NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — Xcel Brands (NASDAQ: XELB), a leading media and consumer products company known for building socially driven, live-commerce-focused brands, today announced the pricing of its public offering of 2,181,818 shares of common stock at a public offering price of $1.10 per share. In a concurrent private placement, the Company also agreed to issue and sell an aggregate of 145,147 unregistered shares to certain insiders of the Company including the Company’s Chief Executive Officer, Robert D’Loren, at a purchase price of $1.36, which is equal to the closing price of the Company’s common stock on July 31, 2025. The closing of the offering is expected to occur on or about August 4, 2025, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as the sole placement agent for the offering.
The combined gross proceeds from the public offering and concurrent private placement, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $2.6 million. The Company intends to use the net proceeds from this offering for brand development and launch, working capital and other general corporate purposes, including payment of outstanding payables.
The securities described above are being offered pursuant to a registration statement on Form S-1, as amended (File No. 333-288495), which was declared effective by the Securities and Exchange Commission (the “SEC”) on July 31, 2025. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. The shares to be issued in the concurrent private placement were offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the co-branded collaboration brands TowerHill by Christie Brinkley, LB70 by Lloyd Boston, Trust. Respect. Love by Cesar Millan, GemmaMade by Gemma Stafford, and a brand in development with Coco Rocha and also holds noncontrolling interests or long-term license agreements in the Isaac Mizrahi brand, Orme Live and Mesa Mia Live by Jenny Martinez. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing, LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone and consisting of over 20,000 hours of content production time in live-stream and social commerce. The brand portfolio reaches in excess of 43 million social media followers with broadcast reach into 200 million households. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. For more information, visit www.xcelbrands.com.
Forward-Looking Statements
This press release contains certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to the services offered by Xcel Brands and the markets in which it operates, and Xcel Brands’ projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions provided for illustrative purposes only, and projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: general economic, political and business conditions; those factors identified in our “Risk Factors” included in the Form S-1 for this offering and in our periodic filings with the SEC; the ability of Xcel Brands to achieve its projected revenue, and its continued access to sources of additional debt or equity capital if needed. While Xcel Brands may elect to update these forward-looking statements at some point in the future, Xcel Brands specifically disclaims any obligation to do so.
RESTON, Va., Aug. 1, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX), has been awarded a $4.3 billion indefinite-delivery/indefinite-quantity contract by the U.S. Air Force for Contractor Operated and Maintained Supply services in support of the T-6 aircraft.
This contract provides supply support for safe, flyable aircraft to meet the daily flight schedules and depot requirements of the U.S. Air Force, Navy, and Army. The effort aligns with Department of Defense and commercial best practices for procuring, producing, and delivering products and services.
“We are honored by this award and for the trust placed in us by the U.S. Air Force,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “This contract reflects the dedication of our team and the pride we take in supporting the readiness of our nation’s aircraft. We are excited to begin this new work and look forward to serving the mission for years to come.”
“This is a proud moment for our entire aerospace team,” said Vinny Caputo, Senior Vice President of Aerospace Systems at V2X. “The T-6 program is foundational to pilot training across the services, and we are committed to delivering the highest standards of performance, reliability, and mission readiness. We’re excited to bring our proven supply chain expertise to this critical effort.”
V2X’s work will be performed at various military bases across the United States and is expected to be completed by July 2034.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Actively dosing patients in OCU400 Phase 3 liMeliGhT clinical trial and on track for 2026 BLA filing
OrthoCellix reverse merger intended to unlock the value of NeoCart/regenerative cell therapies and enable the Company to focus capital on modifier gene therapy platform
Signed binding term sheet for exclusive Korean rights to OCU400 with upfront fees and near-term development milestone payments totaling up to $11 million
MALVERN, Pa., Aug. 01, 2025 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today reported second quarter 2025 financial results along with a business update.
“While our modifier gene therapy clinical trials advance—now with two in late-stage—we are securing strategic partnerships and evolving the business to support three successful Biologics License Application (BLA) filings over the next three years,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. “We have also made important appointments to our Board of Directors, Retina Scientific Advisory Board, and Leadership Team to provide the Company with scientific and strategic know-how to bring us closer to delivering paradigm-changing gene therapies to millions of people with blindness diseases.”
In June, the Company announced a proposed reverse merger with OrthoCellix, a wholly-owned subsidiary, and Carisma Therapeutics, Inc. to create a Nasdaq-listed, late clinical-stage regenerative cell therapy company with a first-in-class technology platform, focused on orthopedic diseases. The combined company will focus on the development of OrthoCellix’s NeoCart® technology for the treatment of articular knee cartilage defects. Previously, NeoCart® received Regenerative Medicine Advanced Therapy (RMAT) designation and concurrence from the U.S. Food and Drug Administration (FDA) on a single, confirmatory Phase 3 clinical trial to enable submission of a BLA.
Aligned with Ocugen’s business development strategy to pursue regional partnerships for OCU400, the Company signed a binding term sheet to negotiate and enter into a licensing agreement with a well-established leader in the pharmaceutical and healthcare sector in Korea for exclusive Korean rights to OCU400. Pursuant to the term sheet, under the license agreement, in addition to the upfront and milestone fees, the Company will be entitled to sales milestones of $1 million for every $15 million of net sales in Korea in addition to a royalty of 25% on net sales of OCU400 generated by Ocugen’s partner. Ocugen will manufacture commercial supply of OCU400 under terms of a supply agreement. A regional approach preserves Ocugen’s rights to larger geographies to maximize total patient reach while also generating return for shareholders.
Following the FDA’s agreement to proceed with a Phase 2/3 GARDian3 pivotal confirmatory trial for OCU410ST for Stargardt disease, the agency granted Rare Pediatric Disease Designation (RPDD) to OCU410ST in May. This designation underscores the urgent need to address Stargardt disease, which remains a significant unmet medical need. Stargardt disease is an inherited retinal disorder that typically presents in childhood and affects approximately 100,000 people in the U.S. and Europe combined, and approximately 1 million globally. Currently, there is no FDA-approved treatment available for Stargardt disease.
The OCU410ST Phase 2/3 GARDian3 clinical trial is progressing well with the first patient dosed in July after FDA clearance in June. The GARDian3 clinical trial builds upon encouraging results and positive data from the Phase 1 GARDian trial, which demonstrated 48% slower lesion growth at 12-month follow-up in evaluable treated eyes compared to untreated eyes. Additionally, evaluable treated eyes showed a statistically significant (p=0.031) and clinically meaningful improvement of nearly 2-line/9-letter gain in best corrected visual acuity (BCVA) at 12-month follow-up when compared to untreated eyes.
Positive preliminary efficacy and safety data from the OCU410 Phase 1 ArMaDa clinical trial at 12 months demonstrated no drug-related serious adverse events (SAEs), 23% slower geographic atrophy (GA) lesion growth in treated eyes versus fellow eyes after a single injection, and 2-line/10-letter gain in visual acuity in treated eyes when compared to untreated fellow eyes. Preliminary results from ongoing Phase 2 clinical trial (N=31), 6-month interim analysis, demonstrated a 27% slower lesion growth and preservation of retinal tissue. These data support the potential for OCU410 to provide a one-time treatment for life for the 2-3 million people in the U.S. & EU combined who suffer from GA.
Patients are actively being recruited in the United States and Canada for the OCU400 Phase 3 liMeliGhT clinical trial, which remains on track for BLA and MAA submissions in 2026. This is the only broad retinitis pigmentosa (RP) gene-agnostic trial to address multiple genetic mutations with a single therapeutic approach. In addition, the European Medicines Agency has granted eligibility to submit the OCU400 Marketing Authorization Application (MAA) through the centralized procedure, based on the current study design and statistical analysis plan.
Regarding the Company’s inhaled vaccines portfolio, the National Institute of Allergy and Infectious Diseases (NIAID) intends to initiate the Phase 1 clinical trial for OCU500 in the third quarter of 2025.
In addition to the notable leadership appointments, Ocugen welcomed the National Security Commission on Emerging Biotechnology (NSCEB) and U.S. Rep. Chrissy Houlahan to its manufacturing facility as part of the NSCEB’s Biotech Across America events, highlighting biotech innovation in Pennsylvania. Rep. Houlahan subsequently announced the bipartisan BIOTech Caucus to build greater awareness and understanding of biotechnology among lawmakers and support transformative advances in healthcare. Dr. Musunuri supports the formation of this very important bipartisan BIOTech Caucus that includes senior congressional leaders such as Rep. Pete Sessions in addition to local leaders, which will prioritize biotechnology at the national level to ensure U.S. leadership globally.
“The meaningful progress Ocugen is making across its novel modifier gene therapy platform, along with strategic leadership changes and significant external alliances are evidence of a strong first half of 2025,” said Dr. Musunuri. “We look forward to providing critical program updates and data in the coming months.”
OCU400 for RP – On track to complete enrollment in support of BLA/MAA filings in 2026. Data and Safety Monitoring Board (DSMB) convened and found no SAEs related to OCU400 and recommended to continue study dosing as planned.
OCU410ST for Stargardt Disease– FDA granted RPDD for OCU410ST for the treatment of ABCA4-associated retinopathies including Stargardt disease, retinitis pigmentosa 19, and cone-rod dystrophy 3. FDA cleared the Investigational New Drug (IND) amendment to initiate a Phase 2/3 pivotal confirmatory trial of OCU410ST and dosing has been initiated.
OCU410 for GA – Phase 1 data at 12 months demonstrates reduced lesion growth, preservation of retinal tissue, and—most importantly—a positive effect on the functional visual measure of low luminance visual acuity (LLVA). Interim Phase 2 data at 6 months demonstrated very encouraging results consistent with Phase 1 data.
Ophthalmic Biologic Product
OCU200 – DSMB approved continuation of dosing in the third cohort and the Company intends to complete the Phase 1 clinical trial in the second half of 2025.
Second Quarter 2025 Financial Results
The Company’s cash, cash equivalents, and restricted cash totaled $27.3 million as of June 30, 2025, compared to $58.8 million as of December 31, 2024, providing cash runway into the first quarter of 2026. The Company had 292.2 million shares of common stock outstanding as of June 30, 2025.
Total operating expenses for the three months ended June 30, 2025 were $15.2 million and included research and development expenses of $8.4 million and general and administrative expenses of $6.8 million. This compares to total operating expenses for the three months ended June 30, 2024 of $16.6 million that included research and development expenses of $8.9 million and general and administrative expenses of $7.7 million.
Ocugen reported a $0.05 net loss per common share for the three months ended June 30, 2025, compared to a $0.06 net loss per common share for the three months ended June 30, 2024.
Conference Call and Webcast Details
Ocugen has scheduled a conference call and webcast for 8:30 a.m. ET today to discuss the financial results and recent business highlights. Ocugen’s executive leadership team will host the call, which will be open to all listeners. There also will be a question-and-answer session following the prepared remarks.
Attendees are invited to participate on the call or webcast: Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 9627149 Webcast: Available on the events section of the Ocugen investor site
A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.
