Month: August 2024

Schwazze (SHWZ) – A First Look into 2Q24 Results

Posted on by cpereira@noblefcm.com


Wednesday, August 14, 2024

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results. Revenue of $43.2 million increased 2% y-o-y and was in-line with our $43 million estimate. Gross profit margin fell to 44% from 54.4% a year ago, but was in-line with our 43.6% projection. The GM decline reflects ongoing pricing pressure in both Colorado and New Mexico, as well as a greater mix of 3rd-party products in New Mexico and higher medical sales in Colorado. Schwazze reported a net operating loss of $2.7 million and a net loss of $13.9 million, or $0.20/sh. We were at a net loss of $0.19/sh.

Quarter Highlights. Schwazze generated sequential quarterly growth across all key financial metrics during the quarter. The Company continued to focus on sharper pricing and promotional strategies to drive store traffic and market share in both Colorado and New Mexico. Wholesale margins continued to show improvement.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Lifeway Foods (LWAY) – Setting Another Record

Posted on by cpereira@noblefcm.com


Wednesday, August 14, 2024

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Another Record Quarter. Net sales for the second quarter were $49.2 million, a new record for the Company, and marks the 19th consecutive quarter of year-over-year growth. Net sales also were above our estimate of $46.5 million. Gross margin was 27.0%, down from 28.8% last year but above the first quarter’s 25.8%. Net income was $3.8 million, or $0.25/sh, above last year’s $3.2 million or $0.21/sh and our estimate of $2.6 million or $0.17/sh.

Kefir the Driver. Once again, sales of drinkable kefir drove quarterly results. In 2Q24, drinkable kefir sales rose 30.8% to $41.0 million from $31.3 million in 2Q23. Drinkable kefir sales accounted for 83% of total revenue, up from 80% in the year ago period.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

PDS Biotechnology (PDSB) – PDS 2Q24 Financial Results Recap A Productive Quarter

Posted on by cpereira@noblefcm.com


Wednesday, August 14, 2024

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

FDA Alignment Allows Phase 3 To Move Forward. PDS Biotech announced a loss of $8.3 million or $(0.23) per share for 2Q24. Cash at June 30, 2024, was $57.7 million, which we estimate to be sufficient to fund operations into 2H25. The company announced FDA alignment on the design of the Phase 3 VERSATILE-003 Plus trial, with preparations underway to begin the trial by year-end.

Meeting Results Confirmed Three-Arm Design Of Phase 3. PDS held a Pre-Phase 3 meeting with the FDA to get alignment on the design and analysis of the Phase 3 VERSATILE-003 Plus trial with the additional treatment arm testing the Triplet Combination of Versamune HPV, PDS01ADC, and Keytruda. The company’s immediate focus will be to start the VERSAMUNE-003 doublet arm by YE2024 while conducting the dose optimization stage separately. The design of the trial was discussed in our Research Note on July 9.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

New High-Pressure Drilling Technology Opens Opportunities in Gulf of Mexico Oil Exploration

Posted on by slightbourne@noblecapitalmarkets.com

The oil industry is abuzz with excitement as groundbreaking high-pressure drilling technology promises to unlock billions of barrels of previously inaccessible crude in the Gulf of Mexico. This development could spell significant opportunities for investors, particularly those interested in small cap companies involved in offshore drilling and related technologies.

Chevron recently announced the successful first oil production from its Anchor project, a deepwater development utilizing innovative high-pressure technology. This $5.7 billion project represents a major technological milestone, as it’s capable of safely operating at pressures up to 20,000 pounds per square inch (psi) – a third higher than any previous well. The implications of this breakthrough are substantial. Analysts estimate that this technology could put up to 5 billion barrels of previously unreachable oil into production globally, with about 2 billion barrels in the U.S. Gulf of Mexico alone. This volume equates to approximately 50 days of current global oil production, highlighting the significance of the advancement.

