GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.
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.
First Quarter Included Contract Revenues. GeoVax reported a 1Q25 loss of $5.4 million or $(0.45) per share, a smaller loss than we had expected. The quarter included $1.6 million in Contract Revenue from the BARDA contract in preparation for the Phase 2 trial. Since the contract was cancelled on April 11, 2025, the 2Q25 results will include some final contract work. Cash on March 31, 2025, was $7.4 million.
CM04S1 Continues Development With Focus On Immunocompromised Patients. The current focus of CM04S1 development is in immunocompromised patients, a population estimated at 40 million patients in the US alone. Data from the Phase 1 and Phase 2 clinical trials for CM04S1 was presented at the 25th World Vaccine Congress. The two Phase 2 trials in chronic lymphocytic leukemia and stem cell transplants continue to enroll patients, while the Phase 2 Healthy Adult Booster trial is expected to report data during 2Q25.
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*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.
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 revenue weaker than expected. Total company revenues declined 6.4% to $187.3 million, weaker than our 4.8% decline and $190.4 million estimates, respectively. Due to previous cost reductions, the company achieved our adj. EBITDA estimate, $3.5 million versus our estimate of $3.4 million.
Digital Marketing Services (DMS) revenue surges. DMS revenues, which account for roughly 30% of the digital segment, increased a strong 30%. Management indicated that DMS Q2 revenue pacings have accelerated to 35% growth. Notably, the digital segment accounted for 20% of total company revenues.
This 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.
Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Collaboration with a UTG. United Trademark Group (UTG) made a $9 million strategic investment in Xcel Brands and announced a strategic partnership. The investment bolstered the company’s balance sheet and provided more favorable debt covenant terms. In addition, UTG has performance warrants, exercisable over 7 years, that could bring in an additional $13 million if exercised.
Increased financial flexibility. United Trademark Group (UTG) took a $9 million strategic investment in the form of a Paid In Kind (PIK) loan. UTG was also issued performance based warrants that could add $13 million, if exercised. We believe that the funds will be used to support the growth of recently announced brands and provide financial flexibility to acquire or develop additional brands.
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*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.
ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid 1Q25. In the historically smallest quarter, ACCO reported revenue in-line with guidance while exceeding adjusted EPS guidance during the quarter. However, increased market uncertainties driven by global trade dynamics is resulting in limited visibility beyond 2Q25. Management’s strategic management of its supplier base and ability to accelerate supply chain moves should lessen the impact of tariffs.
1Q25 Results. Revenue of $317.4 million was within management’s $315-$325 million guidance. We were at $315 million. Revenue was down 11.6% y-o-y, with comp sales off 8.3%. Adverse forex reduced revenue by 3.3%. The revenue decline was driven by softer global demand for certain office products and gaming accessories, partially offset by growth in computer accessories. Gross margin improved 60bp y-o-y to 31.4%.
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.
As the Trump administration’s second term progresses, we’re witnessing a potential regime change in market dynamics. After years dominated by tech giants and trade war concerns, America’s mounting debt burden is now taking center stage.
From Tariff Wars to Debt Anxiety
Market sentiment is pivoting from U.S.-China trade tensions toward debt sustainability. With CBO projections showing U.S. debt potentially exceeding 120% of GDP by the mid-2030s and persistent budget deficits around 6% of GDP, investor psychology appears primed for a significant shift.
This isn’t merely academic—it has real implications for capital flows. As global reserve managers begin questioning the “risk-free” status of U.S. Treasuries, we could see demands for higher real yields or diversification into alternative sovereigns, keeping the long end of the U.S. yield curve stubbornly high.
The Magnificent Seven Losing Momentum
The market’s recent run has been fueled by a handful of technology giants. However, structural factors suggest these mega-cap stars may be losing steam, creating opportunities in the previously overlooked small-cap sector.
The mathematics of valuation makes this shift compelling: Big Tech stocks trade on multi-decade cash flow projections. When the term premium rises 100 basis points, these long-duration assets can see their DCF values erode by 10-15%. By contrast, small-cap earnings are front-loaded, making their valuations less sensitive to rate shocks.
Refinancing Reality
Companies that previously benefited from ultra-low borrowing costs now face a sobering reality. Many companies that recently refinanced debt must contend with significantly higher servicing costs.
This challenge extends to the federal level. U.S. government debt that once carried interest rates near zero is now being rolled over at 4-4.5%—representing a 50-60% increase in servicing costs and potentially accelerating debt anxiety.
The Small-Cap Advantage
Four structural factors suggest quality small-cap stocks could outperform:
Valuation Metrics: The Russell 2000 (ex-negative earners) has a forward P/E of approximately 14x versus the S&P 500’s 20x—a discount in the 15th percentile of the past 25 years.
Tax Policy: Large multinationals have historically benefited from profit-shifting strategies. As corporate tax policies adjust, domestic small firms—already paying close to statutory rates—may feel less relative impact.
Capital Allocation: Higher yields raise the hurdle for debt-funded buybacks that have powered S&P 500 EPS growth. Small caps, which tend to focus more on reinvestment, may gain a relative advantage.
Dollar Dynamics: The Russell 2000 derives approximately 80% of its revenue domestically. If debt concerns lead to dollar weakness, these companies may experience less FX pressure than multinational exporters.
Historical Patterns
Looking at previous episodes (1974-1979, 1999-2002, 2002-2006), we find a consistent pattern: periods of fiscal stress and rising term premiums have coincided with small-cap outperformance ranging from 22 to 70 percentage points over their large-cap counterparts.
Fixed Income Competition
As interest rates climb, bonds become increasingly attractive alternatives to stocks. This dynamic could particularly pressure tech giants’ lofty valuations, while reasonably valued small caps with strong fundamentals may hold up better in this competitive landscape.
A Stock Picker’s Market
We’re likely entering a “stock picker’s market” where the era of rising-tide-lifts-all-boats index investing is waning. If economic growth stagnates under the weight of debt concerns and higher interest rates, broad market indexes will struggle to deliver the returns investors have grown accustomed to over the past decade.
In this environment, the ability to identify individual companies with unique advantages becomes paramount. Those capable of spotting opportunities—particularly in the small-cap space where market inefficiencies are more common—stand to realize potentially outsized returns compared to passive index holders. As alpha generation becomes more challenging in mega-caps, skilled fundamental analysis and security selection will likely differentiate performance outcomes.
Risk of Market Consolidation
A significant risk in the current climate is prolonged sideways movement or consolidation in the broader market. This economic phenomenon occurs when asset prices increase even as the real economy shrinks—creating a disconnect between market valuations and underlying fundamentals. Such periods can be particularly challenging for index investors who rely on general market appreciation rather than specific security selection.
This environment of stagnant indexes coupled with pockets of opportunity may drive increased speculative interest in small-cap stocks. As investors search for growth in a growth-starved market, smaller companies with unique value propositions or disruptive potential could attract disproportionate attention and capital flows, creating both opportunities and volatility in this segment.
Investment Implications
For portfolio construction, this evolving landscape strengthens the case for quality small caps versus indexes dominated by duration-sensitive technology giants. Investors should focus on small companies with strong balance sheets, sustainable competitive advantages, and predominantly domestic revenue exposure.
As the market narrative shifts from tariffs to debt sustainability and broad index returns become more challenging, positioning ahead of this potential rotation and developing robust security selection capabilities could prove a prescient move for forward-thinking investors.
Noble Capital Markets Research Report Friday, May 2, 2025
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – Solid 1Q25; But Uncertainties Limit Visibility Beyond 2Q25 Cumulus Media (CMLS)/MARKET PERFORM – Skating On Thin Ice GeoVax Labs (GOVX)/OUTPERFORM – 1Q25 Reported With Pipeline Strategy Updates Xcel Brands (XELB)/OUTPERFORM – Keeping Its Focus On The Bullseye
ACCO Brands (ACCO/$3.86 | Price Target: $12) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Solid 1Q25; But Uncertainties Limit Visibility Beyond 2Q25 Rating: OUTPERFORM
Solid 1Q25. In the historically smallest quarter, ACCO reported revenue in-line with guidance while exceeding adjusted EPS guidance during the quarter. However, increased market uncertainties driven by global trade dynamics is resulting in limited visibility beyond 2Q25. Management’s strategic management of its supplier base and ability to accelerate supply chain moves should lessen the impact of tariffs.
1Q25 Results. Revenue of $317.4 million was within management’s $315-$325 million guidance. We were at $315 million. Revenue was down 11.6% y-o-y, with comp sales off 8.3%. Adverse forex reduced revenue by 3.3%. The revenue decline was driven by softer global demand for certain office products and gaming accessories, partially offset by growth in computer accessories. Gross margin improved 60bp y-o-y to 31.4%.
