cpatches, Author at Channelchek

Google to Invest $15 Billion in First AI Hub in India

Posted on October 14, 2025October 14, 2025 by cpatches

New Visakhapatnam facility to accelerate AI innovation, expand infrastructure, and strengthen India–U.S. tech collaboration

Google announced plans to establish its first artificial intelligence (AI) hub in Visakhapatnam (Vizag), Andhra Pradesh, marking its largest-ever investment in India. The $15 billion (USD) commitment, spread over five years from 2026 to 2030, will create a world-class AI and data center ecosystem designed to advance India’s digital and economic transformation.

The new AI hub will integrate AI infrastructure, data center capacity, clean energy generation, and an expanded fiber-optic network, positioning Visakhapatnam as a major AI and connectivity hub for both India and global markets. Developed in partnership with AdaniConneX and Airtel, the purpose-built data center campus will provide gigawatt-scale compute capacity and support low-latency, high-performance AI workloads.

“This digital infrastructure will go a long way in meeting the goals of our India AI mission,” said Shri Ashwini Vaishnaw, India’s Minister for IT. “We thank Google for making this $15 billion investment and for helping re-skill and upskill our IT professionals as part of their agenda.”

Thomas Kurian, CEO of Google Cloud, described the investment as a “landmark step in India’s digital future,” adding that the project reflects a shared commitment by the Indian and U.S. governments to harness AI responsibly for societal benefit.

The initiative aligns with India’s Viksit Bharat 2047 vision, which seeks to drive AI-powered innovation and digital inclusion. According to Google, the hub is expected to generate at least $15 billion in U.S. GDP over five years, reflecting new cross-border economic activity driven by cloud and AI adoption.

The AI hub will also include construction of a new international subsea gateway, connecting multiple subsea cables to Visakhapatnam and integrating with Google’s global network of over two million miles of terrestrial and subsea fiber. The gateway will enhance India’s digital resilience and provide new high-capacity, low-latency pathways that complement existing cable landings in Mumbai and Chennai.

When operational, the Visakhapatnam hub will join Google’s network of AI data centers across 12 countries, benefiting from technology developed by R&D teams in Bengaluru, Hyderabad, and Pune. The project will also advance Google’s sustainability goals, incorporating clean energy generation, transmission lines, and storage systems in Andhra Pradesh to power the facility responsibly.

The announcement comes amid ongoing trade tensions between India and the U.S., including recent tariff disputes and calls for boycotts of foreign goods. Despite the backdrop, Indian officials have reaffirmed their commitment to supporting U.S. investment and facilitating ease of business for multinational partners.

Google’s $15 billion plan follows the company’s broader global data center expansion, with $85 billion in infrastructure spending expected this year alone as demand for AI-driven services accelerates worldwide.

Resources Connection (RGP) – Post Call Commentary

Posted on October 13, 2025October 13, 2025 by cpatches

Monday, October 13, 2025

Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.

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

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

Some Positives. The Company continues on its transformation path and is seeing encouraging signs, in our opinion. For example, the Company saw a return to growth in revenue for both the Europe & Asia- Pac segment and the Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue from the top 10 clients also grew year-over-year, and the enterprise-wide average bill rate increased to $120 on a constant currency basis, up from $118 a year ago.

Ongoing Cost Focus. The other side of the transformation plan is a focus on cost control. RGP continues to make good progress on its SG&A, as reflected in the quarter’s numbers. Post quarter, on September 30, 2025, in the face of continued end market sluggishness, RGP commenced a global reduction in its management and administrative workforce intended to enhance efficiencies through reduced costs and streamlined operations. Management expects approximately $6 million to $8 million of annual cost savings associated with this effort.

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

NN (NNBR) – Noble Virtual Conference Highlights

Posted on October 13, 2025October 13, 2025 by cpatches

Monday, October 13, 2025

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

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

Noble Virtual Conference. NN CEO Harold Bevis, CFO Chris Bohnert, and COO Tim French presented at the Noble Virtual Conference. Highlights included improving end markets outlook, an on track new business win program, and a focus on de-leveraging. A rebroadcast is available at https://www.channelchek.com/videos/nn-inc-nnbr-noble-capital-markets-virtual-conference-replay-october-2025.

