@DiaTSLAPLTR @akaApoligix Waiting for your post on the $Tem 1Q results and your opinion on the $400m convertible bonds. It seems like a good refinancing at 0% and a long term, but I'd like to read your thoughts.
English
Slp🦇
85 posts
$RZLV , UPDATE on the DBLP 9M share acquisition.
The 13D/A is now public and the breakdown changes the story I originally posted. Credit to @akaApoligix who pulled the filing.
The actual split:
1- 8,040,733 shares (91%): issued at par value (~$0.00) to DBLP for "services rendered"
2- 273,319 shares: purchased from John Wagner's widow at $4.00/share
3- 539,637 shares: purchased from M1 Real Estate Group at $4.00/share
So out of around 9M shares, 91% was share based compensation issued to the CEO's own Seychelles entity at zero cost. 9% was actual purchase at $4.00, which was above market at the time, that part is genuine conviction. My original post flagged that the split between issuance and purchase wasn't disclosed and called it a problem. Now we know the ratio, and it's worse than I assumed.
This doesn't change the revenue trajectory, the $60M Q1, or the technology thesis. But it does reinforce the governance concerns I've been flagging since the 20F: related party transactions through DBLP, combined Chairman/CEO structure, and a pattern of optics that don't match the fine print.
The business can be real and the governance can be a problem at the same time. Both are true here.
DYOR....
MarketMaverick@DiaTSLAPLTR
$RZLV — UPDATED ANALYSIS: Q1 Revenue, SQD on Revolut, Reward Leadership Three updates dropped over past two week. Here's what each update actually means, what the numbers are really saying, and what everyone else is missing. 1. Q1 2026 REVENUE: $60M (Unaudited) The headline: $60M in 90 days exceeds the entire $46.8M audited FY2025. That's 128% of last year in one quarter. Sounds extraordinary. Now here's the math nobody is running. December 2025 MRR was $19.4M. Multiply by 3 months and you get $58.2M. Q1 came in at $60M. That means the actual sequential acceleration from December's run rate is $1.8M or 3.1%. The monthly average in Q1 was $20.0M vs $19.4M in December. The trajectory is positive but the acceleration is modest, not explosive. Now the harder math. $60M is 17% of the $360M annual guide. To hit $360M, the remaining 9 months need to deliver $300M — that's $33.3M per month, or 1.7x the current pace. Q1 annualized is $240M, not $360M. The gap is $120M. What this means: the $360M guide still requires a significant H2 ramp. This is consistent with the 2025 pattern where H2 delivered 543% above H1. But investors should understand that Q1 confirmed the floor, not the ceiling. The real test is whether Q2 and Q3 show the monthly ramp from $20M toward $33M+ Critical caveat: this is UNAUDITED management accounts. Rezolve doesn't normally report quarterly, this was a voluntary disclosure. The timing, during an active CMRC proxy fight ahead of the May 14 vote, is not a coincidence. The number needs H1 audited confirmation. Verdict: Bullish on confirmation of the revenue base. Cautious on the pace vs the $360M guide. Still need to see acceleration. 2. SQD TOKEN LIVE ON REVOLUT Context most people missed: Rezolve took a $63.3M impairment on SQD tokens in the 2025 20-F because the token price declined significantly after the Subsquid acquisition. That was the single largest non-cash charge on the P&L. Now SQD is listed on Revolut alongside existing listings on Coinbase, Binance, and Bybit. Revolut gives access to 70M+ users across 160+ countries. SQD operates 2,500+ active nodes indexing data across 200+ blockchain networks. What this actually does for the business: it's a two track play. Track 1: Token recovery. Broader distribution through Revolut's mainstream user base could support SQD token demand and potentially reduce the impairment overhang. If token price recovers, the $63.3M writedown partially reverses through the P&L. That's a hidden earnings tailwind nobody is modeling. Track 2: AWS playbook validation. Dan has been pitching Subsquid as Rezolve's "AWS moment", build the database internally, then commercialize it externally. The Revolut listing is the first visible step toward external commercialization of the SQD ecosystem. It moves the token from crypto-native audience to mainstream fintech audience. Honest assessment: the Revolut listing is distribution infrastructure for the token, not revenue infrastructure for the company. SQD remains pre-revenue as a commercial database product. The "AWS playbook" thesis