MicroCap Desk
Soluna data center site
Energy·Exclusive·April 18, 2026

Soluna pays $16.5M to take full control of Dorothy 1A, its first proof that the green-datacenter pitch is actually printing cash

The Albany-based miner-turned-AI-host quietly announced Wednesday it would buy out Spring Lane Capital's stake in its flagship Texas facility. The deal, small by datacenter standards, is the first time the company has owned a revenue-generating site outright — and the first time investors can read a clean P&L instead of a joint-venture waterfall.

Coverage Pulse

As of 15:42 ET · Apr 18, 2026

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San Francisco skyline
FinancialsBull

California BanCorp joins the S&P SmallCap 600 and nobody's pricing it in

BCAL trades near 11x forward earnings with an 8% deposit growth run-rate. Index inclusion triggers mandatory buying.

BCAL · 5 min

Brain neurons
BiotechBull

Clearmind's psilocybin-for-alcoholism trial just hit its primary endpoint

The Phase I/IIa study in 14 patients showed a statistically significant drop in craving scores. The company now has the reg path it needs.

CMND · 6 min

Subsea robotics submarine
IndustrialsNeutral

Kraken Robotics posts record 2025 results. The 2026 backlog is the real story

The Halifax subsea contractor booked C$91M in revenue — but its order book sits at C$110M going into a NATO spending cycle.

KRKNF · 4 min

Security camera at night
TechNeutral

AITX says FY26 revenue will be up 26%. History says you discount that by a third

The security robotics company's preliminary numbers look strong. The share count problem does not.

AITX · 5 min

Financial district aerial at night
In-Depth · Thesis

Why the sub-$50M universe is where the real inefficiency still lives

Most "small cap" funds start their universe at $300M. Most sell-side coverage starts at $500M. That leaves a five-year stretch of companies doing real revenue with zero professional eyes on them. Here's what the screens actually show.

Read the piece →
Abstract data visualization
In-Depth · Methodology

How we screen: the 11 filters that get a microcap into our coverage list

Going-concern language, auditor changes, share-count trajectory, insider activity. A walk-through of the quantitative and qualitative gates every name has to clear before it ends up on The Desk.

Read the methodology →

The Desk Today

12 dispatches · Apr 18
NeuMGTX

MeiraGTx's three-year gene-therapy readout is durable. The stock action suggests nobody believed it

Biotech · 5 min

NeuGEVO

Gevo's renewable jet-fuel math is real, but the cash runway is the other axis

Energy · 6 min

NeuLEEF

LEEF acquires HIMALAYA in an all-stock deal that tells you exactly where cannabis caps are

Consumer · 4 min

NeuUSEG

US Energy is now a carbon-management company with an oil business attached

Energy · 4 min

BullBFRI

Biofrontera's dermatology procedure is scaling faster than the share count is diluting it — barely

Biotech · 5 min

BullSHFS

Safe Harbor Financial posts 12% sequential growth. The cannabis-banking moat keeps widening

Financials · 4 min

BullNRIM

Northrim's 75% YoY earnings growth is not a typo. Alaska banking is having a moment

Financials · 5 min

NeuJAGX

Jaguar Health's canine diarrhea trial is odd, underfunded, and exactly the kind of thing that works

Biotech · 4 min

BearHOVR

New Horizon Aircraft's eVTOL story is compelling. The dilution schedule is not

Tech · 6 min

BearINOD

Innodata pulled back 30% and the narrative hasn't changed. That's the whole problem

Tech · 5 min

BearADV

Advantage Solutions' insider buy is interesting. The Nasdaq non-compliance letter is more interesting

Consumer · 5 min

BearNGTF

Nightfood's Foxconn press release has all the tells of something you shouldn't own

Industrials · 6 min

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