Author: cpatches

Noble Capital Markets Research Report Friday, May 8, 2026

Companies contained in today’s report:

1-800-Flowers.com (FLWS)/OUTPERFORM – Early Traction on Margins Despite Top-Line Pressure
Century Lithium Corp. (CYDVF)/OUTPERFORM – Significant Steps Forward
Codere Online (CDRO)/OUTPERFORM – A Strong Start To The Year
Comstock (LODE)/MARKET PERFORM – First Quarter 2026 Review and Outlook
DLH Holdings (DLHC)/OUTPERFORM – Post Call Commentary
E.W. Scripps (SSP)/OUTPERFORM – Transformation Gains Momentum
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Gyre Reports 1Q25 With Completion of Cullgen Acquisition
Information Services Group (III)/OUTPERFORM – A First Look at 1Q26 Results
ONE Group Hospitality (STKS)/OUTPERFORM – Building Momentum
Saga Communications (SGA)/OUTPERFORM – Digital Investments Take A Toll
The Beachbody Company (BODI)/OUTPERFORM – Coming To A Store Near You
The Oncology Institute, Inc. (TOI)/OUTPERFORM – 1Q26 Results Show Strong Revenue Growth With Increasing Financial Leverage

1-800-Flowers.com (FLWS/$4.58 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Early Traction on Margins Despite Top-Line Pressure
Rating: OUTPERFORM

Q3 reflects cost discipline. Fiscal Q3 revenue declined 11.6% to $293.0 million, driven by disciplined marketing spend and traffic headwinds, particularly within Consumer Floral & Gifts. Despite the top-line decline, gross margin expanded 150 basis points to 33.2%, and adjusted EBITDA improved to a loss of $(31.2) million from $(34.9) million in the prior year period, reflecting early benefits from cost initiatives and pricing discipline

Underlying segment-level profitability. While demand remains pressured, profitability improved across key segments. Consumer Floral & Gifts delivered higher contribution margins despite revenue declines, and Gourmet Foods & Gift Baskets narrowed losses, reflecting better cost controls and operational efficiencies. These trends suggest that management’s focus on marketing efficiency, pricing discipline, and cost rationalization is beginning to gain traction.

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Century Lithium Corp. (CYDVF/$0.36 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Significant Steps Forward
Rating: OUTPERFORM

Permitting Progress. Century Lithium announced significant progress in the federal permitting process for its wholly owned Angel Island Lithium Project in Nevada. The company submitted a Draft Mine Plan of Operations to the U.S. Bureau of Land Management and executed a Memorandum of Understanding with the agency to coordinate responsibilities during the National Environmental Policy Act review process. The submission marks an important milestone that advances the project toward a formal environmental analysis and broader regulatory review.

Next Steps. Century expects to receive initial feedback from the Bureau of Land Management within the next month as it works toward completion of the final Mine Plan of Operations. Angel Island has also been designated as a Transparency Project under the federal FAST 41 program, which supports streamlined permitting oversight. Alongside federal permitting efforts, Century Lithium continues to advance state and local permitting, engineering, infrastructure planning, and research initiatives aimed at improving project economics and attracting potential funding opportunities.

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Codere Online (CDRO/$9.29 | Price Target: $14)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
A Strong Start To The Year
Rating: OUTPERFORM

Q1 Results. The company reported Q1 revenue of €64.4 million and adj. EBITDA of €6.0 million, both of which surpassed our estimates of €59.0 million and €2.7 million, respectively, as illustrated in Figure #1 Q1 Results. Notably, revenue was up 13% YoY, driven by strong growth in Mexico and Spain, both of which increased average monthly users over the prior year period.

Favorable fundamentals. Notably, in Q1, the company benefited from strong activity in Mexico, which generated revenue of €34.6 million, up 13% YoY. The favorable performance in Mexico was supported by 98,000 average monthly users, up 20% YoY. Additionally, Spain performed strongly, with revenue growing 16% to €25.5 million and average monthly users reaching 59,000, up 13% YoY. On a consolidated basis, the company averaged 183,000 monthly active users, up 14% YoY.

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Comstock (LODE/$3.3)
Mark Reichman [email protected] | (561) 999-2272
First Quarter 2026 Review and Outlook
Rating: MARKET PERFORM

Advancing Commercialization. Comstock continued to advance the commercialization of its solar panel recycling platform during the first quarter of 2026. The Company substantially completed installation of major equipment at its first industry-scale recycling facility in Silver Springs, Nevada, and continued commissioning activities ahead of expected operations in the second quarter.

Improved Financial Strength. Comstock significantly strengthened its balance sheet and liquidity through a successful oversubscribed equity offering. The Company ended the first quarter with approximately $53.0 million in cash and no remaining debt obligations. As of May 5, the company reported cash in the amount of $44.3 million.

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DLH Holdings (DLHC/$5.73 | Price Target: $10)
Joe Gomes [email protected] | 561-999-2262
Post Call Commentary
Rating: OUTPERFORM

Alignment. We believe DLH’s differentiated suite of data science and AI/ML technology applications, outstanding capabilities, and workforce alignment aligns exceptionally well to position the Company for work within its three strategic pillars: science, research and development, digital transformation and cybersecurity, and systems engineering and integration.

Funding Cycle. The fiscal 2026 budget cycle is now complete, and the 2027 outlook is coming into focus. The 2027 cycle appears to be favorable to DLH. Clients across the Company’s markets have increased funding capacity and improved budget visibility, which should allow for a steadily improving procurement environment.

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E.W. Scripps (SSP/$4.68 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Transformation Gains Momentum
Rating: OUTPERFORM

Q1 results in line with expectations. The company reported Q1 revenue of $517 million, down 1.4% year-over-year, while reporting a loss attributable to shareholders of $(18) million, or $(0.20) per share. Figure #1 Q1 2026 Results highlights that our revenue estimate was $518.6 million. Importantly, Local Media trends remained favorable, benefiting from strong sports advertising demand, the Winter Olympics, and the Super Bowl.

Local Media remains a bright spot. Adjusted combined Local Media revenue increased 5.8% to $331 million, while core advertising revenue increased a healthy 7% to $137 million. Segment profit improved to $43.7 million from $32.3 million in the prior-year period despite modest expense growth.

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Gyre Therapeutics, Inc (GYRE/$7.07 | Price Target: $20)
Robert LeBoyer [email protected] | (212) 896-4625
Gyre Reports 1Q25 With Completion of Cullgen Acquisition
Rating: OUTPERFORM

Cullgen Acquisition Has Been Completed. Gyre Therapeutics reported a 1Q26 loss of $9.9 million or $(0.11) per share, consistent with our expectations for a transition year between maturing products and the introduction of Hydronidone. Importantly, the company completed the acquisition of Cullgen, a private company with protein targeting and degradation technologies. This acquisition expands the company’s technology and pipeline beyond fibrosis. Cash and equivalents on March 31, 2026, was $79.2 million.

The Hydronidone NDA Has Been Submitted. Gyre completed the NDA submission for Hydronidone, its pirfenidone derivative, for the treatment of chronic hepatitis B (CHB)-associated liver fibrosis. In March, Hydronidone was awarded Priority Review by the Center for Drug Evaluation (CDE, a division of China’s National Medical Products Administration or NMPA). This was in recognition of its efficacy and potential impact on patient outcomes. The NDA is currently under review for completeness, with acceptance of the filing expected in 2Q26.

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Information Services Group (III/$4.17 | Price Target: $6.5)
Joe Gomes [email protected] | 561-999-2262
A First Look at 1Q26 Results
Rating: OUTPERFORM

Overview. ISG delivered a strong first quarter, with revenue and adjusted EBITDA both at the top end of guidance. For the quarter, adjusted EBITDA margins expanded more than 100 basis points from the prior year. Revenue growth was driven primarily by Europe, up 25%, and recurring revenues, up 9%, as AI continues to be a tailwind for the Company.

1Q26 Results. ISG reported 1Q26 revenue of $61.2 million, up 2.7% y-o-y and above our $60.5 million estimate. Americas’ revenue of $39.8 million was down 3% y-o-y, Europe was up 25% to $17.3 million, and Asia Pacific was down 15% to $4.1 million. Adjusted EBITDA rose 11.8% y-o-y to $8.27 million, while the margin expanded to 13.5% from 12.4%. We were at $7.55 million and 12.5%. ISG reported net income of $2.7 million, up 83% y-o-y, and EPS of $0.05. Adjusted EPS was $0.09, up 17%. We were at $0.04 and $0.07, respectively.

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ONE Group Hospitality (STKS/$1.91 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Building Momentum
Rating: OUTPERFORM

Overview. During the first quarter of 2026, ONE Group Hospitality continued to show positive momentum. Total revenues grew year-over-year, and comparable sales were sequentially better than the previous quarter. ONE Group achieved positive comparable sales for the second quarter in a row at the flagship STK brand and saw substantial expansion in restaurant margins. Meanwhile, Benihana generated stable performance in the quarter. The Company is on track to complete five Grill Concepts conversions by year-end, with the initial Scottsdale conversion achieving a 4x return on investment.

1Q26 Results. Revenue increased 0.8% to $212.8 million but was below management’s original guidance of revenue in the $217-$221 million range, and our $218 million projection. Adjusted EBITDA came in at $28.8 million, up 12.1% y-o-y and above our $26.6 million estimate. Net income, pre-preferred stock expense, totaled $3.2 million, up from $975,000 a year ago and our $3.7 million estimate.

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Saga Communications (SGA/$10.98 | Price Target: $14)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Digital Investments Take A Toll
Rating: OUTPERFORM

Q1 results. The company reported Q1 revenue of $22.9 million and adj. EBITDA loss of $1.6 million below our estimates of $24 million and a loss of $0.8 million, respectively, as illustrated in Figure #1 Q1 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25% y-o-y.

Digital growth. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.4 million, an increase of 25.2% year over year. This expansion was driven by triple-digit gains in high-margin segments, specifically search (up 105%) and targeted display (up 120%).

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The Beachbody Company (BODI/$14.07 | Price Target: $15)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Coming To A Store Near You
Rating: OUTPERFORM

Retail distribution. On May 7, the company announced additional details regarding the initial phase of its retail distribution strategy for Shakeology, which is scheduled to launch in more than 80 Sprouts Farmers Market locations on May 18. Notably, the company secured a strategic partnership with KeHE Distributors, a national distributor specializing in organic, fresh, and specialty products, with distribution spanning more than 30,000 retail locations.

Details. For its initial rollout in the retail market, the company will be selling a convenient seven-serving bag of Shakeology for the first time. The seven-serving bag is priced at  $34.99 and available in four flavors. Additionally, each Shakeology purchase also includes access to BODi’s digital fitness platform, supporting the company’s cross-over strategy. While Shakeology has never been sold in retail locations, it has generated more than $4 billion in direct-to-consumer sales and delivered more than 1 billion servings since its release in 2009.

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The Oncology Institute, Inc. (TOI/$4.07 | Price Target: $8)
Robert LeBoyer [email protected] | (212) 896-4625
1Q26 Results Show Strong Revenue Growth With Increasing Financial Leverage
Rating: OUTPERFORM

1Q26 Reported Strong Growth In Revenues. The Oncology Institute reported a net loss of $2.5 million or $(0.02) per share. Total Revenues of $147.4 million met our expectations with 41% growth over 1Q25. On the quarterly conference call, the company raised Free Cash Flow guidance to a range of $5 million to $15 million from the previous range of $(15) million to $5 million. Cash on March 31, 2026, was $30.3 million.

Financial Measures Showed Strong Growth Over 1Q25. TOI continues to show strong increases in the number of covered lives, leading to both year-over-year and sequential quarterly increases in revenues. Increased volume in Dispensary Services resulted in revenue of $87.5 million, representing 78% growth over 1Q25, while Patient Services revenues of $59.1 million showed 11% growth over 1Q25.

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Noble Capital Markets Research Report Thursday, May 7, 2026

Companies contained in today’s report:

Commercial Vehicle Group (CVGI)/OUTPERFORM – Post Call Commentary
CoreCivic, Inc. (CXW)/OUTPERFORM – First Look 1Q26
DLH Holdings (DLHC)/OUTPERFORM – First Look Fiscal 2Q26
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Cost Discipline and Consumer Resilience Set Stage for 2027 Upside
NN (NNBR)/OUTPERFORM – First Look 1Q26
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Drilling Reveals Exceptional Grade and Scale Potential at the Lion Zone
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Proposal to Acquire GEE Group
The GEO Group (GEO)/OUTPERFORM – A Beat and a Raise

Commercial Vehicle Group (CVGI/$5.2 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
Post Call Commentary
Rating: OUTPERFORM

Growth Avenue. In Electrical Systems, CVG continues to pursue a differentiated solutions strategy, positioning the Company to increase content per vehicle. For example, due to the redundant nature from a safety perspective, the electrical content in an autonomous vehicle is almost double that of an ICE vehicle. This provides CVG with a significant growth opportunity, in our opinion. Similarly, in CVG’s legacy markets, as vehicles develop more content for either autonomous operation or feature comfort additions, that increases the content per vehicle.

End Markets. CVG’s key end markets, Electrical Systems and the Class 8 truck market, are showing signs of improvement. Management continues to expect the Electrical Systems market to expand by more than 10% in 2026. The Class 8 truck market is projected to grow by 9% in 2026, with recent orders suggesting the possibility of even greater growth.

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CoreCivic, Inc. (CXW/$21.17 | Price Target: $28)
Joe Gomes [email protected] | 561-999-2262
First Look 1Q26
Rating: OUTPERFORM

Overview. CoreCivic reported strong first quarter financial results, driven by the activation of four previously idled facilities since the first quarter of 2025. Notably, revenue from ICE grew 96.2% over the first quarter of 2025, reflecting the activation of the previously idle facilities and the acquisition of the Farmville Detention Center. Revenue from state customers increased 3.6% compared with the year-ago quarter, highlighted by per diem increases under a number of state contracts and population growth within the states of Georgia, Montana, and Colorado.

1Q26 Results. Revenue in 1Q26 totaled $614.7 million, up from $488.6 million in 1Q25. Reported net income was $37.9 million, or $0.38/sh, up from $25.1 million, or $0.23/sh, in 1Q25. Adjusted EPS increased to $0.40 from $0.23. Adjusted EBITDA in 1Q26 totaled $110.1 million, compared to $81 million last year.

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DLH Holdings (DLHC/$5.6 | Price Target: $10)
Joe Gomes [email protected] | 561-999-2262
First Look Fiscal 2Q26
Rating: OUTPERFORM

Overview. Fiscal 2026 is a transition year for DLH. The previously disclosed conversion of legacy contracts to small businesses continues to impact y-o-y results, but the transition of these contracts is expected to be complete in the Company’s third quarter. In response, management proactively right-sized the cost structure to align with the current base business, protecting margins.  

2Q26 Results. Revenue of $59.3 million was slightly above our $58 million projection, but down 33.5% y-o-y. Adjusted EBITDA totaled $5.33 million, or a 9.0% margin, compared to $9.38 million, or a 10.5% margin in 2Q25. We were at $4.95 million. DLH reported a net loss of $2.5 million, or $0.17/sh, in the quarter, compared to EPS of $878,000, or $0.06/sh, last year. We had projected a net loss of $2.25 million, or $0.16/sh.

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Lucky Strike Entertainment (LUCK/$7.66 | Price Target: $14.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Cost Discipline and Consumer Resilience Set Stage for 2027 Upside
Rating: OUTPERFORM

Lackluster fiscal Q3. The company reported revenue of $342.2 million, representing a 0.7% increase over the prior year, with same-store sales up 0.2%, marking a second consecutive quarter of positive comps. Net income improved year-over-year, while adjusted EBITDA of $109.0 million declined from the prior year, reflecting margin pressure. Profitability was impacted by elevated payroll costs and macro-related demand softness during the quarter.

Consumer resiliency. Performance was affected by weather disruptions and weaker corporate demand, particularly in tech-heavy West Coast markets. However, retail and league segments remained resilient, with leagues continuing to generate low single-digit growth and retail trends stabilizing. Importantly, management indicated that trends improved as the quarter ended, with early signs of stabilization observed in April.

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NN (NNBR/$2.52 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
First Look 1Q26
Rating: OUTPERFORM

Overview. NN delivered a strong start to 2026, with first-quarter results rising to the high side of expectations across many metrics, including sales growth, adjusted EBITDA, margin rates, and new business wins. Management’s focus on targeted growth in new, higher-margin growth markets and ongoing operational improvements is paying off.

1Q26 Results. Net sales were up 12.1% to $118.5 million in 1Q26, driven primarily by the contribution of new business launches, precious metals pass-through pricing, higher volumes in certain areas, and favorable foreign exchange. Adjusted gross margin rose to 19.5% from 16.9%. Adjusted EBITDA was $14.1  million, an increase of 33.0%, compared to 1Q25 adjusted EBITDA of $10.6  million, driven primarily by improved sales mix and operating performance. NN adjusted net income was $1.0  million, or $0.02 per diluted common share, compared to adjusted net loss of $1.4  million, or ( $0.03) per diluted common share, in 1Q25.

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Power Metallic Mines Inc. (PNPNF/$1 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
Drilling Reveals Exceptional Grade and Scale Potential at the Lion Zone
Rating: OUTPERFORM

Drilling continues to reveal exceptional grades. Power Metallic Mines reported another strong set of drill results from the Lion Zone, highlighted by Hole PML 26-095, which returned 22 meters grading 11.46% copper equivalent, including two ultra high-grade intervals above 18% copper equivalent. The results reinforce the Lion Zone as an emerging polymetallic discovery with grades that exceed global copper mining averages.

New results confirm the growing scale of the deposit. The latest drilling confirms both the continuity and expansion potential of the deposit, with high-grade mineralization extending from near surface to depths of roughly 600 meters. This is important as the company advances toward its inaugural Mineral Resource Estimate expected in the third quarter of 2026, as strong continuity and scale could materially enhance future project economics and valuation.

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Star Equity Holdings, Inc. (STRR/$9.4 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
Proposal to Acquire GEE Group
Rating: OUTPERFORM

An Offer. After disclosing a 5.4% equity holding in GEE Group back on January 22nd and announcing a desire to engage in merger discussions, Star Equity upped the ante yesterday, announcing a proposal to acquire GEE for $0.30 per share or about $33 million. The proverbial ball is now in GEE’s Board of Directors collective hands. We believe the combination makes sense from a strategic viewpoint, with the elimination of public company costs an added benefit.

Details. Star, subject to terms and conditions, is offering to acquire 100% of GEE’s common shares for $0.30 a share, with the purchase price paid in Star’s 10% Series A Cumulative Perpetual Preferred stock (NASDAQ: STRRP). The proposed price represents an approximate 40% premium to GEE’s January 21st stock price. As part of the deal, Star expects GEE’s top management to forego change in control payments, but the executives would receive payment of a year’s salary and target bonus, also in STRRP shares.

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The GEO Group (GEO/$22.2 | Price Target: $28)
Joe Gomes [email protected] | 561-999-2262
A Beat and a Raise
Rating: OUTPERFORM

Overview. The GEO Group reported better than expected 1Q26 results. The outperformance reflects significant revenue growth from the contracts entered into throughout 2025. Operating expenses were favorably impacted by lower-than-expected labor costs compared to previous expectations. Management continues to expect 2026 to be very active as well on a contract basis and therefore believes the Company has upside potential across the diversified business segments.

