Greenhaven Road Capital, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund achieved an approximate 11% net return in the second quarter, indicating progress from the first quarter. Key changes to the portfolio will include lower concentration and increased investments with near-term catalysts, alongside a proactive stance on profit-taking. The focus will remain on owning strong businesses and conducting research that challenges consensus views, as several major investments are poised for significant events within the year. Despite declines in market multiples, underlying businesses continue to grow, suggesting a favorable positioning for returns. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its Q2 2026 investor letter, Greenhaven Road Capital highlighted Lifecore Biomedical, Inc. (NASDAQ:LFCR). Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization that engages in the aseptic fill and finish of formulations and highly viscous sterile injectable pharmaceutical drug and medical device products. On August 14, 2026, Lifecore Biomedical, Inc. (NASDAQ:LFCR) closed at $4.72 per share, reflecting a market capitalization of $178.67 million. Lifecore Biomedical, Inc. (NASDAQ:LFCR) posted a one-month return of -3.41%, while its shares lost 38.78% over the past 52 weeks.
Greenhaven Road Capital stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its Q2 2026 investor letter:
"Another top-five holding is Lifecore Biomedical, Inc. (NASDAQ:LFCR). The entire thesis is that they can sell their excess manufacturing capacity. The company has announced seven new customers in the past nine months, and while the customers are not named specifically, breadcrumbs indicate at least two large customers. For a relatively new CEO and his revamped sales team, this is tangible progress.
Public investors do not appear to fully value Lifecore's contract wins because lengthy FDA approval processes delay the ******* ociated revenue. Yet those approvals also make the contracts exceptionally sticky, a characteristic private investors are typically more willing to value. I continue to believe the shares will trade higher or the company will be sold. A recent SEC filing indicated that the company continues to evaluate a range of strategic alternatives. Insiders own more than 30% of the company, and in most scenarios I model, a sale would occur at a substantial premium to today's share price, potentially more than 100%. In my opinion, there is little to no takeover premium embedded in the price of the stock. Because Alcon's contractual minimums begin in 2027, growth should return in 2027 and accelerate in 2028. Time will tell if the company remains public."

#lifecore #quarter

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Lifecore reaffirmed its 2026 guidance for revenue of $120 million to $125 million and adjusted EBITDA of $20.5 million to $25 million, despite second-quarter revenue falling 6.2% year over year to $34.2 million and the net loss widening to $6.2 million.
Contractually committed fill-finish demand from the company's largest customer is expected to double beginning in 2027 and exceed 2026 levels by more than 200% in 2028. Lifecore also completed a ***** anese regulatory inspection without material issues, potentially expanding market access.
Lifecore added six development programs during the quarter and now has 11 programs that could commercialize by the end of 2028. Management expects stronger second-half results, supported by higher aseptic and development revenue, while targeting roughly $7 million to $10 million in full-year free cash flow.
Lifecore Biomedical (NASDAQ:LFCR) reaffirmed its 2026 revenue and adjusted EBITDA guidance while outlining plans to support sharply higher fill-finish demand from its largest customer beginning in 2027.

#lifecore

Laughing Water Capital, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The second quarter was exceptionally good for the portfolio, with Class A investment in Laughing Water Capital returning approximately 39.8% net of all fees and expenses, bringing the YTD return to approximately 33.6% net. The SP500TR and R2000 returned approximately 15.0% and 21.5%, respectively, in the second quarter. The impressive performance was driven by three of the top five positions being acquired, with its largest position nearly doubling during the quarter. The letter emphasizes that patience can often lead to profits in an inefficient market characterized by fluctuations, suggesting that investing in undervalued stocks can yield good long-term returns. In addition, please check the portfolio's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Laughing Water Capital highlighted Lifecore Biomedical, Inc. (NASDAQ:LFCR). Lifecore Biomedical, Inc. (NASDAQ:LFCR) is an integrated contract development and manufacturing organization that engages in the aseptic fill and finish of formulations and highly viscous sterile injectable pharmaceutical drug and medical device products. On July 14, 2026, Lifecore Biomedical, Inc. (NASDAQ:LFCR) closed at $4.61 per share, reflecting a market capitalization of $172.92 million. Lifecore Biomedical, Inc. (NASDAQ:LFCR) posted a one-month return of -16.49%, while its shares lost 39.97% over the past 52 weeks.
Laughing Water Capital stated the following regarding Lifecore Biomedical, Inc. (NASDAQ:LFCR) in its Q2 2026 investor update:
"Lifecore Biomedical, Inc. (NASDAQ:LFCR) – Lifecore, our under-utilized fill-finish Contract Drug Manufacturing Organization, continues to win new business at an impressive rate, and the market continues to not care. I continue to believe that when the new business wins translate into revenue the operating leverage will be massive, and Lifecore will generate significant cash. Of note, following the end of the quarter the company issued an 8K noting that holders of Series A Preferred Stock were redeeming their shares, and also that the company is evaluating strategic alternatives. I think that a sale of the company is likely in the not-too-distant future."
Lifecore Biomedical, Inc. (NASDAQ:LFCR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 17 hedge fund portfolios held Lifecore Biomedical, Inc. (NASDAQ:LFCR) at the end of the first quarter, compared to 19 in the previous quarter. While we acknowledge the potential of Lifecore Biomedical, Inc. (NASDAQ:LFCR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the be