Author: cpatches

Noble Capital Markets Research Report Monday, September 25, 2026

Companies contained in today’s report:

CoreCivic, Inc. (CXW)/OUTPERFORM – A CEO Transition
Metals & Mining (Metals & Mining) – Observations from the 2026 Precious Metals Summit
Ocugen (OCGN)/OUTPERFORM – New Designations In The Bahamas To Lead To First Commercial Approval For OCU400

CoreCivic, Inc. (CXW/$32.13 | Price Target: $42)
Joe Gomes [email protected] | 561-999-2262
A CEO Transition
Rating: OUTPERFORM

Transition. On Friday, CoreCivic announced that Patrick Swindle was stepping down as President and Chief Executive Officer due to health reasons. Mr. Swindle also resigned from CoreCivic’s Board. The Board named Lucibeth N. Mayberry as President and Chief Executive Officer of the Company. Ms. Mayberry also joined the Board. We believe CoreCivic’s deep bench of executives should make this a seamless transition.

Ms. Mayberry’s Background. Ms. Mayberry has served as the Executive Vice President and Chief Strategy Officer since May 2025. From October 2022 to May 2025, Ms. Mayberry served as the Executive Vice President and Chief Innovation Officer. Prior to assuming that role, Ms. Mayberry served as Executive Vice President, Real Estate from May 2015 until October 2022. She has previously served in various roles at CoreCivic since May 2003, including as Vice President, Deputy Chief Development Officer; Vice President, Research, Contract and Proposals; and Managing Director, State Partnership Relations.

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Ocugen (OCGN/$1.02 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
New Designations In The Bahamas To Lead To First Commercial Approval For OCU400
Rating: OUTPERFORM

First Commercialization Could Be Coming Soon. Ocugen has received Provisional Approval and Priority Designation from the Bahamian government for OCU400. Ocugen can now supply OCU400 through an Expanded Access Program (EAP). If the first patient is treated within 90 days, OCU400 will receive full regulatory approval, allowing for commercialization in Retinitis Pigmentosa (RP). We see this as a significant regulatory and commercial milestone.

Regulatory Approval Is More Significant Than Potential Sales. This would be the first approval to allow commercial sales of OCU400. While some countries allow compassionate-use treatments before approval at the company’s break-even cost, Ocugen will be allowed to charge full price and earn profit on the treatments. We expect only a handful of patients to be treated in the coming quarters and do not expect a material impact on quarterly Net Losses, as the company has three late-stage clinical trials in progress at this time.

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Metals & Mining Industry Report
Mark Reichman [email protected] | (561) 999-2272
Observations from the 2026 Precious Metals Summit

Precious Metals Summit. We attended the Precious Metals Summit last week at the Beaver Creek Resort in Colorado. While strong increases in metal prices led to exceptional investment returns in 2025, returns have moderated in 2026. Year-to-date through September 25, mining companies (as measured by the XME) appreciated 4.6% compared to a gain of 13.1% for the S&P 500 Index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 8.3% and 6.4%, respectively. While metals prices remain strong, gold, silver, nickel, and lead prices have retreated modestly since the end of last year, while copper and zinc prices have continued to advance. While rising rate expectations may pose a headwind for gold, an uncertain geopolitical environment and other factors may provide an offset.

Investors are more discerning. Sentiment remains constructive, supported by strong metals prices, robust industry cash flows, and continued institutional interest in the sector. Conference participation was strong, including executive teams from over 225 mining companies and a broad mix of institutional investors, sell-side brokerage firms, and other industry participants. Investors appear to be increasingly focused on companies with scale, grade, strong metallurgy, manageable capital requirements, and an identifiable path for converting exploration success into economic value

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Noble Capital Markets Research Report Thursday, September 24, 2026

Companies contained in today’s report:

NanoViricides (NNVC)/OUTPERFORM – Phase 2 Clinical Trial For HV-387 In MPox Begins
NN (NNBR)/OUTPERFORM – Raises Full Year Revenue and Adjusted EBITDA Guide
V2X (VVX)/OUTPERFORM – Follow-on Award

NanoViricides (NNVC/$1.51 | Price Target: $6)
Robert LeBoyer [email protected] | (212) 896-4625
Phase 2 Clinical Trial For HV-387 In MPox Begins
Rating: OUTPERFORM

Phase 2 Trial Patient Enrollment Has Started. NanoViricides has begun enrolling patients in the Phase 2 clinical trial testing NV-387 for MPox Virus Infection in the Democratic Republic of Congo (DRC). This meets our expected timeframe for the start of the trial, with preliminary results expected in late 4Q26. We anticipate a second trial testing NV-387 to start shortly in the same region.

Phase 2 Trial Design. The trial is an open-label study designed to evaluate the efficacy and safety of NV-387 compared with the standard of care. The trial is being conducted in Lodja, Sankuru Province, DRC, a remote province not (yet) affected by the Ebola outbreaks seen in other regions. NV-387 is formulated as an oral solid (gummies) that does not require refrigeration or cold storage, making it practical to administer in remote regions.

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NN (NNBR/$3.86 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Raises Full Year Revenue and Adjusted EBITDA Guide
Rating: OUTPERFORM

A Raise. For the third time in 2026, NN management raised full-year guidance, reflecting the positive momentum of the business, in our view. Full-year revenue is now expected to be in the $470-$490 million range, with adjusted EBITDA now projected to be in the $58-$68 million range, up from a prior $460-$480 million and $55-$65 million, respectively. Initial 2026 guidance called for revenue in the $445-$465 million range and adjusted EBITDA in the $50-$60 million range.

Management Commentary. NN management noted, “Our business continues to build momentum as we ramp up in our key growth markets of Data Center, Defense & Electronics, and Medical, where demand for our solutions remains strong and actively expanding. Our year-to-date results and year-to-go forecast underpin this improved guidance and reflect the steady performance of our growth and cost programs.”

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V2X (VVX/$74.94 | Price Target: $92)
Joe Gomes [email protected] | 561-999-2262
Follow-on Award
Rating: OUTPERFORM

Business. V2X continues to add business with a recent follow-on award from the Air Force for base support services and a position on an ID/IQ supporting the Air Force’s Carriage Equipment Production Effort for the Long Range Standoff (LRSO) cruise missile program. Such awards demonstrate V2X’s strong position to bid for and win new and expanded business, in our opinion.

Follow-on. The Department of War announced that V2X Systems has been awarded an undefinitized contract action with a not-to-exceed ceiling price of $231.8 million, a modification to a previously awarded contract for base support services in support of the Iraq F-16 program. The modification brings the total cumulative face value of the contract to $594.2 million. Work will be performed at Martyr BG Ali Flaih Air Base, Iraq, and is expected to be completed by July 17, 2027. Foreign Military Sales funds in the amount of $115.9 million are being obligated at the time of award.

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Noble Capital Markets Research Report Wednesday, September 23, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Advancing Plans for a Stand-Alone Merchant Chlor-Alkali Plant
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Tegoprubart Extension Study Maintains Improvement Over Tacrolimus

Century Lithium Corp. (CYDVF/$0.18 | Price Target: $2.3)
Mark Reichman [email protected] | (561) 999-2272
Advancing Plans for a Stand-Alone Merchant Chlor-Alkali Plant
Rating: OUTPERFORM

Advancing a merchant chlor-alkali plant. Century Lithium plans to develop a commercial-scale chlor-alkali plant in the Western United States that would produce chlorine, hydrochloric acid, and sodium hydroxide from sodium chloride, water, and electricity. The plant is expected to initially produce at a rate of 300 short tons per day (st/d) of chlorine, with potential expansion to 600 st/d depending on regional demand and the supply needs of Angel Island.

Early offtake interest provides commercial support. Century has signed eight non-binding Memorandums of Understanding (MOUs) that could collectively fully utilize the plant’s initial production, while discussions with additional customers are ongoing. The company is evaluating sites in Nevada and Utah based on power, feedstock, rail access, permitting, and proximity to customers, with final site selection expected following completion of due diligence.

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Eledon Pharmaceuticals (ELDN/$2.89 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
Tegoprubart Extension Study Maintains Improvement Over Tacrolimus
Rating: OUTPERFORM

Long-Term Data Updated At Transplant Conference. Eledon presented an update to the Phase 2 BESTOW Extension study at the International Congress of The Transplantation Society. Analysis up to 24 months after transplantation showed that patients treated with tegoprubart had statistically significant improvements in kidney function compared with patients treated with tacrolimus. Separately, tegoprubart has also received Fast Track designation from the FDA in the kidney transplant indication.

Updated Extension Study Data. Patients completing the BESTOW trial were entered into an Extension Stage to follow outcomes after the trial period ended. At 18, 21, and 24 months, tegoprubart patients had a higher eGFR of about 71 mL/min/1.73m2 compared with 58 mL/min/1.73m2 for tacrolimus, with differences that were statistically significant. Tegoprubart patients showed a continued improvement in eGFR after the trial, while tacrolimus patients showed a gradual but steady decline.

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Noble Capital Markets Research Report Tuesday, September 22, 2026

Companies contained in today’s report:

MAIA Biotechnology (MAIA)/OUTPERFORM – Heading Into 4Q After Strong Clinical Progress
Titan International (TWI)/OUTPERFORM – To Sell ITM Business

MAIA Biotechnology (MAIA/$1.33 | Price Target: $14)
Robert LeBoyer [email protected] | (212) 896-4625
Heading Into 4Q After Strong Clinical Progress
Rating: OUTPERFORM

Phase 2 Extension Stage Has Begun Treatment At US Sites. MAIA began treating patients at three US sites in the Part C Expansion Phase of its Phase 2 THIO-101 trial. The trial tests ateganosine (aka THIO) in non-small cell lung cancer (NSCLC) and had completed the planned patient enrollment at international sites worldwide. Two additional US sites are expected to open during 2026.

Initial Data Shows Consistent Efficacy. In June 2026, MAIA announced initial efficacy data from the ongoing Phase 2 THIO-101 Part C Expansion Stage. Patients with at least one post-treatment evaluation by tumor scan showed a disease control rate (DCR) of 90.5% in the evaluable population. We believe that data consistent with Parts A and B could allow the company to apply for Accelerated Approval and Priority Review.

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Titan International (TWI/$7.36 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
To Sell ITM Business
Rating: OUTPERFORM

A Sale. Titan International entered into an agreement to sell its Italtractor ITM undercarriage business. The sale is expected to generate cash value of approximately $285 million, which includes a $207 million initial purchase price, $6 million of potential earnout proceeds, $23 million of customary adjustments based on ITM’s net assets and financial position at closing, and $49 million of dividends, consisting of $38 million received in recent years and $11 million expected prior to closing. The deal is expected to close in early January.

Focus. We expect Titan to use the proceeds to sharpen its focus on the core global wheel and tire operations serving the agriculture, construction, and consumer markets. Investments are expected to be focused on the Company’s highest growth opportunities and may include the purchase of adjacent businesses. A portion of the proceeds may be used to reduce outstanding net debt, which totaled $413 million as of June 30th.

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Noble Capital Markets Research Report Monday, September 21, 2026

Companies contained in today’s report:

Codere Online (CDRO)/OUTPERFORM – Adding the NFL to the Mexico Playbook
Xerox Holdings Corporation (XRX)/OUTPERFORM – A Clearer Path Through the Turnaround

Codere Online (CDRO/$9 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Adding the NFL to the Mexico Playbook
Rating: OUTPERFORM

High-visibility NFL Agreement. Codere recently announced a multi-year agreement with the NFL, establishing it as the league’s Official Betting Partner in Mexico.  In our view, the high-visibility partnership strengthens its presence in a key market, increases brand awareness, deepens customer engagement opportunities, and enhances brand credibility.

Details. The agreement is set to run for three years and includes annual sponsorship of one NFL game in Mexico City and Super Bowl sponsorship rights in Mexico. The agreement kicks off with the November 22, 2026, 49ers–Vikings matchup and Super Bowl LXI in Los Angeles in February 2027. The partnership also creates fan engagement opportunities through hospitality programs, VIP experiences, promotional events across multiple Mexican cities, and official NFL merchandise.

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Xerox Holdings Corporation (XRX/$3.42 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
A Clearer Path Through the Turnaround
Rating: OUTPERFORM

Xerox Roadshow. On September 16th, Louis Pastor, CEO, Chuck Butler, CFO, and Greg Stein, SVP & Head of IR, presented to investors at a non-deal roadshow in St. Louis. The presentation highlighted the company’s turnaround strategy, focusing on its efforts to stabilize revenue, expand margins, and reduce debt.

Broadening the revenue base. Earlier this month, the company announced a strategic partnership with Flint Group Digital Xeikon to utilize its digital press technology in Xerox-branded products. The partnership bolsters Xerox’s position in the production print market by providing access to digital packaging, labels, and commercial print without the cost of developing the technology internally.

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Noble Capital Markets Research Report Thursday, September 17, 2026

Companies contained in today’s report:

DLH Holdings (DLHC)/OUTPERFORM – $43.7 Million Follow-On Award
First Phosphate Corp. (PHOS)/OUTPERFORM – SERV Adds a Significant New Export Credit Agency (ECA) Financing Component
GeoVax Labs (GOVX)/OUTPERFORM – MVA Technology Platform Produces New Vaccine For Ebola
Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Advancing a District-Scale Copper-Gold Porphyry Project in British Columbia

DLH Holdings (DLHC/$3.99 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
$43.7 Million Follow-On Award
Rating: OUTPERFORM

Follow-on Order. DLH has been awarded a task order to continue providing high-quality information technology services for the National Heart, Lung, and Blood Institute. DLH has performed on this mission since 2018. The task order, valued at up to $43.7 million, includes a base period and multiple options aggregating to a two-and-a-half-year period of performance. We view this most recent award as further confirmation that the backlog of contracts and task orders is being freed up which will benefit DLH going forward.

Details. Under this task order, DLH will build on its existing implementation of artificial intelligence for IT operations and automation to improve service efficiency, system reliability, data integrity, cybersecurity, and compliance- all strengths of DLH. The Company will provide services in support of approximately 2,000 NHLBI scientific and administrative employees and contractors.

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First Phosphate Corp. (PHOS/$15.37 | Price Target: $25.5)
Mark Reichman [email protected] | (561) 999-2272
SERV Adds a Significant New Export Credit Agency (ECA) Financing Component
Rating: OUTPERFORM

Swiss support adds another financing layer. First Phosphate has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately US$212.5 million in potential financing tied to Swiss machinery, equipment, goods, and services for the Bégin-Lamarche mine and processing facility. The contemplated financing is based on an assumed US$250 million eligible Swiss export contract, with SERV prepared to consider financing 85% of the contract value.

European and G7 support is converging around the project. The SERV announcement follows EIFO’s earlier letter of intent for up to €170 million in guaranteed financing support, while the Canadian government’s G7 Critical Minerals Resilience and Production Alliance announcement also highlighted Danish support for the Bégin-Lamarche mine and Italian financial and industrial support for First Phosphate’s downstream phosphoric acid facility. Switzerland is not a G7 member, but SERV’s participation adds another significant European state-backed export finance institution to a project already receiving support through G7-related initiatives.

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GeoVax Labs (GOVX/$0.41 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
MVA Technology Platform Produces New Vaccine For Ebola
Rating: OUTPERFORM

BDBV Vaccine Construct Developed With GeoVax’s Proprietary Technology. GeoVax has developed a new vaccine construct against Bundibugyo virus (BDBV). This is the virus causing the Ebola Virus Disease (EVD) outbreak in the Democratic Republic of Congo (DRC), now the largest Ebola outbreak and the fastest-spreading outbreak in the DRC. We see this new vaccine construct as proof of principle for the GeoVax MVA technology platform and its ability to respond to infectious diseases with new vaccines.

We See This As An Example Of The MVA Technology Capabilities. GeoVax has proprietary technology based on the MVA (Modified Vaccinia Ankara) virus that it can use to develop and manufacture new vaccines. This technology provides a common foundation for developing new vaccines and responding to infectious disease outbreaks. Previous vaccines developed with the MVA technology platform can stimulate both antibody and cellular immune responses, resulting in long durability, high tolerability, and improved safety profiles.

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Kodiak Copper Corp. (KDKCF/$0.52 | Price Target: $1.5)
Mark Reichman [email protected] | (561) 999-2272
George Proost [email protected] |
Advancing a District-Scale Copper-Gold Porphyry Project in British Columbia
Rating: OUTPERFORM

A large copper resource with room to grow. We have initiated coverage of Kodiak Copper Corp. with an Outperform rating and a price target of C$2.10, or approximately US$1.50 per share. Kodiak’s 100%-owned MPD Copper-Gold Project in southern British Columbia contains 439.2 million tonnes of Indicated and Inferred Resources across seven deposits, all open to expansion. Resource growth and improved project definition could support a higher valuation against a favorable long-term outlook for copper.

Ketchan drilling supports higher-grade potential. Hole AG-26-019 returned 283.5 meters at 0.70% copper equivalent (CuEq) from 37.5 meters downhole, including 108 meters at 1.02% CuEq. The result highlights shallow mineralization that could improve the grade and confidence of the existing resource.

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Noble Capital Markets Research Report Tuesday, September 15, 2026

Companies contained in today’s report:

GeoVax Labs (GOVX)/OUTPERFORM – GEO-MVA Phase 3 Trial Moves Forward With Laboratory Testing Agreement For Patient Samples

GeoVax Labs (GOVX/$0.43 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
GEO-MVA Phase 3 Trial Moves Forward With Laboratory Testing Agreement For Patient Samples
Rating: OUTPERFORM

Agreement With CEPI Lab Network Establishes Standardized Sample Testing. GeoVax announced an agreement with CEPI (Coalition for Epidemic Preparedness Innovations) to test patient samples from its Phase 3 GEO-MVA study through the CEPI Centralized Laboratory Network. CEPI is an internationally recognized laboratory network that uses standardized assays and laboratory methods. We see this as an important development that can provide reliable results for both regulatory approval and comparison with other therapeutics.

An Important Step For The GEO-MVA Trial. GeoVax reiterated its plan to begin its GEO-MVA immunobridging study in Mpox/smallpox in 4Q26. The trial is expected to enroll about 500 patients, with results expected in mid-2027. The EMA (European Medicines Agency) has given Scientific Advice stating that a single immune bridging study showing that an immune response elicited by the GEO-MVA vaccine is non-inferior to the approved vaccine would be sufficient to apply for approval from the European Union.

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Noble Capital Markets Research Report Monday, September 14, 2026

Companies contained in today’s report:

Resolution Minerals Ltd (RML)/OUTPERFORM – Thoughts on the Golden Gate Drilling Program

Resolution Minerals Ltd (RML/$7.76 | Price Target: $30)
Mark Reichman [email protected] | (561) 999-2272
Thoughts on the Golden Gate Drilling Program
Rating: OUTPERFORM

Golden Gate 2026 drilling program. Resolution has completed its planned 2026 Golden Gate drilling program at the Horse Heaven Project in Idaho, completing 42 diamond core holes totaling 12,236 meters. The program, the largest exploration campaign undertaken at Horse Heaven, was designed to define the scale and extent of both gold and tungsten mineralization across Golden Gate North and the recently established Golden Gate South discovery. Core logging is complete, and final samples are being sent to the laboratory for analysis, leaving assay results from 39 of the 42 holes as the principal near-term catalyst.