Phase 2. NN is entering Phase 2 of its transformation program. Phase 1 structurally rebuilt NN’s operating performance and efficiency through fixing unprofitable areas, improving margins, and entering new markets. Phase 2 is a growth and de-leverage focus, implementing new business programs, expanding the TAM, and addressing the preferred stock.

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

FAT Brands (FAT) – Some Legal Resolution

Posted on October 13, 2025October 13, 2025 by cpatches

Monday, October 13, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

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

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

Legal Resolution. In an 8-K filing, FAT Brands disclosed that the Company and certain current and former directors and officers have reached a settlement agreement with stockholders of the Company to resolve two lawsuits known as Harris I and Harris II. The Derivative Actions were filed in June 2021, relating to the Company’s December 2020 merger with Fog Cutter Capital Group, and in March 2022, relating to the Company’s June 2021 recapitalization.

Details. Under the terms of the settlement agreement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 Class A shares of Twin Hospitality Group Inc. to the Company.

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

CoreCivic, Inc. (CXW) – Noble Virtual Conference Highlights

Posted on October 13, 2025October 13, 2025 by cpatches

Monday, October 13, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

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

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

Noble Virtual Conference. CoreCivic CFO David Garfinkle and Managing Director of Investor Relations Jeb Bachmann presented at the Noble Virtual Conference. Highlights included increased demand, long-term trends, and return of capital. A rebroadcast is available at https://www.channelchek.com/videos/corecivic-cxw-noble-capital-markets-virtual-conference-replay-october-2025.

Market Share. CoreCivic remains the largest non-government owner of correctional and detention real estate in the U.S., owning approximately 57% of all privately owned correctional and detention capacity. The Company manages approximately 41% of all privately managed correctional and detention capacity.

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

Bloom Energy Soars on $5 Billion AI Infrastructure Partnership with Brookfield Asset Management

Posted on October 13, 2025October 13, 2025 by cpatches

Deal positions Bloom as a preferred power provider for Brookfield’s global AI factories and marks Brookfield’s first investment in its dedicated AI Infrastructure strategy

Shares of Bloom Energy (NYSE: BE) surged more than 20% in early trading Monday after the company announced a $5 billion strategic partnership with Brookfield Asset Management (NYSE: BAM, TSX: BAM) to develop and power next-generation AI infrastructure.

Under the agreement, Brookfield will invest up to $5 billion to deploy Bloom’s advanced fuel cell technology as the companies collaborate on the design and construction of “AI factories” — large-scale data centers purpose-built to meet the surging compute and energy demands of artificial intelligence. Bloom Energy will serve as Brookfield’s preferred onsite power provider for these facilities worldwide.

The partnership marks the first phase of a joint AI infrastructure vision and represents Brookfield’s inaugural investment through its newly established AI Infrastructure strategy, which focuses on power, compute, and capital integration for AI data centers. The two companies plan to announce their first European site before the end of the year.

“AI infrastructure must be built like a factory — with purpose, speed, and scale,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “AI factories demand massive power, rapid deployment and real-time responsiveness that legacy grids cannot support. Together with Brookfield, we’re creating a new blueprint for powering AI at scale.”

“Behind-the-meter power solutions are essential to closing the grid gap for AI factories,” added Sikander Rashid, Global Head of AI Infrastructure at Brookfield. “Bloom’s advanced fuel cell technology gives us the unique capability to design and construct modern AI factories with a holistic and innovative approach to power needs.”

A Blueprint for the AI Era

AI data centers are projected to require over 100 gigawatts of power in the U.S. alone by 2035, according to industry estimates. Bloom Energy’s solid oxide fuel cells generate electricity through chemical reactions rather than combustion, providing clean, resilient, and rapidly deployable onsite power — an attractive alternative to traditional grid dependency.

Bloom has already installed hundreds of megawatts of fuel cell systems supporting data centers for American Electric Power, Equinix, and Oracle. The company’s systems can be scaled modularly, reducing construction timelines and improving energy efficiency for high-demand AI applications.

Brookfield, one of the world’s largest alternative asset managers with over $1 trillion in assets under management, has been expanding aggressively into digital and energy infrastructure. Recent commitments include $9.98 billion to develop an AI data center in Sweden and €20 billion for AI projects in France. The firm also holds major stakes in Compass Datacenters, Duke Energy Florida, Colonial Enterprises, and Hotwire Communications, and recently inked a deal to supply Google with up to 3 GW of hydro power in the U.S.

