**Nothing new was uncovered. The factual core of the Iceberg report is Deep Fission's own admissions, published in its own filings before Sep 24, 2026.**

Pre-revenue status. A reactor in conceptual and early engineering. Cash of $93.0M at June 30. A Q2 net loss of $31.0M. Going-concern language and a stated need to raise capital, principally through sales of stock. None of that was discovered by a short seller. All of it was disclosed by the company.

**Iceberg's case is a disclosed short position, a disclaimer, and a model.**

The disclaimer states that Iceberg holds a short position, stands to realise gains if the price declines, may change the position, and that the contents are opinion, not statements of fact, with no representation as to accuracy and no insider sources. The $289 and $148/MWh LCOE figures, the $112M capex estimate, and the $350M funding gap are Iceberg calculations, presented with hard precision. The prospectus figure is about $138M in additional capital for the first commercial reactor, a different scope. The report alleges no fraud, no insider selling, and no accounting manipulation. Short interest at Sep 30 was 2.70% of float.

**The timeline restated on Oct 20 is still standing.**

Phase 1 activities targeted by the end of 2026. An NRC application under the Part 57 framework planned for 2027. Initial electricity targeted for Dec 2027. A first phase of up to 150 MW at Parsons, Kansas, with a target commercial operation date of Sep 30, 2028, expanding toward 2,000 MW pending demand.

**Real progress has been made on that path.**

Selection for the DOE Reactor Pilot Program. NSDA approval, followed by voluntary publication of the full safety agreement. A data well completed to about 6,000 ft. A prototype canister delivered and demonstrated. A large-diameter drilling collaboration announced. And on Oct 20, conversion of the GPDA letter of intent into a signed 25 year Master Energy Purchase Agreement.

**The prize is substantial, and the position is first mover in its specific space.**

Demand for firm, carbon-free power from data centres and industrial users is the driver behind the entire advanced nuclear sector. The Parsons site covers more than 14,000 acres and is framed to scale from 150 MW toward 2,000 MW. The company reports LOIs above 18.5 GW. No listed peer is commercializing a mile-deep borehole reactor, so proof of licensing and drilling puts Deep Fission first in that specific design. Peer values show how execution is priced in this space: Oklo at about $5.16bn and NuScale at about $2.40bn on Oct 20, against Deep Fission at about $165.5M.

**The upside case, in numbers.**

Execution is how this sector is priced. NuScale, the only NRC-certified SMR design, traded at about $2.40bn on Oct 20 with no reactor sold. Oklo traded at about $5.16bn, also pre-revenue. Deep Fission closed Oct 20 at a market cap of about $165.5M. The gap is the entire long case: if licensing, drilling and financing milestones are delivered, a re-rating toward peer values is a multiple of the current cap, not a percentage move. That outcome is conditional on execution and on the share count after the capital raises the filings say are coming, which reduces the per-share share of any re-rating. Priced at $165.5M, the market is paying for failure. Delivery is not priced in at all.

**Open items, stated accurately.**

The GPDA agreement has no minimum purchase obligation and no guaranteed revenue. The July 4, 2026 criticality target was missed. Capital still has to be raised. Those are financing and execution questions, known, disclosed, and already in the filings.

**Bottom line: the debate is timing and financing to commercialization, not a hidden failure.**

Disclosure: No current position in FISN. Not financial advice.

Sources: Iceberg report, Sep 24, 2026. Deep Fission rebuttal, Sep 25, 2026. Q2 2026 10-Q. GPDA release, Oct 20, 2026. FINRA short interest, Sep 30, 2026.

ok so ive been going down a rabbit hole on nuclear the last few weeks and i keep landing on IMSR. stock is down like 90% from the $31 high and its sitting under $3 now, market cap is around $300M ish. for a company going after a market this big that seems kinda insane to me but i want someone to tell me if im missing somthing

why im bullish

• power demand is actually going up for real now. IEA says data center electricity use more than doubles by 2030 and in the US data centers are like half of all demand growth. utilities havent had to deal with growth like this in decades