Q1 revenue weaker than expected. Total company revenues declined 6.4% to $187.3 million, weaker than our 4.8% decline and $190.4 million estimates, respectively. Due to previous cost reductions, the company achieved our adj. EBITDA estimate, $3.5 million versus our estimate of $3.4 million.
Digital Marketing Services (DMS) revenue surges. DMS revenues, which account for roughly 30% of the digital segment, increased a strong 30%. Management indicated that DMS Q2 revenue pacings have accelerated to 35% growth. Notably, the digital segment accounted for 20% of total company revenues.
First Quarter Included Contract Revenues. GeoVax reported a 1Q25 loss of $5.4 million or $(0.45) per share, a smaller loss than we had expected. The quarter included $1.6 million in Contract Revenue from the BARDA contract in preparation for the Phase 2 trial. Since the contract was cancelled on April 11, 2025, the 2Q25 results will include some final contract work. Cash on March 31, 2025, was $7.4 million.
CM04S1 Continues Development With Focus On Immunocompromised Patients. The current focus of CM04S1 development is in immunocompromised patients, a population estimated at 40 million patients in the US alone. Data from the Phase 1 and Phase 2 clinical trials for CM04S1 was presented at the 25th World Vaccine Congress. The two Phase 2 trials in chronic lymphocytic leukemia and stem cell transplants continue to enroll patients, while the Phase 2 Healthy Adult Booster trial is expected to report data during 2Q25.
Xcel Brands (XELB/$2.43 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Keeping Its Focus On The Bullseye Rating: OUTPERFORM
Collaboration with a UTG. United Trademark Group (UTG) made a $9 million strategic investment in Xcel Brands and announced a strategic partnership. The investment bolstered the company’s balance sheet and provided more favorable debt covenant terms. In addition, UTG has performance warrants, exercisable over 7 years, that could bring in an additional $13 million if exercised.
Increased financial flexibility. United Trademark Group (UTG) took a $9 million strategic investment in the form of a Paid In Kind (PIK) loan. UTG was also issued performance based warrants that could add $13 million, if exercised. We believe that the funds will be used to support the growth of recently announced brands and provide financial flexibility to acquire or develop additional brands.
Private placement financing. Aurania recently closed the first tranche of its previously announced non-brokered private placement financing of up to 5,000,000 units at a price of C$0.30 per unit for gross proceeds of up to C$1,500,000. An aggregate of 3,182,899 units were sold under the first tranche for gross proceeds of C$954,869.70. Dr. Keith Barron, Chairman, President, and CEO, acquired 1,000,000 units under the offering and owns or exercises control over 47,672,635 common shares, 1,752,992 options, and 12,399,135 warrants representing 44.41% and 50.88% of the company’s issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Aurania expects to close the final tranche of its non-brokered private placement on or around May 5.
Loan agreement. Dr. Keith Barron has also agreed to provide a loan of up to US$2,094,500 to the company. The loan will be advanced from time to time in mutually agreed upon principal amounts. The loan is unsecured and bears interest at 2% per annum. The proceeds are expected to be used to fund Aurania’s remaining 2024 mineral concession fees in Ecuador, which are due on May 1.
Kratos Defense & Security (KTOS/$33.78 | Price Target: $38) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Favorable Tailwinds? Rating: OUTPERFORM
A Trillion Dollard Defense Budget? House Republicans have released legislation that would increase Pentagon spending by $150 billion. The proposal was approved by the House Armed Services Committee and, when combined with the already approved government fiscal year 2025 $886 billion defense budget, the added dollars would bring defense spending to more than $1 trillion for the first time. A significant portion of the recent budget increases target areas in Kratos’ wheelhouse, in our opinion, which could provide additional upside to the Company.
Missile Defense. Approximately $25 billion of the $150 billion proposed increase would be earmarked for the Golden Dome missile defense initiative. Recall, Golden Dome would be a shield intended to protect the continental U.S. against advanced missiles. Golden Dome is another project that aligns with Kratos’ capabilities, in our view.
Fiscal Year 2025 Reported. Nutriband reported its financial results for FY2025, ended January 31, 2025, with a 4Q25 loss of $5.5 million or ($0.50) per share and a loss of $10.5 million or $(0.99) per share. Preparations for the abuse-deterrence clinical testing continue, with an NDA expected toward 4Q25 or early 2026. As of January 31, 2025, the cash balance was $4.3 million.
Revenue For The Pocono Pharmaceutical Division Met Expectations. The Pocono Pharmaceutical division revenue for FY2025 was $2.1 million, with 4Q25 consistent with previous quarters. Gross margin improved in 4Q25 to 45% of sales, the highest level of the year. Nutriband has extended its contract manufacturing collaboration with KT tape, the kinesiology tape company, with modest growth in our projections for FY2026.
V2X (VVX/$49.76 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some More Awards Rating: OUTPERFORM
New Awards. V2X continues to win new awards, and if current Defense budget proposals resulting in the first $1 trillion budget for fiscal year 2025 move to fruition, the award environment should remain target rich for the Company
Navy Contract. Earlier this week, the Company was awarded a $103 million contract by the U.S. Navy for Contractor Logistics Support (CLS) maintenance of C-26 aircraft. Under this contract, V2X will continue providing comprehensive CLS support, including aircraft engineering, upgrades, maintenance, and modifications. The award reinforces V2X’s role as the best-value provider for this critical mission, in our view.
Noble Capital Markets Research Report Wednesday, April 30, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – First Quarter Results Above Our Estimates; Stronger Second Half Expected Perfect (PERF)/OUTPERFORM – Q1 Revenue Growth Demonstrates Resilience Travelzoo (TZOO)/OUTPERFORM – Off To A Solid Start
Alliance Resource Partners (ARLP/$27.07 | Price Target: $31) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 First Quarter Results Above Our Estimates; Stronger Second Half Expected Rating: OUTPERFORM
First quarter financial results. Alliance reported first quarter adjusted EBITDA and earnings per unit (EPU) of $159.9 million and $0.57, respectively, compared to $238.4 million and $1.21 during the prior year period. We had projected EBITDA and EPU of $143.8 million and $0.48. While total revenue of $540.5 million was just shy of our $541.1 million estimate, we underestimated coal sales and overstated transportation revenue. Consequently, transportation expense was also overstated. Total operating expenses were $446.2 million compared to our $462.3 million forecast.
Corporate outlook for 2025 and 2026. Management’s guidance for 2025 was little changed, except for increasing the range for total coal sales tonnage, increasing expense as a percentage of oil & gas royalty revenue, depreciation expense, and lowering net interest expense expectations. For 2026, management expects the average coal sales price per ton to trend lower. Due to higher-priced, multi-contracts rolling off, the average sales price per ton could be 4% to 5% below the midpoint of ARLP’s 2025 guidance. We think planned 2025 long wall moves and actions to improve productivity and cost effectiveness could help offset lower prices.
Perfect (PERF/$1.92 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Q1 Revenue Growth Demonstrates Resilience Rating: OUTPERFORM
Solid Q1 results. The company reported Q1 revenue growth of 13.4% year over year to $16.0 million, roughly in line with our estimate of $16.2 million. Adj. EBITDA of $0.9 million was better than our estimate of $0.4 million.
B2C momentum. The strong quarterly revenue growth was driven by the company’s B2C segment. Importantly, the company is in the midst of optimizing pricing for its popular beauty app subscription and recently introduced a higher margin premium subscription plan. We believe the B2C segment is poised for continued revenue growth throughout 2025.
Travelzoo (TZOO/$16.12 | Price Target: $28) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Off To A Solid Start Rating: OUTPERFORM
Reports solid Q1 results. Q1 revenues accelerated, up 5.3%, from the 2.2% decline in the fourth quarter, reflecting the early adoption of the company’s transformative migration toward a subscription model. Results were in line with expectations, with adj. EBITDA of $4.4 million and positive free cash flow generation of $3.3 million.
Revenues expected to accelerate. Management indicated that second quarter revenue growth is expected to accelerate, double the rate of the first quarter’s 5.3%. The enhanced revenue growth reflects the success of converting legacy subscribers to a paid subscription. The paid subscription began in the first quarter of 2025, with subscription revenues recognized pro-ratably over the subscription period. As such, we expect that revenue growth will accelerate as it adds subscriptions throughout the year.