For small cap investors, this development opens up several potential avenues. Equipment manufacturers like NOV and Dril-Quip, which provided specially designed equipment for the Anchor project, could see increased demand for their high-pressure capable products. Offshore drilling contractors operating advanced drillships, such as Transocean, may benefit from increased activity in ultra-high pressure fields. Smaller exploration and production companies with Gulf of Mexico assets could potentially reassess their portfolios for high-pressure opportunities previously considered uneconomical. Additionally, companies offering specialized services for high-pressure, high-temperature (HPHT) environments may see growing demand.

The new technology is expected to be a significant driver of production growth in the Gulf of Mexico. Wood Mackenzie, a research firm, projects a nearly 30% increase in deepwater output from 2023-2026, potentially reaching 2.7 million barrels of oil equivalent per day. This growth could help return the region to its peak output levels, last seen in 2019. Moreover, the applications of this technology extend beyond the Gulf of Mexico. Similar high-pressure, high-temperature oil fields that could benefit from this technology are found off the coasts of Brazil, Angola, and Nigeria. Brazil, in particular, with its complex offshore environments, is seen as a prime candidate for future application of this technology.

However, investors should be aware of potential risks and challenges. The regulatory environment, including the pace of offshore lease auctions and environmental regulations, can significantly impact future development. Operating in such high-pressure environments carries inherent risks and technical difficulties that companies must navigate. The economic viability of these projects remains dependent on global oil prices, adding an element of market risk. Furthermore, increased offshore drilling activity may face opposition from environmental groups, particularly in light of past disasters like the Deepwater Horizon spill.

Despite these challenges, the advent of this new high-pressure drilling technology represents a significant opportunity for the oil industry and investors alike. While major oil companies will likely lead the charge, savvy small cap investors may find promising opportunities in the ecosystem of companies supporting this technological revolution in offshore drilling. These could include specialized equipment manufacturers, innovative service providers, and smaller E&P companies with strategic Gulf of Mexico assets.

In conclusion, the high-pressure drilling breakthrough in the Gulf of Mexico marks a new chapter in offshore oil exploration. It offers the potential to tap into vast previously unreachable reserves, driving production growth and technological innovation. For small cap investors willing to navigate the complexities and risks of the offshore oil sector, this development could uncover valuable investment opportunities. As always, thorough due diligence is essential when considering investments in this dynamic and complex sector, but for those who choose wisely, the rewards could be substantial.

Fed Rate Cuts on the Horizon: A Potential Boom for Russell Index and Small-Cap Stocks

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Fed rate cuts could supercharge small-cap growth and borrowing power.
– Russell Index may outperform as investors seek higher returns in small-caps.
– Potential surge in M&A activity could boost small-cap valuations.

As September approaches, investors and economists are closely watching the Federal Reserve for signs of potential interest rate cuts. If the Fed decides to lower rates, it could have significant implications for the Russell index and small-cap companies, potentially reshaping the landscape for these important segments of the market.

Small-cap companies, which make up a significant portion of the Russell index, often rely more heavily on debt financing compared to their larger counterparts. A rate cut could be a game-changer for these firms, making borrowing less expensive and potentially allowing them to access capital more easily and at lower costs. This improved borrowing capacity could fuel expansion, research and development, and other growth initiatives, giving small-caps a much-needed boost.

The ripple effects of reduced borrowing costs could extend beyond just access to capital. Small-cap companies might see an improvement in their profit margins as lower interest expenses translate directly to the bottom line. This enhancement in profitability could make these companies more attractive to investors seeking growth potential. Moreover, cheaper financing could level the playing field between small-cap companies and their larger rivals, allowing smaller firms to invest in areas that were previously cost-prohibitive, such as technology or marketing, potentially boosting their competitive position in the market.

Lower interest rates often spur mergers and acquisitions activity, which could have interesting implications for the small-cap landscape. Small-cap companies could become more attractive targets for larger firms looking to expand through acquisitions, potentially leading to premium valuations for some small-cap stocks and benefiting shareholders.

