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Welcome back to Invested Early.

A company that treats depression with magnetic pulses posted its first quarter of positive adjusted EBITDA on Tuesday, and the stock jumped 47%. The same session sent consumer-data firm NIQ up 42% and data-storage veteran Quantum up 65% on earnings beats, while Cardinal Infrastructure grew revenue 114% and still fell 36%.

Small caps held up as the big indexes slipped: the Russell 2000 gained 0.3% Tuesday while the S&P 500 and Nasdaq closed lower, then added another 0.6% as the broader market steadied on Wednesday. The index is up roughly 21% in 2026, on pace for its best year since 2003.

Here's what's inside today:

🧮 What adjusted EBITDA really tells you (and what it hides)
🧠 The depression-treatment stock that just crossed into the black
📊 An AI analyst that scores every stock in your portfolio
📈 Top gainers (and biggest losers) from Tuesday's session

This is not financial advice. Always do your own research. Past performance doesn't guarantee future results.

Tuesday handed us three earnings reports that all leaned on the same phrase, with three very different meanings behind it. Adjusted EBITDA is earnings before interest, taxes, depreciation, and amortization, plus whatever else management decides to add back.

Three checks tell you whether the number means anything:

When a company crosses from years of adjusted losses into the black, and its GAAP loss is shrinking at the same time, that inflection is worth paying attention to.

Neuronetics jumped 47% on Tuesday to close at $3.19 after reporting the quarter the market had been waiting on.

The news: Second-quarter revenue came in at $41.6 million, up 9.1% and ahead of the roughly $40 million analysts expected. The adjusted loss was $0.05 per share versus a forecast of $0.12. Adjusted EBITDA turned positive for the first time, at $0.3 million versus a $5.6 million loss a year ago, and the net loss narrowed to $3.4 million from $10.1 million.

Neuronetics makes NeuroStar, an FDA-cleared system that treats major depressive disorder with transcranial magnetic stimulation, and it acquired the Greenbrook network of interventional psychiatry clinics in late 2024.

Greenbrook drove the quarter: clinic revenue rose 16.8% to $26.9 million on growth in both TMS and Spravato treatments, and management raised full-year gross margin guidance to 48% to 50%.

Why it matters: Mental health treatment beyond the prescription pad is becoming a important business, and Neuronetics owns both the device and a national clinic footprint that deliver it. After the report, BTIG raised its price target to $6, noting that Compass Pathways' psilocybin therapy for treatment-resistant depression could see an FDA decision by year-end, with Greenbrook's clinic infrastructure positioning Neuronetics as an early beneficiary of a 2027 launch.

The risk: This is still a GAAP money-loser with $19 million of cash against $87 million of debt, and the share count grew 43% over the past year. NeuroStar system revenue actually declined 3% as the company shifts its sales model. Roughly a third of the float was sold short coming into the print, and even after the jump the stock is down about 23% over twelve months.

Our partners at AltIndex built something we wish existed years ago: an AI analyst that scores every holding in your portfolio from 0 to 100. Snap a screenshot of your brokerage, or link it directly, and AltIndex reads your positions and overlays a daily AI Score on each one, built from web traffic, social sentiment, hiring activity, app downloads, and insider transactions.

You'll know when a holding's score drops, when sentiment turns, when a member of Congress trades one of your stocks, or when the data points to an earnings surprise. In a week when earnings whipsawed small caps in both directions, that kind of early read matters.

Get your portfolio scored →

Here's where yesterday's biggest moves landed.

Planet Green, a Chinese tea and consumer micro-cap, added 927% on nearly 214 million shares of volume after announcing a lactoferrin distribution business, then gave back most of the move in after-hours trading that same evening. Its own auditor flagged going-concern doubt in May. Earnings beats drove Quantum, Neuronetics, and NIQ.

On the loser side, Getty Images closed at 29 cents carrying $2.1 billion of debt after last month's Shutterstock merger collapse, and CleanCore priced 400 million shares at $0.25 to fund an AI-infrastructure pivot.

(Data: Yahoo Finance.)

Tuesday brought a mental-health company's first quarter in the black on an adjusted basis, a consumer-data firm up 42% on a beat, and a tea company that rose 927% on a press release and surrendered most of it after hours. The week also brought a contractor that grew revenue 114% and lost more than a third of its value in a day.

We'll be back soon. Watching a name we should cover? Hit reply and tell us.

Cheers,
— Brandon & Blake of Invested Inc.