Early results suggest a potentially large gold system. Results from the first three 2026 holes extended gold mineralization at least 2,000 meters south of Golden Gate North and established Golden Gate South as a new discovery. The strongest 2026 result reported to date was 305.7 meters grading 0.64 g/t gold from surface in Hole HH-GG26-003C, while the 2025 program returned higher-grade intervals including 189.2 meters at 1.30 g/t gold and 253 meters at 1.5 g/t gold. Along with a broad gold-in-soil anomaly between the two areas, the results provide increasing evidence that Golden Gate may represent a considerably larger mineralized system than initially recognized.

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Noble Capital Markets Research Report Friday, September 11, 2026

Companies contained in today’s report:

1-800-Flowers.com (FLWS)/OUTPERFORM – Cost Reset Complete; Focus Shifts To Growth
Alliance Entertainment Holding (AENT)/OUTPERFORM – Momentum Builds Into Fiscal 2027
SKYX Platforms (SKYX)/OUTPERFORM – Now Offering an A-to-Z Solution for the Smart Electronic Grid
T3 Defense (DFNS)/OUTPERFORM – Another Award
Tectonic Metals Inc. (TETOF)/OUTPERFORM – Chicken Mountain Drilling Expands Gold System
Vince Holding Corp. (VNCE)/OUTPERFORM – Core Momentum Builds Ahead of OVO

1-800-Flowers.com (FLWS/$3.04 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Cost Reset Complete; Focus Shifts To Growth
Rating: OUTPERFORM

Q4 results reflect continued top-line pressure. Fiscal Q4 revenue declined 12.9% to $293.1 million, with Consumer Floral & Gifts down 13.4% and Gourmet Foods & Gift Baskets down 15.4%, partially offset by 1.9% growth at BloomNet. Adjusted EBITDA was a loss of $31.0 million compared with a loss of $24.2 million in the prior-year period, as revenue deleverage and cost pressures more than offset operating efficiencies.

Underlying trends provide signs of progress. Importantly, Consumer Floral & Gifts gross margin rose 220 basis points to 40.7%, while contribution margin remained relatively stable. Management also indicated that the flowers category is now generating positive sales on many days and weeks, providing early evidence that changes to merchandising, fulfillment, and the digital customer experience may be improving the underlying revenue trajectory. 

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Alliance Entertainment Holding (AENT/$5.51 | Price Target: $9)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Momentum Builds Into Fiscal 2027
Rating: OUTPERFORM

A strong finish to fiscal 2026. Fiscal Q4 revenue was $268.1 million, up 18% from the prior-year period, capping a solid year in which revenue increased 8% to $1.15 billion. Full-year adjusted EBITDA increased 14% to $41.5 million, while gross margin expanded 80 basis points to 13.3%, reflecting favorable product mix and improved operating performance.

Growth is broadening across the portfolio. Physical entertainment remained healthy, with fiscal 2026 vinyl revenue increasing 13%, CDs up 25%, and physical movies up 22%, supported by strong consumer demand and expanded studio relationships with Paramount and Amazon MGM. Higher-value businesses are also gaining traction, with collectibles revenue up 45% and distribution and fulfillment fees up 26%.

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SKYX Platforms (SKYX/$1.32 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Now Offering an A-to-Z Solution for the Smart Electronic Grid
Rating: OUTPERFORM

Merger. Yesterday, SKYX Platforms announced an agreement to merge with Deako, Inc., a smart home AI platform and intelligent lighting company. The merger agreement between SKYX and Deako will enable SKYX to address from A-to-Z the smart electronic real estate of electrical outlet boxes in homes and buildings including wall outlets, wall switches, and ceiling outlet boxes for smart home and safety products, lighting, ceiling fans, smoke detectors, among others, all with advanced and smart home plug & play solutions.

Synergistic. Management does expect cost synergies, but the larger piece of the pie, in our view, is the ability to provide an A-to-Z solution across the electronic real estate of homes, buildings, and hotels, where power, control, sensing, and AI intelligence will reside. SKYX products will be introduced into Deako’s 50-plus home builders market, while Deako’s products will be introduced into SKYX’s existing projects, such as European hotels and the $4 billion Miami Smart City. We view this as a win-win for SKYX.

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T3 Defense (DFNS/$9.84 | Price Target: $30)
Joe Gomes [email protected] | 561-999-2262
Another Award
Rating: OUTPERFORM

Award. Yesterday, T3 subsidiary Rimon announced receipt of a purchase order valued at $1.3 million from a leading Israeli defense prime contractor. The new award is further validation of management’s game plan to focus on mission-critical hardware and systems used in defense and counter-drone programs. The Company’s portfolio spans launcher systems, tactical mobility, power generation, positioning and navigation, command-and-control, and training and simulation capabilities that support the deployment, operation, and sustainment of layered defense architectures.

Details. Rimon will supply engineered power-generation systems for a European production line supporting a critical air-defense system. The equipment will be built and configured to the prime contractor’s specifications and the requirements of serial defense production, with deliveries scheduled for the customer’s European production facility. Notably, this is a production-line award, not a one-off delivery, which should result in additional volume not only from this customer but potentially from other customers.

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Tectonic Metals Inc. (TETOF/$1.61 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Chicken Mountain Drilling Expands Gold System
Rating: OUTPERFORM

Initial 2026 drilling results. Tectonic Metals reported the first assays from its 2026 program at Chicken Mountain, with results from 15 holes totaling 2,276 meters, demonstrating extensions of mineralization both at depth and along the southern margin. The strongest diamond hole, CMD26-036, returned 1.40 g/t gold (Au) over 30.00 meters, including 4.58 g/t Au over 4.50 meters, followed by a 118.16-meter interval grading 0.51 g/t Au that continued to the end of the hole. The result extends Central Corridor 2 to more than 300 meters of vertical depth and supports the interpretation of Chicken Mountain as a large, bulk-tonnage reduced intrusion-related gold system potentially amenable to heap-leach processing.

The mineralized footprint continues to grow. Approximately 1.2 kilometers south of Hole CMD26-036, step-out holes CMR26-141 and CMR26-142 extended the southernmost tested mineralization by approximately 200 meters, increasing its interpreted length to roughly 600 meters. Hole CMR26-142 returned 0.56 g/t Au over 38.10 meters, including 3.06 g/t Au over 4.57 meters, while Hole CMR26-141 intersected 0.31 g/t Au over 25.91 meters and ended in mineralization. The results confirm lateral continuity and expand the mineralized volume that could contribute to a maiden resource.

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Vince Holding Corp. (VNCE/$5.03 | Price Target: $11)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Core Momentum Builds Ahead of OVO
Rating: OUTPERFORM

Strong Q2 Results. The company reported Q2 revenue of $81.8 million and adj. EBITDA of $18.0 million, both of which were above our estimates of $80.8 million and $6.8 million, respectively. Solid Q2 results were driven by double-digit revenue growth across DTC and wholesale channels, improved operating leverage, and a $10.4 million tariff refund benefit. Notably, when excluding the refund, adj. EBITDA was approximately $7.6 million, still above our estimate.

DTC and Wholesale Gain Momentum. Direct-to-Consumer (DTC) revenue increased 13.7% to $32.4 million, while wholesale revenue grew 10.4% to $49.4 million. DTC benefited from strength across stores and e-commerce, while an expanding full-price customer base and favorable demand for women’s and men’s collections supported both channels. 

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Noble Capital Markets Research Report Thursday, September 10, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island Permitting Advances
Ocugen (OCGN)/OUTPERFORM – Interim Analysis Report Recommends Continuing Stargardt Phase 2/3 Trial, But Causes Confusion
Resolution Minerals Ltd (RML)/OUTPERFORM – Nasdaq Listing Expands U.S. Investor Access

Century Lithium Corp. (CYDVF/$0.19 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Angel Island Permitting Advances
Rating: OUTPERFORM

A major milestone. Century Lithium reached a major permitting milestone at its 100%-owned Angel Island Lithium Project in Nevada with the submission of its Mine Plan of Operations and Nevada Reclamation Permit Application. The Plan of Operations formally defines the proposed project for federal environmental review and moves Angel Island into the National Environmental Policy Act (NEPA) process.

Angel Island lithium project. Angel Island will be a large, long-life surface mine designed to produce battery-grade lithium carbonate on site. Development would be phased from approximately 8,300 tons per day during the first four years to as much as 16,500 tons per day from years five through 40, supported by direct lithium extraction, closed-loop water recycling, and significant power and water infrastructure.

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Ocugen (OCGN/$1.07 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Interim Analysis Report Recommends Continuing Stargardt Phase 2/3 Trial, But Causes Confusion
Rating: OUTPERFORM

The DMC Recommends Continuing The GARDian Trial. Data Monitoring Committee (DMC) has completed its planned interim analysis of the Phase 2/3 GARDian trial of OCU410ST in Stargardt disease. The analysis included 26 patients out of the planned enrollment of about 50, evaluating 16 treated patients and 10 controls. The DMC recommended continuing the trial as planned, with an evaluation of the entire patient population at 8 months after treatment. We believe the disclosure has led to misinterpretation of the recommendation.

The Evaluation Included Just Half The Enrollment In An Orphan-Sized Trial. Stargardt is an Orphan disease with a Phase 2/3 trial based on a small enrollment of about 50 patients. While this helps enrollment, each patient’s data has a larger impact than in larger trials.

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Resolution Minerals Ltd (RML/$11.6 | Price Target: $30)
Mark Reichman [email protected] | (561) 999-2272
Nasdaq Listing Expands U.S. Investor Access
Rating: OUTPERFORM

Nasdaq listing enhances Resolution’s U.S. market presence. Resolution Minerals’ American Depositary Shares, or ADSs, commenced trading on the Nasdaq Capital Market on September 9, 2026, under the ticker RML. Each ADS represents 200 ordinary Resolution shares, while the ASX remains the company’s primary listing. Resolution did not conduct a U.S. capital raise in connection with the Nasdaq listing.

The listing supports Resolution’s broader U.S. strategy. We expect the Nasdaq listing to increase the company’s visibility among U.S. retail and institutional investors and strengthen its ability to raise capital in the United States. The timing is favorable given heightened U.S. interest in securing domestic supplies of critical minerals, particularly tungsten and antimony.

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Noble Capital Markets Research Report Wednesday, September 9, 2026

Companies contained in today’s report:

Aurania Resources (AUIAF)/OUTPERFORM – Drilling is Underway at the Thor’s Valley Gold Project in Iceland
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – High-Grade Lion Maiden Resource with Significant Expansion Potential

Aurania Resources (AUIAF/$0.14 | Price Target: $0.3)
Mark Reichman [email protected] | (561) 999-2272
Drilling is Underway at the Thor’s Valley Gold Project in Iceland
Rating: OUTPERFORM

Drilling has commenced at Thor’s Valley. Aurania has commenced a six-hole, approximately 770-meter diamond drilling program at the Thor’s Valley gold project in Iceland. The program is expected to take about one month. Five holes will twin historical holes to validate previously reported high-grade intercepts using modern drilling and standards, while a sixth will test a new target associated with surface rock chip boulders grading up to 102 grams per tonne (g/t) gold.

Thor’s Valley has a history of high-grade gold. Historical mining between 1911 and 1924 identified a productive vein approximately one meter wide and at least one kilometer long, with grades ranging from 11 g/t to 315 g/t gold. More recent exploration has reinforced the project’s high-grade characteristics, with 32 holes drilled in 2005 and 2006 returning results of up to 415.4 g/t gold, and another 11 holes completed in 2020 returning grades of up to 113 g/t gold.

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Power Metallic Mines Inc. (PNPNF/$0.94 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
High-Grade Lion Maiden Resource with Significant Expansion Potential
Rating: OUTPERFORM

Maiden resource establishes Lion as a high-grade polymetallic deposit. Power Metallic’s inaugural maiden resource estimate (MRE) defined approximately 4.75 million tonnes at roughly 3.9% copper equivalent (CuEq), containing approximately 406 million pounds of CuEq, with more than 85% of the resource classified as Indicated. Importantly, mineralization begins at the surface, with approximately 59% of the current tonnage contained within the conceptual open pit resource, and the underground Indicated resource grading 4.71% CuEq.

Strong metallurgy and favorable infrastructure. Locked-cycle testing achieved copper recoveries above 98% while producing concentrates grading more than 25% copper, alongside strong recoveries for palladium, platinum, gold, and silver. The Lion Zone’s near-surface mineralization and proximity to all-season roads and major Hydro-Québec power infrastructure could support a relatively efficient development scenario, potentially beginning with an open pit before transitioning underground. Power Metallic is now preparing for a preliminary economic assessment (PEA), expected to be released in December 2026, that may include integration of the Nisk resource.

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Noble Capital Markets Research Report Friday, September 4, 2026

Companies contained in today’s report:

Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Clinical Milestones For Tegoprubart Trials In 2H26 Reiterated
Lands’ End (LE)/OUTPERFORM – Underlying Momentum Remains Intact

Eledon Pharmaceuticals (ELDN/$2.93 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
Clinical Milestones For Tegoprubart Trials In 2H26 Reiterated
Rating: OUTPERFORM

Eledon Reiterated Plans For Tegoprubart Trials In Kidney Transplantation and Diabetes. Eledon has confirmed plans to initiate its Phase 3 LEGACY trial, testing tegoprubart to prevent rejection after kidney transplants. The trial will have two arms, comparing an immuno- suppressive regimen with tegoprubart to a regimen with tacrolimus. Each arm has a target enrollment of about 300 patients at clinical sites worldwide. The primary endpoint will be a composite of BRAR, graft loss, and death. Secondary endpoints include measures of kidney function and side effects associated with tacrolimus.

IND For Islet Cell Transplantation In Diabetes Has Been Filed. The company has submitted an IND (Investigational New Drug) application to begin testing tegoprubart to prevent rejection of islet cell allograft transplants in type 1 diabetes (T1D). To date, 12 patients treated in the first trial have achieved cell engraftment and normalized blood glucose. Their recent HbA1c levels averaged 5.4%, comfortably below the standard 6.5% threshold for diabetes. The upcoming trial will be multicenter and intended to meet requirements for FDA approval.

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Lands’ End (LE/$10.82 | Price Target: $20)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Underlying Momentum Remains Intact
Rating: OUTPERFORM

Q2 Revenue Rebounds. Fiscal second-quarter revenue increased 2.7% to $302.0 million, modestly above our $300.0 million estimate, as U.S. eCommerce revenue increased 9.0% and Outfitters increased 4.4%. Importantly, regular consumer fulfillment has normalized following the Q1 WMS disruption.

Underlying eCommerce Trends Are Encouraging. U.S. eCommerce revenue increased to $182.4 million, well above our $172.3 million estimate, supported in part by shipments carried over from Q1. Given the improved performance, we modestly increased our fiscal 2026 U.S. eCommerce revenue estimate to $842.2 million from $840.4 million.

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Noble Capital Markets Research Report Thursday, September 3, 2026

Companies contained in today’s report:

Kuya Silver (KUYAF)/OUTPERFORM – Thoughts on Recent Drilling at the Umm-Hadid Project

Kuya Silver (KUYAF/$0.54 | Price Target: $2.4)
Mark Reichman [email protected] | (561) 999-2272
Thoughts on Recent Drilling at the Umm-Hadid Project
Rating: OUTPERFORM

Encouraging Drill Results. Kuya Silver reported strong drilling results from the Umm-Hadid Project in Saudi Arabia, advancing toward a maiden NI 43-101 mineral resource estimate. Highlights include 26.10 meters grading 77.8 grams of silver per tonne and 9.17 meters grading 137.1 grams of silver per tonne, with both intervals containing exceptionally high-grade silver and gold zones. The new Target 01 drill results are part of an ongoing 10,000-meter drill program to define the continuity, geometry, and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying NI 43-101 technical report. 

Establishing Continuity. The current resource-definition work is focused on Target 01. High-grade mineralization has been encountered across multiple holes and drill sections, supporting the continuity of the broader silver-gold system. Target 01 covers approximately 4.5 kilometers by 2.5 kilometers, with the latest mineralized intervals occurring at relatively shallow depths averaging about 58 meters below surface.

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Noble Capital Markets Research Report Wednesday, September 2, 2026

Companies contained in today’s report:

Kratos Defense & Security (KTOS)/OUTPERFORM – Award Momentum Continuing
T3 Defense (DFNS)/OUTPERFORM – Update With Management

Kratos Defense & Security (KTOS/$49.34 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
Award Momentum Continuing
Rating: OUTPERFORM

Award Momentum Continues. Recent data points to continued award momentum for Kratos across the Company’s business segments. While the possibility of another Continuing Resolution remains, we remain convinced Kratos is on the right path to achieve its business targets.

SATCOM Order. Yesterday, the Company announced a contract valued at more than $20 million to deliver mobile satellite communication (SATCOM) gateways for a defense customer in Asia. This award strengthens Kratos’ position as a leader in transportable antennas and ground system technologies as well as expands Kratos’ presence in the Asia-Pacific region.

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T3 Defense (DFNS/$10.08 | Price Target: $30)
Joe Gomes [email protected] | 561-999-2262
Update With Management
Rating: OUTPERFORM

Overview. We had an opportunity to speak with T3 management about second quarter results. In brief, results were mostly in-line with management’s expectations. Opportunities remain abundant; we are particularly interested to see how the licensing of Tiltan’s Majestic.ai software unfolds. We view this as a major opportunity.

2H26. Management noted improving backlogs at certain subsidiaries, which should help drive second-half 2026 results. In addition, management continues to integrate and optimize the acquisitions completed earlier this year. The M&A pipeline remains robust and, in spite of the Project 35 outcome (see below), we believe the Company will complete one or more acquisitions before the end of 2026.

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Noble Capital Markets Research Report Tuesday, September 1, 2026

Companies contained in today’s report:

Aurania Resources (AUIAF)/OUTPERFORM – Near-Term Catalysts and Outlook
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Alignment Reached With FDA On Phase 3 Design For CAD-1005 in HIT
Summit Midstream Corp (SMC)/OUTPERFORM – Double E Expansion Reaches Final Investment Decision

Aurania Resources (AUIAF/$0.13 | Price Target: $0.3)
Mark Reichman [email protected] | (561) 999-2272
Near-Term Catalysts and Outlook
Rating: OUTPERFORM

Strategic Shift to Europe. Aurania has repositioned its exploration strategy from Ecuador toward Europe, where it is advancing gold and critical metals opportunities in Iceland, Italy, and France. The company’s Lost Cities project in Ecuador remains geologically prospective, but exploration is suspended because of uncertainty surrounding Ecuador’s Mining Service Fee (TASA) and unpaid concession fees. Meanwhile, Aurania may earn up to a 70% interest in Iceland’s Thor’s Valley gold project, is evaluating nickel and cobalt recovery from the Balangero tailings project in Italy, and is advancing three exploration permits in Brittany, France.

Near-Term Catalysts. The most immediate catalyst is drilling at Thor’s Valley, where Aurania has commenced an initial six-hole, 770-meter program to verify historically high-grade gold mineralization and test extensions of the system. Additional catalysts include permitting for sonic drilling and bulk sampling at Balangero, advancement of exploration targets in France, and resolution of obligations associated with Ecuador’s Mining Service Fee. Confirmation that a TASA exemption applies retroactively to 2025 could materially reduce Aurania’s liabilities and influence whether it retains or restructures its Lost Cities concession portfolio.

