Month: November 2025

Release – Beachbody (BODi) Reports Third Quarter Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BODI

November 10, 2025

Net Income Reported for First Time Since Going Public in 2021
Revenues, Net Income and Adjusted EBITDA Better Than Guidance
Gross Margin of 75%-up 730bps over prior year
Eighth Consecutive Quarter of Positive Adjusted EBITDA
Clear Visibility to Positive Free Cash Flow For the Full Year

EL SEGUNDO, Calif.–(BUSINESS WIRE)– The Beachbody Company, Inc. (NASDAQ: BODi) (“BODi” or the “Company”), a leading fitness and nutrition company, today announced financial results for its third quarter ended September 30, 2025.

Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer, commented:

“Our strategic transformation continues to deliver better than expected results. As we continue building a more efficient operating model, we are pleased to have generated net income for the first time since becoming a public company in 2021. We have executed a significant turnaround focused on strengthening our financial position, significantly lowering our break-even point, and enabling the company to capitalize on the operating leverage that is now built into the business. Our improved financial position allows us to leverage our robust innovation pipeline that we have developed with a goal of returning the company to topline growth.”

“Looking ahead, we’re building on a solid foundation with eight consecutive quarters of positive adjusted EBITDA and clear visibility to positive free cash flow for the full year. Our strengthened balance sheet positions us to expand distribution into new channels and capitalize on the significant opportunities in the health and wellness market. BODi is uniquely positioned to help more people achieve their fitness goals while driving sustainable growth for our shareholders.”

Third Quarter 2025 Results

  • Total revenue was $59.9 million compared to $102.2 million in the prior year period.
    • Digital revenue was $36.4 million compared to $53.7 million in the prior year period and digital subscriptions totaled 0.90 million in the third quarter.
    • Nutrition and Other revenue was $23.5 million compared to $47.4 million in the prior year period and nutritional subscriptions totaled 0.07 million in the third quarter.
    • Connected Fitness revenue was $0.0 million compared to $1.1 million in the prior year period as we ceased the sale of bike inventory in the first quarter of 2025.
  • Gross margin was 74.6% compared to 67.3% in the prior year period.
  • Total operating expenses were $39.7 million compared to $81.8 million in the prior year period, which included $9.2 million of restructuring related costs.
  • Operating income improved by $18.0 million to $5.0 million, the Company’s first operating income since going public, compared to an operating loss of $13.0 million in the prior year period.
  • Net income was $3.6 million, the Company’s first net income since going public, compared to a net loss of $12.0 million in the prior year period, which included $9.2 million of restructuring related costs.
  • Adjusted EBITDA 1 was $9.5 million compared to $10.1 million in the prior year period.
  • Cash provided by operating activities for the nine months ended September 30, 2025 was $16.8 million compared to cash provided by operating activities of $9.3 million in the prior year period, and cash used in investing activities was $3.7 million compared to cash provided by investing activities of $1.6 million in the prior year period. Free cash flow 1 was $13.1 million compared to $5.3 million in the prior year period.

The prior year periods do not reflect the impact of the pivot in our business model that the Company announced on September 30, 2024 and executed in the fourth quarter of 2024, so results are not directly comparable with the prior periods.

1Definitions of (1) Adjusted EBITDA, (2) free cash flow and (3) net cash position, and reconciliations to the comparable GAAP metrics, are at the end of this release.

Conference Call and Webcast Information

BODi will host a conference call at 5:00pm ET on Monday, November 10, 2025, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 470-1428 (U.S. & Canada) and provide the conference identification number: 828838. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.

A replay of the call will be available until November 17, 2025, by dialing (866) 813-9403 (U.S & Canada). The replay passcode is 739586.

After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About BODi and The Beachbody Company, Inc.

Originally known as Beachbody, BODi has been innovating structured step-by-step home fitness and nutrition programs for 26 years with products such as P90X, Insanity, and 21-Day Fix, plus the first premium superfood nutrition supplement, Shakeology. Since its inception in 1999 BODi has helped over 30 million customers pursue extraordinary life-changing results. The BODi community includes millions of people helping each other stay accountable to goals of healthy weight loss, improved strength and energy, and resilient mental and physical well-being. For more information, please visit TheBeachBodyCompany.com.

Safe Harbor Statement

This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the second quarter and full year, our business strategy, our plans, and our objectives and future operations.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as “believe”, “plans”, “expect”, “will”, “should,” “could”, “estimate”, “anticipate” or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the “Risk Factors” section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 28, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC website at www.sec.gov.

All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.

View full release here.

Investor Relations
IR@BODi.com

Source: The Beachbody Company, Inc.

