Month: March 2026

Europe-US Cross-Border Deals

Posted on by slightbourne@noblecapitalmarkets.com

Welcome to a multi-part article series authored by leading cross-border M&A professionals from CBIZ, Greenberg Traurig LLP, Noble Capital Markets, and Pathfinder Advisors LLC. This series provides a comprehensive guide for middle-market and larger European companies and investors seeking strategic acquisitions in the U.S. across the manufacturing, distribution, logistics, business services, and retail sectors. It will illuminate the compelling market dynamics, operational advantages, and strategic imperatives driving these transatlantic deals now, while also offering practical insights on navigating the complexities of U.S. market entry, robust financial and operational due diligence, talent integration, and regulatory considerations. The series aims to equip company owners, corporate development executives, family offices, and private equity professionals with the knowledge to unlock significant value and establish a resilient U.S. presence.

In an era defined by rapid economic shifts and evolving global dynamics, European enterprises may now have unprecedented opportunities to look across the Atlantic for strategic growth opportunities. The U.S. market, with its vast scale and inherent resilience, could present a compelling landscape for inbound M&A.

This first article in our series explores why the current climate favors European acquirers and how strategic U.S. acquisitions could unlock significant value and establish a robust, resilient long-term presence.

Capitalizing on Change: Why Now is the Right Time For European Enterprises to Acquire U.S. Companies

The webinar below is for company owners, corporate development executives, family offices and private equity professionals considering U.S. acquisitions of expansion.

Article 2:

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

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.

Article 3:

Seizing the U.S. Edge – Strategic M&A for European Industrial & Commercial Leaders

As European manufacturing and logistics firms solidify their North American foundations, a parallel wave of strategic acquisition is transforming the U.S. service and retail landscape. For the European acquirer, the U.S. “Service Economy” represents more than just a massive consumer base; it is a gateway to specialized talent pools, cutting-edge digital platforms, and a resilient commercial ecosystem that can de-risk a global portfolio.

Navigating this transition from “Industrial Footprint” to “Commercial Dominance” requires a nuanced understanding of the U.S. consumer and the specialized expertise that defines American business services.

Additional article in this series will be published periodically. Please follow Noble Capital Markets on LinkedIn to be among the first to know when those are available.

Release – First Subjects Dosed in Cocrystal Pharma’s Phase 1b Study Evaluating CDI-988 for Norovirus Prevention and Treatment

Posted on by aweinsoff@channelchek.com

Research News and Market Data on COCP

March 09, 2026

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  • CDI-988 is a direct-acting, oral antiviral being developed for norovirus
  • Norovirus challenge study is underway at Emory University School of Medicine to evaluate efficacy and safety of CDI-988
  • No approved treatments or vaccines are available for norovirus treatment and prevention, posing a significant unmet need and contributing to a global economic burden of $60 billion annually

BOTHELL, Wash., March 09, 2026 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces the first subjects have been dosed in a Phase 1b norovirus challenge study (NCT07198139) to evaluate CDI-988 as both a preventive and treatment for norovirus infections. This cohort is to assess the infectivity rate of the challenge inoculum, GII.2 (Snow Mountain Virus). CDI-988 is a direct-acting, oral antiviral designed to inhibit a highly conserved region of the viral 3CL protease present in all known norovirus strains, including GII.2, GII.4 and recently re-emerging GII.17 variants. It is the first oral antiviral drug candidate developed for norovirus acute gastroenteritis.

“Commencement of this study is a significant milestone for Cocrystal and a critical step toward addressing a serious global unmet medical need, given the debilitating symptoms and high societal cost of norovirus outbreaks,” said Sam Lee, Ph.D., President and co‑CEO of Cocrystal Pharma. “CDI-988 has particular potential in high‑risk environments such as hospitals, nursing homes, cruise ships, schools and military facilities. The human challenge model is designed to provide proof‑of‑concept for our compound in a tightly controlled setting.”

The Phase 1b randomized, double-blind, placebo-controlled study is being conducted at Emory University School of Medicine and will enroll up to 40 healthy subjects ages 18–49. All participants will be infected with the norovirus GII.2 (Snow Mountain Virus) strain.

  • The first cohort will evaluate the infectivity rate of the challenge inoculum, GII.2 norovirus
  • Subsequent cohorts will be orally administered CDI-988 or placebo
  • The primary endpoint is efficacy versus placebo in reducing the incidence of clinical symptoms
  • Secondary endpoints include reduction of viral shedding and disease severity, and safety and pharmacokinetic profiles

“This challenge study is the first clinical trial involving a direct-acting antiviral specifically targeting norovirus infections. The efficacy and safety data from this study are expected to provide a strong rationale for further clinical advancement of CDI-988, and validate our proprietary structure-based drug discovery platform technology,” added Dr. Lee. “We would like to thank the volunteers for the norovirus challenge study and staff from Emory University School of Medicine who are currently participating in the study.”

CDI-988 previously demonstrated favorable safety and tolerability in a Phase 1 study across all dose levels, including the highest dose of 1200 mg being administered in the Phase 1b human challenge study. In September 2025 Cocrystal received a Study May Proceed Letter from the FDA and in December 2025 received Institutional Review Board approval from Emory University School of Medicine.

About Norovirus

With an estimated 685 million global cases annually and a $60 billion worldwide economic impact, norovirus represents one of healthcare’s most pressing unmet needs. In the U.S., noroviruses are responsible for an estimated 21 million infections annually, including 109,000 hospitalizations, 465,000 emergency department visits and an estimated 900 deaths. The annual burden of norovirus to the U.S. is estimated at $10.6 billion. Noroviruses are responsible for up to 1.1 million hospitalizations and 218,000 deaths annually in children in the developing world.

