August 2026 - Page 14 of 17

Release – The GEO Group Reports Second Quarter Results and Updates Full Year 2026 Guidance

Posted on August 6, 2026August 6, 2026 by [email protected]

August 6, 2026

2Q26 Revenues Increased 15% to $732.1 Million
2Q26 Net Income Attributable to GEO Operations Increased 63% to $47.5 Million
2Q26 Adjusted EBITDA Increased 20% to $142.0 Million
Repurchased approximately 1.6 million shares for $36.6 million in 2Q26
Guidance for FY26 Revenues of $2.95-$3.05 Billion
Guidance for FY26 Net Income Attributable to GEO Operations Increased to $168-$175 Million, or $1.27-$1.32 Per Diluted Share
Guidance for FY26 Adjusted EBITDA Increased to $550-$560 Million

BOCA RATON, Fla.–(BUSINESS WIRE)–Aug. 6, 2026– The GEO Group, Inc. (NYSE: GEO) (“GEO”, “we” or the “Company”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the second quarter 2026, updated full year 2026 financial guidance, and provided financial guidance for the third and fourth quarters 2026.

For the second quarter 2026, we reported total revenues of $732.1 million compared to $636.2 million for the second quarter 2025, reflecting a 15 percent increase.

We reported second quarter 2026 net income attributable to GEO Operations of $47.5 million, or $0.36 per diluted share, compared to net income attributable to GEO Operations of $29.1 million, or $0.21 per diluted share, for the second quarter 2025, reflecting a 63 percent increase in net income attributable to GEO Operations.

Second quarter 2026 results reflect $1.7 million, pre-tax, in combined loss on asset divestitures/impairment, start-up expenses, transaction fees, and employee restructuring expenses. Excluding these items, we reported adjusted net income for the second quarter 2026 of $48.8 million, or $0.37 per diluted share, compared to $30.7 million, or $0.22 per diluted share, for the second quarter 2025.

We reported second quarter 2026 Adjusted EBITDA of $142.0 million, compared to $118.6 million for the second quarter 2025, reflecting a 20 percent increase.

Our second quarter 2026 results reflect revenue growth from the contracts that we entered into throughout 2025. Operating Expenses continued to be favorably impacted by lower labor costs during the second quarter of 2026.

George C. Zoley, GEO’s Chairman, Chief Executive Officer and Founder, said, “We are very pleased with our strong second quarter results and improved full year outlook. Our financial performance in the first half of 2026 has been driven by the new growth opportunities we captured in 2025 and are normalizing this year. Last year was the most successful period for new business wins in our company’s history, and we expect 2026 to continue to be very active as well. We remain focused on pursuing new growth opportunities and allocating capital to enhance long-term value for our shareholders, and we believe that our stock continues to offer a very attractive investment opportunity.”

Results for the First Six Months of 2026

For the first six months of 2026, we reported total revenues of $1.44 billion compared to $1.24 billion for the first six months of 2025, reflecting a 16 percent increase.

We reported net income attributable to GEO Operations for the first six months of 2026 of $85.8 million, or $0.65 per diluted share, compared to net income attributable to GEO Operations of $48.7 million, or $0.35 per diluted share, for the first six months of 2025, reflecting a 76 percent increase in net income attributable to GEO Operations.

Results for the first six months of 2026 reflect $2.1 million, pre-tax, in combined loss on asset divestitures/impairment, start-up expenses, transaction fees, employee restructuring expenses, and close-out expenses. Excluding these items, we reported adjusted net income for the first six months of 2026 of $87.4 million, or $0.66 per diluted share, compared to $50.3 million, or $0.36 per diluted share, for the first six months of 2025.

We reported Adjusted EBITDA for the first six months of 2026 of $273.4 million, compared to $218.4 million for the first six months of 2025, reflecting a 25 percent increase.

Operational Highlights

We entered into a five-year support services contract, effective July 9, 2026, with U.S. Immigration and Customs Enforcement (“ICE”) for the activation of a federal immigration processing center at the 1,188-bed Big Horn Facility in Hudson, Colorado, while also entering into a lease agreement with the Facility owner. The Big Horn Facility support services contract is expected to generate approximately $85 million in annual revenues in the first full year of operations.

We entered into a five-year support services contract, effective August 1, 2026, with ICE for the activation of a federal immigration processing center at our GEO-owned, 1,320-bed Rivers Facility in Winton, North Carolina. The Rivers Facility support services contract is expected to generate approximately $80 million in annual revenues in the first full year of operations.

Under both contracts, ICE will reimburse GEO for the capital expenditures needed to reactivate these two facilities, as well as provide funding for start-up expenses during the activation period. We expect the activation of the Big Horn Facility and Rivers Facility to be completed by the end of 2026, with both facilities expected to achieve normalized operations and earnings contribution in early 2027.

Financial Guidance

Today, we updated our financial guidance for the full year 2026 and issued our financial guidance for the third quarter 2026 and the fourth quarter 2026. We increased our full year 2026 Net Income Attributable to GEO Operations guidance to a range of $168 million to $175 million, or $1.27 to $1.32 per diluted share on annual revenues of $2.95 billion to $3.05 billion and based on an effective tax rate of approximately 30 percent, inclusive of known discrete items. We increased our full year 2026 Adjusted EBITDA guidance to a range of $550 million to $560 million. We expect total unreimbursed Capital Expenditures for the full year 2026 to be between $135 million and $145 million.