Expanding Your Footprint: Strategic Opportunities in U.S. Manufacturing, Distribution & Logistics

Posted on by slightbourne@noblecapitalmarkets.com

In our first article, we established the compelling case for why now is the right time for European enterprises to pursue acquisitions in the U.S. This favorable climate is driven by a confluence of economic resilience, attractive valuations, and a welcoming policy environment. For many European companies, this is best realized by acquiring strategic assets in core industrial sectors.

This article delves into the specific operational and technological advantages awaiting European acquirers in U.S. manufacturing, distribution, and logistics. Acquiring existing U.S. assets in these sectors provides a potent pathway to not only immediate market entry but also the creation of a more resilient, efficient, and technologically advanced global enterprise.

Immediate Market Access and Scalability

A U.S. acquisition provides European firms with far more than just a new address; it offers direct and rapid access to the world’s largest and most dynamic consumer market. For companies in manufacturing, distribution, and logistics, this means inheriting established production facilities and warehouse networks, a mature supply base, and a ready-made customer roster.

Rather than the long, costly process of greenfield site development, an acquisition allows you to bypass a significant time lag and immediately start serving customers from a U.S. base. For instance, a European manufacturer of industrial equipment could acquire a U.S.-based competitor with regional production facilities. This move immediately diversifies their manufacturing base and allows them to fulfill orders from domestic customers without the delays or costs of transatlantic shipping. This direct entry is a powerful engine for rapid expansion and scalability.

Another benefit of having a U.S. presence is potential access to free-trade agreements with Canada and Mexico in addition to further expansion to Latin America. According to the U.S. Census[1], the U.S. exported approximately $124.4 billion to South and Central America between January and June 2025, on track to surpass the total exports of $205.6 billion during 2024.

Building Resilient Supply Chains and Localized Production

Recent global events have highlighted the fragility of long, intricate supply chains. For European companies, a U.S. acquisition is a strategic solution for nearshoring production and distribution, reducing reliance on distant hubs and mitigating geopolitical risks. This localization effort is not merely a defensive play; it’s a proactive strategy for operational excellence.

By localizing production and distribution, European acquirers can:

  • Reduce Lead Times and Transportation Costs: Shorter distances between production facilities and end customers drastically cut down on delivery times and international shipping expenses, a critical advantage in today’s fast-paced market.
  • Optimize Inventory Management: A U.S. presence enables more flexible inventory strategies, balancing just-in-time principles with safety stock, to meet regional demand more accurately.
  • Enhance Resilience: A diversified supplier base within North America helps mitigate the impact of international trade disputes, tariffs, and shipping disruptions.

Embracing Advanced Technology and Automation

The U.S. industrial landscape is a leader in adopting advanced technologies, and an M&A transaction provides European firms with a fast track to integrate these innovations. The opportunity is to acquire not just physical assets but also the underlying technological platforms that drive efficiency and insight.

Key technologies to look for in target companies include:

  • Automation and Robotics: The logistics automation market is growing, and acquiring a company that has already invested in robotic process automation, automated guided vehicles (AGVs), or smart picking systems can immediately enhance operational efficiency.
  • Data and Analytics: Many U.S. firms leverage data analytics, IoT, and AI to optimize supply chain functions. This includes predictive maintenance in manufacturing, demand forecasting, and predictive route optimization in logistics.
  • Digital Platforms: The integration of robust Warehouse Management Systems (WMS) and Transportation Management Systems (TMS) is essential. An acquisition can provide access to these platforms, allowing European firms to enhance real-time visibility, track assets, and improve inventory control.

Driving Operational Synergies and Efficiency

Operational synergies are a primary driver of M&A value, and in the manufacturing, distribution, and logistics sectors, the opportunities for a European acquirer are substantial. A well-executed integration plan can unlock significant efficiencies by combining operations, technology, and procurement.

Potential synergies include:

  • Streamlining Processes: Standardizing operational best practices (e.g., Lean or Six Sigma principles) across both the European and U.S. entities can eliminate redundancies and improve efficiency.
  • Leveraging Combined Procurement Power: Merging purchasing functions allows the combined entity to leverage greater scale, securing better terms and pricing from suppliers.
  • Cost Rationalization: Combining distribution networks, consolidating freight, and optimizing warehousing can lead to significant cost savings and improved service levels. These improvements directly impact EBITDA and working capital, demonstrating tangible value creation.

