$HMR vs $ZIM – THE SMALLER SHIPPING STOCK WITH THE BIGGER RUNWAY

ZIM is a large container carrier with a $35 takeover offer. HMR is an asset-light maritime platform: it manages fleets and tanker pools, earns fees, owns no vessels and has no borrowed debt. HMR is growing 200%+ and trades at a fraction of ZIM's earnings multiple.

1. VALUATION: ~25x vs ~6x

• ZIM: ~25x trailing P/E (~9x forward) and ~0.87x book. As an asset-heavy carrier it trades close to NAV, and the $35 offer anchors the price.
• Tanker owners: roughly 5–8x trailing and 7–12x forward (STNG ~5.4x, TNK ~6.1x, INSW ~7x).
• HMR at ~$1.72 (~$100M market cap): ~8.7x annualised H1 adjusted earnings, or ~6x after stripping out $28.7M of cash.

Annualising H1 adjusted net income ($5.8M) gives ~$11.6M. And that is before the new ships and the disruption fully reach the numbers (see point 3).

The bull case isn't "cheaper than tankers". It is that an asset-light, fee-based platform growing 200%+ should be valued above vessel owners. At 10x ex-cash earnings plus cash, fair value is roughly $2.2–2.5 per share. That is an illustration, not a forecast.

2. GROWTH WITH NO SIGN OF STOPPING

• Q2 revenue $29.0M vs $9.6M (+203% YoY, +58% QoQ). H1 $47.3M vs $15.2M.
• Q2 net income $2.2M, adjusted $2.4M. H1 net income ~$5.0M, adjusted ~$5.8M, vs a loss last year. Two straight profitable quarters.
• ~60 vessels commercially managed and ~20 technically managed across 8 hubs.
• Q-Shipping added 9 vessels for ~$0.2M, with new footholds in the Netherlands and Türkiye.

3. NOT IN THE NUMBERS YET

The CEO says new ships added this year have not made their full contribution. He also says the Strait of Hormuz and Bab el-Mandeb disruption is not in earnings yet and should show over the next two quarters.

Longer routes mean more tonnage-miles, which means more fees for HMR. Management also flagged firm rates into Q4 on seasonal demand. Asia and Japan have historically sourced ~90% of their oil from the Middle East, and that concentration is being disrupted.

4. $28.7M CASH, NO BORROWED DEBT

• Cash is up from ~$18.6M at year-end, roughly 29% of market cap.
• H1 operating cash flow was +$7.7M vs -$3.2M a year ago.
• CEO Pankaj Khanna: "We have not borrowed a single dollar. We have no loans in the company."
• The liabilities on the balance sheet are lease accounting for chartered-in vessels. Some are matched with charter-outs: HMR collects from the charterer, pays the owner and keeps the margin.
• No bank loans, no bonds, no vessel debt. Fees fund G&A, so the model needs little working capital.

5. ASSET-LIGHT, BLUE-CHIP CLIENTS

HMR owns no vessels, so it has no capex and no asset-value risk when rates fall. The ~40-year client roster includes Shell, BP, Chevron, Vitol, Aramco, Trafigura and Glencore.

6. INSIDERS ARE ALIGNED

The CEO owns ~45% of the company and has been buying. Nasdaq compliance was regained on 2 June.

7. WHY THE POST-EARNINGS DROP LOOKS OVERDONE

The stock fell ~10% after earnings. Shorting HMR on earnings worked when it was unprofitable. With two profitable quarters, 200%+ growth and a growing cash pile, sellers look like they are trading the ticker's history, not its balance sheet.

8. THE ONE KNOCK: G&A

Net income dipped Q1 to Q2 ($2.8M to $2.2M) despite revenue up 58%, mainly from $1.8M of cash bonuses tied to the turnaround. I read that as retention for the team that delivered the turnaround, and the CEO says vessel additions have yet to flow through.

ZIM IN FAIRNESS

ZIM is bigger, with far greater absolute cash generation and a defined catalyst. At ~$29.3 vs $35, that is ~19% headline upside. But the Israeli approval faces a fresh review, so ZIM trades partly as a merger-arbitrage situation. HMR's upside isn't capped by a deal price.