For the third quarter 2026, we expect Net Income Attributable to GEO Operations to be in a range of $45 million to $48 million, or $0.35 to $0.37 per diluted share, on quarterly revenues of $755 million to $805 million. We expect third quarter 2026 Adjusted EBITDA to be between $140 million and $145 million. For the fourth quarter 2026, we expect Net Income Attributable to GEO Operations to be in a range of $37 million to $41 million, or $0.28 to $0.31 per diluted share, on quarterly revenues of $758 million to $808 million. We expect fourth quarter 2026 Adjusted EBITDA to be between $137 million and $142 million.

Our updated guidance does not include any earnings contribution from our new Big Horn and Rivers ICE contracts since we expect the activation period for these facilities to be completed by the end of 2026, achieving normalized earnings contribution in early 2027. Our updated guidance also does not include any earnings contribution from our previously announced managed-only contracts for the 1,884-bed Graceville Facility and the 985-bed Bay Facility in the State of Florida. These two managed-only contracts, which are valued at approximately $100 million in combined annual revenues, are now expected to transition to GEO on July 1, 2027.

We believe there are several sources of potential upside that are not currently included in our guidance. With respect to revenues, sources of potential upside include additional growth in our U.S. Secure Services segment from the reactivation of additional idle facilities and/or higher overall populations across our active facilities; additional volume increases and/or accelerated technology and service mix shift in our Intensive Supervision Appearance Program (“ISAP”) contract; additional growth in our secure transportation services business; and additional revenue from higher utilization of our skip tracing services contract. With respect to expenses, our guidance assumes a more moderate contribution from labor cost savings for the second half of 2026.

Balance Sheet

At the end of the second quarter 2026, we had approximately $55 million in cash and cash equivalents and approximately $1.54 billion in total debt, resulting in total net debt of approximately $1.5 billion and total net leverage below 3 times Adjusted EBITDA for the trailing 12 months. At the end of the second quarter 2026, we had total available liquidity of approximately $300 million, including cash on hand and Revolver availability, to support our capital needs.

Share Repurchase Program

During the second quarter of 2026, we repurchased approximately 1.6 million shares of GEO common stock at an aggregate cost of approximately $36.6 million. As of June 30, 2026, we had repurchased approximately 10.1 million shares of GEO common stock at an aggregate cost of approximately $177 million under our $500 million share repurchase authorization, bringing our current outstanding share count to approximately 132 million and leaving approximately $323 million of repurchase authorization available under the share repurchase program.

Repurchases of GEO’s outstanding common stock will be made in accordance with applicable securities laws and may be made at our senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program may be extended, increased, decreased, suspended or terminated by our Board of Directors in its discretion at any time. Repurchases of the Company’s common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company’s existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company’s sole discretion. The authorization for the share repurchase program does not obligate GEO to purchase any particular amount of the Company’s common stock.

Conference Call Information

We have scheduled a conference call and webcast for today at 1:00 PM (Eastern Time) to discuss our second quarter 2026 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through August 13, 2026, at 1-855-669-9658 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 1433186.

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 76,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 20,000 employees.

View full release here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260805338921/en/

Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – Graham Corporation Reports First Quarter Fiscal 2027 Results

Posted on August 6, 2026August 6, 2026 by [email protected]

Research News and Market Data on GHM

August 06, 2026 6:30am EDT Download as PDF

First Quarter Fiscal 2027 Highlights:

Record net sales of $71.3 million, increased 29% compared to the prior year reflecting strength of diversified revenue base
Gross profit increased 21% to $17.8 million; Gross profit margin was 25.0%
Net income per diluted share was $0.33; Adjusted net income per diluted share⁽¹⁾ was $0.49
Adjusted EBITDA⁽¹⁾ increased 28% to $8.8 million; Adjusted EBITDA margin⁽¹⁾ was 12.3%
Orders⁽²⁾ were $95.9 million; Book-to-Bill⁽²⁾ ratio of 1.3x and record backlog⁽²⁾ of $557.2 million
Strengthened balance sheet with $27.0 million in cash and no outstanding debt following $50.0 million stock issuance and repayment of $13.0 million of debt during the quarter
Reaffirming full year fiscal 2027 guidance

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“GHM” or the “Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Space, and Energy & Process industries, today reported financial results for its first quarter for the fiscal year ending March 31, 2027 (“fiscal 2027”).

Graham’s President and Chief Executive Officer, Matthew J. Malone stated, “Our first quarter results reflect continued disciplined execution and give us confidence as we look ahead to the remainder of fiscal 2027. Our revenue growth was across all of our business units, and bookings remained strong, which we believe, along with our record backlog, positions us well to achieve our long-term growth and profitability goals.”

Mr. Malone continued, “At our Investor Day in June 2026, we introduced our three-year financial framework as we enter our next phase of growth which reflects the favorable tailwinds we see across our end markets. As we execute against our strategy, we remain focused on converting these opportunities into profitable growth, expanding margins and delivering long-term value for our shareholders.”

