FFBW
FFBW INC
stockOTC

## Correlations 3 month daily return correlations between reporting companies and their SEC-disclosed relationships. | Reporting Ticker | Company | MCap | Related Ticker | Relationship | 3m Correlation | |:---:|:---|:---:|:---:|:---|:---:| | ASTI | Ascent Solar Technologies | $31M | BBY | Customer | 0.15 | | ASTI | Ascent Solar Technologies | $31M | MSFT | Customer | 0.10 | | VWAV | VisionWave Holdings | $133M | NDAQ | Partner | -0.00 | ## Going Concern Warnings VWAV (VisionWave Holdings) has $133M market cap. - Also has a material weakness (double flag) - Defense-focused company selling to U.S. Army and NATO - Auditor: RBSM LLP ASTI (Ascent Solar Technologies) has $31M market cap - NI: -$5.8M, OCF: -$8.4M - Only 20 employees - Sells to Best Buy (BBY) and Microsoft (MSFT) - Auditor: Haynie & Company ADTX (Aditxt Inc.) has $1M market cap > "We believe our remaining funds on hand will not be sufficient to fund our operations for the next 12 months and such creates substantial doubt about our ability to continue as a going concern beyond one year." - NI: -$40.4M, OCF: -$16.8M - DSO of 118 days (takes nearly 4 months to collect receivables) - Healthcare company with 26 employees - Auditor: dbbmckennon ## Material Weakness in Internal Controls (ICFR) RICK (RCI Hospitality) with $198M market cap > "Management identified material weaknesses related to (1) ineffective design and operation of controls over certain information technology general controls, including change management, user access, and..." - Despite this, the business is very cash generative: $55.9M OCF on $16.3M net income - DSO of only 6.9 days it's a nightclub/restaurant cash business - Segments: Nightclubs - Auditor: Friedman LLP BYFC (Broadway Financial) with $76M market cap - Filed a 10-K/A restatement that the material weakness was found during the restatement process - Cash positive despite losses: NI -$1.9M but OCF +$1.4M - 106 employees, community bank (Financials sector) - Auditor: Baker Tilly US, LLP VWAV (VisionWave Holdings) with $133M market cap (also flagged above for going concern) > "...management concluded that the Company maintained ineffective internal control over financial reporting as of September 30, 2025..." - Double-flagged: Going Concern + Material Weakness - Sloan ratio: -1.38 (extreme accrual quality issue) ## Full list of sub-$300M reporting Monday | Ticker | Company | MCap(M) | Time | EPS Est | Flags | |:---:|:---|---:|:---:|:---:|:---| | SVCC | Stellar V Capital | 225 | -- | -- | | | ANTA | Antalpha Platform | 207 | -- | 0.21 | | | RICK | RCI Hospitality | 198 | -- | -- | Material Weakness | | VWAV | VisionWave Holdings | 133 | -- | -- | Going Concern, MW | | BYFC | Broadway Financial | 76 | -- | -- | Material Weakness | | FFBW | FFBW | 62 | -- | -- | | | ASTI | Ascent Solar Technologies | 31 | -- | -- | Going Concern | | EHLD | Euroholdings Ltd. | 18 | -- | -- | | | AMLM | American Lithium Minerals | 11 | -- | -- | | | LUVU | Luvu Brands | 3 | -- | -- | | | GTCH | GBT Technologies | 2 | -- | -- | | | ADTX | Aditxt Inc. | 1 | -- | -- | Going Concern | | BAOS | Baosheng Media Group | NA | -- | -- | |

These correlations are computed from 3 months of daily returns between the reporting company and its SEC-disclosed relationships (suppliers, customers, competitors, partners). | Reporting Ticker | Company | MCap | Time | Related Ticker | Relationship | 3m Correlation | |:---:|:---|:---:|:---:|:---:|:---|:---:| | \*\*SON\*\* | Sonoco Products | $5.1B | AMC | CCK | Competitor (packaging) | \*\*0.59\*\* | | \*\*SON\*\* | Sonoco Products | $5.1B | AMC | AMCR | Competitor (packaging) | -0.05 | | \*\*TNC\*\* | Tennant Co | $1.5B | -- | GGG | Supplier | \*\*0.78\*\* | | \*\*TNC\*\* | Tennant Co | $1.5B | -- | PNR | Supplier | \*\*0.52\*\* | | \*\*TNC\*\* | Tennant Co | $1.5B | -- | GM | Supplier | \*\*0.46\*\* | | \*\*TNC\*\* | Tennant Co | $1.5B | -- | RR | Competitor | 0.18 | | \*\*TNC\*\* | Tennant Co | $1.5B | -- | ZONE | Competitor | 0.12 | | \*\*AHH\*\* | Armada Hoffler Properties | $708M | AMC | TROW | Customer (HQ tenant) | 0.22 | | \*\*AHH\*\* | Armada Hoffler Properties | $708M | AMC | AAUC | Customer | -0.04 | | \*\*ASTI\*\* | Ascent Solar Technologies | $31M | -- | BBY | Customer | 0.15 | | \*\*ASTI\*\* | Ascent Solar Technologies | $31M | -- | MSFT | Customer | 0.10 | | \*\*VWAV\*\* | VisionWave Holdings | $133M | -- | NDAQ | Partner | -0.00 | \*\*How to read this:\*\* A 0.78 correlation between TNC and GGG means their daily returns moved together 78% of the time over 3 months. If TNC reports a surprise, GGG could move in sympathy. List of Red flags I found in their fillings: \### Going Concern Warnings VWAV (VisionWave Holdings) has $133M market cap. \- Also has a material weakness (double flag) \- Defense-focused company selling to U.S. Army and NATO \- Auditor: RBSM LLP \*\*ASTI (Ascent Solar Technologies) has $31M market cap \- NI: -$5.8M, OCF: -$8.4M \- Only 20 employees \- Sells to Best Buy (BBY) and Microsoft (MSFT) \- Auditor: Haynie & Company \*\*ADTX (Aditxt Inc.)