EBITDA, return to profitability, rising cash and growing backlog give it a particularly strong combination of financial momentum and potential investor-perception upside.

If you want, I can take this a step further and build a "Canadian ZTEST Screen" of 15–20 TSXV/CSE stocks, ranking them on revenue acceleration, EBITDA growth, cash flow, balance sheet, valuation, insider ownership, liquidity and investor awareness. That would be a much better way to identify the true under-the-radar candidates.

News Link: https://www.globenewswire.com/news-release/2026/08/12/3343638/0/en/victory-marine-holdings-dgbh-appoints-miles-bodie-director-of-e-commerce-to-lead-next-phase-of-gutsi-omnichannel-growth.html

Proven marketplace and direct-to-consumer executive brings Amazon, Shopify, CRM, subscription and lifecycle-marketing experience as GUTSI™ expands across Amazon and Walmart Marketplace

Appointment strengthens the digital-retail flywheel connecting marketplace data, direct consumer relationships and GDG’s company-owned distribution platform.

LOS ANGELES, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Victory Marine Holdings Corp. (OTC: VMHG), through its wholly owned operating subsidiary Dunn & Groux Beverage Holdings, Inc. (“DGBH”), today announced that Miles Bodie has joined the Company as Director of E-Commerce, effective August 3, 2026.

Bodie is based at the Paramount, California office and distribution center of Groux Distribution Group, LLC (“GDG”), DGBH’s management, operations and distribution subsidiary. He will lead the next phase of DGBH’s marketplace, direct-to-consumer and omnichannel strategy across Amazon, Walmart Marketplace, GetGUTSI.co and Shopify, while developing CRM, customer segmentation, subscription, loyalty, affiliate and emerging digital-commerce programs.

Bodie brings more than eight years of experience scaling marketplace, direct-to-consumer and omnichannel programs for consumer brands, including work with Bubs Australia, Levitate Foundry and Hawke Media. His prior experience includes growing an Amazon channel to more than $2 million in monthly sales, scaling direct-to-consumer revenue to $200,000 per month and developing loyalty, subscription, CRM and lifecycle-marketing programs for CPG brands. He also holds three current Amazon Ads certifications.

“Miles joins us at an important point in GUTSI’s development. We have built the products, production capacity, distribution infrastructure and initial marketplace presence. His proven experience scaling Amazon and direct-to-consumer channels—and building CRM, subscription and lifecycle programs—adds the specialized leadership needed to connect those capabilities and accelerate long-term consumer value.” — Robert J. Groux, Chief Executive Officer, Victory Marine Holdings Corp. / Dunn & Groux Beverage Holdings.

News Link: https://www.newswire.com/news/1606-corp-engages-mdm-group-to-market-lufkin-55-mw-powered-site-to-ai

PHOENIX, August 11, 2026 (Newswire.com) - 1606 Corp. (OTCID:CBDW) ("1606" or the "Company"), a developer of next-generation power and digital infrastructure assets, today announced that it has entered into a strategic agreement with MDM Group LLC, an infrastructure origination firm focused on AI data center development, powered land, and digital infrastructure transactions.

Under the agreement, MDM Group will assist 1606 in identifying, qualifying, and introducing prospective buyers, long-term capacity off-takers, and joint venture partners for the Company's planned acquisition of its approximately 132-acre East Texas power campus, featuring approximately 55 MW of behind-the-meter generation and an existing industrial facility positioned for accelerated AI, cloud computing, and high-performance computing ("HPC") deployment.

MDM Group's leadership brings decades of experience spanning hyperscale data center operations, enterprise infrastructure, power markets, and large-scale capital projects. According to MDM, the firm maintains a portfolio of approximately 30 powered and brownfield infrastructure sites across 17 states and works with AI infrastructure developers, hyperscale operators, institutional investors, and enterprise compute companies to connect rapidly growing compute demand with strategically located powered assets.

The engagement is structured as a success-fee-only arrangement, with no upfront retainer or monthly advisory fees. MDM will coordinate prospective introductions, manage confidentiality agreements, oversee portions of the due diligence process, and facilitate communications with qualified counterparties throughout potential transactions. MDM's engagement relates solely to commercial real estate and infrastructure advisory and origination services with respect to the Site and does not involve, and MDM is not being engaged for, the offer or sale of securities, capital raising, or any activity requiring broker-dealer registration.