¹ Adjusted net income per diluted share, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See attached tables and other information for important disclosures regarding Graham’s use of these non-GAAP measures.
² Orders, backlog and book-to-bill ratio are key performance metrics. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics.

First Quarter Fiscal 2027 Performance Review
(All comparisons are with the same prior-year period unless noted otherwise.)

Net sales for the first quarter of fiscal 2027 were $71.3 million, up $15.9 million, or 29%, compared with the first quarter of fiscal 2026, reflecting the strength of our diversified revenue base, as well as the acquisition of FlackTek, which added $6.6 million to revenue during the quarter. The increase for the quarter was across multiple markets, including an $11.8 million, or 40%, increase in sales to the Defense market, primarily due to the timing of project milestones, as well as new programs and growth in existing programs. Sales to the Space market increased $2.9 million, or 86%, over the prior year first quarter, due to new programs and the ramp up of existing programs, as well as the FlackTek acquisition. Sales to the Energy & Process markets increased $1,098, or 5%, as increases in Aftermarket sales are partially offset by push outs on large capital project activity. Aftermarket sales to the Energy & Process and Defense markets of $9.7 million remained strong, increasing 20% over the first quarter of the prior year.

Gross profit for the first quarter of fiscal 2027 was $17.8 million or 25.0% of sales, compared with $14.7 million, or 26.5% of sales, in the prior-year period. The 150-basis point decline in gross profit margin reflects the mix of sales in the first quarter of fiscal 2027, and in particular, a higher level of Defense sales and material receipts, which carry a lower profit margin.

Selling, general and administrative expense (“SG&A”), including intangible amortization, for the first quarter of fiscal 2027 increased $3.2 million or 33%, over the prior year first quarter. Acquisition and integration expenses contributed $0.6 million of the increase compared to the prior year first quarter. Additionally, incremental SG&A from the acquisition of FlackTek accounted for $1.8 million of the increase. The remaining increase primarily reflects investments the Company is making in its people, processes, and technology, which we expect to be approximately $2.5 million of incremental costs for fiscal 2027, partially offset by a reduction in costs related to the Barber-Nichols Performance Bonus, which is no longer in effect in fiscal 2027. During the first quarter of fiscal 2026, the Company recorded $1.1 million related to the Barber-Nichols Performance Bonus, inclusive of applicable payroll taxes and no corresponding expense was recorded in the first quarter of fiscal 2027.

Cash Management and Balance Sheet

Cash and cash equivalents as of June 30, 2026, were $27.0 million, compared with $6.6 million in the previous quarter. During the quarter, the Company strengthened its balance sheet through a $50.0 million investment from accounts advised by T. Rowe Price, of which $13.0 million of the proceeds were used for debt repayment, with the remaining proceeds expected to fund future organic and inorganic growth opportunities.

Net cash used by operating activities was $12.7 million during the first quarter of fiscal 2027, primarily due to the timing of billing and collection of accounts receivable and unbilled revenue and customer deposits, as well as the payment of fiscal 2026 bonuses, including the Barber-Nichols Performance Bonus, during the quarter.

Capital expenditures, net for the first quarter of fiscal 2027 were $2.6 million, focused on capacity expansion, increasing capabilities, and productivity improvements.

The Company had no debt outstanding as of June 30, 2026, with $74.5 million available on its revolving credit facility after taking into account outstanding letters of credit.

Orders, Backlog, and Book-to-Bill Ratio

See supplemental data filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by market. See “Key Performance Indicators” below for important disclosures regarding Graham’s use of these metrics ($ in millions).

Orders for the first quarter of fiscal 2027 were $95.9 million, compared with $125.9 million in the prior year first quarter, which included $86.5 million of follow-on orders to support the U.S. Navy’s Virginia Class Submarine program. Order activity in the quarter continued to reflect strong demand in the Defense market, including approximately $61.8 million of new and follow-on orders to support the U.S. Navy’s Columbia and Virginia Class Submarine programs, as well as to provide mission-critical hardware for the MK48 Mod 7 Heavyweight Torpedo. Space market orders totaled $14.4 million, or 2.3x net Space sales for the quarter. Total Aftermarket orders for the Energy & Process and Defense markets increased 5% to $10.9 million and FlackTek contributed $13.2 million to orders during the quarter or 2.0x net FlackTek sales.

Note that our orders tend to be lumpy given the nature of our business (i.e. large capital projects) and in particular, orders to the Defense industry, which span multiple years and can be significantly larger in size.

Backlog at quarter end was a record $557.2 million, a 15% increase over the prior-year period, driven by strong bookings in the Defense and Space markets, and contributions from the FlackTek acquisition. For the quarter, the Company achieved a book-to-bill ratio of 1.3x, continuing momentum from a book-to-bill ratio of 1.5x in FY 2026. Approximately 35% to 40% of orders currently in backlog are expected to be converted to sales in the next twelve months, another 20% to 25% are expected to convert to sales within one to two years, and the remaining beyond two years. Approximately 84% of our backlog as of June 30, 2026, was to the Defense industry, which provides stability and visibility for future revenue.

Fiscal 2027 Outlook

Graham’s Chief Financial Officer, Christopher J. Thome, said, “Our first quarter results reflect the discipline we have applied across the business, and we enter fiscal 2027 with a stronger, more flexible balance sheet and no outstanding debt. This financial flexibility supports our ability to continue investing in both organic and inorganic growth while maintaining the operating discipline that has defined our performance.”