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Cadrenal Therapeutics (CVKD/$1.75 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Alignment Reached With FDA On Phase 3 Design For CAD-1005 in HIT
Rating: OUTPERFORM

Phase 3 Design Can Move Forward With Expected Endpoints. Cadrenal announced that it held a Type D meeting with the FDA and has reached agreement on the design of the Phase 3 trial to test CAD-1005 in HIT (heparin-induced thrombocytopenia). This includes the primary endpoint, the protocol, and the statistical analysis plan (SAP). We see this as a significant step for the product and for the company’s plan to pursue collaboration to develop CAD-1005.

Primary and Secondary Endpoints Have Been Defined. The primary endpoint will be worsening HIT, defined as progression of thrombotic events through treatment day 14 or hospital discharge. A composite score composed of several aspects of thrombotic events will be used to measure progression. These include extension of an existing thrombus and the proportion of Serotonin Release Assay-positive (SRA+) patients with worsening composite thromboembolic events (CTEs) through Day 14 or hospital discharge.

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Summit Midstream Corp (SMC/$34.83 | Price Target: $50)
Mark Reichman [email protected] | (561) 999-2272
Double E Expansion Reaches Final Investment Decision
Rating: OUTPERFORM

Double E Compression Expansion Project. Summit Midstream reached a final investment decision (FID) on the Double E Pipeline mainline compression expansion following a successful open season that secured 550 million cubic feet per day (MMcf/d) of new long-term take-or-pay commitments. The project will add approximately 900 MMcf/d of forward haul capacity to the Waha Hub through a new bi-directional compressor station, plant connections, and related infrastructure. The expansion is expected to cost approximately $100 million net to Summit’s 70% interest and enter service in the fourth quarter of 2028, subject to regulatory approvals.

Commercial Momentum. A new 200 MMcf/d agreement with an investment-grade shipper brings total contracted firm capacity on Double E to approximately 2.2 billion cubic feet per day (Bcf/d), supported primarily by investment-grade customers. Summit is pursuing contracts for the remaining 450 MMcf/d of incremental expansion capacity and expects strong Delaware Basin production growth to support further commitments. If the project becomes fully subscribed, management expects Permian Segment Adjusted EBITDA to increase from approximately $37 million in 2026 to more than $100 million by 2030.

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Noble Capital Markets Research Report Friday, August 28, 2026

Companies contained in today’s report:

Lucky Strike Entertainment (LUCK)/OUTPERFORM – From Investment To Cash Flow
Vince Holding Corp. (VNCE)/OUTPERFORM – OVO Acquisition Establishes Multi-Brand Platform

Lucky Strike Entertainment (LUCK/$6.26 | Price Target: $14.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
From Investment To Cash Flow
Rating: OUTPERFORM

A softer finish to the year. The company reported Q4 revenue of $303.9 million, modestly below our estimate of $314.0 million, while adj. EBITDA of $74.1 million missed our $88.0 million estimate by nearly 16%. Management attributed the revenue softness to unfavorable weather at its largest water parks and high viewership of the World Cup and NBA Finals.

June weighed on results. Management estimated the sports-related revenue impact at $7 million to $12 million and the incremental weather impact on the water parks at $3 million to $5 million. Despite these pressures, the underlying trends were stronger than the quarterly results suggest. Full-year same-store sales declined just 0.2%, marking the company’s best comp since fiscal 2023.

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Vince Holding Corp. (VNCE/$7.81 | Price Target: $9)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
OVO Acquisition Establishes Multi-Brand Platform
Rating: OUTPERFORM

A multi-brand platform expansion. On August 24, the company completed the acquisition of Drake’s October’s Very Own (OVO) operating business, including its 12 stores, e-commerce platform, wholesale relationships, employees, assets, and liabilities across Canada, the United States, and the United Kingdom.

Acquisition details. OVO’s intellectual property was valued at approximately $117.6 million, with Authentic Brands Group owning 51%, Drake retaining 44%, and Vince purchasing the remaining 5% for $6 million. A portion of the proceeds from the IP sale was used to repay OVO’s debt and provide additional liquidity for its operating business, which Vince acquired for a nominal equity price of $3.

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Noble Capital Markets Research Report Thursday, August 27, 2026

Companies contained in today’s report:

Direct Digital Holdings (DRCT)/MARKET PERFORM – Liquidity Overshadows Underlying Stability

Direct Digital Holdings (DRCT/$2.34)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Liquidity Overshadows Underlying Stability
Rating: MARKET PERFORM

Q2 results. Second-quarter revenue of $7.8 million declined 23% year over year and came in 11% below our $8.8 million estimate. The shortfall was concentrated among demand-side platform customers, with spending falling to zero from $2.5 million in the prior-year quarter. Excluding DSP customers, revenue grew 3% in the quarter and 5% year-to-date, suggesting the core managed-campaign business is roughly stable even as the reported line contracts.

Gross margin held with disciplined spending. Gross profit of $2.7 million represented 34% of revenue, down modestly from 35% a year ago and flat with the first quarter. Operating expenses of $5.6 million declined 7% year over year. The adjusted EBITDA loss widened to $2.3 million from $1.5 million a year earlier, well short of our $0.35 million loss estimate, and management’s second-half breakeven target now looks difficult to reach.

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Noble Capital Markets Research Report Wednesday, August 26, 2026

Companies contained in today’s report:

GDEV (GDEV)/OUTPERFORM – Profitability Outpaces Growth As Bookings Soften
SelectQuote (SLQT)/OUTPERFORM – Cash Flow Inflection Takes Center Stage
Tectonic Metals Inc. (TETOF)/OUTPERFORM – Black Creek Emerges as a Second Gold Center

GDEV (GDEV/$10.8 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Profitability Outpaces Growth As Bookings Soften
Rating: OUTPERFORM

Q2 Results. GDEV reported Q2 revenue of $93.6 million, down 22%, and adj. EBITDA of $20.1 million, only down 7% year over year. Notably, the year-over-year revenue decrease was primarily driven by a decline in bookings. As illustrated in Figure #1 Q2 Results, both revenue and adj. EBITDA missed our estimates of $115 million and $26 million, respectively, though adj. EBITDA proved far more resilient than revenue.

Marketing discipline held margins. That resilience was largely due to lower selling and marketing expenses, which fell 38% to $32.7 million from $52.5 million, lifting the adj. EBITDA margin to roughly 21% from 18% even as revenue declined. The reduction stems from the company’s more disciplined strategy for user acquisition, which focuses on higher-value cohorts rather than volume.

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SelectQuote (SLQT/$0.55 | Price Target: $3)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Cash Flow Inflection Takes Center Stage
Rating: OUTPERFORM

Q4 profitability improves despite softer revenue. Fiscal fourth quarter revenue declined 7% to $321.7 million from $345.1 million in the prior-year period, while adj. EBITDA increased to $11.9 million from $2.7 million. Operating cash usage also improved sharply to $3.3 million from $37.5 million a year earlier, highlighting the company’s improving cash conversion. 

Healthcare Services emerges as a key earnings driver. Healthcare Services generated Q4 revenue of $193.5 million and adj. EBITDA of $12.1 million, with SelectRx membership of approximately 109,000. Importantly, prescription utilization continues to increase even as membership growth moderates, while the Olathe facility provides capacity for more than 200,000 members and meaningful opportunity for additional operating leverage. 

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Tectonic Metals Inc. (TETOF/$1.98 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Black Creek Emerges as a Second Gold Center
Rating: OUTPERFORM

Flat is advancing rapidly. Tectonic is executing a five-rig, 40,000-meter drilling program at its flagship Flat Gold Project, with the primary objective of supporting a maiden NI 43-101 mineral resource estimate at Chicken Mountain in early 2027. The program is also targeting higher-grade mineralization and testing additional district-scale targets. The Chicken Mountain–Alpha Bowl system has already been traced for approximately 3.3 kilometers.

Black Creek is emerging as a second gold center. Tectonic released assay results from three holes drilled at the Black Creek target, including two reverse circulation and one diamond drill hole. Hole CMR26-152 returned 5.09 g/t gold over 21.34 meters, including 17.34 g/t over 6.10 meters. Hole CMR26-153 intersected a broader interval of 1.89 g/t over 57.91 meters, including 2.75 g/t over 38.10 meters, with higher-grade intervals of 6.31 g/t over 7.62 meters and 3.89 g/t over 6.10 meters. Diamond hole CMD26-041 returned 3.26 g/t over 5.06 meters and a deeper interval grading 16.73 g/t over 2.22 meters, including 29.91 g/t over 1.22 meters. Importantly, both RC holes ended in mineralization, indicating that the system remains open thus providing clear targets for deeper follow-up drilling.

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Noble Capital Markets Research Report Tuesday, August 25, 2026

Companies contained in today’s report:

First Phosphate Corp. (PHOS)/OUTPERFORM – Definitive Mineral Resource Supports Transition to Feasibility
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Initial Assays Return Significant Gold Mineralization

First Phosphate Corp. (PHOS/$17.1 | Price Target: $25.5)
Mark Reichman [email protected] | (561) 999-2272
Definitive Mineral Resource Supports Transition to Feasibility
Rating: OUTPERFORM

A stronger resource supports the transition to feasibility. First Phosphate’s definitive NI 43-101 report confirms approximately 204.7 million tonnes of measured and indicated resources grading roughly 6.05% phosphorus pentoxide (P2O5), including a 378% increase in indicated resources. Strong geological continuity, favorable metallurgy, and additional expansion potential at depth provide a stronger foundation for the Begin-Lamarche feasibility study.

The focus is shifting toward project development. With resource drilling mostly completed, First Phosphate is targeting completion of the feasibility study around January or February 2027, followed by permitting, financing, and a potential final investment decision. Development risk is further reduced by definitive offtake agreements, Canadian government funding, and potential international financing support.

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Resolution Minerals Ltd (RLMLF/$0.03 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Initial Assays Return Significant Gold Mineralization
Rating: OUTPERFORM

Golden Gate South Discovery. Resolution Minerals confirmed a significant near-surface gold discovery at Golden Gate South within its 100%-owned Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho. All three initial 2026 diamond holes intersected broad gold mineralization, extending the known mineralized system at least 2,000 meters south from Golden Gate North. The results, combined with gold-in-soil anomalies between the two areas, strengthen the potential that Golden Gate North and South are part of a much larger mineralized system along the Golden Gate Fault Zone.

Broad Gold Intercepts. The most significant hole, HH-GG26-003C, returned 305.7 meters grading 0.64 g/t gold from surface to the end of the hole, including several higher-grade zones of up to 17.25 meters at 1.19 g/t gold. The other two holes also encountered broad near-surface mineralization, including 87.87 meters at 0.52 g/t and 49.5 meters at 0.58 g/t gold. Collectively, the results are important because they demonstrate substantial widths of pervasive gold mineralization rather than isolated narrow intercepts, although additional drilling is required to establish true widths, continuity, and ultimately the potential size of the system.

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Noble Capital Markets Research Report Monday, August 24, 2026

Companies contained in today’s report:

Newsmax (NMAX)/OUTPERFORM – Higher-Margin Revenue Streams Lift Earnings Outlook
Radio Broadcast Industry (Radio Broadcast) – Radio at an Inflection Point
Sky Harbour Group (SKYH)/OUTPERFORM – Increases Registered Direct Offering by $10 Million
T3 Defense (DFNS)/OUTPERFORM – Reports 2Q26 Results
Titan International (TWI)/OUTPERFORM – Highlights from Deere’s 3Q26 Conference Call

Newsmax (NMAX/$10.75 | Price Target: $17)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Higher-Margin Revenue Streams Lift Earnings Outlook
Rating: OUTPERFORM

Record-Breaking Q2. The company reported its highest quarterly revenue of $54.1 million, up a solid 16.5% YoY, and adj. EBTDA of $5.7 million, both of which beat our estimates of $52.5 million and a loss of $0.675 million, respectively. Notably, the company generated its first profitable quarter as a public company, driven primarily by higher affiliate fees and licensing revenue.

Higher-margin revenue streams gaining momentum. Affiliate fee revenue increased 81.9% to $13.4 million, while licensing revenue increased 563.5% to $4.6 million. In our view, continued affiliate repricing and licensing growth should improve the company’s revenue mix and provide an increasingly important driver of margin expansion.

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Radio Broadcast Industry
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Radio at an Inflection Point

Radio’s audience remains considerably more resilient than its advertising performance suggests. Consumer engagement has held up far better than traditional spot revenue, even as podcasts, streaming, and other audio alternatives have proliferated. This disconnect is central to the investment thesis: radio increasingly has a monetization problem rather than an audience problem, creating an opportunity if technology can narrow the gap.

The industry’s transformation is increasingly becoming an ad-tech and digital monetization story. Programmatic buying, improved attribution, first-party data, podcasts, and digital marketing services are expanding radio beyond the traditional station-and-spot model. The opportunity is to use radio’s existing reach, content, and advertiser relationships to participate in a much larger advertising market rather than simply defend its share of traditional radio spending.

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Sky Harbour Group (SKYH/$10.45 | Price Target: $23)
Joe Gomes [email protected] | 561-999-2262
Increases Registered Direct Offering by $10 Million
Rating: OUTPERFORM

Upsized. Sky Harbour executed a third stock purchase agreement under its Registered Direct common stock placement. An additional one million shares were sold to M-Cor Capital at $10 per share, raising an additional $10 million on top of the original $40 million raised. We anticipate the additional capital to be used to support future hangar developments.

Portfolio I. Sky Harbour filed its monthly Construction Report for July 2026. The Company continued to make progress in June on its two remaining projects from the Obligated Group (PABs 2021 Series bond issue) – Opa Locka Phase 2 (OPF2) in Opa Locka, FL and Addison Phase 2 (ADS2) in Addison, TX. At OPF2, Alston Construction is substantially complete with construction. Temporary Certificates of Occupancy (TCO) have been issued for all hangars and the GSE. Tenants have started moving into the hangars, and the campus is in full operation. At ADS2 (Addison Airport), Ascend Aviation continues to work towards completion of the Earthwork and Utility scopes of work, with all site sanitary and water completed. The airside apron stabilization is completed, with 8 of 12 pours complete. All foundation piers have been completed on all hangars.

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T3 Defense (DFNS/$20.61 | Price Target: $30)
Joe Gomes [email protected] | 561-999-2262
Reports 2Q26 Results
Rating: OUTPERFORM

Overview. T3 Defense filed its 10Q for the quarter ended June 30, 2026. The Company did not issue a press release on the quarterly results, nor did management hold a conference call. Revenue came in below our expectations, but gross margin and operating loss were better than expected. Non-cash items significantly impacted the bottom line. We hope to speak with management shortly to provide a deeper review of the quarter and update our models.

2Q26 Results. Revenue was $4.0 million, below our $4.5 million projection. Gross margin was 25.4% exceeding our 11.1% estimate. T3 reported an operating loss of $3.4 million compared to our projection of a $3.9 million loss. Net loss from continuing operations was $85.7 million and net loss was $81.4 million. T3 reported a loss per share of $182.80 (adjusted for the recent 1-for-125 reverse stock split).

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Titan International (TWI/$7.15 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
Highlights from Deere’s 3Q26 Conference Call
Rating: OUTPERFORM

Deere Call. We reviewed Deere’s (NYSE:DE) 3Q26 results and conference call. Selling into Titan’s key end markets of Agriculture, Construction, and Consumer, Deere’s forward commentary can give a solid overview of Titan’s end markets and potential for improvement. Based on Deere’s comments, 2027 should show improvement across the board for Titan.

Construction. Order books for 2026 are largely full as demand fundamentals remain favorable across both the earthmoving and road building end markets. Large-scale infrastructure projects, data center construction, and pipeline activity continue to support robust customer demand. As a result, customer backlogs now extend well into fiscal year 2027, providing healthy visibility and optimism for next year.

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Noble Capital Markets Research Report Friday, August 21, 2026

Companies contained in today’s report:

Kuya Silver (KUYAF)/OUTPERFORM – Advancing Bethania Toward Commercial Production
Snail (SNAL)/OUTPERFORM – Gamescom Lineup Puts the Non-ARK Pipeline on Display

Kuya Silver (KUYAF/$0.54 | Price Target: $2.4)
Mark Reichman [email protected] | (561) 999-2272
Advancing Bethania Toward Commercial Production
Rating: OUTPERFORM

Q2 and 1H FY 2026 Financial Performance. Kuya Silver generated Q2 FY 2026 revenue of $1,252,925, compared with $1,163,673 in the prior-year period. The company reported a net loss of $1,529,381, or $(0.01) per share, compared with a net loss of $282,559, or $(0.00) per share, in Q2 of FY 2025. During the 1H of FY 2026, revenue totaled $2,717,922, compared with $1,389,670 during the same period in FY 2025. The 1H net loss increased to $2,766,547, or $(0.01) per share, from $1,631,545, or $(0.01) per share, in the 1H of FY 2025. The greater loss reflected increased activity at the Bethania mine associated with the production ramp-up, as well as higher administrative expenses as Kuya expanded the organizational structure and capabilities required to support its growing operations. Increases in these line items were partially offset by higher revenue from Bethania and lower exploration and evaluation expenses.

Operational Momentum. Kuya continues to add contractors at the Bethania mine to augment its workforce, which is expected to accelerate mine development and underground drilling productivity during the remainder of the year. The mine team has initiated a focused development program and is allocating additional resources to unlock mineralized material for mining later in 2026 and into 2027. Key underground development initiatives, including construction of a new ramp and ore-handling systems to support the Phase 1 expansion to 350 tonnes per day, are progressing and are expected to improve operational stability and long-term production capacity.

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Snail (SNAL/$2.89 | Price Target: $17.5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Gamescom Lineup Puts the Non-ARK Pipeline on Display
Rating: OUTPERFORM

Gamescom 2026 AAA unveiling. Snail announced its Gamescom 2026 lineup, headlined by the unveiling of its second internally developed AAA title in the 9 Yin Sutra universe, set in a parallel timeline and alternate universe to 9Yin Sutra: Immortal, which debuted at ChinaJoy on July 30th. In our note on August 12th, we had identified an unannounced AAA reveal at Gamescom as a near-term event, and the release confirms it.

The franchise builds. Both 9 Yin Sutra titles draw on the established Age of Wushu IP, offering different treatments of the same martial arts setting. Along with these titles, Snail will also show For The Stars, its space-survival AAA project. In our view, concentrating two out of the three AAA projects within a single IP family should improve development and marketing efficiency, while also making outcomes across those titles more correlated.

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Noble Capital Markets Research Report Thursday, August 20, 2026

Companies contained in today’s report:

GDEV (GDEV)/OUTPERFORM – Profitability Momentum In Focus Ahead Of Q2 Results

GDEV (GDEV/$10.67 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Profitability Momentum In Focus Ahead Of Q2 Results
Rating: OUTPERFORM

Q2 results preview. We expect GDEV’s second-quarter results to reflect continued disciplined user acquisition spending and a focus on profitable growth. For context, Q1 revenue increased 2% to $99 million, while adjusted EBITDA increased 15% to $18 million, benefiting from a 13% decline in selling and marketing expense, as illustrated in Figure #1 Q1 Results. The return to top-line growth, following a revenue decline in fiscal 2025, is encouraging.

Facing a difficult revenue comparison. Q2 will lap a relatively strong year-ago quarter, when revenue increased 13% to $120 million, driven in part by elevated performance marketing investment. As such, we believe the more important read-through will be the company’s ability to sustain engagement and monetization while maintaining its more disciplined approach to marketing expenditures.