About Ocugen, Inc. Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late stage dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the preclinical and clinical development of Ocugen’s product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, the ability to initiate new clinical programs; Ocugen’s financial condition and expected cash runway into the first quarter of 2026, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines,and Ocugen’s negotiations regarding the license agreement with a Korean partner and Ocugen’s potential merger transaction regarding the OrthoCellix business, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities; that a definitive agreement for the license with a Korean partner will be delayed or not executed at all, or that, if executed, it may not be on terms anticipated; that the OrthoCellix merger transaction may not close or, if closed, may not result in the benefits anticipated. These and other risks and uncertainties are more fully described in our annual and periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
The U.S. labor market showed troubling signs of weakness in July, with only 73,000 jobs added—well below expectations and compounded by sharp downward revisions to prior months. May and June figures were slashed by a combined 258,000 jobs, revealing that the job market’s slowdown is more severe than initially reported.
Unemployment edged up to 4.2%, while the broader underemployment rate hit 7.9%, its highest level since March. Particularly alarming was a decline of 260,000 workers in the household survey, alongside a dip in labor force participation to 62.2%.
The July job gains were narrowly concentrated. Health care and social assistance accounted for 94% of the growth, adding 55,000 and 18,000 jobs respectively. Other sectors like retail and finance contributed modestly, while federal government jobs declined by 12,000—partly due to ongoing cuts under Elon Musk’s Department of Government Efficiency. Business and professional services also saw a 14,000 job loss.
Wages grew at a moderate pace, up 0.3% for the month and 3.9% over the year, matching expectations. But the rise in long-term unemployment—now averaging 24.1 weeks—signals growing distress for job seekers.
Markets reacted swiftly: stock futures dropped and Treasury yields tumbled as investors priced in a higher chance of rate cuts. The probability of a Federal Reserve rate cut at the September meeting jumped to over 75%, from just 40% the day before.
President Donald Trump, already frustrated with Fed Chair Jerome Powell, doubled down on his criticism. In an inflammatory Truth Social post, he called Powell a “stubborn MORON” and demanded immediate and aggressive rate cuts, even suggesting the Federal Open Market Committee override Powell’s leadership.
Despite Trump’s pressure, the Fed opted to hold rates steady in July. The latest jobs report may force reconsideration. Economists warn that companies are becoming more hesitant to hire due to higher costs, weak consumer demand, and lingering uncertainty from trade policy and tariffs.
While GDP growth posted a strong 3% in Q2, that number may be misleading. Analysts note that the figure was inflated by businesses stockpiling imports before Trump’s latest tariffs took effect in April, with underlying demand remaining weak.
As the labor market cools and political pressure mounts, the September Fed meeting could prove pivotal—not just for monetary policy, but for the broader economic trajectory heading into 2026.
DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast to discuss second quarter 2025 financial results on Tuesday, August 5, 2025 at 4:30 PM ET. A press release containing the second quarter 2025 financial results will be issued after market close that same afternoon.
The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10200059. The replay will be available until Tuesday, August 19, 2025.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events”.
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) 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. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
Samurai, an interactive dining experience located in sunny Miami, FL provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki right before your eyes.
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.
Additional information about The ONE Group can be found at www.togrp.com.
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.
Solid Q2 results. The company reported second quarter revenue of €54.8 million, up 0.7% over the prior year period and largely in line with our estimate of €55.5 million. Adj. EBITDA in the quarter was €2.3 million, up 77% over the prior year period and better than our estimate of €0.1 million. Importantly, the top line results do not fully capture the company’s strong performance in Q2, given the devaluation of the Mexican Peso. On a constant currency basis, revenue was up 12%.
Mexico continues to grow nicely. The company’s operations in Mexico had a strong quarter that was muted by a 19% devaluation of the Peso compared to the prior year period. Notably, the company grew active customers in Mexico by a strong 36% over the prior year period, and revenue was up 23% on a constant currency basis. In our view, the company had a solid quarter in Mexico and top line results should improve as it comps year earlier Peso valuations.
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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.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 largely in line. The company reported a Q2 revenue of $16.4 million (up an impressive 17.6% year-over-year) and an adj. EBITDA of a loss of $0.5 million. These results were largely in line with our estimates of $16.5 million in revenue and adj. EBITDA of $0.4 million.
Customer growth. The company continues to expand its user base across both B2C and B2B channels. Paying subscribers to its YouCam mobile beauty app rose 4.4% year over year to 960,000, while its B2B footprint grew to 818 brand clients and over 914,000 SKUs, up from 686 clients and 774,000 SKUs a year earlier. The number of Key B2B Customers (those generating at least $50,000 annually), however, declined to 139 from 151, with the drop evenly split between lower spending and customer churn tied to macro pressures.
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.
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.
Pennsylvania Entrance. MariMed announced a strategic agreement with TILT Holdings that will expand the distribution of the Company’s award winning portfolio of medical marijuana products to Pennsylvania. We view this as a significant expansion of MariMed’s product line into one of the largest cannabis markets.
Pennsylvania Market. The Pennsylvania cannabis market is estimated at $1.7 billion of annual revenue, making Pennsylvania the sixth largest legal cannabis market in the U.S. Significantly, the state remains a medical state only. When, and if, adult recreational use is approved, the overall cannabis market is projected to at least double. There are currently in excess of 180 medical dispensaries in the state, providing a large potential base to distribute MariMed products into.
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.
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.
2Q25 Results. ACCO reported 2Q net sales and adjusted EPS in-line with management’s outlook. Revenue of $394.8 million was down 9.9% y-o-y. Comp sales were off 10.5% while favorable forex increased revenue by 0.6%. We had forecasted revenue of $390 million. Gross margin of 32.9% was below our 34.6% estimate. Net income totaled $29.2 million, or $0.31/sh, with adjusted EPS of $0.28 compared to $0.37 in 2Q24. We were at $0.21 and $0.32, respectively.
Drivers. Sales were immediately impacted by tariffs in April, although trends improved throughout the quarter. Net sales were also negatively impacted by softer global demand for consumer and business products, partially offset by growth in gaming accessories. ACCO continued to make progress on its cost cutting initiative, realizing more than $40 million in cumulative cost savings since inception.
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.
Noble Capital Markets Research Report Friday, August 1, 2025
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – First Look into 2Q25 Results Codere Online (CDRO)/OUTPERFORM – Strong Underlying Trends Masked By Currency Fluctuations MariMed Inc (MRMD)/OUTPERFORM – Expansion into Pennsylvania Perfect (PERF)/OUTPERFORM – Delivers Solid Q2 Top-Line Growth
ACCO Brands (ACCO/$3.75 | Price Target: $12) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look into 2Q25 Results Rating: OUTPERFORM
2Q25 Results. ACCO reported 2Q net sales and adjusted EPS in-line with management’s outlook. Revenue of $394.8 million was down 9.9% y-o-y. Comp sales were off 10.5% while favorable forex increased revenue by 0.6%. We had forecasted revenue of $390 million. Gross margin of 32.9% was below our 34.6% estimate. Net income totaled $29.2 million, or $0.31/sh, with adjusted EPS of $0.28 compared to $0.37 in 2Q24. We were at $0.21 and $0.32, respectively.
Drivers. Sales were immediately impacted by tariffs in April, although trends improved throughout the quarter. Net sales were also negatively impacted by softer global demand for consumer and business products, partially offset by growth in gaming accessories. ACCO continued to make progress on its cost cutting initiative, realizing more than $40 million in cumulative cost savings since inception.
Codere Online (CDRO/$8.4 | Price Target: $14) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Strong Underlying Trends Masked By Currency Fluctuations Rating: OUTPERFORM
Solid Q2 results. The company reported second quarter revenue of €54.8 million, up 0.7% over the prior year period and largely in line with our estimate of €55.5 million. Adj. EBITDA in the quarter was €2.3 million, up 77% over the prior year period and better than our estimate of €0.1 million. Importantly, the top line results do not fully capture the company’s strong performance in Q2, given the devaluation of the Mexican Peso. On a constant currency basis, revenue was up 12%.
Mexico continues to grow nicely. The company’s operations in Mexico had a strong quarter that was muted by a 19% devaluation of the Peso compared to the prior year period. Notably, the company grew active customers in Mexico by a strong 36% over the prior year period, and revenue was up 23% on a constant currency basis. In our view, the company had a solid quarter in Mexico and top line results should improve as it comps year earlier Peso valuations.
MariMed Inc (MRMD/$0.1 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Expansion into Pennsylvania Rating: OUTPERFORM
Pennsylvania Entrance. MariMed announced a strategic agreement with TILT Holdings that will expand the distribution of the Company’s award winning portfolio of medical marijuana products to Pennsylvania. We view this as a significant expansion of MariMed’s product line into one of the largest cannabis markets.
Pennsylvania Market. The Pennsylvania cannabis market is estimated at $1.7 billion of annual revenue, making Pennsylvania the sixth largest legal cannabis market in the U.S. Significantly, the state remains a medical state only. When, and if, adult recreational use is approved, the overall cannabis market is projected to at least double. There are currently in excess of 180 medical dispensaries in the state, providing a large potential base to distribute MariMed products into.
Perfect (PERF/$1.96 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Delivers Solid Q2 Top-Line Growth Rating: OUTPERFORM
Q2 largely in line. The company reported a Q2 revenue of $16.4 million (up an impressive 17.6% year-over-year) and an adj. EBITDA of a loss of $0.5 million. These results were largely in line with our estimates of $16.5 million in revenue and adj. EBITDA of $0.4 million.
Customer growth. The company continues to expand its user base across both B2C and B2B channels. Paying subscribers to its YouCam mobile beauty app rose 4.4% year over year to 960,000, while its B2B footprint grew to 818 brand clients and over 914,000 SKUs, up from 686 clients and 774,000 SKUs a year earlier. The number of Key B2B Customers (those generating at least $50,000 annually), however, declined to 139 from 151, with the drop evenly split between lower spending and customer churn tied to macro pressures.
Noble Capital Markets Research Report Thursday, July 31, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Promising Target Zone Identified at the Awacha Copper Target Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Abstract From A Single Patient Is Not A Safety Concern FAT Brands (FAT)/OUTPERFORM – Reports 2Q25 Results MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – An Offering and Other Changes to Capital Structure
Aurania Resources (AUIAF/$0.11 | Price Target: $0.4) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Promising Target Zone Identified at the Awacha Copper Target Rating: OUTPERFORM
Mapping program at Awacha. In 2024, an Anaconda-style mapping program was completed over a 17-square kilometer area at the Awacha porphyry copper target in Ecuador. A total of more than 2,200 outcrops were studied and described by field geologists and subsequently compiled into a database. Interpretation of the data was finalized in early June, and the company engaged porphyry copper expert Dr. Steve Garwin to review the mapping data and identify the most promising porphyry targets in the Awacha area. Dr. Garwin has been associated with several major discoveries, including the Alpala porphyry copper-gold deposit at the Cascabel project in Ecuador.
Large zone of interest. Following the mapping program, a large zone of hydrothermal alteration that is greater than six kilometers by four kilometers was revealed during a review and interpretation of the data. The area of interest, coincident with magnetic and conductive anomalies that indicate the potential for porphyry mineralization, warrants additional field work to refine hole locations for a future drill program.