The broader economic impacts of rate cuts could also play in favor of small-caps. Rate cuts typically stimulate consumer spending, which can disproportionately benefit small-cap companies. Many small-caps are focused on domestic markets and consumer discretionary sectors, areas that could see increased activity if consumers have more disposable income due to lower borrowing costs. Historically, small-cap stocks have often outperformed large-caps during periods of economic recovery and expansion. If rate cuts signal the Fed’s confidence in economic growth, it could lead to increased investor interest in small-cap stocks and the Russell index.

On the currency front, lower interest rates could lead to a weaker dollar, which might benefit small-cap companies with significant export businesses. These firms could see their products become more competitive in international markets, potentially opening up new growth avenues.

The investment landscape could also shift in favor of small-caps. In a lower interest rate environment, investors often seek higher returns by taking on more risk. This increased risk appetite could drive more capital towards small-cap stocks, which are generally considered riskier but offer higher growth potential compared to large-caps.

However, it’s important to note that the impact of rate cuts is not uniform across all small-cap companies or sectors. Certain sectors within the Russell index, such as financials, could face challenges in a lower rate environment due to compressed net interest margins. However, this might be offset by increased lending activity and lower default rates. Additionally, lower rates could lead to higher valuations for small-cap stocks as investors price in improved growth prospects and lower discount rates in their valuation models.

While these potential benefits are significant, investors should remember that the market often prices in expectations of rate cuts well before they occur. Therefore, the actual announcement of a rate cut might not lead to an immediate surge in small-cap stock prices if it’s already been anticipated by the market.

In conclusion, potential Fed rate cuts in September could create a favorable environment for the Russell index and small-cap stocks. However, as with any investment decision, it’s crucial for investors to conduct thorough research and consider their individual risk tolerance and investment goals. The small-cap landscape could be poised for exciting changes, but as always in the world of investing, careful consideration and due diligence remain paramount.

Release – Lifeway Foods Announces Record Results for the Second Quarter Ended June 30, 2024

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on LWAY

Demand for Bioavailable Foods like Kefir Soars

Net sales of $49.2 million; up 25.3% year-over-year driven by volume growth of Lifeway Kefir

19th consecutive quarter of year-over-year growth

MORTON GROVE, Ill., Aug. 13, 2024 /PRNewswire/ — Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today reported financial results for the second quarter ended June 30, 2024.

“Our incredible momentum continued in the second quarter as we delivered our 19th consecutive quarter of net sales growth and our 5th consecutive quarter breaking the Lifeway record on the topline,” commented Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. “Our record net sales of $49.2 million were up more than 25% year-over-year, driven by continued volume growth in our flagship Lifeway drinkable kefir. Demand for bioavailable foods like Lifeway Kefir and Farmer Cheese is soaring and our customers further demonstrated their loyalty to our premium, healthy offerings. Notably, we delivered nearly $50 million in net sales, a remarkable milestone that we look forward to surpassing, and we also outperformed our previous quarterly sales record by more than 10%. Our amazing results on the topline demonstrate the effectiveness of our sales and marketing investments at driving trial, capturing new customers and accelerating velocities of our core products. Accompanying the very strong, volume-led topline growth, we continued to enhance our profitability profile with solid gross margins and strong net income growth, a testament to the seamless operational execution of our whole Lifeway team. We are thrilled with our results in the first half of 2024, and will continue to strategically invest behind the Lifeway brand to drive velocities, win new customers and position ourself to deliver more outstanding performances through the second half of this year and beyond.”

Second Quarter 2024 Results

Net sales were $49.2 million for the second quarter ended June 30, 2024, an increase of $10.0 million or 25.3% from the same period in 2023. The net sales increase was primarily driven by higher volumes of our branded drinkable kefir.

Gross profit as a percentage of net sales was 27.0% for the second quarter ended June 30, 2024.

Selling, general and administrative expenses as a percentage of net sales were 15.8% for the second quarter ended June 30, 2024.