Noble Capital Markets Research Report Tuesday, April 29, 2025
Companies contained in today’s report:
FAT Brands (FAT)/OUTPERFORM – April News Roundup
FAT Brands (FAT/$2.69 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 April News Roundup Rating: OUTPERFORM
Fazoli’s Securitization. FAT Brands amended the Fazoli’s whole business securitization credit facility. The amendments extended the repayment and call dates from January 2025 to July 2026 and from July 2023 to October 2025, respectively, while also relaxing certain covenants, providing FAT greater operational flexibility. The new agreement also permits FAT to sell off the corporate-owned Fazoli locations.
France Growth. Also, during the month, FAT announced a new partnership to expand Fatburger across France, with the opening of 30 units over the next three years, with five units expected to be opened in 2026. FAT’s partner has a vast amount of experience within the restaurant space and successfully operates their own restaurant franchise in the country.
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Noble Capital Markets Research Report Monday, April 28, 2025
MustGrow Biologics Corp. (MGROF/$0.79) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Reports 4Q25 Results Rating: MARKET PERFORM
4Q25 Results. Revenue totaled $118.8 million, reflecting initial sales of TerraSante product. We were at $25,000. Net loss totaled $1.2 million, or a loss of $0.02/sh, in line with our estimate. For the full year, MustGrow reported revenue of $398,018 and a net loss of $4.9 Million, or a loss of $0.09/sh, also inline with our expectations.
Capital Raise. In mid-January, MustGrow raised $2.585 million of capital through the sale of convertible debentures. Combined with the $3 million of cash at year-end, we believe the Company has sufficient liquidity until significant revenue begins, which we expect this year.
Noble Capital Markets Research Report Friday, April 25, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – Gaining Market Share
FreightCar America (RAIL/$6.45 | Price Target: $13.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Gaining Market Share Rating: OUTPERFORM
Robust first quarter order activity. During the first quarter ending on March 31, FreightCar America received orders for a total of 1,250 railcars valued at approximately $141 million. Based on the Railway Supply Institute’s American Railway Car Institute Committee (ARCI) first quarter 2025 reporting statistics, industry orders totaled 5,085 railcars, while deliveries amounted to 7,810. Freight Car’s orders represented approximately 25% of all new railcars ordered during the quarter and 36% of FreightCar America’s addressable market.
2025 corporate guidance. Railcar deliveries are expected to be in the range of 4,500 to 4,900, revenue is expected to be in the range of $530 million to $595 million, and adjusted EBITDA is expected to be in the range of $43 to $49 million. Our current 2025 estimates include railcar deliveries of 4,700 units, revenue of $562.5 million, and EBITDA of $45.4 million. While first quarter orders of 1,250 was above our estimate of 1,000, our estimate for first quarter deliveries is unchanged.
Plans to delist. The company announced plans to move its stock from the Nasdaq to the OTC market effective May 2nd. Cumulus received a delisting warning a month earlier from Nasdaq for not meeting a $10 million minimum stockholders’ equity requirement. The company determined that will not appeal given the time, effort and cost of to remain on Nasdaq.
Ticker remains CMLS. The company has applied and qualified to list on the OTC Markets’ OTCQB market tier and expects that its shares will trade at the open on May 2 under its current trading symbol CMLS. The company indicated that it plans to continue to file periodic and other required reports with the SEC.
Noble Capital Markets Research Report Wednesday, April 23, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Better Than Expected FY 2025 Financial Results; Strong Start to FY 2026 Direct Digital Holdings (DRCT)/MARKET PERFORM – Taking Measures To Remain Listed ONE Group Hospitality (STKS)/OUTPERFORM – A Leader in Vibe Dining, Initiating Research Coverage
ONE Group Hospitality (STKS/$2.87 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | A Leader in Vibe Dining, Initiating Research Coverage Rating: OUTPERFORM
Initiating Research Coverage. We are initiating research coverage of The ONE Group Hospitality, Inc. (NASDAQ:STKS) with an Outperform rating and a $5 price target. The ONE Group is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally.
A Leader in Vibe Dining. ONE Group is a leader in the “Vibe Dining” subsegment. Vibe Dining is characterized by a quality culinary experience complimented with an engaging social scene, such as DJ’s and dancing. While not a new theme, Vibe Dining is being pushed by a generation of consumers looking for more than just food for their dollar. As a category, Vibe Dining is projected to continue to grow at above average rates.
AZZ (AZZ/$80.06 | Price Target: $112) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Better Than Expected FY 2025 Financial Results; Strong Start to FY 2026 Rating: OUTPERFORM
Fourth quarter and full year financial results. For fiscal year (FY) 2025, AZZ reported adjusted net income of $156.8 million or $5.20 per share compared to $132.8 million or $4.53 per share during FY 2024 and our estimate of $155.9 million or $5.17 per share. Compared to FY 2024, sales increased 2.6% to $1.578 billion. AZZ generated a 24.3% gross margin as a percentage of sales compared to 23.6% during the prior year. Adjusted EBITDA increased 4.3% to $347.9 million, representing 22.0% of sales compared to 21.7% of sales in FY 2024. Adjusted net income and EPS during the fourth quarter of FY 2025 were $29.6 million and $0.98, respectively, compared to our estimates of $28.8 million and $0.95 per share.
Updating estimates. We project FY 2026 revenue, adjusted EBITDA, and adjusted EPS of $1.676 billion, $381.7 million, and $5.83 respectively. Our FY 2026 estimates reflect a gross margin of $408.7 million or 24.4% of sales. We have assumed the company accelerates debt repayment to lower interest expense to offset the reduction of equity in earnings of unconsolidated subsidiaries caused by the AVAIL JV’s sale of its Electric Products business.
Direct Digital Holdings (DRCT/$0.55) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Taking Measures To Remain Listed Rating: MARKET PERFORM
Listing requirements not met. The company initially received a notification that it was not in compliance with the Nasdaq’s minimum stockholder equity requirement in October 2024. The company subsequently submitted a plan to regain compliance in February 2025 and was granted an extension until April 16, 2025. However, on April 16, the company had not regained compliance and received a letter of determination from Nasdaq on April 17.
Letter of determination. The letter of determination stated the company did not meet the terms of its extension, due to a noncomplete capital raise that was laid out in its plan to regain compliance, and ultimately did not meet the stockholders’ equity requirement. We believe that the company is working on capital raising initiatives, which should put the company back in compliance. The Class A Common stock is scheduled to be suspended from trading at market open on April 28. The company has filed for a hearing which should delay the delisting process for at least 35 days.
Noble Capital Markets Research Report Tuesday, April 22, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Adj. Fourth Quarter and Full Year Financial Results Exceed Expectations InPlay Oil (IPOOF)/OUTPERFORM – Share Consolidation, Updating Estimates NN (NNBR)/OUTPERFORM – Solid 1Q25 New Business Wins V2X (VVX)/OUTPERFORM – Some LOGCAP Extensions
AZZ (AZZ/$77.62 | Price Target: $112) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Adj. Fourth Quarter and Full Year Financial Results Exceed Expectations Rating: OUTPERFORM
Fourth quarter and full year financial results. For fiscal year (FY) 2025, AZZ reported adjusted net income of $156.8 million or $5.20 per share compared to $132.8 million or $4.53 per share during FY 2024 and our estimate of $155.9 million or $5.17 per share. Compared to FY 2024, sales increased 2.6% to $1.578 billion. AZZ generated a 24.3% gross margin as a percentage of sales compared to 23.6% during the prior year. Adjusted EBITDA increased 4.3% to $347.9 million, representing 22.0% of sales compared to 21.7% of sales in FY 2024. Adjusted net income and EPS during the fourth quarter of FY 2025 were $29.6 million and $0.98, respectively, compared to our estimates of $28.8 million and $0.95 per share.
Debt reduction. During FY 2025, AZZ generated operating cash flow of $249.9 million and reduced debt by $110 million. Management expects to accelerate debt repayments with proceeds from the AVAIL transaction which is expected to close in the first quarter of FY 2026. We estimate FY 2026 debt repayments could approach $300 million. At the end of FY 2025, AZZ’s net leverage was below 2.5x trailing twelve months EBITDA.
Share consolidation. As of April 21, 2025, InPlay Oil shares are trading on a post-consolidation basis, with 27,939,437 common shares outstanding. The terms of the share consolidation were one post-consolidation common share per six pre-consolidation common shares. Fractional shares resulting from the consolidation were rounded down to the nearest whole number.
Updating estimates and price target. We are updating our 2025 estimates to reflect fewer shares outstanding and lower crude oil price estimates. For 2025, we are lowering our oil and gas revenue and earnings per share estimates to C$318.7 million and C$1.34, from C$333.5 million and C$1.46, both adjusted for the share consolidation. Moreover, we have lowered our adjusted funds flow (AFF) to C$149.5 million from C$161.6 million. We are maintaining our production estimate of 18,750 barrels of oil equivalent per day (boe/d) post the Pembina acquisition, which averages 15,816 boe/d for the full-year 2025.