is still speculative until named enterprise customers are paying for SQD database services outside of Rezolve's own internal use. Treat this as option value, meaningful if it works, immaterial if it doesn't. 3. JAMES HOUSE APPOINTED CEO OF REWARD This is the update most investors will skip. They shouldn't. Reward was the $230M all-cash acquisition that closed in February 2026. It's the single most important integration on Rezolve's plate because it bridges the entire RezolvePay stablecoin payment thesis to real-world bank and merchant distribution. Without Reward, RezolvePay is a payment rail with no on-ramp. With Reward, it plugs into NatWest, Visa, Barclays, Amazon, McDonald's, and Asda relationships reaching 10M+ active cardholders. James House was already Chief Commercial Officer at Reward before the acquisition. He brings 25+ years across Mastercard and BNP Paribas with operating experience spanning North America, Europe, Africa, and Asia. Outgoing CEO Jamie Samaha steps down May 31 with a clean handoff. Why this matters: internal promotion signals continuity, not disruption. A Mastercard veteran running the payments and loyalty arm is the right profile for a unit that needs to earn trust from banks and card networks. Integration risk on Reward is the single biggest execution variable for 2026 — and putting an operator who already knows the business in the CEO seat de-risks it meaningfully. UPDATED SCORECARD (May 2026): 1- Q1 revenue confirmed $60M — floor established, FY2025 exceeded in 90 days 2- SQD on Revolut — token distribution expanded to 70M+ mainstream users 3- Reward leadership — internal promotion, Mastercard veteran, clean transition 4- Microsoft Foundry — brainpowa live alongside OpenAI, Anthropic, Meta 5- Estee Lauder — 70 EMEA markets in production deployment 6- No equity dilution for operations — reconfirmed in Q1 release 7- Q1 is unaudited management accounts — needs H1 confirmation 8- $360M guide requires 1.7x current monthly pace — H2 ramp is essential 9- Material weaknesses in internal controls — remediation timeline still unclear 10- $102M short-term Crownpeak debt — refinancing not yet disclosed 11- CMRC proxy fight — outcome uncertain, board adopted poison pill 12-❌ SQD commercial revenue — still zero, AWS playbook unproven 13- ❌ Chairman/CEO separation — no movement THE MATH THAT MATTERS: At ~$2.85 and ~399M shares: • Market Cap: ~$1.14B • P/S on Q1 annualized ($240M): 4.7x • P/S on $360M guide: 3.2x • P/S if guide is hit + Reward contribution (~$450M combined): 2.5x For a company with 90%+ core software margins, Microsoft/Google hyperscaler distribution, 950+ enterprise clients including Estee Lauder, and a CEO who just bought 9M more shares through his personal entity — 3.2x forward revenue is either a screaming buy or a reflection of legitimate execution risk that the market hasn't resolved. Both can be true simultaneously. I'll keep reading the filings. I'll keep running the math. And I'll keep posting what I find. Still long. Eyes wide open. $RZLV
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@DiaTSLAPLTR @akaApoligix It doesn't change the thesis or the income, but these non-accretive dilutions might be discouraging. Still here, my friend? 🤔
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@DiaTSLAPLTR We'll wait until May 14th to see what the institutions decide. 👌🏼
English
Good question. Three scenarios in order of probability:
1- Deal fails, $RZLV walks away. Dan said on the investor call three times "we don't need Commerce.com" The $360M guide explicitly excludes CMRC — Dan confirmed this. If it fails, guidance doesn't change.
2-Rezolve sweetens the ratio to something closer to par and a negotiated deal materializes. The 2:1 at ~$1.42 implied vs CMRC's $2.50 market price was always a negotiating floor, not a final offer.
3-Current ratio gets tendered by enough CMRC shareholders who are trapped in an illiquid stock down 96% since IPO and just want out. Lowest probability given the poison pill.
Timeline: May 14 director vote is the first real catalyst. If CMRC shareholders vote out incumbent directors, the board dynamic shifts and a deal becomes possible. If they don't, Rezolve likely walks and refocuses on execution. Either way, the $360M guide stands independent of CMRC.
English
$RZLV — UPDATED ANALYSIS: Q1 Revenue, SQD on Revolut, Reward Leadership
Three updates dropped over past two week. Here's what each update actually means, what the numbers are really saying, and what everyone else is missing.
