Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q3 2022
- BBCA Q3 2022 Margins Finally Widen as Corporate Lending Stalls AgainNov 10
- CPNG Q3 2022 The First-Ever Profitable Quarter Doesn't Need an Asterisk This TimeNov 08
- PAYTM Q3 2022 The RBI Finally Responded on Paytm's Banking Associate - With No Timeline AttachedNov 07
- BFIN Q3 2022 Two Straight Quarters Without a Cure Rate - Does a Shrinking Restructured Book Still Mean What It Used To?Nov 03
- ARTO Q3 2022 The Profit Imbalance That Kept Getting Worse Just Didn'tNov 03
- BBRI Q3 2022 Profit Nearly Doubled - So Why Is It Still Missing Four of Its Own Five 2022 Targets?Nov 03
- ICICIBANK Q3 2022 Why Won't ICICI Bank Say What Its Rs. 10,000 Crore Buffer Is For?Oct 22
- BIRD Q3 2022 Every Metric Hit A Record. The Stock Fell Anyway.Sep 30
Q2 2022
- DHER Q2 2022 Is a Majority Stake in Glovo Worth a Dawn Raid From Brussels?Sep 05
- GOTO Q2 2022 The Margins Improved Sequentially. The Real Segment Losses Didn't.Aug 30
- SE Q2 2022 A First-Ever Goodwill Writedown, a Suspended Guidance, and a Stock Down 80% From Its PeakAug 30
- AMRT Q2 2022 Its Rights Issue Deadline Lapsed - So Why Did It Just Buy a Bank?Aug 29
- GRAB Q2 2022 Revenue Beat GMV Growth for the First Time - But At What Cost?Aug 25
- MELI Q2 2022 The Stock Fell 66% From Its Peak This Quarter - The Business Grew Revenue 52% and Turned Its Best Q2 Profit EverAug 19
- NU Q2 2022 Revenue Tripled Again. Adjusted Profit Grew Just 3%. The Stock Fell Below $4 Anyway.Aug 15
- CPNG Q2 2022 The First Positive Adjusted EBITDA Quarter Has an AsteriskAug 11
- IDEA Q2 2022 Revenue Hit a Post-Merger High. The Quarterly Loss Still Got Worse.Aug 09
- BBRI Q2 2022 The Capital Ratio Stopped Falling - But Its Own Guidance Still Contradicts ItselfAug 05
- PAYTM Q2 2022 Four Straight Quarters of Margin Gains, and a Loss That's Finally Shrinking TooAug 05
- BBCA Q2 2022 Did Q1's Provisioning Spike Turn Out to Be Noise After All?Aug 04
- BFIN Q2 2022 How a 5.3% Tender Offer Quietly Handed Trinugraha Majority ControlAug 03
- ARTO Q2 2022 A Seven-Month-Old Unit Earned 6x the Bank's Profit While the Stock Got Cut in HalfAug 02
- ETERNAL Q2 2022 Food Delivery Finally Broke Even - So Why Give Away 7.6% of the Company for Blinkit?Aug 01
- BIRD Q2 2022 The Margin Collapse That Undid Itself In One QuarterJun 30
Q1 2022
- GOTO Q1 2022 The first earnings call after Indonesia's biggest IPOMay 30
- SE Q1 2022 Bookings Turned Negative for the First Time Ever — And the Stock Fell 46% Right Alongside ItMay 30
- AMRT Q1 2022 Did the Rights Issue Authorization Just Quietly Expire?May 27
- ETERNAL Q1 2022 The Loss Widened 435% This Quarter - So Why Did the Business Actually Get Better?May 23
- PAYTM Q1 2022 A 75% Stock Collapse, and the Quarter Paytm Finally Named a Breakeven DateMay 21
- MELI Q1 2022 It Turned Profitable Again - So Why Is Operating Cash Flow Still Negative $233 Million?May 19
- GRAB Q1 2022 Down 51% in a Quarter - Did the Business Get Worse, or Just the Stock?May 19
- NU Q1 2022 Nu Called Q1 2022 Its Best Quarter Ever. The Stock Fell 18% Anyway.May 16