NN (NNBR/$1.71 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Solid 1Q25 New Business Wins Rating: OUTPERFORM
1Q25 New Business Wins. NN achieved 1Q25 new business wins of $16.4 million, a solid performance given the state of the economy, in our view. In the same period last year, new business wins totaled $17.2 million. NN is well on its way to meeting its 2025 goal of $65 million in new business wins.
Diversified Backlog and Pipeline. New business wins for the quarter were focused on electrical and power products, medical, non-automotive industrial products, and automotive products. Roughly half of the nearly $700 million pipeline is in these targeted areas.
V2X (VVX/$46.83 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Some LOGCAP Extensions Rating: OUTPERFORM
LOGCAP Extensions. V2X has been notified by the U.S. Army that it will extend the current period of performance (PoP) for the various task orders under the LOGCAP V ID/IQ contract to support U.S. military operations worldwide. The Company’s Kuwait Task Order (TO), Iraq Task Order, and INDOPACOM Task Order are scheduled to extend through June 2030. Given the size of LOGCAP V, we view this as a significant positive for the Company.
SAM.gov. According to the filing on SAM.gov, the Army sought to increase the overall PoP for the current LOGCAP performance task orders (PTOs) to match the PoPs of the aligned Set the Theater (STT) task orders. The LOGCAP STT TOs were awarded as a base year plus nine one-year option periods.
Noble Capital Markets Research Report Monday, April 21, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – First Tranche of Private Placement Financing Closed Hemisphere Energy (HMENF)/OUTPERFORM – 2024 Financial Results In line with Expectations, 2025 Outlook
Aurania Resources (AUIAF/$0.2 | Price Target: $0.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 First Tranche of Private Placement Financing Closed Rating: OUTPERFORM
Private placement financing. Aurania Resources Ltd. closed the first tranche of its previously announced non-brokered private placement financing of up to 5,000,000 units at a price of C$0.30 per unit for gross proceeds of up to C$1,500,000. An aggregate of 3,182,899 units were sold under the first tranche for gross proceeds of C$954,869.70. Dr. Keith Barron, CEO and a director, acquired 1,000,000 units under the offering and owns or exercises control over 47,672,635 common shares, 1,752,992 options, and 12,399,135 warrants representing 44.41% and 50.88% of the company’s issued and outstanding common shares on a non-diluted and partially diluted basis, respectively.
Terms of the offering. Each unit is composed of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.55 for a period of 24 months following the closing of the first tranche. To accommodate demand, Aurania may increase the size of the offering by up to 25% and expects to close the remaining tranche(s) on or around April 24.
Hemisphere Energy (HMENF/$1.27 | Price Target: $2.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | 2024 Financial Results In line with Expectations, 2025 Outlook Rating: OUTPERFORM
Full-year 2024 financial results. Hemisphere Energy reported full-year net income and earnings per share of C$33.1 million and C$0.33, respectively, slightly above our estimates of C$32.3 million and C$0.32. The variance is mainly due to stronger oil pricing of $79.48, compared to our estimate of $76.31. Year-over-year, oil and natural gas revenue increased ~18% to C$79.7 million from C$67.7 million. This increase was driven by increased production and more robust pricing of 3,436 barrels of oil equivalent per day (boe/d) and $79.48, respectively, compared to 3,125 boe/d and $74.07. Likewise, adjusted funds flow (AFF) increased 16% in 2024 to C$45.8 million from C$39.4 million in 2023. We had forecast AFF of C$45.4 million.
Updating estimates. Based on lower crude oil price estimates, we are lowering our 2025 net income and earnings per share estimates to C$30.3 million and C$0.29, respectively, from C$37.2 million and C$0.37. Additionally, we are decreasing our adjusted funds flow estimate to C$42.9 million from C$50.6 million. We are maintaining our 2025 average daily production estimate of 3,900 boe/d, an increase of ~14% over 2024.
Noble Capital Markets Research Report Thursday, April 17, 2025
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – Strategic Partnership with RWE Clean Energy NN (NNBR)/OUTPERFORM – Term Loan Refi Completed QuoteMedia Inc. (QMCI)/OUTPERFORM – A Sanguine Outlook For 2025
Comstock (LODE/$2.16) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strategic Partnership with RWE Clean Energy Rating: MARKET PERFORM
Partnership with RWE. Comstock Metals entered into a Master Services Agreement with RWE Clean Energy, the U.S. subsidiary of RWE, which operates a renewable energy portfolio of approximately 10 gigawatts. It is the third largest owner and operator of onshore wind, solar, and battery storage in the United States. Comstock Metals will provide RWE with recycling, decommissioning, and logistics services for their U.S. solar installations to ensure a zero-landfill solution for 100% of the recovered solar panel materials.
Industry-scale facility. Comstock Metals has operated a demonstration-scale solar panel recycling facility since 2024. The company generates revenue through service fees for decommissioning, tipping fees for receiving and processing end-of-life solar panels, and offtake sales of high-value recycled materials, including aluminum, copper, glass, and concentrated precious metals. Comstock expects to spend $6 million to build its first large-scale facility in 2025. The project will be commissioned in 2026 and will scale in two phases, with initial capacity of up to 50,000 tons annually by 2026, and then to 100,000 tons annually.
NN (NNBR/$1.63 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Term Loan Refi Completed Rating: OUTPERFORM
Term Loan Refi. NN announced the successful completion of its term loan refinancing. The new term loan has multiple improved operational features that management expects will enable the Company to improve and grow faster. Combined with the $65 million ABL refinancing announced in January, yesterday’s announcement sets the stage for a new chapter for NN, in our view.
Details. Although we are awaiting an 8-K filing to drill down into all the terms of the new financing, the term loan is $118 million, with a 2030 maturity. There is a $10 million add-on feature for certain borrowing and improved leverage and liquidity covenants. However, the interest rates are slightly higher than the previous term loan. Marathon Asset Management is the new lender.
QuoteMedia Inc. (QMCI/$0.15 | Price Target: $0.2) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Sanguine Outlook For 2025 Rating: OUTPERFORM
2024 in the rearview mirror. The company reported Q4 revenue of $4.7 million and adj. EBITDA of $0.2 million, both of which were largely in line with our estimates of $4.6 million and $0.3 million, respectively. Notably, both revenue and adj. EBITDA for 2024 decreased from the prior year, which was largely attributed to key clients facing difficulties during the year and reduced spending or discontinued services entirely.
2025 revenue outlook appears more promising. Management indicated that the Q1 revenue outlook should significantly improve, with Q1 expected to achieve the highest quarterly revenue in company’s history, near $5 million. Notably, management indicated that it is currently not affected by the geopolitical environment or the impact of tariffs. As such, it remains sanguine about the opportunity for the company to achieve at least $20 million in revenue for full year 2025.
Noble Capital Markets Research Report Wednesday, April 16, 2025
Companies contained in today’s report:
QuoteMedia Inc. (QMCI)/OUTPERFORM – Not Getting Revenue Traction
QuoteMedia Inc. (QMCI/$0.15 | Price Target: $0.26) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Not Getting Revenue Traction Rating: OUTPERFORM
In-line results. The company reported Q4 revenue of $4.7 million and adj. EBITDA of $0.2 million, both of which were largely in line with our estimates of $4.6 million and $0.3 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, both revenue and adj. EBITDA for 2024 decreased from the prior year, which was largely attributed to key clients facing difficulties during the year and reducing spending or discontinuing services entirely.
A difficult year. During the company’s Q3 earnings call, management highlighted the loss of a large client and indicated that some of its other clients are facing financial hardship, even though management indicated that there was a strong pipeline, albeit with a long ramp-up period. As such, the year-end results were largely expected to be lackluster.
Noble Capital Markets Research Report Tuesday, April 15, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – First Cerebras Systems Location Secured GeoVax Labs (GOVX)/OUTPERFORM – Stop Work Order Received For Project NextGen Trial – No Impact On Other Programs
Bit Digital (BTBT/$1.85 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | First Cerebras Systems Location Secured Rating: OUTPERFORM
New Tier 3 Site. Bit Digital announced that it has secured the rights to a new data center site in Saint-Jérôme, Québec (to be known as Montreal-3). This site, which is under development, will support the previously announced 5MW colocation agreement with Cerebras Systems, a leader in generative AI infrastructure.
