Core Insights - Kerrisdale Advisers initiated a new position in Telephone and Data Systems (NYSE:TDS), acquiring 506,067 shares valued at $20.75 million in the fourth quarter of 2025 [1][2]. Company Overview - Telephone and Data Systems, Inc. is a diversified telecommunications provider with a national presence in wireless and broadband services, addressing both consumer and enterprise connectivity needs [6]. - The company reported a total revenue of $1.2 billion and a net income of -$75.5 million for the trailing twelve months (TTM) [4]. - As of February 16, 2026, TDS shares were priced at $47.59, reflecting a 25% increase over the past year, outperforming the S&P 500's approximately 20% gain [8]. Financial Performance - In the fourth quarter, TDS reported operating revenue of $330.7 million, an increase from $295.3 million a year earlier, with net income rising to $37.2 million, a significant improvement from near breakeven the previous year [10]. - For the full year, the company generated $1.23 billion in revenue and returned to profitability after experiencing losses in 2024 [10]. Strategic Focus - The company has been reshaping its operations by selling parts of its wireless business and focusing more on fiber broadband and tower infrastructure, which are aimed at simplifying the company and strengthening its balance sheet [10]. - TDS offers a range of services including wireless solutions, IoT connectivity, broadband, cloud TV, and telecommunications services through its UScellular and TDS Telecom segments [9]. Investment Positioning - The new investment in TDS fits within a portfolio that includes a mix of global technology, payments, and commerce companies, indicating a strategy focused on durable cash-generating businesses rather than purely growth-oriented investments [11]. - Long-term investors may find that the focus on fiber expansion and asset monetization could lead to improved profitability, positioning TDS as a steady compounder in the telecom sector [11].

Company Overview - Telephone and Data Systems, Inc. is a diversified telecommunications provider operating through UScellular and TDS Telecom, offering integrated wireless, broadband, and IoT services to meet residential and commercial connectivity needs [5] - The company serves approximately 5 million wireless connections and 1.2 million wireline and cable connections, targeting both consumer and enterprise markets across the United States [8] Financial Performance - The company's revenue for the trailing twelve months (TTM) is $1.23 billion, with a net income of -$75.46 million [3] - As of February 17, 2026, the dividend yield stands at 0.34%, and the share price is $46.54 [3] Recent Developments - VR Advisory Services Ltd established a new position in Telephone and Data Systems by acquiring 573,005 shares, with an estimated transaction value of $23.49 million [1] - This new position represents 4.5% of the fund's reportable U.S. equity assets under management as of December 31, 2025 [2] - Following the acquisition, TDS shares have appreciated by 16.0% over the past year, outperforming the S&P 500 Index by 6.45 percentage points [2] Market Position - The purchase of TDS stock by VR Advisory Services Ltd is significant as it places TDS among the fund's top ten holdings out of 37, indicating a bullish outlook for the stock [9] - The stock has risen approximately 8% in 2026 through March 3, reflecting positive market sentiment [9]

Core Viewpoint - Silver Point Capital has completely liquidated its position in Telephone and Data Systems (TDS), selling 857,000 shares valued at $33.63 million, indicating a significant shift in investment strategy [1][2]. Company Overview - Telephone and Data Systems, Inc. is a prominent U.S. telecommunications provider with a diverse portfolio that includes wireless, broadband, and cloud-based services [6]. - The company utilizes its national network infrastructure to provide connectivity and digital solutions to millions of customers [6]. Financial Performance - For the trailing twelve months (TTM), TDS reported revenue of $4.96 billion and a net income of -$28 million [4]. - The dividend yield stands at 0.35%, and the stock price as of February 17, 2026, was $46.54, reflecting a 15.97% increase over the past year [4][8]. Recent Developments - TDS experienced a transformative year, with fourth-quarter operating revenues from continuing operations rising to $330.7 million, up from $295.3 million the previous year [8]. - Net income attributable to common shareholders from continuing operations reached $37.2 million, or $0.32 per diluted share [8]. - The company has pivoted towards fiber and infrastructure, targeting an increase of 300,000 marketable fiber addresses, which alters its risk profile [10]. Strategic Changes - Management has sold its wireless business and launched Array as a tower platform, indicating a strategic shift in focus [10]. - The restructuring and divestitures may not align with the investment strategies of funds like Silver Point Capital, which are more concentrated in large positions [11].

Company Overview - NORBIT ASA is a global provider of tailored technology aimed at solving challenges and promoting sustainability through innovative solutions, aligning with its mission to "Explore More" [2] - The company operates in three business segments: Oceans, Connectivity, and Product Innovation & Realization, addressing key markets [2] - The Oceans segment focuses on delivering tailored technology solutions to global maritime markets [2] - The Connectivity segment provides wireless solutions for identification, monitoring, and tracking [2] - The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers [2] - NORBIT is headquartered in Trondheim, has manufacturing facilities in Europe and North America, and employs around 700 people [2] Recent Insider Activity - Christina Hallin, director and primary insider of NORBIT ASA, purchased 1,000 shares at an average price of NOK 185.00 per share on 11 February 2026 [1] - Following this transaction, Hallin now owns a total of 1,000 shares in NORBIT [1]