Strategic Implications

The partnership underscores a growing convergence between energy technology and AI infrastructure. As the global race to build AI data centers accelerates, the need for reliable, low-carbon power sources has become a critical bottleneck. Brookfield’s capital and infrastructure expertise, combined with Bloom’s clean power solutions, could provide a scalable model for sustainable AI expansion.

For Bloom Energy, the partnership offers both near-term revenue visibility and long-term positioning at the center of AI-driven energy demand growth. For Brookfield, it establishes a strategic foothold in the AI ecosystem— one that aligns with its global energy transition and infrastructure investment priorities.

IsoEnergy to Acquire Toro Energy, Building a Diversified Uranium Powerhouse Across Canada, the U.S., and Australia

Posted on October 13, 2025October 13, 2025 by cpatches

Transaction strengthens IsoEnergy’s top-tier uranium portfolio with Toro’s flagship Wiluna Project and expands presence in key global jurisdictions amid rising nuclear demand

IsoEnergy Ltd. (NYSE American: ISOU) and Toro Energy Ltd. (ASX: TOE) have entered into a scheme implementation deed under which IsoEnergy will acquire all issued and outstanding ordinary shares of Toro. The all-stock transaction will create a globally diversified uranium developer with significant resources and near-term production potential across Canada, the United States, and Australia.

Under the terms of the agreement, Toro shareholders will receive 0.036 IsoEnergy shares for each Toro share held, representing a 79.7% premium to Toro’s last traded price and a 92.2% premium to its 20-day volume-weighted average price (VWAP). Upon completion, IsoEnergy and Toro shareholders will own approximately 92.9% and 7.1%, respectively, of the combined company on a fully diluted basis. The deal values Toro at approximately AUD 75 million (CAD 68 million / USD 49 million) and is expected to close in the first half of 2026, subject to shareholder and regulatory approvals.

A Strengthened Uranium Platform

The merger will add Toro’s Wiluna Uranium Project in Western Australia — comprising the Centipede-Millipede, Lake Way, and Lake Maitland deposits — to IsoEnergy’s existing portfolio, which includes the ultra-high-grade Hurricane deposit in Canada’s Athabasca Basin, several past-producing U.S. uranium mines, and other exploration assets across North America and Australia.

The combined resource base will include:

55.2 million pounds U₃O₈ (M&I) and 4.9 million pounds U₃O₈ (Inferred) compliant under NI 43-101
78.1 million pounds U₃O₈ (M&I) and 34.6 million pounds U₃O₈ (Inferred) compliant under JORC standards
Historical resources totaling 154.3 million pounds U₃O₈ (M&I) and 88.2 million pounds U₃O₈ (Inferred)

This creates one of the largest and most geographically diversified uranium portfolios among mid-tier developers.

Strategic and Market Rationale

The merger comes amid growing confidence in the uranium market’s long-term outlook. The World Nuclear Association’s 2025 Fuel Report projects uranium demand to rise roughly 30% by 2030 and more than double by 2040. IsoEnergy’s expanded scale and jurisdictional diversification position it to capture value from this structural supply-demand imbalance.

Australia, home to the Wiluna Project, ranks #1 globally for uranium resources and is among the Top 5 producers worldwide. Western Australia is emerging as a key uranium jurisdiction alongside Cameco’s Kintyre and Yeelirrie projects and Deep Yellow’s Mulga Rock development.

“The acquisition of Toro Energy marks another important step in advancing IsoEnergy’s strategy to build a globally diversified, development-ready uranium platform,” said Philip Williams, CEO and Director of IsoEnergy. “The Wiluna Uranium Project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction at a time when global nuclear demand is accelerating.”

Richard Homsany, Executive Chairman of Toro, added, “This transaction creates significant value for our shareholders and provides an opportunity to participate in a larger, leading uranium company listed on the TSX and NYSE. Toro shareholders will gain exposure to a diverse uranium portfolio with strong growth potential and enhanced access to capital.”

