Odd Diligence
Long/Short Event-Driven Trader
OneSpan's subscription and recurring-revenue growth add operating evidence for its place among the identity-security picks. Revenue beat expectations at $63.9M, and full-year revenue, ARR and adjusted EBITDA guidance rose. Mitek and Clear Secure also look attractive. Financial institutions in Korea and India reported breaches; CrowdStrike says the Korean attacker used an AI penetration-testing tool. Binance had not confirmed the suspected hot-wallet hack. x.com x.comÂ
Long airport wait times seem to have driven a lot of Clear Secure signups in 2026. Its revenue and EPS have improved a lot over the last four years, and it is a high-gross-margin business. The setup has the feel of Sphere Entertainment's breakout from a multi-year base at $60. x.comÂ
Clear Secure will be a great short once the federal budget passes and the current TSA disruption is cleared up. @realEstateTrent is promoting TSA PreCheck plus CLEAR as the way around the TSA chaos; budget approval is the signal to sell. x.comÂ
Clear Secure's bookings and margins are accelerating together. Q2 bookings rose 33% to $295.9M, and the adjusted EBITDA margin hit a record 36.4%, the first time above its 35% IPO target. x.comÂ
Airlines' fuel-driven fare hikes are finally cracking consumer demand. TSA checkpoint traffic is firmly negative year over year, while the airline ETF is breaking down. x.comÂ