Eledon Pharmaceuticals (ELDN/$3.16 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Abstract From A Single Patient Is Not A Safety Concern Rating: OUTPERFORM
We Look Forward To Data At The World Transplant Congress. Eledon is scheduled to present interim data from its Phase 1b study at the World Transplant Congress (WTC), to be held August 2 to 6. We have also seen an abstract discussing a single patient in the Phase 2 BESTOW trial that had an unrelated fungal infection. While we do not consider the abstract to be significant, it may have raised safety concerns for investors.
WTC Abstract From One Patient May Have Been Misinterpreted. The abstract discusses “a unique case of pulmonary mucomycosis” in a patient enrolled in the Phase 2 BESTOW trial. Four weeks after receiving a kidney transplant and the tegoprubart regimen, he developed fever due to a rare fungal infection that was treated and resolved. “The patient remained on tegoprubart infusions and showed evidence of clinical improvement, without evidence of rejection or infection at follow-up visits”, stated the abstract.
FAT Brands (FAT/$2.38 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Reports 2Q25 Results Rating: OUTPERFORM
2Q25 Results. Revenue of $146.8 million declined 3.4% y-o-y, but was above our $141 million estimate. The revenue decline was driven by a decrease in restaurant revenue resulting from the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks lodge, and lower same-store sales, partially offset by the opening of new Twin Peaks lodges. FAT Brands reported a net loss of $54.2 million, or a loss of $3.17/sh, compared to a net loss of $39.4 million, or a loss of $2.43/sh, last year. We had projected a net loss of $46 million or a loss of $2.56/sh.
Pipeline and Openings. The development pipeline remains robust with roughly 1,000 signed deals. Eighteen new locations opened during the quarter, with FAT Brands well positioned to see 100 locations open in 2025. The opening of new locations will help drive go-forward adjusted EBITDA for the Company.
MustGrow Biologics Corp. (MGROF/$0.54) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An Offering and Other Changes to Capital Structure Rating: MARKET PERFORM
Capital Structure. MustGrow announced a series of changes to be made to its capital structure including (i) a non-brokered private placement of up to 4,285,715 units of the Company (ii) the proposed repricing of outstanding share purchase warrants issued pursuant to its January 16, 2025 private placement and (iii) its intention to offer shares for debt settlement to all holders of unsecured convertible debentures issued pursuant to its January 16, 2025 private placement.
“LIFE” Offering. The 4,285,715 units will be offered at a price of CAD$0.70 per unit for gross proceeds of up to $3.0 million. Each unit will consist of one common share and one common share purchase warrant exercisable for 60 months at an exercise price of $0.90 per warrant. Net proceeds will be used for inventory production of TerraSante, inventory for agricultural products to sell via its Canadian distribution platform, NexusBioAg, and working capital and general corporate purposes.
Second quarter financial results. Alliance reported second quarter adjusted EBITDA and earnings per unit (EPU) of $161.9 million and $0.46, respectively, compared to $181.4 million and $0.77 during the prior year period. We had projected EBITDA and EPU of $159.8 million and $0.57. Reported earnings per unit include a $25 million non-cash impairment charge. Total revenue amounted to $547.5 million compared to $593.4 million during the prior year period and our $577.4 million estimate. The variance compared to our revenue estimate was largely due to lower coal sales.
Outlook for the remainder of 2025 and 2026. Management increased the top end of 2025 coal tonnage sales guidance, kept overall coal sales price expectations intact, and lowered guidance for segment adjusted EBITDA expense per ton sold. Notably, oil and gas royalty volume expectations were increased, while segment adjusted EBITDA expense as a percentage of oil and gas royalty revenues was decreased to 14% from 15%. While management expects the average coal sales price per ton to trend lower in 2026 due to higher-priced contracts rolling off, longwall moves in 2025 and actions to improve productivity and cost effectiveness are expected to offset the impact of lower prices.
FAT Brands (FAT/$2.4 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Charges Dropped Rating: OUTPERFORM
Charges Dropped. Last night, FAT Brands announced that the United States Attorney for the Central District of California has filed a motion to dismiss all charges against Andrew Wiederhorn, FAT Brands, Rebecca Hershinger, and William Amon. This is a major development in our view, not only removing significant ongoing related legal fees for FAT Brands, but also any lingering reputational risk investors may have had related to the action. It remains to be seen if last night’s action will result in a similar favorable resolution to the SEC civil action.
Background. The original charges from the U.S. District Attorney were filed back in May 2024, while, simultaneously, the SEC filed a civil complaint accusing Mr. Wiederhorn of using FAT cash to fund his lifestyle, while falsely telling the Company’s auditors, Board of Directors, and investors that neither he nor his family members had any direct or indirect material interest in the FAT cash used by Mr. Wiederhorn for personal expenditures.
Graham (GHM/$55.46 | Price Target: $52) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 $25.5 Million Follow-on Order Rating: OUTPERFORM
Follow-on Order. Yesterday, Graham Corporation announced the Company was awarded a follow-on order to produce critical hardware for the MK48 Mod 7 Heavyweight torpedo program. This was a sole sourced award. Graham typically receives an annual order for this program once funding is approved for the current year’s supply.
MK48 Program. The follow-on order is valued at approximately $25.5 million. Graham manufactures and tests the alternators and regulators for the MK48 Mod 7 Heavyweight torpedo through its Barber-Nichols subsidiary. We believe there are two more option years remaining under the current program in which 50-120 MK 48s are produced annually.
Noble Capital Markets Research Report Tuesday, July 29, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Not the Best Way to Stimulate Mining Investment in Ecuador GeoVax Labs (GOVX)/OUTPERFORM – 2Q25 Reported With MVA and Gedeptin Trial Updates
Aurania Resources (AUIAF/$0.1 | Price Target: $0.4) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Not the Best Way to Stimulate Mining Investment in Ecuador Rating: OUTPERFORM
New mining service fee. Ecuador implemented a new mining service fee, Tasa de Fiscalizacion Minera (TASA), on the resource sector. Aurania received notice of the fee associated with its project in Ecuador. The Ecuadorian Control and Regulation Agency (ARCOM) has requested payment of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420, to help fund ARCOM’s efforts. Because we do not anticipate significant negative repercussions associated with deferring payment, we think Aurania will withhold payment until it becomes clear whether TASA will stand in its current form.
TASA is being challenged. The new fee represents a significant cost burden for junior exploration companies. Multiple constitutional challenges have been filed in Ecuador and are being analyzed by the Court to determine if the claims will be accepted, which could take several months.If accepted, the constitutional challenges could take several years, and ARCOM may or may not be directed to suspend the collection of fees until claims are resolved. Reasonable accommodations will likely need to be made.
GeoVax Labs (GOVX/$0.74 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 2Q25 Reported With MVA and Gedeptin Trial Updates Rating: OUTPERFORM
GeoVax Reports 2Q25 Financials With Updates Trials For MVA and Gedeptin. GeoVax reported a 2Q25 loss of $5.4 million or $(0.35) per share. Revenues of $0.9 million were for work performed under the BARDA contract prior to its cancellation in April 2025. During the quarter, the EMEA communicated that the GEO-MVA vaccine in development for smallpox/Mpox could skip Phase 1 and 2, then receive approval based on Phase 3 immune markers. The company also amended its trial plans for Gedeptin in HNSCC.
GEO-MVA Phase 3 Is Expected To Begin In 2H26. As discussed in our Research Note on June 17,GeoVax received Scientific Advice (SA) from the EMA for GEO-MVA smallpox/Mpox vaccine stating the Phase 1 and 2 studies would not been needed. An MAA will only require a single Phase 3 immuno-bridging trial comparing the immune response in healthy volunteers receiving GEO-MVA against the approved vaccine. The study is expected to begin in 2H26.
Noble Capital Markets Research Report Monday, July 28, 2025
Companies contained in today’s report:
Resources Connection (RGP)/OUTPERFORM – Strong 4Q; But Environment Still Recovering
Resources Connection (RGP/$5.79 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Strong 4Q; But Environment Sill Recovering Rating: OUTPERFORM
4Q25 Results. Results came in above guidance. Revenue was $139.3 million, versus a high end guide of $137 million and exceeded our $132 million estimate. Gross margin of 40.2% was also above the high end of guidance, was flat y-o-y, and above our 37% estimate. The bottom line was impacted by a $69 million goodwill impairment charge, resulting in a loss of $2.23/sh for the quarter. Adjusted EPS was $0.16 versus $0.28 in 4Q24 and was above our estimate and the consensus estimate of a loss of $0.01/sh. Adjusted EBITDA was $9.8 million, above our $2.4 million estimate.
Pipeline. While overall pipeline contracted during the quarter, pipeline creation efforts grew in all regions with a higher volume of larger value deals. RGP secured multiple new opportunities exceeding $1 million and expanded the number of $1 million-plus projects in the pipeline relative to the same quarter last year. The Company is also seeing growing momentum in larger opportunities, each exceeding $5 million.
Second quarter estimates. We are lowering our Q2 2025 revenue and adjusted earnings per share estimates to $11.4 million and a loss of $1.23, respectively, from $14.1 million and a loss of $0.76. Additionally, we are reducing our operating expenses to $13.0 million from $14.4 million, as dry docking expenses have been pushed into the third quarter. Despite lower operating expenses, we are decreasing our adjusted EBITDA estimate to $1.6 million from $2.9 million. The decrease in our earnings estimates is mainly due to lower-than-expected time charter equivalent (TCE) rates.
Full-Year 2025 estimates. We are lowering our 2025 revenue and adjusted earnings per share estimates to $46.0 million and a loss of $4.41, respectively, from $50.3 million and a loss of $3.79. We are trimming our operating expenses to $51.4 million from $51.8 million, due to lower expected voyage expenses. Our adjusted EBITDA estimates were lowered to $5.6 million from $9.3 million. The lower estimates are driven by soft market rates.
Updating second quarter estimates. We are raising our second quarter revenue and adjusted earnings per share estimates to $56.7 million and $3.87, respectively, from $54.0 million and $3.45. Additionally, we are increasing our adjusted EBITDA estimate to $38.5 million from $35.0 million. The upward revisions are driven by stronger-than-expected time charter equivalent (TCE) rates.
Full-year 2025 estimates. For the full-year 2025, we expect higher revenues and adjusted earnings per share estimates of $228.5 million and $15.47, respectively, up from $225.6 million and $15.05. We are raising our operating expense estimates to $83.0 million from $81.7 million, due to higher dry-docking expenses. Our full year adjusted EBITDA estimate has been increased to $153.1 million from $149.2 million. The increases in our estimates are largely due to higher TCE rates.
FreightCar America (RAIL/$11.54 | Price Target: $16) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Forward Estimates and Increasing our PT Rating: OUTPERFORM
Increasing longer-term rail car delivery estimates. While we have maintained our rail car delivery estimates for 2025 through 2027, we have increased our delivery estimates for 2028 through 2030. We now forecast rail car deliveries of 5,500, 5,750, and 6,000, respectively, compared with our prior estimates of 5,000, 5,000, and 5,000. While we had previously assumed that RAIL would operate four production lines with an aggregate capacity of 5,000 rail cars through 2030, we now assume the company will operate five production lines with a total capacity of 6,250 rail cars beginning in 2028. Our prior assumption had been that the company could begin producing a new line of higher-margin tank cars using existing capacity at the expense of lower margin products. Because we think tank cars could add an incremental 500 or more orders beginning in 2028, the tank cars would be incremental to existing orders with five production lines.