Cocrystal Pharma’s Structure-Based Drug Discovery Platform Technology

Cocrystal’s proprietary structural biology, along with its expertise in enzymology and medicinal chemistry, enable its development of novel antiviral agents. The Company’s platform provides a three-dimensional structure of inhibitor complexes at near-atomic resolution, providing immediate insight to guide Structure Activity Relationships. This helps identify novel binding sites and enables a rapid turnaround of structural information through highly automated X-ray data processing and refinement. The goal of this technology is to facilitate the development of novel broad-spectrum antivirals for the treatment of acute, chronic and potentially pandemic viral diseases.

About Cocrystal Pharma, Inc.

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies to create viable antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our norovirus study, the potential of CDI-988 for treatment and prevention of norovirus infections, and expectations that the outcome of the study will provide proof-of-concept and validation for further clinical advancement of our CDI-988 product candidate. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from inflation, affordability, the possibility of a recession, the impact of future interest rate changes on the economy, uncertainty surrounding and impacts arising from tariffs and litigation and developments relating thereto, and geopolitical conflicts including those in the Middle East and Ukraine on our Company, our collaboration partners, and on the U.S. and global economies, including manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials for and otherwise proceed with the norovirus study or subsequent studies as well as similar problems with our vendors and our current and any future clinical research organizations (CROs) and contract manufacturing organizations (CMOs), the progress and results of the studies including any adverse findings or delays, the ability of us and our CROs to recruit volunteers for, and to otherwise proceed with, clinical studies, our and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of any current and future preclinical and clinical studies, general risks arising from clinical studies, receipt of regulatory approvals, regulatory changes and any adverse developments which may arise therefrom, potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop, the potential for the development of effective treatments by competitors which could reduce or eliminate a prospective future market share commercializing any product candidates we may develop in the future, and our ability to meet our future liquidity needs. Further information on our risk factors is contained in our filings with the SEC, including the “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and the Prospectus dated September 25, 2025. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:

Alliance Advisors IR
Jody Cain
310-691-7100
jcain@allianceadvisors.com

# # #

Primary Logo

Source: Cocrystal Pharma, Inc.

Released March 9, 2026

Release – ACCO Brands Reports Fourth Quarter and Full Year Results and Provides Outlook for 2026

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ACCO

03/09/2026

Full Year 2025

  • Reported net sales of $1.525 billion; in line with the Company’s outlook
  • Diluted earnings per share of $0.44, adjusted diluted earnings per share of $0.84, in line with the Company’s outlook
  • In the Americas segment sales trends improved, reflecting growth in Technology Accessories and moderating declines in core categories; 2026 outlook anticipates continued trend improvement
  • Multi-year cost reduction program has yielded more than $60 million of savings since inception, on track to deliver $100 million by the end of 2026
  • On January 30, 2026 closed on the EPOS acquisition, part of the Company’s strategic pivot to higher growth technology peripherals

LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today reported financial results for its fourth quarter and twelve-months ended December 31, 2025.

“In the fourth quarter we delivered sales and adjusted EPS in line with our outlook. I am proud of how our teams responded to the ever-changing operating dynamics throughout 2025. We executed well on our multi-year cost reduction program delivering approximately $35 million of savings in 2025, bringing the cumulative total to $60 million. We recently closed on the acquisition of EPOS, a premium audio solutions company, which strengthens our technology peripherals business in markets we know well. This acquisition is another step in our repositioning of ACCO Brands toward higher growth technology peripheral categories,” stated ACCO Brands’ President and Chief Executive Officer, Tom Tedford.

Mr. Tedford continued, “We remain confident in our ability to deliver future value creation for our shareholders. Our proven ability to acquire and manage a portfolio of leading brands, our optimized operational structure, strong cash flows and refined strategic focus, provide a strong platform to support our growth initiatives.”

Fourth Quarter Results

Net sales were $428.8 million, down 4.3 percent from $448.1 million in 2024. Favorable foreign exchange increased sales by $15.8 million, or 3.5 percent. Comparable sales decreased 7.8 percent. The decline in net sales reflects softer global demand for some of our core products, partially offset by growth in gaming accessories.

Operating income was $40.0 million, versus $42.0 million in 2024. Restructuring expense was $8.4 million, compared to $10.7 million in the prior year. Adjusted operating income was $60.1 million, compared to $64.2 million in 2024. The decline in adjusted operating income reflects lower sales volume, reduced fixed-cost absorption, and unfavorable product mix, which were partially offset by cost savings and lower incentive compensation expense.

Net income was $21.3 million, or $0.23 per share, compared with prior-year net income of $20.6 million, or $0.21 per share. The increase in net income reflects items noted above in operating income, as well as the benefit of discrete tax items of $2.0 million, compared to expense of $0.8 million in the prior year. Adjusted net income was $35.5 million, compared to adjusted net income of $37.5 million in 2024, and adjusted earnings per share were $0.38, compared to $0.39 in 2024.

Full Year Results

Net sales were $1.525 billion, down 8.5 percent from $1.666 billion in 2024. Net sales declines reflect the impact of softer global demand and tariff-related disruptions.

Operating income was $92.3 million, versus an operating loss of $37.0 million in 2024, primarily due to non-cash impairment charges of $165.2 million related to goodwill and intangible assets within the Americas segment in the prior year. Restructuring expense associated with our multi-year cost reduction program was $21.6 million, compared to $16.8 million in the prior year. Current year operating income benefited from a net gain on sale of assets of $6.8 million. Adjusted operating income was $153.3 million, down from $189.7 million in 2024. Adjusted operating income decline reflects lower sales volume and tariff-related impacts, which were partially offset by cost savings and lower incentive compensation expense.