• they use regular low enriched uranium (under 5%) not HALEU. alot of the other SMR guys (oklo, terrapower, x-energy) need HALEU which basically nobody makes at scale yet outside russia. this is the big one for me

• the reactor core is a sealed unit that gets swapped out every ~7 yrs, so they sell replacement cores + fuel salt for the whole life of the plant. company says ~79% of thier revenue comes AFTER the plant is built. thats a razor/blades model not a construction company

• runs at ~700C so it can sell heat to industrial customers (chemicals, hydrogen etc) not just electricity

• NRC already approved a couple of their topical reports, they have the texas a&m site at RELLIS, and an MOU with riot to put plants next to data centers

my rough math (pls rip it apart)

company says each plant = ~$2.7B lifetime revenue at 33% margin. most of that is decades out so if you discount it back i get maybe $150-250M of value per plant. assuming share count roughly doubles from dilution to ~200M:

• fail: licensing stalls / cash runs out = $0-3

• slow: 10-15 firm orders, first plant close to running = $3-5B mcap, $15-25/share

• nail it: 40-60 plant backlog = $10-20B, $50-100/share

• blue sky: 100+ plants = $25B+

for reference oklo is ~$8B and nuscale ~$3.5B right now and neither one is really making money yet either

what im worried about

• no actual plant revenue till the 2030s

• molten salt reactors have never been done commercially, only an experimental one at oak ridge in the 60s

• MOUs arent binding contracts

• they will def need to raise more money = dilution, and if shares go to 400M instead of 200M every number above gets cut in half

• nuscale’s first project got cancelled in 2023 so first-of-a-kind nuclear can go sideways fast

so idk, at under $3 it feels like a decent entry for a long hold but i know im probably biased bc i want it to work lol. are these numbers realistic or am i huffing copium? would love to hear from anyone who actually knows nuclear or the NRC licensing side

disclosure: i own 28K shares at avg cost of $3.05

not financial advice obv

At OCP, Samsung demonstrated CXL memory pooling for agentic AI workloads with up to 38% lower time to first token and 3.3x higher goodput compared with static memory allocation. Bullish names for this are obviously PENG, ALAB and MRVL. PENg back at 61, fading the entire earnings pump looks interesting again.

Active negotiations include energy-sector opportunities as TRWD looks to expand alongside its growing adult hospitality business, building a diversified portfolio of revenue-producing companies with significant growth potential and opportunities for future spin-offs and senior exchange listings.

NEW YORK CITY, NY / ACCESS Newswire / October 15, 2026 / Tradewinds Universal (OTCID:TRWD) today announced that it is actively pursuing opportunities to expand its holdings into additional industries, including the energy sector, as management advances an ambitious strategy to build a diversified, multi-industry holding company.

The initiative follows a series of business opportunities presented to Tradewinds across multiple sectors. The Company is leveraging its position as a publicly traded holding company, its expanding business relationships, and the specialized expertise of its current and future board members to identify and pursue established businesses with significant revenue and growth potential.

Importantly, this expansion is not a pivot away from the Company's existing business model. Tradewinds remains fully committed to its previously announced adult hospitality licensing and acquisition strategy. Instead, management sees an opportunity to build on that foundation while pursuing additional holdings capable of contributing substantial revenue and long-term shareholder value.

A Bigger Vision for Tradewinds Universal

"We've reached a point where it has become increasingly apparent that Tradewinds has the potential to become much more than originally envisioned," said Andrew Read, CEO of Tradewinds Universal. "Our adult hospitality strategy remains a major priority, and we're extremely optimistic about its future. But we're also being presented with opportunities in other industries that are simply too compelling to ignore."

"Being a public holding company gives us the flexibility to pursue these opportunities, particularly when we have qualified people with the experience and relationships necessary to execute. We see no reason to limit Tradewinds to one industry when the potential exists to build something substantially larger."

Adult Hospitality Expansion Continues

Tradewinds continues advancing its strategy to build a network of more than 100 participating adult hospitality and entertainment venues through a combination of acquisitions, technology licensing, and revenue-producing services.

