Daily Brief United States: Bitcoin, Donaldson Co, Upstart Holdings , Diodes Inc, Immix Biopharma Inc, Five Below, BP PLC, JFrog, Huntington Ingalls Industries, Commvault Systems and more

• For weeks, we have been anticipating October with optimism, given multiple positive factors for the crypto market.
• Among these is the conclusion of the U.S. Dollar liquidity squeeze in September, which we expect to be followed by increasing liquidity from this month onward.
• In Monday’s edition of Crypto Crisp, we outlined additional reasons for our bullish outlook on crypto throughout the fourth quarter.

• Donaldson Company has reported a record-breaking financial performance for the fiscal year 2024, achieving high sales, margins, and EPS.
• The company surpassed $3.5 billion in sales and reported an operating margin of 15.4%, delivering an adjusted EPS of $3.42 which reflects a 13% year-over-year growth.
• This robust performance was underpinned by strong cash conversion over 97%, and the return of $286 million to shareholders through dividends and buybacks.

• Upstart’s second quarter 2024 financial results reflect a period of transformation and recovery under challenging macroeconomic conditions.
• The company, led by CEO Dave Girouard, expressed confidence in the progress Upstart has made in returning to sequential growth and EBITDA profitability, despite the continued absence of significant macroeconomic improvements.
• This optimism is grounded in internal developments, particularly in artificial intelligence (AI) model enhancements, revived funding strategies, and augmented operational efficiency.

• Diodes Incorporated’s second quarter of fiscal year 2024 showcased performance exceeding prior expectations as demand began to recover, particularly noted in the computing market in Asia.
• The improvement in distributor inventory levels, marked by a sequential decrease in channel inventory weeks, was also a positive development.
• The company highlighted significant growth in point-of-sale (POS) across 3C markets (Computers, Communication, and Consumer Electronics), maintaining a steady revenue stream from automotive and industrial products which collectively accounted at 41% of total revenue.

Immix Biopharma’s US-based NEXICART-2 trial continues to make steady progress through the clinic, with the company reporting that the trial has advanced to the dose expansion level of 450m cells, after completing the 150m cell cohort. The Phase Ib/II trial is assessing Immix’s lead CAR-T asset NXC-201 as a first-in-class outpatient treatment for relapsed/ refractory amyloid light chain amyloidosis (r/r ALA). We highlight that both chosen doses in NEXICART-2 trial had elicited complete responses in the prior NEXICART-1 trial, which was based in Israel. We view the latest update as an encouraging sign that the current clinical trial is progressing as anticipated and we believe that the initial data readout, expected within Q424, could represent a near-term catalyst for investor attention.

• Five Below’s second-quarter results for fiscal 2024 reflect a period of significant changes and challenges alongside the initiation of strategic shifts aimed at repositioning the company for future growth.
• Under the interim leadership of Kenneth Bull, following a recent CEO transition, the company undertook a detailed review of its operations and business strategy.
• This quarter’s earnings reveal some concerning trends but also highlight areas where management is actively working to steer the business back to its growth track.

• BP’s revenue is expected to rise 7% QoQ but fall 5% YoY while EPS is anticipated to drop 7% QoQ and 19% YoY.
• Management projected lower upstream production for Q3 compared to Q2, including in high-margin regions. However, retail fuel sales are expected to increase on stronger seasonal demand.
• In 2023, BP allocated over 30% of its total expenditure to charging stations, biofuels, hydrogen fuels, and fuelling stations, a significant rise from just 3% in 2019.

• JFrog’s second quarter 2024 financial results highlight a scenario of mixed outcomes that underscore the robust yet challenging aspects of its operational and financial maneuvers.
• JFrog’s CEO, Shlomi Ben Haim, and CFO, Ed Grabscheid provided detailed insights into the company’s performance and strategic pivots intended to harness emerging market opportunities and address existing challenges.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Huntington’s second quarter of 2024 financial results demonstrated a robust performance, underpinning the company’s ability to navigate challenges while seizing growth opportunities.
• Revenue for the quarter reached $3 billion, marking a 6.8% year-over-year increase, driven largely by the exceptional growth of the Mission Technologies segment, which posted a 19% revenue increase from the previous year.
• This segment’s book-to bill ratio stood at 1.15, indicating healthy future revenue from confirmed contracts.

• Commvault’s fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics.
• The company reported a 13% increase in total revenue, reaching $225 million, complemented by a 17% rise in total Annual Recurring Revenue (ARR) to $803 million.
• Noteworthy was the Subscription ARR, which saw a 27% acceleration to $636 million, and the SaaS ARR, which surged by 66% to $188 million.