The Company reported net income of $3.8 million or $0.26 per basic and $0.25 per diluted common share for the second quarter ended June 30, 2024 compared to net income of $3.2 million or $0.22 per basic and $0.21 per diluted common share during the same period in 2023.

Conference Call and Webcast
A pre-recorded conference call and webcast with Julie Smolyansky discussing these results with additional comments and details is available through the “Investor Relations” section of the Company’s website at https://lifewaykefir.com/webinars-reports/  and will also be available for replay.

About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland and France. Learn how Lifeway is good for more than just you at lifewayfoods.com.

Forward-Looking Statements

This release (and oral statements made regarding the subjects of this release) contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway’s expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.

Media:
Derek Miller
Vice President of Communications, Lifeway Foods
Email: derekm@lifeway.net 

General inquiries:
Lifeway Foods, Inc.
Phone: 847-967-1010
Email: info@lifeway.net

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Release – Bit Digital, Inc. Announces Date for Second Quarter 2024 Financial Results and Conference Call

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on BTBT

NEW YORK, August 12, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced today that it will release its Second Quarter 2024 results on Monday, August 19, 2024, after the stock market closes. Senior management will host a live webcast and conference call to review the results on Tuesday, August 20, 2024, at 10 a.m. ET.

To register for the earnings call, please click here. Additionally, participants can join the conference call by dialing 1-800-289-0459 (passcode: 633917).

The Company will issue a press release regarding Second Quarter 2024 earnings prior to the conference call. The press release will be posted on the Bit Digital website at www.bit-digital.com.

About Bit Digital

Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.

Safe Harbor Statement 

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Release – FreightCar America, Inc. Reports Second Quarter 2024 Results

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on RAIL

Company delivers 66% year-over-year revenue growth with record profitability at new plant, raises full year guidance

Secured ~3,000 orders, including first tank car conversion order

CHICAGO, Aug. 12, 2024 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

  • Revenues of $147.4 million on 1,159 railcar deliveries, an increase of 66% compared to revenues of $88.6 million on 760 railcar deliveries in the second quarter of 2023
  • Gross margin of 12.5% with gross profit of $18.4 million, compared to gross margin of 14.6% with gross profit of $13.0 million in the second quarter of 2023
  • Net Income of $8.2 million, or $0.11 per diluted share and Adjusted net income of $6.3 million, or $0.05 per diluted share, accounting primarily for a non-cash item associated with a change in fair market value of warrant liability and a cash item associated with a litigation settlement
  • Adjusted EBITDA of $12.1 million, compared to Adjusted EBITDA of $8.0 million in the second quarter of 2023
  • Delivered its 10,000th railcar manufactured at the Castaños facility
  • Received net orders for approximately 3,000 railcars within the quarter, including a multi-year order to convert over 1,000 tanks cars

“We are very pleased to report our strongest performance yet for revenue, gross profit and Adjusted EBITDA since opening our state-of-the-art facility in 2020. Importantly, these results follow the previously reported 99% growth in revenue and 192% growth in Adjusted EBITDA in the first quarter,” commented Nick Randall, President and Chief Executive Officer of FreightCar America. “Our multiyear turnaround has been a tremendous success, and our focus is on driving growth across our diversified product portfolio as we continue to maximize efficiencies across our value streams.”

Randall continued, “We built a world-class manufacturing campus that is both efficient and flexible. Our customers see this as evidenced by our largest order intake since starting the facility and our recently announced milestone of shipping our 10,000th railcar manufactured at the campus. Furthermore, and consistent with our growth plans, we are pleased to also announce that our order backlog now includes tank cars. Tank cars represent a very important part of the market and are fully aligned with our growth strategy. In summary, we are pleased with the quarter, the year-to-date, and especially with where we see ourselves headed.”