Updating earnings estimates. We forecast 2025 EBITDA and EPS of $45.9 million and $0.47, respectively, while our 2026 estimates are $48.6 million and $0.53. While our 2025 and 2026 EBITDA estimates are unchanged, we have increased our forward estimates, which may be found in the financial model at the end of this report. While our earnings estimates have increased, gross margin as a percentage of sales remains unchanged at 13.0%, 13.3%, 13.5%, and 13.8% in 2027, 2028, 2029, and 2030, respectively, while selling, general, and administrative expense as a percentage of sales increased modestly.
Seanergy Maritime (SHIP/$7 | Price Target: $9) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updating Estimates and Market Outlook Rating: OUTPERFORM
Second Quarter 2025 Estimate Revisions. We are raising our Q2 2025 net revenue forecast to $36.5 million from $35.9 million, driven by stronger-than-expected time charter equivalent (TCE) rates. However, we are lowering our adjusted EBITDA and EPS estimates to $16.7 million and $0.11, respectively, from $17.3 million and $0.17, reflecting higher operating expenses of $29.1 million versus $27.5 million previously. The increase reflects a full quarter of the expanded fleet as well as higher-than-expected dry-docking activity.
Full-Year 2025 Estimate Changes. We are increasing our 2025 revenue forecast to $143.4 million from $142.9 million, as we expect improving rate momentum to continue through year-end. We are also raising our operating expense estimate to $113.9 million from $109.4 million, reflecting a greater number of anticipated dry-docking days. As a result, we are lowering our adjusted EBITDA projection to $67.7 million from $70.5 million and our EPS estimate to $0.51 from $0.74.
Travelzoo (TZOO/$12.55 | Price Target: $26) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Steps On The Customer Acquisition Accelerator Rating: OUTPERFORM
Mixed second quarter results. Revenues significantly increased 13.1% to $23.9 million, a sequential quarterly increase from 5.3% in Q1, reflecting its strategic shift toward a subscription based model. Adj. EBITDA fell short of our expectations, however, due to a step up in customer acquisition spend and the purchase of “distressed” vouchers.
Favorable customer acquisition dynamics. Customer acquisition costs went up in Q2 to $38 from $28 in Q1, but still remains positive. Total return is $58, $40 from the annual subscription fee and $18 from transactions. Management anticipates to continue to aggressively spend on customer acquisition in light of the favorable Return on Investment. These moves support a longer term attractive revenue outlook, but have a near term adverse impact on adj. EBITDA.
Noble Capital Markets Research Report Wednesday, July 23, 2025
Companies contained in today’s report:
The Oncology Institute, Inc. (TOI)/OUTPERFORM – Improving Oncology Treatment While Cutting Costs
The Oncology Institute, Inc. (TOI/$3.54 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Improving Oncology Treatment While Cutting Costs Rating: OUTPERFORM
Initiating Coverage of The Oncology Institute With An Outperform Rating. The Oncology Institute of Hope & Innovation (TOI) is a medical practice management company specializing in community-based oncology practices. It manages and operates oncology clinics in five states using its proprietary, value-based methodology. These treatment regimens have improved outcomes for patients while reducing the cost of care.
TOI Uses Capitated Contracts To Control Costs. TOI enters into contracts with third-party payers to treat a specified number of health plan members based on the estimated per-member, per-month cost. This method of providing coverage based on population size is known as capitation. It also offers traditional fee-for-service as well as value-based oncology care. This provides TOI with the flexibility to contract with more insurance plans.
Noble Capital Markets Research Report Tuesday, July 22, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island Lithium Carbonate Proves its Value Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Raising Price Target
Century Lithium Corp. (CYDVF/$0.25 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Angel Island Lithium Carbonate Proves its Value Rating: OUTPERFORM
Lithium-metal anodes. Century Lithium announced that Alpha-En Corporation successfully converted Century’s lithium carbonate into battery-grade lithium-metal anodes for use in lithium-ion batteries. The lithium-metal anodes were produced using 99.8% pure lithium carbonate from Century’s Angel Island project and demonstration plant. The sample was converted by Alpha-En into lithium metal using Alpha-En’s patented conversion process.
LFP 18650 battery cells. Earlier in the month, Century announced that First Phosphate Corp. produced commercial-grade lithium iron phosphate (LFP) 18650 battery cells using North American critical minerals, including lithium carbonate sourced from Century’s Angel Island project and demonstration plant, along with high-purity phosphoric acid and iron powder from First Phosphate’s Begin-Lamarche property in Quebec. The LFP 18650 battery cells were assembled for First Phosphate by Ultion Technologies at their pilot facility in Nevada.
The Merritt Mill is processing ore. Nicola Mining’s (TSX.V: NIM, OTCQB: HUSIF) 100% owned Merritt Mill in British Columbia recently began milling and processing ore from Talisker Resources Ltd.’s (TSX: TSK, OTCQX: TSKFF) Mustang mine to produce gold and silver concentrate. On May 11, Talisker began trucking material to the Craigmont Mill. The commencement of milling operations marked Nicola’s transition to a long-term production plan and sustained revenue and cash flow generation.
Flow-through financing. Nicola Mining raised gross proceeds of C$2,175,000 with a non-brokered private placement of 4,350,000 units at a price of C$0.50 per unit. Each unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each warrant is exercisable at a price of C$0.65 and expires two years from the date of issuance. The financing was oversubscribed by a total of 350,000 units or C$175,000. Proceeds will be used to fund exploration at the company’s New Craigmont Copper Project.
Noble Capital Markets Research Report Monday, July 21, 2025
Companies contained in today’s report:
InPlay Oil (IPOOF)/OUTPERFORM – Increasing Estimates and a First Look at 2026
InPlay Oil (IPOOF/$7.4 | Price Target: $15) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Increasing Estimates and a First Look at 2026 Rating: OUTPERFORM
Company strategy. Despite the recent improvement in oil prices, InPlay is maintaining its 2025 production guidance at 16,000 to 16,800 boe/d. Management reiterated that the strategy remains centered on capital discipline, prioritizing debt reduction over production growth. The company’s approach is supported by fluctuating oil prices and the performance of assets acquired from Obsidian Energy, which have demonstrated low decline rates and continue to well-exceed type curve expectations. Recall that as part of the transaction, Obsidian Energy received InPlay shares as part of the consideration.
Non-binding offer. InPlay Oil announced that Obsidian Energy has entered into a non-binding agreement with a third party for the sale of its entire position in InPlay, totaling 9,139,784 common shares. The proposed transaction is expected to occur at a premium to InPlay’s share price as of July 15, 2025. While the parties remain in discussions, no binding agreement has been finalized at this time.
Noble Capital Markets Research Report Friday, July 18, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – More News; Updated Model
Bit Digital (BTBT/$4.01 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 More News; Updated Model Rating: OUTPERFORM
Updated Model. Earlier this week, Bit Digital announced preliminary revenue for 2Q25 in the $24.3-$26.9 million range, which is modestly below our and consensus estimates. The difference, in our view, is likely driven by the push to the right of some contracts. We are not too concerned as of now, as we expect the contracts to come online this year.
Adjusted Numbers. We lowered our 2Q revenue expectation to $25.3 million from a prior $31.6 million, with the biggest change coming in the Cloud Services and Mining line items. Net loss is now at $4.4 million, or $0.02/sh, versus a prior loss of $1.4 million, or $0.01/sh.
Noble Capital Markets Research Report Wednesday, July 16, 2025
Companies contained in today’s report:
Hemisphere Energy (HMENF)/OUTPERFORM – Extending a Track Record of Returning Capital to Shareholders SelectQuote (SLQT)/OUTPERFORM – Temporary Pressure, Strong Path Forward The GEO Group (GEO)/OUTPERFORM – Amends Senior Revolving Credit Facility
Hemisphere Energy (HMENF/$1.41 | Price Target: $2.4) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Extending a Track Record of Returning Capital to Shareholders Rating: OUTPERFORM
Special dividend. Hemisphere Energy declared a special dividend of C$0.03 per common share that is payable on August 15 to shareholders of record as of July 31. It is in addition to the company’s quarterly base dividend of C$0.025 per common share and is Hemisphere’s second special dividend payment in 2025.
Normal course issuer bid. Hemisphere Energy recently announced that the TSX Venture Exchange had accepted its notice to renew its Normal Course Issuer Bid (NCIB) to purchase for cancellation up to 7,934,731 common shares. Purchases will be made on the open market at prevailing market prices through the TSXV. The NCIB commenced on July 14, 2025, and will terminate on July 13, 2026.
SelectQuote (SLQT/$2.23 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Temporary Pressure, Strong Path Forward Rating: OUTPERFORM
Setting up fiscal 2026. We are adjusting our fiscal Q4 estimates to reflect updated expectations for the Medicare Advantage market, with a particular focus on recent regulatory changes affecting Special Needs Plans (SNPs). While these developments introduce near-term challenges, we believe SelectQuote is well-positioned heading into fiscal 2026. We expect the company to rebuild agent capacity ahead of the next Annual Enrollment Period (AEP), to support a trajectory of sustained revenue growth and adj. EBITDA margin expansion.
Special Needs changes. Our revised Q4 outlook is primarily driven by recent changes implemented by CMS that restructure Special Needs Plan switching rights. The policy shift narrows mid-year enrollment flexibility for a significant portion of dual-eligible consumers (those enrolled in non-integrated D-SNPs), leading to the prospect of a smaller pool of shopping beneficiaries during the middle of calendar 2025. In addition, we are accounting for SelectQuote’s reduced year-over-year agent count, which entered fiscal 2025 approximately 22% below the prior-year level due to capital constraints at the time. These factors combined create a more muted backdrop for near-term Medicare Advantage performance.
The GEO Group (GEO/$25.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Amends Senior Revolving Credit Facility Rating: OUTPERFORM
Amended Facility. The GEO Group announced amendments to its April 2024 Credit Agreement that provide enhanced flexibility, better terms, and an extended maturity. Along with the additional payments on the outstanding debt, GEO has taken another step closer to being able to return capital to shareholders, in our view.
Details. The Amendment increases GEO’s revolver commitments from $310 million to $450 million and extends the maturity to July 14, 2030. The Amendment further provides that interest will accrue on outstanding revolving credit loans at a rate determined with reference to the Company’s total leverage ratio, which, as of today, reduces the rate by 0.50% from the prior applicable rate. The Amendment also increases GEO’s capacity to make restricted payments over the next five years.
Noble Capital Markets Research Report Tuesday, July 15, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – A Compelling Transaction
Lucky Strike Entertainment (LUCK/$10.29 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Compelling Transaction Rating: OUTPERFORM
Purchases real estate. The company announced that it purchased the real estate of 58 existing bowling centers for $306 million from Carlyle Group, its main sale leaseback partner. The real estate is located in California, Illinois, Georgia, Arizona, and Colorado. With the purchase, the company now owns roughly 75 of its over 350 bowling centers.
Financing set. The company amended its existing credit facility to provide a bridge loan of $230 million towards the purchase. Cash was used for the remaining purchase amount. We believe that the company will reduce the bridge loan over the course of the next year through free cash flow generation.
