Transaction Expected to Close Before the End of 2026
Conduent Continues to Fortify Its Balance Sheet
Conduent Retains Ownership of Tolling Business Segment
Conduent Incorporated (Nasdaq: CNDT), a global technology‑driven business solutions and services provider, today announced that it has entered into a definitive agreement to sell its Public Transit business, an operating unit of Conduent Transportation, to Modaxo, a global technology organization focused on moving the world’s people. The Public Transit business consists of Transit Fare Management and Fleet Management Solutions businesses.
The sale has a purchase price of $164 million. The companies expect the transaction to close before the end of 2026, subject to customary conditions and regulatory approvals.
“This transaction advances our strategy to simplify the portfolio, sharpen focus on our core businesses, and strengthen our financial foundation. Consistent with the disciplined execution outlined in Q1, it further positions Conduent to deliver sustainable, long-term value for our shareholders, clients, and employees,” said Harsha V. Agadi, Conduent President and Chief Executive Officer. “Modaxo’s technology focus makes it a strong strategic fit for the Public Transit business and those it serves. We remain committed to delivering outstanding quality and performance for our Transportation clients as we prepare for closing and ensure a seamless transition for clients and employees.”
With global operations, the Public Transit business offers fare collection systems, fleet management systems, payment and revenue management platforms, and other hardware‑enabled mobility systems.
Conduent Transportation’s remaining Tolling business provides mission‑critical technology that enables all‑electronic tolling, roadside, and back‑office processing, image review, violation enforcement and analytics. It supports more than 14 million tolling transactions per day.
Additional details of the transaction are outlined in Conduent’s 8-K filed with the U.S. Securities and Exchange Commission (SEC) today.
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 48,000 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.
About Modaxo Modaxo is a global technology organization passionate about moving the world’s people. Working both together and independently, our collective of businesses is committed to delivering software and technology solutions that help connect people with the places they need to go for work, family, and everyday life. Learn more at Modaxo.com.
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.
Forward-Looking Statements This press release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, all statements regarding the sale of Conduent’s Public Transit business, including that such transaction will be consummated and the timing of such consummation, expectations regarding our strategy to simplify our portfolio, sharpen our focus, strengthen our financial foundation, and drive value for our shareholders, clients and employees. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. Important factors and uncertainties that could cause actual results to differ materially from those in our forward-looking statements include, but are not limited to: Conduent’s ability to realize the benefits anticipated from the sale of its Public Transit business, including as a result of a delay or failure to obtain certain required regulatory approvals or the failure of any other condition to the closing of the transaction such that the closing of the transaction is delayed or does not occur; unexpected costs, liabilities or delays in connection with the proposed transaction; the significant transaction costs associated with the proposed transaction; negative effects of the announcement, pendency or consummation of the transaction on the market price of our common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; our inability to retain and hire key personnel; the risk that certain contractual restrictions contained in the definitive transaction agreement during the pendency of the proposed transaction could adversely affect our ability to pursue business opportunities or strategic transactions; and other factors that are set forth in the “Risk Factors” and other sections of our Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this press release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.
Updated Phase 2 CRDF-004 data to be presented during ASCO 2026 rapid oral session on June 2, 2026; investor webcast scheduled for June 3, 2026 at 8:30 am ET to review the data
SAN DIEGO, Calif., May 21, 2026 (GLOBE NEWSWIRE) — Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage biotechnology company leveraging PLK1 inhibition to develop novel cancer therapies, today announced that it will host an investor webcast featuring members of management on June 3, 2026 at 8:30 am ET to review updated data from CRDF-004, a randomized dose-finding Phase 2 clinical trial evaluating onvansertib in combination with standard-of-care regimens (FOLFIRI/bevacizumab or FOLFOX/bevacizumab) in patients with first-line RAS-mutated metastatic colorectal cancer (mCRC).
The updated CRDF-004 data will first be presented during a rapid oral session at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting on June 2, 2026 at 8:00 am CT/9:00 am ET and will build on the CRDF-004 data previously presented in January 2026. More details about the oral presentation are available on the Company’s website here and the full abstract is now available on the ASCO website.
Investor Webcast Details The investor webcast will take place on June 3 at 8:30 am ET. To register for and access the live webcast, please visit the “Events” page of the Cardiff Oncology website.
About Onvansertib Onvansertib is a highly specific, oral PLK1 inhibitor advancing toward a registrational trial in first-line RAS-mutated metastatic colorectal cancer (mCRC). In a randomized Phase 2 trial, onvansertib in combination with FOLFIRI/bevacizumab (first-line standard-of-care) demonstrated dose-dependent improvements in overall response rate and progression-free survival compared to standard-of-care alone, building on findings from a prior Phase 2 trial in second-line RAS-mutated mCRC. Based on these results, the Company has selected the 30 mg dose of onvansertib in combination with FOLFIRI/bevacizumab for advancement into a registrational trial in first-line patients with RAS-mutated mCRC.
Onvansertib is also being evaluated in multiple other cancers through investigator-initiated studies, including metastatic pancreatic ductal adenocarcinoma (mPDAC), small cell lung cancer (SCLC), triple-negative breast cancer (TNBC), and chronic myelomonocytic leukemia (CMML).
About Cardiff Oncology, Inc. Cardiff Oncology is a clinical-stage biotechnology company advancing innovative cancer treatments focused on PLK1 inhibition, a validated oncology target with practice-changing potential. Our lead asset, onvansertib, is a highly specific, oral PLK1 inhibitor currently being evaluated in a Phase 2 trial for first-line treatment of RAS-mutated metastatic colorectal cancer (mCRC), addressing a large, underserved patient population with high unmet need. Onvansertib is also under investigation in other PLK1-driven cancers through ongoing investigator-initiated trials and has shown robust single agent clinical activity in hard-to-treat tumors. By targeting tumor vulnerabilities, we aim to overcome treatment resistance and deliver improved clinical outcomes for patients.
Forward-Looking Statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Cardiff Oncology’s expectations, strategy, plans or intentions. These forward-looking statements are based on Cardiff Oncology’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidate; results of preclinical studies or clinical trials for our product candidate could be unfavorable or delayed; our need for additional financing; risks related to business interruptions, including cyber-attacks on our information technology infrastructure, which could seriously harm our financial condition and increase our costs and expenses; uncertainties of government or third party payer reimbursement; dependence on key personnel; limited experience in marketing and sales; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that our product candidate will be utilized or prove to be commercially successful. Additionally, there are no guarantees that future clinical trials will be completed or successful or that our product candidate will receive regulatory approval for any indication or prove to be commercially successful. Investors should read the risk factors set forth in Cardiff Oncology’s Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Cardiff Oncology does not undertake any obligation to update publicly such statements to reflect subsequent events or circumstances.
Upcoming ISG Provider Lens® report will evaluate providers that modernize workforce operations with AI, data integration and continuous optimization
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, has launched a research study examining service providers helping enterprises adopt more data-centric, AI-enabled approaches to workforce management through the UKG Pro ecosystem.
The study results will be published in a comprehensive ISG Provider Lens® report, called UKG Pro Ecosystem, scheduled to be released in October 2026. The report will cover companies offering transformation, deployment, integration and performance and optimization services for UKG Pro environments.
Enterprise buyers will be able to use the report’s insights to evaluate their current vendor relationships, identify potential new engagements and compare available offerings. ISG advisors will use the research to guide clients through increasingly complex transformation and platform investment decisions.
Organizations increasingly are adopting AI-enabled HR capabilities, unified workforce data architectures and continuous optimization models to improve workforce intelligence, operational efficiency and employee experiences. As enterprises seek providers that support long-term transformation, AI readiness, organizational change management and post-deployment HCM platform optimization, the UKG Pro service partner ecosystem is evolving beyond implementation-focused engagements to deliver more intelligent, integrated and data-driven workforce operations.
“Enterprises are looking beyond core HCM deployments and focusing on intelligent, continuously evolving workforce operations,” said Namratha Dharshan, chief business leader, ISG. “Providers with UKG Pro expertise, AI readiness and data strategy capabilities will help organizations realize greater value from workforce technology investments.”
ISG has distributed surveys to approximately 50 UKG Pro ecosystem providers. Working in collaboration with ISG’s global advisors, the research team will produce three quadrants representing the UKG Pro services the typical enterprise is buying, based on ISG’s experience working with its clients. The three quadrants are:
Transformation Services, evaluating providers that guide enterprises through HCM transformation strategy, operating model redesign, organizational change management and AI readiness planning for UKG Pro environments.
Deployment and Integration Services,assessing providers that design, configure and deploy UKG Pro solutions while integrating them with broader enterprise technology ecosystems through scalable architectures and migration frameworks.
Performance and Optimization Services, covering providers that help enterprises sustain, optimize and continuously improve UKG Pro environments through application management, analytics development, managed services and AI-enabled operational enhancements.
This report produced from the study will cover the global UKG Pro ecosystem market and examine products and services available in the U.S. ISG analyst Gaurang Pagdi will serve as the author of the report.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as UKG Pro ecosystem service providers can contact ISG and ask to be included in the study.
All 2026 ISG Provider Lens evaluations feature expanded customer experience (CX) data capturing real-world enterprise feedback on specific provider services and solutions, based on ISG’s continuous CX research.
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.
Bellwright, Above The Snow, and Honeycomb: The World Beyond showcases the value of Snail Games’ work with Polish studio partners
CULVER CITY, Calif., May 22, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, and its subsidiary Wandering Wizard, today highlighted the progress made through its existing partnerships with three Polish development teams. Through collaborations with Above The Desk, creators of Above the Snow; Donkey Crew, the team behind Bellwright; and Frozen Way Games, who are currently developing Honeycomb: The World Beyond, Snail Games continues to expand its content pipeline, deepen its international development network, and demonstrate the value of working with high-potential studios in Poland.
“At Snail Games we’ve been eager to support emerging game dev markets and have seen tremendous creative talent and ideas coming from Poland,” said Hai Shi, CEO of Snail Games. “Our partnership and work with these three studios reflect the value of our international network. Each offers wildly different visions of gaming, spanning across different genres in the industry. From an alpine resort sim game, to a medieval survival, to an exploration adventure about crossbreeding alien life forms, we want to ensure that Snail is ahead of the curve in supporting a wide range of global talent.”
Poland has emerged as one of the fastest-growing and most established development regions in the global gaming industry, with a strong track record of producing commercially successful and critically acclaimed PC and console titles. According to The Game Industry of Poland Report 2025, the country’s game development sector continues to scale, with more than 40 franchises surpassing 1 million units sold, reflecting its ability to generate globally competitive, export-oriented intellectual property. This includes Snail Games and Donkey Crew’s Bellwright, which has already surpassed 1 million units sold globally during its early access phase on Steam, underscoring the commercial performance of titles developed within the region.
This week’s Digital Dragons conference in Kraków, Poland further highlights the strength and continued momentum of the country’s game development ecosystem, serving as a key industry gathering for leading studios, publishers, and development talent across the region. As part of this ecosystem, Above The Desk, the developer of Above the Snow, participated in the event, engaging with peers and industry partners within one of Europe’s most active development hubs. Their presence at Digital Dragons underscores Snail Games’ broader strategy of maintaining close alignment with regional development communities and supporting studios with both local relevance and global ambitions. Events of this nature continue to play an important role in strengthening visibility, fostering collaboration, and identifying long-term partnership opportunities within Snail Games’ expanding international publishing network.
These ongoing partnerships highlight Snail Games’ broader global expansion strategy. With corporate operations headquartered in the United States, development partnerships across Europe, and an established presence throughout Asia, the Company continues to expand its international publishing network into key emerging regions and talent hubs. This includes its previously announced strategic exploration of opportunities in Latin America, further reflecting Snail Games’ intent to build a truly global development and publishing footprint. This global approach enables Snail Games to access a wider range of development expertise, strengthen cross-market collaboration, and identify new publishing opportunities.
Snail Games and Wandering Wizard remain actively focused on identifying additional partnership opportunities with independent developers and studios worldwide.
For developers interested in partnership opportunities please reach out to [email protected]
For content creators interested in collaborating please reach out to [email protected]
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/
About Above the Desk Above The Desk is an independent game studio built by a small but passionate team – a mix of seasoned industry veterans and bold new talent. We believe that this blend of perspectives, skills, and creative energy is our greatest strength. Our mission is to craft games that stand out with original ideas, engaging mechanics, and a sharp sense of humor. We don’t cut corners – we focus on originality, quality, and fresh takes on familiar formulas. For more information, visit https://abovethedesk.games/.
About Donkey Crew Donkey Crew is an independent studio made up of talented, experienced developers from every corner of the world. Starting as a small team of passionate gamers working together within a large Mount & Blade modding community, the group grew into a professional company developing indie titles. Based in Wroclaw, Poland, Donkey Crew continues their journey as an indie developer while growing and expanding. For more information, visit www.donkey.team/.
About Frozen Way Games Frozen Way Games is a group of over 80 cheerful people from Cracow, Poland with a passion for video games. Gamedev is our lifestyle and philosophy, so there’s nothing better than seeing our creations bring a lot of joy to the community. For more information, visit frozenway.games.
About Wandering Wizard Wandering Wizard is passionately committed to championing indie game developers. We provide a platform for fresh voices, revolutionary ideas, and daring experiments within the indie gaming realm. Embracing the inherent risks of indie game development, we partner with creators worldwide to enrich the global gaming community with inclusive, inspiring, and innovative gaming experiences. For more information, visit wanderingwizard.com.
Forward Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail Games continuing to expand its content pipeline, deepening its international development network, and demonstrating the value of working with high-potential studios in Poland; ensuring that Snail is ahead of the curve in supporting a wide range of global talent; Poland’s game development sector continuing to scale; the ability of Poland’s game development sector to generate globally competitive, export-oriented intellectual property; the Digital Dragons conference in Kraków, Poland highlighting the strength and continued momentum of the country’s game development ecosystem; Snail Games’ broader strategy of maintaining close alignment with regional development communities and supporting studios with both local relevance and global ambitions; strengthening visibility, fostering collaboration, and identifying long-term partnership opportunities within Snail Games’ expanding international publishing network; Snail Games’ broader global expansion strategy; continuing to expand Snail Games’ international publishing network into key emerging regions and talent hubs; strategic exploration of opportunities in Latin America; building a truly global development and publishing footprint; the global approach enabling Snail Games to access a wider range of development expertise, strengthen cross-market collaboration, and identify new publishing opportunities; remaining actively focused on identifying additional partnership opportunities with independent developers and studios worldwide; and assumptions underlying any of the foregoing.
Further information on risks, uncertainties and other factors that could affect Snail’s financial results and business include Snail’s ability to strengthen its gaming portfolio’s visibility; Snail’s ability to expand and grow its franchise and increase its revenue; Snail’s ability to establish new partnerships within its international publishing network; Snail’s ability to establish a truly global development and publishing footprint; and the risks that are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 [email protected]
The University of Michigan released its final May Consumer Sentiment reading Friday morning and the number landed well below even the most pessimistic forecasts. The index came in at 44.8 — a new all-time record low in a survey that has been tracking American consumer attitudes since 1952. The reading missed the consensus estimate of 48.2 by a wide margin, fell five full points from April’s already-depressed 49.8, and marked the third consecutive month of decline. No monthly reading in the survey’s 74-year history has ever been lower.
To place that in context: this reading is worse than June 2022 at the peak of post-pandemic inflation. Worse than the depths of the 2008 financial crisis. Worse than the early 1980s when Paul Volcker was hiking rates into double digits to break inflation. The American consumer, by this measure, has never been less confident about the economy than they are right now.
What’s Driving It
The culprits are not subtle. One-third of survey respondents spontaneously cited gasoline prices — unprompted — as a primary concern. Roughly 30% mentioned tariffs. The Iran conflict, now in its twelfth week, has pushed the national gas average to $4.56 per gallon according to AAA, up more than 50% since hostilities began February 28, and GasBuddy projects the summer average could reach $4.80 per gallon with $5 possible if the Strait of Hormuz remains closed.
Inflation expectations are deteriorating further rather than stabilizing. Year-ahead inflation expectations climbed from earlier in the month while long-run expectations rose from 3.5% in April to 3.9% in May — the highest reading since the Iran conflict began and well above the 2.8% to 3.2% range that prevailed throughout 2024. Surveys director Joanne Hsu noted that consumers appear to be moving beyond viewing the inflation pressure as temporary, increasingly worried it will spread beyond fuel prices and persist over the long run.
The demographic breakdown adds another layer. Lower-income consumers and those without college degrees — groups most sensitive to gas and grocery price increases — posted the sharpest sentiment declines. Independents and Republicans reached their lowest readings of Trump’s second term. The breadth of the deterioration, cutting across income levels, age groups, and political affiliations, signals this is not a narrow or politically driven reading. It is a broad-based erosion of consumer confidence.
The Direct Small Cap Implication
Consumer sentiment is a leading indicator — it tells you where spending is headed before the spending data confirms it. And for small and microcap investors, the message embedded in Friday’s reading is direct: companies that depend on discretionary consumer spending are heading into Q2 earnings season with the wind at their back nowhere.
Consumer-facing small caps in casual dining, specialty retail, leisure travel, and discretionary goods are the most exposed. Unlike large cap consumer companies with global revenue diversification and balance sheet depth to absorb volume softness, smaller operators have limited buffers. Margin compression from elevated input and fuel costs combined with softening top-line demand is a particularly difficult combination for companies already operating on thin margins.
The record low also raises the stakes for the Federal Reserve. Weak consumer confidence alongside elevated inflation expectations is the definition of a stagflationary signal — and a Fed led by incoming Chair Kevin Warsh that leans hawkish has limited room to provide relief. Rate cuts that smaller companies have been counting on to refinance variable-rate debt are moving further off the table with every data point like this one.
Seventy-four years of data. The American consumer has never felt worse. That number belongs in every small cap portfolio conversation happening right now.
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.
Lowering 1Q26 estimates. We have reduced our 1Q26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS estimates to $42.9 million, $23.5 million, $9.5 million, and $0.45, respectively, from prior estimates of $43.9 million, $24.8 million, $10.1 million, and $0.48. The revisions primarily reflect a modest reduction in operating days to 1,696 from 1,700, a lower average daily TCE rate of $24,200 versus $25,100, and higher voyage and G&A expenses, including non-cash stock compensation.