Mr. Thome continued, “With our first quarter results in line with our expectations, we are reaffirming our full year fiscal 2027 guidance. We remain focused on converting our record backlog into profitable growth as we execute throughout the remainder of the year.”

Webcast and Conference Call

GHM’s management will host a conference call and live webcast on August 6, 2026, at 11:00 a.m. Eastern Time (“ET”) to review its financial results as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on GHM’s investor relations website.

A question-and-answer session will follow the formal presentation. GHM’s conference call can be accessed by calling (877) 407-0784, or (201) 689-8560 (International). Alternatively, the webcast can be monitored from the events section of GHM’s investor relations website.

A telephonic replay will be available from 3:00 p.m. ET today through Thursday, August 13, 2026. To listen to the archived call, dial (844) 512-2921 and enter conference ID number 13761669, or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

About Graham Corporation

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Space, Energy & Process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise, proprietary technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “continue,” “estimate,” “expects,” “focus,” “future,” “opportunities,” “outlook,” “believes,” “could,” “guidance,” “may”, “will,” “plan,” “strategy,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, its ability to deliver to plan, its ability to continue to strengthen relationships with customers in the Defense industry, its ability to secure future projects and applications, expected expansion and growth opportunities, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, orders, market presence, profit margins, tax rates, foreign sales operations, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission (the “SEC”), included under the heading entitled “Risk Factors”, and in other reports filed with the SEC.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

View full release here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260805783838/en/

For more information, contact:

Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Tom Cook
Investor Relations
(203) 682-8250
[email protected]

Source: Graham Corporation

Released August 6, 2026

Tarsus Pays $450 Million for a Drug That Won’t Have Data Until 2029

Posted on August 6, 2026August 6, 2026 by [email protected]

Tarsus Pharmaceuticals (Nasdaq: TARS) announced Thursday it has entered into a definitive agreement to acquire privately held Alkeus Pharmaceuticals, adding gildeuretinol, an investigational once-daily oral therapy for Stargardt disease, to its growing eye care pipeline. Under the terms of the agreement, Tarsus will pay approximately $450 million upfront, including $270 million in cash, with up to $350 million in additional milestone payments and low-to-mid single digit royalties on future product sales.

Alongside the acquisition, Tarsus secured $125 million in gross proceeds through an oversubscribed private placement equity financing, giving the company additional capital to fund the integration and continued clinical development of its expanding pipeline. The deal is expected to close later in 2026, subject to customary closing conditions.

What Alkeus Brings to Tarsus

Stargardt disease is a rare, inherited retinal disorder that currently has no FDA-approved treatments, making it exactly the kind of high unmet need indication that commands significant strategic value despite years remaining before any potential approval. Gildeuretinol has already been studied in more than 400 individuals, demonstrating a favorable tolerability and efficacy profile, and has received both Breakthrough Therapy and Orphan Drug designations from the FDA, two regulatory signals that typically accelerate development timelines and reflect meaningful confidence in a drug’s underlying science.

The catch, and the reason this deal is genuinely a long-term bet, is timing. Topline data from the pivotal Phase 3 NORTHSTAR trial is not expected until the second half of 2029, meaning Tarsus is paying $450 million upfront for an asset that will not produce a definitive readout for roughly three more years.

A Pattern, Not a One-Off Deal

This is not Tarsus’s first eye care acquisition this year. The Alkeus deal builds directly on the company’s recent acquisition of iRenix Medical, which brought IRX-101, a potential ocular antiseptic, into the fold. Combined with its existing pipeline, which includes TP-04 for ocular rosacea and TP-05 for Lyme disease prevention, both currently in Phase 2, Tarsus is deliberately assembling one of the more comprehensive eye care pipelines in the industry rather than remaining a single-product company.

That strategy is being funded by genuine commercial strength. Tarsus reported second quarter 2026 net product sales of $173.9 million for its lead commercial product XDEMVY, an increase of more than 69% year over year, and raised its full-year 2026 XDEMVY sales guidance to a range of $685 million to $705 million. That accelerating commercial performance gives Tarsus the balance sheet flexibility to fund a multi-year pipeline bet like Alkeus while continuing to invest across its broader portfolio.

What It Means for Investors Tracking Ophthalmology and Rare Disease

For investors tracking small and mid cap companies in ophthalmology and inherited retinal disease, this transaction reinforces just how much strategic value the market continues to assign to differentiated science addressing conditions with no approved treatment options, even when the definitive clinical proof point sits years in the future. The broader inherited retinal disease space remains an area of active development, with companies like Ocugen continuing to advance gene therapy programs targeting similar categories of rare, previously untreatable retinal conditions.

Tarsus is betting that being the eye care company with the deepest pipeline, not just the strongest single product, is what builds durable value over the next decade. The market’s initial reaction, with shares pulling back modestly in premarket trading, suggests investors are still digesting the size of the bet relative to how far away the payoff actually is.

CoreCivic, Inc. (CXW) – First Look 2Q26 Results

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Overview. CoreCivic’s 2Q26 financial results exceeded management expectations, driven by lower operating costs and slightly higher populations from U.S. Immigration and Customs Enforcement. Recent contracts at 4 facilities added $80.1 million to revenue and $20.1 million to operating income in the quarter. These facilities continue to be in various stages of activation.

