December Open Forum Highlights [GeoWire Weekly No. 216] | 🇺🇸 ASYS PPIH FSI USAQ APPN THR NTCT QBAK FRTN LRGR BOSC TGEN TSSI MYE REOP ACFN FACO ITRN 🇨🇦 INX.V BRM.V IFA.TO

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This week’s Microcap Information Arbitrage Weekly Wrap-Up is ready — spotlighting key moves, missed signals, and overlooked opportunities in our 1,500+ coverage universe built since 2009.

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Summary Of What’s In This Weekly Wrap-Up

This week, we held our live Open Forum, which is always a useful pulse check on the direction we’re heading with conviction. We also added stocks to our research, restructuring, and defense screens, and made some changes to our model portfolio.

The Open Forum highlighted:

• Upcoming Skull Session Interviews and Prep Calls Dives – Qualstar Corp. (OOTC:QBAK) CEO interview, Qhslab Inc (OTCQB:USAQ) follow-up, private company, RubyVet, and pre-qualifying call with Fortran Corp. (OOTC:FRTN) and other research pipeline names.
• New Screens & Pipeline Additions – Launched a defense screen, updated restructuring screen, and a new “Top 5” model portfolio to keep focus tight.
• Top Earnings Standouts & Inflections – Mistras Group Inc (NYSE:MG), First Acceptance Corp. (OTC:FACO), ifabric Corp. (OTC:IFABF) (TSX:IFA), Crawford United Corporation (OOTC:CRAWA), and Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM) showed strong or improving fundamentals; Koil Energy Solutions, Inc. (OTCQB:KLNG) flagged for an earnings inflection despite a softer quarter.
• Model Portfolio Updates – Qhslab Inc (OTCQB:USAQ) added on capital-discipline strength;Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM) and Flexible Solutions International (NYSE:FSI) discussed as likely next additions; Velo3d, Inc. (NASDAQ:VELO), Flotek Industries, Inc. (NYSE:FTK), and Ituran Location and Control Ltd (NASDAQ:ITRN) remain strong but are extended.

• Intouch Insight Ltd. (OTC:INXSF) (TSXV:INX), a customer-experience management software and services company, was removed from our Open Forum Focus Model Portfolio. While we still think the long-term story is interesting, the near-term execution risk tied to its revenue-doubling plan was enough for us to pull back our conviction.
• Flexible Solutions International (NYSE:FSI), a specialty chemicals company, was added to the Focus Portfolio, extending its momentum from last month’s Top 5 Faves inclusion.
• Qhslab Inc (OTCQB:USAQ), a digital-health and medical-device company, was added to the Run to $1.00 Model Portfolio following a debt restructuring that removed a significant dilution overhang.
• We also launched our Defense Screen 2025, which now includes every participant from the MS Microcaps Virtual Defense Conference, alongside five additional names. This new screen is part of our effort to stay ahead of investment narratives developing around defense modernization and advanced manufacturing.

Before providing the highlights of the Open Forum, we wanted to take a moment to add some additional color on a few stocks from the Earnings Reports section of the December 2025 Open Forum  – “Favorite Runners Up” –  as they are new to the GeoInvesting universe. Although we’re not incredibly excited about these companies due to valuation, we’re watching them for pullbacks.