\*\* has $1M market cap \> \*"We believe our remaining funds on hand will not be sufficient to fund our operations for the next 12 months and such creates substantial doubt about our ability to continue as a going concern beyond one year."\* \- NI: -$40.4M, OCF: -$16.8M \- DSO of 118 days (takes nearly 4 months to collect receivables) \- Healthcare company with 26 employees \- Auditor: dbbmckennon Material Weakness in Internal Controls (ICFR) \*\*RICK (RCI Hospitality)\*\* with $198M market cap \- Despite this, the business is very cash generative: $55.9M OCF on $16.3M net income \- DSO of only 6.9 days it's a nightclub/restaurant cash business \- Segments: Nightclubs \- Auditor: Friedman LLP \*\*BYFC (Broadway Financial)\*\* with $76M market cap \- Filed a 10-K/A restatement that the material weakness was found during the restatement process \- Cash positive despite losses: NI -$1.9M but OCF +$1.4M \- 106 employees, community bank (Financials sector) \- Auditor: Baker Tilly US, LLP \*\*VWAV (VisionWave Holdings)\*\* with $133M market cap \*(also flagged above for going concern)\* \> \*"...management concluded that the Company maintained ineffective internal control over financial reporting as of September 30, 2025..."\* \- Double-flagged: Going Concern + Material Weakness \- Sloan ratio: -1.38 (extreme accrual quality issue) \## Interesting Findings \### Board-Supplier Interlock: TNC and GGG \*\*Mark W. Sheahan\*\* sits on both the Tennant Co (TNC) board and the Graco (GGG) board. GGG is also a supplier to TNC, and they have a \*\*0.78 price correlation\*\*. If TNC earnings reveal anything about industrial demand, GGG is directly exposed both operationally and at the governance level. \### RHLD: $1.6B Market Cap, 7 Employees Resolute Holdings (RHLD) has a Sloan ratio of -1,697 (pretty extreme!). The company has only 7 employees managing a $1.6B market cap. Three board members have cross-board exposure: \- Roger Fradin also on VRT (Vertiv) and JBI \- Jane J. Thompson also on NAVI (Navient) \- Joseph J. DeAngelo also on VRT (Vertiv) \### AHH: T. Rowe Price HQ Is Their Tenant Armada Hoffler (AHH) is building T. Rowe Price's (TROW) global headquarters at Harbor Point in Baltimore a 553,000 sq ft office with 20,200 sq ft retail. AHH reports AMC Monday. Any update on construction/leasing directly impacts both companies \### SON: Packaging Sector Read-Through Sonoco (SON) competes directly with Crown Holdings (CCK) at 0.59 correlation and Amcor (AMCR). Also has a relationship with Toppan Holdings (private, Japanese packaging giant) who bought SON's TFP business. SON's earnings could set the tone for the whole packaging sector. \### Shared Auditors OTTR and TNC both use Deloitte & Touche LLP the only shared auditor pair among Monday reporters. \## Full Monday Earnings List | Ticker | Company | MCap(M) | Time | EPS Est | In Coverage | Flags | |:---:|:---|---:|:---:|:---:|:---:|:---| | OTTR | Otter Tail Corp | 3,645 | AMC | 1.16 | Yes | | | BRDCY | Bridgestone | 32,404 | -- | -- | No | | | SSSGY | SARTORIUS | 7,976 | -- | -- | No | | | FRMI | Fermi Inc. | 5,686 | -- | -- | No | | | SON | Sonoco Products | 5,060 | AMC | 1.01 | Yes | | | AERO | Grupo Aeromexico | 2,524 | AMC | 0.46 | No | | | RNW | ReNew Energy Global | 1,941 | BMO | -0.12 | No | | | RHLD | Resolute Holdings | 1,608 | -- | -- | Yes | Sloan -1697 | | TNC | Tennant Co | 1,479 | -- | 1.68 | Yes | | | INR | Infinity Natural Resources | 960 | -- | 0.65 | No | | | GEMI | Gemini Space Station | 788 | -- | -0.84 | No | | | AHH | Armada Hoffler Properties | 708 | AMC | 0.26 | Yes | | | SVCC | Stellar V Capital | 225 | -- | -- | No | | | ANTA | Antalpha Platform | 207 | -- | 0.21 | No | | | RICK | RCI Hospitality | 198 | -- | -- | Yes | Material Weakness | | VWAV | VisionWave Holdings | 133 | -- | -- | Yes | Going Concern, MW | | BYFC | Broadway Financial | 76 | -- | -- | Yes | Material Weakness | | FFBW | FFBW | 62 | -- | -- | No | | | ASTI | Ascent Solar Technologies | 31 | -- | -- | Yes | Going Concern | | EHLD | Euroholdings Ltd. | 18 | -- | -- | No | | | AMLM | American Lithium Minerals | 11 | -- | -- | No | | | LUVU | Luvu Brands | 3 | -- | -- | No | | | GTCH | GBT Technologies | 2 | -- | -- | No | | | ADTX | Aditxt Inc. | 1 | -- | -- | Yes | Going Concern | | BAOS | Baosheng Media Group | NA | -- | -- | No | |