1. Q1 2026 REVENUE: $60M (Unaudited)
The headline: $60M in 90 days exceeds the entire $46.8M audited FY2025. That's 128% of last year in one quarter. Sounds extraordinary. Now here's the math nobody is running.
December 2025 MRR was $19.4M. Multiply by 3 months and you get $58.2M. Q1 came in at $60M. That means the actual sequential acceleration from December's run rate is $1.8M or 3.1%. The monthly average in Q1 was $20.0M vs $19.4M in December. The trajectory is positive but the acceleration is modest, not explosive.
Now the harder math. $60M is 17% of the $360M annual guide. To hit $360M, the remaining 9 months need to deliver $300M — that's $33.3M per month, or 1.7x the current pace. Q1 annualized is $240M, not $360M. The gap is $120M.
What this means: the $360M guide still requires a significant H2 ramp. This is consistent with the 2025 pattern where H2 delivered 543% above H1. But investors should understand that Q1 confirmed the floor, not the ceiling. The real test is whether Q2 and Q3 show the monthly ramp from $20M toward $33M+
Critical caveat: this is UNAUDITED management accounts. Rezolve doesn't normally report quarterly, this was a voluntary disclosure. The timing, during an active CMRC proxy fight ahead of the May 14 vote, is not a coincidence. The number needs H1 audited confirmation.
Verdict: Bullish on confirmation of the revenue base. Cautious on the pace vs the $360M guide. Still need to see acceleration.
2. SQD TOKEN LIVE ON REVOLUT
Context most people missed: Rezolve took a $63.3M impairment on SQD tokens in the 2025 20-F because the token price declined significantly after the Subsquid acquisition. That was the single largest non-cash charge on the P&L.
Now SQD is listed on Revolut alongside existing listings on Coinbase, Binance, and Bybit. Revolut gives access to 70M+ users across 160+ countries. SQD operates 2,500+ active nodes indexing data across 200+ blockchain networks.
What this actually does for the business: it's a two track play.
Track 1: Token recovery. Broader distribution through Revolut's mainstream user base could support SQD token demand and potentially reduce the impairment overhang. If token price recovers, the $63.3M writedown partially reverses through the P&L. That's a hidden earnings tailwind nobody is modeling.
Track 2: AWS playbook validation. Dan has been pitching Subsquid as Rezolve's "AWS moment", build the database internally, then commercialize it externally. The Revolut listing is the first visible step toward external commercialization of the SQD ecosystem. It moves the token from crypto-native audience to mainstream fintech audience.
Honest assessment: the Revolut listing is distribution infrastructure for the token, not revenue infrastructure for the company. SQD remains pre-revenue as a commercial database product. The "AWS playbook" thesis is still speculative until named enterprise customers are paying for SQD database services outside of Rezolve's own internal use. Treat this as option value, meaningful if it works, immaterial if it doesn't.
3. JAMES HOUSE APPOINTED CEO OF REWARD
This is the update most investors will skip. They shouldn't. Reward was the $230M all-cash acquisition that closed in February 2026. It's the single most important integration on Rezolve's plate because it bridges the entire RezolvePay stablecoin payment thesis to real-world bank and merchant distribution. Without Reward, RezolvePay is a payment rail with no on-ramp. With Reward, it plugs into NatWest, Visa, Barclays, Amazon, McDonald's, and Asda relationships reaching 10M+ active cardholders.
James House was already Chief Commercial Officer at Reward before the acquisition. He brings 25+ years across Mastercard and BNP Paribas with operating experience spanning North America, Europe, Africa, and Asia. Outgoing CEO Jamie Samaha steps down May 31 with a clean handoff.
Why this matters: internal promotion signals continuity, not disruption. A Mastercard veteran running the payments and loyalty arm is the right profile for a unit that needs to earn trust from banks and card networks. Integration risk on Reward is the single biggest execution variable for 2026 — and putting an operator who already knows the business in the CEO seat de-risks it meaningfully.
