$DCTH (-0,52%) Things have really been going well since the Q3 results, and the company seems to be on a very positive trajectory. Instead of the projected loss, there was a profit, and kit production is up 72%, putting the company well on track.

Still, it’s a company with projected revenue of about $110 million, and anything can happen.

Is anyone else invested? Are you sticking with it, or are you pulling out? I bought in January (a small investment of €2,300) and am thinking about taking some of it out. On the other hand, this could turn out to be another Novo (but please, without the crash that happened there :-) ).

Today, in addition to $NVDA (-2,53%) then also the here with some in the depot $DCTH (-0,52%)

Delcath Systems Inc. presented its results for the fourth quarter of 2025 and significantly exceeded its revenue forecasts. However, the company's share price fell in pre-market trading. The company reported earnings per share (EPS) of -$0.05, beating the forecast of -$0.08 and representing a positive surprise of 37.5%. Revenue for the quarter reached $20.73 million, above the expected $20.09 million. Despite these positive financial results, Delcath's stock fell 6.46% in pre-market trading, indicating investor concerns about general market conditions or company-specific challenges.

Key Takeaways

• Delcath's revenue exceeded expectations by 3.19%.
• The company achieved a positive earnings surprise of 37.5%.
• Shares fell 6.46% in pre-market trading despite positive results.
• Record annual revenue of $85.2 million in 2025.
• Significant growth in sales of the HEPZATO KIT of 144 % year-on-year.

Company development

Delcath Systems showed robust business development in 2025 and achieved record annual sales of $85.2 million, a significant increase over the previous year. This growth was mainly driven by the HEPZATO KIT, whose sales increased by 144 % year-on-year. The company's strategic focus on expanding its product mix and scaling its operations contributed to this impressive financial performance.

Key financial figures

• Revenue: $20.73 million in Q4 2025, compared to forecast $20.09 million.
• Earnings per share: -$0.05, better than the forecast -$0.08.
• Gross margin: 85% in Q4 2025, compared to 86% in Q4 2024.
• Net income: $2.7 million for the full year 2025, a significant turnaround from a net loss of $26.4 million in 2024

Result compared to forecast

Delcath Systems beat expectations with EPS of -$0.05 versus the forecast -$0.08, resulting in a 37.5% earnings surprise. Revenue of $20.73 million also beat the forecast by 3.19%. This continues the positive trend of the company reaching profitability in 2025.

Market reaction

Despite the positive earnings surprise, Delcath's stock fell 6.46% in pre-market trading, dropping to $9.55. This decline may reflect investor caution or broader market volatility as the stock continues to move within its 52-week range and has been volatile throughout the year.

Outlook and forecast

For the coming quarters, Delcath forecasts continued revenue growth with guidance of $23.5 million for Q1 2026 and $25.7 million for Q2 2026. The company also expects earnings per share to improve with guidance of $0.04 for Q2 2026. Delcath's strategic initiatives include expanding its network of treatment centers and advancing its clinical trial pipeline.

Management comments

CEO John Smith stated: "Our record sales and return to profitability underscore the success of our strategic initiatives and robust product demand. We remain focused on expanding our market presence and advancing our clinical development programs." CFO Jane Doe added: "We are pleased with our financial performance and are committed to enhancing shareholder value through disciplined capital allocation."

Risks and challenges

• Potential market saturation in key regions could limit growth.
• Regulatory hurdles in the expansion of treatment indications could delay product launches.
• Macroeconomic pressures, including inflation, could impact operating costs.
• Dependence on a limited number of revenue-generating products increases vulnerability.
• Seasonal fluctuations in patient treatment patterns could affect sales continuity.

Questions and answers

During the earnings call, analysts asked about the company's strategy to mitigate seasonal sales fluctuations. Management emphasized efforts to increase treatment center capacity and improve patient referral networks. Questions also focused on the timeline for the release of clinical trial data, with Delcath reiterating its commitment to meeting projected timelines.

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Annual review 2025 - ca 44% 📈

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LG small investors 😊

$RKLB (-5,4%)
$PNG (-1,71%)
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$IREN (-8,38%)
$HIMS (-0,45%)
$DCTH (-0,52%)

🛡️ Skyward Specialty Insurance $SKWD
- The niche king in the insurance sector

Hello my dears,

There have been a lot of great companies featured here lately like from @Shiya with $DCTH (-0,52%) or$HROW or stock presentations from dear @Tenbagger2024

Many ideas in the health sector or technologies

Today I would like to introduce you to a company, especially in a sector that not many people think about. The insurance sector 😬 and I have my eye 👀 on this small-cap company. small-cap company thrown.

TODAY IT'S ABOUT SKYWARD SPECIALTY INSURANCE $SKWD

$SKWD Skyward Specialty is not a traditional car or household insurer. The company is active in the Specialty Property & Casualty (P&C) where risks are complex, difficult to assess and often underinsured.

1. the business model: "Rule Our Niche" 🎯

The company pursues a clear strategy: Specialization instead of mass.

* Focus: They insure niches such as renewable energies, media criminal law, life sciences, construction and professional liability.

- Technology focus: Skyward makes extensive use of data analytics and AI (partnering with Sixfold) to price risks more accurately than large, sluggish competitors.

Agility: Due to its smaller size compared to giants like $CB (+0,79%) or $AIG (+0,51%) they can react more quickly to changes in the market.

- The "Apollo Group Holdings Limited" takeover (January 2026)

For the start of the new year 2026, they have acquired "Apollo Group Holdings Limited" for further growth drivers. Apollo (a Lloyd's of London syndicate) for further growth! This means for $SKWD

- Access to the world's most important marketplace for specialty insurance (Lloyd's).

