Palladyne AI Corp.
STRC - Insider Information
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+ FollowMarket Cap$52.52B
Close$
Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 performance + balance-sheet strength (the “big picture”)
- Q3 2026 was record-breaking: $20.9B fair value gain, record ~$20.9B operating income, $19.1B net income, and $44.75 diluted EPS.
- Bitcoin holdings: 848,517 BTC at quarter end; during Q3 added +1,666 BTC (and started Q3 around ~846k BTC). BTC price moved from ~$58.7k to ~$83.6k, contributing most of the gain.
- Liquidity/coverage: ~$74B treasury assets at Oct 23 (≈$68.9B BTC + $5.1B USD). Net reserve ~ $53.9B (or ~$67.3B net of out-of-the-money converts). Stated NAV 1.15x, low net leverage ~2.4%, and USD assets provide ~3.4 years of interest/dividend coverage at current obligations.
- Competitive positioning: claims #1 institutional BTC holder; Bitcoin holdings represent ~4% of all BTC ever to exist.
Digital equity thesis: aim to compound BTC exposure and “amplify” returns (forward-looking)
- MSTR outperformed BTC in Q3: BTC +43% while MSTR +76%; company reiterated objective to double Bitcoin per share over ~7 years.
- They frame equity growth as: (1) net BTC on balance sheet + (2) digital credit “BTC $ gains” that get accreted to equity via their structure.
- Bull-cycle expectation: they argue MSTR could outperform BTC again in the next bull market, and they compare today vs prior cycle to stress “fortress balance sheet” improvements (much more BTC, far lower leverage, and meaningful USD duration vs prior cycle).
Digital credit engine + Stretch instrument improvements (opportunity + what changed)
- Digital credit market described as scaling quickly (claims ~$16B market in ~22 months; 6 issuers including MSTR plus others like Metaplanet, BMNP, CHAD, MORE, etc.).
- Stretch (largest instrument) status: trading around $99–$100 commitment; Q3 actions included USD coverage strengthening, repurchased ~$2B of Stretch, and still has ~$957M capacity remaining.
- Dividend/payment innovation approved by shareholders: move preferred dividends (Stretch/Strife/Strike/Stride) to daily calendar-day accrual (starting Nov 1 record / Nov 2 payment for Stretch). They believe this reduces volatility, improves liquidity, and fits 24/7 tokenized markets.
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$-28.52
128.7% downside
Current Fair Value
128.7% downsideOvervalued by 128.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $52.52 Billion |
|---|---|
| Enterprise Value | $51.17 Billion |
| Annual dividend | $11.94 |
| Earnings per Share | $-13.89 |
| Beta | 3.55 |
| Outstanding Shares | 400,148,000 |
Return
| Return on Equity | -46.88% |
|---|---|
| Return on Assets | -27.55% |
| Return on Invested Capital | -10.28% |
Valuation & Multiples
| P/E Ratio | -2.27 |
|---|---|
| PEG | 0.52 |
| Price to Sales | 99.28 |
| Price to Book Ratio | 0.88 |
| Enterprise Value to Revenue | 103.35 |
| Enterprise Value to EBIT | -9.56 |
| Enterprise Value to Net Income | -4 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.01 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$20.19
Consensus analyst estimateRevenue Estimate
$127.76 M
Consensus analyst estimateNext Earnings Call
Expected Date
November 4, 2026
EPS Estimate
$13.29
Consensus analyst estimateRevenue Estimate
$128.33 M
Consensus analyst estimateInstitutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
About Microstrategy Inc.
2,396 employees
CEO: Michael Saylor
MicroStrategy is a worldwide leader in enterprise analytics and mobility software. A pioneer in the BI and analytics space, MicroStrategy delivers innovative software that empowers people to make better decisions and transform the way th...