Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Phase I Drilling at Douay. Maple Gold Mines commenced a Phase I diamond drilling program at the Douay Gold project that is expected to last three to four months. The company’s drilling program will entail a minimum of 10,000 meters of diamond drilling, with ~70% dedicated to de-risking and expanding the Douay mineral resource and 30% for testing new regional geological and geophysical targets. At the Douay gold project, the goal is to expand and upgrade the current three-million-ounce gold resource to five million ounces. The first phase will target shallow portions of the Douay system at a vertical depth of less than 500 meters, while the second phase will test vertical depths greater than 500 meters.
Drilling at Joutel is planned in 2H 2025. An additional 3,000 meters of diamond drilling is planned at Joutel in the second half of 2025 to extend the known high-grade gold mineralization along the past-producing Eagle-Telbel mine trend.
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Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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Executive Order. Monday, President Trump signed an Executive Order for the temporary withdrawal of all areas on the Outer Continental Shelf (OCS) from offshore wind leasing as well as a review of the federal government’s leasing and permitting practices for wind projects. This withdrawal temporarily prevents consideration of any area in the OCS for any new or renewed wind energy leasing for the purposes of generation of electricity or any other such use derived from the use of wind.
Impact on GLDD. Notably, nothing in the withdrawal affects rights under existing leases in the withdrawn areas. However, the President has directed the Secretary of the Interior to comprehensively review the ecological, economic, and environmental necessity of terminating or amending any existing wind energy leases. Great Lakes’ two existing projects, Empire Wind and Sunrise Wind, have already undergone extensive governmental review and, presumably, should go forward.
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Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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We Are Initiating Coverage With An Outperform Rating. Nutriband, Inc. is a pharmaceutical company developing transdermal patch technologies for drug delivery. Its proprietary technology, known as AVERSA, has abuse-deterrent features with important differences from other transdermal patches on the market. The lead product is AVERSA Fentanyl, an abuse-deterrent transdermal patch for delivering fentanyl that improves safety, compliance, and patient comfort.
Only One Clinical Trial Is Required For the 505 (b)(2) New Drug Application. AVERSA Fentanyl can follow the 505(b)(2) regulatory pathway with only a single Phase 1 clinical abuse potential study required to support the new label claims. We expect this study to begin in 1H25, announce results in 2H25, and file an NDA around YE2025 to early 2026.
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Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Preliminary Q4 results. The company announced preliminary Q4 results that were in-line with previously issued guidance. The company expects Q4 revenue to be in the range of $117 million – $119 million and adj. EBITDA to be approximately $31 million. Notably, the company’s digital segment is expected to increase revenue by 11% over the comparable year-earlier period.
In line results. The Q4 preliminary results exceed our revenue estimate of $115.0 million, and our adj. EBITDA estimate of $30.4 million. Preliminary results and our Q4 and full year 2024 forecasts are illustrated in Figure #1 & Figure #2, respectively.
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Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Agreement with Hexas Biomass. Comstock Fuels executed an agreement with Hexas Biomass Inc. to acquire an exclusive worldwide license to Hexas’ intellectual properties in liquid fuels applications, subject to certain pre-existing agreements and relationships. Moreover, Hexas will provide development services in connection with Comstock Fuels’ site development and innovation activities. Comstock Fuels will invest $500,000 in Hexas to be paid in four tranches on January 15, January 31, February 28, and March 31, 2025.
High yield energy crops. Hexas has developed a portfolio of proprietary intellectual properties supporting the propagation, production, harvesting, and processing of purpose-grown energy crops with yields exceeding 25 to 30 dry metric tons per acre per year, or about 4 to 7 times the yields of traditional forestry species.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Paving the way for an off-take agreement. Century Lithium recently executed a non-binding memorandum of understanding (MOU) to formalize a multi-year off-take agreement with Orica Specialty Chemicals to purchase sodium hydroxide from Century Lithium’s wholly owned Angel Island project. Orica is a leading mining and infrastructure solutions provider, the largest producer of sodium cyanide, and a supplier of specialty mining chemicals to Nevada’s mining industry.
Initial term of five years. The contemplated off-take agreement will have an initial term of five years and a right of first offer for an additional five years. It would account for a large portion of the surplus sodium hydroxide produced during the early years of the Angel Island project’s operation. A definitive agreement will contain pricing terms.
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GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
GeoVax Starts The Year By Announcing Phase 2 Trial For Gedeptin. GeoVax has announced that a Phase 2 trial for Gedeptin, its gene therapy for delivering cytotoxic cancer drugs, is planned to start in 1H25. As we expected, the trial will test Gedeptin with a checkpoint inhibitor in patients with recurrent squamous cell carcinoma of the head and neck (SCCHN).