Conclusion: Solidifying Your Global Industrial Edge

For European companies seeking to expand their global footprint, strategic M&A in the U.S. manufacturing, distribution, and logistics sectors provides a compelling and timely opportunity. These acquisitions offer a direct pathway to market entry, the creation of more resilient and efficient supply chains, and a leap forward in technological adoption. A successful transaction in these core industrial sectors is not just about growth; it’s about solidifying a global edge and building an operationally robust, future-proof enterprise.

Our next article, “Capturing Consumers and Clients: M&A Opportunities in U.S. Business Services and Retail,” will explore the unique advantages and strategies for acquiring targets in the service economy.

ABOUT THE AUTHORS:

Nico Pronk is Managing Partner, CEO, and Head of Investment Banking at Noble Capital Markets. Nico has over 35 years of experience working with IPOs, Secondary Offerings, Private Placements and Mergers and Acquisitions including complex cross-border transactions. During his career he has served as Director or Advisor to numerous privately held and publicly traded companies.

Bruce C. Rosetto is a Senior Partner and Shareholder at Greenberg Traurig LLP and represents private and public companies, private equity funds, hedge funds, investment banks, and entrepreneurial clients in a wide variety of industries. He has broad experience in domestic and international mergers and acquisitions, raising capital, securities work, private placement financings, corporate governance, alternate assets, and projects qualifying for investment under the EB-5 Entrepreneur Investment Visa Program. He also forms private equity funds and family offices and represents affiliated portfolio companies.

Fred Campos is a Managing Director at CBIZ with more than 20 years of experience in accounting and finance and more than 300 executed buy-side and sell-side M&A engagements. Prior to joining CBIZ, Fred founded and led a boutique advisory services firm focused on mergers and acquisitions and exit readiness. Earlier in his career, he was part of the cross-border practice at Ernst & Young (EY) where he assisted EY’s global clients on cross-border deals. Fred also established and led the regional transaction advisory services practice for a global top tier public accounting firm.

Mark Chaves, Managing Director with CBIZ, assists companies with domestic and international tax planning and structuring, mergers and acquisitions, and business reorganizations. Mark has focused his career on working with multinational corporations to manage cross-border direct and indirect tax issues, foreign tax credit and repatriation planning, reorganization of expatriate and inpatriate tax matters, and ASC 740 reporting. Additionally, Mark assists individuals with international estate planning, inbound tax structuring of investments in U.S. real property, and pre-immigration planning as well as with cross-border tax issues   and filings for FINCEN compliance.

Matthew (Matt) Podowitz is the founder and Principal Consultant of Pathfinder Advisors LLC, bringing experience on 400+ global M&A engagements to his clients. Matt specializes in the critical operational and technology aspects of M&A transactions, providing due diligence, carve-out, integration, and value creation services. Leveraging his perspective as a dual US/EU citizen, he provides seamless support for cross-border M&A transactions through every step of the transaction lifecycle in both markets. His background includes leadership roles at firms like Ernst & Young, Grant Thornton, and CFGI.

Townsquare Media (TSQ) – Fundamental Traction Is Elusive, But It Pays A Compelling Dividend

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

In line quarter. Third quarter results were in line with our revenue and adj. EBITDA estimates, but came in at the bottom of the company’s Q3 guide. Total company revenues of $106.8 million were a modest 0.6% below our $107.5 million estimate. Adj. EBITDA was $22.0 million, largely in line with our $22.5 million estimate. 

Its digital businesses sputter. Digital was the uncharacteristically lackluster, with revenues $58.9 million, somewhat lighter than our $59.8 million estimate, a 1.8% decrease from the comparable year earlier quarter. Our forecast anticipated a more modest 0.2% decline in total digital revenue. The company experienced revenue weakness in both its Townsquare Interactive (down 2.3%) and Digital Advertising (down 1.5%) businesses. 


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

Cadrenal Therapeutics (CVKD) – 3Q25 Reported With Product Pipeline Updates

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

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

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

Cadrenal Made A Significant Acquisition In 3Q25. Cadrenal reported a loss of $2.7 million or $(1.31) per share, less than the loss of $3.1 million we estimated. The company also provided an update on clinical progress for tecarfarin and the products acquired through the recent acquisition of eXithera Therapeutics. At the end of the quarter on September 30, the company had cash on hand of $3.9 million.

Tecarfarin Is Making Clinical Progress. During the quarter, the company continued to support the Phase 2 trial in LVAD (left ventricular assist devices) as part of its collaboration with Abbott. Separately, it also continued its consultations with Clinical Investigators to design a Phase 2 trial in dialysis patients previously treated with warfarin. The manufacture of tecarfarin supplies for clinical trials that comply with the FDA’s Good Manufacturing Practices (cGMP) was also completed.


