LONG $Q - 1Q26 ER Update

A step-change in growth. Raising PT to $209.

Qnity shares are now up +48% since the first mention in P14’s Chemicals Screen (02/08) and +33% since the latest P14 pitch update (03/16).

1Q26 ER was thesis-changing for me in a more bullish direction. The print, guide, management commentary, and P14 research highlight several underappreciated drivers that could materially improve expected returns from here on out.

In this report, I will cover how 1Q26 compared to my thesis, what changed after the update, and the new aspects of the Qnity story that I believe the market is still missing.

For new readers, I suggest reading the original pitch and 4Q25 update linked below before diving in.

LONG $Q - Qnity Electronics

LONG $Q - Expanded Thesis and 4Q25 Update

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Note: Going forward, given how dynamic the market is and the fact that readers want new long single-stock pitches as well as screens on specific themes, I will only write full earnings updates on names where a) something notable has changed in the thesis or a subscriber has specifically asked for an update, or b) the stock has sold off and the thesis needs to be revisited.

The energy storage theme picks are up an average of ~40% since the 04/06 pitch, by the way.

P14 Weekly Screen #10 - Energy Storage

This allows me to focus on putting out new and actionable ideas instead of regurgitating the same old ones. Earnings updates where a and b do not apply will be provided in short-form note format via chat. The status of each single-stock pitch is provided on the P14 website linked below.

Core Stock Theses

Disclaimer: Nothing posted by P14 Capital should be considered financial advice. The author of this post holds a long position in Q. Please consult a financial advisor and/or conduct your own due diligence before making investment decisions.