FY26 estimates are mostly unchanged. We now project FY26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS of $182.1 million, $106.7 million, $50.4 million, and $2.40, respectively, compared with prior estimates of $183.2 million, $105.2 million, $50.4 million, and $2.40.
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.
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.
Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.
Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.
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.
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.
TSX approves share repurchase program. InPlay Oil Corp. announced that the Toronto Stock Exchange has approved its normal course issuer bid (NCIB), allowing the company to repurchase and cancel up to 1.79 million common shares, representing 10% of its public float. Purchases may be made through the TSX and other Canadian trading systems beginning May 25, 2026, and ending May 24, 2027, subject to daily purchase limits and applicable securities regulations.
Automatic repurchase plan provides flexibility. An automatic share purchase plan allows for repurchases to continue during self-imposed blackout periods. Outside of blackout periods, management will retain discretion over the timing and amount of share repurchases. Any shares acquired under the program will be canceled, reducing the company’s overall share count.
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.
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.
Data Updates To Be Presented In June 2026. Eledon has announced that additional data will be presented at the American Transplant Congress on June 22, 2026. The presentations will include long-term data from patients in the Phase 2 BESTOW trial and its extension study. We expect to see longer follow-up periods from additional patients than previously seen, showing outcomes, side-effect profiles, and organ survival in comparison with the standard of care, tacrolimus.
Conference Call Has Been Scheduled To Discuss Data. Eledon will hold a conference call at 8 AM on June 22 to discuss the data. This will be after the Saturday, June 20, poster presentation titled,” Phase 2 BESTOW Extension Trial Evaluating Tegoprubart’s Long-Term Safety and Efficacy in Preventing Kidney Transplant Rejection”, and before the Monday, June 22, oral presentation titled “Phase 2 BESTOW Trial: Evaluating Tegoprubart’s Safety and Efficacy in Preventing Kidney Transplant Rejection” at 12 PM.
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.
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.
The sale of the Public Transit business is viewed favorably. The agreement to sell the Public Transit business to Modaxo for approximately $164 million is expected to strengthen financial flexibility and provide additional balance sheet optionality. Management previously indicated that divestiture proceeds could support debt reduction, restructuring initiatives, strategic reinvestment opportunities, and potential shareholder return programs, while also improving the company’s overall capital allocation profile.
A strategic move. Public Transit divestiture advances Conduent’s previously announced portfolio optimization strategy and appears consistent with management’s “fix, sell, or grow” operating framework, which focuses on simplifying the business, improving operational focus, and enhancing long-term profitability.
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.
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.
Cardiff To Present Data At ASCO. Cardiff Oncology reported a 1Q26 loss of $12.4 million or $(0.18) per share. Important developments during the quarter include scheduling presentation of the Phase 2b trial, discussed in our Research Note on January 28, at the ASCO Annual Meeting from May 29 to June 2. A meeting with the FDA was held in April, with the Phase 3 trial still expected to begin in late FY2026. Cash on March 31, 2026, was $46.1 million.
End-of-Phase-2 Meeting With The FDA Completed. During 1Q26, the company held an End-of-Phase-2 Meeting with the FDA to obtain guidance on the Phase 3 design and regulatory approval requirements. As expected, the trial will enroll patients with RAS-mutated metastatic colorectal cancer (mCRC), treated with a combination of FOLFIRI with bevacizumab (Avastin) and the 30 mg dose of onvansertib. This is the regimen that produced the strongest results in the Phase 2b trial.
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Noble Capital Markets Research Report Friday, May 22, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – 1Q26 Announced With Onvansertib Progress Toward Phase 3 Conduent (CNDT)/OUTPERFORM – Portfolio Reset Gains Momentum Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Tegoprubart Data Update Scheduled For June 2026 InPlay Oil (IPOOF)/OUTPERFORM – InPlay Renews Share Buyback Program Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Off to a Strong Start Seanergy Maritime (SHIP)/OUTPERFORM – Adjusting 2026 Estimates
Cardiff Oncology (CRDF/$1.79 | Price Target: $12) Robert LeBoyer [email protected] | (212) 896-4625 1Q26 Announced With Onvansertib Progress Toward Phase 3 Rating: OUTPERFORM
Cardiff To Present Data At ASCO. Cardiff Oncology reported a 1Q26 loss of $12.4 million or $(0.18) per share. Important developments during the quarter include scheduling presentation of the Phase 2b trial, discussed in our Research Note on January 28, at the ASCO Annual Meeting from May 29 to June 2. A meeting with the FDA was held in April, with the Phase 3 trial still expected to begin in late FY2026. Cash on March 31, 2026, was $46.1 million.
End-of-Phase-2 Meeting With The FDA Completed. During 1Q26, the company held an End-of-Phase-2 Meeting with the FDA to obtain guidance on the Phase 3 design and regulatory approval requirements. As expected, the trial will enroll patients with RAS-mutated metastatic colorectal cancer (mCRC), treated with a combination of FOLFIRI with bevacizumab (Avastin) and the 30 mg dose of onvansertib. This is the regimen that produced the strongest results in the Phase 2b trial.
The sale of the Public Transit business is viewed favorably. The agreement to sell the Public Transit business to Modaxo for approximately $164 million is expected to strengthen financial flexibility and provide additional balance sheet optionality. Management previously indicated that divestiture proceeds could support debt reduction, restructuring initiatives, strategic reinvestment opportunities, and potential shareholder return programs, while also improving the company’s overall capital allocation profile.
A strategic move. Public Transit divestiture advances Conduent’s previously announced portfolio optimization strategy and appears consistent with management’s “fix, sell, or grow” operating framework, which focuses on simplifying the business, improving operational focus, and enhancing long-term profitability.
Eledon Pharmaceuticals (ELDN/$3.89 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 Tegoprubart Data Update Scheduled For June 2026 Rating: OUTPERFORM
Data Updates To Be Presented In June 2026. Eledon has announced that additional data will be presented at the American Transplant Congress on June 22, 2026. The presentations will include long-term data from patients in the Phase 2 BESTOW trial and its extension study. We expect to see longer follow-up periods from additional patients than previously seen, showing outcomes, side-effect profiles, and organ survival in comparison with the standard of care, tacrolimus.
Conference Call Has Been Scheduled To Discuss Data. Eledon will hold a conference call at 8 AM on June 22 to discuss the data. This will be after the Saturday, June 20, poster presentation titled,” Phase 2 BESTOW Extension Trial Evaluating Tegoprubart’s Long-Term Safety and Efficacy in Preventing Kidney Transplant Rejection”, and before the Monday, June 22, oral presentation titled “Phase 2 BESTOW Trial: Evaluating Tegoprubart’s Safety and Efficacy in Preventing Kidney Transplant Rejection” at 12 PM.
TSX approves share repurchase program. InPlay Oil Corp. announced that the Toronto Stock Exchange has approved its normal course issuer bid (NCIB), allowing the company to repurchase and cancel up to 1.79 million common shares, representing 10% of its public float. Purchases may be made through the TSX and other Canadian trading systems beginning May 25, 2026, and ending May 24, 2027, subject to daily purchase limits and applicable securities regulations.
Automatic repurchase plan provides flexibility. An automatic share purchase plan allows for repurchases to continue during self-imposed blackout periods. Outside of blackout periods, management will retain discretion over the timing and amount of share repurchases. Any shares acquired under the program will be canceled, reducing the company’s overall share count.
Resolution Minerals Ltd (RLMLF/$0.04 | Price Target: $0.15) Mark Reichman [email protected] | (561) 999-2272 Off to a Strong Start Rating: OUTPERFORM
Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.
Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.
Lowering 1Q26 estimates. We have reduced our 1Q26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS estimates to $42.9 million, $23.5 million, $9.5 million, and $0.45, respectively, from prior estimates of $43.9 million, $24.8 million, $10.1 million, and $0.48. The revisions primarily reflect a modest reduction in operating days to 1,696 from 1,700, a lower average daily TCE rate of $24,200 versus $25,100, and higher voyage and G&A expenses, including non-cash stock compensation.
FY26 estimates are mostly unchanged. We now project FY26 revenue, adjusted EBITDA, adjusted net income attributable to common shareholders, and EPS of $182.1 million, $106.7 million, $50.4 million, and $2.40, respectively, compared with prior estimates of $183.2 million, $105.2 million, $50.4 million, and $2.40.
Noble Capital Markets Research Report Thursday, May 21, 2026
Companies contained in today’s report:
Kelly Services (KELYA)/OUTPERFORM – Never Too Early to Plan SKYX Platforms (SKYX)/OUTPERFORM – Conversation with Management; Updated Model Xcel Brands (XELB)/OUTPERFORM – Creator Rollout Gains Momentum Into Second Half
Kelly Services (KELYA/$10.29 | Price Target: $17) Joe Gomes [email protected] | 561-999-2262 Never Too Early to Plan Rating: OUTPERFORM
Letter. In a letter to the members of Kelly’s Board of Directors, Chris Hunt, CEO of Hunt Companies and Chairman of Kelly’s Board, requested, on behalf of Hunt Companies, that Kelly form a special committee of independent and disinterested directors so that Kelly may be prepared to discuss and evaluate new potential opportunities for Kelly involving Hunt and its affiliates if and when presented without delay.
Letter Agreement. The formation of such a committee is a requirement of the Letter Agreement between Hunt and Kelly. In its letter, Hunt states, “We want to emphasize that any potential transaction would be pursued only in accordance with the terms of the Letter Agreement,” which contains a 1-year standstill on a going private transaction, which we believe provides protection to A shareholders as management continues to transform the Company. As a reminder, in January Hunt acquired approximately 92.2% of the controlling B shares.
SKYX Platforms (SKYX/$1.15 | Price Target: $5) Joe Gomes [email protected] | 561-999-2262 Conversation with Management; Updated Model Rating: OUTPERFORM
Overview. We had the opportunity to chat with SKYX management this week following the Company’s first-quarter earnings release. In short, management believes momentum continues to build with new agreements in the European hospitality business, the ongoing AI upgrading of the retail websites platform, recent capital raises which provide a runway to cash flow positive, and the potential for regulatory reform.
Key Drivers. The announced major construction and hospitality projects represent over one million units alone, with several projects projected to begin ordering this year, while management expects to deploy 100,000 units by year-end through the retail and pro channels. Turbo Heater retail sales are exceeding expectations, and the Company is developing additional line extensions here. The economy and, in particular, the housing market, remain a variable that could impact the pace of sales, in our view.
Xcel Brands (XELB/$2.09 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Creator Rollout Gains Momentum Into Second Half Rating: OUTPERFORM
Favorable color on Q1 results. Q1 2026 results were pressured by temporary HSN supplier disruptions, although management indicated that delayed shipments should benefit Q2 performance. Importantly, the quarter marked the beginning of commercialization for Xcel’s influencer-led portfolio as Jenny Martinez and Gemma Stafford launched on QVC and HSN.
Product Roadmap Expanding Across Multiple Categories. Early launches for Jenny Martinez and Gemma Stafford showed stronger demand for food products versus hard goods, prompting a broader push into consumables, while Cesar Millan’s Amazon storefront and pet product rollout are expected within 6–8 weeks. Notably, the food products are consumable offerings with shorter lead times, domestic production, and recurring-purchase potential.
Noble Capital Markets Research Report Wednesday, May 20, 2026
Companies contained in today’s report:
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Power Metallic Expands Saudi Exploration Platform
Power Metallic Mines Inc. (PNPNF/$0.99 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 Power Metallic Expands Saudi Exploration Platform Rating: OUTPERFORM
Strategic Partnership. Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.
Funding Structure. For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.
Noble Capital Markets Research Report Tuesday, May 19, 2026
Companies contained in today’s report:
GeoVax Labs (GOVX)/OUTPERFORM – Recent Events Put GeoVax Programs For Mpox, Ebola, and Infectious Disease Programs In The Spotlight
GeoVax Labs (GOVX/$2.21 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 Recent Events Put GeoVax Programs For Mpox, Ebola, and Infectious Disease Programs In The Spotlight Rating: OUTPERFORM
WHO Has Declared Ebola A Public Health Emergency. On Sunday, May 17, the World Health Organization (WHO) declared Ebola a Public Health Emergency of International Concern (PHEIC), the highest level of global health alert it can issue. We believe the World Health Assembly in Geneva, Switzerland, held from May 18 to May 23, is increasing attention to outbreaks of Mpox, Ebola, and other infectious diseases. GeoVax is one of the few companies that has developed vaccines against these diseases.
GeoVax Has Overlooked Programs For Additional Infectious Diseases. GeoVax has completed pre-clinical work testing vaccines for hemorrhagic fever viruses, including Ebola, Sudan, and Marburg. It has developed these vaccines in collaborations with the National Institutes of Health, but has focused its resources on GEO-MVA, CM-04S1, and Gedeptin. The increased attention to Ebola could help obtain non-dilutive funding for these programs.
Noble Capital Markets Research Report Monday, May 18, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Favorable Undercurrents Support Operating Momentum Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Eledon Confirms Clinical Milestones With 1Q26 Report QuoteMedia Inc. (QMCI)/OUTPERFORM – First Quarter Reinforces Scalable Growth Story Sky Harbour Group (SKYH)/OUTPERFORM – Growth Ready to Accelerate
Alliance Entertainment Holding (AENT/$6.7 | Price Target: $9) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Favorable Undercurrents Support Operating Momentum Rating: OUTPERFORM
Strong Q3 results. The company reported Q3 revenue of $258.2 million, up a strong 21.2% YoY, and adj. EBITDA of $5.1 million, both of which surpassed our estimates of $223.1 million and $4.2 million, respectively. Notably, nearly all of its core categories generated double-digit top-line growth year over year, with CD revenue up 90% to $39 million.
Margin expansion focus. The company is focused on driving margin expansion by shifting its product mix toward higher-margin categories, including premium collectibles, owned brands, authenticated products, and exclusive physical media releases. Importantly, revenue growth in physical media and collectibles is expected to drive operating leverage, while the integration of Endstate Authentic and the launch of Alliance Authentic position the company to capture incremental high-margin revenue and extended lifecycle participation.
1Q26 Report Included Milestones For FY2026. Eledon reported a Loss From Operations of $21.2 million, before interest income and a non-cash charge of $19.0 million from Changes in the Fair Value of Warrant Liabilities. This brought the 1Q26 Net Loss to $39.0 million or $(0.33) per share. The quarterly report confirmed our expectations for progress toward a Phase 3 trial in renal transplantation, as well as additional clinical trials in other organ transplants. Cash on March 31, 2026, was $111.1 million.
Several Clinical Milestones Are Expected For Renal Transplantation. We expect continued discussions with the FDA on the Phase 3 trial design and approval requirements. As discussed in our Research Note on February 2, additional long-term data from the Phase 1b trial were presented, with additional presentations of Phases 1b and 2 BESTOW extension data planned. We expect these studies to further support its safety profile and kidney function benefits.
QuoteMedia Inc. (QMCI/$0.16 | Price Target: $0.23) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | First Quarter Reinforces Scalable Growth Story Rating: OUTPERFORM
Q1 in line with revenue expectations. QuoteMedia reported Q1 revenue of $5.53 million, representing a 14.6% YoY increase from the $4.82 million reported in Q1 2025, reflecting solid top-line momentum. However, adj. EBITDA declined to $243,000, down from $368,000 reported in Q1 2025 and below our $660,000 expectation.
Favorable revenue momentum. Revenue growth was led by Corporate Quotestream (+16.6% YoY) and Interactive Content & Data APIs (+16% YoY), benefiting from a growing customer base, higher ARCP, and continued cross-selling of data and SaaS, while earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability but not cash flow.
Sky Harbour Group (SKYH/$8.67 | Price Target: $23) Joe Gomes [email protected] | 561-999-2262 Growth Ready to Accelerate Rating: OUTPERFORM
Overview. The pace of investment and new construction at Sky Harbour is accelerating, with assets under construction and completed construction reaching over $352 million at quarter’s end, a $75 million increase from a year ago. The construction is driving new campus openings, which, when combined with increases in occupancy and rental rates, is driving operating performance, which will accelerate in the near-term, in our view.
1Q26 Results. Revenue of $8.7 million was up from $5.6 million in the year-ago quarter and modestly above our $8.5 million estimate. Adjusted EBITDA was a negative $1.5 million, down from a negative $3.3 million last year but short of our positive $0.2 million projection. Sky Harbour reported a net loss per share of $0.16 versus a net loss of $0.19/sh last year and our $0.22 net loss estimate.
Noble Capital Markets Research Report Friday, May 15, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Growth Story Gains Momentum MariMed Inc (MRMD)/OUTPERFORM – Solid First Quarter Newsmax (NMAX)/OUTPERFORM – Starts Year with Strong Momentum Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Drilling Begins at Golden Gate Xcel Brands (XELB)/OUTPERFORM – Q1 Marks Shift to Growth Phase
Alliance Entertainment Holding (AENT/$7.6 | Price Target: $9) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Growth Story Gains Momentum Rating: OUTPERFORM
Strong Q3 results. The company reported Q3 revenue of $258.2 million, up a strong 21.2% YoY, and adj. EBITDA of $5.1 million, both of which surpassed our estimates of $223.1 million and $4.2 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, nearly every one of its core categories generated double-digit top-line growth.
Margin expansion focus. The company is focused on driving margin expansion by shifting its product mix toward higher-margin categories, including premium collectibles, owned brands, authenticated products, and exclusive physical media releases. Importantly, revenue growth in physical media and collectibles is expected to drive operating leverage, while the integration of Endstate Authentic and the launch of Alliance Authentic position the company to capture incremental high-margin revenue and extended lifecycle participation.
MariMed Inc (MRMD/$0.08 | Price Target: $0.25) Joe Gomes [email protected] | 561-999-2262 Solid First Quarter Rating: OUTPERFORM
Overview. MariMed reported another solid quarter, even with the adverse market dynamics that persist across the cannabis industry. Management’s focus on its Expand the Brand strategy is paying dividends, with MariMed products maintaining market-leading positions across all of its core markets. The Company grew revenue y-o-y, generated positive adjusted EBITDA, and positive cash flow from operations.