Details. The facility spans approximately 202,000 square feet on 7.7 acres. In addition to the current Cerebras agreement, the facility has future expansion potential, subject to utility approvals. The transaction was executed under a lease-to-own structure, which includes a fixed-price purchase option exercisable within 12 months. The lease term is 20 years, with two 5-year extension options. The facility is being retrofitted to Tier 3 standards. Bit Digital expects development costs to total approximately CAD $55 million (approximately $40MM USD), and a targeted go-live date of July 2025.
GeoVax Labs (GOVX/$1.07 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Stop Work Order Received For Project NextGen Trial – No Impact On Other Programs Rating: OUTPERFORM
GeoVax Has Received A Stop Work Order For The Phase 2b Trial. GeoVax has received a Stop Work order for its BARDA-sponsored Phase 2b trial testing of CM04S1 for COVID-19. We have known about other Project NextGen-funded COVID-19 trials that were halted, but hoped the CM04S1 program would continue.
Background On The Phase 2 Trial. In June 2024, BARDA (an office within HHS) selected CM04S1 for a Phase 2b trial to test efficacy, immunogenicity, and safety for protection against COVID-19 as part of Project NexGen. We had expected GeoVax to receive about $25 million for its work on trial design and supplies to be receive
Noble Capital Markets Research Report Monday, April 14, 2025
Companies contained in today’s report:
InPlay Oil (IPOOF)/OUTPERFORM – Moving Up in the League Table
InPlay Oil (IPOOF/$0.93 | Price Target: $3.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Moving Up in the League Table Rating: OUTPERFORM
Transformative acquisition closed. InPlay Oil recently closed its acquisition of Cardium light oil focused assets in the Pembina area of Alberta from Obsidian Energy for net consideration of approximately $301 million. The transaction more than doubles InPlay’s total output to 18,750 barrels of oil equivalent per day (boe/d). The assets are 68% weighted in oil and natural gas liquids (NGLs) and have a low decline rate of 22%. Management expects greater production, a lower decline rate, and enhanced operational efficiency. Following the completion of the acquisition, InPlay had 167,636,627 shares issued and outstanding.
Share consolidation. Effective April 14, InPlay will implement a share consolidation based on one common share for six common shares. The consolidation was unanimously approved by the company’s board and by 96.56% of the votes cast during a special meeting of shareholders. Post-consolidation, InPlay will have approximately 27,939,438 common shares issued and outstanding. The shares are expected to begin trading on a post-consolidation basis two to three trading days following the effective date.
Noble Capital Markets Research Report Friday, April 11, 2025
Companies contained in today’s report:
Saga Communications (SGA)/OUTPERFORM – Is It Time To Buy The Stock?
Saga Communications (SGA/$11.5 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Is It Time To Buy The Stock? Rating: OUTPERFORM
Attractive opportunity. The SGA stock is down 48% over the past year, which we believe is largely due to macroeconomic uncertainty impacting advertising revenue and a digital segment that is still early in its development. With some of the noise related to the late filing and activist shareholders quelled for the time being, the company is fully focused on its growth strategy. Given that radio stocks typically experience early cycle recoveries, we believe investors should have the SGA shares on their radar screens.
Cost-effective digital growth strategy. A key focus of the company is reducing costs that have no impact on revenue and continuing to emphasize the roll out of its blended digital advertising strategy. Notably, the blended strategy combines radio and digital advertising to provide a consistent message to customers on both mediums and to drive radio listeners to digital platforms. We view the company’s emphasis on the unique strategy favorably.
Noble Capital Markets Research Report Thursday, April 10, 2025
Companies contained in today’s report:
Snail (SNAL)/OUTPERFORM – Increasing Working Capital
Snail (SNAL/$0.77 | Price Target: $4) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Increasing Working Capital Rating: OUTPERFORM
Completes a private placement. The Company completed a private placement offering of two unsecured convertible promissory notes for a combined total of $3.3 million. The notes were sold at a 10% discount to the principal amount and will pay a 5% Paid-In-Kind (PIK) annualized dividend. The proceeds will be used to increase working capital to support its projects and game releases in 2025.
Convertible features. The notes are convertible into shares of Class A Common Stock at $5.00 on any trading day during the five trading days prior to the conversion date. The notes mature in February 2026. Interest to be Paid-In-Kind (PIK) on the convertible notes will begin May 2025 and will be paid in 10 equal payments.
Noble Capital Markets Research Report Wednesday, April 9, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – A Strong U.S. Economy Relies on Abundant, Affordable and Reliable Energy Sources V2X (VVX)/OUTPERFORM – New Business; Successful ReFi
Alliance Resource Partners (ARLP/$25.87 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 A Strong U.S. Economy Relies on Abundant, Affordable and Reliable Energy Sources Rating: OUTPERFORM
Biden-era policies disadvantaged coal-fired power plants. In May 2024, the Environmental Protection Agency published a final rule that amended the Mercury and Air Toxics Standards (MATS) rule to make it more stringent. The rule placed severe burdens on coal-fired power plants and required compliance with standards premised on the application of costly emissions-control technologies that, for many coal plants, were not commercially viable. The new carbon emission rules were expected to accelerate coal-fired power plant retirements.
Taking a pragmatic and realistic approach. On April 8, President Trump took actions through proclamation and executive order to, 1) reinvigorate the U.S. coal industry, 2) protect American energy from state overreach, 3) strengthen the reliability and security of the United States electric grid, and 4) provide two years of relief from stringent Biden-era environmental regulations by allowing certain coal plants to comply with a less stringent version of the MATS rule. Moreover, the actions are intended to reduce regulatory burdens and promote coal exports.
V2X (VVX/$45.66 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 New Business; Successful ReFi Rating: OUTPERFORM
COBRA DANE. V2X has been awarded a $62 million contract extension to continue ensuring the operational readiness of the COBRA DANE radar system in Alaska. In addition to ensuring operational readiness, V2X has incorporated various engineering enhancements into this essential system, extending its capabilities and readiness. This full-spectrum support emphasizes V2X’s differentiated capabilities, in our view. The extension work is expected to be completed by March 2027.
TESS ID/IQ. V2X won a seat on the Bridge to Enduring Synthetic Training Environment Tactical Engagement Simulation Systems (TESS). This contract supports the U.S. Army’s TESS devices, a vital component of its live training capabilities, by extending their product life and ensuring they meet the Army’s evolving requirements. The ID/IQ contract includes a ten-year performance period consisting of a five-year base period and two options with a ceiling value of $921 million. This award complements V2X’s previously won $3.7 billion Warfighter Readiness task order.
Noble Capital Markets Research Report Tuesday, April 8, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Monica GDEV (GDEV)/OUTPERFORM – A More Profitable Growth Outlook
Euroseas (ESEA/$28.13 | Price Target: $44) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Monica Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. executed a time charter contract for the M/V Monica at a gross daily rate of $23,500 for a minimum period of 24 months, with an option to extend to a maximum of 26 months at the charterer’s option. The M/V Monica is a 1,800 twenty-foot equivalent unit (TEU) feeder container ship. The new charter is expected to commence between the end of April and mid-May 2025.
Attractive rate and improved charter coverage. The new time charter is an improvement over the previous contract rate of $16,000 per day and is expected to contribute EBITDA of $12.1 million during the minimum contracted period. The new time charter enhances Euroseas’ charter coverage for the remainder of 2025 and 2026 to ~94% and ~58%, respectively.
GDEV (GDEV/$9.7 | Price Target: $70) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A More Profitable Growth Outlook Rating: OUTPERFORM
Solid Q4 results. The company reported Q4 revenue of $97.5 million, modestly lower than our estimate of $101.0 million, but adj. EBITDA of $12.2 million was substantially better than our estimate of a loss of $1.9 million. The adj. EBITDA beat was largely driven by the company’s efficient use of selling and marketing expenses, which were 25% lower than our estimate.
Key operating metrics. In Q4, the company generated $94 million in bookings and had 292,000 monthly paying users (MPU). Bookings were largely in line with our expectations, while MPUs were modestly lower than we anticipated. Importantly, the decrease in MPU’s moderated from the quarter-over-quarter decrease experienced in Q3, and the company’s strategic marketing efforts appear to be gaining traction.
Noble Capital Markets Research Report Monday, April 7, 2025
Companies contained in today’s report:
E.W. Scripps (SSP)/OUTPERFORM – Plenty Of Near Term Catalysts
E.W. Scripps (SSP/$2.38 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Plenty Of Near Term Catalysts Rating: OUTPERFORM
Notes from recent investor meetings. This report highlights comments from Jason Combs, CFO, and Carolyn Micheli, VP Corp. Communications, on a Non-Deal Roadshow to California on April 2, 2025. Topics of discussion included the timing of debt refinancings, deregulation prospects, current advertising environment, Retransmission growth, and revenue prospects from the implementation of a new broadcast standard, ATCS 3.0.
