High signal stocks #1 (Dec 14)

Hello and happy Sunday.

I’m in an insane number of group chats, private lists, etc, and see a lot of stocks that are owned by good investors (based on their track record on Yellowbrick), but that they have not done a public write-up on recently (or ever).

I want to get these tickers in front of more investors, with the goals of:

1. highlighting stocks you may not have looked at recently that are owned by investors with a good track record

2. encouraging those of you who write about stocks to write about them, so I can add the pitches to Yellowbrick

3. stress-testing Yellowbrick’s ability to identify stocks that will outperform.

In 2025, we’ve systematically highlighted 250 stock pitches as “high signal” (ie, they were added to the Elite Investor Feed), and these pitches have outperformed the S&P 17.5% v 12.7% on average since they were pitched (and 39.3% v 25.6% since we started the Elite Investor Feeds at the beginning of 2024). I think this is even more impressive when you consider that 45% of the stock pitches were for non-US stocks and 65% were for small-cap stocks with a market cap less than $2B (both factors that significantly underperformed the S&P).

These returns only include the free write-ups shared on Yellowbrick. My hunch is that these tickers I see owned by top investors that may not have been added to the Elite Investor Feed on Yellowbrick yet will outperform as well.

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This first email is pretty basic, as I just wanted to get one out to start getting feedback. I’m sharing a handful of tickers along with a short AI-generated summary of each.

In future emails, I’ll include a running list of all of the stocks I see owned by good investors (along with links to any write-ups that come in for those stocks). I’ll also include more regular updates on the Yellowbrick Portfolio, as some of these stocks will likely be added.

I’m sending this first email out to all subscribers, but future emails in this series will only be for Premium Subs.

Let’s see if we can find more stocks that outperform.

STOCK WRITE UPS

Note: these are AI-generated summaries. I’ve included the date the summaries were created and sources for all of the data from the AI summaries so that you can fact-check them. If there is certain data you’d like to see included in these overviews, let me know.

Stocks highlighted:

• [Dec 6, 2025] SmartRent (NYSE:SMRT) - Price: $1.88 | Mkt Cap: $355M | EV/ARR: 4.5x | Net Leverage: $100M net cash

• [Dec 6, 2025] Sprout Social (NASDAQ:SPT) - Price: $10.71 | Mkt Cap: $635M | EV/Revenue: 1.3x | Net Leverage: approx. $47M net cash

• [Dec 7, 2025] Rapid7 (NASDAQ:RPD) - Price: $15.97 | Mkt Cap: $1.05B | EV/ARR: 1.55x | Net Leverage: $257M net debt

• [Dec 12, 2025] Montana Aerospace (SIX:AERO) - Price: CHF 24.65 | Mkt Cap: CHF 1.54B | EV/2025E EBITDA: 11.9x | Net Leverage: 1.7x LTM EBITDA

• [Dec 6, 2025] nLIGHT (NASDAQ:LASR) - Price: $36.41 | Mkt Cap: $1.85B | EV/LTM Revenue: 7.7x | Net Leverage: ~$85M net cash

• [Dec 9, 2025] Nerdy (NYSE:NRDY) - Price: $1.25 | Mkt Cap: $235M | EV/Revenue: 1.2x (NTM) | Net Leverage: approx. $27M net cash

[Dec 6, 2025] SmartRent (NYSE:SMRT) - Price: $1.88 | Mkt Cap: $355M | EV/ARR: 4.5x | Net Leverage: $100M net cash[1][2][3]

This stock was pitched on VIC this summer and ToffCap wrote a quick overview in March (link)

SmartRent provides smart home hardware and cloud-based property management software to multifamily rental housing owners and operators, serving 15 of the top 20 U.S. multifamily operators across an 870,000-unit installed base.[4] The market is treating SMRT as a broken SPAC (down ~85% from its 2021 debut at a $2.2B valuation) and extrapolating declining total revenue, effectively pricing it as an ex-growth hardware business rather than a transitioning SaaS platform.[5] In reality, ARR has grown to $56.9 million (up 7% YoY), SaaS revenue now comprises 39% of total revenue (up from 33% a year ago), churn is just 0.05%, and net customer revenue retention stands at 113%.[6] Downside is anchored by $100 million in cash (no debt) plus a $75 million undrawn credit facility, providing liquidity coverage of roughly 49% of market cap and a multi-year runway to execute the transition.[7] Management has completed $30 million in annualized cost reductions, driving operating expenses down 34% YoY to $16.6 million and narrowing Adjusted EBITDA losses from $(7.4) million in Q2 to $(2.9) million in Q3 2025, with guidance for run-rate cash flow neutrality exiting 2025.[8] The CEO has been buying the stock non-stop since the summer (11 purchases for $1M+), and two directors have bought stock as well.[9] As SaaS mix continues shifting and EBITDA inflects positive, a re-rating to 6-8x ARR, still below typical vertical SaaS peers, implies 50-100% upside over 12-18 months.[10]