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

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

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

The Beachbody Company (BODI) – Turnaround Ahead of Schedule

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

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 Q3 Results. The company reported Q3 revenue of $59.9 million and adj. EBITDA of $9.5 million, both of which surpassed our estimates of $54.0 million and $2.6 million, respectively, as illustrated in Figure #1 Q3 Results. Additionally, the strong results surpassed the high end of company issued guidance, of $51.0 million to $58.0 million in revenue and $2.0 million to $6.0 million in adj. EBITDA. Furthermore, the company hit an important milestone, recording net income for the first time since going public.

Improved operating structure. Over the past several years, the company has significantly lowered its break-even point from $900 million in 2022 to $180 million in 2025, largely through SG&A optimization and the elimination of Multi Layer sales costs. The new model offers enhanced operating leverage, enabling profitability at lower revenue levels and providing a favorable outlook ahead of several new product releases.


Get the Full Report

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

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

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

Nicola Mining Inc. (HUSIF) – Making Progress on Multiple Fronts

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

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

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

New Craigmont drilling program. Nicola Mining (OTCQB: HUSIF, TSX.V: NIM) recently completed its New Craigmont exploration program with six holes drilled, representing 3,000 to 4,000 meters of drilling. Three holes were drilled in the MARB-CAS zone targeting porphyry mineralization. Three holes were drilled in the Draken zone, a newly identified porphyry copper target with no surface outcropping. The Draken Zone demonstrates porphyry style mineralization consistent with the Highland Valley Copper system. Results of the 2025 program and 2026 plans are expected to be announced together once assays are received.

Blue Lagoon commences first shipments. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) has commenced shipping mineralized material from its first batch of production at the Dome Mountain Gold Mine to Nicola Mining’s Merritt Mill. Upon accumulation of the first 1,000 tonnes, Dome Mountain material will be processed and produced into a concentrate for shipment to Ocean Partners, a provider of trading services for miners, refiners, and smelters. While initial material being trucked to Nicola is not expected to represent higher-grade mineralized material, volumes and grades are expected to improve over time. 


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

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

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

Graham (GHM) – A Solid 2Q26

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

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.

Overview. Graham put up solid results for the second quarter of fiscal 2026. The Company executed well across all the business lines, driving broad based-growth. Demand across the end markets remains healthy, and the Defense and Space markets continue to see robust activity.

2Q26 Results.  Revenue grew 23% to $66 million, driven by solid performance across all end markets. We were at $59 million. Adjusted EBITDA was $6.3 million, up 12% from the prior year, and adjusted EBITDA margin was 9.5%. We had forecasted $6.2 million and 10.4%. Net income for the quarter was $0.28 per diluted share, and adjusted net income was $0.31 per diluted share. We were at $0.30 and $0.32, respectively.


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

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

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

FreightCar America (RAIL) – Third Quarter Results Exceed Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

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

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

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

Third quarter results. RAIL generated third-quarter adj. net income of $7.8 million, or $0.24 per share, compared to $7.3 million, or $0.08 per share, during the prior year period. We had forecast net income of $5.6 million, or $0.16 per share. Rail car deliveries were 1,304 units compared to 961 units during the prior year period. Third-quarter gross margin increased to 15.1% compared to 14.3% during the prior year period. Adjusted EBITDA increased 56.1% to $17.0 million, representing a margin of 10.6%, compared to $10.9 million and a margin of 9.6% in the third quarter of 2024. 

Updated corporate guidance. While management still expects 2025 rail car deliveries in the range of 4,500 to 4,900 and adjusted EBITDA in the range of $43 million to $49 million, revenue expectations were lowered to a range of $500 million to $530 million from $530 million to $595 million. Revised revenue expectations reflect changes in the product mix due to a greater number of conversion rail cars versus new rail cars in the second half.


Get the Full Report

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

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

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

SoftBank Sells $5.8 Billion Nvidia Stake to Fuel Expanding AI Ambitions

Posted on by slightbourne@noblecapitalmarkets.com

SoftBank Group Corp. has sold its entire stake in Nvidia Corp. for $5.83 billion, marking another major move by founder Masayoshi Son to fund his growing ambitions in artificial intelligence. The sale underscores SoftBank’s shift toward becoming a central player in the AI ecosystem—one that spans data centers, chip design, robotics, and advanced cloud infrastructure.

The decision to sell Nvidia shares comes as global investors question whether massive AI spending—expected to exceed $1 trillion by companies like Meta Platforms and Alphabet—will produce long-term profits. Despite this uncertainty, Son continues to double down on AI, redirecting proceeds into projects such as Stargate, a mega data center venture being developed in collaboration with OpenAI and Oracle Corp.

