Byron Street Research

Koil Energy’s Record Steel Shipment Signals Larger-Than-Expected Order Scale

Liger Cub — Fri, 12 Jun 2026 12:30:54 GMT

Container tracking data show Koil’s share of recent multinational umbilical tube contracts may exceed $10 million for unfabricated raw materials alone, more than double what estimates assign to a legacy “major” order. The company has imported 30.4 metric tons of stainless steel tubing, its largest steel tube shipment on record, ahead of a “foundational” contract award in Brazil expected imminently.

Linking RCM Technologies to a Multibillion-Dollar Hyperscale Buildout

Liger Cub — Mon, 20 Apr 2026 13:03:09 GMT

Newly uncovered evidence shows RCM Technologies, Inc. (RCMT) is providing engineering services to Cipher Digital Inc. (CIFR), likely under a multiyear preferred partner agreement. Backed by hyperscale agreements with Amazon, Google, and Fluidstack, Cipher’s 3.4 GW contracted and pipeline capacity translates into more than $20 billion in data center construction spend.

Army Training Modernization to Elevate VirTra to Prime Contractor Status

Liger Cub — Mon, 13 Apr 2026 13:03:48 GMT

A review of federal procurement databases and military program developments shows VirTra, Inc. (VTSI) is likely months away from securing its first prime military award. As the military shifts to commercial off-the-shelf synthetic training environments, the company is competing for a pipeline of defense contracts, including within a $22 billion Army initiative that has just started its prime contractor selection process.

Federal BEAD Billions to Fuel Demand for Westell Broadband Equipment

Liger Cub — Mon, 23 Mar 2026 13:33:44 GMT

Public records and job postings show Westell’s recent inflection in its highest-margin segment is likely not a one-off. It coincides with multi-year infrastructure upgrades to Verizon’s 5G network, ahead of state-level broadband deployments and funding disbursements under the $42.45 billion federal BEAD program.

Hydreight Technologies Inc. (NURS.V)

Liger Cub — Mon, 02 Mar 2026 17:30:43 GMT

All information presented herein has been obtained from publicly available sources and commercially available data believed to be reliable. The author currently holds a long position in the company and may transact in such securities without further notice.

Until now, I’ve mostly experimented with concise research notes. Four pages, sometimes even one-pagers, following the adage that a good investment memo should fit on the back of a napkin. In theory, I still believe that. In practice, those shorter write-ups, especially when published online from a pseudonymous account, rarely build the level of conviction I’m aiming for with this report.

This is not simply a quick pitch or a concise review. It’s a 60+ page, 20,000+ word deep dive with 100+ exhibits and 300+ references. From methods to systematically identify business partners to a detailed list of licensees, every datapoint can be independently verified and reproduced. What most research notes call a thesis is simply the starting point here. The rest is pure intel.

In short, after reading it, there should be no need for further research. You either take it or leave it. Ironically, after spending years arguing against lengthy book reports, this one has ended up in the top ten by word count in Yellowbrick’s database. But as the stock failed to catch up with its full potential, I felt a proper deep dive was needed, not just to reproduce what’s already known, but to connect the dots and expose the full picture.

I first came across NURS in April 2025. The company had just hit its trough following an unexpected LIFE offering. At the time, there was little tangible evidence that management’s plan would work, and the stock was trading in the low $1s. About a month later, at $1.58, I pitched it, noting: “I’m not just projecting this to be my new multibagger. I’m absolutely sure it will be.”

Some of my contacts told me they had never heard me that confident before, and weren’t sure what it would take for me to feel that way again. The truth is, that level of conviction hasn’t faded. If anything, it has grown. The margin of safety was so wide that even after lowering AOV expectations and starting from a lower margin base, the stock is still cheap despite its move into the $2-5 range.

Part of the reason is the industry itself. Digital healthcare is evolving so quickly that writing this report felt like building a plane while flying it. As with any booming sector, bad actors inevitably show up. It’s not surprising that NURS is met with skepticism. The goal of this report is to help those sitting on the sidelines close the conviction gap that’s keeping them from acting by providing intel found nowhere else.

Importantly, NURS is no longer just a story. It’s a real business, with real partners, real customers, and real revenue, and its model is getting stronger with every month that passes by. As the market moves past prior communication missteps, skepticism fades, and management continues to execute with mathematical precision, I struggle to see a path where this company is not acquired at multiples of today’s valuation.

Last time, I signed off with a quote from Shane: “We’ll continue doing our best, and we’re hoping that we all can celebrate at the end of 2025.” I added: “Let’s make sure we don’t miss that celebration!” We didn’t. This time, I’ll quote Shafin, who said the team has been “working so one day you’re dining on Kobe with truffle mash, wagyu gravy, and a side of generational wealth.” Rendezvous for wagyu next year!