Sources:
[1] Yahoo Finance, SMRT quote, December 4, 2025 close.
[2] Yahoo Finance, SMRT market cap, December 4, 2025.
[3] SmartRent Q3 FY2025 Earnings Release, November 5, 2025: $100M cash, no debt, EV calculated as market cap less net cash (~$255M), divided by $56.9M ARR.
[4] SmartRent Q3 FY2025 Earnings Release and Investor Presentation, November 5, 2025.
[5] PRNewswire, April 22, 2021 (SPAC announcement at $2.2B enterprise value); current market cap ~$355M.
[6] SmartRent Q3 FY2025 Earnings Release, November 5, 2025: ARR $56.9M (+7% YoY), SaaS revenue $14.2M (39% of total), churn 0.05%, net customer revenue retention 113%.
[7] SmartRent Q3 FY2025 Earnings Release, November 5, 2025: $100M cash + $75M undrawn revolver = $175M total liquidity; $100M net cash / $355M market cap ≈ 28%; total liquidity / market cap ≈ 49%.
[8] SmartRent Q3 FY2025 Earnings Release and Earnings Call, November 5, 2025: $30M annualized cost cuts, OpEx $16.6M (down 34% YoY), Adj. EBITDA improved from $(7.4)M in Q2 to $(2.9)M in Q3, management targeting run-rate neutrality by year-end 2025.
[9] ceowatcher.com
[10] Author estimates; vertical SaaS/PropTech comps typically trade 4-8x ARR per industry reports (CFI, Finro, Objective IBV); 6-8x on $56.9M ARR implies EV of $341-$455M, plus $100M net cash = equity value of $441-$555M vs. current $355M market cap (24-56% upside on conservative end, higher if ARR continues growing).

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[Dec 6, 2025] Sprout Social (NASDAQ:SPT) - Price: $10.71 | Mkt Cap: $635M | EV/Revenue: 1.3x | Net Leverage: approx. $47M net cash[1][2][3]

This stock was pitched a few times on Yellowbrick in the last few months (link)

Sprout Social provides cloud-based social media management software to enterprises, mid-market companies, and agencies, enabling publishing, analytics, social listening, customer care, and influencer marketing across a unified platform serving approximately 30,000 customers in over 100 countries.[4] The market is treating SPT as a broken growth story, down 70% from its 52-week high of $36.30 and valued at just 1.3x forward revenue, effectively pricing it as an ex-growth small-cap SaaS company rather than a profitable, enterprise-focused platform with durable recurring revenue.[5] In reality, revenue grew 13% YoY to $115.6M in Q3 with 99% subscription mix, current remaining performance obligations (cRPO) increased 17% YoY to $258.5M, customers contributing over $50K in ARR grew 21% YoY to 1,947 (now representing nearly half of revenue), and gross retention has improved across all segments with multiyear contracts approaching 50% of the contract base.[6] Downside is anchored by approximately $91M in cash against approximately $44M in debt (net cash of approximately $47M), providing roughly 7% of market cap as a liquidity cushion, while the company generates positive non-GAAP free cash flow of $10.3M quarterly and has raised FY25 FCF guidance.[7] Management has driven non-GAAP operating margin to a record 11.9% (up 460 bps YoY), narrowed GAAP net loss from ($17.1M) to ($9.4M) YoY, and guided to FY25 non-GAAP operating income of $46-47M on revenue of approximately $455M.[8] As the enterprise transition matures and profitability inflects further, a re-rating to just 2.0x EV/Revenue—roughly in line with slower-growing peer Sprinklr—implies approximately 50% upside, with additional optionality if the market re-rates SPT closer to the 6-7x public SaaS median.[9]