Debt refi to be completed imminently. The company is expected to imminently announce the securitization of $450 million of its accounts receivable, with a portion of the proceeds to be used to pay down its 2026 term loan and extending its revolver to mid-2027. Notably, the interest rate on the refi is a modest 70 basis points above the original revolver. The company also pushed the maturities of its 2026 term loan and 2028 term loan 2 years and 1 year, respectively.
Noble Capital Markets Research Report Friday, April 4, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – While the Tariff Overhang is Removed, RAIL Shares Remain Undervalued Resources Connection (RGP)/OUTPERFORM – Challenges Remain, But Some Positive Signs
FreightCar America (RAIL/$5 | Price Target: $13.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 While the Tariff Overhang is Removed, RAIL Shares Remain Undervalued Rating: OUTPERFORM
No direct tariff impact. While the Trump administration recently announced sweeping new tariffs, goods from Mexico and Canada that comply with the United States-Mexico-Canada Agreement (USMCA) trade agreement remain exempt from tariffs, except for automobile exports and steel and aluminum, which fall under separate tariffs. FreightCar America sources most of its raw materials, including aluminum, from the United States.
Return to business as usual. FreightCar America, along with customers in its addressable markets, have greater certainty regarding tariff policies, which could promote a return to business as usual for those that might have previously deferred orders due to uncertainty. While the Trump administration’s trade policies could have implications for U.S. and global economic growth, we believe the tariffs are negotiable. Importantly, because RAIL continues to increase its market share serving an industry that is in a replacement cycle, we do not anticipate a change in RAIL’s near-term sales trajectory despite the potential for slower economic growth.
Resources Connection (RGP/$5.32 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | Challenges Remain, But Some Positive Signs Rating: OUTPERFORM
3Q25 Results. Results came in-line or better than management’s expectations. Revenue was $129.4 million, modestly short of our $132 million estimate. Gross margin of 35.1% was just above the high end of guidance and our 34.8% estimate. The bottom line was impacted by a $42 million goodwill impairment charge, resulting in an adjusted loss of $0.08/sh for the quarter.
Challenging Environment. The professional services environment remains challenging, especially in the U.S., given the economic uncertainty. However, the Company is seeing positive signs in the International business. Several key performance indicators, including bill rate increases, sizeable pipeline expansion, and the return of $1M+ project pursuits, point to a brighter future.
Noble Capital Markets Research Report Thursday, April 3, 2025
Companies contained in today’s report:
GDEV (GDEV)/OUTPERFORM – Marketing Strategy Hits Its Stride Government Solutions (Government Solutions) – New ICE Emergency Funding? MariMed Inc (MRMD)/OUTPERFORM – A Cannabis Brands Company; Initiating Coverage
GDEV (GDEV/$10.87 | Price Target: $70) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Marketing Strategy Hits Its Stride Rating: OUTPERFORM
Solid Q4 results. The company reported Q4 revenue of $97.5 million, modestly lower than our estimate of $101.0 million, but adj. EBITDA of $12.2 million was substantially better than our estimate of a loss of $1.9 million, as illustrated in Figure #1 Q4 Results. The adj. EBITDA beat was largely driven by the company’s efficient use of selling and marketing expenses, which was 25% lower than our estimate.
Key operating metrics. In Q4, the company generated $94 million in bookings and had 292,000 monthly paying users (MPU). Bookings were largely in line with our expectations, while MPUs were modestly lower than we anticipated. Importantly, the decrease in MPU’s moderated from the quarter-over-quarter decrease experienced in Q3, and the company’s strategic marketing efforts appear to be gaining traction.
Government Solutions Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 New ICE Emergency Funding?
Emergency Funding. On Tuesday, the Department of Homeland Security submitted on SAM.gov for an emergency detention and related services strategic sourcing vehicle to bring an additional allotment of detention beds online nationwide, in compliance with the President’s Declaration of a National Emergency at the Southern Border of the United States and related Executive Orders. The maximum ceiling value of the vehicle is $45 billion.
Details. Under the RFP, the government anticipates making multiple indefinite delivery/indefinite quantity (IDIQ) contract awards. It appears the contract will have a two-year period of performance, from April 14, 2025, through April 13, 2027. Responses are due by April 4th. Under the scope of work, the vendor may be required to provide infrastructure, staffing, services, and/or supplies necessary to provide safe and secure confinement for aliens in the administrative custody of ICE. Ground transportation services may also be required.
MariMed Inc (MRMD/$0.09 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Cannabis Brands Company; Initiating Coverage Rating: OUTPERFORM
Initiating Research Coverage. We are initiating research coverage of MariMed, Inc. with an Outperform rating and a $0.25 price target. MariMed is a cannabis brand powerhouse, in our view, with leading market shares in current markets and significant expansion potential both within existing markets and new greenfield markets.
MSO. With operations in six states, MariMed is a vertically integrated seed-to-sale cannabis provider. Following in the footsteps of successful consumer brands companies, MariMed has three market leading brands across its operations. We expect the Company to benefit from the growth of its brands in growing markets as well as the addition of new markets in Ohio, Illinois, and Delaware in 2025.
Noble Capital Markets Research Report Wednesday, April 2, 2025
Companies contained in today’s report:
Xcel Brands (XELB)/OUTPERFORM – Focused On Licensing Development
Xcel Brands (XELB/$3.05 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Focused On Licensing Development Rating: OUTPERFORM
Industry dynamics. The QVC Group recently announced that it is laying off 900 employees as part of its effort to become a live social shopping company. Notably, while we don’t anticipate QVC will stop live selling on traditional TV, the increased focus on social commerce is illustrative of changing consumer viewing habits. In our view, XCEL Brands is well positioned to benefit from shift in viewing habits toward streaming alternatives.
Valuable expertise. XCEL Brands is a veteran in the live selling space and has extensive experience working with celebrities to help bring their products to market and help them sell. In our view, the company is well positioned to provide celebrities with expertise both in traditional TV and social commerce selling, or live streaming.
Noble Capital Markets Research Report Tuesday, April 1, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Making Progress on Multiple Fronts Cocrystal Pharma (COCP)/OUTPERFORM – FY2024 Reported With Clinical Trials On Schedule Unicycive Therapeutics (UNCY)/OUTPERFORM – FY2024 Reported As The Countdown To OLC PDUDFA Date Begins
Aurania Resources (AUIAF/$0.24 | Price Target: $0.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Making Progress on Multiple Fronts Rating: OUTPERFORM
Concession renewal in Ecuador. In March, Aurania filed the appropriate documentation for the 2025 renewal of its 42 mineral exploration concessions in southeastern Ecuador, along with a request to enter into an agreement for payment of the annual concession fees. The request was accepted, and the company is working with various governmental departments to negotiate an agreement. Aurania considers that by filing the concession renewals prior to the March 31 deadline, it maintains its property in Ecuador in good standing while a payment agreement is being finalized.
Kuri-Yawi IP geophysical survey. An induced polarization survey was completed at the Kuri-Yawi epithermal gold target in late 2024. The survey confirmed the presence of a conductive area, which could be an epithermal conduit that Aurania has been targeting. Aurania’s geologists are currently studying and comparing data compiled to date from the IP survey, an airborne magnetic survey, field work, previous drilling data, and a MobileMT survey to define the best possible drill hole locations for a future drilling program.
Cocrystal Pharma (COCP/$1.42 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 FY2024 Reported With Clinical Trials On Schedule Rating: OUTPERFORM
Fourth Quarter and FY2024 Reported. Cocrystal reported a 4Q24 loss of $3.1 million or $(0.31) per share and a FY2024 loss of $17.5 million or $(1.72) per share. The company reviewed the progress it has made in 4Q24 and YTD with CC-988 for norovirus/coronavirus and with CPI-42344 for influenza. The cash balance on December 31, 2024, was $9.9 million.
Human Challenge Study Planned For CC-988 In Norovirus. Cocrystal is planning a human challenge study to test CC-988, its protease inhibitor for norovirus and coronaviruses. The new trial follows the results of the Phase 1 ascending dose studies announced in December 2024, showing safety and tolerability. Results from an additional high-dose cohort are expected in 2Q25. The Phase 2a human challenge study is expected to begin later in 2025.