Positioned for Growth

The merged entity will have enhanced balance sheet strength, improved access to global capital markets, and a broader platform for value-accretive growth opportunities across the uranium cycle. Following completion, Toro will be delisted from the Australian Securities Exchange (ASX), while IsoEnergy will remain publicly traded in Toronto and New York.

The deal follows IsoEnergy’s previously announced — and later terminated — plan to acquire Anfield Energy in early 2024, reflecting the company’s continued pursuit of strategic, scale-building opportunities in the uranium sector. Major Toro shareholders, including Mega Uranium Ltd. (12.7%) and its associate Mega Redport Pty Ltd., have indicated their intention to vote in favor of the scheme, provided no superior proposal emerges.

Bristol Myers Squibb Expands Cell Therapy Reach with $1.5 Billion Acquisition of Orbital Therapeutics

Posted on October 10, 2025October 10, 2025 by cpatches

Deal strengthens BMS’s leadership in cell therapy and adds next-generation RNA platform for in vivo CAR-T development

Bristol Myers Squibb (NYSE: BMY) announced it will acquire Orbital Therapeutics, a privately held biotechnology company pioneering RNA medicines designed to reprogram the immune system in vivo. The $1.5 billion all-cash deal expands BMS’s industry-leading cell therapy portfolio with Orbital’s proprietary RNA technology and its lead preclinical candidate, OTX-201, a next-generation CAR T-cell therapy for autoimmune diseases.

Orbital’s OTX-201 uses circular RNA encoding a CD19-targeted CAR, delivered via lipid nanoparticles (LNPs), to trigger in vivo expression of CAR T-cells — effectively transforming the patient’s own body into a CAR T-cell manufacturing system. This approach could significantly reduce treatment burden and broaden accessibility compared to traditional ex vivo CAR T-cell therapies.

The transaction, subject to customary closing conditions and regulatory review under the Hart-Scott-Rodino Act, marks Bristol Myers Squibb’s first major acquisition of 2025. The company has been seeking to diversify beyond mature blockbusters such as Eliquis and Revlimid, reinforcing investor confidence in its long-term growth trajectory through next-generation therapies.

“This agreement with Bristol Myers Squibb, a recognized leader in global medicine, marks a transformational moment for Orbital and the advancement of RNA medicine,” said Ron Philip, Chief Executive Officer of Orbital Therapeutics. “The promising early data from our lead program underscore the potential of our integrated RNA technologies to deliver simpler, safer, and more accessible treatments.”

“With the acquisition of Orbital Therapeutics and its next-generation RNA platform, we have an incredible opportunity to make CAR T-cell therapy more efficient and accessible to more patients,” added Lynelle B. Hoch, President of BMS’s Cell Therapy Organization.

Orbital’s RNA platform integrates circular and linear RNA engineering, advanced LNP delivery, and AI-driven design to enable programmable RNA therapies that can be tailored to a wide range of diseases. Beyond its autoimmune focus, the technology could have broad applications across oncology and other immune-mediated disorders.

This move positions BMS alongside other major pharmaceutical companies racing to develop in vivo cell therapies. AbbVie acquired Capstan Therapeutics in a $2.1 billion deal in June, Gilead’s Kite Pharma purchased Interius BioTherapeutics for $350 million in August, and AstraZeneca made a $1 billion buyout of EsoBiotec earlier this year.

BMS has been steadily building its cell therapy capabilities since its 2019 acquisition of Celgene, which brought in CAR T programs from bluebird bio and Juno Therapeutics. Earlier this year, it also acquired 2seventy bio for $286 million, consolidating full ownership of Abecma, a CAR T therapy for multiple myeloma.

Founded in 2022 and backed by Arch Venture Partners and other investors, Orbital Therapeutics raised $270 million in 2023 to advance its RNA platform under the leadership of former Spark Therapeutics CEO Ron Philip. The company identified in vivo CAR T-cell therapies as its first clinical focus — a vision that now aligns with BMS’s strategy to drive innovation in autoimmune and cell-based therapies.

AZZ (AZZ) – A Multi-Year Growth Story

Posted on October 10, 2025October 10, 2025 by cpatches

Friday, October 10, 2025

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

FY 2026 second-quarter results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We projected adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the prior year quarter.