First quarter financial results. For the first quarter of fiscal year (FY) 2026, AZZ reported adjusted net income of $53.8 million or $1.78 per share compared to $44.0 million or $1.46 per share during the prior year period and our estimate of $50.1 million or $1.66 per share. Compared to the first quarter of FY 2025, sales increased 2.1% to $422.0 million. Adjusted EBITDA increased 13.1% to $106.4 million, representing 25.2% of sales compared to 22.8% of sales during the prior year period.
Updating estimates. We have increased our FY 2026 EBITDA and EPS estimates to $388.3 million and $6.00, respectively, from $381.7 million and $5.83. In FY 2026, our estimates reflect average gross margins of 30.0% and 20.3% for the Metal Coatings and Precoat Metals segments, respectively. Moreover, we have published our estimates for 2027 through 2031 in the back of this report. Our forward estimates reflect an average 30.5% gross margin as a percentage of sales for the Metal Coatings segment, compared to the prior average of 28.0%. The average gross margin as a percentage of sales for the Precoat Metals business is unchanged at 20.3%.
Kratos Defense & Security (KTOS/$51.71 | Price Target: $60) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Fast Tracked Drone Opportunity; Raising PT Rating: OUTPERFORM
Directive. Building on President Trump’s June 6th Executive Order to Unleash American Drone Dominance, this past week Defense Secretary Hegseth signed a memo removing restrictive policies on drone innovation. By leveraging savings from DOGE, the DOD will help power a technological leapfrog and bolster the U.S. drone industry by approving hundreds of made-in-America drone products for purchase by the military. These goals play right into Kratos’ wheelhouse, in our view.
New Focus. The directive focuses on three key areas: strengthening the U.S. drone manufacturing base, arming combat units with a variety of low-cost drones, and ensuring those combat units are well-trained on how to use them. Kratos has been expanding its drone production capabilities, which the recent capital raise will turbocharge. Its drone technology is proven and available today, and the Company is the leader in providing target drones to the military.
Noble Capital Markets Research Report Thursday, July 10, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Strong Start to Fiscal Year 2026 Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Meeting Highlights Tegoprubart Data Milestones and New Indications
AZZ (AZZ/$100.73 | Price Target: $112) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Strong Start to Fiscal Year 2026 Rating: OUTPERFORM
FY 2026 first quarter financial results. AZZ reported adjusted net income of $53.8 million or $1.78 per share compared to $44.0 million or $1.46 per share during the prior year period. We had forecast adjusted net income of $50.1 million or $1.66 per share. Compared to the first quarter of FY 2025, sales increased 2.1% to $422.0 million. Adjusted EBITDA increased 13.1% to $106.4 million, representing 25.2% of sales compared to 22.8% of sales during the prior year period. We had projected adjusted EBITDA of $99.5 million.
Meaningful debt reduction. Cash from operations during the fiscal first quarter amounted to $314.8 million, including proceeds of $273.2 million received from AVAIL’s sale of the Electrical Products Group. Following debt reduction of $285.4 million, AZZ ended the quarter with a net leverage ratio of 1.7x TTM adjusted EBITDA. As of May 31, long-term debt, gross was $614.9 million compared to $900.3 million on February 28. Net of unamortized debt issuance costs, long-term debt was $569.8 million on May 31 compared to $852.4 million on February 28.
Eledon Pharmaceuticals (ELDN/$3.4 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Meeting Highlights Tegoprubart Data Milestones and New Indications Rating: OUTPERFORM
R&D Day Highlighted Science, Current Trials, Future Indications. We attended the Eledon R&D Day on July 9 to hear and evaluate the progress in tegoprubart development. The presentations focused on the current clinical indications in renal transplantation, islet cell transplantation, xenotransplants, and plans for liver and other solid organ transplants. Conference presentation dates for upcoming data announcements were also announced.
Phase 1b Data Update Is Planned For August. The Phase 1b open-label trial has been expanded to enroll up to 36 patients, an increase from the original 9 patients. Data is scheduled for presentation at the World Transplant Congress on August 9, 2025. Previous data presentations have included 13 patients. We expect to see follow-up data from more patients treated longer, with data from additional patients beyond the initial 12-month trial duration.
Updating estimates. We are increasing our 2025 adjusted EBITDA and EPU estimates to $676.5 million and $2.55, respectively, from $672.6 million and $2.52. We increased our crude oil and natural gas price estimates based on CME futures settlements, which had a positive impact on oil and gas royalty revenue. Our 2026 adjusted EBITDA and EPS estimates are unchanged at $678.3 million and $2.60, respectively. While management expects the average coal sales price per ton to trend lower in 2026 due to higher-priced contracts rolling off, we think 2025 longwall moves and actions to improve productivity and cost effectiveness could help offset the impact of lower prices.
Recent legislation expected to benefit the fossil fuel industry. Following several executive orders earlier in the year intended to support the coal industry and delay coal power plant retirements, the Big Beautiful Bill (BBB) was signed into law on July 4 and is expected to benefit the fossil fuel industry. Among other things, the BBB phases out many of the clean energy tax credits established under the Inflation Reduction Act and creates a supportive environment for oil, gas, and coal production.
E.W. Scripps (SSP/$3.42 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Strengthening Its Station Portfolio Rating: OUTPERFORM
Compelling station swap. Scripps will be selling its stations in Lansing MI and Lafayette LA to Gray Television (GTN: Not Rated) and buying stations in Colorado Springs, CO and Grand Junction, CO and a station in Twin Falls ID. We view the move favorably, given that Scripps will create station duopolies and strengthen its presence in the West. We believe that the move will create significant efficiencies for both companies, eliminating back office, duplicative, and overhead costs. This will be an even swap with no cash compensation to either party.
FCC fast track? The FCC has signaled its willingness to fast track the regulatory process, likely to provide a “waiver” to create duopolies rather than to seek a longer review/rulemaking process. As such, we believe that the transaction could be completed by year end.
Xcel Brands (XELB/$1.58 | Price Target: $9) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Seeking Fuel For Growth Rating: OUTPERFORM
Files S1. The company plans to sell 1.381 million shares on a “best efforts” basis and pre-funded warrants. Pre-funded warrants are exercisable at any time after the date of issuance and may be exercised at any time. Notably, management has indicated its interest in participating in the offering for up to 10% of the shares. Following the prospective sale, total shares outstanding would increase to 3.819 million shares.
Use of proceeds. Based on the current stock price and assuming all shares are sold, management expects to generate roughly $1.9 million in net proceeds from the offering. The company plans to use the proceeds for working capital and general corporate purposes and toward a $50,000 principal loan payment to a company controlled by Robert D’Loren, the company’s Chairman and CEO.
Noble Capital Markets Research Report Thursday, July 3, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – A Debt Refi Government Solutions (Government Solutions) – CoreCivic and GEO poised to Benefit From Big Beautiful Bill MariMed Inc (MRMD)/OUTPERFORM – Rec Sales to Begin in Delaware ONE Group Hospitality (STKS)/OUTPERFORM – Diners Seeking “Uniqueness and Entertainment”
Commercial Vehicle Group (CVGI/$2 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Debt Refi Rating: OUTPERFORM
Refi. Commercial Vehicle Group successfully refinanced its debt, extending the maturity out to 2030 from 2027. We believe this should provide the Company with additional financial flexibility as management continues to drive further operational efficiency.
Details. The Company went from an $85 million term loan to a $95 million term loan and from a $125 million ABL to a $115 million ABL. Proceeds were used to repay $120.1 million outstanding under the previous facility. The initial interest rate on the term loan is 9.75%, although future rates will have a tiered interest cost based on the consolidated leverage ratio. The initial ABL rate is SOFR plus 1.75%.
Government Solutions Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 CoreCivic and GEO poised to Benefit From Big Beautiful Bill
Big Beautiful Bill. The Senate version of the “One Big Beautiful Bill Act” aligns with or even improves upon the House version when it comes to spending on immigration. While it remains to be seen the exact version that will come out of the reconciliation process and be sent to President Trump for his signature, the proposed versions should prove to be beneficial to both CoreCivic and The GEO Group.
Detention Budget. Both the Senate and House proposals call for $45 billion of funding for detention capacity or an additional $10.6 billion annually through fiscal 2029. This would represent an over 300% increase over the current detention budget. This level of funding could support detention bed capacity in excess of 115,000 beds, up from a current 41,500.
MariMed Inc (MRMD/$0.08 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Rec Sales to Begin in Delaware Rating: OUTPERFORM
Recreational Cannabis. After legislation approving recreational cannabis in April 2023, Delaware will finally commence sales of recreational cannabis on August 1st of this year. Legal recreational cannabis can be purchased in the 13 existing medical dispensaries as well as through the 30 recreational licenses the state has approved. We expect sales to be derived not only from the state population, many of whom currently travel to existing legal states such as Maryland and New Jersey to obtain the product, but also from the estimated 30 million tourists that visit the state annually.
Delaware Market. Delaware has had a medical market for a while. The market is estimated to be approximately $50 million in size, with flattish growth to 2029 when the medical is projected to rise to $55 million. The recreational cannabis market could grow to the $250-$300 million level, according to various government projections.
ONE Group Hospitality (STKS/$4.75 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Diners Seeking “Uniqueness and Entertainment” Rating: OUTPERFORM
Diner Views. Today’s diners are seeking out venues that prioritize entertainment and uniqueness, according to a Yelp survey that analyzed consumer web searches from January to March. The Yelp findings are in-line with recent research by hospitality management platform SevenRooms. According to SevenRooms’ 2025 U.S. Restaurant Industry Trends, consumers who dine out value unique experiences, even at a premium, with 74% of consumers returning to a restaurant after a unique experience.
A Vibe Dining Leader. As a leader in Vibe Dining, ONE Hospitality is well positioned to capitalize on this trend through its portfolio of concepts, including chains STK, Benihana, Kona Grill, and RA Sushi, as well as the Salt Water Social and Samurai concepts. These upscale and polished casual, high-energy restaurants and lounges provide entertainment and unique experiences for diners, as well as one-of-a-kind, celebratory experiences that bring customers back.
Noble Capital Markets Research Report Wednesday, July 2, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – AZZ Acquires Canton Galvanizing, LLC GoHealth (GOCO)/OUTPERFORM – Credit Amendment Provides Reprieve Resources Connection (RGP)/OUTPERFORM – A Cooperation Agreement and New Directors The GEO Group (GEO)/OUTPERFORM – From Lease to Ownership
AZZ (AZZ/$96.74 | Price Target: $112) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 AZZ Acquires Canton Galvanizing, LLC Rating: OUTPERFORM
Bolt-on acquisition. AZZ Inc. entered into an agreement to acquire all the assets of Canton Galvanizing, LLC, a privately held hot dip galvanizing company based in Canton, Ohio. While the terms of the transaction were not disclosed, AZZ expects the transaction to be accretive to earnings within the first year of operation. Founded in 2019, Canton provides hot-dip galvanizing to customers in the U.S. Midwest and specializes in coating small to mid-size parts.
Strengthens AZZ’s presence in the U.S. Midwest. The strategic acquisition expands AZZ’s Metal Coatings capabilities in the US. Midwest and increases its total galvanizing network to 42 sites in North America. It has been renamed AZZ Galvanizing – Canton East LLC. With a spinning operation and a 21-foot kettle, Canton is known for quick turnaround times and excellent customer service.