Fiscal Year 2024 Outlook

The Company has updated its outlook for fiscal year 2024 as follows:

 Fiscal 2024 OutlookYear-over-Year Growth at Midpoint
Revenue$560 – $600 million62.0%
Adjusted EBITDA$35 – $39 million84.1%
Railcar Deliveries4,300 – 4,700 Railcars48.9%


Mike Riordan, Chief Financial Officer of FreightCar America, commented, “With our facility complete and all production lines fully operational, we are well on track to achieve the operating performance we envisioned. Given this, combined with the significant order activity in the second quarter, we are raising our full year revenue and delivery guidance to between $560 million and $600 million and 4,300 to 4,700 railcars, respectively. Further, we are increasing our full year Adjusted EBITDA guidance to between $35 million and $39 million. With a strong pipeline of orders, we are well-positioned to leverage our operational efficiencies and cash flow generation to deliver profitable growth for our shareholders.”

Second Quarter 2024 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, August 13 at 11:00 a.m. (Eastern Time) to discuss its second quarter 2024 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call via the following live and recorded methods:

Live Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1678919&tp_key=7f0a694b35

Recorded Webcast: A recorded webcast will be available until Tuesday, August 27, 2024, on FreightCar America’s website following the conference call date at: https://investors.freightcaramerica.com/news-events/event-calendar/

Teleconference: Dial-in numbers for the live Conference Call are (877) 407-0789 or (201) 689-8562. Please call in at least 10 minutes prior to the start time of the call. An audio replay may be accessed at (844) 512-2921 or (412) 317-6671; Passcode: 13747591.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse economic and market conditions including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings, and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net loss and Adjusted EPS. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact:RAILIR@Riveron.com

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Starbucks Shakes Up Leadership: Brian Niccol Takes the Helm in Surprise CEO Switch

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Starbucks replaces CEO Laxman Narasimhan with Chipotle’s Brian Niccol.
– The move comes amidst struggling sales and pressure from activist investors.
– Niccol’s successful track record at Chipotle raises hopes for Starbucks’ turnaround.

Coffee giant Starbucks (NASDAQ: SBUX) has announced a major leadership change, replacing CEO Laxman Narasimhan with Chipotle’s (NYSE: CMG) Brian Niccol. This unexpected move sent Starbucks’ stock soaring over 20%, marking its best day since its 1992 IPO.

The coffee chain’s board of directors had been contemplating this change for several months, according to Starbucks’ lead independent director Mellody Hobson. The decision comes as Starbucks faces challenges in its two largest markets, the United States and China, with same-store sales declining 3% in the latest quarter.

Niccol, who has led Chipotle since 2018, brings a wealth of experience in the restaurant industry. Under his leadership, Chipotle’s stock surged an impressive 773%, defying industry trends with climbing traffic and sales even as other restaurants reported consumer spending pullbacks.

The transition marks a pivotal moment for Starbucks, which has been grappling with weakening demand and operational issues. Former CEO Howard Schultz, who handpicked Narasimhan as his successor, had recently penned an open letter addressing the company’s challenges without mentioning Narasimhan by name.

Activist investors have also been circling the coffee behemoth. Elliott Management and Starboard Value both recently acquired stakes in Starbucks, adding pressure for change. Elliott’s managing partner Jesse Cohn and partner Marc Steinberg called the CEO switch “a transformational step forward for the Company.”

Niccol’s appointment is seen as a strategic move to leverage his expertise in digital ordering and operational efficiency. At Chipotle, he successfully implemented a second assembly line for mobile orders and introduced “Chipotlanes” for digital order pickup, addressing issues similar to those plaguing Starbucks’ mobile ordering system.

The leadership change also signals Starbucks’ board’s reluctance to engage in deals with activist investors. Despite Elliott’s offer of a settlement that would have protected Narasimhan’s position, the board moved forward with the CEO switch without prior notification to the hedge fund.

Starbucks’ CFO Rachel Ruggeri will serve as interim CEO until Niccol officially takes the reins on September 9. The coffee chain’s shares had fallen 21% during Narasimhan’s tenure, excluding the recent surge following the announcement.

As Starbucks embarks on this new chapter, all eyes will be on Niccol to see if he can replicate his Chipotle success and breathe new life into the struggling coffee giant. With his track record of navigating challenging market environments and driving digital innovation, expectations are high for a swift turnaround in Starbucks’ fortunes.