1Q26 Results. Revenue increased 17% to $705.2 million, exceeding our $680 million estimate. First quarter 2026 adjusted EBITDA was $131.4  million, compared to $99.8  million for 1Q25, reflecting a 32% increase and above our $108.8 million estimate. GEO reported net income attributable to GEO operations of $38.3  million, or $0.29/sh, compared to net income attributable to GEO Operations of $19.6  million, or $0.14/sh, for 1Q25. We were at $29.2 million and $0.21/sh.

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Noble Capital Markets Research Report Wednesday, May 6, 2026

Companies contained in today’s report:

Commercial Vehicle Group (CVGI)/OUTPERFORM – First Look 1Q26 Results
FreightCar America (RAIL)/OUTPERFORM – First Quarter 2026 Review and Outlook
Ocugen (OCGN)/OUTPERFORM – 1Q26 Reported With Senior Convertible Note Offering
SelectQuote (SLQT)/OUTPERFORM – Strong Q3 Execution Highlights Profitability and Cash Flow Strength

Commercial Vehicle Group (CVGI/$4.22 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
First Look 1Q26 Results
Rating: OUTPERFORM

Overview. Commercial Vehicle Group reported better-than-expected results in the first quarter of 2026, returning to revenue growth at the consolidated level. Electrical Systems led the way with 13.9% revenue growth, while Global Seating sales were up 1.5% in the quarter. Management reaffirmed full-year guidance.

1Q26 Results. Consolidated revenue of $171.5 million was up 1% y-o-y and exceeded our $160 million projection. Adjusted gross margin expanded 200bp sequentially and was up 150 bp y-o-y. Adjusted operating income was flat at $2 million, while adjusted EBITDA fell to $4.8 million from $5.8 million in the prior year quarter due to higher SG&A costs. CVG reported adjusted net loss of $3.4 million, or $0.10/sh, versus an adjusted loss of $2.6 million, or $0.08/sh, last year partly driven by higher interest expense.

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FreightCar America (RAIL/$7.72 | Price Target: $16)
Mark Reichman [email protected] | (561) 999-2272
First Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adjusted net loss of $479 thousand or $(0.04) per share, compared to adjusted net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Adjusted EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.

FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. Based on management’s commentary during the investor call, we believe the 2026 guidance is achievable.

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Ocugen (OCGN/$1.49 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
1Q26 Reported With Senior Convertible Note Offering
Rating: OUTPERFORM

Clinical Progress During 1Q26 Reviewed. Ocugen reported 1Q26 loss of $19.1 million or $(0.06) per share, slightly higher than we estimated. On its quarterly conference call, management reiterated several important clinical milestones in the coming year. The company also completed an offering of $115 million in Convertible Senior Notes, which we estimate is enough cash to bring its three lead products to market and fund operations through early 2028. The proposal to allow for a reverse split has been dropped from the Annual Meeting agenda.

Senior Note Offering Provides Sufficient Cash For Product Introductions. The cash balance on March 31, 2026, was $32.2 million, including proceeds of $37.5 million from warrant exercise in 1Q26. Today, the company completed the sale of $115 million in 6.75% Convertible Senior Notes. including an option for the buyer to purchase an additional $15 million in the next 13 days. These Notes should add about $99.5 million to the cash balance. Based on our estimates, we believe this is sufficient to fund operations through the filing of the BLAs and product introductions expected in 2026-2028.

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SelectQuote (SLQT/$1.24 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Strong Q3 Execution Highlights Profitability and Cash Flow Strength
Rating: OUTPERFORM

Strong Q3 Adj EBITDA. The company reported fiscal Q3 revenue of $430.9 million and adj. EBITDA of $44.6M. While revenue was modestly lower than our estimate of $449.0M, adj. EBITDA strongly outperformed our estimate of $35.0M. Notably, adj. EBITDA benefited from a favorable $14.0M adjustment to commissions receivables and continued operational discipline.

Underlying profitability remains solid. Normalized EBITDA margins were approximately 7% after excluding the one-time commission benefit. Core operating performance appears to be improving. The Senior segment demonstrated resilience despite ongoing headwinds in Medicare Advantage. Healthcare Services (SelectRx) revenue grew 5% YoY to $199M, driven by continued membership growth and higher prescription utilization per member.

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Noble Capital Markets Research Report Tuesday, May 5, 2026

Companies contained in today’s report:

First Phosphate Corp. (FRSPF)/OUTPERFORM – Warrant Exercise Strengthens Treasury Position
FreightCar America (RAIL)/OUTPERFORM – Expecting a Robust 2H 2026
GDEV (GDEV)/OUTPERFORM – Improved Profitability Appears Sustainable
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Power Metallic Delivers Strong Drill Results and Expands Lion Zone Resource Potential
Superior Group of Companies (SGC)/OUTPERFORM – Execution Driving Earnings Upside
V2X (VVX)/OUTPERFORM – Strong First Quarter Results

First Phosphate Corp. (FRSPF/$0.97 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
Warrant Exercise Strengthens Treasury Position
Rating: OUTPERFORM

Warrant exercise enhances capital structure and financial flexibility. First Phosphate Corp. announced the receipt of approximately C$3.07 million following the full exercise of its remaining warrants at C$1.25 per share, marking the exercise of all outstanding external dilutive instruments. This final round of warrant exercises represents a vote of confidence from shareholders and establishes a valuation benchmark for the company. As a result, the company’s capital structure is now notably streamlined, with no remaining dilutive securities other than those held by staff, management, and board members.

Strong balance sheet and funding provide a clear development runway. The company is in a strong financial position with no debt and benefits from a significant C$16.7 million non-repayable and non-dilutive contribution from the Government of Canada. Combined with funds raised since June 2022 totaling approximately C$62.5 million, First Phosphate has built a solid treasury exceeding C$20 million, placing it among a limited group of junior companies with comparable financial strength. This capital position provides a funding runway to advance development activities through to a final investment decision expected within approximately one and a half years.

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FreightCar America (RAIL/$8.06 | Price Target: $16)
Mark Reichman [email protected] | (561) 999-2272
Expecting a Robust 2H 2026
Rating: OUTPERFORM

Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adj. net loss of $479 thousand or $(0.04) per share, compared to adj. net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Manufacturing segment and aftermarket segment revenues were $53.0 million and $11.4 million, respectively, compared to our estimates of $70.0 million and $8.0 million. Gross profit for the manufacturing and aftermarket segments amounted to $7.3 million and $3.5 million, respectively. Adj. EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.

FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. While Q1’ 26 rail car deliveries and revenue were significantly below our expectations and leave a lot of room to catch up, management indicated that RAIL’s order backlog of 2,058 units valued at $156.0 million, productivity improvements, flexible manufacturing footprint, and disciplined commercial approach provide visibility into its full-year expectations. 

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GDEV (GDEV/$15.53 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Improved Profitability Appears Sustainable (Corrected Copy)
Rating: OUTPERFORM

Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% compared to the prior year period.

Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.

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Power Metallic Mines Inc. (PNPNF/$0.92 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
Power Metallic Delivers Strong Drill Results and Expands Lion Zone Resource Potential
Rating: OUTPERFORM

High-grade drill results confirm core mineralization. Power Metallic reported significant intercepts from the Lion Zone, including 17.45 meters at 9.47 percent copper equivalent in Hole PML 26-094 and 39 meters at 5.66 percent in Hole PML 26-101, both of which included higher grade sub-intervals. The assay results highlight the strength and continuity of near-surface mineralization within the core of the deposit.

Infill drilling supports resource growth and development potential. The Winter 2026 program is successfully defining mineralization across approximately 200 meters of strike length and supports the existing geological model. The results are expected to contribute to a 2026 Mineral Resource Estimate and may help advance portions of the deposit toward an Indicated classification suitable for potential open-pit mining.

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Superior Group of Companies (SGC/$11.54 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Execution Driving Earnings Upside
Rating: OUTPERFORM

Solid start to the year. First quarter revenue of $141 million increased 3% year over year, reflecting steady demand across the company’s diversified business lines. Results were in line with expectations for a seasonally softer first quarter and positioned the company well for its typical back-end weighted growth profile. 

Branded Products’ momentum continues. Segment revenue increased 5% year over year for the second consecutive quarter, supported by volume gains within existing accounts. Management indicated that RFP activity is at its highest level in recent memory, suggesting a strong pipeline that should support continued growth throughout 2026. In addition, Contact Centers are stabilizing with improving trends. 

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V2X (VVX/$67.82 | Price Target: $72)
Joe Gomes [email protected] | 561-999-2262
Strong First Quarter Results
Rating: OUTPERFORM

Overview. V2X reported better-than-expected first-quarter results. Revenue increased 23% year-over-year to $1.25 billion, marking a record year-over-year organic growth rate for V2X. The growth was driven primarily by the ramp-up of training, foreign military sales, rapid prototyping, and engineering programs, as well as some discrete activities to support a national security customer.

1Q26 Results. Revenue came in at $1.254 billion, ahead of our $1.15 billion projection. Adjusted EBITDA of $85.6 million increased from $67 million last year and was above our $73.8 million projection. First quarter adjusted EPS was $1.53, up 55% year-over-year.

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Noble Capital Markets Research Report Monday, May 4, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – A Better Than Anticipated First Quarter
MustGrow Biologics Corp. (MGROF)/NOT RATED – Termination of Research Coverage
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Accelerating Development at the Horse Heaven Critical Minerals Project
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – A Contract and GEE Group Comments

ACCO Brands (ACCO/$3.95 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
A Better Than Anticipated First Quarter
Rating: OUTPERFORM

Overview. ACCO Brands delivered a solid start to the year, with both sales and adjusted EPS coming in above management’s first-quarter expectations. Results reflected better-than-anticipated comparable sales and EPOS outperforming expectations. The first quarter benefited from favorable foreign exchange and the acquisition of EPOS, including a preliminary bargain purchase gain of $37.6 million.

1Q26 Results. Revenue of $343.7 million exceeded management’s $317-$327 million range and our $320 million estimate. Adjusted net income was $1.8 million, or $0.02/sh, better than the expected adjusted loss range of $0.06-0.03 per share. We had projected an adjusted loss of $6.7 million, or a loss of $0.07/sh.

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Resolution Minerals Ltd (RLMLF/$0.051 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Accelerating Development at the Horse Heaven Critical Minerals Project
Rating: OUTPERFORM

Exploration Momentum. Resolution Minerals continues to demonstrate strong exploration results across its Horse Heaven Project, confirming a large-scale, multi-commodity system. High-grade antimony at Antimony Ridge and extensive gold mineralization at Golden Gate highlight the project’s scale, with drilling confirming continuous mineralization that remains open in multiple directions. A major 13,700-meter Phase 2 drilling program is expected to commence this week to further define resource potential and support a maiden Mineral Resource Estimate targeted for Q1 2027.

Advancing Metallurgy and Development Pathways. Resolution is making significant progress in metallurgical testing and project development, particularly with tungsten and antimony processing. Test work has successfully produced high-grade tungsten concentrates and high-purity antimony products, demonstrating viable processing pathways and near-term production potential. Combined with the acquisition of processing infrastructure at Johnson Creek, these developments position the company to advance toward a vertically integrated, U.S.-based critical minerals platform.

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Star Equity Holdings, Inc. (STRR/$9.68 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
A Contract and GEE Group Comments
Rating: OUTPERFORM

Contract.  Star Equity Holdings’ wholly owned subsidiary,  KBS Builders, Inc. (“KBS”), signed a $4.2  million contract to manufacture a multifamily housing project in  New Hampshire, further strengthening Star Equity’s growing footprint across the  New England region. KBS’s selection reflects a proven track record of executing complex projects on time and on budget, in our view.

Project. The $4.2  million contract covers the manufacturing of 36 modules for the construction of six 2-unit buildings totaling 26,088 square feet as part of a residential assisted living facility in New  Hampshire. The project is designed to achieve net-zero energy efficiency while delivering high-quality housing with shorter construction timelines and enhanced sustainability. Production is expected to commence in May, with delivery to be completed in the third quarter of 2026.

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Noble Capital Markets Research Report Friday, May 1, 2026

Companies contained in today’s report:

Cadrenal Therapeutics (CVKD)/OUTPERFORM – Preliminary Design For CAD-1005 Phase 3 In HIT Announced
Euroseas (ESEA)/OUTPERFORM – Fleet Expansion Strengthens Long-Term Earnings Visibility
NN (NNBR)/OUTPERFORM – CARES Act Refund
Titan International (TWI)/OUTPERFORM – A Solid Start to the Year

Cadrenal Therapeutics (CVKD/$6.67 | Price Target: $45)
Robert LeBoyer [email protected] | (212) 896-4625
Preliminary Design For CAD-1005 Phase 3 In HIT Announced
Rating: OUTPERFORM

Phase 3 Design Announced. Cadrenal held an end-of-Phase-2 meeting with the FDA to discuss the results of the CAD-1005 trial and receive guidance for the design of Phase 3. Following the receipt of the Meeting Minutes, the preliminary design for Phase 3 in HIT (Heparin-Induced Thrombocytopenia) has been announced. The trial is expected to begin in late FY2026 to early FY2027, with an NDA possible in FY2019.

HIT Is A Serious Condition. HIT is a potentially life-threatening immune reaction to heparin, an anticoagulant currently used in an estimated 12 million cardiac surgeries. HIT affects up to 5% of these patients, forming immune complexes that can activate platelets and cause excessive clotting. About 50% experience thrombosis, as well as embolisms, skin necrosis, and other cardiac events that can be fatal. CAD-1005 is a selective inhibitor of the 12-LOX immune pathway that causes HIT. This contrasts with other drugs that control symptoms and secondary morbidities following the immune response.

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Euroseas (ESEA/$70.01 | Price Target: $90)
Mark Reichman [email protected] | (561) 999-2272
Fleet Expansion Strengthens Long-Term Earnings Visibility
Rating: OUTPERFORM

Euroseas expands its fleet. The company has ordered four additional feeder containerships, including two high-reefer vessels and two standard feeder ships, bringing its total newbuild program to ten vessels with a combined cost of about $500 million. Upon completion of the current newbuild program, Euroseas will operate 31 vessels with a total capacity of 93,834 twenty-foot equivalent units (TEU). The expansion reflects confidence in the feeder market and a deliberate focus on higher value cargo segments, particularly refrigerated goods, while also incorporating optionality for further fleet growth.

Strong earnings visibility. With a contracted revenue backlog of roughly $650 million and charter coverage extending beyond 2028, the company has secured a high level of earnings visibility. The current fleet is largely employed under time charter agreements at favorable rates, reducing exposure to market volatility and supporting stable cash flow generation to fund ongoing expansion.

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NN (NNBR/$2.32 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
CARES Act Refund
Rating: OUTPERFORM

Refund. NN announced that the Company has been notified that its CARES Act refund has been processed for payment. The refund is in excess of $10 million. This refund has been a long time in coming, but will help the Company in its growth efforts, in our view.

Growth Opportunity. The tax refund will more than offset the $10 million the Company borrowed in 1Q26 to fund certain growth areas with both capital equipment and working capital. While it is too soon to say which path the Company will follow, the tax refund could enable to further boost the abundant growth opportunities through additional investment or repay the 1Q26 borrowing.

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Titan International (TWI/$7.62 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
A Solid Start to the Year
Rating: OUTPERFORM

Overview. Titan’s first quarter 2026 results came in at the high end of management’s expectations and above our projections, partly driven by positive forex. Titan achieved this performance against a macro backdrop that continues to be very dynamic. Once again, EMC was the star performer with revenue up 11.3% year-over-year and gross margin up 90 basis points. With a diversified portfolio of products, strategically positioned global plants, and a one-stop shop distribution channel, we believe Titan is well-positioned for today’s dynamic operating environment.

1Q26 Results. Revenue of $505 million was up 2.9% y-o-y and exceeded our $495 million projection. The revenue increase was driven by forex gains, which added approximately 3.7% to net sales growth. Gross margin improved to 14.1% from 14.0%. Adjusted EBITDA totaled $31.4 million, up from $30.8 million a year ago and our $26 million estimate. Titan reported adjusted EPS of breakeven versus adjusted EPS of $0.01 last year and our $0.03 estimate.

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Noble Capital Markets Research Report Thursday, April 30, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Lowering First Quarter Expectations

FreightCar America (RAIL/$8.13 | Price Target: $16)
Mark Reichman [email protected] | (561) 999-2272
Lowering First Quarter Expectations
Rating: OUTPERFORM

Lowering 1Q’ 2026 expectations. We think the first quarter of 2026 will reflect the fewest deliveries during the year, along with the least favorable product mix. We expect 2026 deliveries, revenue, and earnings to be weighted toward the second half of the year, driven by higher volumes, a stronger product mix, and increased contributions from new builds and retrofit programs. FreightCar will release first-quarter financial results after the market close on May 4 and will host a teleconference on May 5 at 11:00 am ET.

Updating estimates. We revised our 1Q’ FY 2026 estimates to reflect lower revenue and margin in the manufacturing segment. We forecast first quarter revenue, EBITDA, and EPS of $78.0 million, $5.8 million, and $0.02, respectively, compared to our prior estimates of $86.0 million, $7.0 million, and $0.04. We have assumed growth in the Aftermarket segment revenue throughout the year. We have reduced our FY 2026 revenue, EBITDA, and EPS estimates to $517.0 million, $43.2 million, and $0.52, respectively, from $525.0 million, $44.5 million, and $0.54.

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Noble Capital Markets Research Report Wednesday, April 29, 2026

Companies contained in today’s report:

Aurania Resources (AUIAF)/OUTPERFORM – Definitive Agreement to Advance the Thormodsdalur Gold Project in Iceland
Perfect (PERF)/MARKET PERFORM – Limited Take Private Upside; Rating Change
Xcel Brands (XELB)/OUTPERFORM – Mesa Mia Debut Marks 2026 Growth Pivot

Aurania Resources (AUIAF/$0.15 | Price Target: $0.3)
Mark Reichman [email protected] | (561) 999-2272
Definitive Agreement to Advance the Thormodsdalur Gold Project in Iceland
Rating: OUTPERFORM

Strategic partnership. Aurania Resources Ltd. entered into a definitive earn-in agreement with St-Georges Eco-Mining Corp. (CSE: SX) and its subsidiary Iceland Resources to advance the Thormodsdalur gold project (Thor’s Valley) in Iceland. Located near Reykjavik, the project is considered a highly prospective epithermal gold system, and the partnership is intended to support a structured exploration program aimed at defining its resource potential.

Key agreement terms. Under the agreement, Aurania will issue shares valued at US$150.0 thousand and commit to USD $5.0 million in exploration spending over four years in order to earn a 70% interest in the project. St-Georges retains the option to hold a minority interest or a royalty, while Aurania may increase its ownership to full control through additional investment. We expect the transaction to close in early May pending the satisfaction of certain conditions, including approval by the TSX Venture Exchange. We will update our estimates to reflect planned expenditures once the transaction closes.