1Q26 Results. Revenue of $39.5 million rose 4.2% y-o-y and exceeded our $38.3 million estimate, driven by expanded wholesale distribution and retail growth. Adjusted gross margin came in at 40.1% versus 41.2% last year. Adjusted EBITDA totaled $3.6 million, up from $2.5 million in 1Q25. MariMed reported an adjusted net loss of $3.2 million, compared to a net loss of $3.9 million in 1Q25.
Newsmax (NMAX/$6.92 | Price Target: $17) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Starts Year with Strong Momentum Rating: OUTPERFORM
Q1 Overdelivers expectations. As Figure #1 Q1 Results illustrates, the company reported Q1 revenue of $51.7 million, in line with our estimate of $50.3 million, and an adj. EBITDA loss of $354,000, outperforming our forecast loss of $3.1 million. The variance in adj. EBITDA was driven primarily by lower-than-expected professional fees and marketing expenses.
Favorable operating momentum. First-quarter results demonstrated continued resilience in a non-election-year environment, with revenue growth supported by affiliate fee expansion, improving distribution economics, and stable audience engagement trends across cable and streaming platforms. Affiliate renewals, streaming monetization initiatives, and international licensing continued to gain traction despite ongoing pressure on near-term profitability from investment spending.
Resolution Minerals Ltd (RLMLF/$0.05 | Price Target: $0.15) Mark Reichman [email protected] | (561) 999-2272 Drilling Begins at Golden Gate Rating: OUTPERFORM
Drilling Begins. Resolution Minerals has commenced a major drill program at its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, with an MP1500 diamond core rig now operating at Golden Gate. The 2026 program will include two rigs and entail up to 13,700 meters of drilling across up to 45 holes targeting gold and tungsten mineralization. The project is located adjacent to Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) recently permitted Stibnite Gold Project, highlighting the strategic importance of the region.
Gold Expansion Targeted. The drilling program intends to define and expand gold mineralization at Golden Gate North and Golden Gate South. Previous drilling delivered strong results, including 189.2 meters grading 1.30 grams per tonne gold, with mineralization remaining open at depth. Resolution is also advancing tungsten exploration, targeting extensions around historic mine workings and testing a large area containing coincident tungsten and gold soil anomalies.
Xcel Brands (XELB/$2.15 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Q1 Marks Shift to Growth Phase Rating: OUTPERFORM
Q1 Results Reflect Commercialization Transition. Figure #1 Q1 Results highlight Xcel Brands’ transition from a portfolio development phase into active commercialization, as the company began rolling out several influencer-led brands across livestream commerce, retail, and digital channels. While near-term financial results remained pressured by launch timing, the quarter marked an important operational inflection point.
Mesa Mia Launch Served as Key Growth Driver: The debut of Mesa Mia by Jenny Martinez on HSN represented the quarter’s most important strategic development, validating Xcel’s creator-commerce model by leveraging Martinez’s large social following, culturally authentic content, and integrated omnichannel distribution strategy spanning HSN, social commerce, and retail expansion.
Noble Capital Markets Research Report Thursday, May 14, 2026
Companies contained in today’s report:
E.W. Scripps (SSP)/OUTPERFORM – Sports Momentum Driving Transformation Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Advancing Deep Exploration with Muon Tomography Snail (SNAL)/OUTPERFORM – A Strong Start to the Year Summit Midstream Corp (SMC)/OUTPERFORM – First Quarter 2026 Review and Outlook
Q1 results largely in line with expectations. The company reported Q1 revenue of $517 million, down 1.4% year-over-year, while reporting a loss attributable to shareholders of $(18) million, or $(0.20) per share. Importantly, Local Media trends remained among the strongest in the industry, driven by sports advertising demand tied to the Winter Olympics, Super Bowl, and expanding NHL partnerships.
Local Media continues to outperform peers. Adjusted combined Local Media revenue increased 5.8% to $331 million, while core advertising revenue increased a healthy 7% to $137 million. Segment profit improved to $43.7 million from $32.3 million in the prior-year period despite modest expense growth, reflecting favorable operating leverage and strong advertiser demand.
Power Metallic Mines Inc. (PNPNF/$1.08 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 Advancing Deep Exploration with Muon Tomography Rating: OUTPERFORM
Thinking outside the box. Power Metallic has partnered with Ideon Technologies to deploy borehole muon tomography at the Lion Zone discovery within its Nisk polymetallic project in Quebec. The company intends to create a high-resolution three-dimensional model of the deposit by analyzing the behavior of naturally occurring cosmic ray particles. The technology is designed to validate results against more than 100 existing drill holes before expanding to district-scale exploration, potentially reducing the need for extensive drilling while reducing cost, time, and environmental impact.
Understanding the purpose. Muon tomography may be especially effective at Lion because the dense sulfide minerals within the deposit contrast sharply with surrounding host rocks, making the mineralization highly detectable. The six-month imaging program will map more than 55 million cubic meters of rock and establish a calibrated density signature that can be used to identify similar deposits hidden deeper underground beyond the reach of conventional geophysical methods.
Snail (SNAL/$0.5 | Price Target: $3.5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | A Strong Start to the Year Rating: OUTPERFORM
Strong Q1 results. The company reported Q1 revenue of $27.2 million and adj. EBITDA of $2.4 million, both of which surpassed our estimates of $18.0 million and a loss of $4.6 million, respectively. Notably, the favorable print was supported by increased ASA and Bellwright sales, as well as continued conversion of deferred revenue.
Busy release pipeline. The company has a busy release pipeline, with eleven internally developed projects and six licensed IP titles expected in the next 12-18 months. Notably, the pipeline includes multiple ASA content releases, the expansion of Bellwright to PlayStation and Xbox, and internally developed titles such as Gobby Game. Additionally, the company continues to advance its three AAA projects, For The Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu, as part of its portfolio expansion strategy.
Summit Midstream Corp (SMC/$30.35 | Price Target: $51) Mark Reichman [email protected] | (561) 999-2272 First Quarter 2026 Review and Outlook Rating: OUTPERFORM
1Q 2026 financial results. Summit’s first quarter 2026 financial and operational results reflected continued strength in its Rockies and Permian segments, offset by weaker natural gas pricing, lower Mid-Con volumes, and higher interest expense. The company generated revenue of $139.1 million, adjusted EBITDA of $54.2 million, and free cash flow of $11.4 million. Net loss attributable to Summit Midstream Corporation amounted to $5.3 million, or $(0.43) per share, compared to a net loss of $1.9 million, or $(0.16) per share, in the first quarter of 2025, and our loss estimate of $6.1 million, or $(0.49) per share.
Updating estimates. We now forecast 2026 revenue of $584.8 million and adj. EBITDA of $241.4 million, compared to our prior estimates of $579.2 million and $245.2 million, respectively. First-quarter operational and financial results suggest that Summit’s earnings profile could strengthen progressively through the remainder of the year, with the second quarter expected to mark the beginning of a noticeable operational recovery, with the third and fourth quarters likely benefiting from accelerating volumes and improved commodity fundamentals. Management reiterated full-year 2026 adj. EBITDA guidance of $225 million to $265 million.
Noble Capital Markets Research Report Wednesday, May 13, 2026
Companies contained in today’s report:
Bitcoin Depot (BTM)/MARKET PERFORM – Transaction Slowdown Drives Significant Fundamental Deterioration Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Reports First Quarter Results The Beachbody Company (BODI)/OUTPERFORM – Retail Expansion Unlocks Next Growth Phase Unicycive Therapeutics (UNCY)/OUTPERFORM – 1Q26 Reported With OLC On Schedule For June 2026 Approval
Bitcoin Depot (BTM/$4.65) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Transaction Slowdown Drives Significant Fundamental Deterioration Rating: MARKET PERFORM
Delayed filing and significant operating deterioration. Bitcoin Depot disclosed it is unable to timely file its Form 10-Q, citing unreasonable effort and expense, while preliminary fiscal Q1 2026 results reflected a sharp deterioration in operating performance driven by regulatory impacts and enhanced compliance controls.
Revenue and gross profit collapse. Revenue declined 49.2% year-over-year, falling by $80.7 million in the quarter, while gross profit declined 85.5% to $4.5 million from $31.2 million in the prior-year period, reflecting significantly lower transaction volumes and substantial margin compression.
Star Equity Holdings, Inc. (STRR/$9.77 | Price Target: $16) Joe Gomes [email protected] | 561-999-2262 Reports First Quarter Results Rating: OUTPERFORM
Overview. First quarter 2026 results fell short of expectations. Startup delays for new projects and broader macroeconomic conditions caused the Building Solutions and Business Services divisions to perform worse than expected. The Energy Services division, however, maintained solid momentum. Star did see some significant new business wins and contract renewals in the quarter and realized merger synergies are running ahead of plan.
1Q26 Results. Revenue of $50.1 million was up 57.1% on a reported basis and up 7.7% on a pro forma basis. Top line, however, came in below our projection of $54 million, mostly due to the soft Business Services revenue. Adjusted EBITDA loss in 1Q26 increased to $1.6 million versus a loss of $0.7 million on a reported basis in 1Q25 and a loss of $1.2 million on a pro forma basis. We were at a positive adjusted EBITDA of $1.9 million. Net loss was $1.17 per share, and adjusted net loss was $0.99, compared to $0.59 and $0.38, respectively, in 1Q25.
The Beachbody Company (BODI/$12.95 | Price Target: $22) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Retail Expansion Unlocks Next Growth Phase Rating: OUTPERFORM
Q1 results exceeded expectations despite continued legacy business runoff. Q1 revenue of $54.3 million exceeded the high end of management’s guidance range of $49 million to $54 million and was above our estimate of $50.0 million. Adjusted EBITDA of $8.0 million also exceeded management’s guidance range of $4 million to $7 million and our estimate of $4.4 million.
Management shifts focus toward nutrition-led growth and omnichannel expansion. During the quarter, management emphasized that the company is now deploying its significantly leaner operating model toward growth initiatives centered on nutrition, supplements, and retail expansion. Management highlighted that the global nutrition market is more than 12 times the size of the digital fitness market, positioning nutrition as the company’s largest long-term opportunity.
Unicycive Therapeutics (UNCY/$8.17 | Price Target: $60) Robert LeBoyer [email protected] | (212) 896-4625 1Q26 Reported With OLC On Schedule For June 2026 Approval Rating: OUTPERFORM
First Quarter Operating Loss Was Lower Than Our Estimates. Unicycive reported a 1Q Loss From Operations of $8.0 million, compared with our estimate of $9.9 million. An increase of $8.3 million in the Fair Value of Warrant Liabilities resulted in a Net Comprehensive Loss attributable to common shareholders of $12.8 million, or $(0.54) per share. Importantly, the company confirmed that NDA approval for OLC is on track to meet the June 29 PDUFA date. Cash on March 31, 2026, was $57.1 million.
We Expect OLC Approval By The PDUFA Date. The NDA for OLC (oxylanthanum calcium) was submitted in December and accepted for review in January. We believe the preclinical and clinical sections have already passed FDA review, and previous manufacturing problems associated with a contract manufacturer have been corrected. We expect OLC to receive FDA approval on or before its June 29, 2026, approval date.
Noble Capital Markets Research Report Tuesday, May 12, 2026
Companies contained in today’s report:
Codere Online (CDRO)/OUTPERFORM – A Strong Start To The Year Conduent (CNDT)/OUTPERFORM – Operational Reset Begins to Take Shape Direct Digital Holdings (DRCT)/MARKET PERFORM – Margin Gains Offset Revenue Pressure InPlay Oil (IPOOF)/OUTPERFORM – Higher Oil Prices Drive Strong 1Q 2026 Results; Increasing 2026 Estimates SKYX Platforms (SKYX)/OUTPERFORM – First Look Into 1Q26 Results Townsquare Media (TSQ)/OUTPERFORM – Digital Momentum Accelerates
Codere Online (CDRO/$9.12 | Price Target: $14) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | A Strong Start To The Year Rating: OUTPERFORM
Q1 Results. The company reported Q1 revenue of €64.4 million and adj. EBITDA of €6.0 million, both of which surpassed our estimates of €59.0 million and €2.7 million, respectively. Notably, revenue was up 13% YoY, driven by strong growth in Mexico and Spain, both of which increased average monthly users over the prior year period.
Solid fundamentals. Notably, in Q1, the company benefited from strong activity in Mexico, which generated revenue of €34.6 million, up 13% YoY. The favorable performance in Mexico was supported by 98,000 average monthly users, up 20% YoY. Additionally, Spain performed strongly, with revenue growing 16% to €25.5 million and average monthly users reaching 59,000, up 13% YoY. On a consolidated basis, the company averaged 183,000 monthly active users, up 14% YoY.
Conduent (CNDT/$1.7 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Operational Reset Begins to Take Shape Rating: OUTPERFORM
Q1 results. Q1 revenue of $723 million was modestly below our estimate of $743 million, driven by ongoing softness in the Commercial segment, while adj. EBITDA of $49 million exceeded our estimate of $38 million, driven by improved cost performance, resulting in a 6.8% adj. EBITDA margin.
Action oriented CEO. In the brief time since Harsha V. Agadi has taken over as CEO, the company has simplified its leadership structure, launched a company-wide cost review, identified $100 million in potential cost reductions, restructured sales incentives, narrowed Commercial focus to healthcare and financial services, accelerated AI deployment, and initiated its portfolio optimization strategy. Furthermore, the company is focused on faster implementation cycles, tighter financial discipline, and improved pipeline conversion.
Direct Digital Holdings (DRCT/$3.71) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Margin Gains Offset Revenue Pressure Rating: MARKET PERFORM
Margin gains offset softer revenue trends. First-quarter revenue declined 18% due to lower DSP customer spending, but gross margin improved to 34% from 29%, reflecting improved mix and operating discipline.
Ignition+ and enterprise expansion remain central to the growth strategy. Management highlighted encouraging enterprise engagement trends and continued investment in broader go-to-market initiatives designed to improve scalability and customer diversification.
1Q 2026 financial results. InPlay Oil generated first-quarter 2026 adjusted funds flow (AFF) of C$30.1 million, or C$1.08 per share, above our estimate of C$27.4 million, or C$0.98 per share. Oil and natural gas sales revenue totaled C$88.4 million, ahead of our C$79.9 million forecast, due to stronger commodity prices. First quarter production averaged 18,337 barrels of oil equivalent per day (boe/d), modestly below our estimate. Compared to the prior year period, production, oil and natural gas sales revenue, operating income, and AFF increased 127.1%, 102.0%, 116.9%, and 79.6%, respectively. Average production more than doubled due to the successful integration of the company’s 2025 acquisition and strong results from its Pembina drilling program. Liquids production increased significantly, improving the overall production mix and supporting stronger corporate netbacks.
Outlook for the remainder of 2026. Supported by stronger oil prices, the Company increased its adjusted funds flow and free adjusted funds flow guidance to a range of C$143.0 to C$151.0 million, compared to previous expectations of C$122.0 million to C$129.0 million, while maintaining a disciplined production target of 18,600 to 19,200 boe/d and capital spending in the range of C$66.0 to C$74.0 million.
SKYX Platforms (SKYX/$1.21 | Price Target: $5) Joe Gomes [email protected] | 561-999-2262 First Look Into 1Q26 Results Rating: OUTPERFORM
Overview. The first quarter of 2026 was the 9th consecutive quarter of year-over-year revenue growth, with the quarter generating record revenue for the Company. SKYX is continuing its growth despite the slow new-build market that is affecting smart home, lighting, and home decor segments. This bodes well for when the markets eventually turn, in our view.
1Q26 Results. Record 1Q26 revenue of $22.1 million, up 9.8% over 1Q25 revenue of $20.1 million. Gross margin improved 160bp to 30% from 28.4% in the year-ago period. Net loss of $9.5 million was up slightly from a net loss of $9.3 million in 1Q25, driven by higher G&A expenses, although on a per share basis, net loss declined to $0.07 from $0.09. Adjusted EBITDA was a negative $3.8 million in 1Q26 compared to a negative $3.6 million last year.
Townsquare Media (TSQ/$7.21 | Price Target: $15) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Digital Momentum Accelerates Rating: OUTPERFORM
Q1 Meets Expectations. Net revenue of $96.8 million and adjusted EBITDA of $16.4 million were in line, while digital advertising accelerated to 6.8% growth and programmatic advertising increased an impressive 21% year-over-year.
Digital remains the key growth driver. Its differentiated digital platform separates it from traditional radio peers, with digital businesses generating a record 59% of total revenue and 63% of total segment profit. Programmatic advertising, media partnerships, and direct sales digital assets are all performing strongly, while the rapidly scaling white-label media partnership initiative could become a meaningful long-term contributor to growth.
Noble Capital Markets Research Report Monday, May 11, 2026
Companies contained in today’s report:
CoreCivic, Inc. (CXW)/OUTPERFORM – First Quarter 2026 Post Call Update First Phosphate Corp. (FRSPF)/OUTPERFORM – Right Time, Right Place, Right Project Information Services Group (III)/OUTPERFORM – Post Call Update Kelly Services (KELYA)/OUTPERFORM – First Quarter Results Kratos Defense & Security (KTOS)/OUTPERFORM – Producing Positive Results NN (NNBR)/OUTPERFORM – The Proof is in the Pudding Saga Communications (SGA)/MARKET PERFORM – Profitability Under Pressure
CoreCivic, Inc. (CXW/$20.33 | Price Target: $28) Joe Gomes [email protected] | 561-999-2262 First Quarter 2026 Post Call Update Rating: OUTPERFORM
Environment. CoreCivic’s near-term performance will reflect the ultimate moves ICE makes. We continue to believe the services provided by CoreCivic are the best value for the Federal government to manage the immigration crisis. We believe the new leadership at DHS is likely to continue to pursue the use of private operators going forward.
Clinical Solutions Pharmacy Acquisition. As mentioned in our initial First Look at 1Q26, subsequent to the quarter’s end, CoreCivic acquired Clinical Solutions Pharmacy (“CSP”), one of the largest providers of mail order pharmacy services to correctional facilities in the United States. We expect the acquisition of CSP to diversify CoreCivic’s cash flows in a complementary business and a growing market. We believe there are additional opportunities for CoreCivic to expand this business further.
