Month: June 2025

Release – Kratos and GE Aerospace Sign Teaming Agreement, Expand Small Engine Portfolio with New Propulsion System

Posted on by slightbourne@noblecapitalmarkets.com

June 3, 2025 at 8:00 AM EDT

SAN DIEGO, June 03, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Global Markets, and GE Aerospace (NYSE: GE) today announced a formal teaming agreement to advance propulsion technologies for the next generation of affordable unmanned aerial systems and Collaborative Combat Aircraft-type (CCA-type) aircraft.

Eric DeMarco, President and CEO of Kratos, said, “Kratos’ strategically important Teaming Agreement with GE Aerospace continues to rapidly advance and expand, with the GEK family of engines targeting certain of the most important, mission critical and highest priority needs and requirements of United States National Security. At Kratos, affordability is a technology and delivering more capability for less cost as quickly as possible are key contributions we are bringing for truly industry leading GEK offerings with our partner and global leader GE Aerospace.”

“The formalization of this teaming agreement and initiation of development of these new engines mark another step forward in our dedication to providing affordable, adaptable, high-performance propulsion systems for the future force,” said Amy Gowder, President and CEO of Defense & Systems at GE Aerospace. “We’re thrilled to continue our collaboration with Kratos and accelerate development across various classes of unmanned systems.”

This collaboration strengthens Kratos’ ongoing partnership with GE Aerospace – building on last year’s Memorandum of Understanding (MOU) to advance the development and production of small, cost-effective engines for unmanned platforms. The new teaming agreement expands on that MOU and provides the framework for the two companies to develop, manufacture, test, and field the GEK800 Engine, as well as collaborate on other low-cost expendable turbofan engines.

The GEK800

The GEK800

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7eb9eaed-8320-4e62-be5a-195d3569535b

In addition to the joint work on the GEK800, the companies have commenced work on another new engine, the GEK1500. The engines under development support unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications, positioning Kratos and GE Aerospace to offer affordable mass propulsion solutions across a range of next-generation defense applications for the Department of Defense.

Kratos brings more than 20 years of experience developing and producing small, affordable engines for UAS, drones, and missile platforms. GE Aerospace adds a century of expertise in propulsion technology and the ability to scale advanced designs into high-rate production —helping bridge the gap from prototype to deployment.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

About GE Aerospace
GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 45,000 commercial and 25,000 military aircraft engines. With a global team of approximately 53,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow, and the future at www.geaerospace.com. 

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Job Openings Rise in April Despite Trade Policy Turbulence

Posted on by slightbourne@noblecapitalmarkets.com
Key Points
– Job openings rose to 7.39M in April, defying tariff fears.
– Hiring and quits edged up slightly, but remain subdued.
– Unemployment rate stayed at 4.2% as labor market holds firm.

In a surprising development for economic watchers, job openings in the United States increased in April, defying expectations of a slowdown amid escalating trade tensions. According to the latest data from the Bureau of Labor Statistics, open positions climbed to 7.39 million, up from 7.2 million the previous month. This rise marks a significant rebound from March’s near four-year low and comes as the first round of President Trump’s wide-ranging tariffs began to take effect.

Despite concerns that these new trade measures could dampen business confidence and hiring, the April data suggests that the labor market continues to show resilience. Economists had forecasted a decline in job openings to 7.1 million, making the latest figures particularly notable. Although headline numbers remain solid, underlying indicators suggest that the labor market is not without its challenges.

While the number of job openings increased, broader hiring activity showed only modest gains. Employers brought on 5.57 million new hires in April, a slight uptick from the 5.4 million seen in March. The hiring rate inched up to 3.5%, but this remains relatively low by historical standards and reflects ongoing caution among employers.

Worker behavior also points to a more reserved outlook. The quits rate—often seen as a barometer of employee confidence—dipped to 2% from 2.1% in March. This slight decline indicates that fewer workers are willing to voluntarily leave their jobs, a potential signal that many remain uncertain about finding new opportunities in a changing economic environment.

Taken together, these data points suggest that while businesses are still looking to hire, both employers and workers are navigating an atmosphere shaped by uncertainty. Companies may be posting jobs but are hesitant to move aggressively on staffing until there is more clarity on the economic direction, particularly with regard to ongoing trade disputes and tariff implementation.