Unicycive Therapeutics (UNCY/$0.57 | Price Target: $7) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 FY2024 Reported As The Countdown To OLC PDUDFA Date Begins Rating: OUTPERFORM
FY2025 Made Significant Progress. Unicycive reported a 4Q loss of $21.7 million or $(0.20) per share and a loss of $37.8 million or $(0.56) per share for FY2024. Cash on December 31, 2024 was $26.1 million. The most significant development, in our opinion, is the June 28, 2025, PFUFA date by which the FDA is required to answer to the Oxylanthanum (OLC) NDA.
OLC Launch is expected in Late 2025. The PDUFA date of June 28, 2025, is the statutory date by which the FDA is required to answer the NDA application. We expect OLC to be approved, based on its clinical trial data showing equivalence to lanthanum (Fosrenol, from Shire) with easier dosing, better patient compliance, and more patients reaching the target range for phosphate levels. An estimated 70% of the renal dialysis patients do not have adequate phosphate control. We believe its lower pill burden and improved patient compliance will lead to better outcomes with fewer morbidity events, leading to a strong market share.
Noble Capital Markets Research Report Monday, March 31, 2025
Companies contained in today’s report:
Snail (SNAL)/OUTPERFORM – 2025 To Headline Diversification Efforts
Snail (SNAL/$1.04 | Price Target: $4) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | 2025 To Headline Diversification Efforts Rating: OUTPERFORM
Solid Q4 results. The company reported Q4 revenue and adj. EBITDA of $26.2 million and $1.6 million, respectively. While revenue was modestly better than our estimate of $25.0 million, adj. EBITDA was a tad softer. Notably, the variance in adj. EBITDA was driven by an increased focus on in-house development, resulting in higher R&D costs. We view the company’s efforts to diversify its revenue stream as a favorable development.
Portfolio expansion. The company has been taking steps to offer more games and products that could drive revenue diversification. Notably, the company launched ARK: Ultimate Mobile Edition in December and gained over 2 million users during the month. Additionally, the company soft launched a new mobile app, SaltyTV, which offers original short film content. Furthermore, the company acquired eleven games in 2024, with several releases expected in 2025.
Key Points: – Ripple reportedly made a $4–$5 billion bid to acquire USDC issuer Circle, which was declined. – Circle is pursuing a public listing and is currently in a regulatory quiet period. – The deal reflects intensifying competition in the stablecoin space ahead of expected U.S. legislation.
Crypto payments firm Ripple made headlines this week after reports emerged that it offered between $4 billion and $5 billion to acquire Circle, the issuer of the USDC stablecoin. While the offer was ultimately turned down, the attempted acquisition highlights a growing race among major players in the digital asset space to consolidate infrastructure and scale stablecoin capabilities ahead of impending U.S. regulation.
According to Bloomberg, Ripple’s bid was rebuffed by Circle as undervaluing the company. The timing is notable: Circle recently filed for a public listing with the SEC and is currently in a regulatory “quiet period,” restricting its ability to comment on financial matters. Nevertheless, the attempted acquisition sheds light on Ripple’s expansion strategy and broader trends in the maturing stablecoin ecosystem.
Ripple CEO Brad Garlinghouse has previously stated the company would be “more proactive in looking at acquisitions,” particularly in blockchain infrastructure. Ripple’s recent launch of its own stablecoin, RLUSD, on Ethereum and the XRP Ledger is consistent with this strategy. RLUSD has grown quickly in 2025, with its market cap rising to $317 million, but it still trails far behind Circle’s USDC, which boasts a market cap exceeding $62 billion and is issued across 19 blockchains.
Stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—have become central to the crypto economy. They’re used for everything from trading and remittances to DeFi protocols and cross-border payments. As such, ownership of a dominant stablecoin platform offers a critical foothold in the broader digital asset infrastructure.
For Ripple, acquiring Circle would have provided a powerful shortcut to stablecoin dominance. Beyond simply growing its token footprint, the deal could have given Ripple access to Circle’s institutional network, regulatory goodwill, and technical infrastructure—all valuable assets as Congress debates landmark stablecoin regulation. While Ripple’s own RLUSD is gaining traction, it lacks USDC’s deep liquidity and institutional adoption.
This isn’t the first major deal in the stablecoin space. In October 2024, payments firm Stripe acquired Bridge, a stablecoin platform, for $1.1 billion—one of the largest crypto M&A deals to date. The Ripple-Circle talks, though unsuccessful, suggest that much larger transactions could be on the table as fintech and crypto firms position themselves ahead of coming legislation.
Lawmakers in Washington are working on frameworks to regulate stablecoins and digital asset markets. With increased clarity, more traditional financial players—like Bank of America or PayPal—could soon enter the space. That raises the stakes for crypto-native firms like Ripple and Circle, which are racing to cement their roles before regulations unlock the next wave of competition.
For small and micro-cap crypto investors, this event underscores the growing importance of strategic acquisitions in shaping the sector’s future. Ripple’s failed bid also suggests that Circle sees itself on a trajectory toward greater independence and valuation—particularly with a public listing on the horizon.
Whether or not a Ripple-Circle deal is revived, it’s clear the stablecoin wars are accelerating—and consolidation could define the next phase of the crypto market.
Key Points: – The U.S. added 177,000 jobs in April, beating expectations and holding the unemployment rate steady at 4.2%. – Wage growth slowed slightly, easing pressure on the Federal Reserve amid ongoing inflation concerns. – Tariff impacts on jobs may not be fully visible yet, but early signs suggest employers are holding steady.
The U.S. labor market showed surprising resilience in April, even in the wake of President Trump’s sweeping “Liberation Day” tariffs that unsettled financial markets and raised fears of economic slowdown. According to the Bureau of Labor Statistics, the U.S. economy added 177,000 nonfarm payroll jobs last month, beating economists’ expectations of 138,000. The unemployment rate remained unchanged at 4.2%, maintaining stability in the face of mounting trade and inflation concerns.
Wage growth was slightly softer than anticipated, with average hourly earnings rising 0.2% over the prior month and 3.8% year-over-year. While these figures were modestly below forecasts, they suggest continued income gains without reigniting inflationary pressure — a welcome balance for policymakers and investors alike.
Markets responded positively to the data. Major indexes rose in early Friday trading, as investors interpreted the report as a sign that the economy may weather the storm from Trump’s tariff strategy better than initially feared. The CME FedWatch Tool showed reduced expectations for an immediate rate cut, easing pressure on the Federal Reserve to act in response to short-term volatility.
A closer look at industry-level data reveals both strength and shifting dynamics within the labor market. Healthcare once again proved to be a cornerstone of job creation, adding 51,000 positions in April. The transportation and warehousing sector also saw a notable rebound, gaining 29,000 jobs after a sluggish March, possibly linked to pre-tariff import activity that boosted freight demand.
The leisure and hospitality sector, which has seen uneven recovery since the pandemic, added 24,000 jobs, signaling that consumer demand for services remains strong. However, federal government employment fell by 9,000 amid ongoing changes tied to the Trump administration’s Department of Government Efficiency (DOGE) initiative. Overall government hiring, including state and local positions, rose by 10,000.
Revisions to March’s job gains showed a slight decline, with the updated total now at 185,000, down from the previously reported 228,000. Still, the broader trend remains steady: the U.S. has averaged 152,000 job additions per month over the past year — enough to sustain growth without overheating the economy.
Timing Matters in Evaluating Tariff Impact
While Friday’s data offered a reassuring picture, economists caution that it may not fully capture the impact of the April 2 tariff announcement. Because payroll data is based on employment status during the pay period including the 12th of the month, many businesses may not have had time to implement layoffs or hiring freezes in response to the policy shift.
Still, early indicators suggest employers have not moved swiftly to cut staff. Initial jobless claims, while ticking up slightly in late April, remain relatively low. Private sector hiring data from ADP showed only 62,000 new jobs in April, the lowest since last July, suggesting a possible lag in response from employers.
Outlook for Small and Micro-Cap Investors
For investors focused on small and micro-cap stocks, April’s labor report offers a cautiously optimistic signal. Employment strength — especially in transportation, healthcare, and services — supports consumer demand and business stability. However, uncertainty tied to trade policy and inflation remains a risk factor. As the second quarter unfolds, close attention to hiring trends, inflation data, and Fed decisions will be critical for navigating market volatility and spotting growth opportunities.
New resource offers insights, strategies, and tips to build measurable digital audio campaigns
AUSTIN, Texas, May 1, 2025 /PRNewswire/ — Orange 142, LLC (“Orange 142”), a division of Direct Digital Holdings (Nasdaq: DRCT) and a leading digital marketing agency for mid-market brands and agencies, today announced the release of its Digital Audio Best Practices Guide. Developed by Orange 142’s Emerging Channels Council, the guide provides marketers with the strategic frameworks and practical insights to leverage digital audio as a performance-driving channel fully.