2Q26 Results. Revenue increased 27.3% y-o-y to $684.9 million and was above our $618 million projection. Adjusted EBITDA was $109.4 million, compared to $103.3 million in 2Q25 and our $108.9 million estimate. Adjusted net income was $37.7 million, or $0.38 per diluted share, in 2Q26, compared with $39.7 million and $0.36, respectively, last year. We would note 2Q25 EPS benefited from $11.6 million, or $0.08 per share, of Employee Retention Credits, along with interest thereon, available under the CARES Act. Excluding the CARES Act benefit, 2Q26 adjusted EPS would have reflected more pronounced y-o-y growth.

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

ONE Group Hospitality (STKS) – Implementing the Asset Light Strategy

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Overview. The ONE Group Hospitality’s second quarter 2026 results underscore the momentum the Company is building across the portfolio, driven by the continued strength of the Company’s Vibe Dining brands. Consolidated comparable sales were positive, with positive transaction growth across all segments. Quarterly margin performance was strong, with the consolidated margin expanding 110 basis points to 16.4%.

2Q26 Results. ONE Group reported 2Q26 revenue of $200.5 million, down 3.3% from $207.4 million for the same quarter last year. The decrease was primarily attributable to the closed grill concept restaurants, partially offset by an increase in comparable restaurant sales and sales from new restaurants opened since July 2025. Adjusted EBITDA attributable to ONE Group was $21.1 million in 2Q26 compared to $23.4 million in 2Q25, a decrease of 9.7%, primarily due to increased investment in marketing during the quarter and an increase in general and administrative expenses, excluding stock-based compensation.

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NN (NNBR) – First Look 2Q26 Operating Results; Deleveraging Transaction

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Overview. NN delivered strong financial performance in 2Q26 with record results in many areas. The Company’s 5-pillar growth program is delivering results. New sales are higher margin, attached to higher-growth-rate end markets, and mostly immediate 2026 startup. The second half of 2026 is expected to reflect continued momentum and strong financial performance.

2Q26 Results. Net sales for 2Q26 were $128.7 million, an increase of 19.3% compared to net sales of $107.9 million for the same period in 2025. We were at $116 million. Adjusted EBITDA was $17.9 million, an increase of 36.1% compared to adjusted EBITDA of $13.2 million for 2Q25, primarily driven by improved sales mix and operating performance. We had projected $15 million. Adjusted net income was $5.5 million, or $0.11 per diluted common share, an increase of $4.7 million, or $0.09 per diluted common share, compared to adjusted net income of $0.7 million, or $0.02 per diluted common share, in 2Q25. We were at $2.2 million and $0.04, respectively.

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InPlay Oil (IPOOF) – Strategic Acquisition Enhances Outlook

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

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

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

Accretive Strategic Acquisition. InPlay Oil announced the acquisition of a private oil and gas producer for C$54.25 million, adding approximately 1,400 boe/d of oil-weighted production and increasing company-wide production to more than 20,100 boe/d. The acquired assets are contiguous with InPlay’s existing operations, enabling approximately C$2.5 million of annual cost synergies, while adding 50 drilling locations and immediately enhancing adjusted funds flow and free adjusted funds flow on a per-share basis. The transaction is expected to close by the end of August, subject to customary closing conditions. Post-close, InPlay expects to have more than 450 total drilling locations, including approximately 230 Tier-1 locations.

Corporate Guidance. InPlay continues to execute strongly, with recent Cardium wells materially outperforming expectations and being drilled ahead of schedule, allowing InPlay to expand its 2026 drilling program to 17 net wells on a pro forma basis. Reflecting stronger operational performance and the acquisition, management increased 2026 guidance, including adjusted funds flow (AFF) to C$161 million to C$169 million, free adjusted funds flow (FAFF) to C$79 million to C$89 million, and FAFF yield to 19% to 21%, despite higher capital spending of C$80 million to C$82 million.

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

Information Services Group (III) – First Look 2Q26 Operating Results

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Overview. Information Services Group had a very strong second quarter, generating the highest quarterly revenue since 2023. Growth in the quarter was led by Europe, up 10%, and the Americas, up 7%, while recurring revenues reached a new quarterly high of $30 million, driven by the Company’s AI-centered research and governance services.

2Q26 Results. Reported revenues for the second quarter were $65.5 million, up 6.4% from $61.6 million in the prior year, and above our $63 million projection. Second-quarter adjusted EBITDA was $9.4 million, up 13% y-o-y. Adjusted EBITDA margin was 14.3%, compared with 13.5% in the prior year’s second quarter. We were at $8.45 million and 13.4%, respectively. ISG reported adjusted net income for 2Q26 of $5.0 million, or $0.10 per share, compared with adjusted net income of $4.1 million, or $0.08 per share, in 2Q25. We had projected $4.4 million and $0.09/sh.

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

Graham (GHM) – New Awards

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Awards. Graham Corporation was awarded two contracts for a combined value of over $43 million. These awards reflect the continued demand the Company is seeing across its defense platforms. The revenue for the contracts will be reflected in the Company’s first and second fiscal year 2027 backlog.

