That's the only question
that matters.
Independent equity research on under-followed companies. Forensic accounting. Risk-first analysis. No positions held. No conflicts. Just the work.
Dave's 2024 net income of $57.9M looks like a turning point. It isn't. Back out the $33.4M debt extinguishment gain buried in Other Income and true normalized earnings are $24.4M — a number entirely dependent on a provision rate that improved 138bps over two years with no cohort-level disclosure to verify why. The covenant breach nobody is talking about makes it worse.
Every report is free. Here's exactly what happens when a new one publishes.
A $33M one-time gain inflating earnings by 136%. A provision rate no one can verify. A covenant breach deleted from the credit agreement.
Under analysis. Subscribe for notification when published.
Under analysis. Subscribe for notification when published.
Under analysis. Subscribe for notification when published.
Under analysis. Subscribe for notification when published.
Under analysis. Subscribe for notification when published.
Every report runs the same structured forensic process. Not a checklist — a discipline that starts where most analysts stop reading: in the footnotes, the covenant schedules, the non-GAAP reconciliations.
The question is never "is this a good business?" The question is always "what does the current price assume, and is that assumption credible?"
Sector focus: FinTech · SaaS · PropTech · $300M–$3B market cap.
The Blind Spot is growing into a full analytical platform. Reports are phase one.
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