Core Insights - Liberty Park Fund reported a net return of 1.13% for Q3 2025, significantly underperforming the Russell 2000's return of 12.40% [1] - The fund's long positions increased by 14.42%, contributing 12.38% on a weight-adjusted basis, while short positions rose by 18.60%, detracting 10.85% [1] - The average gross exposure was 142.48%, and the average net exposure was 33.61% [1] Company Analysis: DMC Global Inc. (NASDAQ:BOOM) - DMC Global Inc. is a provider of products and engineered solutions for various markets, including construction and energy [2] - The stock had a one-month return of 7.73% but lost 6.95% over the last 52 weeks, closing at $6.69 per share with a market capitalization of $137.75 million on December 31, 2025 [2] - The company experienced a 1% decline in consolidated sales to $151.5 million for Q3 2025, while adjusted EBITDA rose by 51% year-over-year to $8.6 million [3] - The fund closed its position in DMC Global Inc. at a modest loss due to disappointing guidance and a belief that an activist shareholder's campaign would not succeed [3] - DMC Global Inc. was held by 13 hedge fund portfolios at the end of Q3 2025, a decrease from 14 in the previous quarter [3] - The fund suggests that certain AI stocks may offer greater upside potential compared to DMC Global Inc. [3]

Core Points - Galloper Gold Corp. has issued 1,000,000 common shares at a deemed price of $0.065 per share to settle a debt of $65,000 related to past management services [1][2] - Hratch Jabrayan, the CEO and a director, was the sole creditor in this debt settlement, making it a related party transaction [2] - The shares issued are subject to a statutory hold period of four months following the debt settlement [3] Company Overview - Galloper Gold Corp. is focused on mineral exploration in the Central Newfoundland Gold Belt, with key properties including the Glover Island Property and the Mint Pond prospect [4] - The company recently completed its first diamond drilling program at Glover Island since 2012, having drilled six holes with results pending [4]

Core Points - Galloper Gold Corp. intends to complete a debt settlement by issuing 1,000,000 common shares at a deemed price of $0.065 per share to settle debts totaling $65,000 [1] - The shares issued will be subject to a statutory hold period of four months following the closing of the debt settlement [2] Company Overview - Galloper Gold Corp. is focused on mineral exploration in the Central Newfoundland Gold Belt, with its flagship Glover Island Property located 24 km southeast of Corner Brook and the Mint Pond prospect in the Gander area [3] - The company recently completed its first diamond drilling program at Glover Island since 2012, having completed six holes with results pending [3]

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - Sable Offshore Corp (NYSE:SOC) has an RSI of 29.4, with a stock price decline of approximately 67% over the past month, closing at $5.89 [7] - DMC Global Inc (NASDAQ:BOOM) has an RSI of 26.1, with a stock price decline of around 25% over the past month, closing at $5.87 [7] - XCF Global Inc (NASDAQ:SAFX) has an RSI of 22.1, with a stock price decline of about 46% over the past month, closing at $0.62 [7] Group 2: Company Performance - Sable Offshore reported a wider-than-expected quarterly loss [7] - DMC Global's third-quarter results were mixed, impacted by volatile energy prices and high interest rates [7] - XCF Global appointed a new CEO, Chris Cooper, and is focusing on the growing demand for sustainable aviation fuel (SAF) [7]

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - Sable Offshore Corp (NYSE:SOC) has an RSI of 29.4, with a stock price decline of approximately 67% over the past month, closing at $5.89 [7] - DMC Global Inc (NASDAQ:BOOM) has an RSI of 26.1, with a stock price drop of around 25% in the last month, closing at $5.87 [7] - XCF Global Inc (NASDAQ:SAFX) has an RSI of 22.1, with a stock price decrease of about 46% over the past month, closing at $0.62 [7] Group 2: Company Performance and Management Changes - Sable Offshore reported a wider-than-expected quarterly loss, contributing to its stock decline [7] - DMC Global's third-quarter results were mixed, affected by volatile energy prices and high interest rates, as stated by CEO James O'Leary [7] - XCF Global appointed Chris Cooper as CEO and Wray Thorn as interim board chair, with Cooper highlighting the company's position in the growing demand for sustainable aviation fuel [7]

Core Insights - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article suggests that users may face blocks if they have ad-blockers enabled [1]

