Summary Of What’s In This Weekly Wrap-Up
The big news this week was Friday’s morning email, where we reported on a very positive NEW InfoArb development regarding the Tecogen Inc. (NYSE:TGEN) partnership with Vertiv Holdings, Llc (NYSE:VRT). Just like when the original signing of this partnership agreement was initially ignored in March, when TGEN was around $2.50 due to tariff war noise, this positive partnership update seems to be getting little love, as AI and data center stocks have gone out of favor… for a minute.
We also hosted another Skull Session event. Last week, we spoke with Derek Webb, CEO of Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM), ahead of their Q3 earnings report. This week, we reconnected with him to catch up following the release of the earnings report. We focused on the company’s growing recurring revenue vertical, expected to help smooth out quarterly sales performance inherent in other parts of their business. If successful, BIRMF’s valuation multiples could eventually expand. Other highlights in this weekly update include:
Here’s a snapshot of the earnings reports we will be discussing later on in this post:
Flexible Solutions International (NYSE:FSI) reported Q3 results and discussed startup costs and tariff impacts tied to its food-contracts.
Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM) posted lower year-over-year revenue but reached a record backlog supported by international project activity. As I mentioned, as a follow-up to our management briefing last week, we also had a post-earnings conversation with the BIRMF CEO, which we will recap later.
Konatel, Inc. (OTCQB:KTEL) released Q3 results that reflected expected weakness and disclosed that its new healthcare-channel partnership officially went into motion.
Intouch Insight Ltd. (OTC:INXSF) (TSXV:INX) reported an unexciting Q3, but set long-term growth targets, supported by SaaS expansion. At this point, investors are probably going to take a wait and see stance.
Covalon Technologies Ltd. (OTC:CVALF) (TSXV:COV) issued its first-ever special dividend, following a couple years of operational improvement. However, progress has flattened out, and we’re waiting for the next inflection point to occur.
So far in 2025, we’ve highlighted 347 earnings reports, helping premium subscribers with their research. Here’s a table that summarizes all the reports highlighted in our morning emails last week:
Now, let’s take a closer look at each earnings report and update.
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Earnings and Research Updates
As a reminder, you can see all of our archived morning emails here.
Flexible Solutions International (NYSE:FSI), a specialty chemicals company, reported Q3 revenue of $10.6 million, up from $9.3 million in the same period last year. The company reported a loss per share of ($0.04) versus earnings per share of $0.05. Higher cost of goods, tariffs, and startup expenses tied to a new food-grade contract affected the quarter. Management noted that Q4 results should finally benefit from two new food-contract shipments that began after the quarter ended. (View most recent InfoArb Sheet, view morning email).
Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM), a clean‑technology company that provides biological and physical air-emissions control systems, reported Q3 revenue of C$11.3 million, down from C$14.9 million a year ago but above analyst expectations of C$9.7 million. Earnings per share were C$0.06 compared with C$0.12. Order bookings reached C$17 million, and backlog reached a record C$71 million. Management highlighted adoption of new products and steady demand across infrastructure markets. (View morning email). Hopefully, now that backlog is at record highs, the company can now reverse the weak growth trend that occurred over the last few quarters.
Konatel, Inc. (OTCQB:KTEL), a provider of telecom services, reported Q3 revenue of $2.17 million, down from $3.15 million a year ago. Adjusted loss per share was ($0.01) compared with ($0.02). The company launched its healthcare-channel Lifeline partnership initiative in October and reported continued investment in its communications-platform services, including wireless Plain Old Telephone Service (POTS) deployments. (View morning email).
What does this mean in layman‘s terms? Basically think of replacing old-school wireless copper wire land lines with a new modern wireless solution. In theory, it’s a huge opportunity as telecom companies like AT&T, with the backing of the Federal Communication Commission (FCC), are “forcing” their customers to switch over to a wireless POTS solution. Unfortunately, there are some key upfront capital expenditures (CAPEX) that have to be made to buy and install equipment at customer locations. However, once installed, the recurring revenue can last for decades.
Quite honestly, if the healthcare vertical begins to play out, I wouldn’t mind offering to help finance the CAPEX expenditures needed for KTEL to deploy POTS solutions if the company had contracts in hand.
If you might also be interested, please let me know here.
Intouch Insight Ltd. (OTC:INXSF) (TSXV:INX) a provider of technology solutions for customer experience management and operational analytics, reported Q3 revenue of C$6.63 million, essentially flat compared with C$6.66 million a year ago. Earnings per share were (C$0.00) compared with C$0.01. SaaS revenue grew a meager 3%, and gross margin increased slightly to 48.4% from 48.2% last year. Management reiterated its multi-year plan to scale to $50 million in annual revenue by 2028. (View morning email).