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Perfect (PERF/$1.66)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Limited Take Private Upside; Rating Change
Rating: MARKET PERFORM

Q1 2026 results showed solid execution. Perfect Corp. reported Q1 revenue of $17.9 million, which was up 12% over the prior year period and in line with our estimate of $18.0 million. Furthermore, gross profit was up 17.8%, and operating income was a positive $1.5 million, reflecting continued progress in the company’s transition to a higher-quality, subscription-driven AI revenue model. Notably, the company reported adj. EBITDA of $2.3 million, which was better than our estimate of $1.1 million.

Performance was driven by strength in AI subscriptions and monetization. The results reflected strong growth in mobile app and web subscriptions and a sharp increase in virtual points usage, partially offset by declines in legacy licensing revenue and some softness in subscriber and key customer counts.

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Xcel Brands (XELB/$2.31 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Mesa Mia Debut Marks 2026 Growth Pivot
Rating: OUTPERFORM

Mesa Mia Launch Validates Creator-Led Model. XCEL’s partner brand, Mesa Mia by Jenny Martinez, debuted on HSN, showcasing the company’s ability to translate authentic cultural authority and a large social following into a fully commercialized kitchenware and food platform anchored in storytelling and engagement. We believe that the debut represents a milestone for the company’s 2026 growth initiative.

HSN Debut Demonstrates Omnichannel Execution. The launch highlights XCEL’s live-commerce engine in action, leveraging HSN’s broadcast reach alongside Martinez’s digital audience to drive immediate consumer awareness and sales, reinforcing the company’s integrated “content + commerce” distribution strategy.

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Noble Capital Markets Research Report Tuesday, April 28, 2026

Companies contained in today’s report:

Alliance Resource Partners (ARLP)/OUTPERFORM – FY 2025 Review and Outlook
First Phosphate Corp. (FRSPF)/OUTPERFORM – Strong Drill Results Reinforce Scale and Expansion Potential
GDEV (GDEV)/OUTPERFORM – CEO Increases Ownership Stake

Alliance Resource Partners (ARLP/$25.45 | Price Target: $33)
Mark Reichman [email protected] | (561) 999-2272
FY 2025 Review and Outlook
Rating: OUTPERFORM

First quarter financial results. Alliance Resource Partners reported first-quarter 2026 revenue of $516.0 million, down 4.5 percent year over year due to lower coal pricing, though volumes remained stable, and 2026 expected coal sales volumes are 95% committed and priced at the midpoint of 2026 guidance. Coal operations faced margin pressure, partially offset by a modest increase in tons sold and operational improvements. Net income declined to $9.1 million primarily due to lower margins and noncash charges, including an asset impairment and digital asset valuation changes. ARLP generated adjusted EBITDA of $155.0 million, compared to $159.9 million during the prior year period. and the partnership maintained strong liquidity.

Oil and gas royalties remained a key growth driver. The oil and gas royalty segment exhibited strength, delivering record revenues and volumes driven by increased drilling activity and acquisitions. The segment continues to diversify earnings and promote cash flow stability. ARLP’s updated 2026 guidance included greater oil, natural gas, and liquids volumes.

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First Phosphate Corp. (FRSPF/$0.95 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
Strong Drill Results Reinforce Scale and Expansion Potential
Rating: OUTPERFORM

Strong mineral continuity and expansion potential. First Phosphate Corp. reported strong results from its 2025/2026 infill drill program at the Begin–Lamarche property, confirming continuous phosphate mineralization across all zones and identifying two new intersections. The results will support an updated geological model expected next month and underscore the potential for resource expansion.

Geological consistency across zones. Drilling confirmed consistent geology across the Mountain, Northern, and Southern zones. High-grade apatite mineralization and similar structural features across zones reinforce confidence in a cohesive and predictable deposit.

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GDEV (GDEV/$16.68 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
CEO Increases Ownership Stake
Rating: OUTPERFORM

CEO increases ownership. The company’s founder, Chairman, and CEO, Andrey Fadeev, purchased 2,730,384 shares of the company’s stock in a private transaction from Boris Gertsovsky, co-founder and former director. Notably, following the transaction, Mr. Fadeev owns 6,709,391 shares, or approximately 37% of the company’s outstanding shares.

Transaction details. The roughly 2.7 million shares were purchased for an aggregate of $34.1 million, to be paid in three installments. The first payment of $20.0 million was paid on the closing date of March 17, 2026, with $10.0 million due on the first anniversary of the closing date, and the remaining $4.1 million due on the second anniversary of the closing date.

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Noble Capital Markets Research Report Monday, April 27, 2026

Companies contained in today’s report:

Kuya Silver (KUYAF)/OUTPERFORM – FY 2025 Review and Outlook
Ocugen (OCGN)/OUTPERFORM – Clinical Progress and New Investors Could Sustain Post-Reverse Split Stock Price

Kuya Silver (KUYAF/$0.69 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
FY 2025 Review and Outlook
Rating: OUTPERFORM

Significant progress in 2025. Kuya reported its financial and operational results for the fourth quarter and FY 2025, while also announcing key leadership appointments to strengthen its operations in Peru. Edgardo Orderique was named General Manager for Peru, bringing senior-level experience from major mining operations, and will oversee mining and processing at the Bethania Silver Project. He is supported by Jesus Palomino as Operations Manager and German Minaya as Finance and Administration Manager. These additions are intended to enhance execution as the company transitions from early-stage production to scaled operations with higher throughput.

Operational momentum. The company made steady progress, achieving record processing volumes and improved production consistency. Production reached approximately 100 tonnes per day in March, with a target of 350 tonnes per day by the end of 2026 under its Phase One expansion plan. This growth is supported by investments in underground development, infrastructure, and workforce training, along with modernization efforts to improve efficiency. Kuya increased its exploration program to 20,000 meters of drilling in 2026.

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Ocugen (OCGN/$1.66 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Clinical Progress and New Investors Could Sustain Post-Reverse Split Stock Price
Rating: OUTPERFORM

We Believe The Proposal Is Misunderstood. On April 20, Ocugen filed its proxy statement and Annual Meeting Notice.  In addition to the usual business and shareholder matters, there is a proposal to authorize a reverse split. We believe the reverse split could lift the stock to a trading range that meets minimum share price requirements for ownership by more index funds, institutions, and investors.

The Reverse Split Could Open The Stock To More Investors. Ocugen’s three lead clinical programs have reported data that have driven an increase in its market valuation to about $550 to $600 million. However, many index funds, institutions, and brokerage firms have requirements for both minimum share price and market valuation before they can own the stock. We believe the reverse split would help meet these requirements sooner and open the stock to new investors. We expect the stream of clinical milestones in the coming year to sustain the post-split price and drive it higher.

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Noble Capital Markets Research Report Friday, April 24, 2026

Companies contained in today’s report:

AZZ (AZZ)/OUTPERFORM – FY 2026 Review and Outlook
Century Lithium Corp. (CYDVF)/OUTPERFORM – Century Lithium Advances Demonstration Plant Relocation
Direct Digital Holdings (DRCT)/MARKET PERFORM – Strategic Progress Continues
Kelly Services (KELYA)/OUTPERFORM – Some Green Shoots?
MariMed Inc (MRMD)/OUTPERFORM – Rescheduling? Finally?
Travelzoo (TZOO)/OUTPERFORM – Positioned For Earnings Upside as Subscription Model Scales

AZZ (AZZ/$146.59 | Price Target: $165)
Mark Reichman [email protected] | (561) 999-2272
FY 2026 Review and Outlook
Rating: OUTPERFORM

Fourth quarter and FY 2026 financial results. For FY 2026, AZZ reported adjusted net income of $187.1 million, or $6.19 per share, compared to $156.8 million, or $5.20 per share, during FY 2025, and to our estimate of $182.4 million, or $6.03 per share. Compared to FY 2025, sales increased 4.6% to $1.650 billion. AZZ generated a 23.9% gross margin as a percentage of sales compared to 24.3% during the prior year. Adjusted EBITDA increased to $367.6 million, representing 22.3% of sales, compared to $347.9 million, or 22.0% of sales, in FY 2025. Adjusted net income and EPS during the fourth quarter of FY 2026 were $40.4 million and $1.34, respectively, compared to our estimates of $35.7 million and $1.18 per share. 

Updating estimates.  We have modestly adjusted our FY 2027 estimates. We project revenue, adjusted EBITDA, and adjusted EPS of $1,750.5 million, $386.7 million, and $6.75, respectively. Our FY 2027 estimates reflect a gross margin of $433.3 million, or 24.8% of sales, compared to 23.9% in FY 2026. Our previous FY 2027 revenue, adjusted EBITDA, and adjusted EPS estimates were $1.750 billion, $386.0 million, and $6.70, respectively. We have also updated our forward estimates through 2032, which reflect modest increases in EBITDA and EPS.

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Century Lithium Corp. (CYDVF/$0.28 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Century Lithium Advances Demonstration Plant Relocation
Rating: OUTPERFORM

A step forward in Century’s development strategy. The company is advancing the relocation of its lithium extraction demonstration plant to Tonopah, Nevada, with commissioning expected in the second half of 2026. This facility previously operated in Amargosa Valley, where it successfully validated the company’s integrated process for producing battery-grade lithium carbonate from claystone. Current efforts include equipment transfer, construction of a new processing facility, and permitting activities, alongside planned metallurgical testing to further refine extraction efficiency and production methods.

The company’s process technology provides a notable competitive advantage. Century Lithium’s patent-pending chlor-alkali process utilizes salt-based reagents generated on-site, eliminating reliance on sulfuric acid and external supply chains. This design is particularly advantageous given the significant increase in global sulfur and sulfuric acid prices, allowing the company to maintain cost stability with the use of domestically available inputs such as sodium chloride and electricity while also enabling potential revenue from surplus by-products.

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Direct Digital Holdings (DRCT/$0.66)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Strategic Progress Continues
Rating: MARKET PERFORM

Reverse split supports Nasdaq compliance and preserves strategic listing. The announced 4-for-1 reverse stock split (effective April 27, 2026), following the earlier 55-for-1 split, is intended to maintain Nasdaq compliance and preserve access to institutional capital, a key asset for executing the company’s long-term strategy.

Capital access remains intact, supporting operations through the transition period. Management continues to utilize equity facilities and recent capital raises to fund operations, with additional financing expected to bridge the company to anticipated cash-flow improvements in the second half of 2026.

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Kelly Services (KELYA/$9.46 | Price Target: $17)
Joe Gomes [email protected] | 561-999-2262
Some Green Shoots?
Rating: OUTPERFORM

Some Positives? The Federal Reserve’s Beige Book data is showing temp staffing jobs have been rising for the past six months after falling sharply over the prior four years. Historically, this is often a leading indicator that broader hiring is coming. However, the Iran conflict, AI impacts, and a still uncertain economy appear to be moderating hiring trends.

A Split Market. While layoffs and unemployment remain relatively low, hiring has fallen to levels last seen during the early pandemic. This has resulted in an unprecedented split: a stable job market for people who have jobs and recession-like for those trying to find one. Increased confidence in the economy should result in a hiring surge, in our view, with resulting benefits to staffing companies.

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MariMed Inc (MRMD/$0.08 | Price Target: $0.25)
Joe Gomes [email protected] | 561-999-2262
Rescheduling? Finally?
Rating: OUTPERFORM

Rescheduling. Yesterday, Acting Attorney General Todd Blance announced he plans to “immediately” reschedule FDA-approved cannabis and state-licensed cannabis from Schedule I to Schedule III, while also ordering a “new expedited hearing with set deadlines, to fully reschedule marijuana.” While a Schedule III listing still would not federally legalize cannabis nor allow interstate commerce, it would further legitimize state-sanctioned cannabis businesses by eliminating the tax burdens under Section 280E of the Internal Revenue Code.

280E Elimination. The elimination of the 280E burden could represent huge savings for licensed cannabis businesses, potentially running into the billions. And, significantly, Acting Attorney General Blanche’s order provides the potential of a retroactive savings, with the order stating, “The Administrator encourages the Secretary of the Treasury to consider providing retrospective relief from Section 280E liability for taxable years in which a state licensee operated under a state medical marijuana license.”

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Travelzoo (TZOO/$9.48 | Price Target: $20)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Positioned For Earnings Upside as Subscription Model Scales
Rating: OUTPERFORM

Q1 results reflect steady growth with investment-driven earnings pressure. Revenue increased 5% year-over-year to $24.3 million, in line with our estimate, while adj. EBITDA beat our estimate ($3.5 million versus our estimate of $2.9 million). EPS declined modestly as the company continued to prioritize member acquisition, highlighting the trade-off between near-term profitability and long-term value creation.

Subscription growth and renewals drove the quarter. Record membership renewals and continued Club Member acquisition were key drivers, reinforcing the strength of the subscription model and improving underlying unit economics despite upfront marketing costs. Membership Fee revenue, which represented 19% of total company revenue, increased by a solid 91%.

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Noble Capital Markets Research Report Thursday, April 23, 2026

Companies contained in today’s report:

AZZ (AZZ)/OUTPERFORM – Q4 and FY 2026 Financial Results Exceed Expectations
Kuya Silver (KUYAF)/OUTPERFORM – Off to a Strong Start in 2026
SKYX Platforms (SKYX)/OUTPERFORM – Additional Agreement For European Hospitality Market

AZZ (AZZ/$134.71 | Price Target: $160)
Mark Reichman [email protected] | (561) 999-2272
Q4 and FY 2026 Financial Results Exceed Expectations
Rating: OUTPERFORM

Fourth quarter and FY 2026 financial results. For FY 2026, AZZ reported adjusted net income of $187.1 million, or $6.19 per share, compared to $156.8 million, or $5.20 per share, during FY 2025, and to our estimate of $182.4 million, or $6.03 per share. Compared to FY 2025, sales increased 4.6% to $1.650 billion. AZZ generated a 23.9% gross margin as a percentage of sales compared to 24.3% during the prior year. Adjusted EBITDA increased to $367.6 million, representing 22.3% of sales, compared to $347.9 million, or 22.0% of sales, in FY 2025. Adjusted net income and EPS during the fourth quarter of FY 2026 were $40.4 million and $1.34, respectively, compared to our estimates of $35.7 million and $1.18 per share. Fourth quarter adjusted EBITDA increased to $81.3 million, representing 21.1% of sales, compared to $71.2 million, or 20.2% of sales, during the prior year period.

Segment results. Compared to the prior year, FY 2026 Metal Coatings sales were up 14.1% to $758.7 million, while Precoat Metals sales were down 2.3% to $891.4 million. Compared to the fourth quarter of FY 2025, fourth quarter Metal Coatings sales were up 25% to $186.5 million, while Precoat Metals sales were down 2.4% to $198.6 million.  Fourth quarter and FY 2026 segment adjusted EBITDA margin amounted to 30.2% and 31.0%, respectively, for Metal Coatings, and 18.2% and 19.8% for Precoat Metals.

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Kuya Silver (KUYAF/$0.69 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Off to a Strong Start in 2026
Rating: OUTPERFORM

Strong operational start in 2026. Kuya Silver’s first-quarter 2026 results represented a clear inflection point in the ramp-up of its Bethania Silver Project, with record production of 3,076 tonnes and throughput of 100 tonnes per day achieved at the end of March and into early April 2026. Increased mining volumes, along with continued underground development, suggest the operation is scaling efficiently with the buildout of infrastructure needed to support future growth.

Meaningful improvement in grades and recovery rates. Higher grades and improved recovery rates supported a revenue profile heavily weighted to silver, while the planned acquisition of the Camila plant is expected to enhance processing control and efficiency. A cash position of approximately $27 million further strengthens the company’s ability to fund ongoing growth initiatives.

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SKYX Platforms (SKYX/$1.1 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Michael Kupinski [email protected] | (561) 994-5734
Additional Agreement For European Hospitality Market
Rating: OUTPERFORM

Additional Agreement. Hot on the heels of last week’s strategic partnership agreement with Group OTT, SKYX signed an agreement with OTT Heritage Hospitality, a prominent European developer, to deploy and market SKYX’s technologies across the European hotel chains segment and buildings. The new agreement provides additional focus and opportunity for SKYX, in our view, marking another significant step in the Company’s global expansion.

OTT Heritage Hospitality. Also founded by Jean-Francois Ott, OTT Heritage is a real estate company specializing in special situation real estate. The strategy consists of acquiring assets affordably in well-known cities, leveraging their underlying market value. With an investment pipeline of €150-250 million, current projects include a hotel consolidation strategy (objective: 2,000+ rooms) in Lourdes, luxury hospitality in Grasse and Prague, and redevelopment of the legendary Magny-Cours Formula 1 track, with the vision to turn the area into a premier destination for car and motorsport enthusiasts, including racing experiences, hotels, F&B, entertainment, and golf.

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Noble Capital Markets Research Report Wednesday, April 22, 2026

Companies contained in today’s report:

Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Preliminary FLAMINGO-01 Data Presented At AACR
Titan International (TWI)/OUTPERFORM – Model Tweaks Ahead of 1Q26 Earnings

Greenwich LifeSciences, Inc. (GLSI/$22.91 | Price Target: $45)
Robert LeBoyer [email protected] | (212) 896-4625
Preliminary FLAMINGO-01 Data Presented At AACR
Rating: OUTPERFORM

Phase 3 FLAMINGO-01 Data Presented. Greenwich LifeSciences and the FLAMINGO-01 Steering Committee made two presentations at the American Association of Cancer Research (AACR) 2026 Meeting. One detailed the FLAMINGO-01 trial design while the other presented preliminary results from delayed-type hypersensitivity (DTH) response data showing a statistically significant immune response.

First Poster Presentation Included DTH Data. As discussed in our Research Note on March 18, the company announced a preliminary analysis of recurrence rates in the non-HLA-A*02 arm. Immune responses to GP2 were measured using Delayed-Type Hypersensitivity (DTH) skin tests at baseline, then after 4 or 6 months. This open-label arm of the trial has enrolled about 250 patients, with data reported for 191 patients who completed the six-monthly doses of GLSI-100 at four-month or six-month evaluation points.

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Titan International (TWI/$8.02 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
Model Tweaks Ahead of 1Q26 Earnings
Rating: OUTPERFORM

Model Tweaks. With 1Q26 results to be released next week, we reviewed our assumptions and resulting estimates for the quarter. Titan continues to face inflation and tariff pressure and, more recently, extra pricing pressure from OEMs facing their own end market challenges. In addition, after speaking with management, we were too low on our tax assumption. Given the above, we lowered our earnings expectations, although we are maintaining our revenue and adjusted EBITDA projections.

Details. Revenue for 1Q26 is estimated at $495 million, consistent with our prior expectation. Adjusted EBITDA is $21.5 million, also consistent with our prior projections. We did lower our gross profit assumption to 13.9% from 14.9% and increased our tax expense assumption from $2.5 million to $5 million. As a result of the changes, our projected EPS goes from $0.09/sh to a loss of $0.02 per share.

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Noble Capital Markets Research Report Tuesday, April 21, 2026

Companies contained in today’s report:

Travelzoo (TZOO)/OUTPERFORM – CEO Incentives Signal Turnaround Upside

Travelzoo (TZOO/$7.36 | Price Target: $20)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
CEO Incentives Signal Turnaround Upside
Rating: OUTPERFORM

Shareholders approve CEO option grant. Travelzoo shareholders approved a 600,000-share non-qualified stock option grant to CEO Holger Bartel, formalizing a performance-based compensation structure tied directly to stock price appreciation and marking a clear inflection point in management incentives. The grant represents a significant 5.5% of the current total shares outstanding. 