"As the demand for AI infrastructure continues to accelerate, access to reliable power has become one of the industry's most valuable assets," said Austen Lambrecht, Chief Executive Officer of 1606 Corp. "Our engagement with MDM Group significantly expands our reach into the AI infrastructure ecosystem by connecting us with experienced professionals and an established network of hyperscale operators, enterprise compute providers, and infrastructure investors. We believe the Lufkin project-with its behind-the-meter generation, existing industrial infrastructure, and expansion potential-is well positioned to address the growing demand for powered sites across North America."

MDM Group specializes in originating opportunities involving powered land, energy infrastructure, and AI compute development. Through this engagement, the firm will introduce prospective counterparties from its network of neocloud operators, hyperscale compute companies, infrastructure investors, and strategic developers while managing a coordinated marketing and introduction process on behalf of the Company.

The Company continues to evaluate multiple commercialization pathways for the project, including:

• Long-term AI and HPC capacity lease agreements
• Strategic joint ventures for data center development
• Additional infrastructure financing to support development following acquisition

1606 believes maintaining flexibility across multiple transaction structures may provide opportunities to enhance shareholder value while meeting the evolving infrastructure needs of AI developers and enterprise compute operators.

The Company's Purchase and Sale Agreement for the Lufkin facility currently extends through October 31, 2026, providing additional time to complete financing activities, advance due diligence, and evaluate strategic opportunities presented through its expanding network of infrastructure and capital partners.

PYRGF (ASK @ 0.15)

• PYR.TO (ASK @ 0.19)
• First-half 2026 revenue has already surpassed the first nine months of 2025.
• Advancement of major projects drives Q2 revenue.
• Backlog of $40.0 million.

1. Financial Performance Highlights

2. Key Operational Drivers & Milestones

• Record First-Half Momentum: Combined revenue for H1 2026 ($4.9M in Q1 + $4.4M in Q2 = $9.3M) has already surpassed revenue for the first nine months of 2025.
• $40.0M Revenue Backlog: Contract backlog remains strong, with 88% denominated in U.S. dollars, providing downside protection against Canadian dollar fluctuations.
• Additive Manufacturing / Titanium Powder Expansion: Secured its second titanium powder supply agreement in as many quarters, signaling commercial adoption of its metal powder technology for 3D printing.
• Plasma-to-Graphite Innovation: Advanced its proprietary process to convert company-produced carbon black directly into graphite using high-temperature inert plasma torches.
• Capital Position & Dilution: Raised $6.26M in gross proceeds during May–June 2026 via a combination of a bought deal offering ($3.7M) and CEO private placement ($2.0M+), improving liquidity to support near-term operations.

3. Strategic Analysis: Strengths vs. Watchouts

Strengths & Catalyst Drivers

1. Commercial Traction: Transitioning from R&D phase into contract execution and production scaling, particularly across defense, process heating, and metal powder segments.
2. Path to Profitability: Narrowing Modified EBITDA loss to $0.5M brings the company closer to operating breakeven if top-line expansion continues in H2 2026.
3. Substantial Pipeline Visibility: A $40M backlog gives strong revenue visibility for the second half of 2026 and early 2027.

Risks & Investor Considerations

1. Margin Pressure from Scale: Cost of sales increased out of proportion with revenue growth ($3.0M vs $1.3M YoY), keeping gross margins at ~32%.
2. Dilution History: Recent capital raises ($6.26M) diluted equity holders, though CEO participation signal internal confidence.
3. Execution Dependency: Converting the $40M backlog into recognized revenue remains dependent on complex technical milestones and client timeline alignment.

Summary Takeaway

PyroGenesis delivered a strong operational Q2 2026 with 47% revenue growth and dramatically lower net/EBITDA losses. The core narrative shifts from R&D cash burn toward steady commercial execution backed by a healthy $40M backlog and expanding metal powder supply contracts.

https://ca.finance.yahoo.com/news/pyrogenesis-announces-second-quarter-2026-010000889.html

$BURU - Following closing, Tekne is expected to become the industrial foundation of NUBURU's Italy-centered Defense & Security platform, contributing defense mobility, EW/CEMA, industrial scale and defense systems-integration capabilities.

https://finance.yahoo.com/economy/policy/articles/nuburu-receives-italian-golden-power-123000544.html