Despite these headwinds, the broader labor market continues to hold steady. April saw 177,000 new nonfarm payroll additions, and the unemployment rate remained unchanged at 4.2%. These figures indicate that the overall employment landscape remains stable for now, even as underlying dynamics hint at a more cautious economic tone.

Looking forward, analysts expect the May jobs report to show only a slight easing in job growth, with consensus estimates pointing to 130,000 new positions. The unemployment rate is projected to stay flat, reinforcing the view that the labor market, while not accelerating, is also not deteriorating in a meaningful way.

Overall, April’s labor market data paints a picture of a U.S. economy that remains functional but wary. With trade policy still in flux and many businesses unsure about future demand and costs, the job market appears to be holding its ground—for now.

Codere Online (CDRO) – Satisfies Listing Requirements

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, June 03, 2025

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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.

Files 20-F with SEC. On June 2, the company announced the filing of its 2024 annual report with the SEC. As a reminder, the company was not in compliance with Nasdaq listing requirements regarding the timely filing of financial results and requested a hearing to review the delisting determination. The issue started with a change in the company’s auditors. 

Satisfying listing requirements. Notably, with the filing of its 20-F, the company believes it has regained compliance with the Nasdaq listing requirements and does not anticipate the hearing requested on May 22 will be necessary. Importantly, the filing puts the company back on track with its financial reporting.


Get the Full Report

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

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

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

Nicola Mining Inc. (HUSIF) – Switching into High Gear

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, June 03, 2025

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.

First quarter 2025 financial results. Nicola Mining (TSX.V: NIM, OTCQB: HUSIF) reported a first quarter 2025 loss of C$475,808 or C$(0.00) per share compared to a loss of C$1,028,129 or $(0.01) per share during the prior year period. We had projected a loss of C$1,044,879 or C$(0.01) per share. The variance to our estimates was largely due to a gain on marketable securities. We increased our 2025 net income and EPS estimates to C$8,803,755 and C$0.05 per share, respectively, from C$7,724,367 and C$0.04. We updated our commodity grade assumptions, along with higher metals price estimates based on actual April and May pricing and CME futures settlements for the remainder of the year.

Mill operations to commence shortly. We expect Nicola Mining to commence milling operations on or around June 15. On May 11, Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF) began trucking run of mine material from its Mustang Mine to Nicola’s Craigmont Mill in British Columbia. Approximately 2,000 tonnes of ore had been delivered as of June 1, and we expect a stockpile of 2,500 to 3,000 tonnes prior to the mill commencing operations.


Get the Full Report

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

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

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

Meta Commits to Nuclear Energy with Landmark 20-Year Deal

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Meta signs 20-year deal for 1.1 GW of nuclear power from Clinton Clean Energy Center.
– Supports grid stability and emissions goals, keeping the Illinois plant from closing.
– Part of broader tech shift toward nuclear as AI and data center power demands grow.

Meta has taken a major step toward securing its clean energy future with the announcement of a 20-year agreement to purchase nuclear power from Constellation Energy. Beginning in 2027, the tech giant will buy approximately 1.1 gigawatts of electricity annually from the Clinton Clean Energy Center in Illinois—effectively the full output of the plant’s sole nuclear reactor.

This long-term deal highlights the increasing role of nuclear power in the digital economy, as energy-intensive data centers drive up electricity demand. For Meta, which has pledged to power its operations with 100% clean energy, the agreement is a crucial move to ensure long-term, zero-emission power availability.

The Clinton Clean Energy Center has faced financial uncertainty in recent years. It has operated with the support of zero-emissions credits since 2017, which recently expired. Without a new revenue source, the facility was at risk of early retirement. Meta’s commitment not only guarantees the plant’s continued operation but also supports its potential relicensing and even a modest expansion of its output by 30 megawatts.

While the electricity generated at Clinton will not directly power Meta’s data centers, the deal helps ensure a consistent flow of clean energy to the regional grid. In turn, this strengthens the broader power infrastructure that supports Meta’s energy goals.

This marks Meta’s first official investment in nuclear energy and comes amid a broader trend of tech companies aligning with the nuclear sector. In recent months, Microsoft agreed to buy power from a restarted reactor at Three Mile Island, and Amazon has poured over $500 million into the development of small modular reactors (SMRs). Google is also investing in new nuclear projects and advanced reactor developers.