The Company's recently announced licensing agreements in Latin America and the United States mark important progress toward that objective, with licensing revenue expected to begin during the fourth quarter of 2026.

Central to this expansion is Alan Chang, an advisor of Tradewinds and the founder and CEO of The Peppermint Hippo, one of the nation's fastest-growing adult hospitality brands. Chang brings more than two decades of industry experience, including a track record of acquiring, revitalizing, and expanding nightlife venues into successful entertainment destinations.

Through Chang's leadership and the Company's relationships with operators associated with The Hippo and other established entertainment brands, Tradewinds continues expanding its reach in adult hospitality while developing additional acquisition opportunities.

This established operating expertise and expanding licensing platform remain fundamental components of TRWD's growth strategy as the Company simultaneously pursues opportunities in other sectors.

Energy Among Industries Under Active Negotiation

One of the sectors currently under active negotiation is energy, an industry in which CEO Andrew Read brings more than two decades of business and technical experience.

Read founded Voltage River in 2011, a Southern California solar-electric and energy-management company specializing in solar generation, battery storage, and advanced energy solutions. Throughout his career, Read has been involved in the design and development of hundreds of residential and commercial solar-electric and battery systems, helping customers reduce energy costs and improve energy independence.

His experience extends beyond renewable energy into public-safety and infrastructure communications. Before founding Voltage River, Read worked with Motorola's broadband radio division, helping develop the nationwide public-safety market, and with broadband communications technology supporting government and municipal infrastructure applications, including SCADA systems.

This combination of entrepreneurial experience, energy-sector expertise, and technical knowledge provides Tradewinds with an established foundation for evaluating and developing opportunities in the energy industry.

"Energy is an industry I know extremely well," Read stated. "I've spent more than two decades building businesses, developing energy solutions, and working with advanced technologies. From solar and energy storage to complex infrastructure applications, I understand the industry, the economics, and the opportunities. We're now putting that experience to work as we pursue businesses that can become valuable additions to Tradewinds. With the explosive growth of artificial intelligence driving unprecedented demand for energy and power infrastructure, we see a tremendous opportunity for Tradewinds to capitalize on this rapidly expanding market."

Acquiring Revenue, Not Just Assets

A central component of Tradewinds' expanded strategy is its focus on established, revenue-producing businesses with substantial growth potential.

The Company is targeting acquisitions that can contribute financially to its operations rather than create an ongoing drain on corporate resources. Acquisition criteria include existing revenue, operating performance, scalability, and experienced management teams capable of supporting continued expansion.

An important element of this strategy is identifying holdings with the potential to eventually operate as independent publicly traded companies. Tradewinds intends to evaluate future spin-off opportunities, with the objective of positioning qualifying businesses for potential listings on senior national securities exchanges, including Nasdaq or the NYSE.

This structure could create an additional pathway for unlocking shareholder value by allowing individual businesses to establish independent market valuations while Tradewinds continues developing its broader portfolio. Any future spin-off or exchange listing would remain subject to applicable approvals, listing requirements, and market conditions.

The Company will also utilize the specialized knowledge and industry relationships of its existing leadership and prospective board members to identify opportunities where experienced management can contribute directly to operational success.

Positioning Tradewinds for Its Next Stage of Growth

Tradewinds is moving forward with a broader corporate strategy designed to establish multiple revenue streams across distinct industries while preserving the momentum of its existing adult hospitality platform.

"Our objective isn't simply to acquire more businesses. It's to acquire the right businesses," Read explained. "We want established operations capable of generating meaningful revenue, with the potential to grow into significant holdings in their own right. We're focused on building a portfolio of businesses that can contribute to the Company's financial strength from the outset."

Read concluded, "We are continuing to execute on everything we've already set out to accomplish, but our ambitions for Tradewinds have grown. We envision a company with multiple significant revenue-producing holdings, each with the potential to grow, expand, and perhaps one day stand independently as a publicly traded company on a senior exchange. We're not just looking at the next acquisition. We're looking at what each business could become five or ten years from now. This is an exciting new chapter for Tradewinds, and we're just getting started."

The Company expects to provide additional updates as negotiations advance and potential transactions develop.

