McCoin

$VELO: My two cents. At first glance, freak out. At second glance, this was more or less telegraphed during the Q4 earnings. "This is a practical, demand-driven buildout: as contracts grow and new programs come online, each drives incremental capacity requirements, creating a compounding growth profile. To support this expansion, we expect to raise additional capital in the near term. Any equity capital raised would be targeted toward workforce expansion and operational infrastructure rather than equipment, keeping dilution low relative to the significant long-term value this growth is expected to generate." So ask yourself — why does a CEO who owns ~49% of the company, just converted debt to equity at a massive premium to market, and tied his comp to market cap, file a $500M shelf? The same CEO who tied his compensation plan to the company's market cap: x.com/kingtutcap/sta… The key word here is demand-driven. The shelf isn't dilution. It's authorization. You don't pull the trigger on a $500M shelf if you don't see massive demand coming at you. This is a company sitting at the intersection of a generational defense bottleneck with a $1.5T 2027 defense budget ask behind it. What happens when a $50-100M order lands and you don't have the capital to fulfill it? You lose the contract. People are still looking at the 5-year chart and seeing the old VELO. That company is gone. This is a defense-first hypergrowth turnaround with $59M in bookings, a CEO with massive skin in the game, and demand the company is struggling to keep up with. Look at the 10-K risk factors. The biggest one isn't competition. It isn't balance sheet. It's being unable to meet demand. They literally flagged that incoming defense orders around munitions replenishment, hypersonic propulsion, and thermal management systems could overwhelm their capacity. Think about what the DoD needs to replenish after Iran. Think about who makes the parts. Demand from defense, aerospace and government-related customers may increase, but we may be unable to timely and effectively satisfy such demand, and any failure to do so could expose us to operational, contractual, regulatory and reputational risks. As a supplier of metal additive manufacturing solutions used in defense, aerospace and other highly regulated industrial applications, we may experience increased demand for our products and services as government agencies, prime contractors and other participants in the defense industrial base seek to expand domestic manufacturing capacity, accelerate qualification of advanced components and support programs involving munitions and munition support components, hypersonic propulsion and thermal management systems, aerospace propulsion and other mission-critical applications. While increased participation in these markets create opportunities for growth, such demand may also place significant strain on our operations, including our production capacity, supply chain, engineering resources, installation and support capabilities, and our ability to satisfy stringent customer specifications, qualification requirements and delivery schedules. That shelf says we have access to capital markets if we need it, which changes the risk profile for the company for every stakeholder (customers, partners, and investors) removing the going concern discount that's keeping institutions out, making customers nervous about long-term contracts, and creating an existential risk premium that isn't justified by the actual demand picture. Capital access at improving prices, deployed into RPS capacity and defense contract execution, changes that narrative from survival to growth. Right now institutional ownership is effectively zero. Going concern language is a hard stop for most funds. Once the going concern question shifts from "will they survive" to "at what dilution will they grow," a whole category of institutional investors who couldn't touch this stock suddenly can. As I've said a couple weeks ago, dilution for growth purposes to meet structural demand + management that has massive skin in the game is okay to me! x.com/kingtutcap/sta… Most people will miss the forest for the trees. They'll focus on the chart and the shelf size and miss the fact that the demand pulling this company forward is structural, durable, and accelerating.

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🚨 THE START OF A NEW WORLD ORDER China is closing the gap on the US… fast. And the US has 2 big problems: 1: Debt 2: China becoming #1 Yes, if the U.S. doesn’t do anything, China could become the “greatest country in the world”… Don’t believe me? Here’s how: CHINA’S EDGE (THE NUMBERS): – Energy: ~9,000 TWh vs US ~3,000 TWh (3x) – Manufacturing share: China 28% vs US 16% – Tech: 5G leader, catching up in AI – EVs: BYD > Tesla – Robotics: China ahead If you think this doesn’t matter… you don’t understand hegemony. China became the factory of the world. The U.S. has one option to save themselves, and it’s to devalue its currency… Let’s take a look at what happened 40 years ago: 1985, PLAZA ACCORD (JAPAN). US + Japan + Germany + France + UK… met in NYC… …and coordinated dollar-selling to weaken USD. Why? Because Japan’s exports were eating America alive. WHAT HAPPENED NEXT (3 YEARS): – JPY 260 → 120 (about +116%) – Japanese products got WAY more expensive overseas Japan panicked. THE BOJ DID WHAT CENTRAL BANKS ALWAYS DO: They cut rates to save growth. – 1990: 6% – 1995: 0.5% – 2000: 0.1% – 2016: -0.1% Decades of near-zero rates. This is how lost decades are manufactured. THEN THE BUBBLE / CRASH CYCLE: – Nikkei 10,000 → 38,900 – then 38,900 → ~7,000 (-82%) And the real monster showed up… CARRY TRADE. Borrow near-0% yen → buy higher-yield US assets. Trillions flowed. PLAZA ACCORD 2.0 MECHANIC: 1: USD down 2: Yuan up 3: China exports weaken 4: PBoC cuts rates 5: Carry trade shifts to cheap yuan 6: Multi-decade grind IT’S SIMPLE MATH: Right now: $1 ≈ 7 yuan If USD weakens 50%: $1 ≈ 3.5 yuan That’s a yuan that effectively doubles. And export models don’t survive that. THE EXPORT SHOCK: – China exports: ~$3.5T (~20% of GDP) – 50% hit = -$1.75T/year – Export-linked jobs: ~220M – If exports halve: ~110M at risk That’s societal pressure. China’s positioning (gold/silver, reducing Treasuries) helps at the margins… …but currencies are the real battlefield. 1985 Japan. 2026 China? Btw, I haven’t missed a major top or bottom in a decade. My next call is coming soon. Trust me, you’ll wish you followed me sooner.