SoftBank’s U.S.-listed shares rose more than 7% following the announcement, while Nvidia’s stock slipped over 3% during trading on Tuesday. The move illustrates the shifting balance of investor sentiment as capital flows from established AI leaders toward emerging infrastructure and hardware bets.

According to SoftBank executives, the Nvidia sale was not due to concerns about the chipmaker but rather a strategic move to free up capital. Chief Financial Officer Yoshimitsu Goto emphasized that the proceeds will be used to finance new AI initiatives, though he declined to comment on whether the sector is currently in a bubble.

This is not the first time SoftBank has exited Nvidia. The company sold its previous stake in 2019, only to re-enter the stock in 2020—just before Nvidia’s meteoric rise fueled by the AI boom. By March 2025, SoftBank had quietly accumulated a $3 billion position in Nvidia, which has since surged by more than $2 trillion in market value amid the global AI frenzy.

The timing of the sale proved highly profitable for SoftBank. The company recently reported a ¥2.5 trillion ($16.2 billion) net income for its fiscal second quarter, driven by its holdings in OpenAI, Arm Holdings, and other AI-focused firms. Analysts expect SoftBank to post its strongest annual profit since 2020, with the Nvidia sale adding significant liquidity to support its ongoing expansion.

Son’s AI roadmap is ambitious. In addition to the Stargate data center network, SoftBank is pursuing a $1 trillion AI manufacturing hub in Arizona, potential collaborations with Taiwan Semiconductor Manufacturing Co. (TSMC), and the acquisition of Ampere Computing LLC for $6.5 billion. The company has also agreed to purchase ABB Ltd.’s robotics division for $5.4 billion—moves that signal a vertically integrated AI empire in the making.

SoftBank’s financial strategy has been equally bold. It recently expanded its margin loan backed by Arm shares to $20 billion, secured an $8.5 billion bridge loan for its OpenAI investment, and committed the full $22.5 billion originally pledged to the AI startup.

The Japanese conglomerate’s stock has surged nearly 78% over the past quarter, its best performance in two decades. The company also announced a 4-for-1 stock split effective January 1, 2026, aimed at making its shares more accessible to retail investors.

As Son pushes deeper into the AI frontier, SoftBank’s latest divestment highlights both opportunity and risk. While the Nvidia exit frees billions for new ventures, it also removes exposure to one of the most successful AI chipmakers of the decade. Still, for Masayoshi Son, the message is clear: SoftBank’s future lies not in following AI’s leaders, but in building the infrastructure that powers them.

Dow Surges 500 Points as Investors Rotate Out of Tech and Into Value Plays

Posted on by slightbourne@noblecapitalmarkets.com

The Dow Jones Industrial Average rallied more than 500 points on Tuesday as investors shifted money away from high-flying technology stocks and toward value-oriented sectors, extending a broader trend of portfolio rotation that’s been building for weeks.

The 30-stock blue-chip index climbed 542 points, or roughly 1.2%, driven by gains in healthcare and industrial names such as Merck, Amgen, and Johnson & Johnson. The S&P 500 edged higher by 0.3%, while the Nasdaq Composite slipped 0.2% as pressure continued to mount on the technology sector.

The day’s market action reflected an ongoing tug-of-war between growth and value equities. While tech stocks have dominated 2025’s rally, recent concerns about stretched valuations have led investors to lock in profits and reallocate capital toward sectors considered more resilient in a high-rate, slower-growth environment.

The AI sector was among the hardest hit. Cloud infrastructure provider CoreWeave sank 16% after issuing disappointing guidance, sparking a broader selloff in artificial intelligence names. Nvidia dropped 2% following reports that SoftBank exited its multibillion-dollar position in the chipmaker, while Micron, Oracle, and Palantir also traded lower. The Technology Select Sector SPDR Fund (XLK) finished the session down about 1%.

Meanwhile, value-oriented sectors like healthcare, energy, and consumer staples gained traction as investors sought stability amid lingering economic uncertainty. Analysts noted that companies with strong balance sheets, consistent earnings, and solid dividends are becoming increasingly attractive as the market recalibrates after an AI-driven surge earlier this year.

The broader sentiment was also supported by optimism that the record-setting U.S. government shutdown may soon end. The Senate passed a bill Monday evening to reopen the government, with the measure now awaiting approval in the House. The latest version of the bill excludes an extension of Affordable Care Act subsidies but includes provisions for a vote on the issue in December.

While the political gridlock has weighed on sentiment in recent weeks, hopes for resolution boosted cyclical sectors that tend to benefit from improved government spending and consumer confidence.