• Appian Corporation (NASDAQ:APPN), an automation software company, beat top- and bottom-line estimates last quarter and benefits from a recurring revenue model, making it currently appear fairly valued. The company’s attractive software model, operational momentum, and potential for margin expansion position it well in the low-code automation, workflow orchestration, and BPM (Business Process Management) markets, which are experiencing secular adoption across enterprise IT. Appian also has strong exposure to government, financial services, and life sciences, reducing reliance on any single vertical.
• Thermon Group Holdings, Inc. (NYSE:THR), an industrial heating & heat-tracing solutions provider, recently raised its non-GAAP EPS guidance range and has a growing data center angle. With accelerating end-market demand, a track record of beat-and-raise execution, and unique exposure to mission-critical industrial and data center infrastructure, Thermon’s core business in industrial heating solutions, heat tracing, and temperature maintenance remains essential for energy, chemicals, and transportation markets. Its data center exposure is particularly promising, as precision thermal management becomes increasingly critical with rising compute density, providing a meaningful secular tailwind.
• Netscout Systems, Inc. (NASDAQ:NTCT), a cybersecurity and network-performance solutions company, reported a solid top- and bottom-line beat in Q2 2026, though growth forecasts for 2027 remain muted. The company demonstrates consistent profitability, a deep presence in critical network visibility markets, and potential catalysts despite its modest growth outlook. NetScout specializes in network performance monitoring, cybersecurity visibility, and service assurance for telecoms, enterprises, and government agencies. Rising complexity in hybrid cloud, 5G, and distributed networks increases demand for deep-packet visibility, and strong Q2 2026 results show that the business can still deliver operational upside even in a challenging environment.

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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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Open Forum

In this month’s forum, I walked through upcoming live events, new additions to our research pipeline, and the themes shaping November’s stock screens. We are bringing back several management teams for deeper dives, including Qualstar Corp. (OOTC:QBAK), a provider of off-cloud data-storage systems. The next call with QBAK will focus on the CEO’s vision and growth strategy. We are also revisiting Qhslab Inc (OTCQB:USAQ), now that the long-standing balance-sheet overhang has been resolved. USAQ has also been added to the Run-to-One Model Portfolio following a debt restructuring that eliminated dilution, and after setting a near-term revenue goal of $10 million in a new shareholder letter.

Other follow-ups include Fortran Corp. (OOTC:FRTN), a telecommunications-services integrator which we are cautiously re-evaluating after years of stagnation, and Luminar Media Group, Inc. (OOTC:LRGR), a FinTech company offering lending services to underserved minority communities and businesses, showing both rapid revenue growth and profitability. These sessions complement ongoing member-driven ideas, with several names being pre-qualified for Skull Sessions.

During the Q&A, we addressed a member’s question/comment on B.o.s. Better Online Solutions (NASDAQ:BOSC), a robotics and supply‑chain automation company. We discussed what it would take for the low valuation multiples to expand.the context of valuation, such as growth consistency and potential acquisitions.

Tecogen Inc. (NYSE:TGEN), a maker of on-site power, heating & cooling cogeneration systems, came up with focus on contract cadence, Vertiv leverage, and near-term margin dynamics as it executes in the data center sector. 

Tss, Inc. (NASDAQ:TSSI), a data-center services & AI-infrastructure integration firm, was flagged for execution missteps, communication gaps, and ERP-related issues, raising concerns about the Dell relationship despite the longer-term opportunity.

Additional tickers reviewed included Frequency Electronics, Inc. (NASDAQ:FEIM), Westell Technologies, Inc. (OOTC:WSTL), Perma-pipe International Holding (NASDAQ:PPIH), and General Enterprise Ventures Inc (OOTC:GEVI), with discussions emphasizing catalysts and consistency.

We also examined positions from the Buy on Pullback portfolio, including Koil Energy Solutions, Inc. (OTCQB:KLNG), Flexible Solutions International (NYSE:FSI), Burnham Holdings, Inc. (OOTC:BURCA), Leatt Corp. (OTCQB:LEAT), and Acorn Energy, Inc. (NASDAQ:ACFN), noting near-term underperformance but maintaining high conviction for long-term upside. Biorem, Inc. (OOTC:BIRMF) (TSXV:BRM), a clean-tech company, was highlighted as a potential addition given its attractive long-term profile.

Key developments in the research turnaround pipeline included Myers Industries, Inc. (NYSE:MYE), a maker of plastic containers, pallets, and industrial packaging and supply products, which is undergoing a significant transformation. The company is divesting its lower-margin distribution business, refocusing on higher-margin material handling, and implementing $20 million in cost reductions that could support EPS upside if top-line growth accelerates.