MK48 Mod 7 Heavyweight Torpedo. The first award is a follow-on fourth option year supporting the MK48 Mod 7 Heavyweight Torpedo program, awarded in the first quarter of fiscal 2027, which ended June 30, 2026. The Company will continue to provide alternators and regulators under this option year.

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

First Phosphate Corp. (FRSPF) – Federal Funding for Infrastructure Planning

Posted on August 6, 2026August 6, 2026 by [email protected]

Thursday, August 06, 2026

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

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

Federal Funding for Begin-Lamarche. First Phosphate Corp. has finalized agreements with the Government of Canada to receive C$4.84 million in non-repayable funding through Natural Resources Canada’s First and Last Mile Fund to support infrastructure planning for its Bégin-Lamarche phosphate deposit in Québec. The new funding builds on the C$16.7 million previously awarded by NRCan in March 2026, demonstrating continued federal support for advancing the strategic critical minerals project.

Investments in Infrastructure Planning. The funding will support two key initiatives: 1) approximately C$3.07 million for studies and design of a 161-kV power transmission line and substations, and 2) approximately C$1.77 million for planning a new mine access road and evaluating upgrades to bypass roads to support transportation between Begin-Lamarche and regional infrastructure, including rail links and the Port of Saguenay. Both projects include technical, environmental, and economic studies, engineering design, and consultation with indigenous communities and the public.

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

Lilly’s Quarter Confirmed It: Obesity Is Pharma’s Most Valuable Real Estate

Posted on August 6, 2026August 6, 2026 by [email protected]

Eli Lilly jumped as much as 7% Wednesday after another quarter that made one thing clear: the appetite for weight-loss drugs isn’t slowing down. For small-cap investors, though, the trillion-dollar stock isn’t the story. What that demand does to the hunt for the next obesity drug is.

First, the quarter. Lilly raised its 2026 revenue forecast to a range of $85 billion to $87 billion, up from a prior ceiling near $85 billion, and beat on adjusted earnings — all powered by its GLP-1 franchise. It has momentum behind it, too: the FDA approved Foundayo, the pill version of its weight-loss drug, earlier this year, and next-generation candidate retatrutide is on track for an FDA filing early next year. The stock has climbed more than 40% since late April.

Here’s the read-through for the small end of the market.

Obesity is now the most valuable franchise in all of pharma, and the two giants that own it — Lilly and Novo Nordisk — are in a full sprint to stay ahead. That sprint runs straight through small-cap biotech. Building a differentiated metabolic drug from scratch is slow and uncertain; buying one that already has promising human data is faster. Big pharma has shown, again and again, that it will pay enormous premiums for early obesity and metabolic assets. Every small-cap sitting on a credible next-generation candidate — an oral GLP-1, an amylin, a muscle-sparing combination — is wearing a target because of quarters like this one.

There’s a second, quieter beneficiary: the supply chain. A demand curve this steep needs manufacturing, and that lifts the unglamorous names that make it possible — the peptide contract manufacturers, the auto-injector and drug-delivery specialists, and now the oral-formulation capacity that Foundayo’s approval just validated. It’s the same picks-and-shovels logic behind the bioprocessing consolidation we’ve watched all summer: when a therapy category explodes, the companies supplying the tools get pulled along, and often bought.

Now the discipline, because this is where enthusiasm gets expensive. Obesity biotech is binary and badly overcrowded. For every small-cap with a genuine shot at the next blockbuster, a dozen are running me-too molecules that will quietly fail in the clinic. And many of the credible names already trade on takeout hope, which means a chunk of the premium is baked in before any deal is announced. The filter is differentiated, de-risked clinical data — an asset the giants can’t easily replicate and would rather buy. Everything else is a lottery ticket.

The takeaway is simple. The mega-cap headline is demand. The small-cap opportunity is the arms race that demand is funding. Lilly’s quarter didn’t just reward Lilly shareholders — it reminded every deal team in pharma that owning the future of obesity may be cheaper to buy than to build. Watch the small-caps holding data the giants can’t ignore.

Release – InPlay Oil Corp. Announces Strategic Accretive Acquisition in Core Area and Updated Guidance

Posted on August 5, 2026August 5, 2026 by [email protected]

Research News and Market Data on IPOOF

InPlay Oil Corp.

Aug 05, 2026, 07:30 ET

CALGARY, AB, Aug. 5, 2026 /CNW/ — InPlay Oil Corp. (TSX: IPO) (TASE: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) is pleased to announce that it has entered into a definitive agreement today to acquire a private oil and gas producer for cash consideration of $54.25 million, prior to closing adjustments (the “Acquisition“).

