Weekly Update 26

This week APPS, HYDTF, NTSK, S, and XELB

Digital Turbine (APPS)

• Our Primer (May 28, 2026).

• We did notice in our Weekend Update last week that the company had a surprisingly good Q2, and indeed, the shares went off to party.

• If the economy (and hence the digital ad market, which tends to be cyclical) stays strong, this party has legs, after some consolidation of recent gains (the shares doubled in a week).

Hydreight (HYDTF)

• Our Primer (Jan 9, 2026)

• Our last article (April 2026)

• Our Q1/26 take (June 3)

• The Q1 results came in as expected (actually a fraction below the C$25-C$28M guidance at C$24.9M). Expected it might have been, it’s still 67% sequential growth we’re talking about:

• The most notable thing is the tremendous operating leverage the company already generates this early in scaling up (after just three quarters of the VSDHOne platform producing revenue):

• We also argued we’re not worried about the C$4.8M operating cash loss, as this was used to finance proprietary product lines at pharmacy partners.

• The retreat in the shares over the last couple of days offers an opportunity.