Aug. 8 at 11:49 PM
$ORBS ok here’s my analysis of the 10Q from Friday since the bulls ignored it
Pros
Liabilities fell to about
$13.4M from ~
$18.3M
No net share dilution from June 30 through August 7: shares stayed at 429.78M.
June 30 GAAP NAV was about
$0.92/share
Q2 ATM issuance was done around
$1/share, so it was NAV-accretive rather than destructive.
Very strong liquidity: roughly
$149M in cash, stable-coins, and short-term investments at quarter-end.
OpenAI investment carrying value is
$92.6M, slightly higher than the rounded
$90M figure.
Balance sheet is lightly leveraged compared with the size of the treasury.
Cons
WLD produced a very large unrealized loss: about
$208M at June 30 versus cost.
Worldcoin Tower / ARK advisory fee structure could create several million dollars of recurring annual NAV drag.
The operating business is still weak and should be valued near zero.
No buybacks during Q2, despite
$125M authorization.
The ATM remains, so future dilution risk still exists.