MicroCapClub

In this episode, Ian Cassel talks about how high expectations are a killer of future returns.  can also read it as an article here: ⁠https://microcapclub.com/newsletter/⁠
MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit ⁠https://microcapclub.com/⁠
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with Paragon Advanced Labs (PALS.V) CEO Peter Shippen.
This discussion took place live on July 9th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Peter Shippen is founder and CEO of Paragon Advanced Labs (PALS.V), which operates a hub-and-spoke network of mining assay labs using photon assay, a rapid gold, silver, and copper testing technology from Australia's Chrysos. Co-hosts Sergio Heiber and Lindsay Leeds sit down with Peter for a follow-up conversation covering capacity utilization economics, the McEwen Inc. partnership and shareholder base, pricing versus traditional fire assay, the buildout of sample prep sites in Timmins, Thunder Bay, and Coeur d'Alene, and Paragon's path to cash flow and a U.S. listing.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction and Participant Welcome
00:36 CEO Peter Shippen's Background and Company Overview
02:08 Paragon's Technology and Market Positioning
04:04 Photon Assay: Benefits and Industry Impact
06:58 Industry Bottlenecks and Paragon's Solutions
09:16 Operational Setup and Current Capacity
12:33 Market Expansion and Supply Constraints
15:22 Financial Outlook and Cash Flow Potential
17:14 Team Expansion and Leadership
19:21 Next 12 Months: Capacity and Growth Milestones
21:43 Geographic Strategy and Hub Model
25:29 Pricing Strategy and Customer Negotiations
29:07 Financial Structure and Capital Deployment
31:43 Sales and Marketing and Operational Efficiency
33:43 Growth Strategy: Slow vs. Fast Deployment
36:17 Fire Assay Business and Future Outlook
38:03 Utilization Rates and Profitability
41:07 Expansion Plans and Customer Demand
44:16 Partnerships, Contracts, and Mexico Operations
46:34 OTC Listing and Market Visibility
47:07 Key Talent and Leadership Recruitment
50:22 Global Lab Wait Times and Industry Trends
52:08 Geochem Services and Revenue Contribution
53:46 CapEx, Capital Raising, and Shareholder Dilution
55:32 Shareholder Float and Industry Market Size
56:32 Industry Spending and Market Opportunity
57:46 Balance Sheet Liabilities and IFRS Impact
59:05 ISO Certification and Industry Standards
1:00:54 Path to Positive Cash Flow and Future Outlook
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and “uzocapital” sit down with Playboy’s (PLBY) CEO Ben Kohn. 
This discussion took place live on July 8th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Ben Kohn is CEO of Playboy, Inc. (PLBY), a role he's held since 2018 after two decades in private equity, including as a managing partner at Rizvi Traverse, the firm that took Playboy private in 2011.
In this conversation, Kohn breaks down Playboy's shift to an asset-light licensing model and the economics behind its two largest deals: the partnership with Byborg Enterprises, which turned a $2 million adult-content business into $20 million a year in guaranteed royalties, and the agreement with UTG to sell up to 50% of Playboy's China IP for $122 million over eight years. He details the company's debt paydown from $220 million to $108 million, the new paid-voting Playmate franchise and subscription business, plans for a Playboy Club in Miami Beach, and the future of Honey Birdette within the portfolio. Kohn also discusses lessons from Playboy's SPAC-era overexpansion and how that's shaped the company's current strategy.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to Playboy's Transformation
04:40 Ben Kohn's Background and Playboy's Legacy
07:36 Monetizing the Playboy Brand
10:19 Financial Strategies and Debt Management
13:33 Content as a Revenue Driver
16:27 The Playmate Franchise and New Business Ventures
19:38 Licensing and Strategic Partnerships
22:17 Hospitality and Future Plans
26:08 Honey Birdette and Brand Integration
29:04 Audience Engagement and Voting Contests
31:52 Future Growth and Market Positioning
43:29 Navigating Business Complexity and Debt Management
47:14 Strategic Growth and Store Expansion
48:26 Shareholder Returns and Buyback Strategies
51:56 Licensing Deals and Brand Partnerships
57:55 Innovative Revenue Streams and the Playmate Initiative
01:02:45 Learning from Mistakes and Future Strategies
01:13:03 The Future of the Playboy Brand
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about the cruel reality of stock picking where the same process produces different outcomes. You can also read it as an article here: https://microcapclub.com/newsletter/
MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/ 
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Joshua Cohen sit down with Renoworks Software’s (RW.V / ROWKF) CEO Doug Vickerson.
This discussion took place live on July 6th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Doug Vickerson is CEO of Renoworks Software (RW.V / ROWKF), a role he's held for two decades at the company, which builds visualization software for the building products industry, serving manufacturers, distributors, contractors, and homeowners.
In this conversation, Vickerson discusses Renoworks' shift to an AI-powered platform and its push to convert one-time revenue into recurring revenue, which grew 36% year-over-year in the first quarter of 2026 on roughly 80% gross margins. He covers the new platform launching to customers in August, the pricing shift toward licensing and usage-based tokens, and new growth areas opened up by AI, including measurements, estimating, interior design, and decking, categories the company had previously avoided. Vickerson also addresses the company's capital structure and insider ownership, its relationship with Google around Street View data, and why he believes 20 years of manufacturer relationships and product data make the business difficult to replicate.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to Renoworks and Leadership Background
04:21 AI-Powered Home Remodeling: Renoworks' Vision
08:10 The Role of AI in the Building Products Industry
11:31 Challenges and Opportunities with AI Integration
16:20 Customer Engagement and Market Opportunities
20:59 Expanding Total Addressable Market through AI
25:42 Financial Performance and Future Growth Strategies
27:04 Q&A: Insights on Market Dynamics and Product Offerings
38:25 The Importance of Leads in Home Design
41:57 Enhancing Offerings and Customer Engagement
46:07 Revenue Growth and Business Model Evolution
51:35 AI's Role in Competitive Advantage
55:23 Exploring Partnerships and Market Potential
01:03:56 Understanding the Competitive Landscape
01:10:08 The Unique Value Proposition of Renoworks
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.