Spined Thresher's say, "After your activation, each enemy at range 1- {Unstable Energy} without a panic token receives 1 panic token." Does this mean before you do anything as soon as you turn over your dials OR does this mean after you've done everything? The question essentially becomes does everyone 1-Unstable ALWAYS have 1 panic token before you use your dials (with this activation) or is it an after you've done everything. I looked at the activation rules and it was unclear to me when this might be. I don't remember exact wording but you activate when you flip dials so my reading of this is as soon as you flip dials you are after activation.

Activation is after you've done everything on your dials. So after moving, fighting, etc.

To activate, you 1) reveal your command tool, 2) perform your action, and 3) perform your bonus action. Revealing the command tool is only the first step, not the whole thing.

I treat it as happening after everything else that that unit does (moving, attacking, what have you).

Once you have performed the action and command modifier on your Spined Thresher dial and have no further action to take with them and are about to move on to the next unit in initiative order, you may then check for their panic ability.