The desk's scorecard
Analysis, not adviceEvery earnings call we cover, graded in public against the transcript.
Ascend has named 88 falsifiable conditions across 26 graded prints.
“there was some margin compression on the acquiring business...increasing cost of devices because of higher cost of chips”
See the full graded call →“Q1 adjusted EBITDA was $168 million... Excluding the impact of tariff refunds, our adjusted EBITDA was up 36% year-over-year”
See the full graded call →“revenue totaled approximately $817.9 million... representing growth of 10.6%”
See the full graded call →“CELSIUS brand revenue decreased by approximately 11.7% in the second quarter of 2026 compared to the same period last year”
See the full graded call →“Gross profit margin decreased to 48.1% for the three months ended June 30, 2026 from 51.5%... primarily driven by higher promotional and incentive activity”
See the full graded call →“"Sport rights expenses (including amortization of capitalized sport rights licenses) (137,752)" against revenue of 377,815; "Adjusted EBITDA margin expansion of approximately 70 to 100 basis points on a reported basis" · press release”
See the full graded call →“"Sport rights expenses ... 137,752" / "Revenue ... 377,815" and "Adjusted EBITDA margin expansion of approximately 70 to 100 basis points on a reported basis" · press release”
See the full graded call →“Managed Trading Services revenues due to higher turnover and trading margins were offset by lower platform revenues”
See the full graded call →“Adjusted EBITDA margin expansion of approximately 70 to 100 basis points on a reported basis”
See the full graded call →“"Sport rights expenses... 137,752" / "Revenue... 377,815" (137,752/377,815 = 36.5%) · press release financial tables”
See the full graded call →“Technology Platform segment net revenue of $84.5 million for the second quarter of 2026... Compared to the prior year period, segment revenue decreased 23%”
See the full graded call →“"Income from operations $18,775... Operating margin 31%" vs "43%" prior year; "$2.40 billion of charges related to legal proceedings and $1.18 billion of severance expenses" · press release”
See the full graded call →“We anticipate 2026 capital expenditures... to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion”
See the full graded call →“On an organic basis, excluding Rhode, our net sales were down approximately 3% this quarter.”
See the full graded call →“The margin compression reflects our choice to invest in strategic initiatives”
See the full graded call →“We delivered $611 million of income from operations, representing a 6.9% margin”
See the full graded call →Every grade we published and what happened next — counts, not a win rate. Early and honest: young rows show the horizon hasn't elapsed yet.
No grades have aged a quarter yet — first returns land ~91 days after a grade.
| Grade | Graded | 1q elapsed | Median 1q | Median 2q | Next print: held / worsened / recovered |
|---|---|---|---|---|---|
| INTACT | 6 | 0 | — | — | 1 / 2 / 0· 3 no print yet |
| WOBBLING | 5 | 0 | — | — | 1 / 0 / 1· 3 no print yet |
| BROKEN | 0 | 0 | — | — | 0 / 0 / 0 |
| Ticker | Graded | What we said → the next print | 1q | 2q |
|---|---|---|---|---|
| ELF | 2026-08-06 | INTACTno print yet | — | — |
| MELI | 2026-08-06 | WOBBLINGno print yet | — | — |
| AMD | 2026-08-05 | INTACTno print yet | — | — |
| SRAD | 2026-08-03 | WOBBLINGno print yet | — | — |
| META | 2026-07-29 | WOBBLINGno print yet | — | — |
| MU | 2026-06-26 | INTACTno print yet | — | — |
| NU | 2026-05-25 | INTACT→INTACT2026-08-13 | — | — |
| SRAD | 2026-05-24 | INTACT→WOBBLING2026-08-03 | — | — |
| CELH | 2026-05-21 | INTACT→WOBBLING2026-08-06 | — | — |
| ELF | 2026-05-21 | WOBBLING→INTACT2026-08-05 | — | — |
| MELI | 2026-05-21 | WOBBLING→WOBBLING2026-08-05 | — | — |
1q and 2q are the price change over the 91 and 182 calendar days after the grade — context on what followed, not a claim that we called it.
44 drift changes across subscribers' own theses. Aggregate counts — no ticker, no reader, and no return: drift moves on criteria, never on price.
Every criterion on every active thesis and where it stands — counts, not a score. “In band” means a print addressed it and the result sat inside the band; “not addressed” means the print didn't speak to it; “due later” means it isn't testable yet.
“Couldn't see” is the honest bucket: 81 criteria wererecorded neutral by an older rule that read a print's silence as a neutral result. Nothing addressed them, so they are not counted as in band. They clear the moment a print speaks to them.
These four overlap the row above on purpose: a confirming criterion the latest print skipped is counted as confirming and as one of the 0 not addressed. Across 35 active theses, aggregate counts only — no reader, no ticker.
Before each covered earnings call, the desk names the specific, falsifiable conditions its view depends on. After the print, each is checked against the transcript: held (the condition was met), broke (it failed), or still open(the call didn't address it). We publish before and grade after — every one, in the open.
Educational analysis, not a personalised recommendation.