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Noble Capital Markets Research Report Wednesday, August 19, 2026

Companies contained in today’s report:

VivoPower International PLC (VIVO)/OUTPERFORM – De-Risked Nordic AI Infrastructure Pure-Play

VivoPower International PLC (VIVO/$4.4 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
De-Risked Nordic AI Infrastructure Pure-Play
Rating: OUTPERFORM

Shareholder debt fully retired, materially improving credit quality. On August 3, 2026, VivoPower eliminated 100% of its $28.8m shareholder debt principal owed to AWN Holdings. $16.5 million was converted under PIPE 2 and $12.3 million was repaid in cash. The move removes the associated interest expense and materially improves credit quality ahead of the Nordic AI buildout, leaving no principal obligation to AWN.

PIPE secured to fund the AI conversion. A $50 million PIPE priced at US$7.50 per share on July 29, 2026, was led by Blue Sky Capital, alongside Nordic, EU, and GCC institutional and family-office investors. Proceeds are directed at the Mo i Rana AI data center conversion in Norway and further debt reduction.

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Noble Capital Markets Research Report Tuesday, August 18, 2026

Companies contained in today’s report:

QuoteMedia Inc. (QMCI)/OUTPERFORM – Double-Digit Revenue Growth, Improving Margins Signal Operating Leverage
Xerox Holdings Corporation (XRX)/OUTPERFORM – Reinvention Creates a Path to Sustainable Earnings Growth

QuoteMedia Inc. (QMCI/$0.15 | Price Target: $0.2)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Double-Digit Revenue Growth, Improving Margins Signal Operating Leverage
Rating: OUTPERFORM

Solid Q2 revenue growth. QuoteMedia reported Q2 revenue of $5.45 million, up 11% YoY from $4.93 million, although below our $5.63 million estimate. The quarter marked the company’s second consecutive quarter of double-digit revenue growth, supported by new client wins and expansion within existing enterprise relationships.

Improving profitability. Gross margin increased to 50% from 46% in the year-earlier period, while adj. EBITDA increased to $241,000 from $99,000. The net loss narrowed substantially to $362,000 from $854,000. We believe the improving results provide early evidence of the operating leverage inherent in the company’s business model.

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Xerox Holdings Corporation (XRX/$2.95 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Reinvention Creates a Path to Sustainable Earnings Growth
Rating: OUTPERFORM

Initiating coverage with an Outperform rating and a $5 price target. Our constructive view reflects the company’s multiyear transformation through the Lexmark acquisition, expansion of IT Solutions and Digital Services, and continued focus on operating efficiency. We believe these initiatives can moderate revenue declines, improve profitability and cash generation, and ultimately support a multiyear earnings recovery and valuation re-rating.

Lexmark Integration Positioned to Drive Significant Profit Growth. The acquisition of Lexmark expands Xerox’s global scale and is expected to generate at least $350 million in gross cost synergies by the end of 2027. In our view, it provides a clear path toward ameaningful improvement in operating leverage and competitive positioning.

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Noble Capital Markets Research Report Monday, August 17, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – Further Expansion into Accessories
Cadrenal Therapeutics (CVKD)/OUTPERFORM – 2Q26 Reported With Review Of New “Three Pillars” Strategy
DLH Holdings (DLHC)/OUTPERFORM – More Contract Movement
Euroseas (ESEA)/OUTPERFORM – Second Quarter 2026 Review and Outlook
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Second Quarter Results And An Acquisition
Xcel Brands (XELB)/OUTPERFORM – Commercialization Advances: Building Toward a Second-Half Revenue Inflection

ACCO Brands (ACCO/$4.34 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
Further Expansion into Accessories
Rating: OUTPERFORM

Trust Acquisition. On Friday, ACCO announced it has entered into a definitive agreement to acquire Trust, a European provider of computer and gaming accessories. The transaction is valued at approximately $57 million. The transaction will be financed through borrowings under ACCO’s revolving credit facility, with limited impact on pro forma leverage. The transaction is expected to close in late third quarter or early fourth quarter.

Who is Trust? Founded in 1983 and headquartered in the Netherlands, Trust is a well-recognized consumer electronics brand with more than 40 years of presence in PC accessories, gaming, smart home, and mobile accessories. The company offers a comprehensive product portfolio spanning keyboards, mice, headsets, speakers, webcams, chargers, and gaming peripherals, sold through a broad network of leading retailers, e-commerce platforms, and B2B channels. Trust operates an asset-light model with outsourced manufacturing and scalable sourcing and serves customers in Europe and Latin America.

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Cadrenal Therapeutics (CVKD/$1.86 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
2Q26 Reported With Review Of New “Three Pillars” Strategy
Rating: OUTPERFORM

2Q26 Reported With Review Of New Strategy and Product Data. Cadrenal reported a 2Q26 loss of $3.3 million, or $(1.14) per share. The company modified its strategy and plans to develop its products through collaborations, out-licensing agreements, and non-dilutive grants to conserve capital resources. On June 30, 2026, cash and cash equivalents were $4.2 million, excluding proceeds from the private placement completed July 1. The private placement raised about $3.0 million, with warrants that could raise another $5.8 million upon exercise.

The Pipeline Has Been Reorganized Into “Three Pillars”.  The company has divided the pipeline into products for Cardiac Acute Critical Care, Orphan Diseases, and Post-Operative Care. These divisions emphasize how the products can address important needs before and after cardiac surgery, as well as for patient populations with few options.

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DLH Holdings (DLHC/$4.66 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
More Contract Movement
Rating: OUTPERFORM

New ID/IQ. According to the Department of War’s daily contract award notifications, DLH has been named to the Naval Information Warfare Center Pacific’s recent ID/IQ to provide operational exercise design and construction, operations and requirements analysis, concept formulation and development, feasibility demonstrations, and operational and technical support. This includes efforts to analyze and engineer operational, functional, and system requirements to establish national, theater, and force-level architecture. Additional efforts will include requirements verification and validation, engineering analysis, technical documentation, software and hardware design and implementation, as well as systems integration, test and evaluation, and demonstration. This is the second major ID/IQ to which DLH has been named recently.

Details. The contracting vehicle is a $278 million indefinite-delivery/indefinite-quantity, multiple-award contract with cost-plus-fixed-fee and cost-no-fee pricing. This seven-year contract includes one two-year option which, if exercised, would bring the potential value of this contract to $400 million. The period of performance is Aug. 12, 2026, through Aug. 12, 2031. DLH will have the opportunity to compete for task orders during the ordering period.

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Euroseas (ESEA/$73.8 | Price Target: $92)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Second Quarter Financial Results. Euroseas Ltd. reported solid second quarter 2026 financial performance supported by elevated charter rates, high fleet utilization, and disciplined cost management. While net revenues declined modestly to $56.5 million compared to $57.2 million in the prior year period due to a smaller average fleet size, adj. EBITDA increased to $40.1 million compared to $39.3 million during the second quarter of 2025, and adj. earnings per share increased to $4.70 from $4.20. We had projected net revenue of $56.5 million and adj. EBITDA of $40.1 million. 

Outlook Remains Constructive. In our view, the near-term outlook remains positive, supported by strong charter rates, tight vessel availability in the feeder and intermediate segments of the containership market, and significant charter coverage through 2027. While market conditions could moderate as the supply of vessels increases and Red Sea routes potentially normalize, we think the feeder and intermediate segments are relatively well positioned versus larger vessel classes. Euroseas’ strong charter coverage of 96.0% in 2026, 81.3% in 2027, and 46.8% in 2028 is expected to insulate the company from any volatility in the market.

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Star Equity Holdings, Inc. (STRR/$9.8 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
Second Quarter Results And An Acquisition
Rating: OUTPERFORM

Overview. In the second quarter, Business Services delivered modest revenue growth, with gross profit down slightly year-over-year, while Energy Services posted strong year-over-year gains in revenue, gross profit, and adjusted EBITDA, reflecting activity increases and new client wins in the geothermal and mining industries. Building Solutions remained below management expectations due to market softness and contract timing.

2Q26 Results. Second quarter 2026 revenue was $54.9 million versus a pro forma $59.2 million in 2Q25. We were at $64 million. The delta was in Building Solutions, which continues to operate in a challenging environment. Adjusted EBITDA was $2.2 million versus a pro forma $8.5 million, which included a $5.5 million gain. Star reported an adjusted loss of $0.15/sh in 2Q26 compared to EPS of $0.20/sh in 2Q25.

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Xcel Brands (XELB/$0.94 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Commercialization Advances: Building Toward a Second-Half Revenue Inflection
Rating: OUTPERFORM

Q2 results were softer than expected, largely due to timing. Revenue was approximately $1.1 million, compared with $1.3 million in the prior-year period, reflecting the Judith Ripka divestiture and delays associated with QVC’s bankruptcy and vendor-credit issues. Importantly, the QVC-related disruptions appear to have largely been resolved.

Commercialization remains the key story as the creator portfolio moves into the market. With the portfolio’s social media reach having expanded from roughly 5 million to more than 46 million followers, we believe the company has assembled a compelling audience from which to build consumer brands. The next several quarters should provide evidence regarding Xcel’s ability to convert that audience into sustainable royalty revenue.

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Noble Capital Markets Research Report Friday, August 14, 2026

Companies contained in today’s report:

Eledon Pharmaceuticals (ELDN)/OUTPERFORM – 2Q26 Reported With Several Tegoprubart Trial Updates
InPlay Oil (IPOOF)/OUTPERFORM – Second Quarter 2026 Review and Outlook
Newsmax (NMAX)/OUTPERFORM – A Milestone Quarter for Growth and Profitability
Saga Communications (SGA)/MARKET PERFORM – Investment Spending Weighs On Margins
Sky Harbour Group (SKYH)/OUTPERFORM – Solid Second Quarter Results
SKYX Platforms (SKYX)/OUTPERFORM – Another Quarter of Growth
Xcel Brands (XELB)/OUTPERFORM – Creator-Commerce Strategy Advances Despite Slower Revenue Ramp

Eledon Pharmaceuticals (ELDN/$3.7 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
2Q26 Reported With Several Tegoprubart Trial Updates
Rating: OUTPERFORM

2Q Financial Results Were Within Expectations. Eledon reported a 2Q26 loss of $31.6 million or $(0.27) per share. The Operating Loss of $22.9 million was close to our estimate of $22.4 million, before a charge of $9.6 million for Changes In The Fair Value of Warrant Liabilities. The Net Loss excluding the non-cash charge would have been $22 million. Cash balance on June 30, 2026 was $ $88.8 million.

Preparations For A Global Phase 3 Trial In Kidney Transplantation Continue. During 2Q26, an End-Of-Phase 2 meeting was held with the FDA to discuss the Phase 3 trial design and requirements for a BLA submission. The Phase 3 trial has been designed to test tegoprubart against tacrolimus to prevent kidney transplant rejection. It is scheduled to begin in late 2026 with a target enrollment of about 600 patients. The Primary Endpoint will be non-inferiority based on a composite of BPAR (biopsy-proven acute rejection), graft loss, and death.

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InPlay Oil (IPOOF/$11.89 | Price Target: $22)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Second quarter financial results. Duringthe second quarter of 2026, InPlay production averaged 18,663 barrels of oil equivalents per day (boe/d), compared with 20,401 boe/d in the prior-year quarter. Despite lower production, stronger commodity pricing drove oil and natural gas sales to C$124.1 million, up 35% from C$91.6 million during the second quarter of 2025. Adjusted funds flow increased 11% to C$44.7 million from $40.1 million, while adjusted funds flow per basic share increased 8% to C$1.61 from C$1.49.

Outlook for the remainder of 2026. Supported by stronger oil prices and the expected impact of its recently announced acquisition, InPlay’s 2026 guidance forecasts average annual production of 18,900 to 19,400 boe/d, with approximately 61% to 63% light oil and natural gas liquids (NGLs), and adjusted funds flow of C$161 million to C$169 million, or approximately C$165 million at the midpoint.

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Newsmax (NMAX/$9.49 | Price Target: $17)
Michael Kupinski [email protected] | (561) 994-5734
A Milestone Quarter for Growth and Profitability
Rating: OUTPERFORM

A milestone quarter. Newsmax reported record Q2 revenue of $54.1 million, up 16.5%, while Adjusted EBITDA improved to $5.7 million from a loss of $3.8 million, and the company generated its first quarterly net income as a public company. We believe the results provide an important early indication of the operating leverage inherent in the business model. 

Higher-margin revenue streams gaining momentum. Affiliate fee revenue increased 81.9% to $13.4 million, while licensing revenue increased 563.5% to $4.6 million. In our view, continued affiliate repricing and licensing growth should improve the company’s revenue mix and provide an increasingly important driver of margin expansion. 

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Saga Communications (SGA/$9.71)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Investment Spending Weighs On Margins
Rating: MARKET PERFORM

Q2 exceeded expectations. Revenue declined 6.5% year over year to $26.4 million, beating our estimate of $25.5 million by 3.5%. Additionally, adj. EBITDA of approximately $1.1 million compared favorably with our $0.1 million estimate. The beat reflected growth in blended digital revenue, which cushioned double-digit declines across the traditional broadcast business. 

Digital continues to scale. Blended digital offering grew 60.8% during the quarter and was up 76.4% for the first 6 months of the year. Digital reached 19% of gross revenue in the first half compared with 14% a year ago. Management has brought search capabilities in-house with three dedicated specialists, hired and trained ten digital campaign managers, and migrated digital fulfillment to a new platform. In our view, the pace of blended digital growth is the most encouraging development in the quarter and the clearest evidence that the multi-year platform build is beginning to convert.

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Sky Harbour Group (SKYH/$11 | Price Target: $23)
Joe Gomes [email protected] | 561-999-2262
Solid Second Quarter Results
Rating: OUTPERFORM

Overview. During the second quarter, the pace of investment and new construction at Sky Harbour continued to accelerate. Assets under construction and completed construction reached over $393 million, a $65 million increase year-to-date and the highest in six months in corporate history.

2Q26 Results. Sky Harbour 2Q26 revenue of $9.86 million rose nearly 50% y-o-y, driven by new campus openings in the past year and increases in occupancy and rental rates. Adjusted EBITDA improved to approximately negative $0.9 million in the second quarter of 2026 from a loss of $3.0 million in the second quarter of 2025. The Company reported a net loss of $1.2 million, or $0.04/sh, versus net income of $17.5 million, or $0.18/sh, in 2Q25, which was positively impacted by $21.8 million of unrealized gain on warrants.

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SKYX Platforms (SKYX/$1.1 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Another Quarter of Growth
Rating: OUTPERFORM

Overview. SKYX Platforms just completed its 10th consecutive quarter of year-over-year growth. The Company is trending positively, generating record second quarter 2026 revenues. The Company’s builder and hotel segments are continuing to grow. With savings of up to 90% of time for installation or renovation, and up to 90% of the cost of renovation and installations, we believe SKYX’s value proposition is very strong in the hotels and builders segments. We believe the positive trends will continue to accelerate through the balance of 2026 as the Company continues to build out and execute on its channel strategy.

2Q26 Results. Revenue in 2Q26 rose 9.6% y-o-y to $25.27 million and was above our $24 million projection, with the increase due to an expansion of sales of SKYX products. The Company reported an adjusted EBITDA loss of $3.5 million, up slightly from last year’s $2.6 million loss. Net loss totaled $8.48 million, or $0.06/sh, versus a $9.1 million net loss, or $0.08/sh, in 2Q25.

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Xcel Brands (XELB/$1.06 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Creator-Commerce Strategy Advances Despite Slower Revenue Ramp
Rating: OUTPERFORM

Q2 results reflect a slower-than-anticipated revenue ramp, but underlying operating trends improved. Second quarter revenue of $1.1 million was below our $1.8 million estimate, largely reflecting the timing of the company’s creator-led brand commercialization and the divestiture of Judith Ripka. Importantly, adjusted EBITDA improved sequentially to a loss of $479,000 from roughly $700,000 in Q1, representing a 32% improvement, as illustrated in Figure #1 Q2 Results. 

Creator-led brands begin to contribute; commercialization remains the key catalyst. Management attributed the improved adjusted EBITDA performance in part to product launches from two of its new influencer-led brands. We believe Xcel is transitioning from the investment and incubation phase of its transformation toward commercialization, with Jenny Martinez, Gemma Stafford, Cesar Millan, Coco Rocha, Christie Brinkley, and Longaberger providing multiple opportunities to expand product categories and distribution.

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Noble Capital Markets Research Report Thursday, August 13, 2026

Companies contained in today’s report:

Beasley Broadcast Group (BBGI)/OUTPERFORM – Q2 EBITDA Beat Validates Re-Margin Strategy
Unicycive Therapeutics (UNCY)/OUTPERFORM – 2Q26 Reported As OLC Moving Forward With FDA Manufacturing Inspection

Beasley Broadcast Group (BBGI/$21.73 | Price Target: $31)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Q2 EBITDA Beat Validates Re-Margin Strategy
Rating: OUTPERFORM

Q2 results highlight meaningful operating leverage. Second-quarter revenue was $44.1 million, while Adjusted EBITDA of $5.3 million was well above our previous $2.2 million estimate. We believe the results provide encouraging evidence that recent cost actions are materially improving EBITDA conversion despite continued pressure on traditional advertising.

Cost reductions are beginning to reshape the earnings profile. Operating expenses declined 13.2% year-over-year, and management implemented an additional $10 million of annualized expense reductions during the quarter, bringing total savings over the trailing twelve months to roughly $30 million. In our view, the magnitude of these savings suggests normalized earnings power could be greater than previously anticipated.

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Unicycive Therapeutics (UNCY/$5.39 | Price Target: $50)
Robert LeBoyer [email protected] | (212) 896-4625
2Q26 Reported As OLC Moving Forward With FDA Manufacturing Inspection
Rating: OUTPERFORM

OLC Is Moving Forward. Unicycive reported a 2Q26 loss of $1.7 million, or $(0.06) per share. The Operating Loss of $10.1 million was offset by $8.0 million in Change In Fair Value Of Warrant Liabilities, leading to a Net Loss To Common Shareholders of $1.7 million. Importantly, the FDA has given written notice of facility inspection to one of the OLC third-party manufacturers. Assuming the inspection results are positive, Unicycive will be able to resubmit its NDA for OLC. Cash and equivalents on June 30, 2026, were $61.4 million.

The Third-Party Inspection Could Complete The Missing Part Of The NDA. In June 2026, Unicycive received a CRL (Complete Response Letter) to its NDA for OLC. The stated reason was that the required FDA inspection of one of its third-party manufacturing vendors had not been performed. The notification of an inspection is good news that could allow the NDA to be resubmitted.

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Noble Capital Markets Research Report Wednesday, August 12, 2026

Companies contained in today’s report:

Conduent (CNDT)/OUTPERFORM – Positioned for a Stronger Second Half
Nutriband (NTRB)/OUTPERFORM – Looking Forward To Product Milestones In The Second Half FY2026
Snail (SNAL)/OUTPERFORM – Setting the Stage for a Stronger Second Half
Summit Midstream Corp (SMC)/OUTPERFORM – Second Quarter Results Exceed Expectations

Conduent (CNDT/$1.58 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Positioned for a Stronger Second Half
Rating: OUTPERFORM

Q2 results reflect ongoing transformation. Continuing operations revenue declined 11.9% to $531 million, while adjusted EBITDA was $16 million, or a 3.0% margin. Commercial remained pressured by contract losses and lower volumes, while Government results reflected the timing of Medicaid implementation activity.