Sources:
[1] Yahoo Finance, SPT quote, December 5, 2025 close: $10.71.
[2] Yahoo Finance, SPT market cap, December 5, 2025: approximately $634M.
[3] Sprout Social Q3 FY2025 Earnings Release, November 5, 2025: Cash of $90.6M; debt includes revolver draw for NewsWhip acquisition. CNBC reports Debt/Equity of 22.67%, implying approximately $44M debt. Net cash approximately $47M; EV = $634M - $47M = $587M; FY25 revenue guidance midpoint $455.3M; EV/Revenue = 1.29x.
[4] Sprout Social Q3 FY2025 Earnings Release and Investor Presentation, November 5, 2025; Yahoo Finance company description.
[5] Yahoo Finance, SPT 52-week high $36.30; current price $10.71 represents approximately 70% decline from peak. EV/Revenue of 1.3x per calculation in [3].
[6] Sprout Social Q3 FY2025 Earnings Release, November 5, 2025: Revenue $115.6M (+13% YoY), subscription revenue 99% of total, cRPO $258.5M (+17% YoY), customers >$50K ARR grew 21% to 1,947, multiyear contracts approaching 50% of mix per Q3 2025 Earnings Call transcript.
[7] Sprout Social Q3 FY2025 Earnings Release, November 5, 2025: Cash $90.6M, non-GAAP free cash flow $10.3M in Q3, up over 80% on TTM basis. Debt approximately $44M per CNBC/Alpha Spread data; net cash approximately $47M / $634M market cap = 7.4%.
[8] Sprout Social Q3 FY2025 Earnings Release and Earnings Call, November 5, 2025: Non-GAAP operating margin 11.9% (up 460 bps YoY), GAAP net loss improved from ($17.1M) to ($9.4M) YoY, FY25 guidance of $454.9-455.7M revenue and $46.1-47.1M non-GAAP operating income.
[9] Author estimates. Sprinklr (CXM) trades at approximately 1.8x EV/Revenue per Stock Analysis data (EV $1.48B / approximately $830M annualized revenue). Public SaaS median 6-7x per SaaS Capital Index January 2025. At 2.0x EV/Revenue on $455M = $910M EV + $47M net cash = $957M equity value vs. $634M current (51% upside).

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[Dec 7, 2025] Rapid7 (NASDAQ:RPD) — Price: $15.97 | Mkt Cap: $1.05B | EV/ARR: 1.55x | Net Leverage: $257M net debt[1][2][3]

I know a few people who think this company will get acquired.

Rapid7 provides cloud-based cybersecurity software including vulnerability management, threat detection and response (MDR/XDR), and SIEM solutions to over 11,600 enterprise customers globally, including 36% of the Fortune 100.[4] The market is treating RPD as an ex-growth SPAC-era casualty (down 63% YTD and 89% from 2021 highs) and extrapolating the sharp ARR deceleration, effectively valuing a $838 million ARR franchise at just 1.55x EV/ARR versus 4-6x for cybersecurity peers.[5] In reality, the company continues to generate robust free cash flow ($98 million YTD, $125-135 million FY2025 guidance), maintains 73% non-GAAP gross margins, and delivered 17% non-GAAP operating margins in Q3 2025 with $37 million operating income.[6] Downside is anchored by $635 million in total liquidity (cash plus investments), representing over 60% of market cap, against $891 million in convertible notes with no near-term maturities (2027 and 2029), plus a $200 million undrawn revolver.[7] Management has executed cost discipline, driving non-GAAP operating income of $106 million over nine months while investing in AI-driven platform consolidation and an expanded Microsoft partnership, positioning for a potential return to growth as enterprise security budgets normalize.[8] At 1.5x ARR and approx. 8x NTM FCF, a modest re-rating to 2.5-3x ARR (still well below peer medians) on flat ARR implies 60-90% upside, with additional optionality from private equity interest in the sector at 8-10x revenue.[9]