GoHealth (GOCO/$5.92 | Price Target: $25) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Credit Amendment Provides Reprieve Rating: OUTPERFORM
Amended credit agreement. On June 30, the company announced an amendment to its credit agreement, extending the maturity of the company’s Class A Revolving Commitments from Q2 end to Q3 end. Moreover, any interest due on the revolver and refinanced term loans through that date will be paid in-kind. The amendment also waived financial covenant testing for Q2 and Q3, offering the company a temporary liquidity reprieve.
Cost of amendment. As part of the amendment, GoHealth will pay a 1.00% amendment fee to consenting lenders, which, along with all interest through September 30, will be paid in-kind and added to the principal balance of its loans. As a result, we estimate these provisions will increase the company’s outstanding debt by approximately $6 million.
Resources Connection (RGP/$5.76 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | A Cooperation Agreement and New Directors Rating: OUTPERFORM
Cooperation Agreement. Resources Connection has entered into a “Cooperation Agreement” with shareholder Circumference Group LLC. According to a Form 3 filing of June 30th, Circumference owns 1,289,243 RGP shares, representing 3.9% of the common shares outstanding as of March 31st.
Board Changes. As part of the Cooperation Agreement, RGP appointed Jeff Fox, founding partner and CEO of Circumference Group, and Filip Gyde, former CEO of Computer Task Group, to the Board. Current Board members Anthony Cherbak and Neil Dimick will retire from the Board following the conclusion of their terms in October 2025.
The GEO Group (GEO/$24.49 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 From Lease to Ownership Rating: OUTPERFORM
A Purchase. The GEO Group is purchasing the currently leased 770-bed Western Region Detention facility for $60 million, or $77,900/bed. GEO is currently leasing the facility at a cost of $5.1 million annually. GEO has had a long-term contract with the U.S. Marshals Service for use of the facility, which generates approximately $57 million of annualized revenue.
A Tax Savings. Expected to close by the end of July, the transaction is expected to be funded as a like kind real estate property exchange with proceeds from the previously announced sale of the GEO-owned Lawton Correctional Facility, which is expected to close on July 25th, resulting in an estimated capital gains cash tax savings of approximately $9.5 million.
Noble Capital Markets Research Report Tuesday, July 1, 2025
Companies contained in today’s report:
Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Some Award Updates Kratos Defense & Security (KTOS)/OUTPERFORM – Completes $575 Million Capital Raise Unicycive Therapeutics (UNCY)/OUTPERFORM – CRL Letter Received As Second Manufacturer Generates Data
Great Lakes Dredge & Dock (GLDD/$12.19 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Award Updates Rating: OUTPERFORM
Awards. Yesterday, Great Lakes provided an update on some recent awards. Each of the awards adds to the Company’s significant backlog, which stood at approximately $1 billion with an additional $265 million in low bids and options pending award at the end of the first quarter. The large backlog, with a majority being higher margin capital projects, provides strong visibility for 2025 and into 2026.
Woodside LNG. The Company received Notice to Proceed from Bechtel Energy for dredging work on the Woodside Louisiana LNG project. The first phase of work, which was awarded in the second quarter of 2025, includes the construction of a ship berthing basin for use by large LNG carriers, with potential for award of two options to expand the scope of construction for additional ship berths. Dredging operations are expected to commence in early 2026.
Kratos Defense & Security (KTOS/$46.45 | Price Target: $44) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Completes $575 Million Capital Raise Rating: OUTPERFORM
Capital Raise. Kratos completed its previously announced offering of Kratos common stock, raising $575 million in gross proceeds, at a public offering price of $38.50 per share, for a total of 14,935,065 shares of common stock, which includes the exercise of the underwriter’s option to purchase additional shares. Net proceeds from the offering were approximately $556 million. Noble Capital participated as a co-manager of the offering.
Use of Proceeds. Kratos expects to use the net proceeds of the offering to (i) fund investments and capital expenditures to scale and successfully execute on large, mission critical National Security priorities related to existing programs, recent program awards and significant high-probability pipeline opportunities; (ii) to finance important customer and program targeted acquisitions; (iii) and for general corporate purposes.
Unicycive Therapeutics (UNCY/$4.77 | Price Target: $60) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 CRL Letter Received As Second Manufacturer Generates Data Rating: OUTPERFORM
Approval Delay Is Not A Surprise. Unicycive announced that it has received a Complete Response Letter (CRL) in response to its New Drug Application (NDA) for Oxylanthanum Carbonate (OLC). This was expected following the announcement earlier this month stating that the FDA manufacturing inspection had found deficiencies with one of the OLC contract manufacturers. The company has switched to one of its other manufacturers, which we believe can resolve the issues quickly. We see approval possible around 4Q25 to 1Q26.
Plans To Address The Issues. Unicycive plans to hold a Type A meeting with the FDA to determine its requirements for resolution of the issues cited in the CRL. The company’s second manufacturer already produces OLC and has been generating data for FDA certification. This should allow Unicycive to submit any additional data requested quickly to resolve the issue.
Noble Capital Markets Research Report Monday, June 30, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Promising New Data Highlights the Potential for a Significant Copper Discovery
Aurania Resources (AUIAF/$0.17 | Price Target: $0.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Promising New Data Highlights the Potential for a Significant Copper Discovery Rating: OUTPERFORM
Application of two-dimensional inversion technology. Aurania Resources announced that six highly conductive anomalies have been revealed at the company’s Awacha porphyry copper target based on reprocessed data from a 2021 mobile magnetotellurics (MobileMT) survey using the latest two-dimensional (2D) inversion technology. Compared to the previously employed 1D algorithm, the 2.5D code accounts for the actual topography of the area, resulting in more accurate mapping of subsurface conductivity.
Six promising anomalies at Awacha. New inversion data has confirmed the presence of six high-conductivity anomalies that begin 250 meters from the surface and exhibit deep roots. The anomalies are of significant interest because zones of elevated conductivity often correlate with porphyry copper deposits due to the presence of conductive sulphide minerals and porphyry-related alteration.
Noble Capital Markets Research Report Friday, June 27, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Quarterly Cash Dividend Increased by 17.6%, 1Q FY2026 Financial Results to be Released on July 9 Bit Digital (BTBT)/OUTPERFORM – A Flurry of News Steelcase (SCS)/OUTPERFORM – Post Call Commentary V2X (VVX)/OUTPERFORM – An $118 Million Contract
AZZ (AZZ/$92.75 | Price Target: $112) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Quarterly Cash Dividend Increased by 17.6%, 1Q FY2026 Financial Results to be Released on July 9 Rating: OUTPERFORM
Increase in the quarterly cash dividend. AZZ announced a 17.6% increase in the quarterly cash dividend to $0.20 per share, or $0.80 on an annualized basis, from $0.17 per share, or $0.68 on an annualized basis. The dividend is payable on July 31 to shareholders of record as of the close of business on July 10. In our view, the dividend increase reflects management’s confidence in the company’s near- and long-term outlook.
First Quarter FY 2026 financial results. AZZ will release its first quarter financial results after the market close on Wednesday, July 9. Management will host an investor conference call and webcast on Thursday, July 10, at 11:00 am ET. We look forward to an update regarding the company’s new aluminum coil coating facility in Washington, Missouri, that is ramping up production, along with a review of market fundamentals and the company’s capital allocation priorities.
Bit Digital (BTBT/$1.99 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Flurry of News Rating: OUTPERFORM
News. Bit Digital released a flurry of news over the past two days, including a strategic shift in its business strategy, the potential IPO of its WhiteFiber subsidiary, and a $150 million equity offering. Needless to say, a lot to digest. If completed, the announced shifts would result in a significant change to Bit Digital.
Ethereum Focus. Operationally, Bit Digital will exit the bitcoin mining business and transition to become a pure-play Ethereum staking and treasury company. Given the economics of bitcoin mining versus Ethereum staking, we see the rationale in the move. The Company has commenced a strategic alternatives process for the Bitcoin mining operations.
Steelcase (SCS/$10.89 | Price Target: $16) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Mixed Environment. Steelcase continues to face a mixed environment, both on a vertical basis and a geographical basis. The key large corporate customer cohort is doing well, driven by a number of factors such as return to office, but education and government have been hit by funding uncertainties. Germany and France remain sluggish in the key small-to-mid-sized business, but India and China are doing better.
International Actions. Steelcase is taking steps to implement additional cost reduction efforts in Europe, given the weak macroeconomic factors and lower demand in France and Germany. A goal of these actions is to get the International segment back to profitability.
V2X (VVX/$48.47 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An $118 Million Contract Rating: OUTPERFORM
Support Services. According to the daily Department of Defense contract announcements, V2X subsidiary Vectrus Systems has been awarded an $118 million cost-plus-fixed-fee undefinitized contract for base support services in support of the Iraq F-16 program. This is another in a long line of recent wins for V2X, demonstrating the V2X value proposition and confirming the significant traction on near-term Foreign Military and International opportunities previously highlighted by management.
Details. The contract provides for base operating support, base life support, and security services. Work will be performed at Martyr BG Ali Flaih Air Base, Iraq, and is expected to be completed by Nov. 30, 2026. This contract involves Foreign Military Sales (FMS) to Iraq. This contract was a sole source acquisition. FMS funds in the amount of $57.8 million are being obligated at the time of award.
Noble Capital Markets Research Report Thursday, June 26, 2025
Companies contained in today’s report:
Steelcase (SCS)/OUTPERFORM – First Look At A Solid First Quarter
Steelcase (SCS/$10.62 | Price Target: $16) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look At A Solid First Quarter Rating: OUTPERFORM
1Q26. Steelcase reported solid results for the first quarter of fiscal 2026. Revenue grew 7% y-o-y to $779 million, towards the upper end of guidance. We had forecast $760 million and the consensus was $762 million. Gross margin of 33.9% was up 170 bp y-o-y and above management’s 33% guide. Steelcase reported net income of $13.6 million, or EPS of $0.11, and adjusted EPS of $0.20, compared to $10.9 million, $0.09, and $0.16, respectively, last year. We were at adjusted EPS of $0.14, while consensus was $0.13.
Quarterly Drivers. The Americas business was up 9%, both on a reported and organic basis, driven by a higher beginning backlog compared to the prior year and included strong growth from large corporate, government, and healthcare customers. International was up 1% on a reported basis but down 1% on an organic basis, driven by declines in Germany and France, mostly offset by growth in India, the UK, and China.
Noble Capital Markets Research Report Wednesday, June 25, 2025
Companies contained in today’s report:
Comstock (LODE) /MARKET PERFORM – Strategic Partnership with Virtus Renewables
Comstock (LODE/$3.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Strategic Partnership with Virtus Renewables Rating: MARKET PERFORM
Strategic partnership with Virtus. Comstock Metals forged a strategic partnership with Virtus Renewables Service Group Inc. Comstock and Virtus will jointly develop and deliver comprehensive recycling, decommissioning, and logistics solutions designed to suit the specific needs of the renewable energy markets. The partnership enables a systemwide service offering with expanded industry reach to offer environmentally conscious solutions for renewable energy clients across the United States.
