Joe Moglia, former Chairman and CEO of TD Ameritrade, sits as Executive Advisor to the board of Greenland Energy Company (NASDAQ: GLND) — alongside Chairman Larry G. Swets Jr., CEO Robert Price, and new director Carol Craig, CEO of Sidus Space.

That bench is pointed at the Jameson Land Basin: 8,400+ km² of onshore Greenland, ranked by Sproule as the world's 13th largest undeveloped oil accumulation, with up to ~13 billion barrels of gross un-risked prospective resources.

GLND has rights to earn up to a 50% working interest after funding and completing the first well, subject to the farm-out terms*. Spud: October 2026.

Read the thesis NOW!

^{*Filings indicate 50% after the first well and 70% after the second.}

^{**This is a paid advertisement by Greenland Energy Company}

Welcome back to Invested Early.

A boiler company founded in 1867, the same firm that supplied boilers for Thomas Edison's first power station, traded at 90 cents a year ago. On Monday it jumped 19% and led the small-cap gainers, and its order book explains why.

The backdrop helped: the S&P 500 closed above 7,700 for the first time ever on Tuesday, 91 small caps hit 52-week highs in a single session, and the Russell 2000 pushed past 3,000 into record territory as the rally kept broadening.

Here's what's inside today:

🧾 How to read a backlog number (and when to distrust it)
🏭 The 1867 boiler maker that turned into an AI power play
🕵️ See which stocks insiders (and Congress) are buying right now
📈 Top gainers (and biggest losers) yesterday

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

Small-cap press releases love a big backlog. Before you get excited about one, it helps to know what the number actually means.

Bookings are new orders signed during the quarter. Backlog is the pile of signed work not yet delivered. Neither one is revenue, and revenue still isn't profit.

A company can post record bookings and lose money for years while it builds what it sold.

Three checks separate a real order book from a headline:

Backlog tells you demand is real. It doesn't tell you the company can deliver it profitably. That part shows up in gross margins, quarter by quarter.

Babcock & Wilcox has been building steam boilers since 1867, including the ones that powered Thomas Edison's first commercial power station. Last September the stock traded at 90 cents. On Monday it jumped 19.3% to $9.47, traded near $10 by midweek, and sits up roughly 730% over the past year. The driver is the same thing driving everything else in this market: electricity for AI.

The news: B&W's most recent quarter showed what the demand looks like. Revenue rose 44% to $214.4 million, bookings hit $2.5 billion (up 1,971% year over year), and backlog swelled to $2.7 billion, up 483%. CEO Kenneth Young told investors the company is seeing "strong interest from new AI data center and hyperscaler customers" that plan to use its power generation equipment.

The company has spent the summer resetting its balance sheet: a $230 million stock offering at $18.50 per share, a $50 million buyback authorization, and a full redemption of its $61.4 million in 6.50% senior notes coming August 13.

Why it matters: Data centers need boilers, steam, and grid equipment, and the companies that make them are suddenly scarce. B&W also landed a role supplying boilers for TerraSpark's planned 1.6-gigawatt power plant in West Virginia, and management points to a global pipeline of identified opportunities above $14 billion.

The honest risk: The stock has roughly halved from its May peak near $22, which means everyone who bought that $18.50 offering is underwater. The latest quarter still showed a $79.6 million GAAP loss (mostly non-cash warrant charges of $81.8 million), a securities class action is pending, and converting a $2.7 billion backlog into profitable revenue takes years of clean execution. Second-quarter results land in the coming days and will show whether the bookings surge continued. This is a comeback story priced for more comeback; if it belongs in a portfolio at all, a 1-2% position leaves room to be wrong.

When executives spend their own money on their own stock, we pay attention. Same goes for members of Congress, whose trades we treat as alternative data (they file disclosures under the STOCK Act, and someone should read them).

Our partners at AltIndex track both in one place. Their insider buying tracker updates daily with who's buying, in what size, and whether purchases are clustering across multiple officers, which tends to be the strongest version of the signal.

Their Congress trading tracker breaks down every disclosed politician trade so you can spot unusual activity and large positions without digging through filings yourself.

For speculative small caps, insider buying is one of the few signals that costs the sender something. That's what makes it worth watching.

See who's buying →

Here's where yesterday's biggest moves landed.

Hydrofarm was the day's fireworks: the hydroponics micro-cap nearly quadrupled on volume more than 600 times normal, a squeeze in a stock with days-to-cover north of 50. T1 Energy climbed again after signing a solar module offtake deal with Clearway Energy, with full second-quarter results due today.

Insulet cut its full-year revenue guidance, and robotics sensor maker Vishay Precision Group fell more than 25% after a GAAP earnings miss and softer bookings ended a run that had the stock priced for perfection.

(Data: Yahoo Finance.)

This week brought the S&P 500's first close above 7,700, record highs for the Russell 2000, and a 159-year-old boiler maker whose bookings grew 1,971% because AI needs somewhere to plug in. The same order books that power these runs still have to convert into revenue, and that's the part we'll keep watching.

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

Cheers,
— Brandon & Blake of Invested Inc.