All three tech giants—Meta, Google, and Amazon—signed a pledge earlier this year calling for a global tripling of nuclear energy production by 2050. The pledge reflects growing consensus in the tech world that nuclear power is essential for achieving deep decarbonization while meeting soaring energy demand.

This partnership also comes as the U.S. government accelerates support for nuclear expansion. President Trump recently signed a series of executive orders aimed at reducing regulatory barriers and developing a domestic supply chain for nuclear fuel. These actions are intended to pave the way for faster deployment of advanced reactors, especially SMRs, which are seen as more scalable and cost-effective than traditional nuclear facilities.

Although Meta’s current agreement focuses on a legacy reactor, the company has signaled strong interest in the next generation of nuclear technology. In December, it issued a request for proposals from developers of advanced nuclear projects, seeking to add between one and four gigawatts of new capacity in the U.S. That process is still underway and represents Meta’s broader ambition to shape the future of clean, reliable power.

Constellation, meanwhile, has hinted that it may pursue a new permit to build an SMR at the Clinton site, signaling long-term potential for growth and innovation at the facility.

Release – WhiteFiber Inc., Bit Digital’s AI Unit, acquires ~1,000,000 square foot North Carolina Industrial Property to Support up to 200 MW HPC Data Center Campus

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTBT

NEW YORK, June 2, 2025 /PRNewswire/ — WhiteFiber Inc., the wholly-owned HPC subsidiary of Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), announced today that it has completed the acquisition of a 96-acre, ~1 million square foot industrial property in Madison, North Carolina.

The Company will retrofit the facility into a flagship AI data center campus (“Facility”).

The Facility has immediately available power. The Company has entered into a capacity agreement with the utility, Duke Energy, for 99 MW, of which 24 MW are expected to be delivered on or about September 1, 2025. The Company expects to complete this first phase of HPC data center development and be online and operational by 2025 year-end. The utility’s preliminary feasibility study supports capacity up to 200 MW over time, subject to obtaining Electricity Service Agreements from Duke Energy and certain other conditions.

Strategically located in NC’s Piedmont Triad, the Facility sits within a 100-mile radius of Charlotte, Raleigh, Winston-Salem and Greensboro, and approximately 13 miles from the Virginia border. The region is home to numerous existing hyperscalers. The Company is in active negotiations with multiple potential HPC data center tenants and has already signed one non-binding LOI with a client. Moreover, its proximity to multiple metro areas supports AI inference workloads.

Based on initial capital investment projections, the project has been confirmed as a qualifying data center in the State of North Carolina and will therefore be eligible for certain sales and use tax exemptions. The Company has been working closely with local and state officials, economic development agencies, and utility partners whose collaboration has been instrumental in advancing the project.

“North Carolina’s leadership in high performance computing started decades ago with our research universities, the Research Triangle, and our focus on the future,” said North Carolina Governor Josh Stein. “WhiteFiber’s decision to join our state’s IT community will help bring the next generation of computing excellence to North Carolina.”

“Securing this site is a meaningful step in scaling our AI infrastructure platform,” said Sam Tabar, CEO of Bit Digital. “The location, size, and power profile make it a rare asset, which we believe will be foundational to meet accelerating demand from AI customers and pursue long-term value creation for shareholders. We acted decisively to secure what we believe will be a cornerstone asset for our Company.”

“We are thrilled to welcome WhiteFiber to our community,” said Kevin Berger, Chair of the Rockingham County Board of Commissioners. “Their planned investment of over $1 billion1 and creation of more than 60 jobs is a tremendous boost for our region.”

“The Town of Madison is excited to have WhiteFiber invest in our community,” remarked Madison Mayor William Phillips. “Transforming the former Unifi facility into a state-of-the-art AI data center campus is a remarkable step forward for our local economy.”

The Company is using cash on hand to fund the $45 million purchase. The Company previously utilized its at-the-market equity program to reserve cash on its balance sheet in anticipation of closing. The Company intends to engage in a commercial mortgage financing process for the site.

Investor Notice 

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.