RISK, BRIEFLY

HMR is a volatile micro-cap. Dilution (earnouts, resale registration), related-party exposure and charter revenue with matching costs are worth watching.

What red flag am I missing? Drop it below.

How I'm playing it: in from 80–95c, haven't sold a share, and looking to add on weakness.

Adding on dips: the thesis hasn't changed, and the Hormuz and Bab el-Mandeb impact isn't in the numbers yet.

Q3 and Q4 results are the next test. If the CEO is right that the new ships and the disruption flow through, the current price looks cheap.

Full CEO interview on the debt question, valuation and fleet growth:
https://youtu.be/Nj\_jYt2x-NE?is=nTai0gegTd8pYQT3

Not financial advice. DYOR. I hold $HMR (entry 80–95c). Annualised figures are not forecasts.

$HMR vs $ZIM – THE SMALLER SHIPPING STOCK WITH THE BIGGER RUNWAY

ZIM is a large container carrier with a $35 takeover offer. HMR is an asset-light maritime platform: it manages fleets and tanker pools, earns fees, owns no vessels and has no borrowed debt. HMR is growing 200%+ and trades at a fraction of ZIM's earnings multiple.

1. VALUATION: ~25x vs ~6x

• ZIM: ~25x trailing P/E (~9x forward) and ~0.87x book. As an asset-heavy carrier it trades close to NAV, and the $35 offer anchors the price.
• Tanker owners: roughly 5–8x trailing and 7–12x forward (STNG ~5.4x, TNK ~6.1x, INSW ~7x).
• HMR at ~$1.72 (~$100M market cap): ~8.7x annualised H1 adjusted earnings, or ~6x after stripping out $28.7M of cash.

Annualising H1 adjusted net income ($5.8M) gives ~$11.6M. And that is before the new ships and the disruption fully reach the numbers (see point 3).

The bull case isn't "cheaper than tankers". It is that an asset-light, fee-based platform growing 200%+ should be valued above vessel owners. At 10x ex-cash earnings plus cash, fair value is roughly $2.2–2.5 per share. That is an illustration, not a forecast.

2. GROWTH WITH NO SIGN OF STOPPING

• Q2 revenue $29.0M vs $9.6M (+203% YoY, +58% QoQ). H1 $47.3M vs $15.2M.
• Q2 net income $2.2M, adjusted $2.4M. H1 net income ~$5.0M, adjusted ~$5.8M, vs a loss last year. Two straight profitable quarters.
• ~60 vessels commercially managed and ~20 technically managed across 8 hubs.
• Q-Shipping added 9 vessels for ~$0.2M, with new footholds in the Netherlands and Türkiye.

3. NOT IN THE NUMBERS YET

The CEO says new ships added this year have not made their full contribution. He also says the Strait of Hormuz and Bab el-Mandeb disruption is not in earnings yet and should show over the next two quarters.

Longer routes mean more tonnage-miles, which means more fees for HMR. Management also flagged firm rates into Q4 on seasonal demand. Asia and Japan have historically sourced ~90% of their oil from the Middle East, and that concentration is being disrupted.

4. $28.7M CASH, NO BORROWED DEBT

• Cash is up from ~$18.6M at year-end, roughly 29% of market cap.
• H1 operating cash flow was +$7.7M vs -$3.2M a year ago.
• CEO Pankaj Khanna: "We have not borrowed a single dollar. We have no loans in the company."
• The liabilities on the balance sheet are lease accounting for chartered-in vessels. Some are matched with charter-outs: HMR collects from the charterer, pays the owner and keeps the margin.
• No bank loans, no bonds, no vessel debt. Fees fund G&A, so the model needs little working capital.

5. ASSET-LIGHT, BLUE-CHIP CLIENTS

HMR owns no vessels, so it has no capex and no asset-value risk when rates fall. The ~40-year client roster includes Shell, BP, Chevron, Vitol, Aramco, Trafigura and Glencore.