Structure emphasizes near-term performance and meaningful upside. The options carry a $5.05 exercise price, vest semi-annually over two years, and have a five-year term, creating a relatively short execution window in which management must deliver results to realize value.

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Noble Capital Markets Research Report Monday, April 20, 2026

Companies contained in today’s report:

Euroseas (ESEA)/OUTPERFORM – Updating Estimates to Reflect EM KEA Time Charter Extension
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Progress on Multiple Fronts

Euroseas (ESEA/$72.18 | Price Target: $90)
Mark Reichman [email protected] | (561) 999-2272
Updating Estimates to Reflect EM KEA Time Charter Extension
Rating: OUTPERFORM

Time charter contract extension. Euroseas Ltd. executed a time charter contract extension for the EM Kea at a gross daily rate of $30,000 for a minimum period of 36 months to a maximum of 38 months, at the charterer’s option. The EM Kea is a 2007-built 3,100 twenty-foot equivalent unit (TEU) feeder container ship. The new charter will commence on July 14, 2026, in direct continuation of its present charter. The charter underscores the shortage of prompt tonnage, which, along with macroeconomic disruptions and uncertainty caused by the war in the Middle East, continues to sustain the firmness of the containership market.

Higher rate and improved charter coverage. The new time charter is an improvement over the previous contract rate of $19,000 per day and is expected to contribute EBITDA of $22.5 million during the minimum contracted period. The new time charter enhances charter coverage for 2025, 2026, and 2027 to approximately 91%, 76%, and 44%, respectively.

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Resolution Minerals Ltd (RLMLF/$0.06 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Progress on Multiple Fronts
Rating: OUTPERFORM

Strong Metallurgical Progress. Resolution has advanced metallurgical work at its Antimony Ridge project in Idaho, successfully producing a high-purity antimony trioxide intermediate (99.38% Sb2O3) from stibnite using conventional pyrometallurgical processing. Test work across pyrometallurgy, hydrometallurgy, and ore concentration continues to advance, with further results expected in the near term. The project is supported by high-grade antimony mineralization, consistently exceeding 30% and reaching up to 50%, underscoring its development potential as a domestic source of critical minerals.

Strategic U.S. Processing Opportunity. Resolution is also advancing a strategic plan to establish a U.S.-based antimony processing hub in Idaho, addressing the current lack of modern domestic processing capacity. By leveraging existing infrastructure at the Johnson Creek Mill site, Resolution aims to fast-track development of an integrated “mine-to-product” solution, strengthening supply chains for critical minerals essential to U.S. defense and industrial sectors.

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Noble Capital Markets Research Report Thursday, April 16, 2026

Companies contained in today’s report:

CoreCivic, Inc. (CXW)/OUTPERFORM – Additional Flexibility
Graham (GHM)/MARKET PERFORM – Accounts Advised by T. Rowe Price to Invest $50 Million in Graham
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Lion Zone Momentum Builds
Vince Holding Corp. (VNCE)/OUTPERFORM – Operating Execution Driving EBITDA Upside

CoreCivic, Inc. (CXW/$20.08 | Price Target: $28)
Joe Gomes [email protected] | 561-999-2262
Additional Flexibility
Rating: OUTPERFORM

Incremental Term Loan. CoreCivic obtained an incremental term loan in the amount of $100 million from existing lenders under its credit facility. The Company expects to use the $100 million to pay down a portion of the amounts outstanding under its revolver and for working capital and general corporate purposes. With the DHS funding issues, we suspect the federal government has been slow in payment, likely resulting in elevated A/R for CoreCivic.

Updated Debt Details. Following the transaction, CoreCivic’s Amended Credit Facility is in the aggregate principal amount of $800 million, consisting of a $125 million initial term loan, the incremental term loan, and a $575 million revolving credit facility, which has a $25 million sublimit for swingline loans and a $100 million sublimit for the issuance of standby letters of credit.

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Graham (GHM/$91.97)
Joe Gomes [email protected] | 561-999-2262
Accounts Advised by T. Rowe Price to Invest $50 Million in Graham
Rating: MARKET PERFORM

Investment. Yesterday, Graham announced the sale of $50 million of GHM common stock to certain accounts advised by T. Rowe Price Investment Management, Inc. Graham intends to use proceeds from the stock sale to further strengthen the Company’s balance sheet and financial flexibility through debt repayment and help fund future investment in organic and inorganic growth opportunities.

Details. The T. Rowe Price accounts will acquire 599,808 shares, approximately 5% of the outstanding common, of Graham common stock at $83.36 per share, based upon the 20-day average closing price of the company’s common stock on the New York Stock Exchange on April 13, 2026. The transaction is expected to close on April 16, 2026. The T. Rowe accounts will become the fourth largest shareholder following completion of the transaction. The shares will be registered for resale on a registration statement to be filed with the Securities and Exchange Commission within 30 days.

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Power Metallic Mines Inc. (PNPNF/$0.84 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
Lion Zone Momentum Builds
Rating: OUTPERFORM

Continued drilling success in the Lion Zone. Recent Winter 2026 drill results further defined the high-grade Lion Zone ahead of a planned 2026 Mineral Resource Estimate (MRE) for the Nisk project that will incorporate Lion Zone mineralization. Infill drilling confirmed continuity of mineralization, highlighted by notable intercepts, including 4.76 meters grading 10.43% copper equivalent (CuEq) and 4.35 meters at 5.94% CuEq, along with broad intervals including 27.1 meters at 2.17% CuEq. These results reinforce confidence in the geological model and support potential resources in the Indicated category.

Near-surface drilling reinforces development potential. Shallow drilling continues to demonstrate strong near-surface mineralization that may be suitable for open-pit extraction, enhancing the project’s development potential. Additional noteworthy results, including 3.10 meters at 5.38% CuEq, further validate the presence of consistent high-grade zones that could underpin future economic studies, including a preliminary economic assessment (PEA).

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Vince Holding Corp. (VNCE/$3.14 | Price Target: $6.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Operating Execution Driving EBITDA Upside
Rating: OUTPERFORM

Strong Q4 caps solid year. Vince delivered Q4 revenue growth of 4.7% to $83.7 million, with DTC up over 10%, and profitability exceeding the high end of guidance despite a ~$2M Saks-related headwind. Adj. EBITDA exceeded our expectations at $4.5 million versus our $2.0 million estimate. This performance underscores the company’s ability to execute effectively even amid wholesale channel disruption and macro uncertainty.

DTC strength and pricing power drive results. Growth was fueled by robust full-price demand, improved customer experience, and successful pricing actions that offset tariff and freight pressures while maintaining unit volumes. Importantly, this signals a structurally higher-quality revenue base with less reliance on promotions.

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Noble Capital Markets Research Report Wednesday, April 15, 2026

Companies contained in today’s report:

Commercial Vehicle Group (CVGI)/OUTPERFORM – Sale/Leaseback; Continuing Positive Class 8 Orders
NN (NNBR)/OUTPERFORM – Preliminary Q1 2026 Net Sales Expected to Exceed Annual Guidance Run-rate
SKYX Platforms (SKYX)/OUTPERFORM – Lands An Important European Hospitality Partnership
SPACtrac Report (SPACtrac Report) – Redefining The Future of Sports, Media, and Performance Health

Commercial Vehicle Group (CVGI/$4.09 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Sale/Leaseback; Continuing Positive Class 8 Orders
Rating: OUTPERFORM

Sale/Leaseback. Commercial Vehicle Group has completed a sale-leaseback transaction for its manufacturing facility in Vonore, Tennessee, which generated $16 million in proceeds. The Company used the net proceeds from the transaction to prepay a portion of its existing term loan facility, thereby reducing the Company’s leverage profile.

Leverage. At the end of 2025, CVG had net debt of $73.1 million, representing a 4.1x net leverage ratio on 2025 adjusted EBITDA. CVG’s near-term focus remains on cash generation and lowering debt levels. Following this transaction, we believe CVG is even better positioned to drive future growth.

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NN (NNBR/$1.57 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Preliminary Q1 2026 Net Sales Expected to Exceed Annual Guidance Run-rate
Rating: OUTPERFORM

Preliminary 1Q26 Revenue. Last night, NN announced that its preliminary Q1 2026 net sales results are expected to demonstrate growth versus the prior year and the Company’s forecast. The Company is maintaining its guidance range on net sales, expecting results to come in toward the top half of its original guidance range of $445 to $465  million.

Positive Momentum on New Business Too. Notably, the New Business program also delivered strong results in Q1. The Company was awarded approximately $43  million of new awards at peak annual sales, centered on the  Electric Grid and Data Center markets. With the strength of NN’s new business wins in Q1 and a strong start in Q2, the Company is raising its full-year guidance range, now expecting new business wins to fall within the range of $80 to $90 million in 2026, up from a prior $70 to $80  million range.

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SKYX Platforms (SKYX/$1.17 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Lands An Important European Hospitality Partnership
Rating: OUTPERFORM

SKYX Secures Strategic European Partnership with Group OTT. SKYX announced a strategic agreement with European developer Jean-François Ott, founder of Group OTT, to deploy its technologies across hotels and buildings. The partnership designates SKYX’s smart ceiling platform as a brand standard across both new and existing assets. This marks a significant step in positioning SKYX as a core infrastructure provider rather than a product vendor.

Agreement Targets Deployment Across 250+ Projects in the Pipeline, Marking a Key Step Toward International Expansion and Platform Standardization. Group OTT brings a track record of over 250 completed projects valued at more than $4 billion across Europe. The agreement enables potential integration of SKYX technologies across a broad pipeline of hospitality, residential, and commercial developments. This provides SKYX with a scalable entry point into the European market and strengthens its standardization thesis.

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SPACtrac Report
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Redefining The Future of Sports, Media, and Performance Health

A new level of competition. Enhanced Group Inc. is an emerging sports, media, and consumer health company seeking to go public via a SPAC merger with A Paradise Acquisition Corp. (APAD). The company is pioneering the “Enhanced Games,” a new athletic competition model that allows medically supervised performance enhancement, while simultaneously building a direct-to-consumer health platform. Its integrated ecosystem combines live events, clinical research, and subscription-based wellness products.

Large market opportunity. Enhanced operates across several high-growth sectors, including telehealth, personalized nutrition, and live sports media, all of which are undergoing structural transformation. Telehealth and performance optimization markets are expanding rapidly due to consumer demand for convenience and personalization, while live sports remain one of the most valuable forms of real-time content globally. These converging trends create a favorable backdrop for new, digitally native platforms that can capture attention and monetize engagement.

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Noble Capital Markets Research Report Tuesday, April 14, 2026

Companies contained in today’s report:

First Phosphate Corp. (FRSPF)/OUTPERFORM – First Phosphate Achieves Another Major Milestone
Snail (SNAL)/OUTPERFORM – Licensing Agreement Raises Cash Flow; Raise Price Target
The Oncology Institute, Inc. (TOI)/OUTPERFORM – CMS Model Shows Medicare Cost Savings, Supporting Our Investment Thesis

First Phosphate Corp. (FRSPF/$0.85 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
First Phosphate Achieves Another Major Milestone
Rating: OUTPERFORM

Advancing financing efforts with international support. First Phosphate has secured a letter of interest (LOI) from the Export and Investment Fund of Denmark (EIFO) for up to €170 million to support equipment and service purchases for its Begin-Lamarche igneous phosphate project in Saguenay–Lac-Saint-Jean, Quebec. EIFO, owned and backed by the Danish government and effectively AAA-rated, would provide a guarantee to participating banks, with its involvement expected to be pro rata and pari passu alongside other senior lenders.

Global experience in export and project finance. EIFO brings extensive global experience in export and project finance, having supported numerous international transactions. The proposed guarantee remains subject to EIFO’s internal credit approvals and completion of project due diligence. The LOI is non-binding pending finalization of borrower, guarantor, and security arrangements, and will be governed by Danish law.

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Snail (SNAL/$0.38 | Price Target: $3.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Licensing Agreement Raises Cash Flow; Raise Price Target
Rating: OUTPERFORM

Snail Renegotiates ARK License. The amendment lowers fixed licensing costs from $2.0 million to $1.5 million per month, implying  $1.5 million in quarterly savings. The obligation remains in place until the release of ARK 2, preserving near-term cost visibility. The move shows that the company is independently evaluating contracts on a timely basis.

DLC Payment Terms Revised to Reduce Future Cash Obligations. The amendment replaces blanket $5 million DLC payments with a more selective structure, excluding certain content such as DLCs already bundled in ARK: Survival Ascended. This change further moderates future cash outflows tied to the franchise. Improved cash flow generation provides greater flexibility to invest in upcoming titles and franchise development. It also reduces financial risk as the company transitions toward the next major ARK release.

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The Oncology Institute, Inc. (TOI/$3.3 | Price Target: $8)
Robert LeBoyer [email protected] | (212) 896-4625
CMS Model Shows Medicare Cost Savings, Supporting Our Investment Thesis
Rating: OUTPERFORM

TOI Methodology Continues To Improve Medicare Cost Savings. TOI announced new data from the Enhancing Oncology Model (EOM) developed by the Centers for Medicare & Medicaid Services (CMS). Data from CMS shows that during Performance Period 3, the six-month period beginning July 2024, TOI achieved cost savings of $1.8 million, equating to $6,400 per patient-episode. This compares with the Performance Period 2, from January 2024 to June 2024, in which savings were $1.1 million or $3,500 per episode.

TOI Methodology Fits Well With The EOM. The CMS Innovation Center developed the EOM as a total-cost-of-care model to improve cancer care for Medicare Fee-for-Service beneficiaries. It incentivizes oncology practices to deliver coordinated care for patients receiving chemotherapy. The EOM model has identified pharmacy, avoidable acute care, and supportive care as the three main areas for cost reduction and quality-of-care improvements. 

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Noble Capital Markets Research Report Friday, April 10, 2026

Companies contained in today’s report:

Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Antimony Ridge Takes a Big Step Forward
Resources Connection (RGP)/OUTPERFORM – 3Q26 Results In-Line, But End Markets Remain Challenging
Vince Holding Corp. (VNCE)/OUTPERFORM – Margins Trending Towards the High End of Guidance

Resolution Minerals Ltd (RLMLF/$0.04 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Antimony Ridge Takes a Big Step Forward
Rating: OUTPERFORM

Fast-41 Designation. Resolution Minerals Ltd (OTCQB: RLMLF, ASX: RML) is advancing its Antimony Ridge Project in Idaho as a strategically significant source of antimony within the United States, reinforced by its recent inclusion in the Federal FAST 41 Permitting Transparency Program. This designation underscores the project’s importance to national security and critical mineral supply chains while supporting accelerated permitting, enhanced regulatory coordination, and increased visibility with investors and strategic partners.

Large-Scale Potential. The project demonstrates strong large-scale potential, with recent modeling defining an extensive and expanding mineralized system hosting high grade antimony and silver across a substantial footprint. Historical production and recent sampling confirm exceptionally high grades, while mineralization remains open in multiple directions, indicating considerable upside and resource growth potential.

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Resources Connection (RGP/$3.46 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
3Q26 Results In-Line, But End Markets Remain Challenging
Rating: OUTPERFORM

Overview. For the third quarter of fiscal 2026, Resources Connection produced results that were aligned with management’s previous guidance for revenue and gross margin, while run-rate SG&A expenses were better than the outlook. During the quarter, management continued to strengthen leadership, meaningfully reduced the cost structure, took steps to simplify the business portfolio, and began reinvesting selectively to support future growth.

3Q26 Results. Revenue in 3Q26 was $107.9 million compared to $129.4 million in 3Q25. We were at $108 million. On a same-day constant currency basis, revenue decreased by $25.4 million, or 19.6%. Billable hours decreased 16.3% year-over-year, and the Company average bill rate for 3Q26 decreased 1.0% year-over-year, or 2.1% on a constant currency basis. RGP reported a GAAP net loss of $9.5 million, or a loss of $0.28/sh. Adjusted net loss was $0.09/sh. We were at a loss of $0.31/sh and $0.08/sh, respectively.

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Vince Holding Corp. (VNCE/$2.45 | Price Target: $5.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Margins Trending Towards the High End of Guidance
Rating: OUTPERFORM

Solid holiday performance. For the nine-week period ended January 3, 2026, total company net sales increased 5.3% year over year, supported primarily by steady demand and continued strength in the Direct-to-Consumer segment. Furthermore, management attributed the improvement to ongoing investments in customer experience, digital capabilities, and omnichannel engagement.

DTC leads the way. Notably, Direct-to-Consumer revenue increased 9.7% versus the prior-year holiday period, underscoring strong traffic conversion across e-commerce and retail locations. In contrast, the Wholesale segment declined 2.7% year over year, reflecting disruption in receipt flow related to its partner Saks Global. Despite this pressure, management indicated that strong point-of-sale performance with key partners partially offset the disruption.

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Noble Capital Markets Research Report Thursday, April 9, 2026

Companies contained in today’s report:

AZZ (AZZ)/OUTPERFORM – AZZ To Report FY 2026 Financial Results on April 22
QuoteMedia Inc. (QMCI)/OUTPERFORM – Entering a Multi-Year Growth Phase
Xcel Brands (XELB)/OUTPERFORM – A Solid Foundation For Growth

AZZ (AZZ/$133.47 | Price Target: $160)
Mark Reichman [email protected] | (561) 999-2272
AZZ To Report FY 2026 Financial Results on April 22
Rating: OUTPERFORM

FY 2026 financial results. AZZ will release fourth quarter and FY 2026 financial results after the market close on Wednesday, April 22. Management will host an investor conference call and webcast on Thursday, April 23, at 11:00 am ET. We anticipate the company will elaborate on its FY 2027 corporate guidance and capital allocation priorities, along with discussing the market outlook and strategic drivers for each of its business segments.

Corporate guidance. FY 2026 sales, EBITDA, and EPS are expected to be in the range of $1.625 to $1.725 billion, $360 to $380 million, and $5.90 to $6.20, respectively. FY 2027 sales are expected to be in the range of $1.725 to $1.775 billion, adjusted EBITDA is expected to be in the range of $360.0 to $400.0 million, and adjusted diluted EPS is expected to be in the range of $6.50 to $7.00.

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QuoteMedia Inc. (QMCI/$0.15 | Price Target: $0.23)
Michael Kupinski [email protected] | (561) 994-5734
Entering a Multi-Year Growth Phase
Rating: OUTPERFORM

Q4 exceeds revenue expectations. QuoteMedia reported Q4 revenue of $5.35M (+14% y/y) and FY2025 revenue of $20.3M (+8% y/y), reflecting solid top-line momentum, while profitability declined with Adjusted EBITDA of $1.0M (vs. $1.8M prior year) and a net loss of $2.3M, driven by investment and accounting treatment of development costs.

Revenue Drivers & Earnings Dynamics. Growth was led by Corporate Quotestream (enterprise), benefiting from larger contracts, higher ARPC, and cross-selling of data and SaaS solutions, while earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability but not cash flow.

