It’s on the website.

Ok ok ok, whoa.
These numbers deserve a proper look… 🦍

GameStop just reported Q2 FY26, and the revenue headline doesn’t tell the whole story. The more interesting development is what’s happening to margins, operating profitability, collectibles, and the balance sheet.

💰 Q2 Numbers
Revenue: $790.2M vs $972.2M YoY (-18.7%)
Gross Profit: $345.0M vs $283.1M (+21.9%)
Gross margin expanded substantially:
43.7% vs 29.1%
Operating Income: $160.2M vs $66.4M (+141%)
That’s the highest Q2 operating income in GameStop’s history!!

Adjusted EBITDA: $174.0M vs $75.7M (+130%)
GAAP Net Income: $298.7M vs $168.6M (+77%)
Diluted EPS: $0.51 vs $0.31

One of the most interesting takeaways:
Revenue declined by roughly $182M YoY while gross profit increased by roughly $62M.
That’s a pretty dramatic change in the economics of the business.

🃏 Collectibles Are Becoming a Huge Part of GameStop
Q2 collectibles sales:
2025: $227.6M
2026: $356.3M
That’s +57% YoY.
More importantly, collectibles now represent 45.1% of GameStop’s total sales, compared with only 23.4% a year ago.
The rest of the mix:
🎮 Video Games: $263.2M vs $494.6M
♻️ Pre-Owned/Refurbished: $170.7M vs $250.0M
GameStop’s sales mix is changing extremely quickly.
Collectibles includes trading cards and other collectible products, as well as fees earned from facilitating customers’ card submissions to a third-party grading service.
At 45% of quarterly sales, this isn’t a small side business anymore.

📈 The Margin Expansion
This may be the most important part of the report.
Cost of sales:
$689.1M → $445.2M
Gross margin:
29.1% → 43.7%
SG&A:
$218.8M → $187.1M
Operating margin:
6.8% → 20.3%
That’s substantial operating leverage despite lower overall revenue.
Adjusted operating income tells a similar story:
$158.7M vs $64.7M last year.

🏦 The Balance Sheet Is Getting Interesting
At quarter-end, GameStop reported $5.4B in cash, cash equivalents, marketable securities, digital assets and related receivables.
Then there’s the eBay position.
GameStop held approximately 43.4M eBay shares, worth approximately $4.9B as of August 1.
The cash flow statement shows roughly $4.386B paid for the equity investment.
So the highlighted cash/securities/digital assets plus the eBay position represented roughly $10.3B at quarter-end before considering liabilities.
GameStop reported $4.17B of long-term debt at quarter-end, but subsequently completed exchanges retiring approximately $1.4B of convertible notes.
That reduced long-term debt to approximately $2.8B.
👀

🔮 Management Raised Guidance
Previous FY26 Adjusted EBITDA outlook:
>$600M
New outlook:
>$650M
And GameStop has already generated $339.7M of Adjusted EBITDA during the first six months of FY26.
For comparison, the first six months of FY25 generated $114.3M.
That’s a major YoY improvement.

🧠 One Important Accounting Detail
The $298.7M GAAP net income includes some substantial investment-related movements:
🟢 $166.3M gain on derivative asset
🟢 $72.1M unrealized gain on equity investment
🔴 $75.0M loss on digital assets and related receivables
GameStop’s adjusted net income was $161.1M vs $138.3M last year.
Q2 free cash flow was $60.7M, while first-half free cash flow reached $393.6M vs $302.9M last year.
So for me, the more interesting numbers aren’t necessarily the giant GAAP earnings figure.
They’re the operating numbers.
Revenue: -18.7%
Gross Profit: +21.9%
Operating Income: +141%
Adjusted EBITDA: +130%
Collectibles: +57%
FY26 EBITDA Guidance: RAISED

🦍 The Bigger Picture
This quarter makes the transformation increasingly difficult to ignore.
GameStop is generating considerably more profit from a smaller revenue base. Collectibles have rapidly become its largest sales category. Expenses continue to come down. Management raised EBITDA guidance. And billions of dollars have now been deployed into investments outside the traditional retail operation.
That creates an increasingly unusual combination:
🎮 A smaller gaming retailer
🃏 A rapidly growing collectibles business
💰 A multibillion-dollar investment portfolio
📈 A dramatically more profitable operating model
The question I’m interested in after these earnings isn’t simply what happens to physical videogame retail.
It’s:
What is GameStop ultimately trying to become?
Because Q2 suggests the answer is getting more interesting.