Net income was $41.3 million, or $0.44 per share, compared to a net loss of $101.6 million, or $(1.06) per share, in 2024. Current year net income was positively impacted by $13.0 million as a result of the reversal of tax reserves for Brazil. The prior year loss reflects the items noted above in operating income. Adjusted net income was $78.8 million, compared to $99.2 million in 2024, and adjusted earnings per share were $0.84 per share, compared to $1.02 per share in 2024.

Cash Flow, Debt and Dividend

For the full year, operating cash flow was $68.7 million versus $148.2 million in the prior year. Adjusted free cash flow of $69.5 million, which includes $18.7 million from asset sales, compared to $132.3 million in the prior year. The Company’s consolidated leverage ratio as of December 31, 2025 was 4.1x.

In 2025, the Company paid dividends of $27.0 million and repurchased 3.2 million shares of common stock for $15.1 million.

On February 27, 2026, ACCO Brands announced that its board of directors declared a regular quarterly cash dividend of $0.075 per share. The dividend will be paid on March 26, 2026 to stockholders of record at the close of business on March 20, 2026.

Business Segment Results

ACCO Brands Americas – Fourth quarter segment net sales of $244.4 million decreased 2.7 percent from $251.3 million in the prior year. Net sales in the quarter were negatively impacted by softer demand in core categories, partly offset by growth in gaming and computer accessories and price increases.

Fourth quarter operating income was $31.4 million, compared to $31.2 million a year earlier. Restructuring expense associated with the multi-year cost reduction program was $4.5 million, compared to $3.1 million in the prior year. Adjusted operating income was $43.3 million, up from $41.6 million in the prior year. The increase in adjusted operating income reflects cost savings, price realization and lower incentive compensation, more than offsetting lower sales volume, reduced fixed-cost absorption and unfavorable product mix.

ACCO Brands International – Fourth quarter segment net sales of $184.4 million decreased 6.3 percent from $196.8 million in the prior year. Favorable foreign exchange increased sales by 5.4 percent. Comparable sales were $173.7 million, down 11.7 percent versus the prior year. Comparable sales declines reflect reduced demand for our core product categories and a difficult sales comparison in Europe.

Fourth quarter operating income was $17.8 million, compared to $24.0 million in the prior year. Restructuring expense associated with the multi-year cost reduction program of $3.9 million, compared to $4.2 million in the prior year. Adjusted operating income was $26.0 million, compared with $32.4 million in the prior year. The decrease in adjusted operating income reflects the impact of lower sales volume and unfavorable product mix, partially offset by price increases and cost savings.

2026 Outlook

“We expect the combination of the EPOS acquisition, improved end markets and foreign exchange to drive positive revenue growth in 2026. Our commitment to operational excellence through continued cost management and productivity programs position us to deliver improved profits and cash flow. With our optimized operational structure and portfolio of leading brands, we have a strong platform to generate consistent free cash flow while investing in faster growing categories,” concluded Mr. Tedford.

For the full year, the Company expects reported sales to be in the range of flat to up 3.0%. Full year adjusted EPS is expected to be within the range of $0.84 to $0.89. The Company expects 2026 free cash flow to be within the range of $75 million to $85 million, with a consolidated leverage ratio within a range of 3.7x to 3.9x.

In the first quarter, the Company expects reported sales to be in the range of flat to up 3.0% and adjusted loss per share within a range of ($0.06) to ($0.03).

Webcast

At 8:30 a.m. ET on March 9, 2026, ACCO Brands Corporation will host a conference call to discuss the Company’s fourth quarter 2025 results. The call will be broadcast live via webcast. The webcast can be accessed through the Investor Relations section of www.accobrands.com. The webcast will be in listen-only mode and will be available for replay following the event.

About ACCO Brands Corporation

ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands, include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.

Non-GAAP Financial Measures

In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this earnings release to aid investors in understanding the Company’s performance. Each non-GAAP financial measure is defined and reconciled to its most directly comparable GAAP financial measure in the “About Non-GAAP Financial Measures” section of this earnings release.

Forward-Looking Statements

Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “future”, “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities.

Our outlook is based on certain assumptions which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding consumer demand, tariffs, global geopolitical and economic uncertainties, and fluctuations in foreign currency exchange rates; and the other factors described below.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights and receive certifications from equipment and software businesses to support our technology accessories business; the introduction by third parties of new and successful gaming consoles; our ability to grow profitably through acquisitions, and successfully integrate them; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or their supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with the use by us and other suppliers of artificial intelligence, risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports we file with the Securities and Exchange Commission.

View full release here.

Christopher McGinnis
Investor Relations
(847) 796-4320

Kori Reed
Media Relations
(224) 501-0406

Source: ACCO Brands Corporation

Release – Conduent Appoints Greta Van to Board of Directors

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CNDT

March 06, 2026

Corporate

Finance and Technology Leader Brings Decades of Experience in Audit, Controls, Risk, Compliance and Strategy Across Global Public Companies

Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of Greta Van to its Board of Directors. Ms. Van brings more than two decades of progressive leadership experience spanning finance, audit, enterprise risk management, and strategic operations within global, publicly traded organizations.

Greta Van

Greta Van

Ms. Van currently serves as Chief Audit Executive at Jack Henry & Associates, a leading financial technology and payment processing provider. In this role, she advises the Board and Audit Committee on governance, internal controls, and enterprise risk while overseeing public company compliance and high‑value strategic consulting initiatives. She has transformed the company’s internal audit function, expanded its consulting mandate, delivered cost reductions in external audit engagements, and is valued as a strategic business partner to the operations team.