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Xcel Brands (XELB/$1.53 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
A Solid Foundation For Growth
Rating: OUTPERFORM

Q4 Results. The company reported Q4 revenue of $1.2 million and an adj. EBITDA loss of $0.6 million, both of which were modestly lower than our estimates of $1.7 million and a loss of $0.5 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, we view 2025 as a transformational year for the company, given several key partnerships and a more efficient operating structure that positions the company for growth.

Favorable Release Pipeline. In 2026, the company is expected to enter a more significant phase of its growth strategy, centered on brand launches and portfolio expansion. Cesar Millan, Gemma Stafford, and Jenny Martinez are expected to debut on QVC and HSN in Q2, with distribution expanding to brick-and-mortar retail and Amazon in the back half of the year. Additionally, Coco Rocha is expected to launch later in 2026.

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Noble Capital Markets Research Report Wednesday, April 8, 2026

Companies contained in today’s report:

Direct Digital Holdings (DRCT)/MARKET PERFORM – Early Signs of Stabilization Emerge
GeoVax Labs (GOVX)/OUTPERFORM – GeoVax Presents Data On New Single-Dose Mpox Vaccine
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – New Claims Filed To Expand Patent Estate Covering GP2
QuoteMedia Inc. (QMCI)/OUTPERFORM – Revenue Momentum Picks Up
Xcel Brands (XELB)/OUTPERFORM – Solid Foundation For Growth In 2026

Direct Digital Holdings (DRCT/$0.78)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Early Signs of Stabilization Emerge
Rating: MARKET PERFORM

Post Q4 investor call. This report provides additional color on the recently reported fourth-quarter and full-year 2025 results and the outlook for 2026 and beyond. We are posting 2027 estimates, which anticipate mid-teen revenue growth and positive adj. EBITDA. 

New customer wins in energy and expanding vertical mix improve growth quality and reduce seasonality.
Buy-side momentum was driven by new customer additions, particularly in the energy vertical and by expansion into education. This diversification is helping stabilize revenue trends and reduce historical second-half weakness.

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GeoVax Labs (GOVX/$1.21 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
GeoVax Presents Data On New Single-Dose Mpox Vaccine
Rating: OUTPERFORM

Preclinical Study Compared Single-Dose MVA With Two-Dose Standard Vaccine. GeoVax presented preclinical data at the World Vaccine Congress Washington 2026 comparing its current pre-Phase-3 GEO-MVA vaccine for Mpox with its new MVA-X version. The new MVA-X includes a peptide sequence that elicits a strong T-cell response that requires only one dose to achieve protection instead of two.

Immune Checkpoint Modulation Improves The Response. The new MVA-X includes an immunomodulatory peptide designed to improve T-cell responses. The peptide modulates the PD-1 immune checkpoint pathway to block inhibitory signaling to magnify T-cell activation, improve the durability of the T-cell response, and enhance immune memory.

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Greenwich LifeSciences, Inc. (GLSI/$22.03 | Price Target: $45)
Robert LeBoyer [email protected] | (212) 896-4625
New Claims Filed To Expand Patent Estate Covering GP2
Rating: OUTPERFORM

New Data Added To Expand Patent Claims. Greenwich LifeSciences announced that it has filed new patent claims to expand the patent estate covering GP2, the proprietary compound in GLSI-100. The new claims add recently announced data from the Phase 3 FLAMINGO-01 trial that show the immune response and recurrence rate for non-HLA*02 patients. These claims could expand both the scope and the term of the patent estate beyond previous claims from HLA*02 patients.

Broadening Patent Protection Protects Against Competitors. Patent claims covering the immune response that results from GLSI-100 treatment could help lock out competitors trying to develop similar compounds. If a new compound were able to avoid patents covering GP2, it would be blocked by the new claims covering the immune response that follows.

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QuoteMedia Inc. (QMCI/$0.14 | Price Target: $0.23)
Michael Kupinski [email protected] | (561) 994-5734
Revenue Momentum Picks Up
Rating: OUTPERFORM

Exceeds Q4 revenue expectations. QuoteMedia reported Q4 revenue of $5.35M (+14% y/y) and FY2025 revenue of $20.3M (+8% y/y), reflecting solid top-line momentum. Profitability declined in the full year 2025, with Adjusted EBITDA of $1.0M (vs. $1.8M prior year) and a net loss of $2.3 million, driven by investment and accounting treatment of development costs.

Key growth drivers. Revenue growth was led by Corporate Quotestream (enterprise), benefiting from larger contracts, higher ARPC, and cross-selling of data and SaaS solutions. Interactive Content revenue increased a strong 18.3%, better than our 8% growth estimate. Earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability.

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Xcel Brands (XELB/$1.46 | Price Target: $7)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Solid Foundation For Growth In 2026
Rating: OUTPERFORM

Q4 Results. The company reported Q4 revenue of $1.2 million and an adj. EBITDA loss of $0.6 million, both of which were modestly lower than our estimates of $1.7 million and a loss of $0.5 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, we view 2025 as a transformational year for the company, driven by several key partnerships that position it on a solid foundation for growth in 2026 and beyond. 

Strategic partnerships. The company’s influencer brands, with Jenny Martinez, Gemma Stafford, Cesar Millan, and Coco Rocha, are expected to launch throughout 2026. Notably, these partnerships have driven the company’s social media following from 5 million at the start of 2025 to approximately 46 million today. In our view, the company is well-positioned to reach its goal of 100 million social media followers in 2026.

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Noble Capital Markets Research Report Tuesday, April 7, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Moving to the Next Phase of Development
Newsmax (NMAX)/OUTPERFORM – Structural Growth Story Intact; Tweaking Price Target

Century Lithium Corp. (CYDVF/$0.27 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Moving to the Next Phase of Development
Rating: OUTPERFORM

Updated feasibility study. Century recently filed its updated 2026 NI 43-101 feasibility study for its 100%-owned Angel Island Lithium Project in Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.

Next steps. With the completion and filing of the 2026 Feasibility Study and the recent C$7 million financing, the company is well positioned to advance the Angel Island project to its next development stages. Planned activities include submitting a Plan of Operations to the Bureau of Land Management to initiate the National Environmental Policy Act (NEPA) review process, advancing Nevada state permitting, progressing detailed engineering, and continuing engagement with strategic and downstream partners. Century also intends to further evaluate the rate of earth element recovery at Angel Island and continue discussions with potential offtake and project finance partners.

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Newsmax (NMAX/$5.49 | Price Target: $17)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Structural Growth Story Intact; Tweaking Price Target
Rating: OUTPERFORM

Strong Q4 execution with continued top-line momentum. Newsmax delivered Q4 revenue growth of 9.6% year-over-year, driven by affiliate fee expansion and resilient advertising demand, outperforming expectations in a non-election year environment. The company continues to scale across cable, streaming (FAST), subscription, and digital platforms, expanding distribution to 100+ countries and reinforcing its position as the #4 cable news network.

Affiliate fee upside remains key long-term catalyst. Ongoing contract renewals and repricing opportunities provide meaningful upside potential, with current rates still significantly below industry peers. Based on recent contracts and a favorable 2026 outlook, we have revised our 2026 affiliate fee revenue estimate upward from $43.4 million to $49.8 million. 

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Noble Capital Markets Research Report Monday, April 6, 2026

Companies contained in today’s report:

Cocrystal Pharma (COCP)/OUTPERFORM – CDI-988 Receives Fast Track Designation, Raising Its Profile
Nutriband (NTRB)/OUTPERFORM – First Marketing Partnership Expands Territory and Brings A Product Approval
Ocugen (OCGN)/OUTPERFORM – Dosing Completed Early In The OCU410ST Phase 2/3 GARDian Trial

Cocrystal Pharma (COCP/$1.51 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
CDI-988 Receives Fast Track Designation, Raising Its Profile
Rating: OUTPERFORM

Cocrystal Receives Fast Track Designation. CDI-988 has been awarded Fast Track Designation by the FDA, a designation given to drugs that treat serious conditions with no effective treatments. It is intended to streamline the clinical development and  shorten regulatory review for products treating unmet medical needs. The designation should save Cocrystal time and clinical expenses, as well as give recognition to CDI-988 as a meaningful new vaccine for the prevention and treatment of norovirus.

Fast Track Designation Is Intended To Help Drug Development. The FDA’s Fast Track designation has several benefits to help companies develop drugs for unmet medical needs. During the development process, Cocrystal can have more frequent communications with the FDA to obtain its guidance throughout the process.

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Nutriband (NTRB/$3.63 | Price Target: $15)
Robert LeBoyer [email protected] | (212) 896-4625
First Marketing Partnership Expands Territory and Brings A Product Approval
Rating: OUTPERFORM

Marketing Partnership Covering Costa Rica Brings First Success. In February, Nutriband signed an agreement with Costa Rica’s Innomedica CCB, making it the territory’s exclusive distributor of Nutriband products and AVERSA Fentanyl upon approval. Shortly afterward, the Costa Rican Ministry of Health approved the Nutriband kinesiology tapes for import and sale, making them the first Nutriband products that Innomedica has guided through local regulatory approvals. It plans to begin marketing efforts for the kinesiology tapes, the mosquito repellent patch, and begin AVERSA Fentanyl patch marketing in anticipation of approval.

Moving Forward With AVERSA Fentanyl. Nutriband is preparing to start its clinical trial testing to test the abuse deterrence of its proprietary AVERSA Fentanyl patch. This trial will test a generic fentanyl patch against the AVERSA Fentanyl patch to determine if substance abusers can obtain the drug without activating the with aversive chemicals. We expect the trial to begin around mid-FY2026.

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Ocugen (OCGN/$1.79 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Dosing Completed Early In The OCU410ST Phase 2/3 GARDian Trial
Rating: OUTPERFORM

OCU410ST Treatment Has Been Completed Ahead Of Schedule. The Stargardt disease Phase 2/3 Trial testing OCU410ST has completed patient enrollment and treatment in 9 months, beating our estimated time of 12 months. The trial enrolled 63 patients, with an interim analysis planned when 24 patients have completed the follow-up evaluation at month 8 after treatment. This is expected to be announced in 3Q26. The primary endpoint for the BLA is based on the 1-year evaluation, which should occur around 1Q27.

OCU410ST Restores Pathways To Prevent Blindness. OCU410ST (AAV5-hRORA) uses Ocugen’s proprietary modifier gene technology to deliver hRORA, a gene that controls pathways that can lead to macular degeneration in Stargardt disease. OCU410ST is a single subretinal injection that leads to durable gene expression, restoring homeostasis in those pathways, preventing death of cells in the retina, and preserving visual function.

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Noble Capital Markets Research Report Thursday, April 2, 2026

Companies contained in today’s report:

Alliance Resource Partners (ARLP)/OUTPERFORM – Updating Estimates and Reiterating Our Outperform Rating
Commercial Vehicle Group (CVGI)/OUTPERFORM – A CFO Transition
Direct Digital Holdings (DRCT)/MARKET PERFORM – Buy-Side Pivot Gains Traction
GoHealth (GOCO)/OUTPERFORM – Reset Deepens, Long-Term Thesis Intact
Great Lakes Dredge & Dock (GLDD)/NOT RATED – Acquisition by Saltchuk Completed
Summit Midstream Corp (SMC)/OUTPERFORM – Private Placement Financing Strengthens Balance Sheet and Enhances Financial Flexibility

Alliance Resource Partners (ARLP/$27.57 | Price Target: $33)
Mark Reichman [email protected] | (561) 999-2272
Updating Estimates and Reiterating Our Outperform Rating
Rating: OUTPERFORM

Updating 1Q 2026 estimates. We have lowered our 1Q and FY 2026 EPU estimates to $(0.02) and $2.20, respectively, from $0.61 and $2.60. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 592 bitcoins as of year-end 2025. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $68,233.31 on March 31. We anticipate that the value of digital assets in Q1 2026 could decrease by approximately $11.4 million if all bitcoins were held through the end of the first quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate. Moreover, our EPU estimate reflects a non-cash impairment charge of $43 million related to a decision to cease longwall production at the Mettiki Mining complex, although it has no impact on our adjusted EBITDA estimate.

FY 2026 estimates. We have also adjusted the cadence of coal sales throughout the year, with lower volumes in the first quarter, along with higher segment adjusted EBITDA expense per ton. While we have lowered our FY 2026 EPU estimates, our adjusted EBITDA estimate declined only modestly to $708.3 million from $708.4 million due, in part, because our estimates reflect greater tonnage in the second half of the year when adjusted EBITDA expense per ton is lower, and margins are stronger. Quarterly coal sales volume is expected to be lowest in the first quarter, increase modestly in the second, and peak in the back half as longwall move disruptions abate.

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Commercial Vehicle Group (CVGI)/$3.52)
Joe Gomes [email protected] | (561 )999-2262
A CFO Transition
Rating: OUTPERFORM

A Transition. Last night, Commercial Vehicle Group announced that Andy Cheung, Chief
Financial Officer, will be resigning from his position effective April 15, 2026, to accept a position
as Chief Financial Officer of a mid-cap publicly traded company. Angie O’Leary, currently
Corporate Controller and Chief Accounting Officer, has been promoted to Interim Chief
Financial Officer and will continue to serve as the Corporate Controller and Chief Accounting
Officer. At this time, CVG does not intend to initiate a search process to identify a permanent
CFO replacement.

Ms. O’Leary. Ms. O’Leary has served as the Company’s Senior Vice President, Corporate
Controller, and Chief Accounting Officer since December 2020. Prior to joining the Company,
Ms. O’Leary held several leadership roles at Vertiv Holdings Co. from May 2017 to December
2020, including Interim Corporate Controller. Earlier in her career, Ms. O’Leary held several
roles at Deloitte & Touche LLP, beginning in January 2004, culminating in the role of Senior
Manager – Audit, from August 2010 to May 2017.

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Direct Digital Holdings (DRCT/$0.77)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Buy-Side Pivot Gains Traction
Rating: MARKET PERFORM

An in-line Q4. Direct Digital reported Q4 revenue of $8.4M (down 7% YoY), reflecting a sharp decline in sell-side activity, partially offset by strong buy-side growth (+28% YoY). Total company revenues of $8.4 million were better than our $7.7 million estimate. Q4 adj. EBITDA loss was in line with expectations, at $3.6 million versus $3.4 million.  

Buy-side momentum offsetting structural sell-side decline. The primary driver of the quarter was strength in the buy-side segment, supported by improved customer acquisition, higher conversion rates, and increased contribution from returning customers, while the sell-side business experienced significant contraction due to reduced inventory and strategic deprioritization. 

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GoHealth (GOCO/$1.33 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Reset Deepens, Long-Term Thesis Intact
Rating: OUTPERFORM

Results weaker than expected. Full year 2025 revenue of $361.9 million was well below our $434.2 million estimate. Management emphasized that the Medicare Advantage market remains in a structural reset heading into 2026, with carriers prioritizing retention, member quality, margin integrity, and disciplined unit economics over enrollment growth. Full year 2025 adj. EBITDA loss estimate of $35.1 million was more than our loss estimate of $29.6 million. 

Strategic reset. The company has deliberately reduced Medicare Advantage enrollments where first-renewal economics were unattractive, prioritizing long-term profitability and appropriate consumer plan fit. Importantly, the company managed cash flow despite the significant revenue drop, a testament to its structural cost restructuring. 

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Great Lakes Dredge & Dock (GLDD/$17)
Joe Gomes [email protected] | 561-999-2262
Acquisition by Saltchuk Completed
Rating: NOT RATED

Acquisition Completed. The acquisition of Great Lakes Dredge & Dock by Saltchuk Resources was completed on April 1st. Announced on February 11th, Saltchuk paid $17/sh for the outstanding GLDD stock, an enterprise value of approximately $1.5 billion.

Tender Offer. As of the expiration of the tender offer, approximately 53,738,558 shares of Great Lakes common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 79.88% of the issued and outstanding shares of Great Lakes common stock. As a result of the completion of the transaction, prior to the opening of trading on the NASDAQ on April 1, 2026, all shares of Great Lakes common stock ceased trading, and all shares of Great Lakes common stock will subsequently be delisted from NASDAQ and deregistered under the Securities Exchange Act of 1934.

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Summit Midstream Corp (SMC/$29.86 | Price Target: $46)
Mark Reichman [email protected] | (561) 999-2272
Private Placement Financing Strengthens Balance Sheet and Enhances Financial Flexibility
Rating: OUTPERFORM

Private placement financing. Summit Midstream announced a private placement of 1,351,351 shares of its common stock with an affiliate of Tailwater Capital LLC at a price of $31.08 per share to raise $42.0 million. Summit intends to use the net proceeds to reduce borrowings under the company’s asset-based lending credit facility and to fund organic growth capital projects. Following the transaction, Tailwater and its affiliated entities are expected to own ~39% of Summit’s outstanding equity.

Updating estimates and valuation. Following the financing, Summit will have 13.8 million common shares, along with 6.5 million Class B shares outstanding for a total of 20.3 million shares. We have made no changes to our revenue or EBITDA estimates, although the higher share count has a minor impact on per share estimates and lowers our valuation per share to $46.00 from $48.50.

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Noble Capital Markets Research Report Wednesday, April 1, 2026

Companies contained in today’s report:

Cadrenal Therapeutics (CVKD)/OUTPERFORM – Cadrenal Reports FY2025 With Clinical Progress
First Phosphate Corp. (FRSPF)/OUTPERFORM – Firing on All Cylinders
GoHealth (GOCO)/OUTPERFORM – Resetting the Model for Sustainable Growth
MAIA Biotechnology (MAIA)/OUTPERFORM – MAIA Reports Two-Year Survival Data At Medical Conference
NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – NeuroSense Reports FY2025 With Outlook For The Year

Cadrenal Therapeutics (CVKD/$5.12 | Price Target: $45)
Robert LeBoyer [email protected] | (212) 896-4625
Cadrenal Reports FY2025 With Clinical Progress
Rating: OUTPERFORM

Progress On CAD-1005 Reported With FY2025 Results. Cadrenal reported a loss for 4Q25 of $3.0 million or $(1.42) per share and a FY2025 loss of $13.2 million or $(6.64) per share. Importantly, it recently held its End-Of-Phase 2 meeting with the FDA to receive guidance for the planned Phase 3 trial for CAD-1005 in HIT (heparin-induced thrombocytopenia). The company had cash and equivalents of $4.0 million on December 31, 2025.

Lead Indication Reported Phase 2 Data. As discussed in our Research Note on February 25, Cadrenal reported results from its Phase 2 study of CAD-1005 in HIT. The trial was designed to show CAD-1005 improved platelet recovery and tested platelet count recovery as a biomarker for thrombosis and outcome. The data did not show a correlation between platelet count normalization and thrombotic events, but did show an important reduction in thrombotic events exceeding 25% in the CAD-1005 treatment arm compared with placebo.

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First Phosphate Corp. (FRSPF/$0.7 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
Firing on All Cylinders
Rating: OUTPERFORM

Expanded infill drill program. First Phosphate completed an expanded infill drill program, totaling approximately 40,000 meters, that was launched in October at its Begin-Lamarche property in Saguenay-Lac-St. Jean, Quebec. The drilling program, which was expanded from 30,000 meters of drilling, confirmed continuity of phosphate mineralization across the existing resource horizon and discovered two new mineralized intersects in the Northern and Southern zones.

