Month: December 2025

Bit Digital (BTBT) – 3Q25 Review and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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.

Review. In the third quarter, Bit Digital continued its transformation into an ETH focused treasury firm. Management continued its orderly wind-down of the bitcoin mining business, while the WhiteFiber holding has significant upside potential, in our view. Management has successfully guided the Company through past periods of volatility, and we believe they will be successful once again.

ETH. ETH prices remain volatile, currently trading just above $3,000, down from the $4,800 level at the end of the summer. However, as the backbone of decentralized finance (DeFi), NFTs (non-fungible tokens), and numerous blockchain-based platforms, industry experts expect the demand for ETH to grow over time, positively impacting the long-term price.


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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. 

FAT Brands (FAT) – A Debt Acceleration; Moving to Market Perform

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.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.

Debt Acceleration. In an 8-K filing, FAT Brands disclosed on November 17, 2025, that the Company received notices of acceleration from UMB with respect to Securitization Notes issued by FAT Brands GFG Royalty I, LLC, FAT Brands Royalty I, LLC, FAT Brands Fazoli’s Native I, LLC, and Twin Hospitality I, LLC. The Acceleration Notices basically state that all amounts outstanding under the Notes are immediately due and payable. FAT Brands does not have the capital to repay all amounts due under the Notes.

Past Negotiations. In a November 14th 8-K filing, FAT Brands reported “cleansing material” related to the negotiations to modify the outstanding debt. In our view, there appears to be significant agreement on many issues, with key differences being the timing of certain items, certain payments to management and/or outside parties, and parties to receive certain reports.


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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. 

Twin Hospitality (TWNP) – A Debt Acceleration; Moving to Market Perform

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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.

Debt Acceleration. In separate 8-K filings, parent company FAT Brands and Twin Hospitality disclosed on November 17, 2025, the firms received notices of acceleration from UMB with respect to Securitization Notes issued by four of the Securitization Issuers, with Twin Hospitality I, LLC specific to the Company. The Acceleration Notice basically states that all amounts outstanding under the Notes are immediately due and payable. Neither FAT Brands nor Twin Hospitality has the capital to repay the Twin Note.

Balance Sheet. We view the issue to be capital structure related, not operating performance. Twin is showing improvement in operating metrics, especially when factoring in the negative impact of closing Smokey Bones locations for conversion. In 3Q25, the Company expanded Twin Peaks’ profit margins by 72 basis points to 17%. While comparable sales declined, Twin was able to maintain steady system-wide weekly sales averaging $11.3 million over the past 12 weeks.


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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. 

MustGrow Biologics Corp. (MGROF) – Reports 3Q25 Results

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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.

3Q25 Results. Revenue came in at $789,178, compared to $279,182 in 3Q24, but below our $2.5 million estimate as all revenue came from NexusBio. There was no TerraSante revenue. Gross margin improved to 22.9% from 20.9% in 2Q25, driven by product mix. MustGrow reported a net loss of $2.4 million, or $0.04/sh, compared to a $1.7 million net loss, or $0.03/sh, in 3Q24.

TerraSante. As noted in the 2Q25 call, MustGrow ran out of TerraSante product, which negatively impacted 3Q25 revenue by $1.0-$1.5 million. The Company’s manufacturers are producing TerraSante, and we are hopeful there will be sufficient product to meet increasing demand during 4Q25 and 1Q26.


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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. 

First Phosphate Corp. (FRSPF) – Building North America’s LFP Supply Chain

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 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.

Initiating Coverage with a price target of US$1.55 (C$2.15). First Phosphate Corp. (CSE: PHOS; OTCQX: FRSPF) is a Québec-based mineral development and cleantech company advancing an onshore, vertically integrated, mine-to-market Lithium Iron Phosphate (LFP) battery materials supply chain for North America. The company intends to supply purified phosphoric acid (PPA) and iron-phosphate material for use in LFP batteries. Target markets include grid storage, data centers, robotics, mobility, and national security applications. 

Flagship Asset. Bégin-Lamarche anchors the company’s growth strategy and represents one of the most advanced high-purity igneous phosphate deposits in North America. The most recent Preliminary Economic Assessment (PEA) outlines a 23-year open-pit operation producing ~900,000 tonnes per year of 40% phosphate concentrate, with throughput ramping from 10,300 tonnes per day (tpd) initially to 20,800 tpd by Year 5. Located roughly 70–85 kilometers (km) from the deep-water Port of Saguenay and about 50 km from rail facilities, Bégin-Lamarche sits at the core of a compact logistics corridor.


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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 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.