Guidance supports a stronger second half. Management established 2026 continuing operations guidance of $2.15-$2.25 billion of revenue and $140-$170 million of adjusted EBITDA, implying a roughly 7% EBITDA margin at the midpoint. Our estimates of $2.21 billion and $157 million, respectively, are modestly above the midpoint of guidance.

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Nutriband (NTRB/$3.18 | Price Target: $15)
Robert LeBoyer [email protected] | (212) 896-4625
Looking Forward To Product Milestones In The Second Half FY2026
Rating: OUTPERFORM

AVERSA Fentanyl Continues To Make Progress. Nutriband has been working in several areas to advance AVERSA Fentanyl toward the market. These include preparations for the registration trial, manufacturing, and commercialization. We continue to see AVERSA Fentanyl as an important product that could make fentanyl a safe, abuse-resistant option for pain relief.

Clinical Trial Expected Later In FY2026. The AVERSA Fentanyl application for FDA approval requires only a single clinical trial providing data to show that Fentanyl abusers prefer generic patches to the abuse-deterrent AVERSA technology. We expect this to be a short trial with a relatively small number of patients. Manufacturing clinical supplies is progressing, with the trial expected to begin around late Fall 2026.

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Snail (SNAL/$4.49 | Price Target: $17.5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Setting the Stage for a Stronger Second Half
Rating: OUTPERFORM

Q2 Results Were Soft, Ahead of a Busier Second Half. Second quarter revenue declined to $19.7 million from $22.2 million, while bookings decreased to $21.8 million from $27.1 million, and EBITDA was a $3.0 million loss versus a $2.4 million loss in the prior-year period. Despite the softer quarter, first-half revenue increased 11.1% to $47.0 million, while EBITDA improved to a loss of $0.6 million from a loss of $5.8 million. 

Second-Half Setup Improves Following Major ARK Content Releases. Shortly after quarter-end, Snail released Tides of Fortune, Genesis Part 1 Ascended, and Dragontopia, establishing a more active content cadence for the remainder of 2026. Management believes the broader ARK slate through 2027 provides a strong foundation for improved monetization and revenue visibility. 

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Summit Midstream Corp (SMC/$34.68 | Price Target: $51)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter Results Exceed Expectations
Rating: OUTPERFORM

Second Quarter FY 2026 Financial Results. Summit Midstream generated $155.0 million of revenue, up 10.6% from the prior year quarter, and reported net income attributable to Summit Midstream Corp. of $1.6 million, or $0.11 per share, compared with a net loss of $8.0 million, or $(0.66) per share, during the prior year period. Adj. EBITDA amounted to $60.7 million compared to $61.1 million during the prior year period, as stronger Rockies and Permian performance was offset by weaker Mid-Con and Piceance segment results. We had forecast revenue of $144.4 million and adj. EBITDA of $59.7 million. Distributable cash flow increased to $36.8 million from $32.4 million, and free cash flow increased modestly to $9.4 million compared to $9.2 million during the second quarter of 2025. Sequentially, SMC’s second quarter results demonstrated meaningful improvement, supported by stronger producer activity and higher throughput across much of the portfolio.

Guidance Narrowed. Management narrowed its FY 2026 guidance range for adj. EBITDA to $235 million to $255 million from $225 million to $265 million, and increased capital expenditure guidance to $100 million to $120 million from $85 million to $105 million. The increased capital budget is primarily tied to approximately 30 additional Williston Basin well connections and incremental investment in the Double E pipeline, while accelerating producer activity, additional firm transportation agreements, and a potential Double E compression expansion support the longer-term growth outlook.

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Noble Capital Markets Research Report Tuesday, August 11, 2026

Companies contained in today’s report:

Conduent (CNDT)/OUTPERFORM – Execution Takes Center Stage
CoreCivic, Inc. (CXW)/OUTPERFORM – $500 Million Accelerated Share Repurchase
NanoViricides (NNVC)/OUTPERFORM – NanoViricides Receives Regulatory Approval To Begin Phase 2 For Ebola In Africa
NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – NeuroSense Announces Target Date For Canadian PrimeC Approval Application
Summit Midstream Corp (SMC)/OUTPERFORM – Improving Growth Outlook and Operational Momentum
The Beachbody Company (BODI)/OUTPERFORM – Finding Its Footing in Retail

Conduent (CNDT/$1.56 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Execution Takes Center Stage
Rating: OUTPERFORM

Execution continues to improve. Management reiterated that second quarter results were in line with expectations while highlighting meaningful progress across its five strategic priorities, including cost reduction, financial discipline, portfolio optimization, and pipeline conversion. Six months into the transformation, management believes the company is beginning to see tangible operational improvements.

Transportation exit strengthens the financial profile. The announced sales of the Transit and Tolling businesses are expected to generate approximately $234 million of gross proceeds, reduce off-balance-sheet obligations by roughly 80%, lower capital requirements, and provide significant flexibility to reduce debt while sharpening management’s focus on its core businesses.

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CoreCivic, Inc. (CXW/$33 | Price Target: $42)
Joe Gomes [email protected] | 561-999-2262
$500 Million Accelerated Share Repurchase
Rating: OUTPERFORM

ASR. CoreCivic has decided how to use a portion of the proceeds from the facilities sale, and it’s a $500 million Accelerated Share Repurchase program. The Company already used over $600 million of net proceeds to reduce debt, and increased share repurchases were a logical use of additional funds, in our opinion. Upon completion of the ASR Agreement, the Company anticipates that approximately $255.8 million of share repurchase authorization will remain available.

Details. The Company made a payment of $500 million to a financial institution on August 10, 2026, and expects to receive an initial delivery of approximately 12.4 million shares of CXW common stock (about 12.5% of the outstanding) from the financial institution, pursuant to the ASR Agreement. Based on Friday’s closing price, the initial 12.4 million shares would have used approximately $400 million of the $500 million.

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NanoViricides (NNVC/$1.4 | Price Target: $6)
Robert LeBoyer [email protected] | (212) 896-4625
NanoViricides Receives Regulatory Approval To Begin Phase 2 For Ebola In Africa
Rating: OUTPERFORM

Regulatory Approval Allows the Phase 2 Trial for NV-387 To Begin. NanoViricides has received approval to proceed with its Phase 2 trial of NV-387 for the treatment of Ebola in the Democratic Republic of Congo (DRC). We expect the Ebola trial to be followed by a separate Phase 2 trial in Mpox, also to be conducted in the DRC. This is consistent with our expected time frame for the trials.

Previous Preparations Should Allow Treatment To Start Soon. NanoViricides has completed delivery of clinical supplies of NV-387 oral solid formulation (gummies) for treatment of the trial. The trial will be conducted by OM Sai Clinical Research, a contract research organization (CRO) based in India. The CRO has assembled a clinical team with a Principal Investigator, local clinicians, and a university in the region to support the trial. The approval by ACOREP (Autorité Congolaise de Réglementation Pharmaceutique, the Congolese Pharmaceutical Regulatory Authority) should allow the trial to start patient treatment shortly.

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NeuroSense Therapeutics Ltd. (NRSN/$0.48 | Price Target: $9)
Robert LeBoyer [email protected] | (212) 896-4625
NeuroSense Announces Target Date For Canadian PrimeC Approval Application
Rating: OUTPERFORM

Pre-Application Process Has Been Completed. NeuroSense announced that it has completed Pre-NDS meetings with Health Canada and plans to submit a New Drug Submission (NDS) for PrimeC in its ALS indication. These meetings focused on whether the data could support approval and the submission requirements. The target date is December 2026. We see this as good news that is consistent with our expectations.

We View The Canadian NDS Process As An Important Milestone For PrimeC. The NDS application will include the Phase 2b PARADIGM trial data, with additional preclinical and supporting data. The primary endpoint in the trial showed a reduction in TDP-43 (TAR DNA-binding Protein 43, a protein that drives ALS progression and deterioration). The data also showed increased median survival, improved functional assessments, biomarkers showing slower disease progression, as well as safety and tolerability. Approval would be based on Health Canada’s analysis of these data.

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Summit Midstream Corp (SMC/$31.84 | Price Target: $49)
Mark Reichman [email protected] | (561) 999-2272
Improving Growth Outlook and Operational Momentum
Rating: OUTPERFORM

Second Quarter FY 2026 Financial Results. Summit Midstream generated $155.0 million of revenue, up 10.6% from the prior-year quarter, and reported net income attributable to Summit Midstream Corp. of $1.6 million, or $0.11 per share, compared with a net loss of $8.0 million, or $(0.66) per share, during the prior year period. Adj. EBITDA amounted to $60.7 million compared to $61.1 million during the prior year period, as stronger Rockies and Permian performance was offset by weaker Mid-Con and Piceance segment results. We had forecast revenue of $144.4 million and adj. EBITDA of $59.7 million. Distributable cash flow increased to $36.8 million from $32.4 million, and free cash flow increased modestly to $9.4 million compared to $9.2 million during the second quarter of 2025. Sequentially, SMC’s second quarter results demonstrated meaningful improvement, supported by stronger producer activity and higher throughput volume across much of the portfolio.  

Guidance Narrowed. Management narrowed its FY 2026 guidance range for adj. EBITDA to $235 million to $255 million from $225 million to $265 million, and increased capital expenditure guidance to $100 million to $120 million from $85 million to $105 million. The increased capital budget is primarily tied to approximately 30 additional Williston Basin well connections and incremental investment in the Double E pipeline, while accelerating producer activity, additional firm transportation agreements, and a potential Double E compression expansion support the longer-term growth outlook.

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The Beachbody Company (BODI/$10.22 | Price Target: $22)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Finding Its Footing in Retail
Rating: OUTPERFORM

Another profitable quarter. Q2 revenue of $49.6 million exceeded the midpoint of guidance, while adjusted EBITDA of $6.7 million exceeded the high end and marked the company’s 11th consecutive quarter of positive adjusted EBITDA. While revenues were in line, the company exceeded our $4.5 million adj. EBITDA estimate. 

Retail traction encouraging. Shakeology distribution expanded to 131 Sprouts stores, with early reorders supporting favorable sell-through, while the company recently launched in 481 Vitamin Shoppe locations. Approximately 12 additional retail decisions are expected between mid-September and late November.

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Noble Capital Markets Research Report Monday, August 10, 2026

Companies contained in today’s report:

CoreCivic, Inc. (CXW)/OUTPERFORM – 2Q26 Results Exceed Expectations; Raising Price Target
E.W. Scripps (SSP)/OUTPERFORM – Transformation and Regulatory Change Create Long-Term Upside
First Phosphate Corp. (FRSPF)/OUTPERFORM – Nasdaq Uplisting Enhances and Expands Investor Access
Graham (GHM)/MARKET PERFORM – Strong Start to Fiscal 2027
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Gyre Reports 2Q26 Results Completes The Transformative Cullgen Acquisition
Kelly Services (KELYA)/OUTPERFORM – Improving Momentum
NN (NNBR)/OUTPERFORM – A New Era
The GEO Group (GEO)/OUTPERFORM – Strong 2Q; Raising Price Target

CoreCivic, Inc. (CXW/$32.27 | Price Target: $42)
Joe Gomes [email protected] | 561-999-2262
2Q26 Results Exceed Expectations; Raising Price Target
Rating: OUTPERFORM

Overview. As we highlighted in our First Look at CoreCivic’s operating results, the Company’s second quarter 2026 financial results exceeded management expectations, driven by lower operating costs and slightly higher populations from ICE. While the quarterly operating results were a positive in and of themselves, the major news came post-quarter’s end with the announcements of sales of four detention facilities to the Federal government for total gross proceeds of $2.2 billion and a net of approximately $1.6 billion. The Company remains in discussions with ICE for the potential sale of additional facilities, as well as for new contracts at existing and/or idle facilities.

Capital. With the facilities sold, the current capital structure has significantly changed. Net proceeds, after taxes and sale costs, were approximately $1.6 billion. The Company used $608.5 million to pay down debt, including $238.5 million of the 4.75% unsecured notes that will be repaid on August 12th. After income taxes and debt repayments, the Company will have approximately $1 billion of cash on hand, total debt outstanding of $739.1 million, and $553.3 million of borrowing capacity under the revolving credit facility.

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E.W. Scripps (SSP/$3.32 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Transformation and Regulatory Change Create Long-Term Upside
Rating: OUTPERFORM

Mixed Q2 results, but EBITDA outlook remains intact. Second-quarter results reflected continued pressure in the Scripps Networks business from weak national advertising, retransmission disruptions, and Nielsen measurement changes. However, stronger political advertising guidance and accelerated transformation savings largely offset these headwinds, leading us to maintain our 2026 adjusted EBITDA estimate despite modest revenue revisions. 

Transformation plan gains momentum. Management increased its expected year-end transformation run-rate savings to $100 million, up from $75 million previously, reinforcing confidence in its target of delivering $125–150 million of incremental annualized EBITDA by 2028 through AI, automation, and operational modernization. 

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First Phosphate Corp. (FRSPF/$1.29 | Price Target: $2)
Mark Reichman [email protected] | (561) 999-2272
Nasdaq Uplisting Enhances and Expands Investor Access
Rating: OUTPERFORM

Nasdaq Listing. First Phosphate’s American Depositary Receipts (ADRs) will uplist to the Nasdaq Global Market under the ticker PHOS, effective August 10, 2026. The ADR ratio remains 10 common shares per ADR, and existing Level 1 ADRs will be delisted from the OTCQX and automatically converted to Level 2 ADRs for Nasdaq trading. First Phosphate’s currently listed common shares on the OTCQX, CSE, and Frankfurt Stock Exchange are unaffected. Uplisting to Nasdaq is expected to enhance U.S. market access for First Phosphate, which is developing a vertically integrated North American supply chain for LFP battery materials used for energy storage, data centers, robotics, mobility, and national security applications.

No New Capital. First Phosphate is the second self-sponsored ADR to uplist to Nasdaq and the first to do so without a concurrent capital raise. The Nasdaq uplisting does not involve issuing additional shares or raising new capital. Investors may continue converting First Phosphate common shares into ADRs at no cost through The Bank of New York Mellon, the depositary bank for the First Phosphate ADR program, until December 31, 2026. First Phosphate is well funded with more than C$30 million in treasury and access to C$21.5 million in Canadian government contributions, providing funding through a final investment decision (FID).

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Graham (GHM/$111.68)
Joe Gomes [email protected] | 561-999-2262
Strong Start to Fiscal 2027
Rating: MARKET PERFORM

Overview. Graham’s first quarter results reflect continued disciplined execution. The Company experienced revenue growth across all business units, reflecting the strength of Graham’s diversified business model and strong demand for the Company’s mission-critical technologies. Bookings remained strong, and backlog was at a record level.

1Q27 Results. First quarter fiscal 2027 net sales were $71.3 million, up $15.9 million, or 29%. We had projected $66 million. 1Q27 adjusted EBITDA increased 28% to $8.8 million, representing an adjusted EBITDA margin of 12.3%, which was consistent with the prior year period. We were at $8.3 million and 12.7%. Graham reported 1Q27 adjusted net income of $5.7 million, or $0.49/sh, compared with $4.9 million and $0.45/sh last year. This exceeded our $5.1 million and $0.43/sh estimate.

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Gyre Therapeutics, Inc (GYRE/$6.67 | Price Target: $20)
Robert LeBoyer [email protected] | (212) 896-4625
Gyre Reports 2Q26 Results Completes The Transformative Cullgen Acquisition
Rating: OUTPERFORM

The Cullgen Acquisition Highlights 2Q26. Gyre reported a 2Q26 loss of $14.3 million, or $(0.12) per share. Revenues of $29.1 million compared with $22.5 million in 1Q26, consistent with our estimates. We have expected a transition year between Etuary market maturity and the expected hydronidone launch, supplemented by the Cullgen acquisition. Revenue guidance for FY2026 was reiterated at $100.5 to $111.0 million. Cash and equivalents on June 30, 2026 were $103.2 million.

Hydronidone NDA Accepted For Review. In May 2026, the New Drug Application (NDA) for hydronidone (previously F351) was accepted for review by the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA). This followed the Priority Review status granted by the NMPA in March.

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Kelly Services (KELYA/$15.19 | Price Target: $19)
Joe Gomes [email protected] | 561-999-2262
Improving Momentum
Rating: OUTPERFORM

Overview. In the second quarter of 2026, Kelly exceeded guidance for both revenue and adjusted EBITDA margin, driven by growing momentum from the Company’s growth and efficiency initiatives as well as constructive demand trends in parts of the portfolio. Notably, Kelly delivered sequential improvements in each of the business segments.

2Q26 Results. Revenue was $1.04 billion, down approximately 5.8% y-o-y, but significantly better than the expected 7-9% revenue decline.  We were at $1.01 billion. Adjusted EBITDA for 2Q26 was $16.1 million, a 3.0% margin, above management’s 2.5% projection. We were at $25 million and 2.5%. Adjusted EPS was $0.37 versus $0.54 in 2Q25. We had estimated $0.30.

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NN (NNBR/$3.77 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
A New Era
Rating: OUTPERFORM

A New Era. NN delivered strong financial performance in the second quarter with record results in many areas. These new sales are higher margin, attached to higher growth rate end markets, and mostly immediate 2026 startup. The Company is achieving many multi-year goals and revising outlooks-including raising full-year guidance- based upon actual results. And, significantly, post-quarter-end management implemented what can only be described as a game-changing restructuring of the capital structure.

Growth. During the quarter, NN secured significant 2026 immediate-supply awards for Data Center liquid cooling products, robotic surgery medical products, and defense products. New business wins through July totaled $80 million. Management increased the full-year new business win goal from $80 million to the $100 million range.

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The GEO Group (GEO/$30.69 | Price Target: $40)
Joe Gomes [email protected] | 561-999-2262
Strong 2Q; Raising Price Target
Rating: OUTPERFORM

Overview. GEO delivered better-than-expected performance in the second quarter of 2026, reflecting significant revenue growth from the contracts that the Company entered into throughout 2025. With recently signed new contracts and still significant idle capacity, we believe there remains substantial opportunity for additional increases in operating results.

2Q26 Results. Second quarter 2026 revenue was $732.1 million, up 15% y-o-y, and exceeding our $720 million projection. Adjusted EBITDA was up 20% to $142 million, or a 19.4% margin, and above our $129.3 million estimate. GEO reported 2Q26 net income attributable to GEO Operations of $47.5 million, or $0.36/sh, and  $29.1 million, or $0.21/sh, in 2Q25. Adjusted EPS was  $0.37/sh, compared to  $0.22/sh in 2Q25. We were at $0.28/sh for both.

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Noble Capital Markets Research Report Friday, August 7, 2026

Companies contained in today’s report:

E.W. Scripps (SSP)/OUTPERFORM – Execution Becomes the Investment Story
EuroDry (EDRY)/OUTPERFORM – Second Quarter 2026 Review and Outlook
Information Services Group (III)/OUTPERFORM – Post Call Commentary
Kratos Defense & Security (KTOS)/OUTPERFORM – That Didn’t Take Long
Kuya Silver (KUYAF)/OUTPERFORM – Multiple Value Drivers Emerging
Ocugen (OCGN)/OUTPERFORM – Q2 2026 Reported With Three Late-Stage Trials Advancing With A Stronger Balance Sheet
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Update for the Quarter Ended June 30, 2026
Townsquare Media (TSQ)/OUTPERFORM – Digital Momentum Accelerates

E.W. Scripps (SSP/$2.95 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Execution Becomes the Investment Story
Rating: OUTPERFORM

Q2 results fell short of expectations, reflecting both cyclical and structural pressures. Revenue declined 9.2% year over year, as retransmission blackouts with Comcast and DirecTV reduced distribution revenue by approximately $26.7 million, while continued weakness in national advertising and audience measurement challenges weighed on the Networks business. 