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Core Insights - DMC Global reported revenue of $151.53 million for Q3 2025, a slight decline of 0.6% year-over-year, with an EPS of -$0.08 compared to -$0.49 a year ago, indicating improvement in earnings despite revenue decline [1] - The revenue exceeded the Zacks Consensus Estimate of $145.6 million by 4.07%, while the EPS fell short of the consensus estimate of $0.01 by 900% [1] Revenue Performance - Arcadia's net sales were $61.66 million, surpassing the two-analyst average estimate of $58.8 million, reflecting a year-over-year increase of 6.7% [4] - NobelClad's net sales were reported at $20.93 million, below the average estimate of $24.75 million, showing a year-over-year decline of 16.1% [4] - DynaEnergetics reported net sales of $68.95 million, exceeding the average estimate of $62.05 million, with a slight year-over-year decrease of 1.1% [4] Stock Performance - DMC Global's shares have returned +2% over the past month, compared to a +2.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - DMC's consolidated third quarter sales were $151.5 million, down 1% year-over-year, while adjusted EBITDA attributable to DMC was $8.6 million, up 51% year-over-year [3][4] - Net debt was reduced to $30.1 million, down 47% since the start of the year, marking the lowest level since acquiring Arcadia [3] - Adjusted net loss attributable to DMC was $1.6 million, with adjusted loss per share of $0.08 [9][10] Business Line Data and Key Metrics Changes - Arcadia's third quarter sales totaled $61.7 million, a 7% year-over-year increase but down 1% from the second quarter [3] - DynaEnergetics reported third quarter sales of $68.9 million, down 1% year-over-year and up 3% sequentially [4] - NobelClad's third quarter sales were $20.9 million, down 16% year-over-year and down 21% sequentially [5] Market Data and Key Metrics Changes - In DynaEnergetics' core U.S. onshore market, well completions were down 8% year-over-year and 6% sequentially [4] - Architectural billings in Arcadia's core Western region have declined every month since May, indicating soft commercial construction activity [4] Company Strategy and Development Direction - The company is focusing on leveraging its balance sheet and stabilizing operations across its business lines [3][12] - NobelClad secured a record order, which is expected to help rebuild its order book and explore global business opportunities [12] - DynaEnergetics is containing costs while pursuing international opportunities amidst a challenging North American oil and gas market [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment is marked by volatile energy prices, elevated interest rates, and shifting tariff policies [12] - The company expects continued headwinds in the oil field services market during the fourth quarter, with a focus on self-help measures [12][11] - There is cautious optimism regarding potential improvements in the building industry, but overall market conditions remain challenging [12][44] Other Important Information - The company ended the third quarter with cash and cash equivalents of approximately $26.4 million, and total debt was $56.5 million, down 20% from the end of 2024 [10] - Guidance for fourth quarter sales is expected to be in the range of $140 million to $150 million, with adjusted EBITDA anticipated to be around $5 million [10][11] Q&A Session Summary Question: Are there any green shoots in Arcadia? - Management acknowledged seeing some Arcadia-specific green shoots but emphasized that these improvements are not indicative of broader industry trends [19][20] Question: What is the shipping cadence for the large NobelClad order? - The bulk of the revenue from the large order is expected to be recognized in the second half of 2026 [24][28] Question: How is the tariff impact affecting DynaEnergetics? - The impact from tariffs was approximately $3 million, and pushing prices in the current market is extremely challenging [35] Question: What are the expectations for 2026 in the perforating gun business? - Management stated it is too early to discuss 2026 due to poor visibility and indicated that pricing relief is not expected in the near term [50] Question: What is needed for demand trends to pick up? - Stability in the market and potential interest rate cuts are critical for recovery, with cautious optimism for improvements in the building industry [41][44]

Third Quarter 2025 Earnings Presentation November 4, 2025 © 2025 DMC. All rights reserved. ARCADIA PRODUCTS' EXTERIOR ALUMINUM FRAMING SYSTEMS USED IN PINAL COUNTY ATTORNEY OFFICE BUILDING - PINAL COUNTY, AZ USE OF NON-GAAP FINANCIAL MEASURES & SAFE HARBOR LANGUAGE *Use of Non-GAAP Financial Measures Adjusted net income (loss), adjusted diluted EPS, adjusted EBITDA, net debt, and free-cash flow are non-GAAP financial measures used by management to measure operating performance. For reconciliations of the mo ...