Covalon Technologies Ltd. (OTC:CVALF) (TSXV:COV), a company that develops and supplies advanced wound care and infection prevention medical products, declared and paid a special cash dividend of C$0.15 per share, its first-ever dividend. Management commented on multi-year improvements in revenue, gross margin, and adjusted EBITDA, supported by product developments and clinical-evidence initiatives. (View morning email). Still, despite the company’s past operational progress, we’re still waiting for the optimism that management has been portraying over the last few quarters to show up in the numbers.
Tecogen Inc. (NYSE:TGEN), a maker of on-site power, heating, and cooling cogeneration systems, has begun seeing its natural-gas chiller actively marketed by Vertiv Holdings, Llc (NYSE:VRT) within the “Bring Your Own Power & Cooling” (BYOP&C) program, designed to help data centers overcome grid limitations. If TGEN is indeed one of the few (or only) partners solving peak-power constraints, this could materially expand its addressable data-center opportunity. The update tracks with TGEN’s Q3 comments about momentum in the Vertiv relationship and readiness for larger deployments. (View morning email).
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The Weekly Wrap-Up is meant for those in a hurry, along with those who want to spend a weekend hunting for ideas or quickly catch up what we talked about during the week. Our Weekly Wrap-Up brings together everything we discussed during the week in our morning emails and premium alerts, as well as new information and high conviction ideas that we did not communicate that you should know about. From earnings coverage, new research coverage on stocks, picks and research from our subscribers to event highlights from our monthly open forum that takes place to the beginning of each month and interviews with management teams and investors.
 Missed any emails this week? You can catch up on all of them in one place — just check out the full archive here. |
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Skull Sessions
Post-Earnings Management Briefing With BIRMF CEO
Our discussion with Derek Webb, CEO of Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM), focused on changing market conditions, backlog visibility, and the company’s outlook. Webb described an environment marked by tariff uncertainty, transportation disruptions, and broad geopolitical tension. He noted that these pressures have weighed more heavily on industrial spending than on municipal or infrastructure projects, which make up most of the company’s business. He stated that existing infrastructure budgets were allocated years in advance, which limits near-term impact from broader economic turbulence.
Webb explained that the company continues to monitor feasibility work and early-stage budget planning to assess whether prolonged uncertainty could affect longer-term project activity. He stated that the current backlog generally converts over 12 to 18 months and that recent project cycles reflect longer construction timelines rather than changes in Biorem’s internal processes. Its nice to see that the backlog contains a higher-than-usual share of international work, including several Middle East projects.
Demand in the Emirates and Israel has remained steady. Webb said these markets continue to invest in infrastructure tied to population growth and quality-of-life standards. He added that a lasting ceasefire or progress toward reconciliation in the Gaza Strip could support additional long-term infrastructure spending, though the company is not assuming near-term contribution from reconstruction efforts.
Webb reiterated that the company expects a strong second half of 2025, consistent with historical seasonality. Given the weak performance throughout the first three quarters of 2025, this should set up the company for a really nice Q4 performance. He stated that Biorem is on track for a record year in several categories, supported by growth in new products and services introduced over the last two years. He also commented on the competitive landscape, noting a recurring pattern of smaller competitors cycling between aggressive bidding and capacity-related slowdowns but said nothing unusual has emerged.
In closing, Webb highlighted that the company continues to maintain strong relationships with its shareholder base. He described recent investor-conference participation as useful for reinforcing visibility rather than seeking new capital and stated that the company already has substantial visibility into 2026 activity.
In case you missed it, the full replay is now available in the portal. You can view it here.
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Weekly Performance Stats From The Microcap Universe
A good research tool for you to potentially find undervalued momentum stocks and beaten up stocks that might rebound in the long run. $TICKER – companies we are closely watching.
Biggest Single-Day Movers of the Week
These are stocks that recorded the strongest one-day move (up or down) during the week.
- Largest Single-Day Gainers
- Largest Single-Day Losers
Weekly Top Gainers and Losers
These are the top 10 stocks with the largest overall gains and losses for the entire week.
- Top 10 Gainers – Weekly (November 17, 2025 – November 21, 2025)
- Top 10 Losers – Weekly (November 17, 2025 – November 21, 2025)
New 52-Week Highs and Lows
These are stocks that reached new 52-week highs or lows during the week.
Premium Emails Sent During The Week
11/17/2025 – FSI Q3 2025 Sales Up, But Startup and Tariff Costs Weighed on Profit; BIRMF Q3 Results To Be Topic in Tomorrow’s Skull Session
11/19/2025 – Replay of Post-earnings call with BIRMF CEO now available
11/21/2025 – InfoArb – Vertiv “Markets” TGEN Solution For First Time; CVALF First Ever Special Dividend; Takeaways on KTEL Q3 Earnings
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