Release – PDS Biotech Provides Business Update and Reports Second Quarter 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on PDSB

PRINCETON, N.J., Aug. 13, 2024 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB) (“PDS Biotech” or the “Company”), a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers and the development of infectious disease vaccines, today provided a business update and reported financial results for the second quarter of 2024.

“We are exiting the second quarter with momentum. We have aligned with the FDA on the design of the Phase 3 registrational trial of Versamune® HPV + pembrolizumab compared to pembrolizumab as a potential treatment for first-line recurrent/metastatic HPV16-positive head and neck squamous cell carcinoma (“HNSCC”),” said Frank Bedu-Addo, PhD, President and Chief Executive Officer of PDS Biotech. “This clinical trial is supported by the maturing data from our VERSATILE-002 Phase 2 trial, including encouraging survival, disease control response rates and safety data. We look forward to the presentation of updated data from the VERSATILE-002 trial at the European Society for Medical Oncology (ESMO) 2024 Congress in September.”

Kirk Shepard, M.D., Chief Medical Officer stated, “As a result of the recent VERSATILE-002 trial results, we have revised the statistical endpoints of the VERSATILE-003 Phase 3 trial to provide additional robustness to our trial design. Our goal now is to work with our clinical research organization to initiate the trial of the combination, which we believe has potential as the first targeted immunotherapy for HPV16-positive HNSCC. We anticipate that future studies of PDS01ADC have the potential to provide additional clinical benefit to an effective targeted immunotherapy.”

Recent Developments

  • Announced alignment with FDA to initiate Phase 3 VERSATILE-003 trial in HPV16-positive first-line recurrent or metastatic HNSCC.
    • This trial will be designed to investigate the combination of Versamune® HPV + pembrolizumab compared to pembrolizumab, and this design reflects updated statistical endpoints based on recent and more mature survival data from the VERSATILE-002 trial.
    • PDS Biotech has initiated preparatory activities in connection with the planned start of the Phase 3 VERSATILE-003 trial in Q4 2024.
  • Abstract by Jared Weiss, M.D., UNC Lineberger Cancer Center (Lead Investigator), presenting updated data from the VERSATILE-002 trial evaluating first-line treatment with Versamune® HPV in combination with KEYTRUDA® (pembrolizumab) in patients with HPV16-positive recurrent/metastatic HNSCC accepted for presentation at the ESMO Congress 2024.
  • Provided a survival data update from the ongoing VERSATILE-002 trial in HPV16-positive HNSCC based on data cut from May 17, 2024.
    • Median overall survival is 30 months, consistent with data cut as of November 30, 2023.
  • Abstract by Adam Grippin, M.D., Ph.D., of the University of Texas MD Anderson Cancer Center presenting updated results from the IMMUNOCERV trial evaluating treatment of high-risk locally advanced cervical cancer with Versamune® HPV in combination with chemoradiotherapy accepted for oral presentation at the American Society for Radiation Oncology (ASTRO) Annual Meeting 2024.
  • Abstract by Renee Donahue, Ph.D., of the National Cancer Institute presenting preliminary biomarker results from a Phase 2 trial evaluating treatment of biochemically recurrent prostate cancer with PDS01ADC in combination with enzalutamide accepted for oral presentation at the 12th Annual Meeting of the International Cytokine and Interferon Society 2024.

Second Quarter 2024 Financial Results
Reported net loss was approximately $8.3 million, or $0.23 per basic share and diluted share, for the three months ended June 30, 2024, compared to a net loss of $11.5 million, or $0.37 per basic share and diluted share, for the three months ended June 30, 2023. The decrease was due to lower operating expenses.

Research and development expenses decreased to approximately $4.5 million for the three months ended June 30, 2024, from $8.0 million for the three months ended June 30, 2023. The decrease of $3.5 million was primarily attributable to lower clinical trial and manufacturing costs.

