One and One Green Technologies (YDDL) is a specialized waste management and industrial recycling company operating through Variable Interest Entities in the Philippines. It focuses on processing e-waste, metal scrap, and hazardous industrial waste. Instead of just storing or sorting waste, they use specialized smelting and a proprietary exhaust gas recirculation system to process materials safely and sustainably.
**Earnings History:** The company has a short public track record, having IPO’d in October 2025. For FY 2025, revenue grew 23% year-over-year to $65.8 million, while net income surged 82% to $11.8 million (EPS of $0.23).
**Short Interest:** Very low. Current short interest sits at roughly 0.30% of the float, with just over 31,000 shares shorted.
**Debt:** The company maintains a healthy balance sheet with a total debt-to-equity ratio of just under 10%.
**Risk of Dilution:** In April 2026, the company executed a $13 million follow-on equity offering (with an option for an additional $3 million). Because these units included warrants to purchase 1.5 Class A shares each, a notable dilutive overhang remains for shareholders. However, major insiders extended their share lock-up period through January 2027, temporarily capping immediate insider dumping
**Time to Become Profitable:** Unlike many young green tech companies, YDDL is actively generating positive net income, reporting an 18% profit margin for the 2025 fiscal year.
**Advantages:** they possess heavy regulatory backing that serves as their primary competitive advantage: YDDL holds a rare government-issued Hazardous Waste Import and Deep Processing/Smelting License under the Basel Convention framework. This is a very restrictive permit from the Philippine government, making YDDL one of the few players legally allowed to import electronic and industrial waste into the country for deep smelting. The company works closely with local authorities. They were recently the sole enterprise invited to present to the Philippine Provincial Solid Waste Management Board, opening up direct liaison channels with municipal governments to establish cooperative recycling frameworks.
**Recent Wins:** They secured customer contracts totaling $39 million for recycled strategic metals (mainly copper and aluminum alloy). This contract volume represented a 12% year-over-year increase in product delivery.
**P/E Ratio:** Between 9.0x and 11.5x (depending on daily shifts in the stock price).
**Risks:** The stock is volatile, regularly moving by an average of 18% to 21% per week. Their top three customers account for roughly 96% of total revenue, with a single client representing over half of their entire business. Their entire business model relies on maintaining a highly restrictive Hazardous Waste Import and Smelting License. A notable portion of their reported profits is currently tied up in accounts receivable or accounting adjustments rather than cold, hard cash flowing immediately into the bank.
**Opinion:** I'm in for 200 shares at $2.05 (today). The price is down from the IPO of $5 and what looks like a p and d high of $16. The 10M float makes it volatile and the low short interest might be a good sign. I'm probably in early because the RSI is falling and the macD doesn't give me any clues. If the price drops and I see a new bottom, I'll average down.