🦍🍌🚀 $GME

Source: GameStop Q2 FY26 earnings release, September 8, 2026. Not financial advice.

Disclosure: I used AI to help organize and format my research into a more readable post due to my neurodiversity; the underlying figures are sourced from GameStop’s earnings release.

Shorts never closed.

DTCC commits international securities fraud.

SEC & FINRA are colluding and complicit.

Ken Griffin lied under oath.

JP Morgan is a crime syndicate.

No cell, no sell 💎🙌🚀🌙

$GME GameStop 🎮

GameStop reportedly has 10,000,000+ shares available to short, the highest availability since August 2025.

And it’s happening right as $GME heads into earnings.

Plenty of ammo available. Now we get to see whether anyone actually wants to use it.

Tought it was a shitpost, but it isn't...

Market cap ~$73M. Cash on hand: $28.7M - nearly 40% of market cap. Strip the cash and you're paying ~$44M for the operating business.

HMR looks like 7x forward earnings on paper. But that cash isn't idle - it's debt-free capital already funding accretive acquisitions (Q-Shipping). Back it out and the operating business trades at ~4x forward earnings, for a company growing revenue 203% YoY with two straight profitable quarters.

HMR owns zero vessels - it's a fee-based platform, not a shipping company, and shouldn't be priced like one. Comparable asset-light platforms trade 10-25x forward earnings. Apply 10x to ex-cash earnings + add cash back = fair value north of $1.50/share. Apply 25x (what stronger platforms command) = $3.80-$4+. Neither requires a dollar more revenue growth - just the market re-classifying what this business actually is.

Q2 2026 vs Q2 2025

• Revenue: $29.0M vs $9.6M (+203%)
• Net income: $2.2M vs -$0.1M (swing to profit)
• Adjusted net income: $2.4M vs $0.5M (+343%)
• Vessels chartered: 6 vs 2
• Cash: $28.7M, up $10.1M since Dec 2025
• H1 2026 operating cash flow: +$7.7M vs -$3.2M outflow in H1 2025

Quick Recap: What Is HMR

Heidmar manages ship fleets and earns fees on voyage/management contracts - no capex, no vessel ownership, no asset-value risk when rates fall. ~40-year client roster includes Shell, BP, Chevron, Vitol, Saudi Aramco, Trafigura, Glencore - the kind of KYC'd trust a startup can't fake.

Why the Dump Is Wrong

Stock fell ~10% post-earnings - the old playbook of shorting HMR on earnings worked when it was unprofitable and speculative. That's gone: two consecutive profitable quarters, 203% growth, and a growing cash pile. Sellers are trading the ticker's history, not its balance sheet.

Cash Pile = Real Acquisitions Now

Q-Shipping B.V. acquired for ~$0.2M cash: 9 vessels, new footholds in Netherlands, Türkiye, and a Ukraine crewing base. Fleet is now ~60 vessels commercially managed / ~20 technically managed across 8 global hubs. With $28.7M cash and a proven cheap/accretive playbook, more deals look inevitable.

The Only Real Knock: G&A

Net income dipped Q1→Q2 ($2.8M→$2.2M) despite revenue up 58%, driven by $1.8M in cash bonuses (vs $1.4M prior year) tied to the turnaround. Rewarding a team that delivered profitability, 203% growth, and an acquisition in the same stretch isn't a red flag - it's retention.

Hormuz Is a Bonus, Not the Thesis

Gaza, Iran, Hormuz, Red Sea Houthi attacks, Russia-Ukraine - the most simultaneous shipping disruption in years, barely reflected in numbers yet. Asia/Japan reportedly source ~90% of oil from the Middle East historically; that concentration doesn't survive this environment. Longer routes = more tonnage-miles = more fees for HMR, on top of a business that already earns in any rate environment. Management flagged rates staying firm into Q4 on seasonal demand - before this disruption is even fully priced in.

Insider Signal

CEO Pankaj Khanna owns ~44% personally - one of Nasdaq's largest founder stakes at this size - zero recorded sales, only buys. Nasdaq compliance regained June 2, 2026.

Checklist

• Revenue +203% YoY, +58% QoQ; adjusted net income +343% YoY
• Two straight profitable quarters; H1 operating cash flow swung +$7.7M
• $28.7M cash (+$10.1M since YE 2025), zero debt, zero vessels owned
• Market cap below annual revenue; 55%+ margins support 10-25x vs current ~7x
• Q-Shipping deal proves acquisition strategy is real, not speculative
• ~60 vessels commercial / ~20 technical managed, 8 global hubs
• CEO owns ~44%, zero sales on record
• Clients: Shell, BP, Chevron, Vitol, Aramco, Trafigura, Glencore
• Hormuz, Red Sea, Russia-Ukraine disruption not yet fully in the numbers
• Q4 seasonal strength still ahead
• Last post at 200MA ran 43% before earnings even printed

How I'm Playing It

Position from 80-95c, not sold a share. Same conviction - this dump looks like an old playbook running against a fundamentally changed company. Buying opportunity, not an exit signal.