Mutual benefits. Virtus offers a comprehensive suite of operations, project management, and maintenance services for solar and battery storage projects. Combining Virtus’s end-to-end renewable energy service expertise with Comstock’s industry-leading, zero-landfill solution enhances its ability to serve the renewable energy market and benefit from a full lifecycle certification process that adheres to the highest standards of sustainability, reliability, and service. Comstock is the first solar panel recycling company in North America to be certified by Sustainable Electronics Recycling International (SERI) to the R2v3/RIOS Responsible Recycling Standard.
Noble Capital Markets Research Report Tuesday, June 24, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – New Credit Agreement Bitcoin Depot (BTM)/OUTPERFORM – Potential Fuel for Growth Ocugen (OCGN)/OUTPERFORM – Merger Agreement Moves NeoCart Into A New Company QuoteMedia Inc. (QMCI)/OUTPERFORM – Raising Price Target On Favorable Outlook
Bit Digital (BTBT/$2.32 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | New Credit Agreement Rating: OUTPERFORM
Credit Agreement. Yesterday, Bit Digital’s WhiteFiber subsidiary announced a CAD$60 million credit facility with Royal Bank of Canada (RBC). We view this step favorably, as the facility not only provides funds to support the continued buildout of WhiteFiber’s Tier-3 AI data center portfolio but also is a confirmation of Bit Digital’s AI business model, in our view.
Terms. While we expect an 8-K to be filed with a full accounting of the terms, the credit agreement is among RBC and ENOVUM Data Centers Corp. and its Montreal II project as borrowers and guarantors, and is non-recourse to WhiteFiber or Bit Digital. It encompasses a real estate term loan, equipment financing, and a revolving facility. The facilities carry interest rates of CORRA plus 250 bps and a 3-year term.
Bitcoin Depot (BTM/$5.35 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Potential Fuel for Growth Rating: OUTPERFORM
Shelf registration. On June 20, the company filed a registration statement with the SEC for a $100 million mixed securities shelf registration, which could include Class A common stock, preferred shares, warrants, and units. The registration statement also included an at the money (ATM) sales agreement, which will allow the company to sell up to $50 million in class A common shares directly into the market.
Bolstering capital availability. We view the registration positively, as it provides the company with flexibility to raise capital opportunistically based on market conditions and the strength of BTM’s share price, which is up approximately 230% year-to-date. Importantly, this added capital access could support strategic initiatives such as tuck-in acquisitions or the purchase of additional kiosks, positioning the company to accelerate its network expansion and long-term revenue growth trajectory.
Ocugen (OCGN/$0.98 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Merger Agreement Moves NeoCart Into A New Company Rating: OUTPERFORM
NeoCart Transferred To Form New Regenerative Medicine Company. Ocugen has announced that it has entered into a merger agreement with Carisma Therapeutics to form a new company. Ocugen will transfer its wholly-owned regenerative medicine division, OrthoCellix, including NeoCart, an autologous cartilage implant technology that uses a patient’s cells to repair articular cartilage defects in the knee. The all-stock transaction is valued at $150 million, with Ocugen shareholders owning 90% of the new company.
We Expect The New Company To Accelerate NeoCart Development. Ocugen has been refining the Phase 3 trial design and has planned to start Phase 3 trials during FY2025. NeoCart has received Regenerative Medicine Advanced Therapy (RMAT) designation, which accelerates BLA review and could lead to faster approval. While the NeoCart data has been strong, NeoCart was a legacy product that was acquired by Ocugen as part of its 2019 reverse merger with Histogenics. Regenerative medicine is outside Ocugen’s main focus, and we believe it can be developed more rapidly by a company focused on regenerative medicine.
QuoteMedia Inc. (QMCI/$0.16 | Price Target: $0.23) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Raising Price Target On Favorable Outlook Rating: OUTPERFORM
Solid Q1 Results. The company reported solid Q1 results, with revenue growing 3% over the prior year period to $4.8 million, marking the highest quarterly revenue in the company’s history. Adj. EBITDA of $0.4 million in Q1 was moderately lower than our estimate of $0.5 million estimate. We believe its business pipeline appears to be improving and should gain momentum throughout the year and into 2026.
Capitalizing less development costs. Notably, the company capitalized less development costs in Q1 than in prior quarters, leading to more development costs expensed in Q1. While this impacted Q1, we believe that margins should improve as the company begins to recognize the revenue from the new business “wins” in future quarters. Furthermore, the company will be expensing development costs at a similar rate to Q1 moving forward.
Noble Capital Markets Research Report Monday, June 23, 2025
Companies contained in today’s report:
Nicola Mining Inc. (HUSIF)/OUTPERFORM – Nicola Commences 2025 New Craigmont Exploration Drilling
Nicola Mining Inc. (HUSIF/$0.51 | Price Target: $0.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Nicola Commences 2025 New Craigmont Exploration Drilling Rating: OUTPERFORM
New Craigmont drilling program. Nicola Mining (TSX.V: NIM, OTCQB: HUSIF) has commenced the 2025 exploration and diamond drilling program at its New Craigmont Copper Project, which will entail 4,000 to 5,000 meters of drilling. The program is expected to run from June through September and cost $1.5 million to $2.0 million. The purpose of the 2025 program is to collect geological data for target development for a potential porphyry copper system at New Craigmont.
Identifying targets using artificial intelligence. In collaboration with ALS Geoanalytics (formerly ALS GoldSpot), five priority targets, three of which are included in the 2025 program, were identified using artificial intelligence (AI)-based methods to analyze and correlate geophysical and geochemical data from Nicola’s exploration data. The collaboration harnesses the power of AI to identify high-potential targets which could increase the probability of successful outcomes.
Noble Capital Markets Research Report Friday, June 20, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Strong Start to 2025 MAIA Biotechnology (MAIA)/OUTPERFORM – Roche Forms Agreement For THIO Combination Studies Nutriband (NTRB)/OUTPERFORM – Manufacturing Milestone Allows Development To Move Forward As Expected
Euroseas (ESEA/$45.69 | Price Target: $53) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strong Start to 2025 Rating: OUTPERFORM
First quarter 2025 financial results. Euroseas Ltd. reported adjusted EBITDA and earnings per share (EPS) of $37.1 million and $3.76, respectively, compared to $24.6 million and $2.66 during the prior year period. Revenue increased due to a higher average number of vessels compared to the same period last year, while operating expenses declined. We had projected adjusted EBITDA and EPS of $34.7 million and $3.35, respectively. Relative to our estimates, revenues were higher, based on an average daily time charter equivalent rate of $27,806, versus our estimate of $26,221, while operating expenses were lower. Vessel operating expenses totaled $12.3 million compared to our estimate of $13.3 million.
Market outlook. The containership sector may face some challenges, including the potential for transit to resume through the Suez Canal, weaker economic conditions due to fluid trade policies, and a high industry order book, which could increase the supply of vessels. However, the company’s strong charter coverage through 2026 could insulate it from the potential for lower rates. Moreover, the feeder and intermediate segments of the market have relatively low order books, and demand for vessels remains strong.
MAIA Biotechnology (MAIA/$1.8 | Price Target: $14) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Roche Forms Agreement For THIO Combination Studies Rating: OUTPERFORM
MAIA Makes Its Third Supply Agreement. MAIA announced that it has entered a supply agreement with Genentech/Roche to test THIO (ateganosine) in combination with Tecentriq (atezolizumab, Roche’s PD-L1 checkpoint inhibitor) for the treatment of several hard-to-treat cancers. MAIA now has supply agreements to test THIO in combination with checkpoint inhibitors from three global pharmaceutical companies, which we see as an indicator of interest for future partnerships.
PD-1 or PD-1L? That Is The Question. Checkpoint inhibitors block the interaction of the surface proteins PD-1 (programmed death receptor-1) with PD-1L (the programed death receptor-1 ligand). When the PD-1 receptor binds to the PD-1L ligand, it inhibits the immune response. Checkpoint inhibitors are monoclonal antibody drugs against PD-1 or PD-L1 that block this interaction, allowing cancer cells to be recognized by a patient’s immune system and killed.
Nutriband (NTRB/$7.79 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Manufacturing Milestone Allows Development To Move Forward As Expected Rating: OUTPERFORM
Preparing For AVERSA Fentanyl Clinical Testing. Nutriband and its partner Kindeva announced that it has completed commercial manufacturing processes and scale-up for AVERSA Fentanyl, its abuse-deterrent fentanyl patch. This allows the company begin manufacturing clinical supplies and filing the IND (Investigational New Drug application) for the Phase 1 clinical study within the timeframe we anticipated. Only a single Phase 1 study is needed to file the application for marketing approval.
Manufacturing Completion Is A Significant Milestone. This scale-up is a significant step that demonstrates the ability to apply Kindeva’s transdermal patch technology for commercial scale production of AVERSA Fentanyl patches. We expect the IND filing to be completed shortly, with clinical testing to follow as expected.
Noble Capital Markets Research Report Wednesday, June 18, 2025
Companies contained in today’s report:
GoHealth (GOCO)/OUTPERFORM – Noble Virtual Conference Highlights Vince Holding Corp. (VNCE)/OUTPERFORM – Mitigates Tariff Risks Much Faster Than Expected
GoHealth (GOCO/$5.46 | Price Target: $25) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Vijay Kotte, CEO, presented at Noble’s Virtual Equity conference June 4 & 5th. Mr. Kotte highlighted the company’s proprietary technology, consumer-centric Medicare policy platform, and gave an update on recent developments. A rebroadcast is available here.
Purpose-built technology. Mr. Kotte emphasized the company’s use of proprietary machine learning tools alongside licensed agents to tailor recommendations to each consumer’s needs. With Medicare beneficiaries typically choosing from 40–50 plans, this technology plays a key role in efficiently identifying the most suitable options.
Vince Holding Corp. (VNCE/$1.48 | Price Target: $2.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Mitigates Tariff Risks Much Faster Than Expected Rating: OUTPERFORM
Solid Q1 results. the company reported Q1 revenue of $57.9 million and an adj. EBITDA loss of $3.0 million, both of which were better than our estimates of $56.0 million and a loss of $5.5 million, respectively. Notably, while revenue and adj. EBITDA are both modestly lower than the prior year period; we view the Q1 results favorably, given the company’s ability to manage the uncertain tariff outlook.
Tariff mitigation. The company highlighted that it has been taking steps to reduce its exposure to China, currently roughly 60% of its cost of goods sold. Notably, the company is sourcing from other countries and expects that China will be roughly 25% of its cost of goods by the end of 2025. The company has leadership located in the sourcing countries to ensure product quality.
Noble Capital Markets Research Report Tuesday, June 17, 2025
Companies contained in today’s report:
GeoVax Labs (GOVX)/OUTPERFORM – EMA Allows GEO-MVA To Leapfrog To Phase 3 Trial In EU Kratos Defense & Security (KTOS)/OUTPERFORM – New Award and Expansion; Raising PT Ocugen (OCGN)/OUTPERFORM – Stargardt Disease Program Moves To Phase 2/3 Trial SKYX Platforms (SKYX)/OUTPERFORM – Noble Virtual Conference Highlights The GEO Group (GEO)/OUTPERFORM – New USMS Transportation Contract
GeoVax Labs (GOVX/$1.32 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 EMA Allows GEO-MVA To Leapfrog To Phase 3 Trial In EU Rating: OUTPERFORM
GEO-MVA Gets An Accelerated Pathway To European Approval. GeoVax announced that it has received guidance from the EMA (European Medicines Agency) that provides an accelerated path to approval for GEO-MVA, its modified vaccinia ankara (MVA) based vaccine for smallpox/Mpox. It will only be required to conduct immune-bridging and toxicity studies before moving directly to Phase 3. This cuts several years from development time and saves many millions of dollars in clinical expenses.