Transformation efforts are accelerating and should improve earnings power over time. Management now expects to achieve approximately $100 million in annualized run-rate cost savings by year-end as part of its broader plan to deliver $125–150 million of incremental enterprise EBITDA by 2028 through AI, automation, and operational efficiencies. 

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EuroDry (EDRY/$29.82 | Price Target: $47)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter 2026 Review and Outlook
Rating: OUTPERFORM

2Q 2026 Financial Results. EuroDry Ltd. reported strong 2Q 2026 financial performance compared to the prior year period, driven primarily by a favorable dry bulk market and higher time charter equivalent (TCE) rates. Total net revenues increased 57% year-over-year to $17.7 million, while average time charter equivalent rates more than doubled to $20,398 per day compared with $10,428 per day during the prior year period. Adjusted net income attributable to controlling shareholders amounted to $6.9 million, or $2.44 per diluted share, compared to a net loss of $3.0 million, or $(1.10) per diluted share, in the prior year period. Adjusted EBITDA increased to $11.7 million compared to $1.9 million during the prior year period, reflecting strong operating leverage as TCE rates increased. We had projected 2Q revenue and adj. EBITDA of $17.4 million and $9.3 million, respectively.

Strong Operational Quarter. Fleet utilization improved to 100.0% compared to 99.3% during the prior year period, with commercial utilization at 100%, reflecting minimal downtime and effective charter execution. Vessel operating expenses declined modestly to $6,608 per day compared to $6,785 per day during the prior year period, while total operating expenses decreased to $7,444 per day compared to $7,539 during the second quarter of 2025.

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Information Services Group (III/$5 | Price Target: $6.5)
Joe Gomes [email protected] | 561-999-2262
Post Call Commentary
Rating: OUTPERFORM

Strong Quarter. ISG had a strong second quarter with both revenue and adjusted EBITDA above expectations. The second quarter marks the seventh quarter in a row that adjusted EBITDA has grown by double digits. Expanding margins reflect the continued evolution of ISG’s business toward higher-value advisory work, growth in recurring revenues, and increasing leverage from AI-enabled delivery, in our view.

AI Opportunity. AI is a tailwind for ISG. ISG is taking advantage of the need for AI, reshaping the business as an AI-centered technology research and advisory firm to drive stronger client demand and improve how services are delivered. Nearly half of ISG’s clients generated AI-related revenue during the quarter. Growth was broad-based across industries, led by consumer, health sciences, and manufacturing.

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Kratos Defense & Security (KTOS/$57.41 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
That Didn’t Take Long
Rating: OUTPERFORM

From Opportunity to Reality. Less than 48 hours after speaking of these potential opportunities (among a bunch of other opportunities), Kratos has been awarded a U.S. Army contract related to the Javelin Missile System, and Kratos partner Boeing announced it has been awarded a funding contract to begin supplying long-range JDAMs that incorporate Kratos turbojet engines.

JDAM. The Air Force awarded Boeing a $75 million production contract to begin supplying long-range JDAMs. The long-range variant adds a Kratos TDI-J85 turbojet providing 200 pounds of thrust to enable jets to attack from a much safer distance. The 2027 National Defense Authorization Act includes about $277 million for 1,150 upgraded JDAM guidance tail kits with M-Code GPS for the legacy munitions. Industry experts note the new version will cost far less than more exquisite stand-off munitions, so they should be considered as an affordable mass capability, playing right into Kratos’ key strengths, in our opinion.

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Kuya Silver (KUYAF/$0.56 | Price Target: $2.5)
Mark Reichman [email protected] | (561) 999-2272
Multiple Value Drivers Emerging
Rating: OUTPERFORM

Early results are encouraging. Kuya Silver reported encouraging preliminary sampling results from historic stockpiles and tailings at its Silver Kings Project in Northern Ontario, suggesting that previously mined above-ground materials may contain significant recoverable silver and cobalt. The strongest results came from the Kerr Lake Mill crushed stockpile, which returned a master composite grade of 168 g/t silver and 0.365% cobalt (276 g/t silver equivalent), while Frontier tailings returned 75 g/t silver and 0.037% cobalt. These findings support the company’s view that modern processing technologies could unlock value from legacy mining waste.

The program targeted multiple historic sites. The sampling program evaluated seven historic sites, including tailings facilities, blast rock stockpiles, and crushed material left by previous operators. These represent attractive reprocessing targets because historical mining methods were less efficient and often left behind economically valuable mineralization. While the results are preliminary and not representative of entire stockpiles, they demonstrate the potential for recovering silver, cobalt, and, in some cases, copper using modern sorting and processing techniques.

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Ocugen (OCGN/$1.24 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Q2 2026 Reported With Three Late-Stage Trials Advancing With A Stronger Balance Sheet
Rating: OUTPERFORM

Ocugen Raised Cash and Prepared To Begin Phase 3. Ocugen reported a 2Q26 loss of $24.9 million, or $(0.07) per share. The Operating Loss of $16.4 million was in line with our estimate, while a Loss on Extinguishment of Debt contributed $2.4 million to the Net Loss. Importantly, the company is planning to start the Phase 3 trial for OCU410 in GA-dAMD during 3Q, consistent with our expectations. In May 2026, the company issued Convertible Notes that raised approximately $112.5 million, ending the quarter with $100.4 million in cash.

Convertible Notes Balance Cash Needs With Dilution. In May 2026, the company issued $130.0 million in 6.75% Convertible Notes, adding net cash of approximately $112.5 million. About $32.7 million of the proceeds were used to repay a  12.25% interest loan. The remaining proceeds brought cash on hand to $100.4 million. This should provide sufficient cash to fund its three products through clinical trials, regulatory approval, and product launches through FY2028.

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Resolution Minerals Ltd (RLMLF/$0.03 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Update for the Quarter Ended June 30, 2026
Rating: OUTPERFORM

Making Significant Progress. Resolution Minerals has advanced the Horse Heaven Project as an integrated U.S. critical minerals platform encompassing antimony, tungsten, and gold. Antimony Ridge received FAST-41 Transparency Coverage, with Golden Gate receiving the same status after quarter-end, while Resolution was also admitted to the U.S. Defense Industrial Base Consortium. Together, these developments could accelerate permitting, enhance access to U.S. government and strategic funding channels, and reinforce the projects’ importance as a domestic critical-mineral supply source. Resolution continues to advance drilling, metallurgy, and permitting activities that support its long-term development strategy.

Project Highlights. Antimony Ridge continues to demonstrate excellent scale and grade, with more than 100 high-grade antimony veins identified and metallurgical testing producing a 99.38% antimony trioxide product. At Golden Gate, the company advanced a 13,700-meter drill program to support a maiden mineral resource estimate, while metallurgical testing returned strong gold recoveries that further de-risk future development. Post quarter-end, approximately half of the planned drilling program has been completed

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Townsquare Media (TSQ/$6.33 | Price Target: $15)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Digital Momentum Accelerates
Rating: OUTPERFORM

Q2 exceeded expectations. Revenue of $115.4 million and Adjusted EBITDA of $24.8 million were within management’s guidance, while Digital Advertising accelerated to 11% year-over-year growth, driven by continued strength in programmatic advertising, owned-and-operated digital properties, and Media Partnerships. 

Digital transformation gaining traction. Townsquare’s Digital First strategy continues to differentiate the company from traditional radio peers. During the first half of 2026, digital businesses generated 57% of total revenue and 59% of total segment profit, while the Media Partnerships platform expanded to 16 partners, creating a scalable, capital-light growth opportunity beyond the company’s owned markets.

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Noble Capital Markets Research Report Thursday, August 6, 2026

Companies contained in today’s report:

CoreCivic, Inc. (CXW)/OUTPERFORM – First Look 2Q26 Results
First Phosphate Corp. (FRSPF)/OUTPERFORM – Federal Funding for Infrastructure Planning
Graham (GHM)/MARKET PERFORM – New Awards
Information Services Group (III)/OUTPERFORM – First Look 2Q26 Operating Results
InPlay Oil (IPOOF)/OUTPERFORM – Strategic Acquisition Enhances Outlook
NN (NNBR)/OUTPERFORM – First Look 2Q26 Operating Results; Deleveraging Transaction
ONE Group Hospitality (STKS)/OUTPERFORM – Implementing the Asset Light Strategy

CoreCivic, Inc. (CXW/$31.23 | Price Target: $35)
Joe Gomes [email protected] | 561-999-2262
First Look 2Q26 Results
Rating: OUTPERFORM

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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First Phosphate Corp. (FRSPF/$1.18 | Price Target: $2)
Mark Reichman [email protected] | (561) 999-2272
Federal Funding for Infrastructure Planning
Rating: OUTPERFORM

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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Graham (GHM/$104.47)
Joe Gomes [email protected] | 561-999-2262
New Awards
Rating: MARKET PERFORM

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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Information Services Group (III/$4.26 | Price Target: $6.5)
Joe Gomes [email protected] | 561-999-2262
First Look 2Q26 Operating Results
Rating: OUTPERFORM

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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InPlay Oil (IPOOF/$10.45 | Price Target: $22)
Mark Reichman [email protected] | (561) 999-2272
Strategic Acquisition Enhances Outlook
Rating: OUTPERFORM

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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NN (NNBR/$3.9 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
First Look 2Q26 Operating Results; Deleveraging Transaction
Rating: OUTPERFORM

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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ONE Group Hospitality (STKS/$1.78 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Implementing the Asset Light Strategy
Rating: OUTPERFORM

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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Noble Capital Markets Research Report Wednesday, August 5, 2026

Companies contained in today’s report:

Commercial Vehicle Group (CVGI)/OUTPERFORM – Momentum Continues Building
CoreCivic, Inc. (CXW)/OUTPERFORM – Opening Another Previously Idle Facility
FreightCar America (RAIL)/OUTPERFORM – Second Quarter 2026 Review and Outlook
InPlay Oil (IPOOF)/OUTPERFORM – Updating Estimates Based on Higher Second Quarter Crude Oil Prices
Kratos Defense & Security (KTOS)/OUTPERFORM – Strong 2Q26 Top Line Growth; Momentum Continues to Build
Superior Group of Companies (SGC)/OUTPERFORM – Branded Products Powers Earnings Growth

Commercial Vehicle Group (CVGI/$3.89 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
Momentum Continues Building
Rating: OUTPERFORM

Overview. CVG delivered year-over-year revenue growth across all three segments, reflecting ongoing efforts to reduce end-market concentration in cyclical North American Class 8 truck exposure through geographic and end-market diversification. While there are still macroeconomic uncertainties to monitor, CVG is hitting its stride as new business wins are ramping coincidentally with a recovery in key end markets.

2Q26 Results. CVG reported 2Q26 revenue of $195.2 million, up from $172 million in the year-ago period, a 13.5% increase, driven by increased customer demand in international markets and the ramp of previously awarded new business wins across all three operating segments. We were at $173 million. Gross margin improved both y-o-y and sequentially to 12.9%. One-time items impacted the reported bottom line. On an adjusted basis, CVG reported a net loss of $0.13/sh, up from a loss of $0.09/sh last year, reflecting increased incentive comp expense in 2Q26 over 2Q25.

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CoreCivic, Inc. (CXW/$30.15 | Price Target: $35)
Joe Gomes [email protected] | 561-999-2262
Opening Another Previously Idle Facility
Rating: OUTPERFORM

New Award. CoreCivic has been awarded a new contract with U.S. Immigration and Customs Enforcement (“ICE”) to utilize the Company’s 1,600-bed Prairie Correctional Facility located in Appleton, Minnesota, a facility that has been idle since 2010. Awards seem to be picking up once again, especially for previously idle facilities, suggesting to us that ICE is moving back to the tried-and-true detention operating model, with less focus on alternative detention models.

Impact. The new contract commences on August 11, 2026, for a term of five years. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Taking into account start-up activities and the phased commencement of intake operations, we currently expect an immaterial impact to earnings for the remainder of 2026. Once the facility is fully activated, management expects this facility to generate total annual revenue of approximately $75 million. The facility should begin receiving detainees in the fourth quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2027.

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FreightCar America (RAIL/$8.54 | Price Target: $15)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Second Quarter FY 2026 Financial Results. RAIL generated a 2Q FY26 adjusted net loss to common stockholders of $821.0 thousand, or $(0.02) per share, compared to adjusted net income of $3.8 million, or $0.11 per share, during the prior year period. Gross margin as a percentage of revenue amounted to 5.5% compared to 15.0% in 2Q FY 2025. Revenue and rail car deliveries declined to $113.1 million and 927, compared to $118.6 million and 939 during the prior year period. Adj. EBITDA amounted to $1.2 million compared to $9.3 million in 2Q FY 2025. 

Updated FY 2026 Guidance. Management updated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 3,500 to 3,900, revenue in the range of $410 to $460 million, and adj. EBITDA in the range of $36 to $44 million. Prior guidance projected railcar deliveries in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adj. EBITDA in the range of $41 to $50 million.

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InPlay Oil (IPOOF/$10.65 | Price Target: $20)
Mark Reichman [email protected] | (561) 999-2272
Updating Estimates Based on Higher Second Quarter Crude Oil Prices
Rating: OUTPERFORM

Updating estimates. We have increased our Q2 FY2026 revenue, adjusted funds flow (AFF), and AFF per share estimates to C$122.0 million, C$49.6 million, and C$1.77, respectively, from C$104.0 million, C$36.2 million, and C$1.29. While we have lowered our production estimate to 18,663 barrels of oil equivalent per day (boe/d) from 18,875 boe/d due to Q2 weather impacts, the increases in our estimates are largely due to higher crude oil prices. For FY 2026, we now project revenue, AFF, and AFF per share of C$425.6 million, C$162.5 million, and C$5.80, respectively, compared to our prior estimates of C$406.2 million, C$148.4 million, and C$5.29. Our FY 2026 average production forecast of 18,900 boe/d is unchanged.

Outlook. InPlay has approximately 190 Tier 1 drilling locations that provide an estimated 10 to 15 years of high-return inventory. The company’s low-decline asset base supports sustainable free cash flow generation while limiting capital requirements needed to maintain production. Conservative leverage provides capacity for future acquisitions while maintaining shareholder returns through the dividend.

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Kratos Defense & Security (KTOS/$51.87 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
Strong 2Q26 Top Line Growth; Momentum Continues to Build
Rating: OUTPERFORM

Overview. Kratos’ second quarter results reflect strong execution by the Company, in our view. The Company’s strategy, including making internally funded investments to be first-to-market with relevant hardware and software that is engineered up front for affordable mass production at scale and is aligned with the Department of War’s priorities, continues to resonate, in our view.

2Q26 Results. Revenues for the second quarter were $458.8 million, above management’s guide of $400 million-$410 million. We were at $405 million. Adjusted EBITDA for the second quarter was $38.2 million, above the high end of the estimated range of $30 million-$35 million, reflecting the increased revenue and revenue mix. We had forecast $33 million. GAAP net income for 2Q26 was $4.4 million, and GAAP EPS was $0.02, compared to $2.9 million and  $0.02, respectively, for 2Q25. Adjusted EPS was $0.21 for 2Q26, compared to $0.11 for 2Q25.

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Superior Group of Companies (SGC/$13.95 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Branded Products Powers Earnings Growth
Rating: OUTPERFORM

An impressive earnings beat. Q2 revenue increased 2.6% to $147.8 million, while adjusted EBITDA rose 26.6% to $7.7 million and adjusted EPS more than doubled to $0.21. The results beat our estimates of $143.8 million, $6.5 million, and $0.08 per share, respectively. 

Branded Products powers the recovery. Revenue advanced 6.2%, and segment EBITDA increased 24.9% to $11.2 million, supported by a favorable customer mix, improved sourcing, and growing volumes from existing customers. Management indicated that the segment has favorable operating momentum into the second half. 

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Noble Capital Markets Research Report Tuesday, August 4, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – RAIL Provides Updated Outlook; Webinar at 11:00 AM ET
V2X (VVX)/OUTPERFORM – Solid Second Quarter Results

FreightCar America (RAIL/$8.24 | Price Target: $15)
Mark Reichman [email protected] | (561) 999-2272
RAIL Provides Updated Outlook; Webinar at 11:00 AM ET
Rating: OUTPERFORM

Second Quarter FY 2026 Financial Results. RAIL generated a 2Q FY26 adjusted net loss to common stockholders of $821.0 thousand, or $(0.02) per share, compared to adjusted net income of $3.8 million, or $0.11 per share, during the prior year period. We had projected net income of $350 thousand or $0.01 per share. Gross margin as a percentage of revenue amounted to 5.5% compared to 15.0% in 2Q FY 2025. Revenue and rail car deliveries declined to $113.1 million and 927, compared to $118.6 million and 939 during the prior year period. We had forecast revenue of $112.3 million and deliveries of 923. Adj. EBITDA amounted to $1.2 million compared to $9.3 million in 2Q FY 2025 and our estimate of $5.7 million. We had projected higher gross margin.

Updated FY 2026 Guidance. Management updated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 3,500 to 3,900, revenue in the range of $410 to $460 million, and adj. EBITDA in the range of $36 to $44 million. Prior guidance projected railcar deliveries in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adj. EBITDA in the range of $41 to $50 million. Our current estimates are at the low end of prior guidance. We will update our estimates following today’s investor call.

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V2X (VVX/$86.38 | Price Target: $92)
Joe Gomes [email protected] | 561-999-2262
Solid Second Quarter Results
Rating: OUTPERFORM

Overview. V2X’s reported strong second quarter performance reflecting consistent strategic execution, robust demand for the Company’s differentiated capabilities, and continued alignment to national security priorities. The Company’s recent awards across modernization, global training, aerospace, and mission readiness reinforce the value of V2X’s end-to-end solutions, ability to support global no-fail missions, and pursuit of profitable growth opportunities, in our view.

2Q26 Results. V2X reported revenue of $1.26 billion, up $178.3 million year-over-year, representing a 16.5% increase. We were at $1.2 billion. Adjusted EBITDA was $89.8 million, with a margin of 7.1%, representing an increase of 9% from the prior year. We had forecast $87 million and a 7.3% margin. Adjusted EPS came in at $1.64, up from $1.33 last year. We were at $1.44.

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Noble Capital Markets Research Report Monday, August 3, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – Post Call Commentary
Codere Online (CDRO)/OUTPERFORM – Strong Execution Drives Higher 2026 Outlook
Perfect (PERF)/MARKET PERFORM – Merger Agreement Signed; Share Performance Now Tied to Closing

ACCO Brands (ACCO/$4.22 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
Post Call Commentary
Rating: OUTPERFORM

Mixed Operating Environment. While parts of the operating business are performing well, such as EPOS and back-to-school, other segments remain challenged, especially the International segment both economically and geopolitically, and Brazil as we await elections there. Nonetheless, we remain confident in management’s ability to navigate the environment and emerge even stronger with increased market share.

