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  • 👉 On Cloud Doubled Their Asia-Pacific Revenue (+102%)

👉 On Cloud Doubled Their Asia-Pacific Revenue (+102%)

Monday.com, Nubank, Putin

 

Together with XFunds

👉 Week in Review — Too Long; Didn’t Read:

Key Earnings Announcements:

  • 46 million AI-powered actions took place on Monday.com’s platform last quarter

  • On Cloud revenue doubled in the Asia-Pacific region

  • Nubank grows to 123 million customers

Investor Events & Global Affairs:

  • CEA Industries has financing to purchase $1.25 billion Binance coin

  • Warren Buffett disclosed a $1.6 billion stake in UnitedHealth Group

  • Trump had a “productive” meeting with Putin

Major Economic Events:

  • The US Consumer Price Index hasn’t yet been negatively impacted by tariffs

  • Wholesale inflation (via the Producer Price Index) rose sharply

  • Retail Sales inched higher in July

Happy Sunday.

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In case you’re new around here, I’m Austin Hankwitz — I’ve been publishing earnings analysis on publicly-traded companies for over half a decade. My podcast, Rich Habits, has hit #1 on Spotify’s Business Podcast chart four times since it’s inception only two years ago.

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👉 Key Earnings Announcements:

46 million AI-powered actions took place on Monday.com’s platform last quarter, On Cloud revenue doubled in the Asia-Pacific region, and Nubank grows to 123 million customers.

  • Monday.com (MNDY)

Key Metrics

Revenue: $299.0 million, an increase of +27% YoY

Operating Loss: -$11.5 million, compared to $1.2 million last year

Profits: $1.6 million, compared to $14.3 million last year

Earnings Release Callout

“Q2 marked another strong quarter for monday.com, with continued revenue growth and rapidly growing demand for our broad product suite, particularly from enterprise customers.

We continue to see evidence that our commitment to AI innovation is delivering real value for customers, and we’re proud to be leading a new era of work execution. By taking the platform’s flexibility to the next level, our new AI capabilities address core challenges across all our product areas and allow users to focus on their most critical strategic priorities.”

My Takeaway

Shares of MNDY stock fell -20% after reporting their quarterly earnings catalyzed by lower-than-expected results and outlook. Despite continual growth across revenue, free cash flow, cash from operations, and billings — the company’s lack of AI-specific revenue is beginning to spook investors.

Despite 46 million AI-powered actions taking place on their platform since introducing the technology only 12-months ago, with 20 million of those actions taking place just in the second quarter alone, management is giving away 500 AI credits to all new customers to encourage them to take action. Management was clear during their earnings call that customers are coming back and buying more credits from them — but they’re not expecting AI-specific revenue to be a needle mover in the short-term as the train their customers to use AI on their platforms.

I’ve been an investor in this company for years, and will continue to be. Despite their AI-specific revenue strategy getting off to a slow start, they’re doing a solid job leveraging the technology to differentiate in a crowded space. Their valuation remains steep when looking at their forward adj. EBITDA expectations, but I continue to believe they’ll be able to justify it over the coming quarters.

Holding shares.

  • On Holdings (ONON)

Key Metrics

Revenue: $749.2 million, an increase of +32% YoY

Operating Income: $92.8 million, an increase of +97% YoY

Net Loss: -$40.9 million, compared to $30.8 million last year

Earnings Release Callout

“We're one and a half years into our three-year strategic plan, and the results of our consistent execution and unwavering focus are clearly visible in the outstanding numbers we report today. Our premium positioning is coming to life across every consumer touchpoint, with product innovation, storytelling and distribution all working together to elevate the brand further.

We're also incredibly encouraged by the strong engagement and enthusiasm we're seeing from our retail partners, whose support adds to the momentum behind the brand. Our performance gives us strong conviction in the impact of our strategy and the opportunities ahead to build an even more distinctive and desirable global brand."

My Takeaway

On Holdings delivered a solid quarter, with revenue growing +32% and operating income growing by +97%. During the quarter, direct-to-consumer sales increased by +47%, boosting their margins. Regionally, EMEA sales increased by +43%, Americas rose by +17%, and Asia-Pacific sales skyrocketed by +102%. Both Q1 and Q2 of 2025 had higher absolute net sales than the entirety of their first year as a public company — incredible growth!

Management also increased their gross profit margin guidance for Q3 to 61%, and their adj. EBITDA margin to 17%.

This quarter was a testament to what I’ve been saying for several quarters now — ONON is a category-defining company. They are competing with the likes of Nike — and winning. I remain bullish for the long-term.

Holding shares.

  • Nu Holdings (NU)

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