YB new stock pitches (Tue, Jul 1)

CISO Global Inc. (CISO) is a cybersecurity company trading at 1x revenue compared to peers at 7-20x, with Q4 2024 projected as its first EBITDA profitable quarter and 2025 projections of $34M in recurring cybersecurity revenue and $5M in high-margin CheckLight software bookings (80%+ margins). The company has transformed from a pure services business into a hybrid security and software model, with its CheckLight platform offering a $1.5M warranty that covers business interruption, data loss, ransom payments, and third-party liability. CheckLight is uniquely distributed through insurance advisors rather than IT consultants, targeting the 93% of North American small businesses lacking cyber insurance. In one deployment with a U.S. religious institution, CheckLight reduced annual breach-related losses from $500,000-$750,000 to zero within 12 months. Despite recent share price volatility following a reduced $100M shelf filing (down from $300M), upcoming catalysts include a potential CUSIP change, insider buying after blackout periods, and institutional access at $2-5 price points. The price target is $5 based on the current model, with higher potential as SaaS revenue scales, particularly if the company achieves even modest penetration of the 30 million uninsured SMB market.

Read the full article here. Read time: 5 min

CorMedix Inc. (Ticker: CRMD) experienced a stock drop to $12.50 following the announcement of a secondary offering priced at approximately $12.80, equating to around a 10% dilution. Although dilution is typically disliked by shareholders, I believe the resulting decline is an overreaction. The company is positioned in a high-risk, high-reward market, developing solutions to diminish catheter-related bloodstream infections, backed by robust science. Management has upped their sales forecast, yet the uncertainty lies in the long-term stabilization of new product pricing. I currently hold a position exceeding 3% in the company.

Read the full article here. Read time: 1 min

Galaxy Digital (GLXY) is transforming from a crypto company to a data center powerhouse, with its Helios campus featuring 800MW capacity (600MW already contracted to CoreWeave) projected to generate approximately $20 billion in revenue at a 90% EBITDA margin. The company has an additional 1.7GW under study, potentially making Helios the largest U.S. data center. Despite holding a strong $2.7 billion balance sheet, GLXY stock has underperformed compared to peers like Circle and CoreWeave. CEO Mike Novogratz sold 3% of his holdings but still maintains a 52% stake, pledging not to sell more shares while the stock remains 'cheap.' Key catalysts include increased visibility and storytelling to change perception beyond being just a crypto beta play, Phase I financing confirmation (seeking $4 billion from European banks), CoreWeave's decision on the remaining 200MW option, and a Board of Directors refresh to add stronger operational expertise. The company aims to transition from a volatile P&L driven by digital asset fluctuations to generating stable annual FCF of $550-600 million within two years, with AI/HPC agreements expected to yield $15 billion in rent over 15 years.

Read the full article here. Read time: 7 min