Ms. Van also held senior leadership roles at PRGX, Infor Global Solutions, Crawford & Company, Internap, Comverge, and Accretive Solutions. Her experience also includes enterprise strategy, M&A governance, information security, business continuity, and operational integration.

“Greta is an exceptional leader with broad experience across governance, risk, and strategy, and her deep operational and financial expertise makes her a valuable addition to our Board,” said Harsha V. Agadi, Chief Executive Officer of Conduent. “Her ability to modernize complex functions, strengthen enterprise risk frameworks, and enhance board‑level reporting will help us advance our strategic priorities and deliver value to our clients, associates, and shareholders.”

“I am honored to join Conduent’s Board at such a pivotal time in the company’s evolution,” said Ms. Van. “Conduent’s focus on technology‑driven solutions, operational excellence, outstanding client service and quality, and disciplined transformation aligns strongly with my professional experience. I look forward to partnering with the Board and leadership team to help further accelerate performance and strengthen governance across the enterprise.”

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 51,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at www.conduent.com .

Note: To receive RSS news feeds, visit www.news.conduent.com . For open commentary, industry perspectives and views, visit http://twitter.com/Conduent , http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent .

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contacts

Sean Collins

Conduent

Sean.Collins2@conduent.com

+1-310-497-9205

Joshua Overholt

Conduent

ir@conduent.com

Information Services Group (III) – AI Demand Drives Solid Results

Posted on by slightbourne@noblecapitalmarkets.com


Monday, March 09, 2026

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Q425. Operating performance in 4Q25 was solid and came in at the upper end of management’s guidance. Revenue came in at $61.2 million, up 6% y-o-y. Adjusted EBITDA grew 24% to $8.1 million, and adjusted EBITDA margin expanded 189 basis points to 13.2%. ISG reported GAAP net income of $2.6 million, or EPS of $0.05/sh, compared to $3.0 million, or EPS of $0.06/sh, last year, which included a $2.3 million gain from the sale of the automation unit. Adjusted EPS was $0.08 versus $0.06 last year.

AI and Recurring Revenue. Management noted AI-related activities represented nearly 35% of quarterly revenue, up from approximately 10% a year ago. For the full year, AI-related revenue accounted for nearly 30% of total revenue, roughly three times last year’s proportion. Recurring revenue totaled $112 million, representing 46% of annual revenue, while recurring revenues grew 13% year-over-year in the fourth quarter. We expect both AI-related and recurring revenue to increase going forward.


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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. 

Bit Digital (BTBT) – February Ethereum Metrics

Posted on by slightbourne@noblecapitalmarkets.com


Monday, March 09, 2026

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.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of February 2026. As of month end, the Company held approximately 155,434 ETH versus 155,239 ETH at the end of January. Included in the ETH holdings were approximately 15,283 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,269, or about 89% of its total holdings as of February 28th.

Yield and Value. Staking operations generated approximately 314 ETH in rewards during the period, representing an annualized yield of approximately 2.7%. Based on a closing ETH price of $1,965, as of February 28, 2026, the market value of the Company’s ETH holdings was approximately $305.4 million.


Get the Full Report

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

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

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

Weak Jobs Report and Oil Shock Leave Fed in Policy Limbo

Posted on by slightbourne@noblecapitalmarkets.com

The Federal Reserve faces a complicated policy backdrop after a surprisingly weak February jobs report collided with rising oil prices tied to geopolitical tensions in the Middle East. The conflicting signals highlight the challenge policymakers face as they balance slowing labor market momentum with renewed inflation risks.

The Bureau of Labor Statistics reported that the U.S. economy lost 92,000 jobs in February, while the unemployment rate rose to 4.4% from 4.3% in January. Economists had expected modest job growth, making the decline a notable miss that suggests hiring momentum may be softening.

Despite the negative headline figure, policymakers appear unlikely to move quickly toward rate cuts. Higher oil prices linked to the conflict involving Iran could feed into broader inflation pressures, complicating the outlook for monetary policy.

Federal Reserve officials have indicated that the current environment presents risks on both sides of the economic outlook. Weak labor data could argue for easing policy, but persistent energy price increases could make inflation more difficult to contain.

Some economists believe February’s employment figures were distorted by temporary factors. Healthcare payrolls, one of the most consistent sources of job growth in recent years, were affected by a large Kaiser Permanente worker strike that temporarily removed roughly 30,000 employees from payroll counts. Those positions are widely expected to return in March once the strike activity ends.

Severe winter storms across parts of the country also likely disrupted hiring and payroll reporting during the survey period, potentially exaggerating the weakness in the data.

Even with those temporary disruptions, revisions to prior months suggest hiring momentum had already been slowing. Employment figures for December and January were revised lower by a combined 69,000 jobs, reinforcing the view that labor market growth has cooled compared with the stronger pace seen through much of 2024 and early 2025.

Recent employment gains have also fallen below what economists consider the break-even level needed to keep the unemployment rate stable. With slower population growth tied to declining birth rates and tighter immigration policies, that break-even threshold is now estimated around 30,000 jobs per month, significantly lower than historical levels.

At the same time, structural changes may be shaping hiring behavior across industries. Demographic shifts are gradually reducing labor force participation as older workers retire, while many companies are reassessing workforce needs as artificial intelligence and automation expand into more job functions.

Employers in some sectors appear to be slowing hiring decisions while evaluating how new technologies could fill skill gaps or improve productivity.