General and administrative expenses decreased to approximately $4.2 million for the three months ended June 30, 2024, from approximately $4.7 million for the three months ended June 30, 2023. The decrease of $0.5 million was primarily attributable to lower personnel costs and professional fees.

Total operating expenses decreased to approximately $8.7 million for the three months ended June 30, 2024, from $12.7 million for the three months ended June 30, 2023.

Net interest expenses increased to approximately $0.5 million for the three months ended June 30, 2024, from $0.2 million for the three months ended June 30, 2023.

Cash and cash equivalents as of June 30, 2024, totaled approximately $57.7 million.

About PDS Biotechnology
PDS Biotechnology is a late-stage immunotherapy company focused on transforming how the immune system targets and kills cancers and the development of infectious disease vaccines. The Company plans to initiate a pivotal clinical trial in 2024 to advance its lead program in advanced HPV16-positive head and neck squamous cell cancers. PDS Biotech’s lead investigational targeted immunotherapy Versamune® HPV is being developed in combination with a standard-of-care immune checkpoint inhibitor, and also in a triple combination including PDS01ADC, an IL-12 fused antibody drug conjugate (ADC), and a standard-of-care immune checkpoint inhibitor.

For more information, please visit: www.pdsbiotech.com

Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS01ADC, PDS0101, PDS0203 and other Versamune® and Infectimune® based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS01ADC, PDS0101, PDS0203 and other Versamune® and Infectimune® based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to the Company’s currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the Company’s ability to continue as a going concern; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the other risks, uncertainties, and other factors described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the U.S. Securities and Exchange Commission. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Versamune® and Infectimune® are registered trademarks of PDS Biotechnology Corporation.

Keytruda® is a registered trademark of Merck Sharp and Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, N.J., USA.

Investor Contact:
Mike Moyer
LifeSci Advisors
Phone +1 (617) 308-4306
Email: mmoyer@lifesciadvisors.com

Media Contact:
Gina Mangiaracina
6 Degrees
Phone +1 (917) 797-7904
Email: gmangiaracina@6degreespr.com

View the full release HERE.

Release – Bitcoin Depot Reports Second Quarter 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

August 13, 2024 8:05 AM EDT

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Revenue of $163.1 Million With a Significant Expansion in Net Income to $4.4 Million Compared to Q1 2024

Exceeded Goal of Having Over 8,000 Active Bitcoin ATMs Five Months Ahead of Schedule

ATLANTA, Aug. 13, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the second quarter ended June 30, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“We continued to build on our momentum in the second quarter, achieving notable sequential growth in revenue, net income, and Adjusted EBITDA,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “Our success of having over 8,000 active Bitcoin ATMs five months ahead of schedule underscores our robust execution and positions us well for sustained growth. This achievement not only enhances our market presence but also drives our cash flow dynamics, as evidenced by the $10.1 million in operational cash flow generated during the second quarter. With this strong foundation, we are well-positioned to expand our world-leading kiosk footprint and maximize profits for our shareholders.”

Second Quarter 2024 Financial Results

Revenue in the second quarter of 2024 was $163.1 million, down 17% from $197.5 million in the second quarter of 2023. Revenue in the second quarter of 2024 was up $24.5 million or 18% from the first quarter of 2024.

Total operating expenses were $18.8 million for the second quarter of 2024, compared to $19.7 million for the second quarter of 2023. 

Net income for the second quarter of 2024 was $4.4 million, compared to a net loss of $4.0 million for the second quarter of 2023. Net income in the second quarter of 2024 was up $8.6 million or 203% from a net loss of $4.2 million in the first quarter of 2024.

Adjusted gross profit in the second quarter of 2024 was $26.4 million, down 13% from $30.2 million for the second quarter of 2023. Adjusted gross profit margin (non-GAAP) in the second quarter of 2024 increased approximately 90 basis points to 16.2% compared to 15.3% in the second quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2024 decreased 36% to $12.7 million, compared to Adjusted EBITDA of $19.8 million for the second quarter of 2023. Adjusted EBITDA in the second quarter of 2024 was up $7.8 million or 159% from the first quarter of 2024. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash and cash equivalents were $43.9 million as of the end of the second quarter of 2024. The Company generated $10.1 million in cash flows from operations in the second quarter and $11.5 million for the first six months of 2024.