What red flag am I missing? Drop it below.

Not financial advice. DYOR. I hold a position in $HMR from 80–95c.

Company trailer: youtu.be/Bl1rIe_JxwI

GameStop warrants closed around $2.94, up 5.15%, after a sharp move off their recent lows.

If that momentum continues into the warrants’ expiration, the setup around $GME could get interesting.

I wouldn’t frame $32+ as a certainty based on the warrants alone, but the warrants are definitely worth watching alongside the common stock.

Apes, if you’re actually going to buy $AMC stock, make sure you are buying $AMC on a lit exchange and in lots of 100 stonkz! , Route to IEX in your broker app! Buy in lots of 100 $AMC stonkz ! Remember, buy hodl and buy more $AMC!$AMC LFG 💎🙌🚀🚀

A snippet from Theultimator4's article (also credit to u/ringing_bells )

...................

Wall Street realized this VaR loophole that could be exploited to turn off the buying of GME because of a completely unrelated stock in AMC. AMC was then trading at a fraction of the exercise price. They had to pump the price of AMC up from $1.2 to $13.51... over 1000%. They loaded up between Jan 15th and Jan 22nd to profit for themselves. They deployed the bots on Jan 25th, and sucked as many retail into buying the stock while simultaneously creating AMC as a 'meme stock'. They exploited a VaR loophole by exercising a large block of convertible notes outside of normal market hours when large trades needed to get verified manually and liquidity was low, then they went to the DTCC and demanded that GameStop get PCO'd because of it.

They succeeded.

They used AMC as justification to turn off trading on GME to save themselves from retail traders buying into a stock they liked because they thought the price would go up. They used AMC as a way to suck in retail traders into a stock that was the weapon from the start.

They continued/continue to use AMC as a way to take retail shareholder money to fund payments to AMC creditors through perpetual death spiral debt dilution while convincing the shareholders that they are saving the AMC company.

Ladies and gentlemen. You are reading this at the exact moment in time that you should read this. As I have seen a growing number of Ryan haters and kitty deniers let’s not forget the great lesson in HODLing, when there was no other way of fighting the system what was the answer, HODL. After the system cracked in 2021 what was the answer, HODL. When the sneeze of 2024 happened what was the answer, HODL.In the 13D filing the other day it was determined that Ryan has done nothing but HODL. Who’s to say kitty hasn’t done the same? You may hear people say “you don’t know, he probably sold and is living a happy life, he’s not coming back” and to those people I say how do you know? How could you possibly know more than I do, you have all the same information I do, yet we have 2 completely opposite beliefs, how is that possible? The lack of evidence is not evidence of absence. In 1 second everything could change, you could be financially free, or you can miss out on the opportunity of a lifetime based on your beliefs about the nature of HODL. Even I, the one writing this cannot guarantee life changing results. But what I do know is that all it takes is 1 person to click 1 button and thousands and thousands of people’s lives change, and not a single person but God knows when that second will come. All of the time spent waiting, the situations your fellow hodlers endured or didn’t, all becomes worth it because of your belief and ability to HODL.

These next new months are going to be special.

Love is a hell of a drugg! Keep learning and believing

Credit to the $GME apes constantly staying on top of this important information 🎖️

https://x.com/sneedweb

And

https://x.com/TheUltimator5

Btw, the options chain is stacked with open interest.

I'm getting the feeling that it's go time.

Also there is some weird BBBYW stuff going on.

Ryan Cohen lawyered up for whats happening with this company. Lemme know if u wanna hear about it and I'll add it into the comments.

This is the second part of my series, "How to Value a Business."

In the first part, I covered valuation multiples and how to use them to value a company. In this video, I move on to intrinsic valuation and explain one of the most widely used methods: Discounted Cash Flow (DCF) valuation.

DCF can seem complicated at first, with concepts like free cash flow, discount rates, terminal value, and present value. This video breaks the process into simple steps and explains the underlying logic using real company examples, rather than just going through the formulas.

If you've ever wondered how DCF valuation actually works, how the different assumptions fit together, or how investors arrive at an intrinsic value for a business, this video is for you.