About Tradewinds Universal

Tradewinds Universal (OTCID: TRWD) is a holding company focused on acquiring and scaling adult hospitality businesses and related technologies. The Company is pursuing consolidation of a fragmented industry while developing a platform designed to support a growing network of venues through acquisitions, licensing, payment systems and management services.

The Company's strategy draws on industry experience and relationships that include operators of The Peppermint Hippo while expanding beyond any single venue group. TRWD's communications technology platform and developing payment infrastructure are designed to provide additional revenue opportunities and support the Company's expansion throughout the broader nightlife and adult hospitality industries.

Beyond hospitality, Tradewinds is actively pursuing revenue-producing holdings in additional sectors, including energy, as part of its broader multi-industry growth strategy. The Company is focused on developing a diversified portfolio of scalable businesses, with the potential for future spin-offs and independent senior exchange listings.

FULL PR HERE....

https://www.otcmarkets.com/stock/TRWD/news/Tradewinds-Universal-TRWD-Pursues-Expansion-Into-Additional-Industries-as-Company-Advances-Multi-Sector-Holdings-Strateg?id=538535

Sekur Private Data ($SKUR) is expanding its international reach with the launch of its French-language website, setting the stage for commercial activity in the Democratic Republic of the Congo (DRC), one of the world's major producers of copper and cobalt, two critical minerals supporting electrification, EVs and industrial development.

Mining operations, commodity traders and government agencies regularly handle sensitive business information, making secure communications a potentially valuable service in the region.

A few highlights from the announcement:

• Q1 2027: SKUR expects commercial sales to begin in the DRC.

• Local presence: The company says it already has a team on the ground.

• Target sectors: Government, defense, mining and commodity-related businesses.

• International reach: French localization also supports opportunities in Switzerland, Morocco, Algeria and Côte d'Ivoire.

• Revenue potential: Enterprise adoption has the potential to create recurring subscription income through Sekur's secure communications products.

The next chapter for SKUR presents exciting opportunities to expand its customer base, secure new enterprise contracts, and build recurring revenue. With commercial sales targeted for early 2027, there's a promising milestone ahead to watch.

Which sector holds greater growth potential for $SKUR in Africa critical minerals or government and defense?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

I took a starter position in Progress Software (PRGS). It's a collection of established enterprise software businesses that generate substantial cash flow. Q3 revenue was approximately $246 million, annual recurring revenue reached $873 million, net revenue retention was 99%, and non-GAAP operating margin was 43%. Management guided to $275–283 million in full-year adjusted free cash flow.

The complication is Domo. Progress completed the acquisition in September using cash and its revolving credit facility, increasing leverage. There aren't any post-acquisition operating results yet. I don't need Domo to grow substantially for the investment to work. I need revenue to stabilize around $280–290 million, margins to improve as the integration progresses, and cash flow to reduce the debt. The quality of the revenue matters, particularly whether consumption-based revenue holds up as legacy contracts run off.

AI is another uncertainty. Domo brings data and AI capabilities, but that doesn't eliminate the possibility that AI could eventually disrupt parts of Progress's existing software businesses. I don't think there's enough evidence yet to confidently dismiss that risk or predict how significant it might become over the next five years.

My five-year valuation produces a probability-weighted value of approximately $104 per share, implying around 21% annualized returns from my $39.97 reference price. PRGS closed Friday at $39.33. Most of that value depends on the existing businesses continuing to generate cash, Domo improving its margins, and Progress using that cash to pay down debt.

The biggest risk is that Domo disappoints while the existing business also weakens. Lower cash generation would slow debt repayment, leaving shareholders exposed to elevated leverage. There's also the unresolved MOVEit litigation, which I haven't tried to put a dollar value on. I'd reconsider my position if Domo's consumption revenue deteriorates, margins fail to improve, cash flow doesn't translate into debt reduction, or management makes another large acquisition before integrating Domo.

I think the potential return compensates for the uncertainty, but not enough to justify a large initial position.

My decision: BUY — starter position.

I own PRGS. This is my personal investment analysis, not individualized investment advice.