6. INSIDERS ARE ALIGNED

The CEO owns ~45% of the company and has been buying. Nasdaq compliance was regained on 2 June.

7. WHY THE POST-EARNINGS DROP LOOKS OVERDONE

The stock fell ~10% after earnings. Shorting HMR on earnings worked when it was unprofitable. With two profitable quarters, 200%+ growth and a growing cash pile, sellers look like they are trading the ticker's history, not its balance sheet.

8. THE ONE KNOCK: G&A

Net income dipped Q1 to Q2 ($2.8M to $2.2M) despite revenue up 58%, mainly from $1.8M of cash bonuses tied to the turnaround. I read that as retention for the team that delivered the turnaround, and the CEO says vessel additions have yet to flow through.

ZIM IN FAIRNESS

ZIM is bigger, with far greater absolute cash generation and a defined catalyst. At ~$29.3 vs $35, that is ~19% headline upside. But the Israeli approval faces a fresh review, so ZIM trades partly as a merger-arbitrage situation. HMR's upside isn't capped by a deal price.

RISK, BRIEFLY

HMR is a volatile micro-cap. Dilution (earnouts, resale registration), related-party exposure and charter revenue with matching costs are worth watching.

What red flag am I missing? Drop it below.

How I'm playing it: in from 80–95c, haven't sold a share, and looking to add on weakness.

Adding on dips: the thesis hasn't changed, and the Hormuz and Bab el-Mandeb impact isn't in the numbers yet.

Q3 and Q4 results are the next test. If the CEO is right that the new ships and the disruption flow through, the current price looks cheap.

Full CEO interview on the debt question, valuation and fleet growth:
https://youtu.be/Nj\_jYt2x-NE?is=nTai0gegTd8pYQT3

Not financial advice. DYOR. I hold $HMR (entry 80–95c). Annualised figures are not forecasts.

Watched a 36-minute interview with Pankaj Khanna, CEO of tanker operator Heidmar, and the physical market numbers are wildly disconnected from the screen.

THE PAPER/PHYSICAL GAP

Brent futures at $108, but spot is trading $130-140. Producers are paying around $15/barrel in freight because it's still a small fraction of what they're realising on the sale.

DIESEL IS THE REAL STORY

US diesel at $6.50/gal works out to roughly $275/barrel. Refiners buying crude around $130 and selling diesel at $275, gasoline at $200-225. Russian refineries have been hit so Russia isn't exporting. The US is reportedly considering banning its own diesel exports, around 2M bpd. World is short either way.

THE EAST-WEST PIPELINE HIT IS UNDERRATED

It was moving about 7M bpd with roughly 5M exported, which let Saudi bypass Hormuz almost entirely. Houthis hit it, so that volume has to come out by sea now. VLCC demand jumped accordingly.

BAB EL MANDAB IS EFFECTIVELY CLOSED

Houthis control the Red Sea coast. Saudi crude from Yanbu now routes north to Ain Sukhna, then around Africa to Asia. Voyage distance more than doubled for those barrels.

FREIGHT RATES

Arabian Gulf shuttle tankers at $1.25M/day. VLCCs outside the Gulf $500-800k/day. North Sea Aframaxes normally do $10k/day in Q3 and are currently around $300k. Q3 is supposed to be the weak quarter.

SHIPPING IS NOW STRATEGIC

Saudi, Iraq's SOMO, and a Gulf royal family all looking to build their own fleets. Australia consumes around 1M bpd, closed most of its refineries, and runs on just-in-time seaborne imports.

Q4 and Q1 are seasonally the strongest tanker quarters, and October cargoes are being fixed right now.