Capital. At quarter’s end, ACCO had $106.4 million of cash and equivalents on the balance sheet. Consolidated leverage ratio at quarter’s end was 4.3x and is expected to end the year in the 3.7x-3.9x range. At quarter’s end, there was approximately $205 million available for borrowing under the revolver. We believe ACCO is well positioned to fund both organic and inorganic growth opportunities.

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Codere Online (CDRO/$9.18 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Strong Execution Drives Higher 2026 Outlook
Rating: OUTPERFORM

Strong Quarter Across Core Markets. Codere Online reported Q2 net gaming revenue of €69.4 million, up 27% year over year and above our €60.0 million estimate, driven by robust performance in both Spain (+25%) and Mexico (+24%). Active customers increased 12%, while average monthly spend per active customer rose 13%, demonstrating healthy customer engagement and monetization. 

Profitability Continues to Improve. Adjusted EBITDA increased to €5.8 million, better than our €2.5 million estimate and €2.3 million in the prior-year period, reflecting improved marketing efficiency and operating leverage. Adjusted EBITDA margin expanded to 8.4% from 4.3% a year ago, highlighting the scalability of the company’s platform.

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Perfect (PERF/$1.92)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Merger Agreement Signed; Share Performance Now Tied to Closing
Rating: MARKET PERFORM

Definitive merger agreement signed. Perfect has entered into a definitive agreement to be acquired by a consortium led by founder and CEO Alice Chang for $2.00 per share in cash. A higher bid remains possible, but unlikely given buyer protections. 

Transaction risk materially reduced. The merger was unanimously approved by the Board following the recommendation of an independent Special Committee. In addition, the buyer group has secured voting support representing approximately 53.4% of the outstanding shares and 81.2% of the Company’s voting power. There is an 8% dissenting-share condition, although the controlling group’s voting support still makes shareholder approval highly likely. 

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Noble Capital Markets Research Report Friday, July 31, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – First Look at 2Q26 Results
AZZ (AZZ)/OUTPERFORM – AZZ Acquires Seattle Galvanizing Company, Inc.
Codere Online (CDRO)/OUTPERFORM – A Standout Second Quarter
DLH Holdings (DLHC)/OUTPERFORM – A New DLH Emerging
Seanergy Maritime (SHIP)/OUTPERFORM – Record Second Quarter Financial Results Exceed Expectations
Tectonic Metals Inc. (TETOF)/OUTPERFORM – Moving in the Right Direction
Titan International (TWI)/OUTPERFORM – A Solid 2Q26 But Still Waiting on Ag Rebound

ACCO Brands (ACCO/$4.23 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
First Look at 2Q26 Results
Rating: OUTPERFORM

Overview. ACCO delivered a strong second quarter, with sales and adjusted EPS exceeding both prior-year results and our estimates. In the Americas segment, sales benefited from strong back-to-school sell-in and better-than-expected performance in Mexico. The International segment faced market softness and shipment disruptions from a planned systems upgrade at ACCO’s largest distribution center in EMEA, which is now complete.

2Q26 Results. Second quarter net sales increased 5.1% to $415.1 million from $394.8 million in 2025. The increase reflected 5.7% from the EPOS acquisition and 1.7% from favorable foreign exchange. Comparable sales declined 2.3% as growth in the Americas segment’s learning and creative category was more than offset by softness in the International segment and technology peripherals globally. Net income was $14.1 million, or $0.15/sh, compared with $29.2 million, or $0.31/sh, in 2025. Adjusted net income increased to $27.4 million from $25.8 million in 2025, and adjusted EPS rose to $0.29 from $0.28 in 2025.

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AZZ (AZZ/$144.96 | Price Target: $170)
Mark Reichman [email protected] | (561) 999-2272
AZZ Acquires Seattle Galvanizing Company, Inc.
Rating: OUTPERFORM

Acquisition of Seattle Galvanizing Company. AZZ Inc. announced the acquisition of Seattle Galvanizing Company, Inc., a privately held provider of both hot-dip and spin galvanizing solutions that is headquartered in Arlington, Washington. The acquisition expands AZZ Metal Coatings’ geographic footprint into the Pacific Northwest by establishing a platform to serve both hot-dip and spin galvanizing customers across Washington, Oregon, Idaho, Western Montana, and Alaska from two Seattle-area locations. Seattle Galvanizing Company will be integrated into AZZ Metal Coatings’ existing network of hot-dip galvanizing and spin plants, increasing its total network to 43 sites in North America.

The Pacific Northwest’s Largest Galvanizer. Founded in 1962, Seattle Galvanizing has built a strong reputation for quality, service, and technical capability and has the capacity to process over 50,000 tons of steel. The first state-of-the-art hot-dip galvanizing facility features a 45-foot kettle, the largest in the Pacific Northwest, that will enable AZZ to process larger and more complex steel structures. A second and recently completed 38,000-square-foot spin galvanizing location was purpose-built to coat small to medium-sized metal components.

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Codere Online (CDRO/$9.27 | Price Target: $14)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
A Standout Second Quarter
Rating: OUTPERFORM

Q2 Results. The company achieved its highest quarterly revenue to date of €69.4 million, up 27% year over year and nearly 16% above our estimate of €60 million, as illustrated in Figure #1 Q2 Results. Reported adj. EBITDA of €5.8 million also beat our estimate of €2.5 million, driven primarily by exceptional World Cup engagement and robust performance in its core markets of Spain and Mexico.

World Cup Success. The company delivered strong performance around the World Cup. Total stakes during the event reached approximately €63 million, a 180% increase over the 2022 tournament’s levels. Additionally, the company acquired around 40,000 new customers during the event, with a 56% increase in unique users. 

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DLH Holdings (DLHC/$5.9 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
A New DLH Emerging
Rating: OUTPERFORM

3QFY26 Results. Revenue for the fiscal third quarter of 2026 totaled $44.2 million, down from $83.3 million in 3Q25 and below our $50 million estimate. Gross margin of 16.7% fell from 19.1% last year and was below our 20% projection. Partly reflecting one-time charges, DLH reported a net loss of $16.8 million, or $1.16/sh, versus net income of $289,000, or $0.02/sh last year. Third quarter adjusted EBITDA came in at $3.4 million, or 7.6% of revenue, down from $8.1 million and 9.7% last year. Notably, the final CMOP contracts transitioned during the quarter.

Operating Environment. Organic growth continues to be the number one corporate priority. Organic growth will come from two sources: on-contract growth and new awards. We believe on-contract growth will drive near-term growth. Management has a number of contracts with clients that can be expanded. In terms of new business, the government procurement markets have demonstrated improved clarity and stability in recent months, marking a significant improvement in the contracting environment when compared to fiscal 2025 and earlier in 2026.

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Seanergy Maritime (SHIP/$17.82 | Price Target: $28)
Mark Reichman [email protected] | (561) 999-2272
Record Second Quarter Financial Results Exceed Expectations
Rating: OUTPERFORM

Record Second Quarter 2026 Financial Results. Seanergy reported revenue, adj. EBITDA, and adj. EPS of $55.7 million, $41.5 million, and $1.32, respectively, compared to $37.5 million, $18.3 million, and $0.18 during the prior year period. We had projected revenue, adj. EBITDA, and adj. EPS of $54.9 million, $38.4 million, and $1.15, respectively. Second quarter financial results reflected both materially higher time charter equivalent (TCE) rates compared to the prior year quarter and lower-than-expected interest and finance costs relative to our estimates.

Updating Estimates. We have increased our FY 2026 revenue, adj. EBITDA, and adj. EPS estimates to $205.9 million, $134.2 million, and $3.70, respectively, compared to our prior estimates of $203.2 million, $131.3 million, and $3.50. Our revised estimates reflect higher time charter equivalent (TCE) rates and fewer off-hire days.

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Tectonic Metals Inc. (TETOF/$1.5 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Moving in the Right Direction
Rating: OUTPERFORM

Tier 1 Gold Deposit Potential. Tectonic Metals Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and advancement of gold projects in Alaska, one of the world’s premier mining jurisdictions. The company’s flagship asset is the district-scale Flat Gold Project in southwestern Alaska, which hosts a rapidly growing intrusion-related gold system with multi-million-ounce potential and remains the primary focus of exploration and resource expansion. Tectonic also owns the Tibbs Gold Project in Alaska’s Goodpaster Mining District.

Expanding the Leadership Team. Tectonic Metals recently appointed Ms. Keren Yun as Vice President, Investor Relations to lead investor relations, stakeholder engagement, and capital markets communications. Her appointment will strengthen the company’s engagement with the investment community as the company advances the Flat Gold Project and executes its district-scale exploration strategy. Ms. Yun is a strategic communications and investor relations professional with over two decades of experience working with exploration, development, and producing companies across the global mining sector. Prior to joining Tectonic, Ms. Yun led communications initiatives supporting Wyloo’s Eagle Nest Project in Ontario.

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Titan International (TWI/$7.36 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
A Solid 2Q26 But Still Waiting on Ag Rebound
Rating: OUTPERFORM

Overview. Titan’s second quarter results reflect solid improvement from the prior year. The Company continues to benefit from its diverse business model, even in the face of ongoing challenging Agriculture end markets. This quarter, it was the Consumer segment that drove performance. Titan’s one-stop-shop product and distribution strategy is a key element of the diverse business model, in our view.

2Q26 Results. Driven by a 27.2% increase in Consumer segment revenue, Titan’s consolidated revenue grew 5.2% to $484 million in the second quarter. This was towards the high end of management’s guidance. We were at $480 million. Adjusted EBITDA of $34 million was up 13.3% y-o-y and exceeded the high end of management’s guidance. We were at $29 million. Titan reported quarterly net income of $6.3 million, or $0.09/sh, partly driven by tariff refund recoveries.

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Noble Capital Markets Research Report Thursday, July 30, 2026

Companies contained in today’s report:

Alliance Entertainment Holding (AENT)/OUTPERFORM – Governance Simplification Enhances Flexibility
EuroDry (EDRY)/OUTPERFORM – Intermediate-Term Outlook Remains Favorable; Updating Estimates
Ocugen (OCGN)/OUTPERFORM – OCU410 Granted RMAT Designation in Geographic Atrophy
The GEO Group (GEO)/OUTPERFORM – Another New Contract

Alliance Entertainment Holding (AENT/$5.85 | Price Target: $9)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Governance Simplification Enhances Flexibility
Rating: OUTPERFORM

Governance Structure Simplified. Alliance Entertainment has amended its Certificate of Incorporation to eliminate the voting rights of its Class E common stock, leaving Class A common stockholders with exclusive voting control while preserving the Class E shares’ economic conversion rights. We view the amendment as a meaningful simplification of the company’s capital structure that should improve governance transparency. 

Economic Interests Remain Unchanged. Importantly, the amendment does not affect the economic value of the Class E shares. The shares remain convertible into Class A stock upon specified triggering events and continue to participate economically on an as-converted basis, indicating that the amendment is purely a governance enhancement rather than a dilution event. 

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EuroDry (EDRY/$24.29 | Price Target: $40)
Mark Reichman [email protected] | (561) 999-2272
Intermediate-Term Outlook Remains Favorable; Updating Estimates
Rating: OUTPERFORM

Updating Estimates. We have adjusted our second-quarter 2026 revenue, adj. EBITDA, and adj. EPS estimates to $17.4 million, $9.3 million, and $1.44, respectively, from $17.3 million, $8.4 million, and $1.18. Our estimates reflect modestly higher time charter equivalent rates and lower voyage expenses due to lower fuel costs. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $66.0 million, $31.9 million, and $4.27, respectively, compared to our previous estimates of $65.3 million, $30.5 million, and $3.87.

Intermediate-Term Outlook Remains Constructive. The intermediate-term outlook for the dry bulk shipping industry remains favorable, supported by strengthening charter rates, resilient demand for iron ore, grain, and bauxite, and a highly supportive supply backdrop. A historically low order book, limited shipyard capacity, an aging global fleet, and increasingly stringent environmental regulations are expected to constrain vessel supply growth and support freight rates through 2026. While the 2027 outlook offers less certainty, EuroDry has the flexibility to respond to market conditions by increasing its fixed-rate charter coverage.

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Ocugen (OCGN/$1.19 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
OCU410 Granted RMAT Designation in Geographic Atrophy
Rating: OUTPERFORM

RMAT Designation Brings Regulatory Advantages For OCU410. Ocugen announced that the FDA has granted Regenerative Medicine Advanced Therapy (RMAT) designation to OCU410 for Geographic Atrophy secondary to Age-Related Macular Degeneration (GA-AMD). The RMAT designation was granted after FDA evaluation of Phase 2 data and provides significant benefits, including Fast Track and Breakthrough Therapy designations.

RMAT Designation Carries Benefits During Clinical Development. The RMAT designation is granted to drugs that address a serious condition with significant unmet need. There are several benefits, including more frequent FDA communications and guidance during clinical trials and the BLA process. This increased FDA contact could allow Ocugen to address development questions earlier, reducing regulatory uncertainty and streamlining the review.

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The GEO Group (GEO/$29.95 | Price Target: $35)
Joe Gomes [email protected] | 561-999-2262
Another New Contract
Rating: OUTPERFORM

New Contract. Hot on the heels of the Big Horn facility announcement,  The GEO Group, Inc. has entered into a five-year support services contract with U.S. Immigration and Customs Enforcement (“ICE”) for the activation of a federal immigration processing center at the GEO-owned, 1,320-bed Rivers Facility in Winton, North Carolina. Yesterday’s announcement continues new award momentum, which we believe will continue into the second half of 2026.

Details. The support services contract is expected to generate approximately $80 million in annual revenues in the first full year of operations. GEO’s support services are expected to include the exclusive use of the Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.

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Noble Capital Markets Research Report Wednesday, July 29, 2026

Companies contained in today’s report:

GeoVax Labs (GOVX)/OUTPERFORM – GeoVax Reports 2Q26 With Clinical Study Plans Moving Forward
Travelzoo (TZOO)/OUTPERFORM – Investment Quarter Masks Long-Term Value

GeoVax Labs (GOVX/$0.73 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
GeoVax Reports 2Q26 With Clinical Study Plans Moving Forward
Rating: OUTPERFORM

GeoVax Reported 2Q26 With Updates For GEO-MVA and Oncology Programs. GeoVax reported a 2Q26 net loss of $4.4 million or $(0.97) per share, lower than our expected loss of $5.8 million. R&D expenses were lower than we projected due to strategic changes, with priority given to preparations for the upcoming Phase 3 trial of GEO-MVA in MPox and the Phase 2 trial of Gedeptin in oncology. Cash on June 30, 2026 was approximately $3.1 million.

Strategic Changes Lowered The 2Q26 Loss. As discussed in our Research Note on May 27, GeoVax will focus on GEO-MVA in infectious diseases and Gedeptin in oncology. These programs have established regulatory pathways, patient needs, and market potential.

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Travelzoo (TZOO/$7.55 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Investment Quarter Masks Long-Term Value
Rating: OUTPERFORM

Accelerated membership investment weighed heavily on Q2 results. Revenue declined 3% to $23.2 million, while Travelzoo reported a $2.8 million operating loss and a non-GAAP operating loss of $2.1 million. The decline reflected geopolitical uncertainty across Travelzoo’s markets and a deliberate increase in member-acquisition spending.

The recurring-revenue strategy is gaining measurable traction. Membership and subscription revenue increased to approximately $5.0 million in Q2 from $3.0 million in the prior-year period, while deferred revenue rose 54% from year-end to $13.4 million. Membership renewals reached a record level.

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Noble Capital Markets Research Report Tuesday, July 28, 2026

Companies contained in today’s report:

Alliance Resource Partners (ARLP)/OUTPERFORM – Second Quarter 2026 Review and Outlook
Beasley Broadcast Group (BBGI)/OUTPERFORM – Building a More Resilient Local Media Platform
First Phosphate Corp. (FRSPF)/OUTPERFORM – Gaining Momentum
Perfect (PERF)/MARKET PERFORM – Fundamentals Overshadowed by Pending Buyout

Alliance Resource Partners (ARLP/$25.63 | Price Target: $33.5)
Mark Reichman [email protected] | (561) 999-2272
Second Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Second Quarter Financial Results. Compared to the prior year period, second-quarter 2026 revenue increased to $551.6 million from $547.5 million due to strong oil & gas royalty revenues, increased coal sales volumes, and higher other revenues, partially offset by a lower average realized coal sales price per ton. Adjusted EBITDA increased 14.7% to $185.7 million compared to $161.9 million in the second quarter of last year. Adjusted net income attributable to ARLP increased to $79.6 million, or $0.61 per unit, compared to $59.4 million, or $0.46 per unit, during the prior year period. Second quarter financial results were largely in line with our estimates. We had projected total revenue of $553.5 million, adj. EBITDA of $181.2 million, and EPU of $0.62.

Oil & Gas Royalties Remain a Key Growth Driver. The oil & gas royalties segment delivered record quarterly revenue and segment adjusted EBITDA, driven by increased volumes and higher commodity prices. On July 1, ARLP closed the $206.2 million AllDale III and IV acquisition. Crude oil volumes are now expected to be in the range of 1.95 million to 2.05 million barrels, natural gas volumes are expected to be in the range of 10.0 million to 10.5 million MCF, and liquids volumes are expected to be in the range of 1.1 million to 1.2 million barrels.

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Beasley Broadcast Group (BBGI/$21 | Price Target: $31)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Building a More Resilient Local Media Platform
Rating: OUTPERFORM

Executing a multi-year turnaround strategy. Management is focused on three strategic priorities: stabilizing local direct advertising, expanding higher-margin owned-and-operated digital products, and strengthening the balance sheet through disciplined deleveraging. We believe successful execution could materially improve the company’s earnings profile over the next several years.

Digital mix continues to improve. Digital revenue represented more than 25% of total company revenue during the first quarter of 2026, while owned-and-operated digital products increased to approximately 65% of digital revenue. We believe the improving revenue mix should support higher margins, stronger customer retention, and improved free cash flow generation over time.

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First Phosphate Corp. (FRSPF/$1.06 | Price Target: $2)
Mark Reichman [email protected] | (561) 999-2272
Gaining Momentum
Rating: OUTPERFORM

Building North America’s LFP Supply Chain. First Phosphate Corp. is a Québec-based critical minerals development company focused on establishing a fully integrated North American lithium iron phosphate (LFP) battery materials supply chain. First Phosphate is dedicated exclusively to supplying the rapidly expanding LFP battery market through the production of high-purity igneous phosphate, purified phosphoric acid, and iron phosphate precursor materials.

Differentiated with Significant Competitive Advantages. First Phosphate benefits from significant competitive advantages and differentiation within both the phosphate industry and the broader critical minerals sector. Most phosphate producers worldwide focus on fertilizer markets using sedimentary phosphate deposits that require significant upgrading and are generally less suitable for producing battery-grade phosphoric acid. By contrast, First Phosphate is exclusively targeting the LFP battery industry using rare high-purity igneous phosphate, allowing it to focus on higher-value specialty battery materials.

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Perfect (PERF/$1.93)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Fundamentals Overshadowed by Pending Buyout
Rating: MARKET PERFORM

Another quarter of improving profitability. Revenue remained stable while higher gross margins and disciplined expense management drove another quarter of improving earnings quality.

AI SaaS model continues to scale. Gross margins remained above 80%, demonstrating the attractive economics of the company’s subscription-driven AI platform and expanding operating leverage.