Updated geological model. The incremental 10,000 meters of drilling was designed to better understand the new intersects and test mineralization at depth in areas across the Northern and Southern zones. The company is processing the full set of drill results from its original and expanded drill program with the goal of updating the geological model in the coming weeks.

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GoHealth (GOCO/$1.51 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Resetting the Model for Sustainable Growth
Rating: OUTPERFORM

Results weaker than expected. Full year 2025 revenue of $361.9 million was well below our $434.2 million estimate. Management emphasized that the Medicare Advantage market remains in a structural reset heading into 2026, with carriers prioritizing retention, member quality, margin integrity, and disciplined unit economics over enrollment growth. Full year 2025 adj. EBITDA loss estimate of $35.1 million was more than our loss estimate of $29.6 million. 

Strategic reset. The company has deliberately reduced Medicare Advantage enrollments where first-renewal economics were unattractive, prioritizing long-term profitability and appropriate consumer plan fit. At the same time, it has maintained leadership in Special Needs Plans (SNP), benefiting from carrier focus on high-need, high-retention populations. 

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MAIA Biotechnology (MAIA/$1.4 | Price Target: $14)
Robert LeBoyer [email protected] | (212) 896-4625
MAIA Reports Two-Year Survival Data At Medical Conference
Rating: OUTPERFORM

New Data Presented Shows Long-Term Survival. MAIA presented data from its Phase 2 THIO-101 trial at the European Lung Cancer Congress 2026 (ELCC) held recently in Copenhagen, Denmark. The presentation included data from patients with non-small cell lung cancer (NSCLC) who had relapsed after treatment with standard chemotherapy. Data from 8 patients showed survival exceeding 2 years and greatly exceeded the expected survival for patients at their stage of disease.

Phase 2 Trial Design. THIO-101 was designed in three stages. Part A was basic safety, and Part B was a dose-finding stage. These two stages treated a total of 79 patients. The ongoing Part C is an expansion stage enrolling up to 48 participants in Asia and Europe. The patients are treated with ateganosine (aka THIO) followed by cemiplimab (Libtayo, from Regeneron). 

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NeuroSense Therapeutics Ltd. (NRSN/$0.76 | Price Target: $9)
Robert LeBoyer [email protected] | (212) 896-4625
NeuroSense Reports FY2025 With Outlook For The Year
Rating: OUTPERFORM

FY2025 Reported With PrimeC Progress Review. NeuroSense reported a loss for FY2025 of $11.1 million or $(0.44) per share. The company gave updates to its ongoing PrimeC development programs and expected milestones for the coming year in ALS and Alzheimer’s disease. As of December 31, 2025, NeuroSense had cash of approximately $0.2 million.

Phase 3 In ALS Has Received FDA Clearance. During November 2025, NeuroSense received FDA clearance to initiate the Phase 3 trial in ALS. The company has completed commercial-scale manufacturing and continues to prepare for the Phase 3 trial, which we expect to begin later in FY2026.

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Noble Capital Markets Research Report Tuesday, March 31, 2026

Companies contained in today’s report:

Unicycive Therapeutics (UNCY)/OUTPERFORM – FY2025 Loss Reported With OLC PDUFA Data Approaching

Unicycive Therapeutics (UNCY/$6.11 | Price Target: $60)
Robert LeBoyer [email protected] | (212) 896-4625
FY2025 Loss Reported With OLC PDUFA Data Approaching
Rating: OUTPERFORM

NDA Sumisssion Was Accepted In January. Unicycive reported loss for FYQ25 of $26.6 million or $(1.67) per share. Importantly, the resubmission of the NDA for oxylanthanum calcium (OLC), its phosphate binder for controlling high phosphate levels in renal dialysis patients, was accepted for filing by the FDA. The PDUFA data is June 19, 2026. Cash on December 31, 2026 was $54.9 million, which we estimate is sufficient to last through product launch and the first quarter of OLC sales.

We Believe Previous Issues Have Been Settled. The NDA was submitted in December 2025 and accepted for filing in January. FDA acceptance and notification of the PDUFA date signifies that the application is complete for review. There were no questions about the third-party manufacturing issue that stopped the review process in June 2025. We believe the corrective actions have addressed the problem, allowing for marketing approval by June 2026.

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Noble Capital Markets Research Report Monday, March 30, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Updating Estimates; Rating Remains an Outperform

FreightCar America (RAIL/$8.04 | Price Target: $16.5)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Updating Estimates; Rating Remains an Outperform
Rating: OUTPERFORM

Updating estimates. We revised our FY 2026 estimates to reflect lower margins in the first and second quarters. While our full year revenue, EBITDA, and EPS estimates are unchanged, the quarterly allocations have shifted. We forecast first quarter revenue, EBITDA, and EPS of $86.0 million, $7.0 million, and $0.04, respectively, compared to our prior estimates of $89.0 million, $8.8 million, and $0.08. We have assumed growing Aftermarket segment revenue throughout the year. Our FY 2026 revenue, EBITDA, and EPS estimates remain $525.0 million, $44.5 million, and $0.54, respectively. 

Lowering 1H’ 2026 expectations. We think the first quarter of 2026 will reflect the fewest deliveries during the year, along with a less favorable product mix. Accordingly, we expect 2026 deliveries, revenue, and earnings to be weighted toward the second half of the year, supported by higher volumes, an improved product mix, and increased contributions from new builds and retrofit programs.

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Noble Capital Markets Research Report Friday, March 27, 2026

Companies contained in today’s report:

Newsmax (NMAX)/OUTPERFORM – Among The Few Media Growth Companies
SKYX Platforms (SKYX)/OUTPERFORM – Tempered Near-Term Outlook, Long-Term Scaling Remain

Newsmax (NMAX/$5.98 | Price Target: $21)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Among The Few Media Growth Companies
Rating: OUTPERFORM

Exceeds Q4 results. Newsmax delivered solid fourth quarter results with total revenue of $52.2 million, representing a 9.6% year-over-year increase, driven primarily by growth in broadcasting revenue, particularly affiliate fees and linear advertising demand. Importantly, profitability trends improved meaningfully, with adjusted EBITDA outperforming expectations, reflecting early signs of operating leverage despite continued investment in content and infrastructure.

Quarter Highlights: The quarter was characterized by strong execution across key operating metrics, including robust affiliate fee growth (+17.9%), continued resilience in advertising revenue, and significant audience expansion across both linear and streaming platforms. 

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SKYX Platforms (SKYX/$1.56 | Price Target: $5)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Tempered Near-Term Outlook, Long-Term Scaling Remains
Rating: OUTPERFORM

Q4 results. SKYX reported revenue of $24.9M versus our $26.5M estimate, reflecting a modest miss tied to the delayed rollout of the SKYFAN & Turbo Heater and disruption from its new AI-driven e-commerce platform. Adj. EBITDA loss of $2.7M was worse than our expectation of a loss of $0.4M.

Near-term catalysts. The SKYFAN & Turbo Heater has launched across major retailers, and we expect broader distribution and SKU expansion to support growth through 2026. The new AI-driven platform should improve conversion across the company’s owned websites following near-term disruption.

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Noble Capital Markets Research Report Thursday, March 26, 2026

Companies contained in today’s report:

Cardiff Oncology (CRDF)/OUTPERFORM – KOL Discussion Of Onvansertib Supports Our Outperform Rating
GeoVax Labs (GOVX)/OUTPERFORM – MVA Vaccine Makes Progress Toward Phase 3 For Mpox
Resolution Minerals Ltd (RLMLF)/OUTPERFORM – Idaho’s Next Gold and Critical Minerals District

Cardiff Oncology (CRDF/$1.73 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
KOL Discussion Of Onvansertib Supports Our Outperform Rating
Rating: OUTPERFORM

Cardiff Oncology Held A KOL Discussion. On March 25, Cardiff Oncology held a webcast with two world-renown oncologists with experience in drug development and patient treatment. The discussion began with a review of the Phase 2 data by Dr. Mani Mohindru, the Interim CEO. The discussion centered on aspects of the trial, including the outcome data, practical use, and competitive therapies.

The Discussion Included Significance Of Phase 2 Outcomes. The presentation began with a review of Phase 2 data announced in January 2026, with comments by the KOLs. They pointed to the response rate (RR) of 72.2% and the median progression-free survival (PFS) that has not yet been reached. Importantly, onvansertib did not cause additional toxicities to the combination chemotherapy regimen.

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GeoVax Labs (GOVX/$1.5 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
MVA Vaccine Makes Progress Toward Phase 3 For Mpox
Rating: OUTPERFORM

Mpox Vaccine Clinical Supplies Expected To Be Ready Soon. GeoVax announced the completion of clinical supply testing of GEO-MVA, its modified vaccinia ankara (MVA) vaccine for Mpox/smallpox. The release of vaccine that can be used in clinical trials is expected in early April. This is an important milestone in preparation for the Phase 3 trial planned for late FY2026.

Preparation for Phase 3 Bridging Study and Commercialization. GeoVax is preparing for an immune bridging study to show GEO-MVA stimulates an immune response that is non-inferior to a commercial Mpox vaccine. The study was designed to meet requirements for the European Medicines Agency’s expedited development pathway for Marketing Authorization.

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Resolution Minerals Ltd (RLMLF/$0.04 | Price Target: $0.15)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Idaho’s Next Gold and Critical Minerals District
Rating: OUTPERFORM

Initiating coverage with an Outperform. Resolution Minerals Ltd (ASX: RML, OTCQB: RLMLF) is advancing the Horse Heaven Gold–Antimony–Tungsten–Silver Project in Idaho, now covering 14,580 hectares. Following China’s December 2024 ban on antimony exports to the U.S., the country faces a structural supply deficit with no meaningful domestic mining or processing capacity. Resolution is positioned to address this gap through both resource development and intention to build a commercial-scale hydrometallurgical processing facility, aligning the project with U.S. policy priorities around domestic critical mineral supply chains.

Golden Gate. Phase 1 drilling at the Golden Gate Prospect confirmed a fault-controlled Intrusion Related Gold System with indications of meaningful scale. All 14 holes intersected mineralization from surface, including intercepts of 253m at 1.50 g/t Au, 265m at 0.60 g/t Au, and 189m at 1.30 g/t Au, all open at depth, while a second discovery at Golden Gate South expanded the mineralized footprint to more than 1.5km of strike. Importantly, the historical Golden Gate Tungsten Mine, last in production in 1980, is located within Resolution’s property boundary, with management evaluating a restart. A Phase 2 program of up to 45 diamond holes across 13,700 meters commences in early May 2026.

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Noble Capital Markets Research Report Wednesday, March 25, 2026

Companies contained in today’s report:

Bitcoin Depot (BTM)/OUTPERFORM – Leadership Reset Amid Regulatory Pressure and Revenue Diversification Efforts
Comstock (LODE)/MARKET PERFORM – Review of 2025 and Outlook for 2026
First Phosphate Corp. (FRSPF)/OUTPERFORM – NRCan Contribution Agreement Signed; Funding Secured
Ocugen (OCGN)/OUTPERFORM – Raising Price Target After Positive OCU410 Data Reported

Bitcoin Depot (BTM/$2.8 | Price Target: $13)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Leadership Reset Amid Regulatory Pressure and Revenue Diversification Efforts
Rating: OUTPERFORM

Leadership transition introduces seasoned external operator. The company announced that CEO Scott Buchanan has stepped down effective March 23, 2026, with founder Brandon Mintz stepping down as Executive Chairman and remaining on the Board in an advisory capacity. The Board appointed Alex Holmes as CEO and Chairman. Mr. Holmes brings relevant experience from his tenure as CEO of MoneyGram, particularly in payments infrastructure and regulatory compliance.

Transition comes at a pivotal time for the business. The leadership changes follow a quarter impacted by regulatory headwinds and ahead of a guided 30% to 40% decline in core BTM revenue in 2026. At the same time, the company is beginning to pursue new business initiatives, including its expansion into peer-to-peer betting and merchant cash advances. While the company noted the departures were not due to disagreements, in our view, the timing suggests the Board may be positioning the company for its next phase of execution as it navigates both regulatory pressure and early-stage diversification efforts.

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Comstock (LODE/$2.78)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Review of 2025 and Outlook for 2026
Rating: MARKET PERFORM

A year of repositioning. During 2025, Comstock Inc. repositioned itself around two scalable growth businesses: Comstock Metals, which targets solar panel recycling and critical mineral recovery, and its investment in Bioleum Corporation, which is advancing biomass-based renewable fuels.

Near-term revenue visibility. Comstock Metals represents the most immediate catalyst for value creation. Comstock has validated a zero-landfill solar panel recycling process and completed permitting for its first industry-scale facility in Nevada, with operations expected to commence in the second quarter of 2026. The company has also secured logistics infrastructure and customer agreements across key U.S. regions, reflecting growing demand for end-of-life solar panel processing. Over time, the strategy could include multiple facilities and integrated refining capabilities that target recovery of higher-value metals such as silver.

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First Phosphate Corp. (FRSPF/$0.69 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
NRCan Contribution Agreement Signed; Funding Secured
Rating: OUTPERFORM

Investor webinar. CEO John Passalacqua recently presented to investors via Simone Capital. During the call, Mr. Passalacqua commented on the signed contribution agreement with Natural Resources Canada, the ongoing drill program and future feasibility study, the ADR launch, and the strength of the stock in recent weeks relative to a difficult broader market. Management attributed the stock’s resilience to the quality of the shareholder base, consistent milestone execution, and the visible de-risking effect of government backing.

NRCan contribution agreement signed. First Phosphate has executed a formal agreement with Natural Resources Canada providing up to C$16.7 million in non-repayable government funding under the Global Partnerships Initiative. The structure is a reimbursement model, whereby the company incurs eligible expenditures and receives reimbursement of up to 75% within approximately three months, supporting technical and engineering validation work through 2028. Combined with approximately C$20-C$22 million in cash on hand, we estimate total accessible financial resources of approximately C$36-C$38 million, sufficient to fund the company through drill completion, feasibility study, and final investment decision.

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Ocugen (OCGN/$1.92 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Raising Price Target After Positive OCU410 Data Reported
Rating: OUTPERFORM

Top-Line Phase 2 ArMaDa Trial Data Reported. Ocugen reported Phase 2 data for OCU410, its gene therapy for geographic atrophy in dry age-related macular degeneration (GA-dAMD). The data shows clinically meaningful and statistically significant benefit of 31% for treated patients compared with placebo. Based on the trial results, we are including OCU410 revenues in our FY2029 earnings model and raising our price target to $12 per share.

Results Show Preservation of Function and Cell Structure. The primary endpoint showed 31% reduction in lesion growth at the optimal dose (medium) group compared to controls (p< 0.05). A secondary endpoint of photoreceptor cell loss, correlating with visual function, showed a 27% slower rate compared to controls. In addition, 55% of treated patients demonstrated a lesion size reduction of greater than 30% compared with controls.

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Noble Capital Markets Research Report Tuesday, March 24, 2026

Companies contained in today’s report:

GDEV (GDEV)/OUTPERFORM – Improved Profitability Appears Sustainable

GDEV (GDEV/$13.75 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Improved Profitability Appears Sustainable
Rating: OUTPERFORM

Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% compared to the prior year period.

Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.

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Noble Capital Markets Research Report Monday, March 23, 2026

Companies contained in today’s report:

1-800-Flowers.com (FLWS)/OUTPERFORM – Raising Rating: Unleashing AI To Drive Efficiency And Growth
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – FY2025 Reported With Tegoprubart Updates and Phase 3 Expectations
Titan International (TWI)/OUTPERFORM – Production Consolidation

1-800-Flowers.com (FLWS/$3.01 | Price Target: $3.75)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Raising Rating: Unleashing AI To Drive Efficiency And Growth
Rating: OUTPERFORM

Highlights from a fireside chat. This report highlights a fireside chat with Adolfo Villagomez, CEO, who discussed the company’s four pillar initiative to transform the company into a more efficient, growth focused company. 

Improving the company’s cost structure. Management has implemented a comprehensive review of the organization’s operations with the goal of reducing redundancies and improving productivity. The company is targeting approximately $50 million in run-rate cost savings across fiscal years 2026 and 2027, achieved through initiatives such as workforce streamlining, supply chain optimization, procurement improvements, and the reduction of organizational layers.

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Eledon Pharmaceuticals (ELDN/$2.88 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
FY2025 Reported With Tegoprubart Updates and Phase 3 Expectations
Rating: OUTPERFORM

Tegoprubart Trials To Advance In FY2026. Eledon reported a 4Q loss of $10.4 million or $(0.11) per share and a FY2025 loss of $45.6 million or $(0.52) per share. The FY Total Operating Expenses were $83.3 million, with non-cash items (including changes in the fair value of warrant liabilities) of $33.4 million. Net Loss excluding these items would have been $79.1 million for full year. Updates for tegoprubart clinical development were also confirmed with the announcement. Cash on December 31, 2025 was $45.6 million.

Clinical Trials In Transplantation Have Several Milestones Ahead. Eledon expects to meet with the FDA to discuss plans for a Phase 3 tegoprubart trial for prevention of kidney transplant rejection. We expect the guidance to clarify required endpoints and could lead to the start of Phase 3 by year-end. Guidance is also expected for Islet cell transplantation in diabetes and xenotransplantation.

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Titan International (TWI/$6.81 | Price Target: $11)
Joe Gomes [email protected] | 561-999-2262
Production Consolidation
Rating: OUTPERFORM

Consolidation. Last week, Titan announced a decision to consolidate production within its North American manufacturing footprint, which will result in the closure of its manufacturing facility in Jackson, Tennessee, by the end of October 2026. The Company expects production currently performed in Jackson to be transitioned to other existing Titan facilities over the coming months. We view this action as part of the Company’s ongoing efforts to optimize its manufacturing footprint and improve capacity utilization, given the uncertain operating environment.

Details. The Jackson closure is part of the ongoing synergies the Company expected to deliver from the Carlstar acquisition. The one-time costs for the plant closure and manufacturing relocation are estimated to be in the $7 million range, likely to hit in relatively equal amounts over the next three quarters. Estimated annual savings are in the $5 million range, with the full amount likely to begin in 2027.

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Noble Capital Markets Research Report Friday, March 20, 2026

Companies contained in today’s report:

Euroseas (ESEA)/OUTPERFORM – Diversification into Specialized High-Reefer Containerships
Kratos Defense & Security (KTOS)/OUTPERFORM – Awarded Another Significant Contract
NN (NNBR)/OUTPERFORM – Moving Into Higher Return Verticals
Sky Harbour Group (SKYH)/OUTPERFORM – Delivery Pipeline Supports Revenue Growth Outlook
Snail (SNAL)/OUTPERFORM – Release Roadmap Shifts Focus To 2027

Euroseas (ESEA/$70.37 | Price Target: $90)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Diversification into Specialized High-Reefer Containerships
Rating: OUTPERFORM

Two newbuilds. Euroseas announced contracts for the construction of two 2,800 TEU high-reefer containership newbuilds, with deliveries expected sequentially in the second and third quarters of 2028. The total acquisition price for each of the two newbuild vessels is $46.35 million, with financing expected to include a combination of debt and equity.