Sources:
[1] Yahoo Finance, RPD quote, December 5, 2025 close: $15.97.
[2] Yahoo Finance, RPD market cap: $1.046B based on 65.5M shares outstanding.
[3] Rapid7 Q3 2025 10-Q/Earnings Release, November 4, 2025: Cash $130.6M + Short-term investments $276.5M + Long-term investments $227.4M = $634.5M liquidity; Convertible notes (non-current) $891.3M; Net debt = $891M - $635M = $256M; EV = $1.05B + $256M = $1.31B; EV/ARR = $1.31B / $838M = 1.56x.
[4] Rapid7 Q3 2025 Earnings Release, November 4, 2025: 11,618 customers in 150+ countries, 36% of Fortune 100.
[5] Yahoo Finance: RPD 52-week high $43.53, all-time high $140 (November 2021); YTD decline approx. 63%; peer EV/ARR multiples per SEG/Finro mid-2025 reports range 4-8x for cybersecurity SaaS.
[6] Rapid7 Q3 2025 Earnings Release: ARR $837.7M, Non-GAAP gross margin 73%, Non-GAAP operating income $36.9M (17% margin), Q3 FCF $30.1M, YTD FCF $97.8M; FY2025 FCF guidance $125-135M.
[7] Rapid7 Q3 2025 10-Q Balance Sheet: Cash $130.6M, Short-term investments $276.5M, Long-term investments $227.4M (total $634.5M, or 61% of $1.05B market cap); Convertible notes due 2027 ($600M original) and 2029 ($300M original); $200Mundrawn revolving credit facility per June 2025 Credit Agreement.
[8] Rapid7 Q3 2025 Earnings Call and Release: 9M 2025 Non-GAAP operating income $105.6M; Microsoft MDR partnership announced November 2025; AI-driven Command Platform development; new CFO Rafe Brown (former Mimecast) appointed effective December 1, 2025.
[9] Author estimates: Current EV/ARR 1.55x; 2.5-3x ARR on $838M implies EV $2.1-2.5B; less $256M net debt = equity value $1.84-2.25B vs. $1.05B current (75-115% upside); private cybersecurity M&A multiples per Jackim Woods 2024 report average 8.5x revenue for private transactions.

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[Dec 12, 2025] Montana Aerospace (SIX:AERO) — Price: CHF 24.65 | Mkt Cap: CHF 1.54B | EV/2025E EBITDA: 11.9x | Net Leverage: 1.7x LTM EBITDA[1][2][3]

Lux Opes wrote a quick note on this recently (link)

Montana Aerospace is a vertically integrated aerostructures supplier manufacturing mission-critical components (fuselages, wings, landing gear, engine parts) for commercial and defense OEMs including Airbus, Boeing, and Lockheed Martin, operating from 16 facilities across four continents.[4] The market is treating AERO as an ex-growth conglomerate damaged by Boeing production headwinds and a confusing guidance revision, pricing it at 11.9x 2025E EBITDA versus 17-23x for aerospace/defense peers, despite a successful transformation into a focused pure-play aerospace company following its September 2025 Energy segment divestiture.[5][6] In reality, the Aerostructures segment delivered 15.5% organic revenue growth in 9M 2025, EBITDA expanded 28.6% YoY with margins reaching 15.9% (up 170 bps), and the company maintains a EUR 7B+ contracted backlog providing multi-year visibility.[7] Downside is protected by rapid deleveraging, with net debt already down to 1.7x EBITDA (from 2.4x a year ago) and management guiding to a net cash position by end-2026, supported by Q3 2025 operating cash flow of EUR 48.6 million.[8] Management has executed a full portfolio transformation (divesting E-Mobility in Q4 2024 and Energy in Q3 2025 for combined EUR 204M enterprise value), while guiding to positive net income, positive free cash flow, and a maiden dividend proposal for 2025.[9] As Boeing ramp rates accelerate (737 deliveries up 44% YoY through September 2025) and operating leverage drives margin expansion toward the EUR 185M+ EBITDA target for 2026, a re-rating toward peer-average multiples of 14-16x NTM EBITDA implies 40-60% upside from current levels.[10]