These dynamics leave the Federal Reserve navigating a narrow path. A sustained deterioration in labor market conditions could strengthen the case for rate cuts, but rising energy prices could revive inflation concerns just as policymakers believed price pressures were easing.

For now, the central bank may prefer to remain patient and wait for additional economic data before adjusting interest rates.

The February report underscores how quickly the economic narrative can shift. With labor market trends softening, geopolitical tensions influencing energy prices, and structural changes reshaping employment patterns, the Fed may remain in a holding pattern as it evaluates the evolving risks to growth and inflation.

Jobs Report Shock: U.S. Economy Loses 92,000 Jobs in February as Unemployment Ticks Higher

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. labor market delivered an unpleasant surprise in February.

According to new Labor Department data released Friday, the economy lost 92,000 jobs, sharply missing economists’ expectations for a 55,000-job gain. The report also pushed the unemployment rate up to 4.4%, adding to concerns that the early-year hiring rebound may be losing momentum.

For investors and policymakers watching closely, the data suggests the labor market may be entering a softer phase after months of uneven job growth.

A Sudden Shift in the Hiring Trend

February’s decline stands in stark contrast to January’s previously reported 130,000 payroll increase, which had raised hopes that hiring was stabilizing. However, revisions to prior months painted a weaker picture.

January’s gains were revised down by 4,000 jobs, while December’s data was adjusted from a 48,000 increase to a loss of 17,000 positions. Combined, those revisions removed 69,000 jobs from prior employment estimates.

Taken together with February’s decline, the labor market appears significantly weaker than many economists expected at the start of 2026.

Guy Berger, director of economic research at the Burning Glass Institute, described the data bluntly on social media, calling the release an “ugly report.”

The combination of falling payrolls and rising unemployment reinforced concerns that labor demand may be cooling across multiple sectors.

Long-Term Unemployment Edges Higher

Another notable signal from the report was the rise in long-term unemployment.

The share of workers unemployed for 27 weeks or longer climbed to 25.3% of total unemployed workers, suggesting that some displaced workers are taking longer to reenter the workforce.

While still well below levels seen during major recessions, the increase may indicate early stress in certain parts of the job market.

Labor economists often watch this metric closely because rising long-term unemployment can signal a more persistent slowdown in hiring.

Healthcare Disruptions Skew the Numbers

One key factor behind February’s weak headline number was disruption in the healthcare sector.

Healthcare payrolls fell by 28,000 jobs, largely due to strike activity. A major labor dispute involving 31,000 Kaiser Permanente healthcare workers in California and Hawaii temporarily removed employees from payroll counts during the survey period.

Healthcare and social assistance have been among the most reliable sources of job creation in recent years, making the decline especially notable.

Without the strike-related losses, February’s employment picture may have looked somewhat stronger.

A Narrow Engine for Job Growth

Even with the healthcare setback, social assistance jobs—such as home health and personal care aides—rose by 9,000 positions, representing one of the few areas of expansion in the report.

The data highlights how concentrated job growth has become in recent years. Healthcare and social services have carried much of the employment expansion while other sectors remain more uneven.

For markets, the report could carry implications for Federal Reserve policy expectations, as investors assess whether cooling labor conditions might influence interest-rate decisions later this year.

While a single report does not define a broader trend, February’s numbers underscore how fragile the labor market recovery may be heading into the spring.

Release – Snail, Inc. Reports Bellwright Surpassed 1 Million Units Sold Ahead of Full 1.0 Launch

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SNAL

March 6, 2026 at 9:23 AM EST

PDF Version

CULVER CITY, Calif., March 06, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced that its medieval survival title, Bellwright, has officially surpassed 1 million units sold on Steam in Early Access. The achievement highlights the title’s strong Early Access performance and positions Bellwright for additional commercial upside as it advances toward the full 1.0 launch and console port to Xbox and PlayStation.

Bellwright combines open-world survival mechanics with town-building systems, strategic combat, and progression-driven gameplay set within a dynamic medieval world. Its consistent content updates and active player base have driven durable sales performance and reinforced the Company’s confidence in scaling the title. The upcoming Xbox and PlayStation launch aims to further support the title’s accelerating growth and capture incremental demand from player bases beyond the PC community.

Surpassing one million units sold ahead of its 1.0 release highlights the title’s thoughtful development, strong community engagement, and long-term franchise potential for Bellwright. Bringing development fully in-house through the previous acquisition and integration of Donkey Crew, the title’s independent development studio based in Poland, further aligns the creative vision, operational execution, and long-term IP strategy to support the game’s continued evolution. As Bellwright approaches full launch, this milestone reflects a solid foundation and meaningful momentum heading into its next phase.

“We’re incredibly grateful to the players who believed in Bellwright early and helped shape it into what it is today,” said Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew. “The community’s feedback, passion, and patience throughout development have been instrumental in reaching this milestone. As we move toward 1.0 and beyond, we’re excited to continue building alongside our players and expanding the world of Bellwright.”

Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew will be available for interviews at GDC 2026 from March 9-13 at Booth #1238. For press interested in scheduling an interview, please reach out to press@snailgamesusa.com.

For creators interested in collaborating please reach out to creatordirect@noiz.gg

About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/

Forward-Looking Statements:

This press release contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding positioning Bellwright for additional commercial upside as it transitions into full launch, the long-term franchise potential for Bellwright, aligning creative vision and operational execution to support the game’s continued evolution, Bellwright having a solid foundation and meaningful momentum heading into its next phase, moving toward 1.0 and beyond and continuing to build alongside our players and to expand the world of Bellwright. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, our ability to transition Bellwright into full launch as planned, our ability to support the game’s continued evolution, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

InPlay Oil (IPOOF) – Pembina Assets Shine, Disciplined Outlook

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 06, 2026

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

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.