Safe Harbor Statement 

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

Release – Codere Online Announces Filing of 2024 Annual Report on Form 20-F

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CDRO

06/02/2025

Download(opens in new window)

Luxembourg, Grand Duchy of Luxembourg, June 2, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that it has filed with the U.S. Securities and Exchange Commission (“SEC”) its annual report on form 20-F for the year ended December 31, 2024 (the “2024 20-F”).  

By filing the 2024 20-F, the Company believes it has regained compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). As a result, the Company believes that the hearing requested on May 22nd to review the delisting determination received on May 16th will no longer be necessary. The Company awaits Nasdaq’s formal confirmation that it has evidenced full compliance with the Rule.

A copy of the 2024 20-F is available in the SEC Filings section of the Company’s website: www.codereonline.com/financials-and-filings.

In order to minimize the environmental impact of its annual report by reducing paper consumption, the Company encourages its shareholders to read it in digital format. However, Company shareholders willing to receive a hard copy of this document, which contains the Company’s audited financial statements, may do so, free of charge, upon request addressed to ir@codereonline.com.

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s statements related to the Company’s ability to regain compliance with the Rule.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s or its management team’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the SEC. All subsequent written and oral forward-looking statements concerning Codere Online or other matters attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

Tariffs, Imports, and Uncertainty: What the Manufacturing Slump Means for Small Cap Stocks

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. manufacturing sector continues to show signs of stress, with May’s ISM Manufacturing PMI slipping further into contraction territory at 48.5 — down from April’s 48.7. This persistent decline highlights the fragility of the sector amid deepening global trade tensions and domestic economic uncertainty. Perhaps more alarmingly, U.S. imports plunged to their lowest levels since 2009, registering a reading of 39.9, a significant drop from April’s 47.1.

This steep decline in imports reflects both softening demand and the growing impact of tariffs, many of which have been reintroduced or expanded under President Trump’s revised trade policy. According to Susan Spence of the ISM Manufacturing Business Survey Committee, tariffs were the most cited concern among respondents — with 86% mentioning them. Several likened the current climate to the disarray of the early pandemic.

For small-cap stocks, especially those tied to industrials, materials, and manufacturing, this environment spells both challenge and opportunity. Small caps are often more domestically focused than their large-cap counterparts and tend to be more sensitive to economic cycles. When manufacturing slows, these companies typically suffer more acutely from reduced orders, higher input costs due to tariffs, and tighter margins.

However, the current backdrop is more nuanced. While ISM’s index showed contraction, S&P Global’s separate gauge of manufacturing activity rose to 52, indicating slight expansion. Yet, even that report carried warnings: Chief economist Chris Williamson noted that the uptick is likely temporary, driven by inventory hoarding amid fears of supply chain issues and rising prices.

This divergence reveals how mixed signals are becoming the norm — complicating investment strategies in the small-cap space. On one hand, small manufacturers that rely on imported materials face margin pressure from rising input costs due to tariffs. On the other, those able to localize supply chains or produce domestically could benefit from reshoring trends and domestic inventory build-up.

For investors, the key takeaway is caution, not panic. Many small-cap industrials are already priced for a slowdown, but those with strong balance sheets and pricing power may weather the storm — or even gain market share as competitors falter. Meanwhile, increased inventory levels could provide short-term tailwinds, though that may evaporate quickly if demand doesn’t keep pace.

Marketwide, prolonged manufacturing contraction can pressure broader economic indicators, especially employment and capital spending, ultimately weighing on the S&P 500 and Dow. The Nasdaq, less exposed to traditional manufacturing, may prove more resilient.

In conclusion, the state of U.S. manufacturing is flashing caution signs, especially for small-cap stocks in the sector. While short-term inventory surges and reshoring trends may offer brief relief, the longer-term picture remains clouded by tariff uncertainties and fragile global trade relations. Investors would be wise to look for companies with flexible supply chains, diversified revenue streams, and strong cash positions as potential outperformers in this challenging landscape.

The GEO Group (GEO) – An ISAP Extension?

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

Enter Negotiations for Extension. On Friday, it was announced the government intends to enter into negotiations with GEO’s BI subsidiary for a one year extension of the ISAP program, which is currently effective through July 31, 2025. We would view an extension of this program as a significant positive for GEO in both the near-term and longer term.