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Noble Capital Markets Research Report Friday, July 24, 2026

Companies contained in today’s report:

Aurania Resources (AUIAF)/OUTPERFORM – Board Member Assumes Expanded Role
Resources Connection (RGP)/OUTPERFORM – Reports 4Q26 Results In-line with Expectations
SelectQuote (SLQT)/OUTPERFORM – Q4 Preview—Building Toward a Cash Flow Inflection

Aurania Resources (AUIAF/$0.14 | Price Target: $0.3)
Mark Reichman [email protected] | (561) 999-2272
Board Member Assumes Expanded Role
Rating: OUTPERFORM

Supporting Project Advancement. Aurania Resources has appointed current independent director Mr. Thomas Ullrich as Special Advisor, effective immediately, to support the advancement of the company’s strategic projects. Working closely with President and Chief Executive Officer Dr. Keith Barron, Mr. Ullrich will provide strategic guidance on operational and mineral exploration activities, evaluate strategic opportunities, assist with project management, strengthen industry relationships, and help prioritize key initiatives across the company’s portfolio while continuing to serve on the Board of Directors.

Leveraging Experience and Expertise. Mr. Ullrich offers more than 35 years of experience in mineral exploration and geoscience, with expertise encompassing technical exploration, project evaluation, and capital markets. He currently serves as Chief Executive Officer and a director of Aston Bay Holdings Ltd. and previously held senior technical roles with Antofagasta Minerals and Almaden Minerals, where he managed the drill program that led to the discovery of the Ixtaca silver-gold deposit in Mexico. We think Mr. Ullrich’s expanded role will enhance Aurania’s ability to advance its exploration and development initiatives to create long-term shareholder value.

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Resources Connection (RGP/$3.76 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Reports 4Q26 Results In-line with Expectations
Rating: OUTPERFORM

Overview. Resources Connection’s 4Q26 results were mostly in line with management expectations. Overall industry conditions were consistent with 3Q26, suggesting the market is stabilizing. During the quarter, RGP continued to make focused investments to support future growth, which we are hopeful will occur in 2HFY27.

4Q26 Details. Revenue of $106.1 million was down 18.3% on a constant currency basis y-o-y but was within management’s $104-$109 guide. 4Q26 also had one less week of billable activity compared to 4Q25. Gross margin of 37.6% was down from 40.2% y-o-y but exceeded the top end of management’s guide. Adjusted EPS was a net loss of $0.07 compared to EPS of $0.16 in 4Q25.

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SelectQuote (SLQT/$0.7 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Q4 Preview—Building Toward a Cash Flow Inflection
Rating: OUTPERFORM

Q4 Should Reinforce Improving Cash Flow Story. Although fourth quarter revenue should normalize following the seasonally strong Medicare enrollment period, we expect another quarter of healthy profitability and cash generation that reinforces management’s expectation for a significant cash flow acceleration entering fiscal 2027.

Senior Business Demonstrates Structural Earnings Strength. Even amid continued Medicare Advantage disruption, the Senior business has consistently produced EBITDA margins above 25% during enrollment periods. We expect another solid quarter as disciplined marketing spend and strong customer retention continue to support attractive economics.

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Noble Capital Markets Research Report Thursday, July 23, 2026

Companies contained in today’s report:

Cadrenal Therapeutics (CVKD)/OUTPERFORM – Strategic Changes Create A New Cardiac Acute Critical Care Franchise
Seanergy Maritime (SHIP)/OUTPERFORM – Updating Estimates; Growth Outlook Remains Favorable

Cadrenal Therapeutics (CVKD/$2.1 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Strategic Changes Create A New Cardiac Acute Critical Care Franchise
Rating: OUTPERFORM

Advancing Products Through Partnerships. Cadrenal announced that it has modified its development strategy and product pipeline to focus on therapies for cardiac surgical care and orphan cardiac conditions. It now plans to advance the products through development partnerships, licensing, and commercialization agreements to minimize capital expenditures. This announcement formalizes the transition we have seen over the past several months.

Building A “Cardiac Acute Critical Care Franchise”. Cadrenal has refined its clinical focus to late-stage critical-care cardiovascular products for conditions with no effective treatments. It now plans to form partnerships for CAD-1005, frunexian, and tecarfarin, avoiding the large capital raises needed to fund further clinical trials.

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Seanergy Maritime (SHIP/$15.27 | Price Target: $28)
Mark Reichman [email protected] | (561) 999-2272
Updating Estimates; Growth Outlook Remains Favorable
Rating: OUTPERFORM

Updating Estimates. We have increased our 2Q 2026 revenue, adj. EBITDA, and adj. EPS estimates to $54.9 million, $38.4 million, and $1.15, respectively, from $50.0 million, $35.2 million, and $1.00. Our estimates reflect higher time charter equivalent rates than previously estimated. Moreover, we have lowered our estimates for vessel operating expenses in the second quarter and increased our estimate for general and administrative expenses in the second and third quarters. For FY 2026, we forecast revenue, adj. EBITDA, and adj. EPS of $203.2 million, $131.3 million, and $3.50, respectively, compared to our previous estimates of $198.3 million, $130.2 million, and $3.45.

Constructive Outlook. Seanergy’s outlook remains constructive, supported by favorable Capesize market fundamentals, a disciplined capital allocation strategy, and a multi-year fleet modernization program that positions the company to benefit from what we think will be a structurally attractive market through 2029. Following a strong first quarter in which the company reported significantly higher earnings and cash flow, we expect the momentum to continue, with second quarter time charter equivalent (TCE) rates projected to be approximately $31,430 per day.

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Noble Capital Markets Research Report Wednesday, July 22, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Acquisition of Southern Parts & Equipment, Inc. Supports Aftermarket Expansion Strategy
Kratos Defense & Security (KTOS)/OUTPERFORM – More New Business
Kuya Silver (KUYAF)/OUTPERFORM – Bethania Delivers Record Quarter as Production Gains Momentum

FreightCar America (RAIL/$7.81 | Price Target: $15)
Mark Reichman [email protected] | (561) 999-2272
Acquisition of Southern Parts & Equipment, Inc. Supports Aftermarket Expansion Strategy
Rating: OUTPERFORM

Acquisition of Southern Parts & Equipment, Inc. FreightCar America announced the acquisition of Southern Parts & Equipment, Inc., a Monroe, Georgia-based distributor of reconditioned, new, and used railcar parts and equipment. The transaction, funded with cash, represents the company’s second acquisition in the railcar aftermarket segment within the past year. 

A Growing Aftermarket Platform. The acquisition advances RAIL’s strategy of building a larger, more diversified aftermarket business that generates recurring revenue and reduces the cyclicality of new railcar manufacturing. Founded in 1988, SP&E has established a strong reputation serving railcar repair shops and private railcar owners. The transaction expands FreightCar’s customer base, enhances sourcing capabilities, and creates additional cross-selling opportunities across its growing aftermarket platform.

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Kratos Defense & Security (KTOS/$48.21 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
More New Business
Rating: OUTPERFORM

New Business. Kratos continues to receive new business, confirming the large growth opportunities available, in our view. The new business highlights the Company’s operating philosophy of having the right products, in the right space, at the right time. The recent awards add to the pile of new business Kratos has been awarded so far in 2026.

C-UAS Award. Kratos was awarded a sole-source, single-award Indefinite Delivery/Indefinite Quantity (IDIQ) contract for approximately $156 million by the U.S. Department of Energy’s National Nuclear Security Administration (NNSA) Office of Secure Transportation (OST) in support of Project Solar Shield. Under this new contract award, Kratos will provide mobile Counter-Unmanned Aircraft System (C-UAS) platforms designed to support OST’s critical National Security mission. The OST is responsible for the safe and secure ground and air transportation of nuclear weapons, weapon components, and special nuclear materials. Kratos was selected following a rigorous technical evaluation.

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Kuya Silver (KUYAF/$0.47 | Price Target: $2.5)
Mark Reichman [email protected] | (561) 999-2272
Bethania Delivers Record Quarter as Production Gains Momentum
Rating: OUTPERFORM

Strong Operating Momentum. Kuya Silver reported another record quarter at its Bethania mine, with mined mineralized material increasing 66% sequentially to 5,097 tonnes. The company also achieved record quarterly silver production of 23,912 ounces or 30,559 silver-equivalent ounces, along with record monthly production in June as underground development, mine sequencing, and production rates continued to improve. Management expects recoveries and grades to continue strengthening as the operation advances toward steady-state production.

Quarterly Financial Highlights. Revenue for the quarter totaled approximately $1.25 million, generated primarily from silver sales, which accounted for 87% of total revenue. Metal sold included 17,450 ounces of silver or 20,006 ounces of silver equivalent. The company realized an average silver selling price of $72 per ounce during the quarter, benefiting from a favorable silver price environment. While quarterly silver sales volumes were lower than the prior year due to the timing of sales, higher realized silver prices supported revenue growth as production continued to ramp toward higher sustainable mining rates. We expect the company to release full second quarter financial and operational results in mid-August. 

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Noble Capital Markets Research Report Tuesday, July 21, 2026

Companies contained in today’s report:

Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Modifications To Phase 3 FLAMINGO-01 Trial Raise Probability Of Success
NN (NNBR)/OUTPERFORM – Further Expansion in the Defense Industry
T3 Defense (DFNS)/OUTPERFORM – Stock Split Complete

Greenwich LifeSciences, Inc. (GLSI/$14.07 | Price Target: $45)
Robert LeBoyer [email protected] | (212) 896-4625
Modifications To Phase 3 FLAMINGO-01 Trial Raise Probability Of Success
Rating: OUTPERFORM

Trial Modifications Announced. Greenwich Pharmaceuticals announced modifications to the Phase 3 FLAMINGO-01 trial testing GLS-100 for the prevention of recurrent breast cancer. Several changes reflect preliminary findings and allow for increased enrollment in the pivotal arm of the trial. We believe the changes increase the likelihood of positive results in the interim and the final analyses, as well as potentially doubling the market.

The Original Phase 3 Design. The original trial design screened patients for HLA type, an immune system classification. Patients with HLA-A*02, the most common type, were randomized into two double-blind arms testing GLSI-100 against a placebo control. The non-HLA-A*02 patients were entered into an open-label arm. Following the standard of care treatment for breast cancer, patients were given six monthly doses of GLSI-100, then boosters every 6 months for 11 total doses.

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NN (NNBR/$3.48 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Further Expansion in the Defense Industry
Rating: OUTPERFORM

Contract Manufacturing. NN continues to expand into new and adjacent segments, providing the Company with strong growth opportunities, in our view. Most recently, NN successfully entered the Tier 1 contract manufacturing industry for firearm components in the United States market.

Details. NN’s contract manufacturing agreement is to mass-produce completed firearms products for a leading provider of firearms products in the U.S. This new business begins in the third quarter and will continue ramping up through 2028. This new business is expected to add between $12 million and $15 million in sales. Due to the multipart complexity of this new product line, these products are now the highest-priced products in the Company’s portfolio of new products.

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T3 Defense (DFNS/$4.26 | Price Target: $20)
Joe Gomes [email protected] | 561-999-2262
Stock Split Complete
Rating: OUTPERFORM

Reverse Stock Split. As outlined in prior reports, T3 underwent a 1-for-125 reverse stock split to regain compliance with Nasdaq regulations. As a result, the number of outstanding shares declined from approximately 139.8 million to approximately 1.1 million. We adjusted our model to reflect the impact on earnings per share.

Impact. Assuming the stock split only impacts the forward quarters, the 2Q adjusted net loss increases to $2.87/sh, 3Q to a loss of $2.16/sh, and 4Q to a net loss of $1.75/sh, up from a previous projected net loss of $0.06/sh, $0.03/sh, and $0.02 per share, respectively, Full year net loss increases to $3.90/sh, up from a prior full year net loss forecast of $0.50/sh. If we adjusted 1Q26 EPS loss to the 1.1 million outstanding shares, full-year net loss rises to $30.26/sh, which includes a number of one-time non-cash charges. The share change does not impact our estimates for adjusted EBITDA, which remains at a loss of $6 million for 2026.

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Noble Capital Markets Research Report Friday, July 17, 2026

Companies contained in today’s report:

Kratos Defense & Security (KTOS)/OUTPERFORM – Building Momentum
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Resolution Minerals Receives FAST-41 Designation for Golden Gate
T3 Defense (DFNS)/OUTPERFORM – Increases Reverse Split Ratio to 1-for-125 from 1-for-50

Kratos Defense & Security (KTOS/$46.96 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
Building Momentum
Rating: OUTPERFORM

Momentum. Recent awards, facilities expansion, world events, and increasing defense spending worldwide are combining to provide positive momentum to Kratos’ business, in our view. With proven, existing products focused on key areas of new Defense priorities, we continue to believe Kratos is well-positioned to capitalize on the current operating environment.

$400M Hypersonics. The Company recently received approximately $400 million in funding from the Department of War (DoW) related to certain hypersonic systems and other National Security related programs. Notably, beginning in June and both increasing and accelerating into July, Kratos is seeing significant funding from the DoW, which is expected to accelerate the Company’s organic growth rate, increase operating cash receipts, while reducing customer receivables, inventory, and assets where Kratos had previously “leaned forward” to ensure Kratos met or exceeded customers’ schedule-related and other expectations.

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Resolution Minerals Ltd (RLMLF/$0.04 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Resolution Minerals Receives FAST-41 Designation for Golden Gate
Rating: OUTPERFORM

Golden Gate FAST-41 Designation. Resolution Minerals’ Golden Gate Project in Idaho has been granted FAST-41 Transparency Coverage by the U.S. Federal Permitting Council, making it the Company’s second project to receive the designation after Antimony Ridge. The designation highlights the strategic importance of the Horse Heaven Project as a domestic source of tungsten, antimony, and gold and is expected to accelerate permitting through enhanced federal coordination and oversight.

Golden Gate Plan of Operations. The Golden Gate Project is part of Resolution’s 15,000-acre Horse Heaven Project, which also includes the Antimony Ridge target, the Johnson Creek Tungsten Mill, and historical tungsten stockpiles. The Company has submitted a Plan of Operations that includes construction of new access roads, up to 340 drill holes and 2,000 feet of trenching, while continuing a fully funded 45-hole drilling program to advance resource definition.

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T3 Defense (DFNS/$0.05 | Price Target: $0.8)
Joe Gomes [email protected] | 561-999-2262
Increases Reverse Split Ratio to 1-for-125 from 1-for-50
Rating: OUTPERFORM

Increased Ratio. Yesterday, T3 announced that, given the recent stock activity, the T3 Board of Directors determined to significantly increase the ratio from the 1-for-50 disclosed in July 13th’s 8-K to 1-for-125. T3 Defense still expects that its common stock will open for trading on the Nasdaq Capital Market on a reverse split-adjusted basis on July 20, 2026, under the existing trading symbol “DFNS”.

Impact. At the Effective Date of the reverse stock split, every 125 shares of common stock outstanding and held of record by each stockholder of the Company will be automatically reclassified into one new share of Common Stock, reducing the number of shares of common stock issued and outstanding from approximately 139.8 million to approximately 1 million. We will update our models and price target following the split.

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Noble Capital Markets Research Report Thursday, July 16, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Century Lithium Advances Commercial Readiness
CoreCivic, Inc. (CXW)/OUTPERFORM – Redeeming 4.75% Notes
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Advancing the Nisk Project Toward Development
T3 Defense (DFNS)/OUTPERFORM – Reverse Split
The GEO Group (GEO)/OUTPERFORM – New Contract with ICE; Raising Price Target

Century Lithium Corp. (CYDVF/$0.18 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Century Lithium Advances Commercial Readiness
Rating: OUTPERFORM

Angel Island Lithium Carbonate to High-Purity Lithium Metal. Century Lithium announced that lithium carbonate produced from its wholly owned Angel Island Lithium Project in Nevada was successfully converted into high-purity lithium metal by Alpha-En Corporation using its proprietary extraction and electrodeposition technology and subsequently incorporated into cylindrical battery cells manufactured by EaglePicher Technologies. The work was completed under the U.S. Army Small Business Innovation Research (SBIR) program, which supports the development of technologies critical to national defense.

Strong Battery Performance. Testing demonstrated that the lithium metal anodes met EaglePicher’s performance specifications and delivered higher operating voltages and improved power performance compared with control cells. These results highlight the suitability of Angel Island lithium for advanced, high-energy battery applications while validating the project’s potential to supply a domestic source of battery-grade lithium for defense-related technologies.

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CoreCivic, Inc. (CXW/$31.09 | Price Target: $35)
Joe Gomes [email protected] | 561-999-2262
Redeeming 4.75% Notes
Rating: OUTPERFORM

Redemption. CoreCivic has elected to redeem in full the 4.75% Senior Notes due 2027 that remain outstanding on August 12, 2026. This was an expected use of funds from the recently announced sale of two facilities to the Federal government. As of July 13, 2026, the principal amount of the outstanding 2027 Notes was $238,468,000. We anticipate additional debt reduction with a portion of the remaining sale proceeds.

Detail. The 2027 Notes will be redeemed at a redemption price equal to 100.000% of the principal amount of the then-outstanding 2027 Notes, plus the applicable “make-whole” premium specified in the indenture, as supplemented, governing the 2027 Senior Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. We estimate the annual interest expense savings to be approximately $11.3 million.

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Power Metallic Mines Inc. (PNPNF/$0.74 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
Advancing the Nisk Project Toward Development
Rating: OUTPERFORM

Building Momentum. Power Metallic is advancing the Nisk Project from exploration toward development, with a maiden NI 43-101 mineral resource estimate expected by the end of July 2026, followed by a Preliminary Economic Assessment which we anticipate could be completed in December 2026. The addition of mining executive Mr. Christopher Beal as Vice President of Operations further strengthens the company’s technical and operational capabilities as it progresses toward engineering studies and future development.

Drilling Continues to Deliver. Recent drilling reinforced the exceptional quality of the Lion Zone, highlighted by an intercept of 36.42 meters grading 2.83% copper equivalent, including 6.0 meters grading 12.38% copper equivalent. Combined with consistently high-grade drill results, strong metallurgical recoveries, and multiple target areas, the Nisk Project has the potential to become a significant polymetallic mining district.

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T3 Defense (DFNS/$0.07 | Price Target: $0.8)
Joe Gomes [email protected] | 561-999-2262
Reverse Split
Rating: OUTPERFORM

Reverse Split. T3 is implementing a 50-for-1 reverse stock split. The reverse stock split will become effective as of 12:01 a.m., Eastern Time, on July 20, 2026, and the Company’s common stock will begin trading on the Nasdaq Global Market on a split-adjusted basis when the market opens on July 20, 2026.

Rationale. The Company is implementing the reverse stock split to raise the per-share bid price of the Company’s common stock above $1.00 per share and bring the Company back into compliance with Nasdaq Listing Rule 5550(a). The Company will have regained compliance once the Company’s shares trade at or above $1.00 for a minimum of 10 consecutive trading days, at which time Nasdaq will provide the Company with notice that it has regained compliance.

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The GEO Group (GEO/$29.82 | Price Target: $35)
Joe Gomes [email protected] | 561-999-2262
New Contract with ICE; Raising Price Target
Rating: OUTPERFORM

New Contract. The GEO Group has entered into a five-year support services contract 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. GEO has entered into a lease agreement with the Facility owner. We view the new award positively and expect to see more such announcements going forward as ICE continues to seek out partners to assist the Agency in fulfilling its mission.

Details. The support services contract is expected to generate approximately $85 million in annual revenues in the first full year of operations, excluding transportation revenue. GEO’s support services are expected to include the exclusive use of the facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.

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