I’ll start out this week with a clip from our live management briefing Skull Session with the CEO of BIOREM…covering Q4 2025 results, a record backlog, and the company’s view on the geopolitical environment, with the discussion reinforcing improving near-term visibility, supported by stronger order flow and backlog expansion.

I love that the CEO is incredibly transparent about how to think about the potential quarter-to-quarter lumpiness in the business, within a favorable long-term growth outlook. The stock is currently selling at a trailing P/E 12.6x.

The main development this week was the introduction of Cvd Equipment Corporation (NASDAQ:CVV) as a special situation, alongside the publication of our Reasons For Tracking note. CVV has long been a structurally challenged, loss-making business, but a recent asset sale (SDC unit) and data center narrative could have meaningfully reshaped the setup. With a stronger cash position and a debt-free real estate base that’s recorded on the balance sheet at well below market prices, we argued that the stock was trading comfortably below our book value calculation, even before assigning value to the operating business. 

Before we get started, I’m excited to share that we’ve published our recap of my Skull Session with Lukas Milosic of Pixel Research (@Pixelresearch_ on X), where he breaks down his process for screening high-conviction ideas. Before I get into the Research pipeline, I just wanted to mention that even though we don’t rank stocks at Geoinvesting and we’re not a recommendation service, we want you to know that if we were issuing rankings, Flexible Solutions International and…

Friday’s near intraday multibagger move in Energy Focus, Inc. (NASDAQ:EFOI) (lighting solutions), from its open price, continues to convince me that the data center trend is the new industrial revolution or gold rush.

EFOI is a struggling commercial lighting solutions company that got hit hard after COVID. It was once a legitimate company that we had actually followed at GeoInvesting in the past. We had essentially stopped actively covering it because a recovery to its earlier days looked pretty unlikely.

The company hadn’t issued a press release since 2022, and then suddenly, last Friday at 9:00 a.m., it dropped a release tied to hyperscaler data center contracts.

We had a research screen update with the addition of a new stock to our Data Center and Infrastructure screen following its first data center contract win. The company provides infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. A P/E of 25x on its 2026 EPS guidance translates into a stock price of $41, compared to the current price of $45.63. At first glance, it doesn’t appear cheap, but analyst estimates may not fully reflect the opportunity. It’s 💯 worth tracking, as winning more data center contracts could make the stock look very cheap quickly and lead to an aggressive expansion in its valuation multiples. It’s moving to the top of our interview priority list.

We have a special feature this week: an impromptu Investor Roundtable Skull Session with three investors to discuss what’s been going on with an incredibly interesting special situation stock… actually one of the first stocks I ever bought over three decades ago. The most near-term probable set-up the we all agreed upon was that you make nothing to a best cast outcome of 100%. The worst case scenario of near zero seems unlikely.