First Phosphate Corp. (FRSPF/$1.15 | Price Target: $1.65) Mark Reichman [email protected] | (561) 999-2272 Right Time, Right Place, Right Project Rating: OUTPERFORM
Building an integrated North American phosphate supply platform. First Phosphate is focused on extracting and purifying high-purity igneous phosphate for the lithium iron phosphate (LFP) battery industry. The company is advancing a vertically integrated platform in the Saguenay–Lac-Saint-Jean region of Quebec, targeting the eventual downstream production of purified phosphoric acid and cathode active material (CAM) used in LFP batteries. The company’s flagship Bégin-Lamarche Project is a high-purity igneous phosphate deposit that hosts a pit-constrained indicated mineral resource of 41.5 million tonnes grading 6.49% phosphorus pentoxide and a pit-constrained inferred mineral resource of 214.0 million tonnes grading 6.01%.
Growing Demand for LFP Batteries. The LFP battery market is expanding rapidly due to growing demand from electric vehicles, energy storage, artificial intelligence data centers, and industrial applications. Phosphate accounts for approximately 60% of LFP battery chemistry, while lithium accounts for only 4%. Because only about 5% of global phosphate deposits are igneous in nature, these high-purity deposits are valuable strategic assets for North American battery production.
Information Services Group (III/$4.04 | Price Target: $6.5) Joe Gomes [email protected] | 561-999-2262 Post Call Update Rating: OUTPERFORM
AI. AI demand continues to accelerate for ISG. In the first quarter, ISG delivered $21 million of AI-related revenue, about a third of the firm-wide total, up from $12 million a year ago. AI-related revenue includes work where AI is a key part of the client solution, including AI research and insights, AI strategy, sourcing governance, operating model design, business case validation, software, tech provider evaluation, and transformation support. AI and the cost optimization initiatives that fund digital transformation remain leading areas of client investment, and that plays to ISG’s strengths, in our view.
ISG AI Index. The Company’s recently launched ISG AI Index underscores how the AI market continues to develop. Initial spending is concentrated in infrastructure as hyperscalers ramp up capacity to meet demand. Software and platform providers are beginning to monetize their AI capabilities, while managed services are still in the early stages, indicating the larger opportunity remains to come.
Kelly Services (KELYA/$9.87 | Price Target: $17) Joe Gomes [email protected] | 561-999-2262 First Quarter Results Rating: OUTPERFORM
Overview. First quarter revenue exceeded management expectations, and adjusted EBITDA was in line with the outlook, driven by sequential improvement in ETM and pockets of growth in SET. More than offsetting these items are continued lower demand in the other specialties within the SET segment, largely the technology specialty, and a decline in the Education segment driven by delayed contract decisions, elevated weather-related school closures, and declines in student enrollment in key markets. Nonetheless, we believe management is taking the right steps to position Kelly to capitalize on any upturn.
1Q26 Results. Net revenue for 1Q26 was $1.0 billion, down 10.7% y-o-y. Discrete impacts associated with the previously disclosed reduced demand for U.S. federal government contractors in the SET segment and from three large commercial customers in the ETM segment totaled approximately 7.4%, resulting in an underlying revenue decline of approximately 3.3%. Adjusted EBITDA was $15.8 million, or a margin of 1.5%, versus $34.9 million and 3.0%, respectively, a year ago. Adjusted EPS declined to $0.03 from $0.39.
Strong 1Q. Kratos’s balanced business model of making internally funded investments and the rapid development and fielding of relevant products for the Department of War is producing positive results. The Company significantly exceeded the first quarter forecast across the board, with EBITDA being particularly strong as a result of execution and product delivery mix, with Kratos’ Microwave Electronics, Turbine Technologies, and Unmanned Systems businesses each having a particularly strong quarter.
1Q26 Results. Revenue of $371 million rose 22.6%, including 15.8% organic growth, over the same period last year. We were at $340 million. Adjusted EBITDA totaled $38.7 million, or a 10.4% margin, compared to $26.7 million and 6.6% in 1Q25. Our forecast was for $27 million. Net income was $11.9 million, or $0.07/sh, up from $4.5 million, or $0.03/sh, in 1Q25. Adjusted EPS was $0.16 in 1Q26, up from $0.12 last year. We were at $0.02 and $0.13, respectively.
NN (NNBR/$2.8 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 The Proof is in the Pudding Rating: OUTPERFORM
Transformation Working. NN delivered a strong start to 2026, with first-quarter results rising to the high side of expectations across many metrics, including sales growth, adjusted EBITDA, margin rates, and new business wins. The performance is a direct result of the transformation plan implemented by management in 2023. There are two sides to the coin here: a successful strategic growth program that is being internally funded and an aggressive and ongoing operational improvement program that is generating rising margins.
More To Come. Sales growth is broad. NN’s sales are up with 22 of its top 30 customers. Overall, NN has some 700 customers, and beneath the top 30 customers, business is up with that group as well. And the sales are transforming the Company from its historic automotive orientation to higher growth, higher margin specialties, such as electric grid and data centers, defense electronics, and medical. Collectively, these three markets were up 28% year-over-year in the first quarter. On a consolidated basis, the growth markets accounted for 35% of revenue in 2023 and now constitute 56% of revenue, while automotive has shrunk to 44%.
Saga Communications (SGA/$10.86) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Profitability Under Pressure Rating: MARKET PERFORM
Q1 results. Q1 revenue of $22.9 million and an adj. EBITDA loss of $1.6 million came in below our estimates of $24 million and $0.8 million loss, respectively, driven by softness in traditional broadcast revenue, partially offset by 25% YoY growth in digital Interactive revenue.
Digital transformation remains the key driver. Digital revenue increased 25.2% year over year to $4.4 million, driven by significant growth in search, targeted display, social media, and blended advertising campaigns. Management indicated that blended radio and digital campaigns continue to drive larger client relationships and stronger advertiser retention. A $1.5 million digital infrastructure buildout is compressing margins and adj. EBITDA.
Noble Capital Markets Research Report Friday, May 8, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/OUTPERFORM – Early Traction on Margins Despite Top-Line Pressure Century Lithium Corp. (CYDVF)/OUTPERFORM – Significant Steps Forward Codere Online (CDRO)/OUTPERFORM – A Strong Start To The Year Comstock (LODE)/MARKET PERFORM – First Quarter 2026 Review and Outlook DLH Holdings (DLHC)/OUTPERFORM – Post Call Commentary E.W. Scripps (SSP)/OUTPERFORM – Transformation Gains Momentum Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Gyre Reports 1Q25 With Completion of Cullgen Acquisition Information Services Group (III)/OUTPERFORM – A First Look at 1Q26 Results ONE Group Hospitality (STKS)/OUTPERFORM – Building Momentum Saga Communications (SGA)/OUTPERFORM – Digital Investments Take A Toll The Beachbody Company (BODI)/OUTPERFORM – Coming To A Store Near You The Oncology Institute, Inc. (TOI)/OUTPERFORM – 1Q26 Results Show Strong Revenue Growth With Increasing Financial Leverage
1-800-Flowers.com (FLWS/$4.58 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Early Traction on Margins Despite Top-Line Pressure Rating: OUTPERFORM
Q3 reflects cost discipline. Fiscal Q3 revenue declined 11.6% to $293.0 million, driven by disciplined marketing spend and traffic headwinds, particularly within Consumer Floral & Gifts. Despite the top-line decline, gross margin expanded 150 basis points to 33.2%, and adjusted EBITDA improved to a loss of $(31.2) million from $(34.9) million in the prior year period, reflecting early benefits from cost initiatives and pricing discipline
Underlying segment-level profitability. While demand remains pressured, profitability improved across key segments. Consumer Floral & Gifts delivered higher contribution margins despite revenue declines, and Gourmet Foods & Gift Baskets narrowed losses, reflecting better cost controls and operational efficiencies. These trends suggest that management’s focus on marketing efficiency, pricing discipline, and cost rationalization is beginning to gain traction.
Century Lithium Corp. (CYDVF/$0.36 | Price Target: $3.05) Mark Reichman [email protected] | (561) 999-2272 Significant Steps Forward Rating: OUTPERFORM
Permitting Progress. Century Lithium announced significant progress in the federal permitting process for its wholly owned Angel Island Lithium Project in Nevada. The company submitted a Draft Mine Plan of Operations to the U.S. Bureau of Land Management and executed a Memorandum of Understanding with the agency to coordinate responsibilities during the National Environmental Policy Act review process. The submission marks an important milestone that advances the project toward a formal environmental analysis and broader regulatory review.
Next Steps. Century expects to receive initial feedback from the Bureau of Land Management within the next month as it works toward completion of the final Mine Plan of Operations. Angel Island has also been designated as a Transparency Project under the federal FAST 41 program, which supports streamlined permitting oversight. Alongside federal permitting efforts, Century Lithium continues to advance state and local permitting, engineering, infrastructure planning, and research initiatives aimed at improving project economics and attracting potential funding opportunities.
Codere Online (CDRO/$9.29 | Price Target: $14) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | A Strong Start To The Year Rating: OUTPERFORM
Q1 Results. The company reported Q1 revenue of €64.4 million and adj. EBITDA of €6.0 million, both of which surpassed our estimates of €59.0 million and €2.7 million, respectively, as illustrated in Figure #1 Q1 Results. Notably, revenue was up 13% YoY, driven by strong growth in Mexico and Spain, both of which increased average monthly users over the prior year period.
Favorable fundamentals. Notably, in Q1, the company benefited from strong activity in Mexico, which generated revenue of €34.6 million, up 13% YoY. The favorable performance in Mexico was supported by 98,000 average monthly users, up 20% YoY. Additionally, Spain performed strongly, with revenue growing 16% to €25.5 million and average monthly users reaching 59,000, up 13% YoY. On a consolidated basis, the company averaged 183,000 monthly active users, up 14% YoY.
Comstock (LODE/$3.3) Mark Reichman [email protected] | (561) 999-2272 First Quarter 2026 Review and Outlook Rating: MARKET PERFORM
Advancing Commercialization. Comstock continued to advance the commercialization of its solar panel recycling platform during the first quarter of 2026. The Company substantially completed installation of major equipment at its first industry-scale recycling facility in Silver Springs, Nevada, and continued commissioning activities ahead of expected operations in the second quarter.
Improved Financial Strength. Comstock significantly strengthened its balance sheet and liquidity through a successful oversubscribed equity offering. The Company ended the first quarter with approximately $53.0 million in cash and no remaining debt obligations. As of May 5, the company reported cash in the amount of $44.3 million.
DLH Holdings (DLHC/$5.73 | Price Target: $10) Joe Gomes [email protected] | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Alignment. We believe DLH’s differentiated suite of data science and AI/ML technology applications, outstanding capabilities, and workforce alignment aligns exceptionally well to position the Company for work within its three strategic pillars: science, research and development, digital transformation and cybersecurity, and systems engineering and integration.
Funding Cycle. The fiscal 2026 budget cycle is now complete, and the 2027 outlook is coming into focus. The 2027 cycle appears to be favorable to DLH. Clients across the Company’s markets have increased funding capacity and improved budget visibility, which should allow for a steadily improving procurement environment.
Q1 results in line with expectations. The company reported Q1 revenue of $517 million, down 1.4% year-over-year, while reporting a loss attributable to shareholders of $(18) million, or $(0.20) per share. Figure #1 Q1 2026 Results highlights that our revenue estimate was $518.6 million. Importantly, Local Media trends remained favorable, benefiting from strong sports advertising demand, the Winter Olympics, and the Super Bowl.
Local Media remains a bright spot. Adjusted combined Local Media revenue increased 5.8% to $331 million, while core advertising revenue increased a healthy 7% to $137 million. Segment profit improved to $43.7 million from $32.3 million in the prior-year period despite modest expense growth.
Gyre Therapeutics, Inc (GYRE/$7.07 | Price Target: $20) Robert LeBoyer [email protected] | (212) 896-4625 Gyre Reports 1Q25 With Completion of Cullgen Acquisition Rating: OUTPERFORM
Cullgen Acquisition Has Been Completed. Gyre Therapeutics reported a 1Q26 loss of $9.9 million or $(0.11) per share, consistent with our expectations for a transition year between maturing products and the introduction of Hydronidone. Importantly, the company completed the acquisition of Cullgen, a private company with protein targeting and degradation technologies. This acquisition expands the company’s technology and pipeline beyond fibrosis. Cash and equivalents on March 31, 2026, was $79.2 million.
The Hydronidone NDA Has Been Submitted. Gyre completed the NDA submission for Hydronidone, its pirfenidone derivative, for the treatment of chronic hepatitis B (CHB)-associated liver fibrosis. In March, Hydronidone was awarded Priority Review by the Center for Drug Evaluation (CDE, a division of China’s National Medical Products Administration or NMPA). This was in recognition of its efficacy and potential impact on patient outcomes. The NDA is currently under review for completeness, with acceptance of the filing expected in 2Q26.
Information Services Group (III/$4.17 | Price Target: $6.5) Joe Gomes [email protected] | 561-999-2262 A First Look at 1Q26 Results Rating: OUTPERFORM
Overview. ISG delivered a strong first quarter, with revenue and adjusted EBITDA both at the top end of guidance. For the quarter, adjusted EBITDA margins expanded more than 100 basis points from the prior year. Revenue growth was driven primarily by Europe, up 25%, and recurring revenues, up 9%, as AI continues to be a tailwind for the Company.
1Q26 Results. ISG reported 1Q26 revenue of $61.2 million, up 2.7% y-o-y and above our $60.5 million estimate. Americas’ revenue of $39.8 million was down 3% y-o-y, Europe was up 25% to $17.3 million, and Asia Pacific was down 15% to $4.1 million. Adjusted EBITDA rose 11.8% y-o-y to $8.27 million, while the margin expanded to 13.5% from 12.4%. We were at $7.55 million and 12.5%. ISG reported net income of $2.7 million, up 83% y-o-y, and EPS of $0.05. Adjusted EPS was $0.09, up 17%. We were at $0.04 and $0.07, respectively.
ONE Group Hospitality (STKS/$1.91 | Price Target: $5) Joe Gomes [email protected] | 561-999-2262 Building Momentum Rating: OUTPERFORM
Overview. During the first quarter of 2026, ONE Group Hospitality continued to show positive momentum. Total revenues grew year-over-year, and comparable sales were sequentially better than the previous quarter. ONE Group achieved positive comparable sales for the second quarter in a row at the flagship STK brand and saw substantial expansion in restaurant margins. Meanwhile, Benihana generated stable performance in the quarter. The Company is on track to complete five Grill Concepts conversions by year-end, with the initial Scottsdale conversion achieving a 4x return on investment.
1Q26 Results. Revenue increased 0.8% to $212.8 million but was below management’s original guidance of revenue in the $217-$221 million range, and our $218 million projection. Adjusted EBITDA came in at $28.8 million, up 12.1% y-o-y and above our $26.6 million estimate. Net income, pre-preferred stock expense, totaled $3.2 million, up from $975,000 a year ago and our $3.7 million estimate.
Saga Communications (SGA/$10.98 | Price Target: $14) Jacob Mutchler [email protected] | Michael Kupinski [email protected] | (561) 994-5734 Digital Investments Take A Toll Rating: OUTPERFORM
Q1 results. The company reported Q1 revenue of $22.9 million and adj. EBITDA loss of $1.6 million below our estimates of $24 million and a loss of $0.8 million, respectively, as illustrated in Figure #1 Q1 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25% y-o-y.
Digital growth. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.4 million, an increase of 25.2% year over year. This expansion was driven by triple-digit gains in high-margin segments, specifically search (up 105%) and targeted display (up 120%).
The Beachbody Company (BODI/$14.07 | Price Target: $15) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Coming To A Store Near You Rating: OUTPERFORM
Retail distribution. On May 7, the company announced additional details regarding the initial phase of its retail distribution strategy for Shakeology, which is scheduled to launch in more than 80 Sprouts Farmers Market locations on May 18. Notably, the company secured a strategic partnership with KeHE Distributors, a national distributor specializing in organic, fresh, and specialty products, with distribution spanning more than 30,000 retail locations.
Details. For its initial rollout in the retail market, the company will be selling a convenient seven-serving bag of Shakeology for the first time. The seven-serving bag is priced at $34.99 and available in four flavors. Additionally, each Shakeology purchase also includes access to BODi’s digital fitness platform, supporting the company’s cross-over strategy. While Shakeology has never been sold in retail locations, it has generated more than $4 billion in direct-to-consumer sales and delivered more than 1 billion servings since its release in 2009.
The Oncology Institute, Inc. (TOI/$4.07 | Price Target: $8) Robert LeBoyer [email protected] | (212) 896-4625 1Q26 Results Show Strong Revenue Growth With Increasing Financial Leverage Rating: OUTPERFORM
1Q26 Reported Strong Growth In Revenues. The Oncology Institute reported a net loss of $2.5 million or $(0.02) per share. Total Revenues of $147.4 million met our expectations with 41% growth over 1Q25. On the quarterly conference call, the company raised Free Cash Flow guidance to a range of $5 million to $15 million from the previous range of $(15) million to $5 million. Cash on March 31, 2026, was $30.3 million.
Financial Measures Showed Strong Growth Over 1Q25. TOI continues to show strong increases in the number of covered lives, leading to both year-over-year and sequential quarterly increases in revenues. Increased volume in Dispensary Services resulted in revenue of $87.5 million, representing 78% growth over 1Q25, while Patient Services revenues of $59.1 million showed 11% growth over 1Q25.
Noble Capital Markets Research Report Thursday, May 7, 2026
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Post Call Commentary CoreCivic, Inc. (CXW)/OUTPERFORM – First Look 1Q26 DLH Holdings (DLHC)/OUTPERFORM – First Look Fiscal 2Q26 Lucky Strike Entertainment (LUCK)/OUTPERFORM – Cost Discipline and Consumer Resilience Set Stage for 2027 Upside NN (NNBR)/OUTPERFORM – First Look 1Q26 Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Drilling Reveals Exceptional Grade and Scale Potential at the Lion Zone Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Proposal to Acquire GEE Group The GEO Group (GEO)/OUTPERFORM – A Beat and a Raise
Commercial Vehicle Group (CVGI/$5.2 | Price Target: $7) Joe Gomes [email protected] | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Growth Avenue. In Electrical Systems, CVG continues to pursue a differentiated solutions strategy, positioning the Company to increase content per vehicle. For example, due to the redundant nature from a safety perspective, the electrical content in an autonomous vehicle is almost double that of an ICE vehicle. This provides CVG with a significant growth opportunity, in our opinion. Similarly, in CVG’s legacy markets, as vehicles develop more content for either autonomous operation or feature comfort additions, that increases the content per vehicle.