2025 financial results. InPlay Oil reported full-year 2025 adjusted funds flow (AFF) of C$114.4 million, or C$4.68 per share, above our estimate of C$112.9 million, or C$4.58 per share. Revenue for the year totaled C$291.4 million, ahead of our C$290.6 million forecast, as stronger Q4 production of 19,589 boe/d exceeded our estimate of 19,419 boe/d, in addition to stronger than expected AECO pricing. Full-year production averaged 17,043 boe/d, slightly above our 17,000 boe/d estimate.

Updated 2026 estimates. In the first quarter of 2026, we expect now revenues of C$79.9 million, AFF of C$27.4 million, and AFF per share of C$0.98, compared to prior estimates of C$79.0 million, C$26.6 million, and C$0.95, respectively. For the full-year 2026, we now estimate revenues of C$340.1 million, AFF of C$126.7 million, and AFF per share of C$4.53, up from C$340.1 million, C$125.2 million, and C$4.45. We are maintaining our production estimate of 18,605 boe/d in the first quarter and 18,900 boe/d for the year. These estimates are reflective of slightly higher commodity pricing.


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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) – RAIL To Host FY2025 Earnings Call on March 10

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 06, 2026

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.

Fourth quarter and FY2025 earnings. FreightCar will release its fourth quarter and FY2025 financial results after the market close on Monday, March 9. Management will host an investor teleconference and webinar on Tuesday, March 10, at 11:00 am ET. We expect management to release corporate guidance for FY2026 railcar deliveries, revenue, and adjusted EBITDA. In addition to a market outlook, we think management will discuss its strategy for growing its aftermarket parts business along with its plans to enter the tank car market.

Noble estimates. Our fourth quarter 2025 revenue, EBITDA, and adjusted EPS estimates are $139.9 million, $12.5 million, and $0.18, respectively. For FY2025, we forecast $515.3 million, $46.8 million, and $0.58, respectively. For 2026, our revenue, EBITDA, and EPS estimates are also unchanged at $636.7 million, $59.4 million, and $0.76, respectively.


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. 

Markets Rattle as Oil Surges and Middle East Conflict Escalates

Posted on by slightbourne@noblecapitalmarkets.com

U.S. equities slid sharply Thursday as geopolitical tensions in the Middle East reignited volatility across global markets. A renewed surge in crude oil prices, combined with uncertainty surrounding the expanding conflict involving Iran, pushed investors toward risk-off positioning and weighed heavily on major indices.

The Dow Jones Industrial Average fell more than 800 points, dropping roughly 1.8% in afternoon trading. The S&P 500 declined about 0.8%, while the Nasdaq Composite slipped approximately 0.6%, reflecting broad selling pressure across sectors as investors reassessed geopolitical and inflation risks.

At the center of the market’s concern is the escalating confrontation between the U.S.-Israel coalition and Iran. The conflict has now entered its sixth day, with reports indicating continued military strikes across the region. U.S. officials said more than 2,000 targets have been hit, while the White House indicated American forces are moving toward what it described as “complete and total control of Iranian airspace.”

For markets, the immediate concern is energy supply.

Iran is the fourth-largest producer in OPEC, and disruptions to its production capacity or shipping routes through the Strait of Hormuz could ripple through global oil markets. Even the perception of supply disruption has been enough to drive crude prices higher.

West Texas Intermediate crude futures rose toward $79 per barrel, while Brent crude climbed above $84, marking a renewed rally in energy prices after a brief pullback earlier this week.

Higher oil prices often feed directly into inflation expectations — a dynamic that has quickly caught the attention of investors already watching the Federal Reserve’s next policy moves. Rising energy costs can push transportation, manufacturing, and consumer prices higher, potentially complicating the Fed’s interest rate outlook if inflation proves sticky.

The ripple effects were visible across other asset classes Thursday.

Despite its reputation as a safe-haven asset, gold fell more than 1%, pressured by a stronger U.S. dollar. When the dollar strengthens, commodities priced in dollars become more expensive for international buyers, often weighing on prices.

Other precious metals followed suit. Silver, platinum, and palladium also declined, reflecting a broader commodities pullback outside of oil.

Meanwhile, Treasury markets also saw movement, with 10-year yields rising as bond prices fell. Higher yields can add another layer of pressure to equities by increasing borrowing costs and reducing the relative attractiveness of stocks compared with fixed income.

Energy costs are already filtering into the real economy.

According to AAA data, the national average gasoline price climbed to $3.25 per gallon, up $0.27 from a week ago. Diesel prices have risen even more sharply, jumping $0.41 to $4.16 per gallon, their highest level since 2023. Diesel plays a critical role in shipping, trucking, and industrial activity, meaning sustained increases could amplify inflation across supply chains.

Looking ahead, markets may remain sensitive to both geopolitical headlines and incoming economic data.

Friday’s U.S. monthly jobs report is expected to provide the next major signal about the health of the labor market and whether economic momentum remains strong despite mounting global uncertainty.

Investors will also watch corporate earnings releases after the closing bell Thursday from Costco and Marvell Technology, which could provide additional insight into consumer demand and technology spending trends.

For now, however, the primary driver of market sentiment remains geopolitical risk — and the unpredictable path of oil prices that often accompanies it.

