PantherX008

thesis tuesday: the stock i'm down 10% on and still won't sell 🧵 $DBOXF — D-BOX Technologies. i own 15,274 shares. they make your movie theater seat move, shake and vibrate in sync with the film. sounds like a gimmick. the numbers say it's a royalty machine. q1 fy27 (reported aug 11): record royalties $5.0M, +25% yoy. total revenue $13.4M (+3%). adjusted EBITDA $4.3M (+28%). pre-tax profit $2.9M (+51%). installed screen base up ~18%. the line that sold me: north american box office grew 11.2% that quarter. D-BOX royalties grew 25%. they didn't ride the wave, they lapped it. that's operating leverage doing its thing. fy26 was records everywhere: C$57.6M revenue, C$15.5M adjusted EBITDA, C$17.4M net profit. $17.6M cash vs $0.3M of debt (non-interest bearing, lol). for a ~C$253M market cap, that's a fortress balance sheet. so why am i red? bear case, honestly: • theatrical is ~65% of revenue — box office is cyclical and everyone knows it • system sales are soft — sim racing + sim/training hardware has been shrinking • tiny canadian name, thin liquidity, basically zero mindshare. easy to ignore = easy to stay cheap the bull case i'm actually holding for: every new screen installed is a little high-margin royalty printer. 1,200+ screens now. royalty mix keeps rising, margins keep expanding, profits compound while the multiple naps. the market prices it like a theater novelty stock. the financials read like a royalty business. one of those is wrong — and i'm betting it's the price. nfa, this is my own bag, do your own homework. am i coping on a -10% bag, or is this the most slept-on royalty model in small caps? 👀 $DBOXF $DBO #fintwit #smallcaps

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