End Markets. CVG’s key end markets, Electrical Systems and the Class 8 truck market, are showing signs of improvement. Management continues to expect the Electrical Systems market to expand by more than 10% in 2026. The Class 8 truck market is projected to grow by 9% in 2026, with recent orders suggesting the possibility of even greater growth.
CoreCivic, Inc. (CXW/$21.17 | Price Target: $28) Joe Gomes [email protected] | 561-999-2262 First Look 1Q26 Rating: OUTPERFORM
Overview. CoreCivic reported strong first quarter financial results, driven by the activation of four previously idled facilities since the first quarter of 2025. Notably, revenue from ICE grew 96.2% over the first quarter of 2025, reflecting the activation of the previously idle facilities and the acquisition of the Farmville Detention Center. Revenue from state customers increased 3.6% compared with the year-ago quarter, highlighted by per diem increases under a number of state contracts and population growth within the states of Georgia, Montana, and Colorado.
1Q26 Results. Revenue in 1Q26 totaled $614.7 million, up from $488.6 million in 1Q25. Reported net income was $37.9 million, or $0.38/sh, up from $25.1 million, or $0.23/sh, in 1Q25. Adjusted EPS increased to $0.40 from $0.23. Adjusted EBITDA in 1Q26 totaled $110.1 million, compared to $81 million last year.
DLH Holdings (DLHC/$5.6 | Price Target: $10) Joe Gomes [email protected] | 561-999-2262 First Look Fiscal 2Q26 Rating: OUTPERFORM
Overview. Fiscal 2026 is a transition year for DLH. The previously disclosed conversion of legacy contracts to small businesses continues to impact y-o-y results, but the transition of these contracts is expected to be complete in the Company’s third quarter. In response, management proactively right-sized the cost structure to align with the current base business, protecting margins.
2Q26 Results. Revenue of $59.3 million was slightly above our $58 million projection, but down 33.5% y-o-y. Adjusted EBITDA totaled $5.33 million, or a 9.0% margin, compared to $9.38 million, or a 10.5% margin in 2Q25. We were at $4.95 million. DLH reported a net loss of $2.5 million, or $0.17/sh, in the quarter, compared to EPS of $878,000, or $0.06/sh, last year. We had projected a net loss of $2.25 million, or $0.16/sh.
Lucky Strike Entertainment (LUCK/$7.66 | Price Target: $14.5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Cost Discipline and Consumer Resilience Set Stage for 2027 Upside Rating: OUTPERFORM
Lackluster fiscal Q3. The company reported revenue of $342.2 million, representing a 0.7% increase over the prior year, with same-store sales up 0.2%, marking a second consecutive quarter of positive comps. Net income improved year-over-year, while adjusted EBITDA of $109.0 million declined from the prior year, reflecting margin pressure. Profitability was impacted by elevated payroll costs and macro-related demand softness during the quarter.
Consumer resiliency. Performance was affected by weather disruptions and weaker corporate demand, particularly in tech-heavy West Coast markets. However, retail and league segments remained resilient, with leagues continuing to generate low single-digit growth and retail trends stabilizing. Importantly, management indicated that trends improved as the quarter ended, with early signs of stabilization observed in April.
NN (NNBR/$2.52 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 First Look 1Q26 Rating: OUTPERFORM
Overview. NN delivered a strong start to 2026, with first-quarter results rising to the high side of expectations across many metrics, including sales growth, adjusted EBITDA, margin rates, and new business wins. Management’s focus on targeted growth in new, higher-margin growth markets and ongoing operational improvements is paying off.
1Q26 Results. Net sales were up 12.1% to $118.5 million in 1Q26, driven primarily by the contribution of new business launches, precious metals pass-through pricing, higher volumes in certain areas, and favorable foreign exchange. Adjusted gross margin rose to 19.5% from 16.9%. Adjusted EBITDA was $14.1 million, an increase of 33.0%, compared to 1Q25 adjusted EBITDA of $10.6 million, driven primarily by improved sales mix and operating performance. NN adjusted net income was $1.0 million, or $0.02 per diluted common share, compared to adjusted net loss of $1.4 million, or ( $0.03) per diluted common share, in 1Q25.
Power Metallic Mines Inc. (PNPNF/$1 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 Drilling Reveals Exceptional Grade and Scale Potential at the Lion Zone Rating: OUTPERFORM
Drilling continues to reveal exceptional grades. Power Metallic Mines reported another strong set of drill results from the Lion Zone, highlighted by Hole PML 26-095, which returned 22 meters grading 11.46% copper equivalent, including two ultra high-grade intervals above 18% copper equivalent. The results reinforce the Lion Zone as an emerging polymetallic discovery with grades that exceed global copper mining averages.
New results confirm the growing scale of the deposit. The latest drilling confirms both the continuity and expansion potential of the deposit, with high-grade mineralization extending from near surface to depths of roughly 600 meters. This is important as the company advances toward its inaugural Mineral Resource Estimate expected in the third quarter of 2026, as strong continuity and scale could materially enhance future project economics and valuation.
Star Equity Holdings, Inc. (STRR/$9.4 | Price Target: $16) Joe Gomes [email protected] | 561-999-2262 Proposal to Acquire GEE Group Rating: OUTPERFORM
An Offer. After disclosing a 5.4% equity holding in GEE Group back on January 22nd and announcing a desire to engage in merger discussions, Star Equity upped the ante yesterday, announcing a proposal to acquire GEE for $0.30 per share or about $33 million. The proverbial ball is now in GEE’s Board of Directors collective hands. We believe the combination makes sense from a strategic viewpoint, with the elimination of public company costs an added benefit.
Details. Star, subject to terms and conditions, is offering to acquire 100% of GEE’s common shares for $0.30 a share, with the purchase price paid in Star’s 10% Series A Cumulative Perpetual Preferred stock (NASDAQ: STRRP). The proposed price represents an approximate 40% premium to GEE’s January 21st stock price. As part of the deal, Star expects GEE’s top management to forego change in control payments, but the executives would receive payment of a year’s salary and target bonus, also in STRRP shares.
The GEO Group (GEO/$22.2 | Price Target: $28) Joe Gomes [email protected] | 561-999-2262 A Beat and a Raise Rating: OUTPERFORM
Overview. The GEO Group reported better than expected 1Q26 results. The outperformance reflects significant revenue growth from the contracts entered into throughout 2025. Operating expenses were favorably impacted by lower-than-expected labor costs compared to previous expectations. Management continues to expect 2026 to be very active as well on a contract basis and therefore believes the Company has upside potential across the diversified business segments.
1Q26 Results. Revenue increased 17% to $705.2 million, exceeding our $680 million estimate. First quarter 2026 adjusted EBITDA was $131.4 million, compared to $99.8 million for 1Q25, reflecting a 32% increase and above our $108.8 million estimate. GEO reported net income attributable to GEO operations of $38.3 million, or $0.29/sh, compared to net income attributable to GEO Operations of $19.6 million, or $0.14/sh, for 1Q25. We were at $29.2 million and $0.21/sh.
Noble Capital Markets Research Report Wednesday, May 6, 2026
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – First Look 1Q26 Results FreightCar America (RAIL)/OUTPERFORM – First Quarter 2026 Review and Outlook Ocugen (OCGN)/OUTPERFORM – 1Q26 Reported With Senior Convertible Note Offering SelectQuote (SLQT)/OUTPERFORM – Strong Q3 Execution Highlights Profitability and Cash Flow Strength
Commercial Vehicle Group (CVGI/$4.22 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 First Look 1Q26 Results Rating: OUTPERFORM
Overview. Commercial Vehicle Group reported better-than-expected results in the first quarter of 2026, returning to revenue growth at the consolidated level. Electrical Systems led the way with 13.9% revenue growth, while Global Seating sales were up 1.5% in the quarter. Management reaffirmed full-year guidance.
1Q26 Results. Consolidated revenue of $171.5 million was up 1% y-o-y and exceeded our $160 million projection. Adjusted gross margin expanded 200bp sequentially and was up 150 bp y-o-y. Adjusted operating income was flat at $2 million, while adjusted EBITDA fell to $4.8 million from $5.8 million in the prior year quarter due to higher SG&A costs. CVG reported adjusted net loss of $3.4 million, or $0.10/sh, versus an adjusted loss of $2.6 million, or $0.08/sh, last year partly driven by higher interest expense.
FreightCar America (RAIL/$7.72 | Price Target: $16) Mark Reichman [email protected] | (561) 999-2272 First Quarter 2026 Review and Outlook Rating: OUTPERFORM
Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adjusted net loss of $479 thousand or $(0.04) per share, compared to adjusted net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Adjusted EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.
FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. Based on management’s commentary during the investor call, we believe the 2026 guidance is achievable.
Clinical Progress During 1Q26 Reviewed. Ocugen reported 1Q26 loss of $19.1 million or $(0.06) per share, slightly higher than we estimated. On its quarterly conference call, management reiterated several important clinical milestones in the coming year. The company also completed an offering of $115 million in Convertible Senior Notes, which we estimate is enough cash to bring its three lead products to market and fund operations through early 2028. The proposal to allow for a reverse split has been dropped from the Annual Meeting agenda.
Senior Note Offering Provides Sufficient Cash For Product Introductions. The cash balance on March 31, 2026, was $32.2 million, including proceeds of $37.5 million from warrant exercise in 1Q26. Today, the company completed the sale of $115 million in 6.75% Convertible Senior Notes. including an option for the buyer to purchase an additional $15 million in the next 13 days. These Notes should add about $99.5 million to the cash balance. Based on our estimates, we believe this is sufficient to fund operations through the filing of the BLAs and product introductions expected in 2026-2028.
SelectQuote (SLQT/$1.24 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Strong Q3 Execution Highlights Profitability and Cash Flow Strength Rating: OUTPERFORM
Strong Q3 Adj EBITDA. The company reported fiscal Q3 revenue of $430.9 million and adj. EBITDA of $44.6M. While revenue was modestly lower than our estimate of $449.0M, adj. EBITDA strongly outperformed our estimate of $35.0M. Notably, adj. EBITDA benefited from a favorable $14.0M adjustment to commissions receivables and continued operational discipline.
Underlying profitability remains solid. Normalized EBITDA margins were approximately 7% after excluding the one-time commission benefit. Core operating performance appears to be improving. The Senior segment demonstrated resilience despite ongoing headwinds in Medicare Advantage. Healthcare Services (SelectRx) revenue grew 5% YoY to $199M, driven by continued membership growth and higher prescription utilization per member.
Noble Capital Markets Research Report Tuesday, May 5, 2026
Companies contained in today’s report:
First Phosphate Corp. (FRSPF)/OUTPERFORM – Warrant Exercise Strengthens Treasury Position FreightCar America (RAIL)/OUTPERFORM – Expecting a Robust 2H 2026 GDEV (GDEV)/OUTPERFORM – Improved Profitability Appears Sustainable Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Power Metallic Delivers Strong Drill Results and Expands Lion Zone Resource Potential Superior Group of Companies (SGC)/OUTPERFORM – Execution Driving Earnings Upside V2X (VVX)/OUTPERFORM – Strong First Quarter Results
First Phosphate Corp. (FRSPF/$0.97 | Price Target: $1.65) Mark Reichman [email protected] | (561) 999-2272 Warrant Exercise Strengthens Treasury Position Rating: OUTPERFORM
Warrant exercise enhances capital structure and financial flexibility. First Phosphate Corp. announced the receipt of approximately C$3.07 million following the full exercise of its remaining warrants at C$1.25 per share, marking the exercise of all outstanding external dilutive instruments. This final round of warrant exercises represents a vote of confidence from shareholders and establishes a valuation benchmark for the company. As a result, the company’s capital structure is now notably streamlined, with no remaining dilutive securities other than those held by staff, management, and board members.
Strong balance sheet and funding provide a clear development runway. The company is in a strong financial position with no debt and benefits from a significant C$16.7 million non-repayable and non-dilutive contribution from the Government of Canada. Combined with funds raised since June 2022 totaling approximately C$62.5 million, First Phosphate has built a solid treasury exceeding C$20 million, placing it among a limited group of junior companies with comparable financial strength. This capital position provides a funding runway to advance development activities through to a final investment decision expected within approximately one and a half years.
FreightCar America (RAIL/$8.06 | Price Target: $16) Mark Reichman [email protected] | (561) 999-2272 Expecting a Robust 2H 2026 Rating: OUTPERFORM
Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adj. net loss of $479 thousand or $(0.04) per share, compared to adj. net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Manufacturing segment and aftermarket segment revenues were $53.0 million and $11.4 million, respectively, compared to our estimates of $70.0 million and $8.0 million. Gross profit for the manufacturing and aftermarket segments amounted to $7.3 million and $3.5 million, respectively. Adj. EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.
FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. While Q1’ 26 rail car deliveries and revenue were significantly below our expectations and leave a lot of room to catch up, management indicated that RAIL’s order backlog of 2,058 units valued at $156.0 million, productivity improvements, flexible manufacturing footprint, and disciplined commercial approach provide visibility into its full-year expectations.
Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% compared to the prior year period.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.
Power Metallic Mines Inc. (PNPNF/$0.92 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 Power Metallic Delivers Strong Drill Results and Expands Lion Zone Resource Potential Rating: OUTPERFORM
High-grade drill results confirm core mineralization. Power Metallic reported significant intercepts from the Lion Zone, including 17.45 meters at 9.47 percent copper equivalent in Hole PML 26-094 and 39 meters at 5.66 percent in Hole PML 26-101, both of which included higher grade sub-intervals. The assay results highlight the strength and continuity of near-surface mineralization within the core of the deposit.
Infill drilling supports resource growth and development potential. The Winter 2026 program is successfully defining mineralization across approximately 200 meters of strike length and supports the existing geological model. The results are expected to contribute to a 2026 Mineral Resource Estimate and may help advance portions of the deposit toward an Indicated classification suitable for potential open-pit mining.
Superior Group of Companies (SGC/$11.54 | Price Target: $16) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Execution Driving Earnings Upside Rating: OUTPERFORM
Solid start to the year. First quarter revenue of $141 million increased 3% year over year, reflecting steady demand across the company’s diversified business lines. Results were in line with expectations for a seasonally softer first quarter and positioned the company well for its typical back-end weighted growth profile.
Branded Products’ momentum continues. Segment revenue increased 5% year over year for the second consecutive quarter, supported by volume gains within existing accounts. Management indicated that RFP activity is at its highest level in recent memory, suggesting a strong pipeline that should support continued growth throughout 2026. In addition, Contact Centers are stabilizing with improving trends.
V2X (VVX/$67.82 | Price Target: $72) Joe Gomes [email protected] | 561-999-2262 Strong First Quarter Results Rating: OUTPERFORM
Overview. V2X reported better-than-expected first-quarter results. Revenue increased 23% year-over-year to $1.25 billion, marking a record year-over-year organic growth rate for V2X. The growth was driven primarily by the ramp-up of training, foreign military sales, rapid prototyping, and engineering programs, as well as some discrete activities to support a national security customer.
1Q26 Results. Revenue came in at $1.254 billion, ahead of our $1.15 billion projection. Adjusted EBITDA of $85.6 million increased from $67 million last year and was above our $73.8 million projection. First quarter adjusted EPS was $1.53, up 55% year-over-year.
Noble Capital Markets Research Report Monday, May 4, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – A Better Than Anticipated First Quarter MustGrow Biologics Corp. (MGROF)/NOT RATED – Termination of Research Coverage Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Accelerating Development at the Horse Heaven Critical Minerals Project Star Equity Holdings, Inc. (STRR)/OUTPERFORM – A Contract and GEE Group Comments
ACCO Brands (ACCO/$3.95 | Price Target: $9) Joe Gomes [email protected] | 561-999-2262 A Better Than Anticipated First Quarter Rating: OUTPERFORM
Overview. ACCO Brands delivered a solid start to the year, with both sales and adjusted EPS coming in above management’s first-quarter expectations. Results reflected better-than-anticipated comparable sales and EPOS outperforming expectations. The first quarter benefited from favorable foreign exchange and the acquisition of EPOS, including a preliminary bargain purchase gain of $37.6 million.
1Q26 Results. Revenue of $343.7 million exceeded management’s $317-$327 million range and our $320 million estimate. Adjusted net income was $1.8 million, or $0.02/sh, better than the expected adjusted loss range of $0.06-0.03 per share. We had projected an adjusted loss of $6.7 million, or a loss of $0.07/sh.
Resolution Minerals Ltd (RLMLF/$0.051 | Price Target: $0.15) Mark Reichman [email protected] | (561) 999-2272 Accelerating Development at the Horse Heaven Critical Minerals Project Rating: OUTPERFORM
Exploration Momentum. Resolution Mineralscontinues to demonstrate strong exploration results across its Horse Heaven Project, confirming a large-scale, multi-commodity system. High-grade antimony at Antimony Ridge and extensive gold mineralization at Golden Gate highlight the project’s scale, with drilling confirming continuous mineralization that remains open in multiple directions. A major 13,700-meter Phase 2 drilling program is expected to commence this week to further define resource potential and support a maiden Mineral Resource Estimate targeted for Q1 2027.
Advancing Metallurgy and Development Pathways. Resolution is making significant progress in metallurgical testing and project development, particularly with tungsten and antimony processing. Test work has successfully produced high-grade tungsten concentrates and high-purity antimony products, demonstrating viable processing pathways and near-term production potential. Combined with the acquisition of processing infrastructure at Johnson Creek, these developments position the company to advance toward a vertically integrated, U.S.-based critical minerals platform.
Star Equity Holdings, Inc. (STRR/$9.68 | Price Target: $16) Joe Gomes [email protected] | 561-999-2262 A Contract and GEE Group Comments Rating: OUTPERFORM
Contract. Star Equity Holdings’ wholly owned subsidiary, KBS Builders, Inc. (“KBS”), signed a $4.2 million contract to manufacture a multifamily housing project in New Hampshire, further strengthening Star Equity’s growing footprint across the New England region. KBS’s selection reflects a proven track record of executing complex projects on time and on budget, in our view.