Release – Information Services Group Announces Fourth-Quarter and Full-Year 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ISG

3/5/2026

  • Reports fourth-quarter GAAP revenues of $61.2 million, at the top end of guidance and up 6% versus prior year
  • Reports fourth-quarter GAAP net income of $2.6 million, GAAP EPS of $0.05 and adjusted EPS of $0.08; Prior year GAAP results reflect a fourth-quarter net gain of $2.3 million from the previously disclosed sale of the firm’s automation unit on October 1, 2024
  • Reports fourth-quarter adjusted EBITDA of $8.1 million, up 24% versus prior year
  • Generates $5.1 million of cash from operations in fourth quarter
  • Delivers full-year GAAP revenues of $245 million; GAAP operating income of $17.8 million; GAAP net income of $9.3 million and GAAP EPS of $0.19; adjusted EBITDA of $32.2 million, adjusted net income of $16.5 million and adjusted EPS of $0.33
  • Declares first-quarter dividend of $0.045 per share, payable March 26, 2026, to shareholders of record as of March 20, 2026
  • Acquires AI readiness benchmarking and intelligence platform, the AI Maturity Index, in January 2026, part of broader AI acceleration strategy
  • Sets first-quarter guidance: revenues between $60.5 million and $61.5 million and adjusted EBITDA between $7.5 million and $8.5 million

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, today announced financial results for the fourth quarter and full year ended December 31, 2025.

“ISG had a strong Q4 and an outstanding year, fueled by continuing client interest in our AI-powered transformation services,” said Michael P. Connors, chairman and CEO. “Fourth-quarter revenue growth was led by Europe, up 28 percent, and by recurring revenues, up 13 percent. From a profitability standpoint, adjusted EBITDA was up 24 percent, with adjusted EBITDA margins expanding nearly 200 basis points. For the full year, revenue growth was led by the Americas, up 11 percent, excluding 2024 automation results, and our adjusted EBITDA was up 28 percent, while cash from operations rose 46 percent, to $29 million, all versus prior year.”

Commenting on AI demand, Connors said, “Clients overall remain cautious in a still-uncertain macro environment but continue to invest in AI-related business transformation, cost optimization and insights to plan the journey ahead. In 2025, we served more than 350 clients with AI-focused research and advisory services, three times more than the prior year.”

More broadly speaking, Connors said, “Clients are demanding business outcomes, a reshaping of their partner ecosystems and broader capability. This plays to our strengths. ISG is well positioned with our proprietary data, research, platforms and on-the-ground expertise to continue delivering great ROI for our clients.”

AI Maturity Index Acquisition and AI Acceleration Strategy

In January 2026, ISG announced the acquisition of the AI Maturity Index, an AI readiness benchmarking and intelligence platform that allows clients to assess and track the AI readiness of their workforces on an individual and enterprise level and improve their employees’ ability to leverage AI technology. The ISG AI Maturity platform is already generating strong interest, ISG said, with an early pipeline of more than 30 clients.

The move is part of ISG’s broader AI acceleration strategy that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI.

ISG also is leveraging AI to improve the speed and efficiency of its proprietary client platforms, most notably ISG Tango™, the firm’s groundbreaking sourcing platform. More than $25 billion of sourcing contract value now flows through ISG Tango™, up more than three times from 2024.

Fourth-Quarter 2025 Results

Reported revenues for the fourth quarter were $61.2 million, up 6 percent from $57.8 million in the prior year. Currency translation positively impacted reported revenues by $1.3 million versus the prior year.

Revenues were $38.3 million in the Americas, up 1 percent on a reported basis. Revenues in Europe were $19.1 million, up 28 percent on a reported basis, and Asia Pacific revenues were $3.9 million, down 22 percent on a reported basis, all versus the prior year.

ISG reported fourth-quarter operating income of $5.1 million, compared with operating income of $0.2 million in the prior year. Reported fourth-quarter net income was $2.6 million, compared with net income of $3.0 million in the prior year. Fully diluted earnings per share were $0.05, compared with fully diluted earnings per share of $0.06 in the prior year.

During the fourth quarter of 2024, ISG recorded a $2.3 million net gain on the sale of its automation unit. Excluding this gain, net income and GAAP EPS would have been $0.7 million and $0.01 per share, respectively.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the fourth quarter of 2025 was $4.0 million, or $0.08 per share on a fully diluted basis, compared with adjusted net income of $3.0 million, or $0.06 per share on a fully diluted basis, in the prior year’s fourth quarter.

Fourth-quarter adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $8.1 million, up 24 percent from the prior-year fourth quarter. Adjusted EBITDA margin (a non-GAAP measure calculated by dividing adjusted EBITDA by reported revenues) was 13.2 percent, compared with 11.3 percent in the prior year.

Full-Year 2025 Results

Reported revenues for the full year were $244.7 million, down 1 percent versus the prior year. Excluding 2024 results from ISG’s automation unit, which the firm divested on October 1, 2024, revenues were up 7 percent for the full year of 2025.

Excluding 2024 automation results, revenues were $160.9 million in the Americas, up 11 percent, and up 1 percent on a reported basis. Revenues in Europe were $65.5 million, up 3 percent, excluding automation, and down 3 percent on a reported basis, and in Asia Pacific, revenues were $18.3 million, down 13 percent, all versus the prior year.

ISG reported full-year operating income of $17.8 million, compared with $5.8 million in the prior year. The firm also reported net income and fully diluted earnings per share of $9.3 million and $0.19, respectively, versus net income of $2.8 million and fully diluted earnings per share of $0.06 in the prior year. For the full year, ISG recorded a $1.7 million net gain on the sale of its automation unit. Excluding the gain on this sale, 2024 net income and GAAP EPS would have been $1.2 million and $0.02 per share, respectively.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the full year was $16.5 million, or $0.33 per share on a fully diluted basis, compared with adjusted net income of $10.0 million, or $0.20 per share on a fully diluted basis, in the prior year.