Paper vs physical gap - 3:44
Arabian Gulf shuttle tankers at $1.25M/day - 4:20
VLCCs outside the Gulf, $500-800k/day - 4:27
Aframax: $10k normal, $300k now - 19:41
Middle East states building their own fleets - 20:50
Australia's refinery problem - 21:18
East-West pipeline hit - 30:12
Aframax $200k, Suezmax $250k, VLCC $500k+ - 31:47
Diesel at $275/barrel - 32:44
Russia/US diesel export situation - 33:34
Q4/Q1 seasonality - 34:41
Bab el Mandab doubling voyages - 35:03

Full interview: https://youtu.be/Nj\_jYt2x-NE?is=6e4RGOFoVV4Af7ZE

HMR stock has roughly - 6x PE Multiple when you strip out the debt free cash! Peers have 15-40x

TIMESTAMPS:
00:00 – Up 150% From 80 Cents
00:42 – Where Heidmar Sits Against Sector Multiples
01:57 – The Growth That Hasn't Hit Earnings Yet
03:10 – Q3 Is Already Stronger Than Q2
03:44 – Brent Says $108, Spot Says $140
04:20 – Shuttle Tankers Earning $1.25M Per Day
05:30 – The Most KYC Accepted Company On The Planet
06:16 – The G&A Criticism, Answered
07:30 – The Custom AI Tool Rolling Out Now
08:54 – Seven Ships Per Operator Going To Ten
10:12 – Answering The Seeking Alpha Debt Article
10:36 – "We Have Not Borrowed A Single Dollar"
12:00 – Why The Business Self-Funds
14:40 – Acquisitions Take It To The Next Level
16:01 – Dividend Or Growth First?
17:05 – Family Offices Are Building Positions
19:22 – Aframax Rates: $10K Normal, $300K Today
20:50 – Middle East Royals Want Their Own Fleets
23:45 – Why 100 Ships Is Worth $150M Alone
26:56 – Why The CEO Won't Dilute Shareholders
29:00 – Iran, Houthis And No Reserves Left
32:44 – Diesel At $275 A Barrel
35:03 – Bab El Mandab Doubles Voyage Distance

https://www.youtube.com/watch?v=Nj_jYt2x-NE

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash. Turnarounds are the beat opportunities to invest, missing all the bs raises

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

This video covers: how to read charts as a beginner or at any level, the 9, 50 and 200 moving average strategy, when to buy and when to sell, RSI divergence, support and resistance levels, and how swing trading compares to day trading if you have a full time job:

Warren Buffett and Jim Slater know exactly what to buy. What they openly admit they struggle with is when to sell. Technical traders have the opposite problem. This full breakdown shows how to combine both, using the three moving averages that have driven our entries and exits across Bitcoin, oil, the Russell, the S&P 500 and small caps.

We walk through live charts covering the 9, 50 and 200 period moving averages, how the 200 flips from support to resistance and back again, why round numbers create the strongest confluence zones, and how RSI divergence confirms a bottom before price does. The core rule: never take a trade on a single signal. Wait for a few factors to line up and only press the button on an 80% probability setup.

We also cover why the 9 period MA is the tool that stops you catching a falling knife, how switching timeframes rescues an entry when price breaks the 200, and why swing trading produces similar percentage returns to day trading without needing to sit at a screen every day.

SUMMARY:
Why the 9 period moving average stops you catching falling knives on the way down
How the 200 MA flips from support to resistance, and how to trade both sides of it
Why round numbers plus the 200 plus oversold RSI is the highest probability setup on any chart
Why swing trading delivers day trading returns without the screen time or the emotion

TIMESTAMPS:
00:00 – Buffett / Jim Slater Know What To Buy, Not When To Sell
00:52 – Paul Tudor Jones: The Trader Who Mastered Both
01:29 – The Three Moving Averages Explained For Beginners
02:27 – How The 200 Flips From Support To Resistance
03:36 – When To Buy: Wait For Confirmation, Not Prediction
04:00 – The 9 MA Rule That Stops Falling Knife Trades
04:37 – Oil: Where I Got In Too Early And How I Fixed It
05:16 – Why You Need 5 Factors Before You Press Buy
06:01 – Round Numbers: The Level Most Traders Forget
06:47 – Small Caps: Bigger Moves, Bigger Risk
07:42 – Russell And S&P: Where To Add Big Size
09:43 – Switching Timeframes When Price Breaks The 200
11:37 – Technicals Are Crowd Emotion, Not Tea Leaves
12:44 – Swing Trading vs Day Trading If You Have A Job