November stock screen additions included our new Defense Screen, consolidating all names presented at the Defense Conference. These include Blumetric Environmental Inc. (OTC:BLMWF)(TSXV:BLM), Intermap Technologies Corp. (OTCQB:ITMSF) (TSX:IMP), Velo3d, Inc. (NASDAQ:VELO), M-tron Industries, Inc. (NYSE:MPTI), C-com Satellite Systems Inc. (OTCQB:CYSNF) (TSXV:CMI), Ieh Corp. (OOTC:IEHC), B.o.s. Better Online Solutions (NASDAQ:BOSC), Aluula Composites Inc. (OOTC:AUUAF) (TSXV:AUUA), Haivision Sys Inc . (OOTC:HAIVF) (TSX:HAI), and Firan Technology Group Corporat (OTC:FTGFF) (TSX:FTG), along with other companies aligned with the theme: Cpi Aerostructures, Inc. (NYSE:CVU), Tel-instrument Electronics Corp (OOTC:TIKK), Espey Mfg. & Electronics Corp. (NYSE:ESP), Butler National Corp. (OTC:BUKS), Sifco Industries, Inc. (NYSE:SIF). The Cannabis Screen is still under construction as we assess which Canadian operators demonstrate sustainable performance.

The November reporting season also provided actionable insights. Mistras Group Inc (NYSE:MG), an asset-protection, inspection & integrity services company, posted strong profitability despite a choppy sequential outlook. ifabric Corp. (OTC:IFABF) (TSX:IFA), a textile‑tech & apparel company, delivered early traction in its intelligent fabrics business, including Walmart pilots, suggesting a path to higher revenue visibility.

Flexible Solutions International (NYSE:FSI), a specialty chemicals company, had a soft quarter, but new food-grade contracts improve the recurring revenue profile. We also reviewed Reo Plastics, Inc. (OOTC:REOP), a plastic injection molding company with solid run-rate EPS and potential for an upward P/E re-rating; Acorn Energy, Inc. (NASDAQ:ACFN), a provider of remote-monitoring and control solutions, could reach $80 per share in a few years if recurring revenue initiatives succeed; First Acceptance Corp. (OTC:FACO), a non-standard auto insurer trading below tangible book despite improving EPS; and Ituran Location and Control Ltd (NASDAQ:ITRN), a unique international telematics play with high recurring revenue and potential takeout appeal at $70.

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Weekly Performance Stats From The Microcap Universe

A useful research resource for identifying potentially undervalued momentum stocks and beaten-down names that may rebound over time.

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 (December 1, 2025 – December 5, 2025)

• Top 10 Losers – Weekly (December 1, 2025 – December 5, 2025)

New 52-Week Highs and Lows

These are stocks that reached new 52-week highs or lows during the week.

• New 52-Week Highs

• New 52-Week Lows

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GeoInvesting is a premier research platform for microcap investors, dedicated to uncovering high-potential stock ideas in undervalued companies across various sectors. With over 30 years of investing experience, GeoInvesting has covered more than 1,500 equities, providing often actionable proprietary research. The platform has been instrumental in identifying 200+ multibagger stocks, and offers investors exclusive access to over 600 management interview clips, allowing for deeper due diligence and understanding of the microcap stocks, many of which make it to market-beating premium Model Portfolios. Join the GeoInvesting community for the best stock research and microcap insights to help you stay ahead in the market. To learn more about our Premium Services, go here.. (https://geoinvesting.com/premium-research/)

The post December Open Forum Highlights [GeoWire Weekly No. 216] | 🇺🇸 ASYS PPIH FSI USAQ APPN THR NTCT QBAK FRTN LRGR BOSC TGEN TSSI MYE REOP ACFN FACO ITRN 🇨🇦 INX.V BRM.V IFA.TO appeared first on GeoInvesting.

Source: https://geoinvesting.com/december-open-forum-highlights-geowire-weekly-no-216/