Still, not all economic data aligned with the upbeat tone in equities. A new ADP report showed a slowdown in private-sector job creation for the four weeks ending October 25, falling by more than 11,000 per week on average. Combined with muted hiring trends and rising layoff announcements, the data suggest a softer labor market heading into year-end.

Even so, investors appear willing to look past the near-term softness in economic indicators in favor of more stable growth plays. The move away from richly valued technology stocks toward defensive and dividend-paying equities signals that Wall Street may be entering a new phase of this market cycle—one less driven by momentum and more by fundamentals.

At the close of trading, the Dow stood at its highest level in over two months, marking a strong rebound from October’s volatility. As traders continue to rotate portfolios, the key question heading into the final weeks of 2025 is whether this shift toward value and quality will persist—or if tech’s dominance will once again reassert itself.

Release – Nicola Mining’s Dominion Gold Project Assays Return Up To 113 Grams Gold Per Tonne / 3.31 Ozt Gold Per Ton

Posted on by aweinsoff@channelchek.com

Research News and Market Data on HUSIF

November 10, 2025

News Releases

VANCOUVER, B.C., November 10, 2025 – Nicola Mining Inc. (TSX.V: NIM)(FSE: HLIA) (OTCQB: HUSIF), (the “Company” or “Nicola”) is pleased to announce that it received final assays from the Dominion Gold Project (“Dominion Gold”).  The Company provided an update on its 2025 work on November 4, 2025.  Chip samples were taken from all five veins, three of which are newly discovered, to measure exposed vein grades prior to commencing extraction, Figure 1.

A sampling program targeting the exposures of the new veins discovered during development work for the bulk sampling of the pit and 16 veins to determine if the new veins carried high enough gold values to warrant including them in the bulk sample. A total of nine samples, including one sample of waste rock that is not included, were collected by the mine manager, Alan Raven, and his co-manager, Randy Mervyn, on October 6th and 7th.

Samples from the pit vein are similar to the historic high-grade samples. Pit Vein sample spans across the 2.7 metres of the exposed vein with a 1×1 metre panel sample of the vein taken within the pit. The 5-metre exposure was not sampled this trip as it was underwater. The results are representative of the high-grade mineralization in the veins and not of the total volume of material being extracted for the bulk sample.

   Table 1:  Chip Sampling Across Exposed Veins

Sample #g/t Auoz/t AuLocationSample Area
DC25-120.5260.02West Vein2m by 3m
DC25-130.1040.00West Vein3m by 3m
DC25-140.4330.01Mid West Vein0.8m across exposed vein
DC25-1555.171.61Pit Vein1.5m
DC25-1629.250.85Pit Vein1.2m
DC25-17113.513.31Pit Vein1.0m
DC25-1937.21.0916 Vein1.4m
DC25-209.40.2716 East Vein1.6m

   Note:  See Figure 2 on next page for map

Key Takeaways include the following:

  • All veins remain open in all directions.
  • The West Vein, Mid West Vein and 16 East Vein were all previously unknown.
  • Previously unknown 16 East Vein has been followed for 40 metres at surface but remains open in all directions.
  • Pit Vein sample spans across the five metres of the exposed vein.
  • Under terms of the agreement, Nicola holds a 75% economic interest, after which it owns 100% of the Dominion Gold.

The samples were collected from a typical area of each new exposure to help determine the average grade of the veins sampled. Sampling was done using a hammer and rock chisel, samples were placed in a poly bag, labeled on the outside with a sample number with a corresponding number written on survey flagging and placed inside the sample bag, and secured with a zip tie. Samples averaged 2 to 3.5 kilograms each. The samples were then transported by the mine manager, Alan Raven, to his residence, stored in locked facilities until they were transported and delivered on October 30 to Paragon Geochemical laboratory in Surrey BC, an independent ISO 17025:2017 accredited geochemical testing laboratory. Samples were crushed and pulverized (lab code PREP) then analyzed for gold using 2-cycle PhotonAssayTM (lab code (PA-AU02 Au).  The analytical results that the present exposures of the West vein and the Mid-west vein indicate that they are not of a high enough grade to be included in the bulk sample.

Figure 2. Current Map of Dominion Gold Project
(modified from 2020 to include new veins and sample locations; note that DC-25-18 was waste pile sample)  

Mr. Peter Espig, CEO of Nicola Mining Inc., commented, “We had expected the grades to be high and assay results clearly confirm what we had hoped for. However, the scale and new vein discoveries were, unanticipated exciting revelations of Dominion’s long-term potential.  During 2026 we will focus on both bulk sample extraction and better understanding of project scale.”  