Recent Business Highlights

  • Achieved and exceeded its goal of having over 8,000 active Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This milestone reinforces Bitcoin Depot’s abiding market dominance and showcases its rapid growth trajectory. 
  • Partnered with New England-Based convenience retailer Nouria Energy, a leading convenience store brand based in the northeastern U.S. with robust operations across 175 company owned c-stores and fuel retailers. 
  • Announced Bitcoin treasury strategy, demonstrating the Company’s confidence in the future of Bitcoin by strategically allocating a portion of cash reserves to Bitcoin. 
  • Announced sale of 200 additional BTM kiosks to Sopris Capital, a 20-year-old multi-strategy investment firm as part of the Company’s profit-sharing program.

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m., Eastern time (7:00 a.m. Pacific time), today to discuss its financial results for the second quarter ended June 30, 2024.

Call Date: Tuesday, August 13, 2024 
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 4727212

The conference call will broadcast live and be available for replay here following the call.

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

A replay of the call will be available beginning after 2:00 p.m. Eastern time on August 13, 2024, through August 20, 2024.

U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 4727212

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 8,000 kiosk locations as of July 1, 2024. Learn more at www.bitcoindepot.com. 

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies,. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

View the full release HERE.

SKYX Platforms (SKYX) – Solid Q2 Punctuated by Reduced Cash Burn

Posted on by cpereira@noblefcm.com


Tuesday, August 13, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q2 in line. The company reported Q2 revenue of $21.4 million, roughly in line with our estimate of $22.0 million. Adj. EBITDA of a loss of $2.1 million was better than our forecast of a loss of $4.0 million, primarily driven by lower-than-expected SG&A expenses. Figure #1 Q2 Results illustrates the quarterly performance.

Key expansion to Home Depot. Following the conclusion of Q2, the company announced that its products would become available at Home Depot, the industry leader in the home improvement market. In our view, this is a significant step for the company as Home Depot has both retail consumers and professional contractors. Consequently, we believe the inclusion of SKYX products at Home Depot could accelerate revenue growth in both customer verticals. The Home Depot expansion also serves to validate the SKYX technology, given that Home Depot is a global industry leader.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FreightCar America (RAIL) – Solid 2Q Operational and Financial Results; 2024 Corporate Guidance Raised

Posted on by cpereira@noblefcm.com


Tuesday, August 13, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second quarter financial results. FreightCar America generated second quarter adjusted net income to common stockholders of $1.772 million or $0.05 per share compared to $0.424 million or $0.02 per share during the prior year period. We had forecast $1.582 million and $0.05 per share. Revenue and rail car deliveries increased to $147.4 million and 1,159 compared to $88.6 million and 760 during the second quarter of 2023. On a year-over-year basis, adjusted EBITDA increased 50.6% to $12.1 million. While EPS was in line with our estimates, railcar deliveries, revenues and adjusted EBITDA exceeded our estimates of 980, $127.1 million, and $9.5 million, respectively. The weighted average diluted share count of ~32.3 million was also higher than our estimate of 31.1 million. Second quarter free cash flow amounted to $55.9 million based on net cash flows provided by operating activities of $57.2 million and $1.3 million of net cash flows used in investing activities.

Full Year 2024 corporate guidance. Management raised its full year 2024 guidance ranges. Railcar deliveries are expected to be in the range of 4,300 to 4,700, revenue is expected to be in the range of $560 million to $600 million, and adjusted EBITDA is expected to be in the range of $35 to $39 million. Previously, railcar deliveries were expected to be in the range of 4,000 to 4,400, revenue was expected to be in the range of $520 million to $572 million, and adjusted EBITDA was expected to be in the range of $32 million to $38 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.