Project. The $4.2 million contract covers the manufacturing of 36 modules for the construction of six 2-unit buildings totaling 26,088 square feet as part of a residential assisted living facility in New Hampshire. The project is designed to achieve net-zero energy efficiency while delivering high-quality housing with shorter construction timelines and enhanced sustainability. Production is expected to commence in May, with delivery to be completed in the third quarter of 2026.
Noble Capital Markets Research Report Friday, May 1, 2026
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Preliminary Design For CAD-1005 Phase 3 In HIT Announced Euroseas (ESEA)/OUTPERFORM – Fleet Expansion Strengthens Long-Term Earnings Visibility NN (NNBR)/OUTPERFORM – CARES Act Refund Titan International (TWI)/OUTPERFORM – A Solid Start to the Year
Cadrenal Therapeutics (CVKD/$6.67 | Price Target: $45) Robert LeBoyer [email protected] | (212) 896-4625 Preliminary Design For CAD-1005 Phase 3 In HIT Announced Rating: OUTPERFORM
Phase 3 Design Announced. Cadrenal held an end-of-Phase-2 meeting with the FDA to discuss the results of the CAD-1005 trial and receive guidance for the design of Phase 3. Following the receipt of the Meeting Minutes, the preliminary design for Phase 3 in HIT (Heparin-Induced Thrombocytopenia) has been announced. The trial is expected to begin in late FY2026 to early FY2027, with an NDA possible in FY2019.
HIT Is A Serious Condition. HIT is a potentially life-threatening immune reaction to heparin, an anticoagulant currently used in an estimated 12 million cardiac surgeries. HIT affects up to 5% of these patients, forming immune complexes that can activate platelets and cause excessive clotting. About 50% experience thrombosis, as well as embolisms, skin necrosis, and other cardiac events that can be fatal. CAD-1005 is a selective inhibitor of the 12-LOX immune pathway that causes HIT. This contrasts with other drugs that control symptoms and secondary morbidities following the immune response.
Euroseas expands its fleet. The company has ordered four additional feeder containerships, including two high-reefer vessels and two standard feeder ships, bringing its total newbuild program to ten vessels with a combined cost of about $500 million. Upon completion of the current newbuild program, Euroseas will operate 31 vessels with a total capacity of 93,834 twenty-foot equivalent units (TEU). The expansion reflects confidence in the feeder market and a deliberate focus on higher value cargo segments, particularly refrigerated goods, while also incorporating optionality for further fleet growth.
Strong earnings visibility. With a contracted revenue backlog of roughly $650 million and charter coverage extending beyond 2028, the company has secured a high level of earnings visibility. The current fleet is largely employed under time charter agreements at favorable rates, reducing exposure to market volatility and supporting stable cash flow generation to fund ongoing expansion.
NN (NNBR/$2.32 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 CARES Act Refund Rating: OUTPERFORM
Refund. NN announced that the Company has been notified that its CARES Act refund has been processed for payment. The refund is in excess of $10 million. This refund has been a long time in coming, but will help the Company in its growth efforts, in our view.
Growth Opportunity. The tax refund will more than offset the $10 million the Company borrowed in 1Q26 to fund certain growth areas with both capital equipment and working capital. While it is too soon to say which path the Company will follow, the tax refund could enable to further boost the abundant growth opportunities through additional investment or repay the 1Q26 borrowing.
Titan International (TWI/$7.62 | Price Target: $11) Joe Gomes [email protected] | 561-999-2262 A Solid Start to the Year Rating: OUTPERFORM
Overview. Titan’s first quarter 2026 results came in at the high end of management’s expectations and above our projections, partly driven by positive forex. Titan achieved this performance against a macro backdrop that continues to be very dynamic. Once again, EMC was the star performer with revenue up 11.3% year-over-year and gross margin up 90 basis points. With a diversified portfolio of products, strategically positioned global plants, and a one-stop shop distribution channel, we believe Titan is well-positioned for today’s dynamic operating environment.
1Q26 Results. Revenue of $505 million was up 2.9% y-o-y and exceeded our $495 million projection. The revenue increase was driven by forex gains, which added approximately 3.7% to net sales growth. Gross margin improved to 14.1% from 14.0%. Adjusted EBITDA totaled $31.4 million, up from $30.8 million a year ago and our $26 million estimate. Titan reported adjusted EPS of breakeven versus adjusted EPS of $0.01 last year and our $0.03 estimate.
Noble Capital Markets Research Report Thursday, April 30, 2026
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – Lowering First Quarter Expectations
FreightCar America (RAIL/$8.13 | Price Target: $16) Mark Reichman [email protected] | (561) 999-2272 Lowering First Quarter Expectations Rating: OUTPERFORM
Lowering 1Q’ 2026 expectations. We think the first quarter of 2026 will reflect the fewest deliveries during the year, along with the least favorable product mix. We expect 2026 deliveries, revenue, and earnings to be weighted toward the second half of the year, driven by higher volumes, a stronger product mix, and increased contributions from new builds and retrofit programs. FreightCar will release first-quarter financial results after the market close on May 4 and will host a teleconference on May 5 at 11:00 am ET.
Updating estimates. We revised our 1Q’ FY 2026 estimates to reflect lower revenue and margin in the manufacturing segment. We forecast first quarter revenue, EBITDA, and EPS of $78.0 million, $5.8 million, and $0.02, respectively, compared to our prior estimates of $86.0 million, $7.0 million, and $0.04. We have assumed growth in the Aftermarket segment revenue throughout the year. We have reduced our FY 2026 revenue, EBITDA, and EPS estimates to $517.0 million, $43.2 million, and $0.52, respectively, from $525.0 million, $44.5 million, and $0.54.
Noble Capital Markets Research Report Wednesday, April 29, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Definitive Agreement to Advance the Thormodsdalur Gold Project in Iceland Perfect (PERF)/MARKET PERFORM – Limited Take Private Upside; Rating Change Xcel Brands (XELB)/OUTPERFORM – Mesa Mia Debut Marks 2026 Growth Pivot
Aurania Resources (AUIAF/$0.15 | Price Target: $0.3) Mark Reichman [email protected] | (561) 999-2272 Definitive Agreement to Advance the Thormodsdalur Gold Project in Iceland Rating: OUTPERFORM
Strategic partnership. Aurania Resources Ltd. entered into a definitive earn-in agreement with St-Georges Eco-Mining Corp. (CSE: SX) and its subsidiary Iceland Resources to advance the Thormodsdalur gold project (Thor’s Valley) in Iceland. Located near Reykjavik, the project is considered a highly prospective epithermal gold system, and the partnership is intended to support a structured exploration program aimed at defining its resource potential.
Key agreement terms. Under the agreement, Aurania will issue shares valued at US$150.0 thousand and commit to USD $5.0 million in exploration spending over four years in order to earn a 70% interest in the project. St-Georges retains the option to hold a minority interest or a royalty, while Aurania may increase its ownership to full control through additional investment. We expect the transaction to close in early May pending the satisfaction of certain conditions, including approval by the TSX Venture Exchange. We will update our estimates to reflect planned expenditures once the transaction closes.
Perfect (PERF/$1.66) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Limited Take Private Upside; Rating Change Rating: MARKET PERFORM
Q1 2026 results showed solid execution. Perfect Corp. reported Q1 revenue of $17.9 million, which was up 12% over the prior year period and in line with our estimate of $18.0 million. Furthermore, gross profit was up 17.8%, and operating income was a positive $1.5 million, reflecting continued progress in the company’s transition to a higher-quality, subscription-driven AI revenue model. Notably, the company reported adj. EBITDA of $2.3 million, which was better than our estimate of $1.1 million.
Performance was driven by strength in AI subscriptions and monetization. The results reflected strong growth in mobile app and web subscriptions and a sharp increase in virtual points usage, partially offset by declines in legacy licensing revenue and some softness in subscriber and key customer counts.
Xcel Brands (XELB/$2.31 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Mesa Mia Debut Marks 2026 Growth Pivot Rating: OUTPERFORM
Mesa Mia Launch Validates Creator-Led Model. XCEL’s partner brand, Mesa Mia by Jenny Martinez, debuted on HSN, showcasing the company’s ability to translate authentic cultural authority and a large social following into a fully commercialized kitchenware and food platform anchored in storytelling and engagement. We believe that the debut represents a milestone for the company’s 2026 growth initiative.
HSN Debut Demonstrates Omnichannel Execution. The launch highlights XCEL’s live-commerce engine in action, leveraging HSN’s broadcast reach alongside Martinez’s digital audience to drive immediate consumer awareness and sales, reinforcing the company’s integrated “content + commerce” distribution strategy.
Noble Capital Markets Research Report Tuesday, April 28, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – FY 2025 Review and Outlook First Phosphate Corp. (FRSPF)/OUTPERFORM – Strong Drill Results Reinforce Scale and Expansion Potential GDEV (GDEV)/OUTPERFORM – CEO Increases Ownership Stake
Alliance Resource Partners (ARLP/$25.45 | Price Target: $33) Mark Reichman [email protected] | (561) 999-2272 FY 2025 Review and Outlook Rating: OUTPERFORM
First quarter financial results. Alliance Resource Partners reported first-quarter 2026 revenue of $516.0 million, down 4.5 percent year over year due to lower coal pricing, though volumes remained stable, and 2026 expected coal sales volumes are 95% committed and priced at the midpoint of 2026 guidance. Coal operations faced margin pressure, partially offset by a modest increase in tons sold and operational improvements. Net income declined to $9.1 million primarily due to lower margins and noncash charges, including an asset impairment and digital asset valuation changes. ARLP generated adjusted EBITDA of $155.0 million, compared to $159.9 million during the prior year period. and the partnership maintained strong liquidity.
Oil and gas royalties remained a key growth driver. The oil and gas royalty segment exhibited strength, delivering record revenues and volumes driven by increased drilling activity and acquisitions. The segment continues to diversify earnings and promote cash flow stability. ARLP’s updated 2026 guidance included greater oil, natural gas, and liquids volumes.
First Phosphate Corp. (FRSPF/$0.95 | Price Target: $1.65) Mark Reichman [email protected] | (561) 999-2272 Strong Drill Results Reinforce Scale and Expansion Potential Rating: OUTPERFORM
Strong mineral continuity and expansion potential. First Phosphate Corp. reported strong results from its 2025/2026 infill drill program at the Begin–Lamarche property, confirming continuous phosphate mineralization across all zones and identifying two new intersections. The results will support an updated geological model expected next month and underscore the potential for resource expansion.
Geological consistency across zones. Drilling confirmed consistent geology across the Mountain, Northern, and Southern zones. High-grade apatite mineralization and similar structural features across zones reinforce confidence in a cohesive and predictable deposit.
GDEV (GDEV/$16.68 | Price Target: $70) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | CEO Increases Ownership Stake Rating: OUTPERFORM
CEO increases ownership. The company’s founder, Chairman, and CEO, Andrey Fadeev, purchased 2,730,384 shares of the company’s stock in a private transaction from Boris Gertsovsky, co-founder and former director. Notably, following the transaction, Mr. Fadeev owns 6,709,391 shares, or approximately 37% of the company’s outstanding shares.
Transaction details. The roughly 2.7 million shares were purchased for an aggregate of $34.1 million, to be paid in three installments. The first payment of $20.0 million was paid on the closing date of March 17, 2026, with $10.0 million due on the first anniversary of the closing date, and the remaining $4.1 million due on the second anniversary of the closing date.
Noble Capital Markets Research Report Monday, April 27, 2026
Companies contained in today’s report:
Kuya Silver (KUYAF)/OUTPERFORM – FY 2025 Review and Outlook Ocugen (OCGN)/OUTPERFORM – Clinical Progress and New Investors Could Sustain Post-Reverse Split Stock Price
Kuya Silver (KUYAF/$0.69 | Price Target: $3.05) Mark Reichman [email protected] | (561) 999-2272 FY 2025 Review and Outlook Rating: OUTPERFORM
Significant progress in 2025. Kuya reported its financial and operational results for the fourth quarter and FY 2025, while also announcing key leadership appointments to strengthen its operations in Peru. Edgardo Orderique was named General Manager for Peru, bringing senior-level experience from major mining operations, and will oversee mining and processing at the Bethania Silver Project. He is supported by Jesus Palomino as Operations Manager and German Minaya as Finance and Administration Manager. These additions are intended to enhance execution as the company transitions from early-stage production to scaled operations with higher throughput.
Operational momentum. The company made steady progress, achieving record processing volumes and improved production consistency. Production reached approximately 100 tonnes per day in March, with a target of 350 tonnes per day by the end of 2026 under its Phase One expansion plan. This growth is supported by investments in underground development, infrastructure, and workforce training, along with modernization efforts to improve efficiency. Kuya increased its exploration program to 20,000 meters of drilling in 2026.
Ocugen (OCGN/$1.66 | Price Target: $12) Robert LeBoyer [email protected] | (212) 896-4625 Clinical Progress and New Investors Could Sustain Post-Reverse Split Stock Price Rating: OUTPERFORM
We Believe The Proposal Is Misunderstood. On April 20, Ocugen filed its proxy statement and Annual Meeting Notice. In addition to the usual business and shareholder matters, there is a proposal to authorize a reverse split. We believe the reverse split could lift the stock to a trading range that meets minimum share price requirements for ownership by more index funds, institutions, and investors.
The Reverse Split Could Open The Stock To More Investors. Ocugen’s three lead clinical programs have reported data that have driven an increase in its market valuation to about $550 to $600 million. However, many index funds, institutions, and brokerage firms have requirements for both minimum share price and market valuation before they can own the stock. We believe the reverse split would help meet these requirements sooner and open the stock to new investors. We expect the stream of clinical milestones in the coming year to sustain the post-split price and drive it higher.
Noble Capital Markets Research Report Friday, April 24, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – FY 2026 Review and Outlook Century Lithium Corp. (CYDVF)/OUTPERFORM – Century Lithium Advances Demonstration Plant Relocation Direct Digital Holdings (DRCT)/MARKET PERFORM – Strategic Progress Continues Kelly Services (KELYA)/OUTPERFORM – Some Green Shoots? MariMed Inc (MRMD)/OUTPERFORM – Rescheduling? Finally? Travelzoo (TZOO)/OUTPERFORM – Positioned For Earnings Upside as Subscription Model Scales
AZZ (AZZ/$146.59 | Price Target: $165) Mark Reichman [email protected] | (561) 999-2272 FY 2026 Review and Outlook Rating: OUTPERFORM
Fourth quarter and FY 2026 financial results. For FY 2026, AZZ reported adjusted net income of $187.1 million, or $6.19 per share, compared to $156.8 million, or $5.20 per share, during FY 2025, and to our estimate of $182.4 million, or $6.03 per share. Compared to FY 2025, sales increased 4.6% to $1.650 billion. AZZ generated a 23.9% gross margin as a percentage of sales compared to 24.3% during the prior year. Adjusted EBITDA increased to $367.6 million, representing 22.3% of sales, compared to $347.9 million, or 22.0% of sales, in FY 2025. Adjusted net income and EPS during the fourth quarter of FY 2026 were $40.4 million and $1.34, respectively, compared to our estimates of $35.7 million and $1.18 per share.
Updating estimates. We have modestly adjusted our FY 2027 estimates. We project revenue, adjusted EBITDA, and adjusted EPS of $1,750.5 million, $386.7 million, and $6.75, respectively. Our FY 2027 estimates reflect a gross margin of $433.3 million, or 24.8% of sales, compared to 23.9% in FY 2026. Our previous FY 2027 revenue, adjusted EBITDA, and adjusted EPS estimates were $1.750 billion, $386.0 million, and $6.70, respectively. We have also updated our forward estimates through 2032, which reflect modest increases in EBITDA and EPS.
Century Lithium Corp. (CYDVF/$0.28 | Price Target: $3.05) Mark Reichman [email protected] | (561) 999-2272 Century Lithium Advances Demonstration Plant Relocation Rating: OUTPERFORM
A step forward in Century’s development strategy. The company is advancing the relocation of its lithium extraction demonstration plant to Tonopah, Nevada, with commissioning expected in the second half of 2026. This facility previously operated in Amargosa Valley, where it successfully validated the company’s integrated process for producing battery-grade lithium carbonate from claystone. Current efforts include equipment transfer, construction of a new processing facility, and permitting activities, alongside planned metallurgical testing to further refine extraction efficiency and production methods.
The company’s process technology provides a notable competitive advantage. Century Lithium’s patent-pending chlor-alkali process utilizes salt-based reagents generated on-site, eliminating reliance on sulfuric acid and external supply chains. This design is particularly advantageous given the significant increase in global sulfur and sulfuric acid prices, allowing the company to maintain cost stability with the use of domestically available inputs such as sodium chloride and electricity while also enabling potential revenue from surplus by-products.
Direct Digital Holdings (DRCT/$0.66) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Strategic Progress Continues Rating: MARKET PERFORM
Reverse split supports Nasdaq compliance and preserves strategic listing. The announced 4-for-1 reverse stock split (effective April 27, 2026), following the earlier 55-for-1 split, is intended to maintain Nasdaq compliance and preserve access to institutional capital, a key asset for executing the company’s long-term strategy.
Capital access remains intact, supporting operations through the transition period. Management continues to utilize equity facilities and recent capital raises to fund operations, with additional financing expected to bridge the company to anticipated cash-flow improvements in the second half of 2026.
Kelly Services (KELYA/$9.46 | Price Target: $17) Joe Gomes [email protected] | 561-999-2262 Some Green Shoots? Rating: OUTPERFORM
Some Positives? The Federal Reserve’s Beige Book data is showing temp staffing jobs have been rising for the past six months after falling sharply over the prior four years. Historically, this is often a leading indicator that broader hiring is coming. However, the Iran conflict, AI impacts, and a still uncertain economy appear to be moderating hiring trends.
A Split Market. While layoffs and unemployment remain relatively low, hiring has fallen to levels last seen during the early pandemic. This has resulted in an unprecedented split: a stable job market for people who have jobs and recession-like for those trying to find one. Increased confidence in the economy should result in a hiring surge, in our view, with resulting benefits to staffing companies.