UPDATED SCORECARD (May 2026):
1- Q1 revenue confirmed $60M — floor established, FY2025 exceeded in 90 days
2- SQD on Revolut — token distribution expanded to 70M+ mainstream users
3- Reward leadership — internal promotion, Mastercard veteran, clean transition
4- Microsoft Foundry — brainpowa live alongside OpenAI, Anthropic, Meta
5- Estee Lauder — 70 EMEA markets in production deployment
6- No equity dilution for operations — reconfirmed in Q1 release
7- Q1 is unaudited management accounts — needs H1 confirmation
8- $360M guide requires 1.7x current monthly pace — H2 ramp is essential
9- Material weaknesses in internal controls — remediation timeline still unclear
10- $102M short-term Crownpeak debt — refinancing not yet disclosed
11- CMRC proxy fight — outcome uncertain, board adopted poison pill
12-❌ SQD commercial revenue — still zero, AWS playbook unproven
13- ❌ Chairman/CEO separation — no movement
THE MATH THAT MATTERS:
At ~$2.85 and ~399M shares:
• Market Cap: ~$1.14B
• P/S on Q1 annualized ($240M): 4.7x
• P/S on $360M guide: 3.2x
• P/S if guide is hit + Reward contribution (~$450M combined): 2.5x
For a company with 90%+ core software margins, Microsoft/Google hyperscaler distribution, 950+ enterprise clients including Estee Lauder, and a CEO who just bought 9M more shares through his personal entity — 3.2x forward revenue is either a screaming buy or a reflection of legitimate execution risk that the market hasn't resolved. Both can be true simultaneously.
I'll keep reading the filings. I'll keep running the math. And I'll keep posting what I find.
Still long. Eyes wide open.
$RZLV
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@HunterA84119 Hahaha, I did the same thing on the website, but I didn't get a response. 🔝
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@DiaTSLAPLTR Great work, brother! I was really looking forward to reading your analysis. Could you clarify why it's not required to produce quarterly accounts and have them audited?
English
Key Responsibilities:
Laser Dicing Equipment Engineering
•Review and define equipment specifications for Laser Dicing equipment and related automation systems.
•Support equipment design reviews with suppliers, focusing on machine sequence, safety, laser control, galvano mirror control, motion, vision, encoder synchronization, data handling, and maintainability.
•Lead equipment installation, commissioning, qualification, and ramp-up activities.
•Troubleshoot equipment issues during development, pilot production, and mass production.
•Improve equipment stability, uptime, repeatability, positioning accuracy, cutting quality, and productivity.
PC-Based Equipment Control Software
•Develop, review, modify, or troubleshoot PC-based equipment control programs, preferably using C#.
•Support equipment operation software, HMI, recipe management, parameter setting, data logging, alarm handling, and machine sequence control.
• Support or review C++-based modules for device communication, image processing, motion interface, laser control, galvano mirror interface, encoder synchronization, or performance-critical equipment functions.
•Interface PC software with equipment hardware such as:
- Laser controller
- Galvano mirror controller
- Motion controller
- Vision system
- Encoder and synchronization module
- PLC
- Sensors and I/O modules
- Barcode or data tracking systems
•Support synchronization between laser triggering, galvano mirror scanning, motion axis movement, encoder feedback, and vision alignment.
•Improve equipment software usability, maintainability, and troubleshooting capability.
•Support data collection from equipment for process monitoring, traceability, and performance analysis.
PLC Interface / Automation Integration
•Understand and review PLC interface signals between PC software and equipment.
•Define and validate PLC-to-PC communication and handshaking logic.
•Support interface with PLC-controlled subsystems such as cylinders, safety circuits, interlocks, conveyors, and I/O devices.
•Work with PLC engineers or suppliers to confirm correct equipment sequence and signal timing.
•PLC programming experience is helpful but not the main requirement.
Process & Equipment Optimization
•Optimize Laser Dicing equipment performance to improve UPH, OEE, yield, and equipment stability.
•Analyze equipment issues related to laser cutting quality, laser power control, galvano mirror scanning, encoder synchronization, alignment, motion accuracy, vision inspection, and process repeatability.
•Support DOE, troubleshooting, root-cause analysis, and corrective actions.
•Improve machine cycle time, inspection sequence, data flow, recovery logic, laser timing, and synchronization accuracy.
•Standardize equipment parameters, alarm definitions, operating methods, and troubleshooting guides.
Supplier & Cross-Functional Collaboration
•Work closely with equipment suppliers to review machine design, software structure, interface logic, laser controller interface, galvano mirror interface, encoder synchronization logic, and improvement items.
•Collaborate with Process, Manufacturing, Quality, Maintenance, and Automation teams.
•Lead technical discussions to resolve equipment, software, laser control, motion control, and synchronization-related issues.
•Manage supplier deliverables, action items, validation results, and schedule progress.
