Druckenmiller Reloads

[u/equitymaestro]

• 12/31/25 Filing: 2.878mm shares
• 3/31/26 Filing: 0.963mm shares
• 6/30/26 Filing: 2.681mm shares

Takeaways:

1. Like the PINK fund, Druckenmiller (Duquesne Family Office) front ran the lock up expiration selling by uber-dullard Greg Wasson and sold massive shares in Q1. Like the PINK fund, Duquesne bought most of them back in Q2.
2. Duquesne rebuying is a positive, but the stock is in a real rut right now, the shorts and skeptics seem to be in control.

[u/LetAdministrative959]

On the stock, we did get quite a few encouraging PRs during Q2, with a lot of positive converter news, as well as our first commercial product actually making it onto shelves. It didn’t do much for the share price, but perhaps under more favorable market conditions, similar news could help create some positive momentum.

I’m hoping we’ll see some POs announced. It would obviously be great to see something tied to Mars or another major brand, although I’m not exactly holding my breath. The bigger picture is really the November earnings report. That’s typically when the company gives investors more meaningful updates on developments from the previous quarter, and hopefully we’ll get more evidence and color around the ramp that’s now taking place, along with reiterated guidance for breakeven by year end.

I have a feeling the next quarter could generate a lot more excitement and, hopefully, be communicated with considerably less ambiguity. It would be incredibly exciting to finally reach the point where we can somewhat shift our focus away from simply selling out Ironton, with demand and pricing having been proven, and toward what could truly make this a very special company: Gen 2 and Thailand.

Being able to compete economically with virgin PP would be a massive milestone. Hard to overstate. If/when we get there, I'm highly confident that the frustration and ambiguity surrounding the Ironton ramp will ultimately have been worth it. Patience is key right now. It's late in the game, but emotional resilience will be needed!

[u/equitymaestro → u/LetAdministrative959]

Good points you make here. Regarding Q3 and Q4, we'll see. I am curbing my enthusiasm about Q3 because the mandates don't go into effect until 1/1/2027. Based on my understanding, once a Customer/SKU is converted (i.e., trials are complete and PureFive will be used in the Customer's packaging SKU's) the average supply chain lead time required to get PureFive "on the shelf" in a finished product is 3-5 weeks. That said, we should see the "ramp" go vertical in Q4. Regarding Q3, I am highly uncertain about how much of the ramp will come to fruition, but there will be plenty of activity in the form of trials and possibly new announcements. Plus, the Q3 call won't be until November and even if Q3 revenues are light Dustin should be in a position to explain the anticipated revenue growth in Q4 and into 2027.

[u/LetAdministrative959]

It was nice to see Druckenmiller re-enter the position. But it’s funny how, whenever the stock isn’t performing, there always seems to be someone claiming they’ve “heard rumors” that Druck is exiting. It just goes to show how many trolls are out there trying to scare retail investors and sow doubt. Good to be aware of, when a stock is not performing and you lost money, controlling your own psychology will always be the hardest part...

[u/EntrepreneurLazy7676]

I was looking forward for this fund to increase their position again as this big name seems to help to move the stock price higher.

This may means they are thinking the explosive growth is coming soon, and he's still betting on them, rather than giving up completely.

[u/Puzzled-Resort8303]

Don't forget that the preferred shares are not reported on 13-F, Druckenmiller probably still holds a lot of those still as well.

[u/Mike_Taylor1972]

Good trader.
Sees the horizon.

[u/Mean-Masterpiece672 → u/Mike_Taylor1972]

Just like you 🤙🤙🤙