The Acquisition supports InPlay’s long-term strategy of building a disciplined and sustainable light oil focused growth company. The Acquisition builds on InPlay’s proven track record of executing highly accretive acquisitions, having successfully completed five strategic acquisitions over the past decade that have helped increase production 10x and grow total proved plus probable reserves 13.5x. The acquired assets are currently producing approximately 1,400 boe/d⁽¹⁾ (85% light oil and NGLs) which will increase InPlay’s production to over 20,100 boe/d⁽¹⁾ (62 – 63% light oil and NGLs), with light oil production expected to increase to over 10,500 bbl/d. The high oil weighting of the acquired assets further enhances InPlay’s strong netbacks, providing meaningful accretion to Adjusted Funds Flow (“AFF“)⁽²⁾ and Free Adjusted Funds Flow (“FAFF“)⁽³⁾ on a per share basis. The acquired assets generate strong cash flow and free cash flow which will enhance InPlay’s shareholder return strategy. InPlay is forecasted to generate FAFF of approximately $79 – $89 million for 2026 on a pro forma basis, including only four months for the acquired assets, which equates to a FAFF yield⁽³⁾ of 20%. InPlay pays a dividend of $0.09 per month ($1.08 per year), which equates to a dividend yield of 7.2%. In addition, InPlay recently implemented a Normal Course Issuer Bid, pursuant to which the Company repurchased 0.5% of basic shares outstanding for cancellation during the month of June.

ACQUISITION HIGHLIGHTS

Highly Accretive Acquisition Metrics: Purchase price represents 2.0x net operating income⁽³⁾ and 27% FAFF yield; per-share accretion of 18% to both AFF and FAFF on an annualized basis; 12% accretion to oil production per share, and 9% accretion to funds flow per barrel netback.
Enhanced Free Adjusted Funds Flow with Growth Potential: InPlay forecasts the acquired assets require sustaining capital of approximately $12 million to reach and maintain production of approximately 1,500 boe/d. Based on an operating netback⁽³⁾ of approximately $51.75/boe⁽⁴⁾, the acquired assets generate sustaining net operating income⁽³⁾ of $28 million and FAFF of $16 million prior to accounting for synergies.
Acquired Assets are Contiguous with InPlay Assets Providing Significant Synergies: The acquired assets directly offset the Company’s existing operations and are supported by Company owned and operated facilities and infrastructure, creating meaningful operational synergies and enhancing the efficiency of future development. The Company expects to integrate the acquired assets without adding corporate office personnel. As a result of these synergies, the Acquisition is expected to generate approximately $2.5 million in annual cost savings, with the majority captured immediately post closing.
Expands InPlay’s Belly River Position: Pro forma the Acquisition, InPlay will be producing approximately 2,000 boe/d⁽¹⁾ from the Belly River, which at approximately 85% liquids weighting offers strong netbacks and high rate of return development opportunities.
Sustainability and Drilling Inventory: The acquired assets include 50 identified drilling locations, 75% of which are Tier 1 inventory⁽⁶⁾ with expected payouts of less than 1.5 years at US $70/bbl WTI pricing.

“This Acquisition represents another important step in advancing InPlay’s strategy of building a disciplined, sustainable light oil company which includes strategic acquisitions” commented Doug Bartole, President and Chief Executive Officer of InPlay. “While modest in size, the Acquisition is a smart and highly accretive transaction that is expected to generate meaningful value relative to the capital invested. The acquired assets are highly complementary to our existing operations, provide meaningful operating and infrastructure synergies, and add a deep inventory of high-return drilling opportunities within our core area. The Acquisition is expected to be immediately accretive to adjusted funds flow and free adjusted funds flow per share, while maintaining conservative leverage and further enhancing our ability to generate sustainable returns for shareholders.”

ACQUISITION DETAILS

InPlay has entered into an arrangement agreement (the “Arrangement Agreement“) with a privately held arm’s length oil and gas producer (the “Vendor“), to acquire all of the issued and outstanding shares of the Vendor for cash consideration of $54.25 million, prior to closing adjustments. Concurrent with the execution of the Arrangement Agreement, certain shareholders of the Vendor, representing in excess of 72% of the Vendor shares outstanding, have entered into irrevocable written resolutions in support of the Acquisition. The Acquisition is expected to close by the end of August 2026, subject to the satisfaction or waiver of customary closing conditions.

The Acquisition will be funded by a draw on InPlay’s $190 million credit facility, with an expanded borrowing base totalling $250 million⁽¹¹⁾. Based on pro forma guidance as outlined below, InPlay anticipates Q4-2026 net debt to EBITDA⁽³⁾ of 1.2x – 1.3x. The Company retains strong financial flexibility including an estimated working capital⁽⁵⁾ surplus at June 30, 2026 of approximately $19.4 million and maintains unique access to the Israeli bond and equity markets. InPlay’s series A senior unsecured bonds (which are listed on the Tel Aviv Stock Exchange) are currently trading at a yield to maturity of approximately 6.1% and include a tap feature of approximately $115 million.

The acquired assets are currently producing approximately 1,400 boe/d with the latest well coming on stream in Q1 2026. InPlay plans to drill 2.0 net Belly River wells on the acquired assets post-closing and forecasts the acquired assets will require sustaining capital of approximately $12 million to reach and maintain annual average production of approximately 1,500 boe/d. Based on an operating netback of approximately $51.75/boe, the acquired assets generate sustaining net operating income of $28 million, resulting in sustaining FAFF of $16 million. The acquired assets contain 50 net drilling locations, and subject to supportive commodity prices, the acquired assets are expected to offer strong growth potential in excess of the target sustaining production.

