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- 👉 On Cloud Doubled Their Asia-Pacific Revenue (+102%)
👉 On Cloud Doubled Their Asia-Pacific Revenue (+102%)
Monday.com, Nubank, Putin
Austin Hankwitz
17 Aug
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.
Before we get started, we wanted to offer a warm welcome to the +993 new subscribers who joined us this week, and the 2,101 of you who have joined us thus far in August!
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.
At the start of 2023, I began my journey of building a $2M Dividend Growth Portfolio from scratch. This twice-weekly newsletter is how I keep you all updated on my progress.
For me, early retirement means $2M invested. For you, it might mean something else. Regardless of your early-retirement number — I hope these weekly synopses of my portfolio progress + what’s been happening in the markets helps you on your own journey.
Every Sunday, we publish the internet’s best summary of what happened in the markets the week prior — earnings analysis, acquisition announcements, economic data, world news, and more.
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👉 Portfolio Updates (YTD Performance):
No updates on the stock portfolio — simply dollar cost averaging into existing positions.
Excited to see the Ethereum position inching closer to $100K in value! We’re finally in the green on this position (remember, my original purchase price was ~$4K, and the above screenshot was from when I ‘washed’ my losses).
Bitcoin continues to trend in the right direction. Excited to exit this position for a massive six-figure all-time gain in the coming weeks.
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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)
Key Metrics
Revenue: $3.7 billion, an increase of +29% YoY
Profits: $637.0 million, an increase of +
Earnings Release Callout
“In Q2’25, we achieved another quarter of robust growth, expanding our customer base to nearly 123 million with over 4.1 million net additions, and maintaining an activity rate above 83%. This strong engagement drove revenues to $3.7 billion, representing an 85% annualized growth rate since 2021, and allowed us to nearly triple our quarterly net income to $637 million in the past two years.
These results come despite our ongoing investments in growth and, most importantly, in keeping our customers loving us fanatically, proving that it's possible to scale efficiently, with discipline, and still generate strong earnings while building the foundation for the long-term.”
My Takeaway
Management highlighted strong growth, stating the customer base expanded to nearly 123 million with over 4.1 million net additions during the quarter, maintaining an activity rate above 83%. They emphasized that in Mexico, they surpassed 12 million customers now serving approximately 13% of the adult population. And in Colombia, nearly 10% of the population is already choosing Nu as their financial partner.
Management reported revenues of $3.7 billion for Q2 and a gross profit of $1.5 billion, noting, quarterly net income has almost tripled in the past 2 years to $637 million.
During the second quarter, their monthly average revenue per active customer crossed the $12 mark for the first time, reaching $12.2, up 18% year-over-year. Total balances reached $27.3 billion in the second quarter, up 40% year-over-year on an FX neutral basis.
While I don’t hold a position in the company, the momentum they’re experiencing is undeniable. I’m eager to dig further into their earnings results during the rest of this year as I look for a thesis to invest.
No shares.
👉 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, and Trump had a “productive” meeting with Putin.
Crypto Treasuries Going Mainstream*
Crypto treasury companies are surging into the spotlight. Bitmine Immersion Technologies (BMNR) announced plans to issue up to $20B in new stock to expand its Ethereum holdings. Already sitting on 1.15M ETH tokens worth nearly $5B — about 1% of all ETH in circulation — the firm now aims to corner as much as 5% of global supply.
The market took notice. BMNR stock jumped +5% Tuesday, extending a staggering +750% YTD rally, while ETH itself climbed +6% to trade above $4,500. The move places Bitmine in the same camp as MicroStrategy (MSTR), the pioneer of this “crypto treasury” model — raising capital via equity issuance to accumulate crypto assets on balance sheet.
Other names are following suit. Coinbase (COIN) has more than 100K ETH valued north of $500M, while SharpLink Gaming (SBET) has disclosed significant holdings. Even GameStop (GME) has shifted to a similar strategy with bitcoin. Meanwhile, CEA Industries (BNC) has gone all-in on Binance Coin (BNB) — purchasing 200,000 tokens for $160M, becoming the largest corporate holder of the cryptocurrency. Backed by a $500M raise, new CEO David Namdar (ex-Galaxy Digital) says BNC will deploy as much as $1.25B exclusively into BNB.
Shares of BNC are up nearly +200% in the last month, mirroring the explosive momentum across the sector. And with legendary investor Stanley Druckenmiller recently taking a stake in Bitmine, legitimacy for these “crypto treasuries” is only growing.
It raises a provocative question: as governments eye larger crypto reserves, could partnering with treasury companies like MSTR, BMNR, and BNC be the path of least resistance — rather than soaking liquidity with direct open-market buys?
One thing’s for sure: 2025 has turned crypto treasuries from a niche experiment into a full-fledged asset class.
“ETH reaching $7,500 by year-end 2025 and $25,000 by 2028 would validate ETH is arguably one of the biggest macro trades over the next decade.”
Warren Buffett Buys UnitedHealth Group (UNH)
Sources: AP | New York Post
Warren Buffett’s Berkshire Hathaway disclosed a new $1.6 billion stake in UnitedHealth, buying over 5 million shares despite the insurer’s recent troubles and ongoing DOJ investigation into Medicare billing. The news sent UnitedHealth stock up +10% in after-hours trading, even though shares were down nearly 50% year-to-date before the filing. Berkshire also initiated positions in Nucor, Lennar, D.R. Horton, Lamar Advertising, and Allegion, while trimming its Apple and Bank of America stakes.
