In today’s briefing:
- JETS US Equity: Attempting to Take Off
- Soluna Holdings, Inc. – 3Q Results Show Turnaround Is Complete
- ATNI: Changing from the Top
- Zeekr Pre-IPO – Peer Comparison – Catching up with Little Spending
JETS US Equity: Attempting to Take Off
- US Global Jets ETF (JETS US) surged by 6.6% last week, bringing the YTD to -2.1%. The strong move was in tandem with U.S. major indexes, but at 3x greater
- Positive fund inflow of US$92m, the second month in a row, reversing 17 months’ downtrend. Accumulation suggests the bottom is over, and investors turning positive on the aviation sector
- Maintain TP of US$19 (+14% UPSIDE), but it might be a good idea to protect the downside with a short-term Put option, last week’s action was too fast and furious
Soluna Holdings, Inc. – 3Q Results Show Turnaround Is Complete
- Reports 3Q23 revenues of $5.8 million and positive adjusted EBITDA of $405K, up from $2.1 million and negative ~$2 million, respectively, in 2Q23.
- The improved results reflect additional contributions from new projects that began ramping up in 2Q23, along with lower SG&A that reflects the cost-cutting efforts enacted earlier in 2023.
- We note that comparisons to 3Q22 are not meaningful given the company’s pivot to mostly hosting contracts at its data centers rather than proprietary Bitcoin mining where it recognized both higher revenues and costs.
ATNI: Changing from the Top
- ATNI is getting set to undergo management change right when the Company was to begin harvesting cash flow from several years of capital expenditures
- In 2024, CEO would move to Executive Chairman and the CFO plans to retire. In their place, ATNI has named Brad Martin as CEO and Carlos Doglioli as CFO
- Current COO has overseen the investment in Alaska and other markets ATNI has been placing fiber lines in an attempt to thwart competition before there was a severe pricing pressure
Zeekr Pre-IPO – Peer Comparison – Catching up with Little Spending
- ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
- Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
- We have looked at the company’s past performance in our earlier notes . In this note, we will undertake a peer comparison.
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