- CPNG Q1 2022 The Two-Segment Split Finally Answers Last Quarter's QuestionMay 10
- IDEA Q1 2022 Is This Telecom Already Insolvent on Paper?May 09
- BABA Q1 2022 Net Income Fell 59%, and This Time a One-Time Charge Isn't the ReasonMay 09
- ARTO Q1 2022 A Profitable Quarter, Except the Core Bank Actually Lost MoneyMay 06
- BBRI Q1 2022 Profit Grew 78% - This Time Both Quarters Are Actually ComparableMay 06
- BFIN Q1 2022 Only 5.3% Tendered - What a Failed Buyout Says About the Real PriceMay 05
- BBCA Q1 2022 Restructured-Loan NPLs Rose Again in Q1 2022 - Was Q4's Profit Dip a One-Off?May 05
- BIRD Q1 2022 The Taxi Margin That Didn't Survive Its First EncoreMar 31
Q4 2021
- DHER Q4 2021 How Do You Halve a Net Loss While the Business Is Actually Losing More Money?May 05
- MELI Q4 2021 Turned Profitable for the Year - But Q4 Alone Was a Net LossMar 21
- ARTO Q4 2021 A First Annual Profit, Mostly Manufactured By a Tax CreditMar 18
- GRAB Q4 2021 A record debut quarter - with a DOJ investigation left out of the deckMar 03
- SE Q4 2021 Full-Year Adjusted EBITDA Turned Negative for the First Time Ever — Right as Its Own Guidance Points to a Shrinking GarenaMar 01
- NU Q4 2021 Turning 'Profitable' by Excluding a Quarter-Billion in Stock CompFeb 22
- ETERNAL Q4 2021 Down 85% Quarter-on-Quarter - But Was the Loss Actually Shrinking?Feb 10
- BBRI Q4 2021 Profit Jumped 74% in One Quarter - Was Any of That Actually Organic?Feb 08
- BFIN Q4 2021 The Cure Rate Fell for a Third Straight Quarter - Then the Controlling Shareholder Made Its MoveFeb 08
- CPNG Q4 2021 Active Customers Bounced Back — So Why Did the Full-Year Loss More Than Triple?Feb 07
- BBCA Q4 2021 Coverage Ratio Improved in Q4 - So Why Did Restructured-Loan NPLs Double?Feb 07
- PAYTM Q4 2021 A Record Growth Quarter, and the Widest Loss Since Going PublicFeb 04
- MEITUAN Q4 2021 A $6 Billion Grocery Bet Hiding Inside Two Profitable BusinessesFeb 03
- DNET Q4 2021 Net Income Tripled. The Stock Fell Anyway.Feb 03
- AMRT Q4 2021 Why Did It Take a Year to Learn the Rights Issue Went Nowhere?Jan 31
- BIRD Q4 2021 Did Reopening Actually Fix Taxi, or Just Pause the Bleeding for One Good Quarter?Dec 31
Q3 2021
- AMRT Q3 2021 Why Did Headcount Drop 14% Right After It Surged 23%?Dec 14
- SE Q3 2021 Adjusted EBITDA Went Negative Again — This Time, It Wasn't an Accounting IllusionNov 30
- MELI Q3 2021 Both Brazilian Tax Defenses Just Lost Round One - Where's the Reserve?Nov 28
- PAYTM Q3 2021 A 592% Jump in Contribution Profit, and a Loss That Grew AnywayNov 27
- ETERNAL Q3 2021 Two Months After Its IPO, Already Spending Like a Holding Company?Nov 11
- CPNG Q3 2021 Revenue Grew 48% This Quarter — So Why Did the Paying Customer Base Shrink?Nov 08
- HOOD Q3 2021 Did Robinhood's Growth Story Peak the Quarter It Went Public?Nov 04
- BBRI Q3 2021 Profit Rose Through Indonesia's Deadliest Covid Quarter - But It Still Missed Its Own Credit Cost TargetOct 27
- BFIN Q3 2021 Bad Loans Improved This Quarter - So Why Does the Cure Rate Keep Falling?Oct 25
- BBCA Q3 2021 Did Indonesia's Worst Covid Wave Actually Show Up in the Loan Book?Oct 25