Updating estimates. We have lowered our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $1.642 billion, $369.2 million, and $5.98 per share, respectively, from $1.660 billion, $374.9 million, and $6.00 per share. Our revised forecasts reflect second-quarter results and more moderate sales growth in the second half of the year. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates could prove conservative if AZZ is successful in consummating acquisitions, which we do not reflect in our estimates until announced.

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Runway Growth Finance to Acquire SWK Holdings in $220 Million NAV-for-NAV Merger

Posted on October 10, 2025October 10, 2025 by cpatches

Transaction expands Runway’s healthcare and life sciences footprint and strengthens its specialty finance platform

Runway Growth Finance Corp. (Nasdaq: RWAY) announced it has entered into a definitive merger agreement to acquire SWK Holdings Corporation (Nasdaq: SWKH) in a net asset value (“NAV”)-for-NAV transaction valued at approximately $220 million, based on SWK’s June 30, 2025 financials and estimated transaction expenses. The deal combines two specialty finance firms with complementary portfolios and shared focus on non-dilutive, growth-oriented capital solutions.

Under the terms of the agreement, consideration to SWK stockholders will include $75.5 million in Runway Growth shares valued at closing NAV per share and approximately $145 million in cash, subject to final NAV adjustments prior to closing. In addition, Runway Growth Capital LLC, Runway’s external investment adviser and an affiliate of BC Partners Advisors L.P., will contribute $9 million in cash to SWK stockholders, separate from the primary merger consideration.

Strategic Expansion in Healthcare and Life Sciences

The merger significantly enhances Runway’s exposure to the healthcare and life sciences sectors. Upon completion, healthcare investments will comprise approximately 31% of Runway’s portfolio, up from 14% as of June 30, 2025. The combined company will have an estimated $1.3 billion in total assets, providing greater scale, diversification, and a broader investment platform for future growth.

SWK Holdings specializes in providing minimally dilutive financing to small- and mid-sized, commercial-stage healthcare companies through structured debt, royalty monetization, and asset-based transactions. Integrating SWK’s portfolio and experienced life sciences team will expand Runway’s deal sourcing and underwriting capabilities in one of the fastest-growing areas of specialty finance.

Enhanced Financial Profile and Growth Opportunities

Runway expects the transaction to be accretive to net investment income (NII) by the first full quarter post-closing, generating mid-single-digit run-rate NII accretion, while improving dividend coverage and return on equity (ROE). The company also anticipates a pro forma leverage ratio increase, expanding its nominal borrowing capacity and supporting continued risk-adjusted returns.

“This transaction meaningfully advances our strategy to diversify and optimize our portfolio by adding SWK’s high-quality investments in healthcare and life sciences,” said David Spreng, Founder and CEO of Runway Growth Finance. “We’re enhancing our earnings power while reinforcing portfolio strength and positioning for long-term value creation. With the support of BC Partners, we continue to pursue both organic and inorganic growth opportunities as a permanent capital vehicle backed by the $10 billion BC Partners Credit platform.”

A Repeatable Blueprint for Growth

Runway described the merger as a non-dilutive, repeatable model for future transactions within the venture and growth lending ecosystem. The company expects to benefit from both expanded scale and greater market visibility through the issuance of Runway Growth shares to SWK stockholders, broadening its shareholder base and trading liquidity.

Company Overviews

Runway Growth Finance Corp. is a specialty finance company providing flexible debt and structured financing to late- and growth-stage companies seeking an alternative to equity dilution. The company operates as a closed-end investment fund regulated as a business development company (BDC) under the Investment Company Act of 1940 and is externally managed by Runway Growth Capital LLC.

SWK Holdings Corporation is a life sciences-focused specialty finance company that partners with small- and mid-sized healthcare firms to fund the development and commercialization of medical technologies. Its customized financing solutions typically range from $5 million to $25 million and are designed to support long-term value creation while minimizing equity dilution.