A Positive Future? Acknowledging Friday’s release is limited to extending the current contract for a year, the verbiage used by the government contracting agency highlights the moat GEO has built around the business, suggesting the Company should be in the catbird’s seat for a longer term renewal. For example, the government states, “Market research conducted by the Office of Acquisition Management revealed that there is only one responsible source because the current contractor is uniquely positioned to maintain existing operations of the program without transitioning active program participants between contractor solutions.”


Get the Full Report

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

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

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

Nutriband (NTRB) – 1Q26 Results Within Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

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.

Net Loss of $1.4 Million Was Less Than We Expected. 1Q25 Nutriband reported a loss for 1Q26, ended April 30, 2025, of $1.4 million or $(0.12) per share. Product Sales were $0.67 million, slightly below the $0.7 million we had estimated. Importantly, the company made progress advancing its abuse-resistant AVERSA Fentanyl patch toward clinical testing. We expect future revenues to be driven by AVERSA Fentanyl and see the current product sales as a means to offset the cost of product development. Cash at the end of the quarter was $3.0 million.

Total Expenses Were Below Expectations. During the quarter, COGS were $0.4 million or 62% of sales, lower than the 70% we had expected and the 65% seen for FY2024. SG&A and R&D were both close to our estimates, with Total Expenses of $2.1 million lower than our estimate of $2.5 million. We had initially allowed for a stock offering during the quarter that would have increased the Weighted Average Shares Outstanding to 13.2 million, compared with the reported 11.1 million.


Get the Full Report

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

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

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

Great Lakes Dredge & Dock (GLDD) – Another New Contract

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

New Award. In Friday’s Department of Defense contract releases, Great Lakes was awarded a new $35.8 million dredging contract for Galveston, TX. The contract should be completed by the beginning of November 2025. We view this as Great Lakes filling in the very limited open 2025 calendar.

Empire 1 Restarted. In mid-May, the stop work order on the Empire 1 offshore wind project was lifted allowing construction activities to resume. Equinor will perform an updated assessment of the project economics in the second quarter. Empire aims to be able to execute planned activities in the offshore installation window in 2025 and reach its planned commercial operation date in 2027. Empire will engage with suppliers and regulatory bodies to reduce the impact of the stop work order. This is positive news for the still under construction Acadia.


Get the Full Report

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

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

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

DLH Holdings (DLHC) – A Steady Accumulator

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.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.

An Accumulator. Mink Brook Capital has been a steady accumulator of DLHC shares, amassing 2,164,058 DLHC shares, representing approximately 15% of the outstanding shares. Mink Brook first filed a schedule 13G back in early July 2024, disclosing a 5% holding of DLHC shares. The investment firm has continuously added to its stake since then. Mink Brook is the second largest holder of DLHC shares, only behind long-term holder Wynnefield Capital, owner of approximately 25.6% of the shares.

Who Is Mink Brook? Florida based Mink Brook was founded in May 2019 by William Mueller. Mr. Mueller had spent the past decade successfully investing and advising capital in the small-cap space. He desired to form an investment firm that would provide investors with idiosyncratic, uncorrelated returns by focusing on companies outside of major indexes. As of March 31st, the investment management firm had 32 positions with a market value of $95 million. Mink Brook’s DLH holding was the manager’s sixth largest by market cap.


Get the Full Report

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

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

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

Aurania Resources (AUIAF) – Primed for Progress

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 02, 2025

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.

Annual general meeting. Aurania Resources will host its Annual Meeting of Shareholders at 1:30 pm ET on Thursday, June 12. Shareholders will vote to elect directors, appoint McGovern Hurley LLP as auditor for the ensuing year, and approve Aurania’s incentive stock option plan. Dr. Keith Barron, Chairman, President, and CEO, is expected to provide a brief update on activities following the formal part of the meeting. Aurania will provide a link to a video and/or audio replay of Dr. Barron’s update.

First quarter financial results. As an exploration company, Aurania does not generate revenue and incurs costs to advance its projects. During the first quarter, the company reported a net loss of C$5,106,264 or C$(0.05) per share compared to a loss of C$4,736,264 or C$(0.07) per share during the prior year period. Weighted average shares outstanding increased to 104,168,397 compared to 67,471,7737 during the first quarter of 2024. Exploration expenditures increased to C$3,949,010 compared to C$3,536,819 during the prior year period to fund activities in both Ecuador and France.


Get the Full Report

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

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

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