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash. Turnarounds are the beat opportunities to invest, missing all the bs raises

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

Why his perspective carries weight (industry expert on the ground - living and breathing it everyday)

Heidmar isn’t a random commentator on oil markets - it’s the commercial and technical manager trusted by Shell, BP, Aramco, Vitol, and Glencore, giving CEO Pankaj Khanna a 40-year vantage point at the centre of global shipping. When your clients are literally the companies moving the world’s crude, you don’t get to guess on Hormuz risk, freight rates, or crude flow shifts - you have to be ahead of them daily, because those clients’ cargo economics depend on your read being right. That’s the operational lens behind both Hormuz scenarios below, not theoretical analysis from the sidelines.

Scenario 1: Extended or Recurring Disruption

If the Strait of Hormuz situation escalates again or drags into another prolonged disruption, Khanna says the math points to oil prices in the $150 to $200 per barrel range, with freight rates returning to record highs. This isn’t a stretch scenario — US strategic oil inventories are already sitting at levels not seen since the 1980s, meaning the “cushion” that historically absorbed supply shocks during past Middle East crises no longer exists. A repeat four-month disruption would hit a market with far less spare capacity to soften the blow, which is why VLCCs have already been fixing at $200,000 to $250,000 per day during recent tension spikes.

Scenario 2: De-escalation and “Normal” Trade Resumes

Even if tensions cool and shipping through the Strait returns to normal, Khanna argues the bullish case for tankers doesn’t disappear — it just shifts from a war premium to a structural ton-mile story. Major importers are permanently diversifying away from Middle East dependency: Japan historically sourced around 90 percent of its crude from the region, and South Korea has already scaled up Canadian crude imports from 17,000 to 60,000 barrels per day. That shift toward Atlantic basin sources (US, Guyana, Brazil, West Africa) means longer voyage distances for the same barrel, which mechanically increases tanker demand for a decade, not a quarter - regardless of what happens at Hormuz specifically.

---

Why the current numbers are especially notable - the cargo bonanza and what it’s really telling us

Khanna’s most striking data point is one that’s easy to skim past: vessels are currently waiting up to 10 days just to load cargo. On the surface that reads as simple tightness in available tonnage - but a 10-day queue is an unusually long delay even by tanker market standards, and it implies something more uncomfortable: the disruption to energy infrastructure around Hormuz was likely far more severe than official channels have let on. Ports and loading terminals don’t back up for 10 days from a minor hiccup - that kind of bottleneck points to real damage to throughput capacity that hasn’t fully been acknowledged publicly. Layer on top of that the timing: this is all happening during typical summer seasonality, historically the softer period for tanker demand, with a September inflection point flagged as the next catalyst. In other words, the market hasn’t even reached peak season yet, and vessels are already queuing for over a week to load while VLCCs command $200,000 to $250,000 per day. If that’s the picture before the seasonal demand ramp - and before the full picture of infrastructure damage is even public - both the disruption scenario and the diversification scenario suggest the back half of the year could tighten considerably further rather than ease off.

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash.

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

First, what it actually is:

Tenet runs the Cubeler Business Hub - an AI and data platform that connects small and mid-sized businesses with lenders and financial services. Instead of a business filling out loan paperwork, Cubeler uses their real transaction data to match them with capital and partners automatically. Its GoldRiver platform applies the same idea to supply-chain finance, linking suppliers and buyers. Tenet makes money from platform activity, subscriptions, and monetising the data flowing through it, with operations across Canada and China and a US rollout underway.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash. Turnarounds are the beat opportunities to invest, missing all the bs raises

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

First, what it actually is:

Tenet runs the Cubeler Business Hub - an AI and data platform that connects small and mid-sized businesses with lenders and financial services. Instead of a business filling out loan paperwork, Cubeler uses their real transaction data to match them with capital and partners automatically. Its GoldRiver platform applies the same idea to supply-chain finance, linking suppliers and buyers. Tenet makes money from platform activity, subscriptions, and monetising the data flowing through it, with operations across Canada and China and a US rollout underway.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash.

