The H1 results show strong top-line growth but deteriorating margins and deeply negative operating cash flow, with the aluminum line now back online. Watch Q3 2026 for margin recovery as the upgraded equipment ramps and the new metals recovery line begins production. The 2.69M warrants at $8.27 represent potential overhang if the stock trades above that level.
Price Chart
Executive Summary
One and One Green Technologies (YDDL) reported H1 2026 results via 6-K: revenue rose 18.7% YoY to $33.38M and net income rose 17.4% to $4.49M, driven by a 39% surge in copper alloy revenue. However, gross margin contracted to 21.73% from 25.32% due to higher raw material costs and a six-week aluminum line shutdown during equipment upgrades. Operating income fell 12.6% to $4.99M, and operating cash flow was deeply negative at -$9.93M as working capital was deployed into inventory and receivables. The company completed a $11.8M net follow-on offering in April 2026, strengthening the balance sheet but adding dilution.
Key Facts
- Revenue increased 18.7% YoY to $33,380,930 for the six months ended June 30, 2026
- Net income increased 17.4% YoY to $4,492,677
- EPS was $0.08, up from $0.07 in the prior-year period
- Gross margin narrowed to 21.73% from 25.32%
- Operating income declined 12.6% to $4,987,156
- Copper alloy ingot revenue rose 38.9% to $25.71M, representing 77% of total revenue
- Aluminum alloy revenue fell 25.4% to $6.42M due to a six-week equipment upgrade shutdown
- Cash used in operations was $9,931,501 vs. $1,732,472 in the prior year
- Net proceeds of $11,825,513 from a follow-on offering in April 2026
- Cash and cash equivalents rose to $2,712,933 from $957,285 at year-end 2025
- Customer concentration risk: two related customers accounted for 96.45% of H1 2026 revenue
- 2,686,668 warrants outstanding with a weighted-average exercise price of $8.27 per share
Financial Impact
Revenue +$5.25M YoY; net income +$0.67M YoY; operating cash flow -$9.93M; gross margin -359 bps
Risk Factors
- Extreme customer concentration: two related customers account for 96.45% of revenue
- Gross margin compression from rising raw material costs and product mix shift
- Negative operating cash flow of -$9.93M driven by working capital build
- Warrant dilution: 2.69M warrants exercisable at $8.27, anti-dilutive currently
- Foreign exchange translation loss of $1.47M in H1 2026
- VIE structure and material weaknesses in internal controls per prior 20-F
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-104305 |
| Document: ea0306298-6k_oneandone.htm | 0001213900-26-104305 |
| Document: ea030629801ex99-3.htm | 0001213900-26-104305 |
| Document: ea030629801ex99-2.htm | 0001213900-26-104305 |
| Document: 0001213900-26-104305-index-headers.html | 0001213900-26-104305 |
| Document: 0001213900-26-104305-index.html | 0001213900-26-104305 |
| Document: 0001213900-26-104305.txt | 0001213900-26-104305 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | Press Release | $1.42 $1.38 | ▼ −2.82% | ▼ −4.77% | $1.19 (−16.20%) |
Sep 29, 2026 27d ago | 6-K | $1.42 $1.38 | ▼ −2.82% | ▼ −4.77% | $1.19 (−16.20%) |
Aug 21, 2026 9w ago | EFFECT | $1.72 $1.65 | ▼ −4.07% | ▼ −4.54% | $1.19 (−30.81%) |
Jun 1, 2026 21w ago | Press Release | $3.32 $2.71 | ▼ −18.37% | ▼ −15.62% | $1.19 (−64.16%) |
May 27, 2026 21w ago | EFFECT | $3.38 $3.20 | ▲ +5.33% | ▲ +5.79% | $1.19 (+64.79%) |
May 19, 2026 22w ago | Press Release | $4.04 $3.32 | ▼ −17.95% | ▼ −20.19% | $1.19 (−70.54%) |
May 18, 2026 22w ago | F-1 | $4.04 $3.38 | ▼ −16.34% | ▼ −18.63% | $1.19 (−70.54%) |
Apr 27, 2026 26w ago | 20-F | $5.08 $5.01 | ▼ −1.38% | ▼ −3.07% | $1.19 (−76.57%) |
Apr 22, 2026 26w ago | 6-K | $4.99 $5.14 | ▲ +3.01% | ▲ +2.95% | $1.19 (−76.15%) |
Apr 22, 2026 26w ago | Press Release | $4.99 $5.14 | ▲ +3.01% | ▲ +2.95% | $1.19 (−76.15%) |
US Market Status
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