Buffett, turning 95 this month, is preparing to step down as CEO at year-end, with Greg Abel set to take over capital allocation decisions. Other notable investors, including Michael Burry and David Tepper, also bought into UnitedHealth last quarter, betting on its recovery at historically low valuation levels.
UnitedHealth Group (UNH) Stock Performance, 5-Year Chart, Seeking Alpha
“The investment comes as UnitedHealth faces soaring medical costs, federal investigations, the fallout of the killing of a top executive and a cyberattack last year. The healthcare conglomerate has signaled prolonged pain with a new, far lower profit forecast as it sees billions of additional costs in the upcoming quarters.”
Trump’s Meeting with Putin
Source: Andrew Caballero-Reynolds / AFP via Getty Images
The highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska ended without a breakthrough on Ukraine, though both leaders described the talks as “productive.” Putin proposed holding another meeting in Moscow, calling the discussions a “starting point” for resolving the conflict and improving U.S.-Russia relations. Trump emphasized that “there’s no deal until there’s a deal,” while noting that some progress had been made on several issues, though a key sticking point remained unresolved.
Ukraine was not directly involved in the talks, raising fears in Kyiv that its sovereignty could be compromised; President Volodymyr Zelenskyy stressed the need for a trilateral meeting with the U.S. and Russia. Russian media hailed the summit as a diplomatic win for Moscow, while Ukrainian sentiment was more anxious, with concerns that Trump might push for territorial concessions. In a follow-up interview, Trump urged Zelenskyy to “make a deal” to end the war, underscoring the geopolitical uncertainty surrounding the negotiations.
Trump posted a very positive update Saturday morning on Truth Social:
“A great and very successful day in Alaska! The meeting with President Vladimir Putin of Russia went very well, as did a late night phone call with President Zelenskyy of Ukraine, and various European Leaders, including the highly respected Secretary General of NATO. It was determined by all that the best way to end the horrific war between Russia and Ukraine is to go directly to a Peace Agreement, which would end the war, and not a mere Ceasefire Agreement, which often times do not hold up. President Zelenskyy will be coming to D.C., the Oval Office, on Monday afternoon. If all works out, we will then schedule a meeting with President Putin. Potentially, millions of people’s lives will be saved. Thank you for your attention to this matter!”
👉 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, and Retail Sales inched higher in July.
Solid Consumer Price Index (CPI) Results Showed Minimal Tariff Impact
Consumer prices rose +2.7% annually in July, slightly below expectations, while core CPI, which excludes food and energy, climbed +3.1% year-over-year and +0.3% for the month. Shelter costs accounted for much of the increase, though food prices were flat and energy costs dropped -1.1%. Tariffs showed up modestly in categories like household furnishings but had little effect on apparel and food imports, easing fears of runaway inflation. Markets responded positively, with stocks rising and traders boosting bets that the Federal Reserve will cut rates in September.
The Bureau of Labor Statistics faces credibility challenges amid staffing cuts, imputed data, and political pressure from President Trump, who recently moved to replace its commissioner. Economists note that while tariffs may add short-term price pressures, the broader concern is whether they trigger sustained inflation as the Fed balances inflation risks against a weakening labor market.
“The tariffs are in the numbers, but they’re certainly not jumping out hair on fire at this point.”
Freaky Producer Price Index (PPI) Created Market Panic
US wholesale inflation rose sharply in July, with the producer price index (PPI) climbing +0.9% from the prior month — the biggest gain in three years — and +3.3% from a year earlier. Services costs drove much of the increase, up +1.1%, while goods prices excluding food and energy rose +0.4%. Economists noted that tariffs are increasingly pressuring company margins, leading to expectations that more of these costs will be passed on to consumers in coming months.
The report unsettled markets, with stock-index futures slipping and Treasury yields rising as investors reassessed inflation risks. While Fed officials are expected to cut rates next month amid softer consumer inflation and a cooling labor market, the PPI surprise may complicate their decision. Analysts say the key question is whether tariff-driven price increases prove temporary or signal a more persistent inflation trend.
“While businesses have assumed the majority of tariff costs increases so far, margins are being increasingly squeezed by higher costs for imported goods… We expect a stronger pass through of levies into consumers prices in coming months with inflation likely to climb modestly over the second half of 2025.”
Retail Sales Met Expectations
US retail sales rose +0.5% in July, slightly below forecasts but marking a second straight monthly gain after a sharp spring slump. Excluding autos and gas, sales increased just +0.2%, pointing to uneven strength across categories. Gains were led by home furnishings (+1.4%) and e-commerce (+0.8%), while restaurants and bars (-0.4%) and building supplies (-1%) saw declines.
June’s retail sales were revised up to a +0.9% jump, easing concerns about consumer weakness earlier in the year. Economists say spending has stabilized but remains below 2024’s pace, with tariff-related price pressures and a softening labor market posing risks ahead.
"Retail sales do not give the economy a complete bill of health, but at least the consumer is not in headlong retreat and the outlook for continued moderate economic growth this quarter is positive.”
*Disclosure: Creative Direct Marketing Group (CDMG) Inc. paid to have news shared about CEA Industries becoming the largest corporate holder of BNB. This is not financial advice and provides no guarantee of future returns.
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