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

First, what it actually is:

Tenet runs the Cubeler Business Hub - an AI and data platform that connects small and mid-sized businesses with lenders and financial services. Instead of a business filling out loan paperwork, Cubeler uses their real transaction data to match them with capital and partners automatically. Its GoldRiver platform applies the same idea to supply-chain finance, linking suppliers and buyers. Tenet makes money from platform activity, subscriptions, and monetising the data flowing through it, with operations across Canada and China and a US rollout underway.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

ThreeCEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash. Turnarounds are the beat opportunities to invest, missing all the bs raises

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

First, what it actually is:

Tenet runs the Cubeler Business Hub - an AI and data platform that connects small and mid-sized businesses with lenders and financial services. Instead of a business filling out loan paperwork, Cubeler uses their real transaction data to match them with capital and partners automatically. Its GoldRiver platform applies the same idea to supply-chain finance, linking suppliers and buyers. Tenet makes money from platform activity, subscriptions, and monetising the data flowing through it, with operations across Canada and China and a US rollout underway.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.

$PKK (Tenet Fintech) just printed the first profit in its entire history

Tenet Fintech Group (CSE: PKK / OTC: PKKFF) reported Q1-2026, and for the first time ever, the company made money.

Net profit: $728,475 (vs a $3.4M loss in the same quarter last year)
Revenue: $11.5M (vs $179K a year ago)
Operating cash flow: positive $458K

A company that lost money every quarter of its existence just flipped to a profit AND generated real operating cash.

Straight up, because good DD doesn't hide the ball: part of the net profit came from a one-time reversal of a legal provision after a US class action was dropped. Strip that out and the core story still stands - revenue roaring back as the GoldRiver supply-chain platform reactivated, plus a hard pivot to a data/AI/analytics model that cut fixed costs. The positive operating cash flow is the real tell. That part isn't an accounting entry.

First, what it actually is:

Tenet runs the Cubeler Business Hub - an AI and data platform that connects small and mid-sized businesses with lenders and financial services. Instead of a business filling out loan paperwork, Cubeler uses their real transaction data to match them with capital and partners automatically. Its GoldRiver platform applies the same idea to supply-chain finance, linking suppliers and buyers. Tenet makes money from platform activity, subscriptions, and monetising the data flowing through it, with operations across Canada and China and a US rollout underway.

The backer worth knowing about:

ThreeD Capital (CSE: IDK / OTC: IDKFF), the venture firm run by Sheldon Inwentash, is a strategic investor in Tenet. ThreeD was the lead investor in Tenet's $3.6M raise, and Inwentash has been a founding strategic investor in the company. When a serial early-stage backer with that track record is anchoring a nano-cap turnaround, it's worth a look. Tenet also brought in Michael Wekerle's Altitude Capital for capital markets strategy.

The setup:

Market cap is around $23M. The whole thesis is simple - if the model shift holds and GoldRiver activity keeps building, a revenue base that just went from basically zero to $11.5M in a single quarter changes the entire picture.

This is the high-risk, high-torque end of the market: nano-cap, thin, volatile, heavily diluted, and coming off a rough stretch that included a cease trade order it has been clearing. Size it like what it is.

First profit ever, a real strategic backer, and a business model that finally works. That's the trade.

Missed the move? There's a side door.

That founding backer, ThreeD Capital (CSE: IDK / OTC: IDKFF), is itself a way to play this. Inwentash was a founding strategic investor in Tenet and ThreeD led its last raise, so a sustained PKK re-rate flows straight into ThreeD's book.

The kicker: ThreeD last reported net asset value of roughly 24c per share while the stock trades near 9c. You're buying the whole portfolio, PKK stake included, at a fraction of stated book.

Founder and CEO Sheldon Inwentash is the largest single holder, with 11.6M shares and 17M warrants in PKK. If you don't fancy being on the other end of his sells, you can always be on his side of the trade and buy his stock instead.

Not advice. Just pointing at where the founding money sits.