Noble Capital Markets Emerging Growth Virtual Equity Conference – October 2025 – Presentation Replays

Posted on September 4, 2025October 9, 2025 by cpatches

Investor / Attendee Registration

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October 8 – Presenting Company Replays

**Alpha Cognition (ACOG)**
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**Charles River Associates (CRAI)**
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**Alliance Entertainment (AENT)**
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**The Oncology Institute (TOI)**
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**Alliance Resource Partners (ARLP)**
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**Superior Group of Companies (SGC)**
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**Aspire Biopharma (ASBP)**
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**Sky Harbour Group (SKYH)**
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**Townsquare Media (TSQ)**
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**Saga Communications (SGA)**
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October 9 – Presenting Company Replays

**Cocrystal Pharma (COCP)**
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**Vince Holding (VNCE)**
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**Cardiff Oncology (CRDF)**
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**Birchtech Technologies (BCHT)**
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**SKYX Platforms (SKYX)**
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**First Phosphate (FRSPF)**
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Participating in 1×1 Meetings Only

Bit Digital (BTBT) – More News; Updated Model

Posted on July 18, 2025July 18, 2025 by cpatches

Friday, July 18, 2025

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

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

Updated Model. Earlier this week, Bit Digital announced preliminary revenue for 2Q25 in the $24.3-$26.9 million range, which is modestly below our and consensus estimates. The difference, in our view, is likely driven by the push to the right of some contracts. We are not too concerned as of now, as we expect the contracts to come online this year.

Adjusted Numbers. We lowered our 2Q revenue expectation to $25.3 million from a prior $31.6 million, with the biggest change coming in the Cloud Services and Mining line items. Net loss is now at $4.4 million, or $0.02/sh, versus a prior loss of $1.4 million, or $0.01/sh.

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

Crypto Market Hits $4 Trillion — Bitcoin Leads, Ethereum Follows with ETF Tailwind

Posted on July 18, 2025July 18, 2025 by cpatches

The total cryptocurrency market cap has hit a record $4 trillion, led by a surge in Bitcoin past $120,000 and strong momentum in Ethereum, which is up 40% this month. The rally is being driven by ETF inflows, a surge in altcoins, and recent U.S. regulatory developments targeting stablecoins. With institutional interest on the rise, some analysts believe Bitcoin could reach $150,000 in the coming weeks.

Crypto Breaks Records — Again

Digital assets are once again front and center as the total cryptocurrency market capitalization surpassed $4 trillion this week — a new all-time high. Bitcoin (BTC), which makes up about 60% of the market, recently broke above $120,000, while Ethereum (ETH) is up roughly 40% month-to-date, including a 22% gain over the past five days.

The surge is being fueled by renewed investor enthusiasm, inflows into U.S.-listed crypto ETFs, and increased altcoin activity. Ethereum’s rally, in particular, has been boosted by over $1.7 billion in ETF inflows this week, a record for the token.

ETF Inflows and Institutional Interest

U.S.-listed ETFs continue to play a central role in the crypto market’s expansion. Bitcoin funds have seen more than $5 billion in inflows in July alone, while Ether ETFs have drawn nearly $3 billion. These instruments are giving both retail and institutional investors easier access to crypto exposure — and appear to be accelerating price momentum.

Altcoins Join the Party

While Bitcoin and Ethereum are leading headlines, altcoins are also seeing significant upside. Uniswap (UNI), for instance, surged double digits in early trading today. Broader altcoin strength has contributed to the market’s $4T milestone and reflects growing risk appetite among crypto investors.

Regulators Step In — Stablecoins Targeted

Adding to the momentum: policy clarity. For the first time, U.S. lawmakers passed legislation to regulate stablecoins — digital tokens pegged to fiat currencies — introducing both federal and state oversight for what is now a $265 billion market. The move is seen by many as an attempt to legitimize digital dollar substitutes and give institutional investors greater confidence in the space.

Looking Ahead

With sentiment bullish and regulatory frameworks starting to take shape, many market watchers believe the rally could continue. Some analysts are calling for Bitcoin to reach $150,000 in the near term, citing continued ETF inflows, reduced selling pressure, and growing demand from global investors.

📈 Historical Context

The previous all-time crypto market cap high was $3 trillion in November 2021, before falling below $900 billion during the 2022 bear market.
Bitcoin’s all-time low was below $70 in 2013. It hit $20,000 in late 2017, $69,000 in 2021, and now $120,000 in July 2025.
Ethereum launched in 2015 at under $1. Its current rally has pushed it back toward all-time highs set in 2021 (~$4,800).
The first U.S.-listed spot Bitcoin ETF was approved in January 2024, igniting a fresh wave of institutional participation.