Sources:
[1] Investing.com, AERO.SW quote, December 12, 2025 close: CHF 24.65.
[2] Morningstar, AERO market cap and shares outstanding: CHF 1.54B, 62.52M shares.
[3] Montana Aerospace 9M 2025 Report, November 13, 2025: Net debt EUR 258.6M, LTM EBITDA approx. EUR 150M, Net Debt/EBITDA 1.7x; EV = Market cap EUR 1.65B (at CHF/EUR 1.07) + Net debt EUR 259M = EUR 1.91B; 2025E Adj. EBITDA >EUR 160M per guidance.
[4] Montana Aerospace 9M 2025 Ad Hoc Announcement, November 13, 2025; company website.
[5] Investing.com News, November 13, 2025: Stock dropped 15.69% on 9M results; Damodaran NYU Aerospace/Defense sector EV/EBITDA median 17.24x (positive EBITDA firms, January 2025 data).
[6] Montana Aerospace Ad Hoc Announcement, September 26, 2025: Completion of Energy segment divestiture, pure-play aerospace transformation.
[7] Montana Aerospace 9M 2025 Report, November 13, 2025: Net sales EUR 712.3M (+15.5% YoY), EBITDA EUR 113.0M (+28.6% YoY), EBITDA margin 15.9% (vs. 14.2% in 9M 2024), contracted backlog >EUR 7B.
[8] Montana Aerospace 9M 2025 Report: Net debt EUR 258.6M at 1.7x LTM EBITDA (vs. EUR 346.2M at 2.4x in Q3 2024); Q3 2025 operating cash flow EUR 48.6M; 2026 guidance includes net cash position.
[9] Montana Aerospace 9M 2025 Earnings Call, November 13, 2025: E-Mobility divested Q4 2024, Energy divested September 2025 for combined EUR 204M EV; 2025 guidance: positive net income, positive FCF, dividend proposal for 2025 (paid 2026).
[10] Montana Aerospace 9M 2025 Slides: Boeing 737 deliveries 330 through Sept 2025 vs. 229 in same period 2024 (+44%); 2026 guidance: Sales >EUR 1B, Adj. EBITDA >EUR 185M; 14-16x on EUR 185M EBITDA = EV of EUR 2.6-3.0B vs. current EUR 1.9B = 37-58% upside.

I’ve attached an initiation report I was sent below. I’ve never attached anything before, so let me know if the attachment doesn’t work

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[Dec 6, 2025] nLIGHT (NASDAQ:LASR) — Price: $36.41 | Mkt Cap: $1.85B | EV/LTM Revenue: 7.7x | Net Leverage: ~$85M net cash[1][2][3]

This has been pitched a few times on Yellowbrick recently (link)

nLIGHT designs and manufactures high-power semiconductor and fiber lasers, recently pivoting from a cyclical industrial hardware supplier to a critical aerospace and defense (A&D) provider for directed energy weapon systems.[4] The market continues to view LASR through the lens of a semiconductor equipment manufacturer, failing to fully appreciate that it has successfully transitioned into a high-growth defense prime with "program of record" visibility, meriting a defense-tech premium.[5] In reality, the structural shift is validated by Q3 2025 results where A&D revenue surged 50% YoY to $45.6 million (now 68% of total revenue), driving a massive profitability inflection with Adjusted EBITDA hitting positive $7.1 million (vs. a $1.0 million loss a year prior) and gross margins expanding nearly 900bps to 31.1%.[6] The downside is anchored by a robust balance sheet featuring $116 million in cash and investments against minimal debt, providing a net cash position that covers ~5% of the market cap and ensures liquidity to fulfill large-scale government contracts.[7] Management continues to execute on this mix-shift, guiding Q4 2025 revenue to $75 million (implying continued sequential growth) and projecting sustained margin expansion as high-value defense manufacturing scales.[8] As the company cements its status as a profitable defense-tech pure play comparable to AeroVironment, a re-rating on rapidly compounding EBITDA implies significant upside potential as it exits its industrial trough.[9]

Sources:
[1] Morningstar, LASR quote, December 5, 2025 close.
[2] Morningstar, LASR market cap ($1.85B), December 5, 2025.
[3] nLIGHT Q3 2025 Earnings Release, November 6, 2025: Cash & Investments $116.1M, Total Debt ~$31M, LTM Revenue ~$228M; EV calculated as Market Cap less Net Cash.
[4] nLIGHT Q3 2025 Earnings Release and Investor Presentation, November 6, 2025.
[5] StockStory, November 7, 2025 (Defense revenue growth narrative vs. industrial cyclicality).
[6] nLIGHT Q3 2025 Earnings Release, November 6, 2025: A&D Revenue $45.6M (+50% YoY), A&D mix 68%, Adj. EBITDA $7.1M vs $(1.0)M in Q3 2024, Gross Margin 31.1% vs 22.4% in Q3 2024.
[7] nLIGHT Q3 2025 Earnings Release, November 6, 2025: $116.1M cash/investments, ~$85M net cash position.
[8] nLIGHT Q3 2025 Earnings Release, November 6, 2025: Q4 Revenue guidance $72M-$78M ($75M midpoint).
[9] Author estimates; Defense-tech peers (e.g., AeroVironment) trade at premium multiples (often >30x EBITDA or >8x Sales); as LASR EBITDA margin approaches 15-20% target on growing revenue base, valuation support expands.

