cpatches, Author at Channelchek

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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*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.

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

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)**
**WATCH REPLAY**

**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.

Social Mobile to Acquire Sonim Technologies in $20 Million All-Cash Deal

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

Deal Enhances Social Mobile’s Position in Enterprise Mobility and Expands Carrier Channel Reach

In a strategic move to strengthen its leadership in the enterprise mobility space, Social Mobile announced it has entered into a definitive agreement to acquire the assets and liabilities of Sonim Technologies (NASDAQ: SONM). The all-cash transaction is valued at $20 million, including a $5 million potential earn-out, and is expected to close in the fourth quarter of 2025, pending customary closing conditions.

The acquisition aligns with Social Mobile’s long-term strategy to expand its footprint in the purpose-built enterprise mobility market. Sonim Technologies, known for its rugged mobile solutions trusted by first responders, government agencies, and Fortune 500 companies, brings a complementary product portfolio and proven expertise in mission-critical communications to Social Mobile’s custom enterprise offerings.

“This acquisition creates a powerful synergy between Sonim’s durable, field-tested devices and Social Mobile’s scalable, custom mobility solutions,” said a spokesperson for Social Mobile. “Together, we are better positioned to deliver innovative, secure, and tailored mobility ecosystems that meet the evolving needs of our global clients.”

Sonim’s Board of Directors has approved the agreement.

Founded in 1999, Sonim Technologies has established itself as a leading U.S. provider of ultra-rugged phones, wireless data devices, and accessories, with a distribution footprint across North America, EMEA, and Asia-Pacific. The company’s products are widely adopted in industries where durability, security, and performance are non-negotiable.

For Social Mobile, a Google-certified Android Enterprise Gold Partner, this acquisition not only enhances its enterprise-grade product suite but also significantly expands its sellable addressable market, particularly through carrier channels where Sonim has longstanding relationships.

Social Mobile specializes in developing custom mobility solutions for clients across healthcare, transportation, retail, and defense. With over 15 million devices distributed globally, the company offers end-to-end services from design and deployment to lifecycle management, ensuring product availability and operational efficiency at scale.

As enterprise mobility demand continues to rise, the combined capabilities of Social Mobile and Sonim are expected to unlock new revenue opportunities and deliver greater value to customers looking for rugged, reliable, and custom-built mobile solutions.

V2X (VVX) – An $118 Million Contract

Posted on June 27, 2025June 27, 2025 by cpatches

Friday, June 27, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

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.

Support Services. According to the daily Department of Defense contract announcements, V2X subsidiary Vectrus Systems has been awarded an $118 million cost-plus-fixed-fee undefinitized contract for base support services in support of the Iraq F-16 program. This is another in a long line of recent wins for V2X, demonstrating the V2X value proposition and confirming the significant traction on near-term Foreign Military and International opportunities previously highlighted by management.

Details. The contract provides for base operating support, base life support, and security services. Work will be performed at Martyr BG Ali Flaih Air Base, Iraq, and is expected to be completed by Nov. 30, 2026. This contract involves Foreign Military Sales (FMS) to Iraq. This contract was a sole source acquisition. FMS funds in the amount of $57.8 million are being obligated at the time of award.

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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).

Steelcase (SCS) – Post Call Commentary

Posted on June 27, 2025June 27, 2025 by cpatches

Friday, June 27, 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.

Mixed Environment. Steelcase continues to face a mixed environment, both on a vertical basis and a geographical basis. The key large corporate customer cohort is doing well, driven by a number of factors such as return to office, but education and government have been hit by funding uncertainties. Germany and France remain sluggish in the key small-to-mid-sized business, but India and China are doing better.

International Actions. Steelcase is taking steps to implement additional cost reduction efforts in Europe, given the weak macroeconomic factors and lower demand in France and Germany. A goal of these actions is to get the International segment back to profitability.

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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).

Bit Digital (BTBT) – A Flurry of News

Posted on June 27, 2025June 27, 2025 by cpatches

Friday, June 27, 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.

News. Bit Digital released a flurry of news over the past two days, including a strategic shift in its business strategy, the potential IPO of its WhiteFiber subsidiary, and a $150 million equity offering. Needless to say, a lot to digest. If completed, the announced shifts would result in a significant change to Bit Digital.

Ethereum Focus. Operationally, Bit Digital will exit the bitcoin mining business and transition to become a pure-play Ethereum staking and treasury company. Given the economics of bitcoin mining versus Ethereum staking, we see the rationale in the move. The Company has commenced a strategic alternatives process for the Bitcoin mining operations.

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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).