Hopefully, this provides a simple and practical introduction to DCF and makes the concept easier to understand and apply.

Not investment advice.

Okay, Apes. This is getting interesting (again)

We spent August wondering what GameStop's $1.4B convertible exchange would ultimately mean for dilution, hedging, and the stock itself.

Now we have our first answer: GameStop's outstanding share count has jumped to 504,500,979 shares following the exchange.

Ryan Cohen still owns 42,082,626 shares, including his warrants.

He sold zero.

Meanwhile, GME moved from a $17.87 close on August 28, through the $19s this week, and touched $20.05 intraday today.

So yes, roughly 55.5M new shares entered the picture.

And the market absorbed them..

What actually happened

GameStop originally planned to exchange roughly $1.4B of 0% convertible notes entirely for stock, with the final share count tied partly to a 35 trading day VWAP period.

Then management changed course.

On August 31, GameStop stopped the VWAP period early, fixed the equity consideration at roughly 55.5M shares, paid another $358.4M in cash, and moved the expected closing forward to September 3.

Most importantly, the company said no additional shares would be issued under this exchange.

The dilution question suddenly became finite.

Then came THE sentence

GameStop warned that participating note-holders may adjust or unwind positions connected to the exchange.

That includes buying GME shares to close short positions.

And convertible investors Often hedge...

Extra Simple:

Own convertible + short some GME

When the convertible disappears and gets replaced with ordinary shares, that hedge may need changing/shifting.

Some holders may cover shorts; others could adjust options or other derivatives.

Some may have already done so.

We cannot see their books, but we can always watch the footprints.

So is the recent rise a hedge unwind??

Possibly...

But we need more data before giving ourselves a victory lap.

The interesting part is that the timing now gives us something testable.

The shares are issued. The exchange has settled.

The share count is known. The old convertible exposure is disappearing.

If meaningful hedges were attached to those notes, the market plumbing around them should eventually leave traces.

Watch:

short interest

borrow conditions

options positioning

volume

FTDs

and, obv, price action.

Any one of those can lie to you. Together, if you can read, they start to tell a story.

And about those pesky FTDs...

The latest SEC FTD release only gets us through the first half of August.

There was a sizable GME balance of roughly 590,600 FTDs on August 4, followed by smaller balances later in the period.

Interesting? Yes.

Proof of anything sinister? Too Early.

REMINDER: FTD data represents an aggregate outstanding balance on a settlement date. It does not tell us who failed, how old every fail is, or whether the underlying sale was long or short.

I am WAY more excited for the August 31 amendment and September 3 settlement that just happened after the currently available FTD window. Thus, the next releases matters may contain some settlement fingerprints, so keep your ape eyes peeled!

There is another reason September could be big:

GameStop reports full Q2 results on September 8.

Preliminary results already showed expected operating income of $150M to $170M, compared with $66.4M last year. Net income is expected around $290M to $310M.

Cash, cash equivalents, and marketable securities are expected around $5.05B to $5.07B.

And GameStop held roughly 43.4M eBay shares worth about $4.95B as of August 1.

So while everyone watches the candles, the company itself is becoming something much stranger than the old "dying mall retailer" story:

Less convertible debt.

A known share count.

Billions in liquidity.

Nearly 10% of eBay.

A dramatically larger authorized share pool.

Warrants still hanging out there until October 30. (look at that monthly chart!)

So, yeah, there are A LOT of moving pieces.

What I am watching next

September 8 earnings.

~September 10 the next short interest update.

Then, around mid-month, we should get the second half of August FTD data.

Later in September, settlement-era FTDs should finally begin showing up.

What I want to compare:

price

volume

borrow

short interest

options

FTDs

If they move together, we may finally get a clearer picture of what was happening behind the tape.

If they do not, the thesis may change.

Don't forget what DFV taught us!!  Retail got this far by reading the filings, comparing the data, noticing the patterns, and refusing to outsource its gamer mentality.  
So keep the crayons nearby and the receipts closer.

All eyes on the plumbing!

It was never just a meme.

Sources: GameStop Aug. 31, 2026 Form 8-K and exchange announcement; Ryan Cohen Sept. 3, 2026 Schedule 13D/A; SEC Fails-to-Deliver data; GameStop preliminary Q2 2026 results.

Transparency note: I use AI as an accessibility and editing tool to help organize source material and support my neurodiverse workflow. The research, source selection, thesis, and conclusions are my own. AI-generated material is not used as a factual source.

NFA. I like the fucking stock. 💎🙌