Nicola also announces that it has provided Talisker Resources Inc., 60 days’ notice after which it the Company will no longer accept ore for processing at its Merritt facility.

Qualified Person

The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.

DOMINION CREEK PROPERTY HISTORY

The Dominion Creek Property consists of 9 mineral claims (55 units) totaling approximately 1,058 hectares. The property was acquired from the prospector N. Kencayd by Noranda Exploration Company Ltd. in 1986. Noranda subsequently conducted geological, geochemical, and geophysical surveys which culminated in an increase in their land position. Between 1987 and 1990, Noranda’s exploration program included a small (20 samples) geochemical silt sample survey. Encouraged by those results, a larger soil geochemical survey (3,399 samples) was conducted. Noranda drilled a total of 53 shallow diamond drill holes, totaling 3,483.86 meters (average depth of approximately 65.7 meters). Trenching of several coincident Pb, Zn, Cu, Ag and Au soil geochemistry anomalies resulted in the discovery of several mineralized quartz veins. 

A Technical Report[1] on the Dominion Creek Project was completed by Geospectrum Engineering on August 22, 2003.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] Makepeace, D. K., 2003. Dominion Creek Project Technical Report for XMP Mining Ltd. Geospectrum Engineering, August 22.

Release – Cadrenal Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVKD

PONTE VEDRA, Fla., Nov. 10, 2025 (GLOBE NEWSWIRE) — Cadrenal Therapeutics, Inc. (Nasdaq: CVKD), a biopharmaceutical company developing transformative therapeutics to overcome current gaps in anticoagulation therapy, today reported its financial results for the third quarter ended September 30, 2025, and provided an update on the clinical development of tecarfarin and the acquisition and development of frunexian.

Highlights

  • Progressed clinical development of tecarfarin.
    • Completed the manufacturing of tecarfarin drug product in accordance with current good manufacturing practices (cGMP).
    • Ongoing activities in support of a single-site U.S. Phase 2 study of tecarfarin in LVAD patients as part of the collaboration agreement with Abbott.
    • Investigator discussions for a potential multi-site Phase 2 study of tecarfarin in dialysis patients already treated with warfarin.
  • Expanded Cadrenal’s portfolio through the acquisition of the assets of eXIthera Pharmaceuticals, including its proprietary portfolio of investigational intravenous (IV) and oral Factor XIa inhibitors, in September 2025.
    • The lead asset, frunexian, is a first-in-class, Phase 2-ready IV Factor XIa inhibitor designed for acute care settings where contact activation of coagulation by medical devices plays a significant role, such as cardiopulmonary bypass, catheter thrombosis, and other blood-contacting implanted cardiac devices.

“We have uniquely positioned ourselves to address gaps in anticoagulation treatment of multiple indications through the development of two differentiated anticoagulants (tecarfarin and frunexian) while benefitting from pathways that provide clear regulatory designations,” commented Quang X. Pham, Chairman & CEO. “Having multiple pathways has allowed us to be prudent and flexible in our strategic approach to achieving critical development milestones as we look to advance our therapies for patients where conventional anticoagulation does not provide sufficient safety or efficacy.”

“Our focus as we finish 2025 is the progression of tecarfarin into clinical applications where significant anticoagulation challenges exist,” Pham continued. “We are in discussions with key partners to move forward a development strategy which we believe is critical to the broader anticoagulation industry to address gaps in care and unlock key value for shareholders.”

Third Quarter 2025 Financial Highlights

Research and development expenses for the quarter ended September 30, 2025, were $0.7 million compared to $0.8 million for the same period in 2024. General and administrative expenses for the quarter ended September 30, 2025, were $2.0 million compared to $1.7 million for the same period in 2024. Cadrenal reported a net loss of $2.7 million for the quarter ending September 30, 2025, compared to $2.4 million for the same period in 2024.

On September 30, 2025, Cadrenal had cash and cash equivalents of $3.9 million. The Company had approximately 2.1 million shares of common stock outstanding as of September 30, 2025.

About Cadrenal Therapeutics, Inc.

Cadrenal Therapeutics, Inc. is a biopharmaceutical company with a mission to develop novel and differentiated biopharmaceutical products that bridge critical gaps in current acute and chronic anticoagulant therapy. We bridge these gaps by developing novel and differentiated anticoagulants, or blood thinners, designed to provide greater predictability, increased stability, more precise control, and fewer bleeding complications. We currently have two clinical-stage assets: tecarfarin, an oral vitamin K antagonist (VKA) for chronic use, and frunexian, a parenteral small-molecule Factor XIa antagonist for use in acute hospital settings. By targeting underserved patient populations and advancing therapies designed for both chronic and acute use, we aim to reshape standards of care in anticoagulation. For more information, visit https://www.cadrenal.com/ and connect with the Company on LinkedIn.

