Author: cpatches

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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