Only Phase 3 Will Be Needed. The Committee for Medicinal Products for Human Use (CHMP) of the EMA stated that only requirements before beginning a Phase 3 study will be a non-clinical immuno-bridging and toxicity studies. No Phase 1 or Phase 2 studies are required. An MAA regulatory application can be submitted after a single, Phase 3 immuno-bridging study against the approved MVA vaccine (Imvanex or Jynneos, from Bavarian Nordic). The proposed endpoints of the study would be demonstration of immunogenicity to show non-inferiority.
Kratos Defense & Security (KTOS/$41.21 | Price Target: $44) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | New Award and Expansion; Raising PT Rating: OUTPERFORM
New Award. Kratos was awarded a $25 million task order under the Command and Control System-Consolidated Sustainment and Resiliency contract with the U.S. Space Force Space Systems Command to support ground system capabilities for Evolved Strategic Satellite Communications (ESS). The ESS system will provide the survivable and endurable satellite communications capability for the Nuclear Command, Control, and Communications mission in all operational environments.
Details. The task order has a 34-month period of performance, which began on March 14th and will conclude on November 30, 2027. This was accomplished under the C-SAR single-award indefinite delivery/indefinite quantity (IDIQ) contract awarded to Kratos on November 15, 2023. The C-SAR IDIQ contract has a maximum value of $579 million to cover task/delivery orders to support operations, sustainment, enhancements, and constellation capacity.
Ocugen (OCGN/$1.16 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Stargardt Disease Program Moves To Phase 2/3 Trial Rating: OUTPERFORM
OCU410ST Cleared To Begin Confirmatory Trial. Ocugen announced that the FDA has approved its IND amendment to allow OCU410ST to begin its Phase 2/3 pivotal confirmatory trial. This will become the second Ocugen product to move into a Phase 2/3 confirmatory trial, and keeps the company on schedule to meet its goal of submitting three BLAs in the three years between 2026-28.
Brief Description of Stargardt Disease. Stargardt disease is a rare autosomal recessive disease caused by mutations in the ABCA4 gene in the retina. Progressive loss of photoreceptor cells in the retina typically starts at a young age, leading to blindness. Ocugen has received Orphan Drug designation and Rare Pediatric Disease Designation (RPDD) for diseases associated with ABCA4 diseases, including Stargardt, retinitis pigmentosa 19, and cone-rod dystrophy 3.
SKYX Platforms (SKYX/$1.26 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Lenny Sokolow, Co-CEO, presented at Noble’s Virtual Equity conference June 4 & 5th. Mr. Sokolow discussed the company’s innovative technology, commercial partnerships, and its quest for mandatory standardization with the NEC, among other topics. A rebroadcast is available here.
Mandatory standardization efforts getting a boost. Management remains optimistic about its push for mandatory standardization, citing recent backing from a prominent government safety leader. The company’s “Code Team” expects further support from key safety organizations to advance its ceiling receptacle technology as a regulatory standard.
The GEO Group (GEO/$24.9 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 New USMS Transportation Contract Rating: OUTPERFORM
USMS Contract. The GEO Group, through its GEO Transport subsidiary, has entered into a new 5-year contract, including option periods, with the U.S. Marshals Service (USMS) for the provision of secure transportation and contract detention officer services across three service regions covering 26 federal judicial districts and spanning 14 states. The new contract highlights the Company’s diversified service platform, in our view, which provides the Company with numerous growth avenues.
Impact. The new contract is expected to generate up to approximately $147 million over the five-year period, or up to approximately $29 million in annualized revenues per full-year of operations, with margins consistent with GEO’s Managed-Only services contracts, which average approximately 15%.
Noble Capital Markets Research Report Monday, June 16, 2025
Companies contained in today’s report:
Sky Harbour Group (SKYH)/OUTPERFORM – Noble Virtual Conference Highlights Superior Group of Companies (SGC)/OUTPERFORM – Noble Virtual Conference Highlights Travelzoo (TZOO)/OUTPERFORM – A New Addition To The Russell
Sky Harbour Group (SKYH/$9.73 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Tim Herr, Senior Vice President of Finance, presented at Noble’s Virtual Equity conference June 4 & 5th. Mr. Herr highlighted the company’s high-margin leasing model, market opportunity, and strategic initiatives. A rebroadcast is available here.
Attractive unit economics driven by high-margin lease model. Sky Harbour secures long-term airport ground leases at highly favorable rates, often below $1 per square foot annually. Although only 25–33% of each site is convertible into revenue-generating hangar space, that portion can lease for $40 or more per square foot, creating a substantial economic spread.
Superior Group of Companies (SGC/$9.79 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights its investment merits. On June 5, the company presented at the Noble Virtual Conference to the investment community. The presentation conducted by Michael Benstock, CEO, and Mike Koempel, CFO, highlighted the company’s diverse business segments, favorable history of growth, and solid financial position. A replay of the presentation is available for viewing here.
Diverse business segments. The company operates three distinct business segments: Healthcare Apparel, Branded Products, and Contact Centers. Importantly, all three of the company’s segments have favorable organic growth opportunities, are profitable, and have compelling acquisition target opportunities. Furthermore, the company has a solid history of growth, with consolidated revenue growing at an 8% CAGR from 2019 through 2024.
Travelzoo (TZOO/$12.5 | Price Target: $28) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A New Addition To The Russell Rating: OUTPERFORM
Joining the Russell. On June 10, the company announced that it is expected to join the Russell 3000 Index at market open on June 27. Notably, membership in the Russell 3000 Index, which remains active for one year, provides the company with automatic inclusion in the Russell 2000 Index.
Improved share visibility. In our view, joining the Russell Indices could provide a meaningful impact for the TZOO shares. Notably, we believe the inclusion in the Russell indices is likely to enhance the company’s share visibility among institutional investors and has the potential to increase trading volume, improve share liquidity, and introduce new investors to the company. As such, we view the development favorably.
In a strategic move to expand its market footprint and strengthen its position in the Midwest, Gray Media has announced an agreement to acquire Block Communications’ television stations for $80 million. The deal reflects an ongoing trend of consolidation in the U.S. broadcasting industry, as media companies position themselves for potential regulatory changes at the Federal Communications Commission (FCC).
The acquisition will significantly bolster Gray’s influence in key Midwestern markets. The transaction includes WDRB (Fox) and WBKI (CW) in Louisville, Kentucky; WAND (NBC) in the Springfield-Champaign-Decatur, Illinois market; and WLIO (NBC) in Lima, Ohio, along with WLIO’s associated low-power stations. Importantly, Gray already owns WAVE-TV, the NBC affiliate in Louisville, creating a Big Four duopoly in that market—a combination that currently requires FCC approval or waivers due to existing ownership regulations.
According to Gray, these stations are not only geographically strategic but also top-performing in local news. Both WAND and WLIO ranked highest in all-day ratings among TV households in their respective markets in 2024, based on data from Comscore. This performance adds considerable value to Gray’s portfolio, allowing the company to scale up operations, share resources across markets, and boost its overall audience reach and advertising appeal.
The acquisition is expected to close in the fourth quarter of 2025, pending FCC regulatory approval and the necessary waivers. Gray expressed confidence that the deal aligns with its broader mission of supporting strong local journalism while increasing operational efficiency through smart expansion.
The timing of this acquisition is noteworthy. It comes as the broadcast television industry continues lobbying efforts for the FCC to loosen or eliminate local ownership restrictions, which currently limit the number of stations a company can own in the same market. These rules, originally designed to maintain media diversity, are increasingly viewed as outdated in today’s competitive media landscape dominated by digital and streaming platforms.
Recent moves by Gray and others—such as Scripps, Sinclair, and Allen Media—highlight growing momentum in the industry toward consolidation. Gray and Scripps recently announced a planned station swap that would also require regulatory flexibility, further signaling the industry’s expectation that change is coming to the FCC’s rulebook.
By acquiring these high-performing stations from Block Communications, Gray is not only deepening its presence in the Midwest but also strategically preparing for a post-deregulation environment. This approach enables the company to maintain a competitive edge in the fragmented and rapidly evolving media space.
Ultimately, this $80 million acquisition underscores a broader shift in broadcast strategy: scale, synergy, and local dominance are becoming more important than ever. If approved, the deal will reinforce Gray’s commitment to quality local journalism while cementing its status as one of the most prominent broadcast groups in the U.S.
Key Points: – Figma’s IPO surged 242%, pushing its market cap near $55B. – AI-powered tools, 46% revenue growth, and strong margins fuel investor demand. – CEO Dylan Field retains control and eyes future expansion, including M&A.
Figma Inc. stunned Wall Street on Thursday with a meteoric debut on the New York Stock Exchange, soaring 242% above its IPO price and closing in on a $55 billion valuation. The design software company raised $1.2 billion in its offering, marking one of the most explosive IPO launches in recent tech history.
Shares opened at $33 but quickly surged to over $112 before being halted twice for volatility. Demand was extraordinary—the IPO was more than 40 times oversubscribed, with many institutional investors receiving no allocation. The excitement vaulted Figma’s valuation well past the $20 billion figure from its canceled merger with Adobe in 2023, which had been derailed by regulatory scrutiny.
Founded in 2012 by Dylan Field and Evan Wallace, Figma has revolutionized web-based design tools, offering real-time collaboration across browsers. Over time, the platform has evolved beyond interface design to support development workflows, workplace collaboration, and, more recently, AI-driven prototyping. Its latest tool, Figma Make, turns user prompts into functioning design prototypes using artificial intelligence.
The IPO included 12.47 million shares sold by the company, while major early investors like Index Ventures and Greylock Partners offloaded 24.46 million shares. Based on the last trading price before halts, Figma’s fully diluted valuation—including employee stock options—exceeds $65 billion.
CEO Dylan Field, who controls over 74% of the company’s voting power through Class B shares, now holds a stake worth nearly $4.9 billion. His recently awarded 10-year “moon-shot” compensation package begins to vest only if the stock maintains a 60-day average above $60. At current prices, he’s well on his way to surpassing even the highest $130 performance hurdle.
Figma’s first-quarter performance was impressive, with 46% year-over-year revenue growth and a net income of $44.9 million on $228 million in revenue. Despite a full-year net loss of $732 million in 2024—largely due to increased R&D and expansion efforts—its 92% gross margin puts it ahead of many of its SaaS peers, giving it ample runway for aggressive growth.
With its public debut, Figma signals a revival in the IPO market, becoming the first major U.S. software company to go public since SailPoint in early 2025. Its successful auction-style order-taking process and investor enthusiasm are seen as green lights for other venture-backed tech firms contemplating IPOs this year.
As Figma eyes expansion, Field says M&A is on the table—but only if the team and culture align. “We’re just getting started,” he noted, emphasizing that public listing is not the end goal but a launchpad for broader ambitions.
The company now trades under the ticker symbol FIG on the NYSE. With demand red-hot and the AI design space heating up, Figma’s future appears as sharply defined as the interfaces it helps bring to life.
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