Full-year adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $32.2 million, up 28 percent from the prior year. Adjusted EBITDA margin (a non-GAAP measure calculated by dividing adjusted EBITDA by reported revenues) was 13.2 percent, compared with 10.2 percent in the prior year.

Other Financial and Operating Highlights

ISG generated $5.1 million of cash from operations in the fourth quarter and $29.0 million for the full year. The firm’s cash balance totaled $28.7 million at December 31, 2025, up 24 percent from the prior year.

During the fourth quarter, ISG paid dividends of $2.2 million and repurchased $2.3 million of shares.

2026 First-Quarter Revenue and Adjusted EBITDA Guidance

“As clients absorb the latest tariff and geopolitical news, and as the U.S. economy, in particular, continues to evolve during the first half, we expect clients to adjust and then accelerate their spending as the year progresses. For the first quarter, ISG is targeting revenues between $60.5 million and $61.5 million and adjusted EBITDA of between $7.5 million and $8.5 million, which will continue our year-over-year growth. We will continue to monitor the macroeconomic environment, including the impact of FX, inflation and other factors, and adjust our business plans accordingly,” Connors said.

Quarterly Dividend

The ISG Board of Directors declared a first-quarter dividend of $0.045 per share, payable on March 26, 2026, to shareholders of record as of March 20, 2026.

Conference Call

ISG has scheduled a call for 9 a.m., U.S. Eastern Time, March 6, 2026, to discuss the company’s fourth-quarter results. The call can be accessed by dialing +1 (800) 715-9871; or, for international callers, by dialing +1 (646) 307-1963. The access code is 6145572. A recording of the conference call will be accessible on ISG’s investor relations page for approximately four weeks following the call.

Forward-Looking Statements

This communication contains “forward-looking statements” which represent the current expectations and beliefs of management of ISG concerning future events and their potential effects. Statements contained herein including words such as “anticipate,” “believe,” “contemplate,” “plan,” “estimate,” “target,” “expect,” “intend,” “will,” “continue,” “should,” “may,” and other similar expressions, are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those risks relate to inherent business, economic and competitive uncertainties and contingencies relating to the businesses of ISG and its subsidiaries including without limitation: (1) failure to secure new engagements or loss of important clients; (2) ability to hire and retain enough qualified employees to support operations; (3) ability to maintain or increase billing and utilization rates; (4) management of growth; (5) success of expansion internationally; (6) competition; (7) ability to move the product mix into higher margin businesses; (8) general political and social conditions such as war, political unrest and terrorism; (9) healthcare and benefit cost management; (10) ability to protect ISG and its subsidiaries’ intellectual property or data and the intellectual property or data of others; (11) currency fluctuations and exchange rate adjustments; (12) ability to successfully consummate or integrate strategic acquisitions; (13) outbreaks of diseases, including coronavirus, or similar public health threats or fear of such an event; (14) engagements may be terminated, delayed or reduced in scope by clients; (15) the effect of the divestiture of the automation unit on ISG’s relationships with its customers and suppliers and on its retained business generally; (16) the success of ISG’s focus on AI advisory and AI-powered platforms; (17) changes to trade policy, including new or increased tariffs and changing import/export regulations, and (18) potential employment-related claims. Certain of these and other applicable risks, cautionary statements and factors that could cause actual results to differ from ISG’s forward-looking statements are included in ISG’s filings with the U.S. Securities and Exchange Commission. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Non-GAAP Financial Measures

ISG reports all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). In this release, ISG has presented both GAAP financial results as well as non-GAAP information for the three and twelve months ended December 31, 2025, and December 31, 2024. ISG believes that evaluating its ongoing operating results will be enhanced if it discloses certain non-GAAP information. These non-GAAP financial measures exclude non-cash and certain other special charges that many investors believe may obscure the user’s overall understanding of ISG’s current financial performance and ISG’s prospects for the future. ISG believes that these non-GAAP measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate the Company’s performance.

ISG provides adjusted EBITDA (defined as net income, plus interest, taxes, depreciation and amortization, foreign currency transaction gains/losses, non-cash stock compensation, interest accretion associated with contingent consideration, acquisition- and disposition-related costs, loss on disposal of assets, gain on sale of business, change in contingent consideration, and severance, integration and other expense), adjusted net income (defined as net income, plus amortization of intangible assets, non-cash stock compensation, foreign currency transaction gains/losses, interest accretion associated with contingent consideration, acquisition- and disposition-related costs, loss on disposal of assets, gain on sale of business, change in contingent consideration, and severance, integration and other expense on a tax-adjusted basis), adjusted net income per diluted share, adjusted EBITDA margin, and selected financial data on a constant currency basis which are non-GAAP measures that ISG believes provide useful information to both management and investors by excluding certain expenses and financial implications of foreign currency translations, which management believes are not indicative of ISG’s core operations. These non-GAAP measures are used by ISG to evaluate the Company’s business strategies and management’s performance.

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP financial measure, excludes the impact of year-over-year fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current and prior-periods local currency financial results using the same point in time exchange rates and then compare the adjusted current and prior period results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP, nor should such amounts be considered in isolation.

Management believes this information facilitates comparison of underlying results over time. Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the forward-looking non-GAAP estimates contained herein to the corresponding GAAP measures is not being provided, due to the unreasonable efforts required to prepare it.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its 1,500 professionals worldwide working together to help clients maximize the value of their technology investments.

View full release here.

Source: Information Services Group, Inc.