Gedeptin Delivers A Gene To Activate The Cancer Drug In The Tumor. Gedeptin is based on the Gene-Directed Enzyme Prodrug Therapy (GDEPT) technology platform. It uses an adenovirus vector to deliver the E. coli PNP gene to cancer cells. Once inside the cells, the gene produces an enzyme that converts an inactive prodrug (fludarabine) into an active cytotoxic drug. This increases the drug’s potency inside the cancer cells while avoiding healthy tissue. Gedeptin has completed Phase 1/2 trials in advanced head and neck cancer and has been granted Orphan Drug Designation for oral and pharyngeal cancers.
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Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale of the M/V Diamantis P. A wholly owned subsidiary of Euroseas sold the M/V Diamantis P for ~$13.2 million and delivered the vessel to its new owners on January 15. Recall that the Diamantis P is a feeder containership that was built in 1998. The transaction is expected to result in a gain on sale of ~$10.2 million.
Spin-off transaction. Recall that Euroseas announced its intention to spin off three of its subsidiaries, two owning the M/V Aegean Express and M/V Joanna, and one that owned the M/V Diamantis P (prior to its sale) into Euroholdings Ltd. In exchange, Euroseas will receive 100% of the shares of Euroholdings Ltd., which will then be distributed to its shareholders (please refer to our note dated January 3 for transaction details).
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Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Commercial expansion. On January 15th, the company announced that it will begin supplying its products to real estate developer Jeremiah Baron Companies. The developer has mixed-use residential and commercial projects underway in Florida. The partnership is expected to encompass approximately 1,000 units, which we believe equates to roughly 30,000 receptacles.
Seeding for the future. The company will initially supply receptacles to the developer, followed by plug-in products in the later stages of development, such as chandeliers, ceiling fans, and others. Importantly, the company’s fixtures, which plug into the receptacles, sell at higher prices. As such, we expect initial revenue impacts from the partnership to be modest, followed by a more meaningful impact when the units are ready for the installation of plug-in products. We anticipate that the development of the mixed-use project will extend into 2026.
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Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New Business Wins. NN reported full-year 2024 new business wins of $73 million, exceeding the high end of the Company’s guidance. This is the second consecutive year of record annualized new business wins, up from the previous record of $63 million in 2023. The new wins were in key focus areas such as vehicle control, energy efficiency, electrical grid components, and medical components.
Driving to the Five-Year Goal. With another record year of new business wins, NN remains on track to meet its five-year goal of $325 million in new business wins, which will, in turn, be a key driver in the Company’s organic growth to $600 million in sales. Notably, we expect management to also seek inorganic growth opportunities, especially in the medical and electrical segments, to drive the five-year revenue goal even higher.
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Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Recent weak stock performance. The SGA shares are down roughly 24% over the past six months and nearly 50% over the past year to near current levels. The performance is in line with its peer group, which is down approximately 45% over the past year. We believe that investors have thrown the baby out with the bath water, given that SGA has virtually no debt, unlike its highly debt levered peers, and has better revenue and cash flow growth potential.
Increased stake. Given the recent stock performance, Gate City Capital Management, LLC, a micro-cap focused investment firm, announced on January 8 that it nearly doubled its position during December 2024. Gate City Capital Management, LLC now owns 863,845 shares or approximately 13.8% of the total outstanding shares.
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Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q25 Results. Revenue came in at $115.8 million, down 23.8% y-o-y. Revenue was below our estimate, consensus estimate, and management’s 4Q24 commentary. Adjusted EBITDA loss totaled $19.4 million, again below our estimate, consensus estimate, and management’s 4Q24 commentary. Comtech reported a GAAP net loss of $5.29/sh versus a loss of $0.11/sh in 1Q24. Adjusted net loss was $1.27/sh compared to EPS of $0.26/sh last year.
Segments. Terrestrial &Wireless revenue of $56.9 million rose 14.9% y-o-y. Adjusted EBITDA was $11 million, up 14% y-o-y. Book-to-bill was 1.22x. Satellite & Space segment revenue of $58.9 million declined 42.5% y-o-y, driven by a combination of divestitures and suboptimal performance. Segment adjusted EBITDA was a negative $21.1 million, while book-to-bill was 0.99x.
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Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Special meeting of stockholders. Comstock will host a virtual special meeting of stockholders on February 14 at 9:00 a.m. PT. Stockholders of record, as of January 2, are asked to vote to authorize a reverse stock split of the company’s issued and outstanding common stock at a ratio ranging from one-for-five to one-for-twenty, with the timing and ratio to be determined by the Board. There will be no reduction or change to Comstock’s 245,000,000 authorized share count. The primary goal of the reverse split is to increase the number of shares available for issuance should the company need to raise additional capital.
Convertible promissory note financing. Comstock recently executed a 6.0% convertible promissory note agreement with a principal amount of $10,638,298 to Kips Bay Select, LP. The note is due on April 10, 2026. On the initial closing date, Kips Bay will fund $5,000,000 which will result in an aggregate principal amount of $5,319,149, including the original issue discount. Following and contingent on the reverse split, Comstock could receive additional funding of $5,000,000 in a second tranche, likely next month, on the same terms. Kips Bay could also receive restricted shares equal to 2% of the principal amount of the convertible note and registered shares equal to 3% of the principal amount.
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