Strategic expansion. The vessels will be built to EEDI Phase 3 and IMO NOx Tier III standards and will be equipped with more than 1,000 reefer plugs, optimizing them for high-reefer-density trades. This enhances Euroseas’ exposure to growing refrigerated cargo demand. Importantly, the agreement includes options for up to four additional vessels of similar design, with either reefer or conventional configurations. In our view, this aligns with the company’s strategy of modernizing and diversifying its fleet, lowering the average age, and improving environmental efficiency.

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Kratos Defense & Security (KTOS/$92.78 | Price Target: $145)
Joe Gomes [email protected] | 561-999-2262
Awarded Another Significant Contract
Rating: OUTPERFORM

Space Force. The Space Force’s Space Systems Command awarded Kratos a $447 million follow-on contract for Ground Management and Integration for the first two sets of Medium-Earth Orbit Missile Warning and Tracking satellites, according to a press release from the Agency. This follow-on award continues the positive award environment for Kratos, in our view.

Focus. SSC’s Resilient MWT MEO program under SYD 84 is focused on the rapid acquisition of robust infrared sensing technology and integrating it into an entirely new satellite constellation in MEO. The system is designed to detect and track a range of threats, from large, bright intercontinental ballistic missile launches to dim, maneuvering hypersonic missiles, integrating it with the broader national missile defense architecture

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NN (NNBR/$1.48 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Moving Into Higher Return Verticals
Rating: OUTPERFORM

Data Centers. NN continues to grow its presence in the data center market, a key targeted growth market for the Company. The AI data center market fits precisely into NN’s decades of know-how in fluid management and Six Sigma quality levels. For NN, it is a strategic and straightforward application of existing know-how with managing gas, diesel, and hydraulic fluids and applying that know-how to managing cooling fluids.

Opportunity. NN has secured multiple new awards with a leading global provider of AI infrastructure and data center computing equipment. In response, NN is investing in a large installation of 17 next-generation high-speed, high-precision CNC machines that will meet and exceed requirements. This expansion and ramp-up is happening now across 2026. These machines will add to NN’s portfolio of over 100 of these similar machines already in-house.

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Sky Harbour Group (SKYH/$9.47 | Price Target: $23)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Delivery Pipeline Supports Revenue Growth Outlook
Rating: OUTPERFORM

Q4 results. Sky Harbour reported Q4 revenue of $8.1 million and an adj. EBITDA loss of $1.0 million compared with our estimates of $8.6 million and a loss of $0.4 million, respectively. Notably, the company reached an adj. EBITDA breakeven on a run-rate exiting December.

Leasing trends. Management highlighted lease-up progress at Phoenix, Dallas, and Denver, with the former two ahead of expectations and Denver improving after a slower start. The company also emphasized growing use of pre-leasing, targeting roughly 50% of a campus leased by opening.

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Snail (SNAL/$0.62 | Price Target: $2.75)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Release Roadmap Shifts Focus To 2027
Rating: OUTPERFORM

Q4 results in line with expectations. Revenue of $25.1M and adj. EBITDA loss of $1.3 million was better than our expectations of $23.0 million and a loss estimate of $1.77 million, respectively. The quarter was supported by deferred revenue recognition and strong sequential revenue improvement.

ARK franchise momentum remains strong, with ASA surpassing 4M units sold and continued engagement across ASA, ASE, and ARK Mobile, reinforcing long-term durability. There appears to be a robust multi-year content pipeline which provides visibility, though updated timing shifts a portion of expected revenue and adj. EBITDA from 2026 into 2027.

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Noble Capital Markets Research Report Thursday, March 19, 2026

Companies contained in today’s report:

Kuya Silver (KUYAF)/OUTPERFORM – Driving Mineral Resource Growth
Perfect (PERF)/OUTPERFORM – Founder-Led Take-Private Proposal
SelectQuote (SLQT)/OUTPERFORM – Launching Franchise-Based Distribution Channel
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Fourth Quarter 2025 Results

Kuya Silver (KUYAF/$0.52 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Driving Mineral Resource Growth
Rating: OUTPERFORM

Kuya Silver is significantly scaling its exploration efforts at Bethania. The company has expanded its fully funded 2026 drill program to approximately 20,000 meters, making it the largest drilling campaign in the project’s history. By combining 10,000 meters of surface and 10,000 meters of underground drilling, Kuya seeks to extend known mineralization near existing operations and test new district scale targets, positioning the project for meaningful resource growth.

High-grade regional targets highlight strong expansion potential. Exploration has identified multiple vein systems beyond the current mine area, with high priority prospects such as Millococha, Tito PH, and Carmelitas demonstrating encouraging grades and geological continuity. These areas, supported by historic artisanal mining and recent sampling, suggest the presence of a broader mineralized system that could materially increase the overall resource base

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Perfect (PERF/$1.75 | Price Target: $5)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Founder-Led Take-Private Proposal
Rating: OUTPERFORM

Take Private Proposal. Perfect Corp. received a preliminary, non-binding proposal from a consortium led by CEO Alice H. Chang and CyberLink to take the company private at $1.95 per share. The transaction would be funded through rollover equity, company cash, and potential debt. The board intends to form a special committee to evaluate the proposal, and there is no assurance that a transaction will be completed.

Ownership structure supports a high likelihood of completion. The consortium controls approximately 53.4% of shares and 81.2% of voting power. In our view, this significantly increases the likelihood of a transaction, subject to special committee approval.

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SelectQuote (SLQT/$0.61 | Price Target: $5)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Launching Franchise-Based Distribution Channel
Rating: OUTPERFORM

SelectQuote Local. SelectQuote announced SelectQuote Local, a new franchise model designed to complement its core telephonic insurance distribution platform by offering in-person sales and support. Management indicated the initiative leverages the company’s existing marketing, technology, and carrier relationships, positioning it as a natural extension of the platform rather than a shift in strategy.

Complementary model and TAM expansion. In our view, SelectQuote Local is unlikely to cannibalize the company’s core call center operations, as it targets a distinct subset of consumers who prefer in-person engagement. We believe the company can leverage excess lead flow and brand recognition to support early franchise success without significant incremental marketing investment. Additionally, we expect the in-person model could enhance cross-sell opportunities with Healthcare Services, as local relationships may improve customer engagement and trust.

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Star Equity Holdings, Inc. (STRR/$9.6 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
Fourth Quarter 2025 Results
Rating: OUTPERFORM

Overview. Star Equity’s fourth quarter and full-year financial results reflect positive momentum and improvement over the prior year quarter, largely driven by the August 2025 merger. Overall, 2025 was a transformational year for Star. The merger strengthened the Company’s operating and financial position and accelerated the growth strategy.

4Q25 Results. Fourth quarter 2025 revenue of $56.8 million rose 69% y-o-y, but was slightly below our $58 million estimate. Adjusted EBITDA increased to $2.2 million versus $0.9 million last year. We had projected $2.3 million. Adjusted net loss was $0.10/sh, compared to adjusted net income of $0.04/sh in 4Q24.

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Noble Capital Markets Research Report Wednesday, March 18, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Updated Feasibility Study Highlights Incremental Value
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM -Preliminary Phase 3 FLAMINGO-01 Update Shows Reduction In Breast Cancer Recurrence Rate
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Priority Review Received For Hydronidone In China
Snail (SNAL)/OUTPERFORM – Quarterly Preview: Strategic Updates Provided At GDC
Summit Midstream Corp (SMC)/OUTPERFORM – Double E Pipeline Underpins Favorable Growth Outlook

Century Lithium Corp. (CYDVF/$0.27 | Price Target: $3.05)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Updated Feasibility Study Highlights Incremental Value
Rating: OUTPERFORM

Updated feasibility study. Century recently filed its updated 2026 NI 43-101 feasibility study for its 100%-owned Angel Island Lithium Project in Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.

Lower initial capital expenditures. Phase I initial capital expenditures are estimated to be $997 million, a significant reduction from the $1.5 billion outlined in the 2024 Study. The updated study streamlines development into a two-phase approach. Phase I contemplates 7,500 tonnes per day (tpd) of mill feed, expanding to 15,000 tpd in Phase II beginning in Year 5. Phase II expansion capital is estimated at $660 million. A previously planned third expansion phase was eliminated, lowering overall capital requirements. The economic analysis is based on a 40-year production schedule, with planned life-of-mine average production of 26,500 tonnes per annum of battery-grade lithium carbonate.

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Greenwich LifeSciences, Inc. (GLSI/$30.05 | Price Target: $45.00)
Robert LeBoyer [email protected] | (212) 896-4625
Preliminary Phase 3 FLAMINGO-01 Update Shows Reduction In Breast Cancer Recurrence Rate
Rating: OUTPERFORM

New Analysis Shows Less Than 1% Recurrence Rate. Greenwich Pharmaceuticals
announced a preliminary update from its FLAMINGO-01 trial. The data from the open-label arm
of the trial showed a recurrence rate of less than 1% per year compared to a recurrence rate of
4% per year for patients treated with Kadcyla (ado-trastuzumab emtansine or T-DM1, from
Genentech) in the Phase 3 KATHERINE Study. This is a 70% to 80% reduction in the historical
recurrence rate for these patients.

Background On The Phase 3 FLAMINGO-01 Trial. The trial tests GLSI-100, an
immunotherapy to prevent recurrence of HER2-positive breast cancer. Its design has a doubleblind portion that enrolls patients with the immune marker HLA-A02 to receive either GLSI-100 or placebo, and an open-label arm that enrolls patients that have other HLA types (non-HLAA02). The new data is from the open-label arm of the trial.

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Gyre Therapeutics, Inc (GYRE/$7.49 | Price Target: $20.00)
Robert LeBoyer [email protected] | (212) 896-4625
Priority Review Received For Hydronidone In China
Rating: OUTPERFORM

Gyre Receives Priority Review. Hydronidone has been awarded Priority Review Status by
the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration
(NMPA). This is consistent with our expectations for an accelerated NDA review and late
FY2026 approval for Hydronidone.

Meeting With The CMPA Was Positive. In early January, Gyre Pharmaceuticals (China) held
a Pre-New Drug Application meeting with the CDE. At that time, the CDE agreed that data from
the Hydronidone Phase 3 trial for treating chronic hepatitis B (CHB)-associated liver-fibrosis
supported an application for conditional approval. It also met the criteria for Priority Review.

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Snail (SNAL/$0.61 | Price Target: $3)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Quarterly Preview: Strategic Updates Provided At GDC
Rating: OUTPERFORM

Strategic updates ahead of Q4 Earnings Call. At the Game Developers Conference (GDC) in San Francisco last week, the company provided updates across its game portfolio, outlining a steady pipeline of ARK franchise releases, expansions for existing titles, and new indie projects. The announcements were delivered ahead of the company’s Q4 and full-year 2025 earnings call scheduled for March 19, 2026, at 4:30 p.m. ET, providing a preview of its strategic product developments.

Strong Early Access sales. Notably, Bellwright has surpassed 1 million units sold on Steam during Early Access, demonstrating strong player engagement ahead of its 1.0 launch and planned expansion to Xbox and PlayStation. As a reminder, development is now fully in-house following the acquisition and integration of Donkey Crew, the Poland-based studio behind Bellwright, strengthening the franchise’s long-term potential.

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Summit Midstream Corp (SMC/$30.73 | Price Target: $48.5)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Double E Pipeline Underpins Favorable Growth Outlook
Rating: OUTPERFORM

Double E Pipeline growth. Summit recently signed two new long-term take-or-pay agreements totaling 540 MMcf/d of incremental firm capacity on the Double E Pipeline, an 11-year, 210 MMcf/d contract with a large investment-grade shipper and an 11-year, 230 MMcf/d agreement with an undisclosed shipper, alongside the previously announced 100 MMcf/d Producers Midstream II commitment, which received an affirmative FID during the quarter. These contracts are expected to grow the Permian Segment Adj. EBITDA from ~$34 million in 2025 to ~$60 million by 2029.

2026 guidance. Summit expects full-year 2026 Adj. EBITDA of $225 million to $265 million, with total capital expenditures of $85 million to $105 million, including approximately $35 million attributable to Double E. The outlook assumes WTI at approximately $64 per barrel and Henry Hub at approximately $3.40 per MMBtu, both materially below current strip prices, suggesting meaningful upside if the commodity environment is sustained. The company expects 116 to 126 well connections supported by seven active rigs and approximately 90 DUCs.

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Noble Capital Markets Research Report Tuesday, March 17, 2026

Companies contained in today’s report:

Bitcoin Depot (BTM)/OUTPERFORM – Wave of Regulatory Action Weighs on Outlook
NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Phase 2b PARADIGM Study Published In JAMA Neurology
Townsquare Media (TSQ)/OUTPERFORM – Were We On The Same Investor Call?

Bitcoin Depot (BTM/$4.03 | Price Target: $13)
Patrick McCann [email protected] | (314) 724-6266
Michael Kupinski [email protected] | (561) 994-5734
Wave of Regulatory Action Weighs on Outlook
Rating: OUTPERFORM

Q4 results. Bitcoin Depot reported Q4 revenue of $116.0 million, above our estimate of $112.0 million, reflecting somewhat stronger transaction activity than anticipated despite emerging regulatory headwinds. Adj. EBITDA of $1.6 million was below our forecast of $2.5 million due to higher operating expenses during the quarter.

Initial steps toward revenue diversification. The company is beginning to expand beyond the core Bitcoin ATM network through new fintech initiatives. It recently acquired Kutt, a peer-to-peer social betting platform, and launched ReadyBucks, a merchant cash advance platform targeting small businesses and gig workers. Management indicated that both initiative are starting small and not expected to materially impact near-term revenue.

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NeuroSense Therapeutics Ltd. (NRSN/$0.81 | Price Target: $9)
Robert LeBoyer [email protected] | (212) 896-4625
Phase 2b PARADIGM Study Published In JAMA Neurology
Rating: OUTPERFORM

Presigious Journal Publishes The Phase 2b PARDIGM Study. JAMA Neurology has published an article dissussing the Phase 2b PARDIGM clinical trial. This peer-reviewed journal is published by the American Medical Association and regarded as one of the most prestigious journals in the field of neurology. We see this as a validation the clinical results and an acknowledgement of the impact PrimeC had on the amyotrophic lateral sclerosis (ALS) patients in the study.

PrimeC Addresses Important Mechanisms Of Neuron Degeneration. PrimeC is a proprietary fixed-dose oral combination of celecoxib and ciprofloxacin. These drugs target pathways of neuronal cell death, including regulation of microRNA synthesis, reduction in neuroinflammation, and modulation of iron accumulation. Additional testing by NeuroSense determined the optimal dosage combination of the two drugs for human studies and the extended releaase formulaton.

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Townsquare Media (TSQ/$6.14 | Price Target: $15)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Were We On The Same Investor Call?
Rating: OUTPERFORM

In-line Q4 results. The company reported Q4 revenue and adj. EBITDA of $106.5 million and $21.5 million, both of which were in line with our estimates of $106.1 million and $22.0 million, respectively. Notably, the company continued to face headwinds in its digital businesses, which have been its primary growth engine.

Advertising trends appear to be improving. Digital revenues remained the company’s largest contributor and primary growth engine, representing approximately 55% of total revenue in 2025, up from 52% in 2024, and generated 56% of segment profit, compared with 50% a year earlier. Despite the stronger mix, fourth quarter Digital Advertising revenue declined 1%, as weakness in remnant advertising offset growth in direct-sold and programmatic digital advertising.

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Noble Capital Markets Research Report Monday, March 16, 2026

Companies contained in today’s report:

MariMed Inc (MRMD)/OUTPERFORM – Reports Fourth Quarter and Full Year Results
ONE Group Hospitality (STKS)/OUTPERFORM – Fourth Quarter In-line with Pre-announced Results
Tonix Pharmaceuticals (TNXP)/OUTPERFORM – Tonix Reports FY2025 With Tonmya Sales and Pipeline Updates

MariMed Inc (MRMD/$0.08 | Price Target: $0.25)
Joe Gomes [email protected] | 561-999-2262
Reports Fourth Quarter and Full Year Results
Rating: OUTPERFORM

Overview. For the full year 2025, MariMed reported record revenue as well as the sixth consecutive year of positive adjusted EBITDA. Wholesale was once again the star performer, with sales increasing 11% y-o-y. MariMed increased its distribution footprint penetration to 85% of the dispensaries in its core markets.

4Q25 Results. Revenue of $41.7 million rose 7.2% y-o-y and exceeded our $40.5 million estimate. Better than expected retail sales drove the results. Adjusted gross margin came in at 39.9% versus 43.2% last year. Adjusted EBITDA totaled $4.4 million, down from $5.9 million in 4Q24. MariMed reported adjusted net income of $2.2 million, compared to a net loss of $3.1 million in 4Q24.

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ONE Group Hospitality (STKS/$1.72 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Fourth Quarter In-line with Pre-announced Results
Rating: OUTPERFORM

Overview. Fourth quarter and full year 2025 results came in-line with management’s January 12, 2026 pre-announcement, with fourth quarter revenue of $207 million and full year revenue of $806 million. Notably, all brands demonstrated a sequential improvement in comparable sales during the quarter. Fourth quarter consolidated comparable sales declined approximately 1.8%, representing about 4 points of sequential improvement from the third quarter. And this momentum has continued in the new year.

4Q25 Results. For the fourth quarter, total GAAP revenue was approximately $207 million compared to $222 million in the prior year quarter. Adjusted EBITDA was $28.1 million compared to $31 million in the prior year quarter, a decrease of 9.5%. ONE Group reported a net loss, before preferred stock dividends, of $6.4 million compared to net income of $1.6 million in 4Q24.

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Tonix Pharmaceuticals (TNXP/$13.24 | Price Target: $34)
Robert LeBoyer [email protected] | (212) 896-4625
Tonix Reports FY2025 With Tonmya Sales and Pipeline Updates
Rating: OUTPERFORM

Tonix Reported Initial Tonmya Launch Results. Tonix reported a 4Q loss of $46.9 million or $(3.98) per share and a FY2025 loss of $124 million or $(14.57) per share. Initial sales of Tonmya for the six-week period after launch were $1.4 million, with total 4Q product sales of $5.4 million and FY2025 sales of $13.1 million. The company also gave updates on additional Tonmya indications and clinical trial progress. Total cash and equivalents balance on December 31, 2025 was $207.6 million.

Tonmya Sales Began In Mid-November. Sales of Tonmya (TNX-102 SL) started in November 2025 and recorded $1.4 million in 4Q. The company has 90 sales reps and reported meeting its expectations for the 14-week period through February 2026. Over 1,500 health care providers have written prescriptions for over 2,500 patients, with 4,200 prescriptions written. We believe this is an early indication of repeat use by the patients.