English
$envx
New job posting today for Sr Software Development Engineer (Manufacturing Equipment) in Penang. This looks like progress on the laser dicing issue.
“We are looking for a candidate with strong hands-on experience in PC-based equipment control, especially using C# and preferably C++. The ideal candidate should have experience operating, modifying, troubleshooting, or improving automation equipment programs that interface with laser controllers, galvano mirror systems, motion controllers, vision systems, PLCs, encoders, sensors, and data acquisition systems.
Job Summary
The candidate will work on Laser Dicing equipment from specification review through installation, commissioning, process stabilization, and mass-production improvement.”
English
$envx
Cantor maintains $25 PT and reiterates overweight.
This analyst says the alignment on the silicon specific framework is a de-risking event. So now no barrier to getting the Honor qualification.
He also says the appointment of Bakos is timely and signals a shift toward commercial execution.
Dustin@DustinHuntwn
$ENVX Attached is page 1 of a Cantor analyst report regarding ENVX issued yesterday. Lead Smartphone Customer Aligns on New Silicon-Specific Qualification Framework; Co. Names New SVP of Worldwide Sales. Reit OW, $25 PT.
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1/3 $ENVX 🚁 The most fun thing about Enovix on social media is browsing through the engagement it elicits. It uncovers traces of relationships that have yet to be developed or that already exist. This time, I can say that two thumbs-up caught my attention.
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$envx Did anyone know that this boy had changed sides? to Amprius??🧐
linkedin.com/posts/jddigiac…
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@MichelNantel Well, I see it as an advance, both in qualification and hiring.
English
$ENVX JPMorgan downgrades Enovix stock rating on smartphone market concerns
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@spenbaker And what do you think of JP Morgan's rating today, which is what seems to be causing the stock to fall. If it is good news, both for the hiring of the sales manager and the progress in qualification with Honor, it is not understood.
English
$envx
I see there are a few skeptics trying to spread negativity by focusing on the “extended testing duration” mentioned in yesterday’s PR.
The relevant extract reads, “.. reached alignment with our lead smartphone customer on a silicon-specific qualification framework that better reflects real-world usage conditions for silicon-based batteries than the legacy 0.7C testing. This updated framework extends testing duration while increasing confidence in field performance..”
Note that this new framework extends testing duration (which is expected) but the PR doesn’t say it extends qualification duration.
The legacy 0.7 testing is obviously much faster than 0.2 testing. Enovix has already passed the latter. We will find out next week exactly what is involved with this new testing protocol and the remaining timeframe to complete it. The slide from February indicated completion by the end of June but this may have been predicated on a quick resolution with Honor, so it’s possible that qual now happens a couple of months later. Extensive testing has already been done, so this is not like starting the qualification from scratch.
The alignment on silicon-specific testing is a de-risking step with Honor. Alignment on a new protocol shows customer investment in Enovix’s tech and removes a barrier that was blocking qualification.
It might delay final qualification compared to a pure legacy path, but parallel work (ongoing testing) is mitigating some of this.
English
$ENVX Steve left behind a 10-year tenure at Infinion and is now opting for our little Enovix.
Some interesting replies:
🗣️"Sad to see you go, but thankful for setting a strong foundation in account management for us to build upon in the quarters to come."
🗣️"Steve, big operators leave systems stronger than they found them. Rare to see both technical depth and commercial scale in one run. Best of luck."
🗣️"Congratulations Steve Bakos! I've always appreciated your passion, commitment and strategic approach. I know you will be successful in your new chapter. I wish you all the best."
🗣️"Wishing you the best, Steve! I’m incredibly grateful for everything I learned from such an exceptional man and leader. A pleasure crossing paths!"
English
$ENVX bought Routejade and wants to grow existing revenue. They *seem* to be competing with $AMPX with this "next generation SiC blended cell" from Jay's slide (screenshot). I imagine the margins are better since they own Korean factories.
@doh_in what do you think?
Lien 🍾🔋🤷♀️🪫🧨@eenLien
$ENVX They might be ready 👍
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@ccocke69 At present, AMPX is ahead of ENVX, having already achieved positive EBITDA and offering superior gravimetric batteries. However, if ENVX's Feb 2 reaches over 90% yield at 1350 UPH, the balance shifts. The AI-1 with 340 Wh/kg surpasses AMPX’s 21700 cylindrical with 320 Wh/kg.
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