- ARTO Q3 2021 First Profit, First Cracks in a Perfect Loan BookOct 22
- BIRD Q3 2021 Was Indonesia's Delta Wave as Bad as 2020's Lockdown? The Numbers Say NoSep 30
Q2 2021
- DHER Q2 2021 Woowa Is Finally in the Numbers. So Is a Restated Two-Year-Old Accounting ErrorSep 20
- SE Q2 2021 Adjusted EBITDA Turned Negative Again. Here's the One Number That Explains WhyAug 30
- MELI Q2 2021 Why Did Operating Cash Flow Go Negative While Revenue Nearly Doubled?Aug 27
- HOOD Q2 2021 The Dogecoin Quarter, and the $87 Million Regulatory Tab Coming DueAug 20
- DASH Q2 2021 Why Is DoorDash Suddenly Losing More Money Than It Did a Year Ago?Aug 19
- CPNG Q2 2021 A $296 Million Fire Explains Half This Quarter's Loss — What Explains the Rest?Aug 12
- ETERNAL Q2 2021 A Founder's Stock Grant, Almost Exactly the Size of the Quarter's Adjusted LossAug 10
- BBRI Q2 2021 The 180% Profit 'Growth' Is a Trick of the Calendar, Not a TurnaroundAug 06
- BFIN Q2 2021 Higher Write-Offs, Lower Bad-Loan Ratio - Is a Lender Curing Debt or Erasing It?Aug 06
- ARTO Q2 2021 So Close to Breakeven, Except for Its First Related-Party LoansAug 05
- AMRT Q2 2021 Why Doesn't the Filing Mention the Deal That Sent the Stock Up 39%?Aug 03
- BBCA Q2 2021 Why Did a Record-High Loan Coverage Ratio Suddenly Collapse?Jul 23
- BIRD Q2 2021 Blue Bird's Q2 Revenue 'Doubled' YoY - But the Comparison Quarter Was the Full LockdownJun 30
Q1 2021
- SE Q1 2021 Four Straight Profitable Quarters, and This Time No Stock Sale Paid for ItMay 25
- DASH Q1 2021 Is DoorDash Now Paying for the Ballot Measure It Won?May 21
- MELI Q1 2021 Stockholders' Equity Just Went Negative - Should That Actually Worry You?May 20
- CPNG Q1 2021 Public for Six Weeks, and Already Flagging That Its Own Controls Don't WorkMay 13
- AMRT Q1 2021 Why Did Profit Jump 42% in the Quarter Revenue Fell?May 11
- BABA Q1 2021 Revenue Grew 41%, the Fastest in Three Years, But Operating Income Actually FellMay 08
- BBRI Q1 2021 NPL Coverage Hit 254.8% a Year After Covid-19 First Hit - This Time Without the Accounting BoostMay 06
- BFIN Q1 2021 Is a Rising Cure Rate Measuring Recovery, or Just an Expiry Date?May 05
- BBCA Q1 2021 Is a 280% Coverage Ratio Actually as Safe as It Sounds?Apr 23
- BIRD Q1 2021 One Year After Indonesia's First Covid Quarter, Is Blue Bird's Base Actually Low Enough to Beat?Mar 31
Q4 2020
- DHER Q4 2020 To Buy Korea's Biggest Delivery App, Delivery Hero Had to Sell Its OwnMay 20
- ARTO Q4 2020 A Loan Book Too New to Have Bad Loans YetApr 21
- SOFI Q4 2020 A $6.57 Billion Price Tag, Set Before a Single Share Ever TradedMar 17
- BFIN Q4 2020 Is an 84% Cure Rate Finally Proof the Restructuring Actually Worked?Mar 15
- MELI Q4 2020 Revenue Nearly Doubled in 2020 - So Why Did the Company Barely Break Even?Mar 10
- DASH Q4 2020 A Record IPO Year, Funded in Part by a Ballot Measure It Quietly BankrolledMar 05
- SE Q4 2020 Group Adjusted EBITDA Went Positive for the Full Year. So Did Two Multi-Quarter MysteriesMar 02
- BBCA Q4 2020 The Restructuring Wave Guided Down Twice - Then Still UndershotFeb 08
- DNET Q4 2020 Revenue Nearly Doubled. Net Income Fell 37% Anyway.Feb 08