Rescheduling. Yesterday, Acting Attorney General Todd Blance announced he plans to “immediately” reschedule FDA-approved cannabis and state-licensed cannabis from Schedule I to Schedule III, while also ordering a “new expedited hearing with set deadlines, to fully reschedule marijuana.” While a Schedule III listing still would not federally legalize cannabis nor allow interstate commerce, it would further legitimize state-sanctioned cannabis businesses by eliminating the tax burdens under Section 280E of the Internal Revenue Code.
280E Elimination. The elimination of the 280E burden could represent huge savings for licensed cannabis businesses, potentially running into the billions. And, significantly, Acting Attorney General Blanche’s order provides the potential of a retroactive savings, with the order stating, “The Administrator encourages the Secretary of the Treasury to consider providing retrospective relief from Section 280E liability for taxable years in which a state licensee operated under a state medical marijuana license.”
Travelzoo (TZOO/$9.48 | Price Target: $20) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Positioned For Earnings Upside as Subscription Model Scales Rating: OUTPERFORM
Q1 results reflect steady growth with investment-driven earnings pressure. Revenue increased 5% year-over-year to $24.3 million, in line with our estimate, while adj. EBITDA beat our estimate ($3.5 million versus our estimate of $2.9 million). EPS declined modestly as the company continued to prioritize member acquisition, highlighting the trade-off between near-term profitability and long-term value creation.
Subscription growth and renewals drove the quarter. Record membership renewals and continued Club Member acquisition were key drivers, reinforcing the strength of the subscription model and improving underlying unit economics despite upfront marketing costs. Membership Fee revenue, which represented 19% of total company revenue, increased by a solid 91%.
Noble Capital Markets Research Report Thursday, April 23, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Q4 and FY 2026 Financial Results Exceed Expectations Kuya Silver (KUYAF)/OUTPERFORM – Off to a Strong Start in 2026 SKYX Platforms (SKYX)/OUTPERFORM – Additional Agreement For European Hospitality Market
Fourth quarter and FY 2026 financial results. For FY 2026, AZZ reported adjusted net income of $187.1 million, or $6.19 per share, compared to $156.8 million, or $5.20 per share, during FY 2025, and to our estimate of $182.4 million, or $6.03 per share. Compared to FY 2025, sales increased 4.6% to $1.650 billion. AZZ generated a 23.9% gross margin as a percentage of sales compared to 24.3% during the prior year. Adjusted EBITDA increased to $367.6 million, representing 22.3% of sales, compared to $347.9 million, or 22.0% of sales, in FY 2025. Adjusted net income and EPS during the fourth quarter of FY 2026 were $40.4 million and $1.34, respectively, compared to our estimates of $35.7 million and $1.18 per share. Fourth quarter adjusted EBITDA increased to $81.3 million, representing 21.1% of sales, compared to $71.2 million, or 20.2% of sales, during the prior year period.
Segment results. Compared to the prior year, FY 2026 Metal Coatings sales were up 14.1% to $758.7 million, while Precoat Metals sales were down 2.3% to $891.4 million. Compared to the fourth quarter of FY 2025, fourth quarter Metal Coatings sales were up 25% to $186.5 million, while Precoat Metals sales were down 2.4% to $198.6 million. Fourth quarter and FY 2026 segment adjusted EBITDA margin amounted to 30.2% and 31.0%, respectively, for Metal Coatings, and 18.2% and 19.8% for Precoat Metals.
Kuya Silver (KUYAF/$0.69 | Price Target: $3.5) Mark Reichman [email protected] | (561) 999-2272 Off to a Strong Start in 2026 Rating: OUTPERFORM
Strong operational start in 2026. Kuya Silver’s first-quarter 2026 results represented a clear inflection point in the ramp-up of its Bethania Silver Project, with record production of 3,076 tonnes and throughput of 100 tonnes per day achieved at the end of March and into early April 2026. Increased mining volumes, along with continued underground development, suggest the operation is scaling efficiently with the buildout of infrastructure needed to support future growth.
Meaningful improvement in grades and recovery rates. Higher grades and improved recovery rates supported a revenue profile heavily weighted to silver, while the planned acquisition of the Camila plant is expected to enhance processing control and efficiency. A cash position of approximately $27 million further strengthens the company’s ability to fund ongoing growth initiatives.
SKYX Platforms (SKYX/$1.1 | Price Target: $5) Joe Gomes [email protected] | 561-999-2262 Michael Kupinski [email protected] | (561) 994-5734 Additional Agreement For European Hospitality Market Rating: OUTPERFORM
Additional Agreement. Hot on the heels of last week’s strategic partnership agreement with Group OTT, SKYX signed an agreement with OTT Heritage Hospitality, a prominent European developer, to deploy and market SKYX’s technologies across the European hotel chains segment and buildings. The new agreement provides additional focus and opportunity for SKYX, in our view, marking another significant step in the Company’s global expansion.
OTT Heritage Hospitality. Also founded by Jean-Francois Ott, OTT Heritage is a real estate company specializing in special situation real estate. The strategy consists of acquiring assets affordably in well-known cities, leveraging their underlying market value. With an investment pipeline of €150-250 million, current projects include a hotel consolidation strategy (objective: 2,000+ rooms) in Lourdes, luxury hospitality in Grasse and Prague, and redevelopment of the legendary Magny-Cours Formula 1 track, with the vision to turn the area into a premier destination for car and motorsport enthusiasts, including racing experiences, hotels, F&B, entertainment, and golf.
Noble Capital Markets Research Report Wednesday, April 22, 2026
Companies contained in today’s report:
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Preliminary FLAMINGO-01 Data Presented At AACR Titan International (TWI)/OUTPERFORM – Model Tweaks Ahead of 1Q26 Earnings
Greenwich LifeSciences, Inc. (GLSI/$22.91 | Price Target: $45) Robert LeBoyer [email protected] | (212) 896-4625 Preliminary FLAMINGO-01 Data Presented At AACR Rating: OUTPERFORM
Phase 3 FLAMINGO-01 Data Presented. Greenwich LifeSciences and the FLAMINGO-01 Steering Committee made two presentations at the American Association of Cancer Research (AACR) 2026 Meeting. One detailed the FLAMINGO-01 trial design while the other presented preliminary results from delayed-type hypersensitivity (DTH) response data showing a statistically significant immune response.
First Poster Presentation Included DTH Data. As discussed in our Research Note on March 18, the company announced a preliminary analysis of recurrence rates in the non-HLA-A*02 arm. Immune responses to GP2 were measured using Delayed-Type Hypersensitivity (DTH) skin tests at baseline, then after 4 or 6 months. This open-label arm of the trial has enrolled about 250 patients, with data reported for 191 patients who completed the six-monthly doses of GLSI-100 at four-month or six-month evaluation points.
Titan International (TWI/$8.02 | Price Target: $11) Joe Gomes [email protected] | 561-999-2262 Model Tweaks Ahead of 1Q26 Earnings Rating: OUTPERFORM
Model Tweaks. With 1Q26 results to be released next week, we reviewed our assumptions and resulting estimates for the quarter. Titan continues to face inflation and tariff pressure and, more recently, extra pricing pressure from OEMs facing their own end market challenges. In addition, after speaking with management, we were too low on our tax assumption. Given the above, we lowered our earnings expectations, although we are maintaining our revenue and adjusted EBITDA projections.
Details. Revenue for 1Q26 is estimated at $495 million, consistent with our prior expectation. Adjusted EBITDA is $21.5 million, also consistent with our prior projections. We did lower our gross profit assumption to 13.9% from 14.9% and increased our tax expense assumption from $2.5 million to $5 million. As a result of the changes, our projected EPS goes from $0.09/sh to a loss of $0.02 per share.
Noble Capital Markets Research Report Tuesday, April 21, 2026
Companies contained in today’s report:
Travelzoo (TZOO)/OUTPERFORM – CEO Incentives Signal Turnaround Upside
Travelzoo (TZOO/$7.36 | Price Target: $20) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | CEO Incentives Signal Turnaround Upside Rating: OUTPERFORM
Shareholders approve CEO option grant. Travelzoo shareholders approved a 600,000-share non-qualified stock option grant to CEO Holger Bartel, formalizing a performance-based compensation structure tied directly to stock price appreciation and marking a clear inflection point in management incentives. The grant represents a significant 5.5% of the current total shares outstanding.
Structure emphasizes near-term performance and meaningful upside. The options carry a $5.05 exercise price, vest semi-annually over two years, and have a five-year term, creating a relatively short execution window in which management must deliver results to realize value.
Noble Capital Markets Research Report Monday, April 20, 2026
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Updating Estimates to Reflect EM KEA Time Charter Extension Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Progress on Multiple Fronts
Euroseas (ESEA/$72.18 | Price Target: $90) Mark Reichman [email protected] | (561) 999-2272 Updating Estimates to Reflect EM KEA Time Charter Extension Rating: OUTPERFORM
Time charter contract extension. Euroseas Ltd. executed a time charter contract extension for the EM Kea at a gross daily rate of $30,000 for a minimum period of 36 months to a maximum of 38 months, at the charterer’s option. The EM Kea is a 2007-built 3,100 twenty-foot equivalent unit (TEU) feeder container ship. The new charter will commence on July 14, 2026, in direct continuation of its present charter. The charter underscores the shortage of prompt tonnage, which, along with macroeconomic disruptions and uncertainty caused by the war in the Middle East, continues to sustain the firmness of the containership market.
Higher rate and improved charter coverage. The new time charter is an improvement over the previous contract rate of $19,000 per day and is expected to contribute EBITDA of $22.5 million during the minimum contracted period. The new time charter enhances charter coverage for 2025, 2026, and 2027 to approximately 91%, 76%, and 44%, respectively.
Strong Metallurgical Progress. Resolution has advanced metallurgical work at its Antimony Ridge project in Idaho, successfully producing a high-purity antimony trioxide intermediate (99.38% Sb2O3) from stibnite using conventional pyrometallurgical processing. Test work across pyrometallurgy, hydrometallurgy, and ore concentration continues to advance, with further results expected in the near term. The project is supported by high-grade antimony mineralization, consistently exceeding 30% and reaching up to 50%, underscoring its development potential as a domestic source of critical minerals.
Strategic U.S. Processing Opportunity. Resolution is also advancing a strategic plan to establish a U.S.-based antimony processing hub in Idaho, addressing the current lack of modern domestic processing capacity. By leveraging existing infrastructure at the Johnson Creek Mill site, Resolution aims to fast-track development of an integrated “mine-to-product” solution, strengthening supply chains for critical minerals essential to U.S. defense and industrial sectors.
Noble Capital Markets Research Report Thursday, April 16, 2026
Companies contained in today’s report:
CoreCivic, Inc. (CXW)/OUTPERFORM – Additional Flexibility Graham (GHM)/MARKET PERFORM – Accounts Advised by T. Rowe Price to Invest $50 Million in Graham Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Lion Zone Momentum Builds Vince Holding Corp. (VNCE)/OUTPERFORM – Operating Execution Driving EBITDA Upside
CoreCivic, Inc. (CXW/$20.08 | Price Target: $28) Joe Gomes [email protected] | 561-999-2262 Additional Flexibility Rating: OUTPERFORM
Incremental Term Loan. CoreCivic obtained an incremental term loan in the amount of $100 million from existing lenders under its credit facility. The Company expects to use the $100 million to pay down a portion of the amounts outstanding under its revolver and for working capital and general corporate purposes. With the DHS funding issues, we suspect the federal government has been slow in payment, likely resulting in elevated A/R for CoreCivic.
Updated Debt Details. Following the transaction, CoreCivic’s Amended Credit Facility is in the aggregate principal amount of $800 million, consisting of a $125 million initial term loan, the incremental term loan, and a $575 million revolving credit facility, which has a $25 million sublimit for swingline loans and a $100 million sublimit for the issuance of standby letters of credit.
Graham (GHM/$91.97) Joe Gomes [email protected] | 561-999-2262 Accounts Advised by T. Rowe Price to Invest $50 Million in Graham Rating: MARKET PERFORM
Investment. Yesterday, Graham announced the sale of $50 million of GHM common stock to certain accounts advised by T. Rowe Price Investment Management, Inc. Graham intends to use proceeds from the stock sale to further strengthen the Company’s balance sheet and financial flexibility through debt repayment and help fund future investment in organic and inorganic growth opportunities.
Details. The T. Rowe Price accounts will acquire 599,808 shares, approximately 5% of the outstanding common, of Graham common stock at $83.36 per share, based upon the 20-day average closing price of the company’s common stock on the New York Stock Exchange on April 13, 2026. The transaction is expected to close on April 16, 2026. The T. Rowe accounts will become the fourth largest shareholder following completion of the transaction. The shares will be registered for resale on a registration statement to be filed with the Securities and Exchange Commission within 30 days.
Power Metallic Mines Inc. (PNPNF/$0.84 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 Lion Zone Momentum Builds Rating: OUTPERFORM
Continued drilling success in the Lion Zone. Recent Winter 2026 drill results further defined the high-grade Lion Zone ahead of a planned 2026 Mineral Resource Estimate (MRE) for the Nisk project that will incorporate Lion Zone mineralization. Infill drilling confirmed continuity of mineralization, highlighted by notable intercepts, including 4.76 meters grading 10.43% copper equivalent (CuEq) and 4.35 meters at 5.94% CuEq, along with broad intervals including 27.1 meters at 2.17% CuEq. These results reinforce confidence in the geological model and support potential resources in the Indicated category.
Near-surface drilling reinforces development potential. Shallow drilling continues to demonstrate strong near-surface mineralization that may be suitable for open-pit extraction, enhancing the project’s development potential. Additional noteworthy results, including 3.10 meters at 5.38% CuEq, further validate the presence of consistent high-grade zones that could underpin future economic studies, including a preliminary economic assessment (PEA).
Strong Q4 caps solid year. Vince delivered Q4 revenue growth of 4.7% to $83.7 million, with DTC up over 10%, and profitability exceeding the high end of guidance despite a ~$2M Saks-related headwind. Adj. EBITDA exceeded our expectations at $4.5 million versus our $2.0 million estimate. This performance underscores the company’s ability to execute effectively even amid wholesale channel disruption and macro uncertainty.
DTC strength and pricing power drive results. Growth was fueled by robust full-price demand, improved customer experience, and successful pricing actions that offset tariff and freight pressures while maintaining unit volumes. Importantly, this signals a structurally higher-quality revenue base with less reliance on promotions.
Noble Capital Markets Research Report Wednesday, April 15, 2026
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Sale/Leaseback; Continuing Positive Class 8 Orders NN (NNBR)/OUTPERFORM – Preliminary Q1 2026 Net Sales Expected to Exceed Annual Guidance Run-rate SKYX Platforms (SKYX)/OUTPERFORM – Lands An Important European Hospitality Partnership SPACtrac Report (SPACtrac Report) – Redefining The Future of Sports, Media, and Performance Health
Commercial Vehicle Group (CVGI/$4.09 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 Sale/Leaseback; Continuing Positive Class 8 Orders Rating: OUTPERFORM
Sale/Leaseback. Commercial Vehicle Group has completed a sale-leaseback transaction for its manufacturing facility in Vonore, Tennessee, which generated $16 million in proceeds. The Company used the net proceeds from the transaction to prepay a portion of its existing term loan facility, thereby reducing the Company’s leverage profile.
Leverage. At the end of 2025, CVG had net debt of $73.1 million, representing a 4.1x net leverage ratio on 2025 adjusted EBITDA. CVG’s near-term focus remains on cash generation and lowering debt levels. Following this transaction, we believe CVG is even better positioned to drive future growth.
NN (NNBR/$1.57 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 Preliminary Q1 2026 Net Sales Expected to Exceed Annual Guidance Run-rate Rating: OUTPERFORM
Preliminary 1Q26 Revenue. Last night, NN announced that its preliminary Q1 2026 net sales results are expected to demonstrate growth versus the prior year and the Company’s forecast. The Company is maintaining its guidance range on net sales, expecting results to come in toward the top half of its original guidance range of $445 to $465 million.
Positive Momentum on New Business Too. Notably, the New Business program also delivered strong results in Q1. The Company was awarded approximately $43 million of new awards at peak annual sales, centered on the Electric Grid and Data Center markets. With the strength of NN’s new business wins in Q1 and a strong start in Q2, the Company is raising its full-year guidance range, now expecting new business wins to fall within the range of $80 to $90 million in 2026, up from a prior $70 to $80 million range.
SKYX Platforms (SKYX/$1.17 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Lands An Important European Hospitality Partnership Rating: OUTPERFORM
SKYX Secures Strategic European Partnership with Group OTT. SKYX announced a strategic agreement with European developer Jean-François Ott, founder of Group OTT, to deploy its technologies across hotels and buildings. The partnership designates SKYX’s smart ceiling platform as a brand standard across both new and existing assets. This marks a significant step in positioning SKYX as a core infrastructure provider rather than a product vendor.
Agreement Targets Deployment Across 250+ Projects in the Pipeline, Marking a Key Step Toward International Expansion and Platform Standardization. Group OTT brings a track record of over 250 completed projects valued at more than $4 billion across Europe. The agreement enables potential integration of SKYX technologies across a broad pipeline of hospitality, residential, and commercial developments. This provides SKYX with a scalable entry point into the European market and strengthens its standardization thesis.
SPACtrac Report Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Redefining The Future of Sports, Media, and Performance Health
A new level of competition. Enhanced Group Inc. is an emerging sports, media, and consumer health company seeking to go public via a SPAC merger with A Paradise Acquisition Corp. (APAD). The company is pioneering the “Enhanced Games,” a new athletic competition model that allows medically supervised performance enhancement, while simultaneously building a direct-to-consumer health platform. Its integrated ecosystem combines live events, clinical research, and subscription-based wellness products.
Large market opportunity. Enhanced operates across several high-growth sectors, including telehealth, personalized nutrition, and live sports media, all of which are undergoing structural transformation. Telehealth and performance optimization markets are expanding rapidly due to consumer demand for convenience and personalization, while live sports remain one of the most valuable forms of real-time content globally. These converging trends create a favorable backdrop for new, digitally native platforms that can capture attention and monetize engagement.