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[Dec 9, 2025] Nerdy (NYSE:NRDY) — Price: $1.25 | Mkt Cap: $235M | EV/Revenue: 1.2x (NTM) | Net Leverage: approx. $27M net cash[1][2][3]

This was written up just a few days ago by Unemployed Value Degen (link)

Nerdy operates Varsity Tutors, one of the nation's largest online tutoring platforms, connecting students with live human experts across 3,000+ subjects via a subscription Learning Membership model that now represents 89% of revenue.[4] The market is treating NRDY as a terminal broken SPAC, down approximately 86% from its September 2021 debut at a $1.7B valuation, and is effectively pricing it as a subscale, cash-burning tutoring company with no path to profitability despite clear evidence of accelerating cost structure improvements.[5] In reality, Learning Membership revenue grew 5% YoY in Q3 2025, ARPM increased 24% YoY to $374 as the company shifted to higher-frequency plans, Adjusted EBITDA losses narrowed from $(14.0)M to $(10.2)M (a 960 bps margin improvement), and headcount is down 27% YoY driven by AI-enabled productivity gains.[6] Downside is anchored by a pro forma cash position of approximately $47M (approximately $27M net of the $20M term loan drawn), with access to an additional $30M undrawn term facility, providing liquidity coverage of roughly 20% of market cap and a multi-year runway to reach breakeven.[7] Management has guided to Q4 2025 Adjusted EBITDA of $(2)M to breakeven, implying imminent profitability inflection, while the founder/CEO has purchased over $2M in stock since mid-November 2025.[8] On our estimates, stabilization of the membership base combined with continued margin expansion, a re-rating to even 2.0x NTM revenue (still well below software peers) on approximately $180M 2026 revenue implies equity value of approximately $390M, representing roughly 65% upside.[9]

Sources:
[1] Yahoo Finance, NRDY quote, December 9, 2025, intraday.
[2] Yahoo Finance, NRDY market cap, December 9, 2025.
[3] Nerdy Q3 2025 Earnings Release, November 6, 2025: $32.7M cash as of Sept 30, plus $20M term loan drawn Nov 3, less $20M debt = approx. $27M net cash; EV = $235M market cap minus $27M net cash = approx. $208M; NTM revenue guided at $175-177M midpoint = approx. $176M; EV/Revenue = 1.2x.
[4] Nerdy Q3 2025 Earnings Release, November 6, 2025: Learning Membership revenue was $33.0M, representing 89% of total Q3 revenue of $37.0M.
[5] TechCrunch, January 29, 2021: SPAC merger at $1.7B valuation; BusinessWire, September 20, 2021: trading commenced on NYSE; current market cap approx. $235M represents 86% decline.
[6] Nerdy Q3 2025 Earnings Release, November 6, 2025: Learning Membership revenue +5% YoY; ARPM $374, +24% YoY; Adj. EBITDA loss of $(10.2)M vs. $(14.0)M in Q3 2024 (960 bps margin improvement); headcount down approx. 27% YoY.
[7] Nerdy Q3 2025 Earnings Release & 8-K, November 6, 2025: $32.7M cash at Sept 30; $50M term loan facility with Hercules Capital, $20M drawn at closing Nov 3; $30M additional availability; company guided to $45-48M year-end cash; $47M pro forma cash less $20M debt = approx. $27M net cash, representing approx. 11% of market cap; total liquidity (including undrawn) of $77M = approx. 33% of market cap.
[8] Nerdy Q3 2025 Earnings Release, November 6, 2025: Q4 2025 Adj. EBITDA guidance of $(2)M to breakeven; ceowatcher.com for CEO purchases
[9] Author estimates; 2.0x NTM revenue multiple on approx. $180M 2026E revenue = $360M EV, plus approx. $27M net cash = $387M equity value vs. $235M current market cap = 65% upside; 2.0x remains conservative vs. edtech/vertical software peers typically trading at 3-5x+ revenue.

THAT’S ALL FOLKS

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