Admittedly, we’re a little late on this review as Hydreight dropped their Q3 about five weeks ago, but the requests from the Wolf Den discord have been plentiful.
NURS has been on a heater for some time. Not only is their one year performance up 120%, but if you scroll left on the chart by just a few months, you could have bought the company at a quarter. A week or so before these financials were released, the stock touched $5.50 for a 22x return in just over one year.
I last formally reviewed NURS after their third quarter last year. The financials themselves were not great, but I upgraded them to three stars purely on the potential they were talking about at the time. I ended that review with this:
The company hosted an earnings call after this latest release and let’s just say it did not go well. You’ll notice that 37% plunge shortly after their financials were released as there was some confusion surrounding some of the metrics the company provided. Much of that was later clarified, and the stock has almost come all the way back.
Those that follow me know I have a lot of issues with Hydreight (VST relationship, SBC plan and incestuous transactions to name a few), but there is no denying the stock was one of the biggest success stories of 2025. They are no longer the sub $15M market cap on my first review but a $230M one with a lot more eyes on it.
How do these financials look now and can they deliver an encore performance in 2026?
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