Safe Harbor

Any statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include the Company’s ability to develop transformative therapeutics to overcome current gaps in anticoagulation therapy, the Company’s ongoing activities supporting a single-site U.S. Phase 2 study of tecarfarin in LVAD patients as part of the collaboration agreement with Abbott; the potential initiation of a multi-site Phase 2 study of tecarfarin in dialysis patients already treated with warfarin; the Company being uniquely positioned to address gaps in anticoagulation treatment of multiple indications through development of two differentiated anticoagulants (tecarfarin and frunexian); the Company achieving critical development milestones; the progression of tecarfarin into clinical applications where significant anticoagulation challenges exist; moving forward with a development strategy with key partners; addressing gaps in care and unlocking key value for shareholders. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to develop novel and differentiated biopharmaceutical products that bridge critical gaps in current acute and chronic anticoagulant therapy; the Company’s ability to achieve critical development milestones and commence clinical trials as anticipated; the Company having sufficient funding to achieve its clinical goals; the Company’s ability to target underserved patient populations and advance therapies designed for both chronic and acute use and to reshape standards of care in anticoagulation and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s subsequent filings with the Securities and Exchange Commission, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For more information, please contact:

Lytham Partners, LLC
Robert Blum, Managing Partner
602-889-9700
CVKD@lythampartners.com

TreeHouse Foods to Be Acquired by Investindustrial in $2.9 Billion Deal

Posted on by slightbourne@noblecapitalmarkets.com

TreeHouse Foods, a leading U.S. private-label snacking and beverage manufacturer, has entered into a definitive agreement to be acquired by Investindustrial, a European investment group, in a transaction valued at $2.9 billion. The all-cash deal marks a significant milestone for TreeHouse Foods as it transitions from a publicly traded company on the New York Stock Exchange to a privately held entity under Investindustrial’s ownership.

Under the terms of the agreement announced November 10, 2025, TreeHouse shareholders will receive $22.50 per share in cash and one non-transferable Contingent Value Right (CVR) per share. The CVR provides shareholders the opportunity to receive a portion of any net proceeds from ongoing litigation related to TreeHouse’s former coffee business. The cash portion values TreeHouse’s equity at approximately $1.2 billion, representing a 38 percent premium over the company’s closing price on September 26, 2025, and a 29 percent premium over its 30-day volume-weighted average.

The acquisition underscores TreeHouse’s strategic evolution over the past several years toward becoming a focused snacking and beverage private brand leader. The company has streamlined its portfolio to concentrate on high-growth, high-margin categories such as nuts, cookies, pretzels, and beverages. The sale to Investindustrial is expected to provide immediate value to shareholders while positioning the company for continued growth under private ownership.

Investindustrial, known for its strong track record in food and beverage investments, views TreeHouse as an important addition to its expanding North American portfolio. Following the transaction, Investindustrial portfolio companies will collectively operate more than 85 manufacturing plants and employ over 16,000 people across the region. The firm has emphasized that TreeHouse Foods will continue to operate independently, retaining its leadership team and brand identity.

The deal has been unanimously approved by the TreeHouse Foods Board of Directors and is expected to close in the first quarter of 2026, pending shareholder and regulatory approval. Notably, activist investor JANA Partners LLC, which holds a 10 percent stake in TreeHouse, has already agreed to vote in favor of the acquisition. The transaction is not contingent on financing, signaling strong confidence from both parties in the deal’s completion.

As part of the agreement, TreeHouse shareholders will also receive a Contingent Value Right tied to the company’s ongoing lawsuit against Keurig Green Mountain, a subsidiary of Keurig Dr Pepper. The case, filed in 2014, alleges antitrust and unfair competition practices related to single-serve coffee pods and brewers. Depending on the court’s decision, potential damages could range from hundreds of millions to over a billion dollars, with CVR holders entitled to 85 percent of any recovered proceeds.

Following the completion of the acquisition, TreeHouse Foods will delist from the NYSE and become a privately held company. The move is expected to give management greater flexibility to pursue long-term strategies without the pressures of quarterly reporting.

With Investindustrial’s backing and industry expertise, TreeHouse Foods is poised to strengthen its position in the competitive private-label market, expand its manufacturing footprint, and capitalize on the growing demand for affordable, high-quality snack and beverage products.