Emily Flippen

We'll see you tomorrow.

Well, the most obvious thing is their return to operating losses for the first time in nearly four years.

I actually think that's largely what led to this mentality of shoot first, ask questions later, because the headline numbers came in.

And you can call it Wall Street, but I would also add algorithmic traders,

all of these different pundits that are coming in and trying to evaluate this quarter, they see that operating loss and they see guidance that came in weaker than expected.

And it was, oh my gosh, the growth story for Axon is over.

I don't know what to make of this.

But the reality is that a lot of this was expected.

Some of the losses were driven by tariffs, which obviously weighed on margins.

But in my opinion, this was actually a really strong quarter.

And I know that sounds contradictory or counterintuitive, but the reason they're driven to operating losses is because they're investing so heavily into their different segments that are growing exponentially.

I mean, this was their, I think, seventh consecutive quarter of 30% plus revenue growth.

So yeah, expenses have gone up, but they're investing in future growth.

And that's what I love to see.

I have to say, as much as I like Trex, and it's been an incredible rule breaker for so many years now, competition is stiff out there now.

It used to be that Trex was the only composite on the market.

If you weren't doing traditional wood, you would do Trex.

But I can't help but think to myself, part of the lack of performance recently has to be because there are just so many alternatives.

Bamboo is cheap, accessible, and way more prevalent today than it was a decade ago.

Well, let's round it out.