Digital audio is becoming more popular, with over 228 million Americans tuning in monthly across podcasts, streaming music, and internet radio. As this channel grows, it offers advertisers new opportunities to connect with highly engaged audiences through data-driven, programmatic campaigns.
“With this guide, we’re giving marketers of any size a playbook to fully tap into the power of digital audio—an environment where audiences are deeply engaged and often unreachable through other media,” said Lindsey Wilkes, SVP, Business Development and head of the Emerging Channels Council. “Whether listeners commute, work out, or cook dinner, digital audio offers rare, screen-free moments to deliver hyper-relevant messages. It’s not just about being heard—it’s about building brand presence in the everyday routines where loyalty is shaped.”
The guide explores:
The current opportunity in digital audio, including key audience and spend trends
The unique advantages of digital audio include precision targeting, immersive storytelling, and lower fraud risks
Industry challenges such as platform fragmentation, measurement limitations, and privacy regulations
Emerging trends, including AI-driven optimization, spatial audio, and programmatic growth
Privacy best practices for responsible targeting and consent management
Advanced approaches to measurement that move beyond basic exposure metrics to deliver meaningful attribution insights
Practical implementation strategies for audio creative, campaign optimization, and cross-channel alignment
“Digital audio combines the power of storytelling with the precision of digital targeting,” added Lindsey Wilkes. “But success requires more than just buying inventory—it takes intentional creative strategy, cross-device measurement, and a deep understanding of the audio landscape. With this guide, we deliver everything in one place for marketers.”
The Digital Audio Best Practices Guide is part of a broader initiative from the Orange 142 Emerging Channels Council, which serves as a thought leadership hub for helping independent brands and agencies explore innovative and underutilized advertising channels. The Council helps marketers unlock new growth opportunities through sustainable and scalable media strategies by providing access to education, collaboration, and actionable tools.
To download the Digital Audio Best Practices Guide or explore additional Emerging Channels resources, visit: orange142.com/emerging-channels-hub
About Orange 142 Orange 142 is a digital marketing and advertising company helping businesses and agencies of all sizes grow their reach and revenue through strategic, data-driven media execution. As the buy-side arm of Direct Digital Holdings (Nasdaq: DRCT), Orange 142 delivers customized solutions across programmatic, search, social, connected TV, and emerging digital channels. With deep expertise in high-growth sectors such as Travel & Tourism, Healthcare, Energy, and Financial Services, Orange 142 creates results-driven campaigns that connect brands with their most valuable audiences.
CULVER CITY, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today highlighted major milestones across its portfolio for April 2025, including expansions within the ARK franchise, a content milestone for Bellwright, and multiple IP launches under Wandering Wizard, the Company’s independent indie publishing label.
ARK Franchise Strengthens with New Content Snail Games continued to build on the momentum of its flagship sandbox survival IP with two major content updates:
Eggcellent Adventure Returns to ARK: Survival Ascended The seasonal Eggcellent Adventure event reinforces seasonal events as a key strategy for retention and re-engagement.
Extinction Map Launches in ARK: Ultimate Mobile Edition The rollout of the Extinction map on mobile represents a continued push into high-growth mobile markets. This update supports Snail Games’ long-term vision of delivering premium survival experiences across multiple platforms, making the IP more accessible to a broader audience of players.
In addition to new content releases, Snail Games continues to prepare for the 10-year anniversary of its flagship ARK: Survival Evolved, with the anticipated upcoming release of its new expansion map DLC, ARK: Aquatica.
BellwrightMarks One Year in Early Access with Major Update April 2025 also marked the one-year Early Access anniversary for Bellwright. The update introduced significant new content and player-requested features. With a growing player base and positive community sentiment, Bellwright reflects Snail’s commitment to long-term support and scalable IP growth.
Notable Update Features include:
Animal Husbandry & Advanced Resource Systems Players can now raise livestock through new husbandry structures, producing essential resources like milk, eggs, and meat. Paired with the new Butchery system, this deepens the economy and rewards strategic village management.
Fishing & Exploration Enhancements A full-featured fishing system with diverse fish types, mini-games, and a Fishing Hut adds immersive gameplay variety. New locations, including caves, swamps, and mountain trails, further expand the world’s exploration potential.
Quality-of-Life Upgrades & Narrative Expansion A major crafting UI overhaul, savable squad rosters, and over 25 new quests enhance both accessibility and long-term player retention.
Wandering WizardCelebrates New Game Launches and Acquisition Snail Inc’s indie publishing label Wandering Wizard deepened its footprint in the horror space with two notable releases and a strategic publishing deal.
Launches of The Cecil: The Journey Beginsand Chasmal Fear In April 2025, Wandering Wizard expanded its catalog with the launch of two horror titles, The Cecil: The Journey Begins and Chasmal Fear. Both games highlight the creativity and passion of small indie teams — with The Cecil: The Journey Begins crafted by a solo developer and Chasmal Fear brought to life by a duo of brothers. These releases underscore Wandering Wizard’s commitment to empowering independent creators and bringing bold, fresh voices to the gaming community.
Publishing Rights Secured for Whispers of West Grove The acquisition of publishing rights to Whispers of West Grove adds another indie horror experience to the Wandering Wizard portfolio, aligning with Snail Games’ strategy of identifying high-potential indie IPs with organic audience momentum.
These achievements reflect Snail Games’ continued execution across its core franchises, emerging IPs, and strategic publishing initiatives. As the Company moves into the second quarter, it remains focused on the 10-year anniversary of ARK: Survival Evolved, the anticipated launch of the ARK: Aquatica DLC, expanding its global reach, investing in scalable growth opportunities, and delivering fresh experiences that engage players across multiple platforms and genres.
For Creators interested in collaborative opportunities reach out to creatordirect@noiz.gg
For media inquiries, interview requests, or additional details, please contact: press@snailgamesusa.com
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding expansions within the ARK franchise, development of new content, a content milestone for Bellwright, and multiple IP launches under Wandering Wizard, the Company’s independent indie publishing label. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced a strategic investment to support the implementation of new Radiographic Testing (“RT”) equipment at Graham’s Batavia, New York facility.
The investment of $2.2 million, from one of GHM’s customers, will enhance the Company’s capabilities in evaluating critical welds in support of the Columbia and Virginia class submarine programs. As part of the investment, Graham will also contribute $1.4 million for a total project cost of $3.6 million.
Daniel J. Thoren, CEO commented, “This strategic investment in RT equipment represents our commitment to delivering the highest quality components for critical naval defense programs. The upgraded RT capabilities at our Batavia facility is expected to significantly enhance our production efficiency while ensuring superior quality control for the vital welds that support the Columbia and Virginia class submarine programs. We’re grateful for our customer’s commitment to drive enhanced manufacturing infrastructure and are excited to continue our partnership.”
The strategic investment creates opportunities to support future, multi-year orders with potential enhanced revenue expected to begin in calendar year 2026.
This agreement builds upon previously announced investments by partners, including $13.5 million to expand defense production capabilities in Batavia in August 2023 and $2.1 million by the BlueForge Alliance in July 2024 to expand Graham’s welder training program in support of the U.S. Navy’s Submarine Industrial Base initiatives.
About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “continue,” “expects,” “future,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, expected expansion and growth opportunities, and expected benefits from the implementation of new RT equipment, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
ATLANTA, May 01, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, will hold a conference call and live audio webcast on Thursday, May 15th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2025. Bitcoin Depot plans to release results before the market opens on the same day.
Call Date: Thursday, May 15, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. and Canada (toll-free): 888-596-4144 U.S. (toll): 646-968-2525 Conference ID: 4520708
A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 4520708
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
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 over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.
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.
Private placement financing. Aurania recently closed the first tranche of its previously announced non-brokered private placement financing of up to 5,000,000 units at a price of C$0.30 per unit for gross proceeds of up to C$1,500,000. An aggregate of 3,182,899 units were sold under the first tranche for gross proceeds of C$954,869.70. Dr. Keith Barron, Chairman, President, and CEO, acquired 1,000,000 units under the offering and owns or exercises control over 47,672,635 common shares, 1,752,992 options, and 12,399,135 warrants representing 44.41% and 50.88% of the company’s issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Aurania expects to close the final tranche of its non-brokered private placement on or around May 5.
Loan agreement. Dr. Keith Barron has also agreed to provide a loan of up to US$2,094,500 to the company. The loan will be advanced from time to time in mutually agreed upon principal amounts. The loan is unsecured and bears interest at 2% per annum. The proceeds are expected to be used to fund Aurania’s remaining 2024 mineral concession fees in Ecuador, which are due on May 1.
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*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.