Noble Capital Markets Research Report Tuesday, April 14, 2026
Companies contained in today’s report:
First Phosphate Corp. (FRSPF)/OUTPERFORM – First Phosphate Achieves Another Major Milestone Snail (SNAL)/OUTPERFORM – Licensing Agreement Raises Cash Flow; Raise Price Target The Oncology Institute, Inc. (TOI)/OUTPERFORM – CMS Model Shows Medicare Cost Savings, Supporting Our Investment Thesis
First Phosphate Corp. (FRSPF/$0.85 | Price Target: $1.65) Mark Reichman [email protected] | (561) 999-2272 First Phosphate Achieves Another Major Milestone Rating: OUTPERFORM
Advancing financing efforts with international support. First Phosphate has secured a letter of interest (LOI) from the Export and Investment Fund of Denmark (EIFO) for up to €170 million to support equipment and service purchases for its Begin-Lamarche igneous phosphate project in Saguenay–Lac-Saint-Jean, Quebec. EIFO, owned and backed by the Danish government and effectively AAA-rated, would provide a guarantee to participating banks, with its involvement expected to be pro rata and pari passu alongside other senior lenders.
Global experience in export and project finance. EIFO brings extensive global experience in export and project finance, having supported numerous international transactions. The proposed guarantee remains subject to EIFO’s internal credit approvals and completion of project due diligence. The LOI is non-binding pending finalization of borrower, guarantor, and security arrangements, and will be governed by Danish law.
Snail Renegotiates ARK License. The amendment lowers fixed licensing costs from $2.0 million to $1.5 million per month, implying $1.5 million in quarterly savings. The obligation remains in place until the release of ARK 2, preserving near-term cost visibility. The move shows that the company is independently evaluating contracts on a timely basis.
DLC Payment Terms Revised to Reduce Future Cash Obligations. The amendment replaces blanket $5 million DLC payments with a more selective structure, excluding certain content such as DLCs already bundled in ARK: Survival Ascended. This change further moderates future cash outflows tied to the franchise. Improved cash flow generation provides greater flexibility to invest in upcoming titles and franchise development. It also reduces financial risk as the company transitions toward the next major ARK release.
The Oncology Institute, Inc. (TOI/$3.3 | Price Target: $8) Robert LeBoyer [email protected] | (212) 896-4625 CMS Model Shows Medicare Cost Savings, Supporting Our Investment Thesis Rating: OUTPERFORM
TOI Methodology Continues To Improve Medicare Cost Savings. TOI announced new data from the Enhancing Oncology Model (EOM) developed by the Centers for Medicare & Medicaid Services (CMS). Data from CMS shows that during Performance Period 3, the six-month period beginning July 2024, TOI achieved cost savings of $1.8 million, equating to $6,400 per patient-episode. This compares with the Performance Period 2, from January 2024 to June 2024, in which savings were $1.1 million or $3,500 per episode.
TOI Methodology Fits Well With The EOM. The CMS Innovation Center developed the EOM as a total-cost-of-care model to improve cancer care for Medicare Fee-for-Service beneficiaries. It incentivizes oncology practices to deliver coordinated care for patients receiving chemotherapy. The EOM model has identified pharmacy, avoidable acute care, and supportive care as the three main areas for cost reduction and quality-of-care improvements.
Noble Capital Markets Research Report Friday, April 10, 2026
Companies contained in today’s report:
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Antimony Ridge Takes a Big Step Forward Resources Connection (RGP)/OUTPERFORM – 3Q26 Results In-Line, But End Markets Remain Challenging Vince Holding Corp. (VNCE)/OUTPERFORM – Margins Trending Towards the High End of Guidance
Resolution Minerals Ltd (RLMLF/$0.04 | Price Target: $0.15) Mark Reichman [email protected] | (561) 999-2272 Antimony Ridge Takes a Big Step Forward Rating: OUTPERFORM
Fast-41 Designation. Resolution Minerals Ltd (OTCQB: RLMLF, ASX: RML) is advancing its Antimony Ridge Project in Idaho as a strategically significant source of antimony within the United States, reinforced by its recent inclusion in the Federal FAST 41 Permitting Transparency Program. This designation underscores the project’s importance to national security and critical mineral supply chains while supporting accelerated permitting, enhanced regulatory coordination, and increased visibility with investors and strategic partners.
Large-Scale Potential. The project demonstrates strong large-scale potential, with recent modeling defining an extensive and expanding mineralized system hosting high grade antimony and silver across a substantial footprint. Historical production and recent sampling confirm exceptionally high grades, while mineralization remains open in multiple directions, indicating considerable upside and resource growth potential.
Resources Connection (RGP/$3.46 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 3Q26 Results In-Line, But End Markets Remain Challenging Rating: OUTPERFORM
Overview. For the third quarter of fiscal 2026, Resources Connection produced results that were aligned with management’s previous guidance for revenue and gross margin, while run-rate SG&A expenses were better than the outlook. During the quarter, management continued to strengthen leadership, meaningfully reduced the cost structure, took steps to simplify the business portfolio, and began reinvesting selectively to support future growth.
3Q26 Results. Revenue in 3Q26 was $107.9 million compared to $129.4 million in 3Q25. We were at $108 million. On a same-day constant currency basis, revenue decreased by $25.4 million, or 19.6%. Billable hours decreased 16.3% year-over-year, and the Company average bill rate for 3Q26 decreased 1.0% year-over-year, or 2.1% on a constant currency basis. RGP reported a GAAP net loss of $9.5 million, or a loss of $0.28/sh. Adjusted net loss was $0.09/sh. We were at a loss of $0.31/sh and $0.08/sh, respectively.
Vince Holding Corp. (VNCE/$2.45 | Price Target: $5.5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Margins Trending Towards the High End of Guidance Rating: OUTPERFORM
Solid holiday performance. For the nine-week period ended January 3, 2026, total company net sales increased 5.3% year over year, supported primarily by steady demand and continued strength in the Direct-to-Consumer segment. Furthermore, management attributed the improvement to ongoing investments in customer experience, digital capabilities, and omnichannel engagement.
DTC leads the way. Notably, Direct-to-Consumer revenue increased 9.7% versus the prior-year holiday period, underscoring strong traffic conversion across e-commerce and retail locations. In contrast, the Wholesale segment declined 2.7% year over year, reflecting disruption in receipt flow related to its partner Saks Global. Despite this pressure, management indicated that strong point-of-sale performance with key partners partially offset the disruption.
Noble Capital Markets Research Report Thursday, April 9, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – AZZ To Report FY 2026 Financial Results on April 22 QuoteMedia Inc. (QMCI)/OUTPERFORM – Entering a Multi-Year Growth Phase Xcel Brands (XELB)/OUTPERFORM – A Solid Foundation For Growth
AZZ (AZZ/$133.47 | Price Target: $160) Mark Reichman [email protected] | (561) 999-2272 AZZ To Report FY 2026 Financial Results on April 22 Rating: OUTPERFORM
FY 2026 financial results. AZZ will release fourth quarter and FY 2026 financial results after the market close on Wednesday, April 22. Management will host an investor conference call and webcast on Thursday, April 23, at 11:00 am ET. We anticipate the company will elaborate on its FY 2027 corporate guidance and capital allocation priorities, along with discussing the market outlook and strategic drivers for each of its business segments.
Corporate guidance. FY 2026 sales, EBITDA, and EPS are expected to be in the range of $1.625 to $1.725 billion, $360 to $380 million, and $5.90 to $6.20, respectively. FY 2027 sales are expected to be in the range of $1.725 to $1.775 billion, adjusted EBITDA is expected to be in the range of $360.0 to $400.0 million, and adjusted diluted EPS is expected to be in the range of $6.50 to $7.00.
QuoteMedia Inc. (QMCI/$0.15 | Price Target: $0.23) Michael Kupinski [email protected] | (561) 994-5734 Entering a Multi-Year Growth Phase Rating: OUTPERFORM
Q4 exceeds revenue expectations. QuoteMedia reported Q4 revenue of $5.35M (+14% y/y) and FY2025 revenue of $20.3M (+8% y/y), reflecting solid top-line momentum, while profitability declined with Adjusted EBITDA of $1.0M (vs. $1.8M prior year) and a net loss of $2.3M, driven by investment and accounting treatment of development costs.
Revenue Drivers & Earnings Dynamics. Growth was led by Corporate Quotestream (enterprise), benefiting from larger contracts, higher ARPC, and cross-selling of data and SaaS solutions, while earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability but not cash flow.
Xcel Brands (XELB/$1.53 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | A Solid Foundation For Growth Rating: OUTPERFORM
Q4 Results. The company reported Q4 revenue of $1.2 million and an adj. EBITDA loss of $0.6 million, both of which were modestly lower than our estimates of $1.7 million and a loss of $0.5 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, we view 2025 as a transformational year for the company, given several key partnerships and a more efficient operating structure that positions the company for growth.
Favorable Release Pipeline. In 2026, the company is expected to enter a more significant phase of its growth strategy, centered on brand launches and portfolio expansion. Cesar Millan, Gemma Stafford, and Jenny Martinez are expected to debut on QVC and HSN in Q2, with distribution expanding to brick-and-mortar retail and Amazon in the back half of the year. Additionally, Coco Rocha is expected to launch later in 2026.
Noble Capital Markets Research Report Wednesday, April 8, 2026
Companies contained in today’s report:
Direct Digital Holdings (DRCT)/MARKET PERFORM – Early Signs of Stabilization Emerge GeoVax Labs (GOVX)/OUTPERFORM – GeoVax Presents Data On New Single-Dose Mpox Vaccine Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – New Claims Filed To Expand Patent Estate Covering GP2 QuoteMedia Inc. (QMCI)/OUTPERFORM – Revenue Momentum Picks Up Xcel Brands (XELB)/OUTPERFORM – Solid Foundation For Growth In 2026
Direct Digital Holdings (DRCT/$0.78) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Early Signs of Stabilization Emerge Rating: MARKET PERFORM
Post Q4 investor call. This report provides additional color on the recently reported fourth-quarter and full-year 2025 results and the outlook for 2026 and beyond. We are posting 2027 estimates, which anticipate mid-teen revenue growth and positive adj. EBITDA.
New customer wins in energy and expanding vertical mix improve growth quality and reduce seasonality. Buy-side momentum was driven by new customer additions, particularly in the energy vertical and by expansion into education. This diversification is helping stabilize revenue trends and reduce historical second-half weakness.
GeoVax Labs (GOVX/$1.21 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 GeoVax Presents Data On New Single-Dose Mpox Vaccine Rating: OUTPERFORM
Preclinical Study Compared Single-Dose MVA With Two-Dose Standard Vaccine. GeoVax presented preclinical data at the World Vaccine Congress Washington 2026 comparing its current pre-Phase-3 GEO-MVA vaccine for Mpox with its new MVA-X version. The new MVA-X includes a peptide sequence that elicits a strong T-cell response that requires only one dose to achieve protection instead of two.
Immune Checkpoint Modulation Improves The Response. The new MVA-X includes an immunomodulatory peptide designed to improve T-cell responses. The peptide modulates the PD-1 immune checkpoint pathway to block inhibitory signaling to magnify T-cell activation, improve the durability of the T-cell response, and enhance immune memory.
Greenwich LifeSciences, Inc. (GLSI/$22.03 | Price Target: $45) Robert LeBoyer [email protected] | (212) 896-4625 New Claims Filed To Expand Patent Estate Covering GP2 Rating: OUTPERFORM
New Data Added To Expand Patent Claims. Greenwich LifeSciences announced that it has filed new patent claims to expand the patent estate covering GP2, the proprietary compound in GLSI-100. The new claims add recently announced data from the Phase 3 FLAMINGO-01 trial that show the immune response and recurrence rate for non-HLA*02 patients. These claims could expand both the scope and the term of the patent estate beyond previous claims from HLA*02 patients.
Broadening Patent Protection Protects Against Competitors. Patent claims covering the immune response that results from GLSI-100 treatment could help lock out competitors trying to develop similar compounds. If a new compound were able to avoid patents covering GP2, it would be blocked by the new claims covering the immune response that follows.
QuoteMedia Inc. (QMCI/$0.14 | Price Target: $0.23) Michael Kupinski [email protected] | (561) 994-5734 Revenue Momentum Picks Up Rating: OUTPERFORM
Exceeds Q4 revenue expectations. QuoteMedia reported Q4 revenue of $5.35M (+14% y/y) and FY2025 revenue of $20.3M (+8% y/y), reflecting solid top-line momentum. Profitability declined in the full year 2025, with Adjusted EBITDA of $1.0M (vs. $1.8M prior year) and a net loss of $2.3 million, driven by investment and accounting treatment of development costs.
Key growth drivers. Revenue growth was led by Corporate Quotestream (enterprise), benefiting from larger contracts, higher ARPC, and cross-selling of data and SaaS solutions. Interactive Content revenue increased a strong 18.3%, better than our 8% growth estimate. Earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability.
Xcel Brands (XELB/$1.46 | Price Target: $7) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Solid Foundation For Growth In 2026 Rating: OUTPERFORM
Q4 Results. The company reported Q4 revenue of $1.2 million and an adj. EBITDA loss of $0.6 million, both of which were modestly lower than our estimates of $1.7 million and a loss of $0.5 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, we view 2025 as a transformational year for the company, driven by several key partnerships that position it on a solid foundation for growth in 2026 and beyond.
Strategic partnerships. The company’s influencer brands, with Jenny Martinez, Gemma Stafford, Cesar Millan, and Coco Rocha, are expected to launch throughout 2026. Notably, these partnerships have driven the company’s social media following from 5 million at the start of 2025 to approximately 46 million today. In our view, the company is well-positioned to reach its goal of 100 million social media followers in 2026.
Noble Capital Markets Research Report Tuesday, April 7, 2026
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Moving to the Next Phase of Development Newsmax (NMAX)/OUTPERFORM – Structural Growth Story Intact; Tweaking Price Target
Century Lithium Corp. (CYDVF/$0.27 | Price Target: $3.05) Mark Reichman [email protected] | (561) 999-2272 Moving to the Next Phase of Development Rating: OUTPERFORM
Updated feasibility study. Century recently filed its updated 2026 NI 43-101 feasibility study for its 100%-owned Angel Island Lithium Project in Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.
Next steps. With the completion and filing of the 2026 Feasibility Study and the recent C$7 million financing, the company is well positioned to advance the Angel Island project to its next development stages. Planned activities include submitting a Plan of Operations to the Bureau of Land Management to initiate the National Environmental Policy Act (NEPA) review process, advancing Nevada state permitting, progressing detailed engineering, and continuing engagement with strategic and downstream partners. Century also intends to further evaluate the rate of earth element recovery at Angel Island and continue discussions with potential offtake and project finance partners.
Newsmax (NMAX/$5.49 | Price Target: $17) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Structural Growth Story Intact; Tweaking Price Target Rating: OUTPERFORM
Strong Q4 execution with continued top-line momentum. Newsmax delivered Q4 revenue growth of 9.6% year-over-year, driven by affiliate fee expansion and resilient advertising demand, outperforming expectations in a non-election year environment. The company continues to scale across cable, streaming (FAST), subscription, and digital platforms, expanding distribution to 100+ countries and reinforcing its position as the #4 cable news network.
Affiliate fee upside remains key long-term catalyst. Ongoing contract renewals and repricing opportunities provide meaningful upside potential, with current rates still significantly below industry peers. Based on recent contracts and a favorable 2026 outlook, we have revised our 2026 affiliate fee revenue estimate upward from $43.4 million to $49.8 million.
Americans hitting the road this Memorial Day weekend are paying the highest prices at the pump in nearly four years — and the bill is coming due for small and microcap companies across the consumer economy whether they are behind the wheel or not.
The national average for a gallon of regular gasoline reached $4.56 on Thursday according to AAA, up more than $1.38 from this time last year and more than 50% since the US and Israel launched strikes on Iran on February 28. Every single US state has now crossed the $4 threshold. Seven states are posting averages above $5, with California topping the national rankings at $6.16 per gallon. The last time Memorial Day fuel costs were this elevated was 2022, in the wake of Russia’s full-scale invasion of Ukraine, when the national average peaked at $4.61.
The summer outlook is not encouraging. GasBuddy projects the national average will run at approximately $4.80 per gallon across the full summer driving season from Memorial Day through Labor Day — and warns prices could test the all-time record of $5.02 per gallon if the Strait of Hormuz remains effectively closed deep into the season. GasBuddy’s head of petroleum analysis attributes more than 90% of the year-over-year gap at the pump directly to the Iran conflict and the resulting disruption to the strait, which normally handles roughly one-fifth of global oil supply and has now been compromised for twelve consecutive weeks.
Record Travel, Real Costs
The timing could not be more pointed. AAA projects a record 45 million Americans will travel at least 50 miles this Memorial Day weekend — up from 44.8 million in 2025 and nearly 5% above pre-pandemic 2019 levels. Of those travelers, 87% will be driving. Gasoline demand ticked higher last week to 8.76 million barrels per day even as total domestic supply fell to 214.2 million barrels and production slipped to 9.3 million barrels per day. Demand rising into a tightening supply picture is not a recipe for relief at the pump.
The Small Cap Exposure
For investors in the sub-$2 billion market cap space, this is not an abstract macro story — it is an active margin event playing out across multiple sectors simultaneously. Regional trucking companies, last-mile delivery operators, and logistics providers are absorbing diesel costs that have risen sharply alongside gasoline, with limited ability to push surcharges through in a competitive environment. Consumer-facing small caps in food service, casual dining, and retail are getting squeezed from two directions: higher distribution and operating costs on one side, and a consumer with less disposable income after filling the tank on the other.
Travel-adjacent small caps — regional hospitality operators, independent hotel brands, and leisure-focused consumer companies — face a more nuanced picture. Record travel volumes represent a genuine demand tailwind, but margin pressure from elevated fuel and labor costs can quickly offset volume gains for operators without significant pricing power.
The companies best positioned on the other side of this trade remain domestic energy producers. With WTI holding above $100 and summer demand accelerating into a supply-constrained market, independent oil and gas operators in the small cap space continue to benefit from a price environment that shows no structural signs of easing before fall.
The pump price this weekend is $4.56. If the Strait of Hormuz stays closed, it may look cheap by August.