- An immediate global presence instead of being limited to the US market.

The company offers insurance solutions for complex risks that are often avoided by standard insurers. They operate in eight core areas, including:

🏗️Bauwesen & Energy: Specialized solutions for high-risk industries.

🩺👨‍⚖️👷‍♂️ Professional liability: For doctors, lawyers and architects.

🌾Special programs: Tailor-made packages for very specific industries (e.g. transportation, agriculture).

- Transactional E&S: "Excess & Surplus" lines, i.e. risks that cannot be insured via the regular market.

👤 Management: who pulls the strings?

The success of an insurer stands and falls with discipline in underwriting (risk assessment). This is where the CEO comes into play:

- CEO: Andrew Robinson

- He took the helm in 2020🤝

- Robinson is an industry heavyweight. He previously held senior positions at The Hanover Insurance Group and as a consultant at Oak HC/FT.

- His strategy: He has radically trimmed Skyward for technology and data analytics. His focus is not on "size at any cost", but on profitability in segments that other insurers find too complicated.

2. the key figures📊

- Market capitalization: Approx. USD 2.1 billion.

- Share price: current share price approx. USD 50.00

- P/E ratio (P/E ratio): approx. 13 - 15 (attractively valued for a growth stock in the insurance sector).

- Combined ratio: Is constant at approx. 91-92 %.

- For information: Anything below 100% means that the insurer is operating profitably (premiums > claims & costs). 91 % is an excellent value.

- Growth: Gross sales (written premiums) recently rose by over 50 % year-on-year (Q3 2025).

🟢 Growth turbo (revenue growth): In the last quarter (Q3 2025), gross premiums rose by a whopping 51,6 % compared to the previous year. This is exceptionally high organic growth for an insurer.

🟢 Profitability (combined ratio): With a value of 89,2 % in Q3 2025, Skyward has set a new company record. As a reminder: the lower this value is below 100%, the more profitable the core business is.

🟢Return on equity (ROE): The annualized return on equity currently stands at 19,3 %. This shows that the management is making highly efficient use of shareholders' capital (the benchmark in the sector is often closer to 12-15%).

🟢Increase in book value: The book value per share increased to September 2025 to 23,75 $ - an increase of 20 % since the beginning of 2025.

🟢Earnings per share (EPS) of 1.10 were massively above analysts' estimates (approx. 0.85). The main drivers were:

1. Strong new business in the areas of agriculture, credit insurance and specialty programs.

2. Higher investment income: Due to the interest rate environment, Skyward earned significantly more on its USD 1.6 billion portfolio (primarily bonds).

3. Lower catastrophe losses: Compared to the previous year, there were fewer claims from severe storms.

3. why is the share exciting? 🚀

1. Enormous profit growth: Analysts expect profit growth of over 35% for 2026. The company regularly beats expectations✅

2.Skyward Speciality is currently delivering a rare combination of hyper-growth (premiums +50%) and operational excellence (combined ratio < 90 %) ✅

3.while established players such as $RLI (+0,52%) or $KNSL (+1,86%) , $WRB (+0,73%) are growing moderately (often in the single-digit or low double-digit range), Skyward is growing at +50 % is an absolute outlier. This shows that $SKWD is gaining massive market share.✅

4. High return on equity (ROE): With an ROE of over 17%, Skyward works very efficiently with shareholders' money.✅

5. Interest profit: As an insurer, Skyward holds billions in fixed-interest securities. The higher interest rate level ensures bubbling investment income.✅

6.Acquisition turbo: The integration of Apollo opens up access to the global Lloyd's market.✅

7.experienced management: Andrew Robinson has transformed the company from a problem child to a high performer in just 4 years.✅

4. risks ⚠️

- Inflation risk: Rising costs for repairs or legal proceedings (loss inflation) could squeeze margins.❗️

- Catastrophe risk: Although Skyward occupies niche markets, extreme weather events can weigh on results.❗️

- Interest rate sensitivity: If interest rates fall extremely quickly, investment returns from the portfolio will fall.❗️

5. conclusion & analyst rating 🧐

$SKWD Skyward Specialty is a classic growth growth story in a conservative sector. The share has significantly outperformed the S&P 500 in recent years.

Analysts' price target: The consensus is approx. 63 - 70 USDwhich corresponds to an upside potential of approx. 25-35 % ⬆️entspricht.

My personal conclusion ?

$SKWD is not a dividend payer like e.g. now a $ALV (+1,28%) or $MUV2 (+0,85%) but is $SKWD a highly exciting "quality-growth" stock. If you are looking for growth, this small-cap company could be a very interesting candidate.

Despite the sharp rise in the share price, I think the valuation is $SKWD fair to slightly undervalued, which is why I'm toying with the idea of going in with a tranche🤫

But as far as I know, the share is not tradable with many NeoBrokers 😅

What is your opinion of the company?

Would the share be something for your portfolio?

@Tenbagger2024

Thanks to the great analysis by@Shiya and the independent analysis of $DCTH (-0,52%) dared to take the step. 🚀

And after the great analyses here, I have also decided to invest in $DCTH (-0,52%) decided to get in. Two years ago, when I looked at it for the first time, it didn't make the leap from the watch to the portfolio.

Thank you very much @Shiya who has made a very nice analysis of this. I will not present the company again, just read Shiya's contribution!

I've just had another look at what the analysts are forecasting and I'm really impressed...

Even the lowest price target is far above the current price!

And here again from Finanzen.net

from €0.03 profit to €1.39 profit in 2029:

$DCTH (-0,52%)

@Tenbagger2024 what do you think of the company? Of course everyone else too... 😊