BREAKING: Dye and Durham $DND.TO / $DYNDF annual earnings results released at 11.43pm (17mins before the deadline lol). The market priced in bankruptcy. Instead we got - an on-time filing, - a clean EY audit, - no material going-concern uncertainty, - Q4 adjusted EBITDA +15%, - operating cash flow +15%, and - $19.9M in annualized savings. Q4 revenue was $104.2M, up 4% excluding Credas. Adjusted EBITDA reached $55.1M, up 15% YoY and 18% excluding Credas. That is an adjusted EBITDA margin of roughly 53%, compared with about 45% last year. Q4 operating cash flow was $65.6M, up 15%. For FY26, DND generated $410.7M of revenue, $198.8M of adjusted EBITDA and $153.4M of operating cash flow. The net loss improved 56%, from $88.0M to $38.5M. Banking Technology revenue increased to $108.3M, up approximately 4.6%. The company says it has already achieved $19.9M of annualized cost savings, well ahead of the original $11M FY26 target, with further initiatives still planned. DND also made $172.7M of gross repayments across the 2029 notes, Term Loan B and revolver. At June 30, first-lien leverage was 5.17x, below the 5.8x covenant threshold. EY delivered an unmodified audit opinion, while management concluded there were no material uncertainties that may cast significant doubt on DND’s ability to continue as a going concern. Most importantly, the sale process for both the whole company and CFS remains ongoing. Yes, the debt is heavy. But this was not a bankruptcy print. The core business is producing real cash, margins have recovered sharply, costs are coming out faster than planned and the strategic review remains alive. NOW IS THE TIME TO BUY!

The more I dig into Dye and Durham's $DND.TO’s new executive team, the more interesting it gets.! Tell me I'm wrong - but a sale is coming! Look at the timing and backgrounds: Jason Read - Chief Strategy & Technology Officer - Joined DND in 2026. - Previously: - EY Private Equity Technology Consulting then Houlihan Lokey Transaction Advisory then Portage Point value creation/performance improvement. Steve Waszak - Interim CFO - Appointed May 25, 2026. - Extensive M&A experience and previously operated through an actual Private equity acquisition as CFO. Todd Schulte - COO -Joined DND in 2026. - Previously COO at Togetherwork, CentralSquare & Superion - deep PE-backed software, M&A integration and operational transformation experience. His background includes consolidating 40+ products onto a single platform. Angela Zhang - DND Director Previously Advent International then GI Partners then Rellevay, investing heavily in technology, software, fintech and payments. Then look at what was already happening: June 2025: DND brought in George Tsivin, Avjit Kamboj and Nikesh Patel specifically to drive transformation, value creation, product rationalization and profitability. June 2026: Tsivin is gone and the Transformation Committee takes over. 2026: A new executive layer emerges around PE and M&A. And earlier this year in March, the company reportedly received whole-company bids from both sponsors and strategics. And here's the REALLY interesting part: Houlihan Lokey - where DND’s new Strategy & Technology chief previously worked - is now advising DND’s lenders! And their new Board Member worked at Advent International, who itself bid $825M for Dye & Durham in 2025! The concentration of PE/M&A/distressed-value-creation expertise around DND right now is getting very hard to ignore! What exactly are they positioning this business for?

$DND.TO / $DYNDF 7X TO 9X FROM HERE. THIS IS THE STOCK I HAVE SPENT THE MOST TIME AND RESEARCH ON IN MY INVESTING CAREER. I HAVE SPOKEN TO EVERYONE AND READ EVERYTHING OUT THERE IN THE PUBLIC AND NOT OUT THERE! More than $SPCX, $META, $NOW, $SRPT, $PATH, $TLT etc etc. I recently got access to the April court documents, and it added even more conviction to my thesis. The sales process started in December. By March, DND had reportedly received whole-company bids around C$5.75–$7/share and C$600–765M bids for CFS. But I recently got access to the April court documents, and the history is fascinating. According to the documents / my reading: → CIMs went out for BOTH the whole company and CFS → There was significant buyer interest → Cormark testified the process had materially advanced by late March → Plantro was still trying to buy the whole company → Plantro believed CFS alone could fetch at least $700M → Plantro believed a CFS sale could leave a RemainCo worth C$4.38–$8/share → Plantro offered a $50M bridge to address DND's liquidity concerns And here's the part I find most interesting: The court documents show the fight over Plantro's attempted latest bid ($4.75 cash + $5.50 CFS equity = $10.25 implied value per DND share) wasn't supported by the **Engine-aligned directors were still controlling the board.** Tyler even supported the bid! Those directors are now GONE. George (former CEO installed by previous Engine board) is gone. The Transformation Committee concluded the work. Angela Zhang (Private Equity specialist) is Chair of the Board. Todd Schulte is running the company. Lenders have organized and hired Houlihan Lokey to negotiate. Meanwhile, shareholders approved a **3-year rights plan specifically to protect the sales process.** The strategic process didn't magically become worthless. And the stock is now $0.75. Everyone connected to the process can't buy any shares due to MNPI restrictions. My bet? **DND ultimately lands around C$5–$7/share.** That's roughly **7–9x today's price.** The next FY2026 results come in the next couple of weeks. This is either the dumbest trade I've made, which surprisingly is the deepest research I have ever went on a stock .. or the market is massively mis-pricing the outcome and this will be my most profitable trade of my career!

"Political Earthquake" Rocks British Columbia: Conservatives Win Election For First Time Since 1928 zerohedge.com/political/poli…

Here are some of Roche’s slides. Looks the obvious would be Japan but seems alot of Intrnl. 1st, their TAM is 10’s of thousands, no hostile @FDA, probably had luxury of less press & loss of trust by community. $SRPT

JUST IN: 🇮🇷🇮🇱 Israeli Prime Minister Netanyahu says Iran has restarted its nuclear program and plans to eliminate Israel in the near future.

$DND.TO short interest exploded into the rally. From Sept. 30 to Oct. 15: Short position: 2.03M to 3.75M shares Net increase: +1.72M shares Increase: +84%!! While the share price went from $1.00 to $2.13 Read that again: The stock more than doubled while shorts added 1.7M shares!! So the rally was not just short covering. Buyers absorbed a massive wave of new short selling and still pushed DND higher. There are now roughly 3.75M shares short, equal to about 5.6% of all shares outstanding - and likely a much larger percentage of the true trading float (Edgepoint, Plantro, One Move own 43% of the float and are all restricted from trading). Not every short is necessarily an outright bearish bet; some may be hedges. But if DND announces a credible CFS sale, whole-company deal or major deleveraging transaction, millions of shares could suddenly need to be bought back into a very tight market!!! This setup could get very violent - short squeeze is definitely in play! Long $DND.TO / $DYNDF.

WHY YOU’RE GOING TO LOSE MONEY ON STOCKS THIS DECADE! Legendary investor Howard Marks puts it bluntly: “When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, IN EVERY CASE, EVERY CASE.” Today the market sits at a 25x P/E. Add inflation… and your “returns” are negative. So what’s Marks doing? Buying bonds! During the 2000–2002 crash: - Long-term Treasuries: +40–45% - NASDAQ: –78% History doesn’t repeat perfectly, but it rhymes. We might only be in the first inning of the next pullback. I’m already reallocating heavily into long-term bond ETFs like $TLT and $ZFL.TO, and I think they’ll outperform for years.