The Acquisition’s purchase price represents approximately 2.0x operating income and is highly accretive to InPlay on both AFF and FAFF per share metrics while maintaining conservative corporate leverage ratios. A summary of the relevant metrics of the Acquisition is as follows:

OPERATIONS UPDATE

InPlay’s capital program for the second quarter of 2026 consisted of completing and bringing online three gross (3.0 net) Cardium wells in Pembina drilled in the first quarter of 2026, and the drilling and completion of three gross (3.0 net) additional Cardium wells also in Pembina. The most recent three wells were drilled approximately 40 days ahead of schedule, as the Company was able to access the field earlier than is normally anticipated during spring break-up. These wells were brought on production in late May and have materially exceeded internal expectations. Initial production (“IP“) rates for these three wells are as follows:

The three wells drilled in the first quarter continue to deliver strong results ahead of internal expectations. The IP rates for these wells are as follows:

InPlay’s year to date capital program has been completed below budget, resulting in strong capital efficiencies and continuing the “more with less” performance achieved in 2025. Supported by enhanced efficiencies and strong commodity prices, InPlay now plans to drill a total of 15.0 net Cardium wells in 2026, including 7.0 net Cardium wells during the second half of the year, for total capital expenditures of approximately $73 – $74 million, prior to incorporating the expanded pro forma capital program. This compares with InPlay’s original 2026 capital program of $66 million to $74 million, which contemplated the drilling of 12.0 to 14.0 net wells.

Additionally, InPlay plans to drill 2.0 net Belly River wells on the newly acquired assets, bringing the pro forma 2026 drilling program to a total of 17.0 net wells and combined capital expenditures of approximately $80 – $82 million.

In addition, InPlay plans to accelerate its asset retirement closure spend to reduce its decommissioning liability. This increase in asset retirement spending is supported by enhanced FAFF resulting from a more efficient 2026 capital program, stronger commodity prices and an expanded asset base associated with the Acquisition.

UPDATED 2026 PRO FORMA GUIDANCE

InPlay is also updating its previously announced 2026 guidance as follows:

ADVISORS

Burnet, Duckworth & Palmer LLP is acting as legal counsel to InPlay with respect to the Acquisition.

National Bank Financial Inc. (“NBF”) is acting as Exclusive Financial Advisor to the Vendor with respect to the Acquisition. NBF has provided the Vendor with a fairness opinion that the consideration to be received by the shareholders of the Vendor is fair, from a financial point of view, to the shareholders of the Vendor.

An updated corporate presentation will be available on our website in due course. For further information please contact:

Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
Telephone: (587) 955-0632

Kevin Leonard
Vice President Corporate & Business Development
InPlay Oil Corp.
Telephone: (587) 955-0635

View full release here.

SOURCE InPlay Oil Corp.

Everyone’s Watching Record Highs. Smart Money Is Watching Oil and Small Caps

Posted on August 5, 2026August 5, 2026 by [email protected]

Wall Street woke up Wednesday to more of what it’s gotten all week: record highs, falling oil, and a fragile peace headline out of the Middle East. The financial press will lead with the Dow. The more useful question for anyone investing below the mega-cap tier is what cheaper crude actually does to small caps.

Start with the setup. After a searing rally that pushed the S&P 500 and Dow to record closes Tuesday, US futures steadied Wednesday morning. Oil fell for a third straight session — Brent slipped near $78 and WTI dropped under $75 — on growing hope that the Strait of Hormuz, the chokepoint for roughly a fifth of the world’s oil, could reopen. Qatar said a US–Iran proposal has been drafted, and Iran is reportedly weighing whether to let European navies clear mines from the waterway. Asia cheered it overnight, with South Korea’s KOSPI jumping 4%. Gold pushed higher, the VIX stayed calm, and Russell 2000 futures held firm.

Here’s why small-cap investors should care more than the headline suggests.

Small companies are the most exposed to the price of energy — and the most helped when it falls. They’re overwhelmingly domestic, they run thinner margins, and they lack the global hedging desks and pricing power of the mega-caps. When crude drops, the input-cost relief flows straight to the bottom line of small-cap industrials, transports, manufacturers, and consumer names. Cheaper oil is, in effect, a stealth margin boost for the exact companies that live closest to the edge on the income statement.

There’s a second-order effect that matters even more. Lower oil feeds disinflation, disinflation keeps the Fed’s rate-cut path alive, and small caps are the single most rate-sensitive corner of the market. Pair that with this week’s soft ADP jobs number and you get a macro mix that has historically favored the little guys.

Now the honest other side, because it cuts both ways. Energy is a meaningful slice of the Russell 2000, and cheaper crude squeezes small-cap exploration and production names hard. If your small-cap exposure leans toward oil and gas, this is a headwind, not a tailwind. The net effect depends entirely on what you own.

Step back, though, and the direction of travel is the story. The rally is finally broadening beyond the handful of AI mega-caps that carried it for two years — the Russell is joining the record run, not watching from the sidelines. A de-risking geopolitical backdrop, falling oil, and an easing Fed is the kind of trifecta that tends to reward the laggards. For two years, small caps have been the laggard.

One caveat to keep front and center: this peace is fragile, and a single headline could send oil right back up. Don’t build a thesis on a diplomatic maybe. But watch the setup. While everyone fixates on the Dow printing another record, the more interesting move may be one rung down the market-cap ladder — where the companies most helped by cheap oil and cheap money have been overlooked the longest.