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Noble Capital Markets Research Report Friday, March 13, 2026

Companies contained in today’s report:

Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – 4Q25 Report Meets Expectations As A Transition Year Begins
Hemisphere Energy (HMENF)/NOT RATED – Discontinuing Research Coverage
Saga Communications (SGA)/OUTPERFORM – Stepping Up Digital Investments
Seanergy Maritime (SHIP)/OUTPERFORM – Fleet Expansion Continues; Squireship Sale
Summit Midstream Corp (SMC)/OUTPERFORM – Summit to Host FY2025 Earnings Call on March 17
The Oncology Institute, Inc. (TOI)/OUTPERFORM – Strong Results Driven By Covered Population Growth With Improving Margins

Gyre Therapeutics, Inc (GYRE/$7.81 | Price Target: $20)
Robert LeBoyer [email protected] | (212) 896-4625
4Q25 Report Meets Expectations As A Transition Year Begins
Rating: OUTPERFORM

4Q25 Revenues Showed Modest Increase. Gyre reported a 4Q loss of $1.7 million or $(0.02) per share and profit of $5.0 million or $0.06 per basic share and $0.02 per fully diluted share. Revenues of $116.6 million increased 10.2% over the $105.8 million in FY2024. These results are consistent with our view that FY2026 is a transition year, as the company focuses on approval and launch of Hydronidone plus the acquisition of Cullgen, Inc, adding its degrading protein technology platform (discussed in our Research Note on March 3).

Product Sales and Financials. FY2025 revenue of $116.6 million was driven by continued sales of Etuary and new product launches. Etuary sales of $106.1 million for FY2026 compare with $105.0 million in 4Q25. During the year, Gyre launched Contiva (avatrombopag maleate tablet) in March 2025 and Etorel (nintedanib ethanesulfonate capsules) in June 2025. Contiva sales were $5.5 million and Etorel sales were $4.6 million for the full year. The company expects the National Drug Procurement Program in China and market conditions to lower sales of $100.5 million to $111.0 million.

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Saga Communications (SGA/$11.09 | Price Target: $18)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Stepping Up Digital Investments
Rating: OUTPERFORM

Q4 Results. The company reported Q4 revenue and adj. EBITDA of $26.5 million and $0.8 million, respectively, modestly below our estimates of $27.7 million and $2.0 million, as illustrated in Figure #1 Q4 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25.8% y-o-y.

Strong digital results. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.3 million, an increase of 25.8% year over year, with full year growth reaching 19.1%. Furthermore, the growth was driven by several verticals, including search advertising, targeted display, and e-commerce platforms, reflecting growing adoption of integrated radio and digital advertising campaigns.

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Seanergy Maritime (SHIP/$12.68 | Price Target: $18)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Fleet Expansion Continues; Squireship Sale
Rating: OUTPERFORM

Newbuild program expands to five vessels. Seanergy announced the acquisition of two Japanese newbuild scrubber-fitted 181,500 dwt Capesize vessels, expanding the total newbuild program to five vessels, including four Capesize vessels and one Newcastlemax, with a combined contract value of approximately $384 million. The first Japanese vessel is a direct purchase with delivery expected between Q2 and Q3 2027, while the second is structured as a 10-year bareboat-in contract with a Q1 2029 delivery and a purchase option beginning at year five. The combined cost of both Japanese vessels is approximately $158 million.

Sale of M/V Squireship. Seanergyagreed to sell the 2010-built, 170,018 dwt M/V Squireship  to a related party for $29.5 million with delivery expected between late April and early June 2026. The transaction is expected to generate net proceeds of approximately $13.5 million after debt repayment and produce an accounting gain of roughly $4 million. The sale is consistent with management’s capital recycling strategy, monetizing an older vessel at an attractive valuation while funding the newbuilding program and reducing average fleet age.

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Summit Midstream Corp (SMC/$30.87 | Price Target: $47)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Summit to Host FY2025 Earnings Call on March 17
Rating: OUTPERFORM

Fourth quarter and FY2025 financial results. Summit will report operating and financial results after the market close on Monday, March 16. Management will host a teleconference at 10 am ET on Tuesday, March 17. We anticipate management will provide its outlook and corporate guidance for 2026.

Noble estimates. We forecasted fourth quarter and FY2025 EBITDA of $62.5 million and $246.6 million, respectively, and net losses of $0.4 million, or $(0.00) per share, and $11.5 million, or $(0.95) per share. Our fourth quarter and full year revenue estimates are $146.7 million and $566.5 million, respectively. Recall management previously communicated that it expected adjusted EBITDA to be at the low end of its $245 million to $280 million 2025 guidance range. For 2026, we are projecting revenue, EBITDA, net income and EPS of $591.3 million, $265.7 million, $12.7 million, and $1.03, respectively. 

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The Oncology Institute, Inc. (TOI/$2.62 | Price Target: $8)
Robert LeBoyer [email protected] | (212) 896-4625
Strong Results Driven By Covered Population Growth With Improving Margins
Rating: OUTPERFORM

4Q25 Had Strong Revenue Growth. The Oncology Institute reported a 4Q25 loss of $7.5 million or $(0.06) per share and a FY2026 loss of $60.6 million or $(0.54) per share. Importantly, 4Q25 Revenues of $142.0 million were up 41.6% over 4Q24, close to our estimate of $142.4 million, with a slightly different mix from Patient Services and Dispensary Revenues. EBITDA in 4Q25 was $0.15 million, turning positive for the first time, and compares with $(7.8) million in 4Q24. Cash balance on December 31, 2025 was $33.6 million.

Margins Improved During 4Q and For FY2025. Overall Gross Margin for 4Q2025 improved to 16.0% of revenues compared with 14.6% in 4Q2024. This reflects margins improvements in Patient Services of 11.9% compared with 8.9% in 4Q24, and Dispensary margins of 18.1% compared with 16.9% in 4Q24. FY2025 Overall Gross Margin was 15.2% compared with 13.7% for FY2024.

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Noble Capital Markets Research Report Thursday, March 12, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – Fourth Quarter and Full year 2025 Results
Commercial Vehicle Group (CVGI)/OUTPERFORM – Making Progress

ACCO Brands (ACCO/$3.51 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
Fourth Quarter and Full year 2025 Results
Rating: OUTPERFORM

Overview. Despite continued demand challenges globally and tariff-related disruptions in the U.S., ACCO maintained or grew its market position in most categories, demonstrating the resilience and strength of the brand portfolio. ACCO delivered sales and adjusted EPS in-line with management’s outlook.

4Q25 Results. Net sales were $428.8 million, down 4.3% y-o-y, reflecting soft global demand for certain products, partially offset by growth in gaming accessories. We were at $435 million. Comp sales were down 7.8%. Adjusted EBITDA totaled $68.6 million, or a 16% margin, compared to $73.6 million and 16.4%, respectively, in 4Q24. ACCO reported adjusted EPS of $0.38, flat with the $0.39 reported in 4Q24. We were at $0.38.

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Commercial Vehicle Group (CVGI/$2.03 | Price Target: $4)
Joe Gomes [email protected] | 561-999-2262
Making Progress
Rating: OUTPERFORM

Overview. CVG delivered strong year-over-year improvement in profitability despite a challenging demand environment, particularly in the North American Class 8 truck market. The continued year-over-year improvement in profitability was again driven by management’s focus on operational efficiency improvement. Another highlight of the quarter is the continued strong performance within the Global Electrical Systems segment. During the third quarter, CVG saw segment performance inflect with revenues up 6% compared to the prior year. The fourth quarter saw further acceleration, with revenues up 13% y-o-y.

4Q25 Results. Fourth quarter revenue of $154.8 million was down 5.2% y-o-y, due primarily to North American demand. Adjusted EBITDA was $2.3 million, up 155.6%, with an adjusted EBITDA margin of 1.5% versus 0.6% last year. Adjusted net loss was $0.18/sh, compared to an adjusted net loss of $0.15/sh in 4Q24.

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Noble Capital Markets Research Report Wednesday, March 11, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – FY2025 Review and Estimate Update
NN (NNBR)/OUTPERFORM – Toward a Brighter Future
Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – High-Grade Lion Drilling Continues to Expand Near-Surface Potential
The Beachbody Company (BODI)/OUTPERFORM – Turnaround Complete, Growth Phase Begins

FreightCar America (RAIL/$10.01 | Price Target: $16.5)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
FY2025 Review and Estimate Update
Rating: OUTPERFORM

FY2025 financial results. FreightCar America generated 2025 adjusted earnings per share (EPS) of $0.50 per share compared to $0.15 per share in 2024. Gross margin as a percentage of revenue increased to 14.6% compared to 12.0% in FY2024. Revenue and rail car deliveries decreased to $501.0 million and 4,125, respectively, compared to $559.4 million and 4,362 in 2024. Adjusted EBITDA increased to $44.8 million compared to $43.0 million in 2024. Full year adjusted free cash flow amounted to $31.4 million versus $21.7 million in 2024.

FY2026 corporate guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. Guidance for 2026 adj. EBITDA reflects facility lease expenses recorded in cost of goods sold instead of previously classified within interest expense. On a lease-adjusted basis, 2025 adj. EBITDA was $41.2 million.

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NN (NNBR/$1.3 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Toward a Brighter Future
Rating: OUTPERFORM

Momentum. NN is bringing solid momentum into 2026. A number of end markets are showing improvement, including the commercial vehicle market, where orders continue to show year-over-year strength. Management noted on the call that the electric grid, data center, defense, and electronics sectors are all growing in the first quarter and are expected to grow in the full year 2026.

Improved Margins. As the business mix moves up the value chain, NN is experiencing higher margins. Adjusted gross margin performance was 18.8% in the fourth quarter and 18.5% for the full year, which again has NN trending towards management’s five year goal of 20% consolidated gross margins.

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Power Metallic Mines Inc. (PNPNF/$0.87 | Price Target: $2.65)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
High-Grade Lion Drilling Continues to Expand Near-Surface Potential
Rating: OUTPERFORM

Best copper intercept to date. Power Metallic reported results from the first hole of the 2026 winter drill campaign. Hole PML-26-049 intersected 16.55 meters grading 10.08% copper (15.11% CuEq) within massive to brecciated copper sulphides, representing the strongest copper intersection reported at the Lion Zone to date. The hole was drilled to support interpretation of near-surface mineralization and to expand the deposit’s footprint in an area that management believes may be amenable to open-pit extraction.

Infill drilling is supportive. Results from holes PML-26-049 and PML-25-047 confirm strong grade continuity within the modeled Lion Zone geometry, improving confidence that portions of the deposit may ultimately support Indicated Resource classification. Deeper drilling has also expanded high-grade lenses within the system, including 7.60 meters grading 7.30% CuEq within an 18.0-meter interval grading 3.18% CuEq, further extending mineralization within the Lion zone.

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The Beachbody Company (BODI/$8.33 | Price Target: $15)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Turnaround Complete, Growth Phase Begins
Rating: OUTPERFORM

Q4 results exceeded expectations. Q4 revenue of $55.5 million and adjusted EBITDA of $12.9 million, surpassed our estimates of $53.0 million and $5.0 million, respectively. Although revenue declined 7.3% sequentially and 35.7% year over year due to the continued wind-down of the legacy MLM model, operating income reached $8.2 million, marking the second consecutive profitable quarter and a $41.1 million year-over-year improvement.

Lean cost structure continues to drive strong operating leverage and profitability. Consolidated gross margin expanded 400 basis points year over year to 74.5%, supported by improved operational efficiency and lower digital amortization costs. Total operating expenses declined 64.6% year over year to $33.2 million as restructuring initiatives and the elimination of MLM-related costs materially reduced SG&A. As a result, the company generated $5.2 million in net income and its ninth consecutive quarter of positive adjusted EBITDA.

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Noble Capital Markets Research Report Tuesday, March 10, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Q4′ 2025 Financial Results Below Our Estimates
GDEV (GDEV)/OUTPERFORM – Delivering Strong Cash Flow
Newsmax (NMAX)/OUTPERFORM – Quarterly Preview: Viewership Trends Appear Positive

FreightCar America (RAIL/$12.68 | Price Target: $18)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Q4′ 2025 Financial Results Below Our Estimates
Rating: OUTPERFORM

Q4′ 2025 financial results. RAIL generated Q4′ 2025 adj. net income of $4.9 million or $0.16 per share, compared to net income of $8.0 million or $0.21 per share in Q4′ 2024. We had projected net income of $6.1 million or $0.18 per share. Gross margin as a percentage of revenue decreased to 13.4% compared to 15.3% in Q4′ 2024 and our estimate of 14.0%. Revenue declined to $125.6 million compared to $137.7 million during the prior year period, while rail car deliveries increased to 1,172 compared to 1,019 units. We had projected rail car deliveries of 1,557 and revenue of $139.9 million. Adj. EBITDA declined to $10.4 million compared to $13.9 million in Q4′ 2024. We had forecasted adj. EBITDA of $12.5 million. 

FY2026 corporate guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. In FY2025, railcar deliveries were 4,125, revenue amounted to $501.0 million, and adjusted EBITDA totaled $44.8 million. FY2026 guidance is below our current 2026 estimates. Following relatively soft industry orders during the fourth quarter of 2025, we think management is taking a conservative view based on an increasingly uncertain economic outlook and an EOY 2025 backlog of 1,926 units valued at $137.5 million. Moreover, 2026 adj. EBITDA guidance reflects facility lease expenses recorded in cost of goods sold instead of previously classified within interest expense. On a lease-adjusted basis, 2025 adj. EBITDA was $41.2 million.

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GDEV (GDEV/$14.06 | Price Target: $70)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Delivering Strong Cash Flow
Rating: OUTPERFORM

Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million, as illustrated in Figure #1 Q4 Results. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% y-o-y.

Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25. 

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Newsmax (NMAX/$7.28 | Price Target: $21)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Quarterly Preview: Viewership Trends Appear Positive
Rating: OUTPERFORM

Viewership Milestone. The company announced that more than four million viewers tuned in to its broadcast and streaming platforms for its live coverage of the President’s State of the Union address on February 24. Notably, the Newsmax channel garnered 2.8 million total viewers, with an additional 1.3 million streaming the coverage on Newsmax2. The strong viewership marked a major ratings and digital engagement milestone, reflecting the network’s growing reach across traditional and digital platforms.

Ratings Leadership. The network’s total audience exceeded the combined viewership of Fox Business, CNBC, and NewsNation by 23%. Throughout the evening, the Newsmax team provided continuous updates on Newsmax.com and engaged more than 23 million social media followers. Additionally, a wide range of lawmakers, administration officials, and political commentators joined the network on both broadcast and streaming coverage.

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Noble Capital Markets Research Report Monday, March 9, 2026

Companies contained in today’s report:

Bit Digital (BTBT)/OUTPERFORM – February Ethereum Metrics
Information Services Group (III)/OUTPERFORM – AI Demand Drives Solid Results

Bit Digital (BTBT/$1.62 | Price Target: $5.5)
Joe Gomes [email protected] | 561-999-2262
February Ethereum Metrics
Rating: OUTPERFORM

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

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

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Information Services Group (III/$4.53 | Price Target: $6.5)
Joe Gomes [email protected] | 561-999-2262
Jacob Mutchler [email protected] |
AI Demand Drives Solid Results
Rating: OUTPERFORM

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

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

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Noble Capital Markets Research Report Friday, March 6, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – RAIL To Host FY2025 Earnings Call on March 10
InPlay Oil (IPOOF)/OUTPERFORM – Pembina Assets Shine, Disciplined Outlook

FreightCar America (RAIL/$13.15 | Price Target: $18)
Mark Reichman [email protected] | (561) 999-2272
RAIL To Host FY2025 Earnings Call on March 10
Rating: OUTPERFORM

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

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

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InPlay Oil (IPOOF/$12.46 | Price Target: $17)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Pembina Assets Shine, Disciplined Outlook
Rating: OUTPERFORM

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

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

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Noble Capital Markets Research Report Thursday, March 5, 2026

Companies contained in today’s report:

First Phosphate Corp. (FRSPF)/OUTPERFORM – Gaining Government Support and Commercial Momentum
NN (NNBR)/OUTPERFORM – First Look: 4Q25 and Full Year 2025 Results
Ocugen (OCGN)/OUTPERFORM – FY2025 Reported With All Three Clinical Trials On Schedule

First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.65)
Mark Reichman [email protected] | (561) 999-2272
Hans Baldau [email protected] |
Gaining Government Support and Commercial Momentum
Rating: OUTPERFORM

Canadian government steps up with financial support. First Phosphate received conditional approval for up to C$16.7 million in non-repayable funding through Natural Resources Canada under the Global Partnerships Initiative. The contribution will fund the assessment of technical and engineering parameters, including processing circuits and equipment, needed to validate the company’s ability to produce battery-grade phosphate concentrate aligned with its definitive offtake agreement. The funding supports study activities through 2028. First Phosphate received US$523,017 under a long-term phosphate concentrate offtake agreement, reinforcing commercial validation and establishing initial cash flow tied to downstream demand.

Phosphate added to Canada’s critical minerals list. The Canadian federal government amended the 2025 budget to include phosphate as a critical mineral essential for clean technology. This designation makes First Phosphate eligible for the 30% Critical Mineral Exploration Tax Credit (CMETC) and the 30% Clean Technology Manufacturing Investment Tax Credit (CTM). The CMETC enhances the company’s ability to raise exploration capital, while the CTM offers the potential to materially reduce downstream capital intensity for the planned phosphoric acid and LFP cathode active material facilities.

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NN (NNBR/$1.53 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
First Look: 4Q25 and Full Year 2025 Results
Rating: OUTPERFORM

Overview. For the full year 2025, NN delivered a third consecutive year of improved financial performance, although 4Q25 results were modestly below our expectations. Importantly, NN completed the most capital-intensive portion of its transformation plan that included plant closures, significant headcount realignment, and exiting dilutive business. As a result, NN enters 2026 as a healthier, leaner, and more focused company, performing on multiple fronts, which should result in the next chapter of net sales growth.

4Q25 Results. Sales in 4Q25 were $104.7 million, down 1.7% y-o-y, primarily due to rationalization of underperforming business and plants and lower volumes. Adjusted EBITDA for the fourth quarter of 2025 was $12.9 million, or 12.3% of sales, compared to $12.1 million, or 11.3% of sales, for the same period of 2024. Adjusted net loss for the fourth quarter of 2025 was $0.1 million, or $0.00 per diluted share, compared to adjusted net loss of $0.9 million, or $0.02 per share, in 4Q24. We had estimated $107.5 million, $14.5 million, and $0.04, respectively.

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Ocugen (OCGN/$1.96 | Price Target: $8)
Robert LeBoyer [email protected] | (212) 896-4625
FY2025 Reported With All Three Clinical Trials On Schedule
Rating: OUTPERFORM

FY2026 Reported With Important Milestones Ahead. Ocugen reported a loss for 4Q25 of $17.7 million or $(0.06) per share, with a FY2025 loss of $67.8 million or $(0.23) per share. Cash on December 31, 2025, was $18.6 million, not including $22.5 million from a common stock offering in January 2026. Importantly, the company confirmed several clinical trial milestones had been achieved or were on schedule for announcement later in 2026. This maintains the goal of submitting three BLAs for three products during the next three years.

Topline Data From OCU400 Expected In March 2027. The Phase 3 liMeliGhT trial testing OCU400 for retinitis pigmentosa (RP) has completed enrollment. The patients have a 1-year evaluation after treatment, with top-line data expected during March 2027. Ocugen plans to begin a rolling BLA submission with the Manufacturing and Preclinical Data sections later in 2026. The Phase 3 data and clinical sections are expected to be filed shortly after the final analysis. The full filing is expected to be completed in 1Q27. We anticipate 6-month review, with FDA approval received in Fall 2027.

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