Core Insights - NORBIT will announce its fourth quarter results for 2025 on February 11, 2026, with the interim report and presentation materials available from 07:00 am CET [1] - The results will be presented by CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe at 09:00 am CET [2] - NORBIT is a global provider of tailored technology, structured into three business segments: Oceans, Connectivity, and Product Innovation & Realization [2] Company Overview - NORBIT focuses on solving challenges and promoting sustainability through innovative solutions, aligning with its mission to "Explore More" [2] - The Oceans segment delivers technology solutions to global maritime markets, while the Connectivity segment provides wireless solutions for identification, monitoring, and tracking [2] - The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers [2] - The company is headquartered in Trondheim, has around 650 employees, and operates manufacturing facilities in Europe and North America [2]

Core Points - NORBIT ASA has approved an incentive share purchase program for its employees, with 286 participants involved [1] - The program is structured as a share matching initiative, allowing employees to acquire shares at market value and receive compensation in new shares equivalent to their investment after 24 months, contingent on certain conditions [2] - A total of 76,077 shares were subscribed in this year's program, with a subscription price set at NOK 172.481, based on the five-day average volume weighted price prior to December 1, 2025 [3] Company Overview - NORBIT ASA is a global provider of tailored technology solutions, focusing on sustainability and innovation across three business segments: Oceans, Connectivity, and Product Innovation & Realization [5] - The Oceans segment offers technology solutions for global maritime markets, while the Connectivity segment provides wireless solutions for identification, monitoring, and tracking [5] - The Product Innovation & Realization segment delivers R&D services, proprietary products, and contract manufacturing to key customers [5] - The company is headquartered in Trondheim, employs around 650 people, and has manufacturing facilities in Europe and North America [5]

Core Insights - Mifi AS, owned by Finn Haugan, has acquired 6,500 shares of NORBIT ASA at an average price of NOK 169.69 per share, increasing his total holdings to 100,498 shares [1] Company Overview - NORBIT ASA is a global provider of tailored technology solutions aimed at addressing specific applications and promoting sustainability through innovative solutions [2] - The company operates in three business segments: Oceans, Connectivity, and Product Innovation & Realization [2] - The Oceans segment focuses on technology solutions for global maritime markets, while the Connectivity segment offers wireless solutions for identification, monitoring, and tracking [2] - The Product Innovation & Realization segment provides R&D services, proprietary products, and contract manufacturing [2] - NORBIT is headquartered in Trondheim, has manufacturing facilities in Europe and North America, employs around 650 people, and has a worldwide sales and distribution platform [2]

Core Insights - NORBIT will announce its third quarter results for 2025 on November 13, 2025 [1] - The interim report and presentation materials will be available on the company's website and the Oslo Stock Exchange's news site [1] - CEO Per Jørgen Weisethaunet and CFO Per Kristian Reppe will present the results at 08:00 am CET [2] Company Overview - NORBIT is a global provider of tailored technology focused on selected applications, promoting sustainability through innovative solutions [2] - The company operates in three business segments: Oceans, Connectivity, and Product Innovation & Realization [2] - The Oceans segment provides technology solutions for global maritime markets, while the Connectivity segment offers wireless solutions for identification, monitoring, and tracking [2] - The Product Innovation & Realization segment includes R&D services, proprietary products, and contract manufacturing [2] - NORBIT is headquartered in Trondheim, employs around 650 people, and has manufacturing facilities in Europe and North America [2]

Core Points - NORBIT ASA has approved incentive share purchase programs for eligible employees, allowing them to acquire shares at market value and receive compensation in new shares after 24 months if conditions are met [1][2] - A total of 35,075 shares will be awarded to employees who participated in the share matching program in 2023, delivered from existing treasury shares [2] - Following the share transactions, primary insiders will hold significant shares, including Peter Eriksen with 870,245 shares and Arild Søraunet with 712,011 shares [3] Company Overview - NORBIT ASA is a global provider of tailored technology solutions, focusing on sustainability and innovation across three business segments: Oceans, Connectivity, and Product Innovation & Realization [4] - The Oceans segment targets global maritime markets with specialized technology solutions, while the Connectivity segment offers wireless solutions for identification and tracking [4] - The company is headquartered in Trondheim, employs around 600 people, and has manufacturing facilities in Europe and North America [4]

Core Insights - NORBIT reported a revenue of NOK 684.4 million in Q2 2025, marking a 63% increase compared to Q2 2024, with an EBIT of NOK 174.2 million and a margin of 25% [1] - Diluted earnings per share rose to NOK 2.06 from NOK 1.20 year-over-year [1] Segment Performance - The Oceans segment generated NOK 239.4 million in revenue, a 22% increase from Q2 2024, with an EBIT margin of 36% [2] - The Connectivity segment reported revenues of NOK 169.8 million, up 67% from the same quarter in 2024, with an EBIT margin of 32% [2] - The Product Innovation & Realization (PIR) segment achieved revenues of NOK 293.1 million, reflecting a growth of 118% from Q2 2024, driven by demand in the defense and security sector, with an EBIT margin of 20% [3] Management Commentary - CEO Per Jørgen Weisethaunet emphasized the company's commitment to delivering tailored technology across various segments, contributing to a well-diversified business model that supports profitable growth [4] - The company maintains a development-oriented mindset, focusing on preparedness and scalability to enhance growth opportunities [5] Outlook - The outlook for NORBIT is positive, with continued high activity across all business segments. The revenue target for 2025 has been raised to NOK 2.5 – 2.6 billion from NOK 2.2 – 2.3 billion, while the EBIT margin is expected to remain around 25% [6]