Author: cpereira@noblefcm.com

Aurania Resources Partners (AUIAF) – Making Progress on Multiple Fronts

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Tuesday, April 01, 2025

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.

Concession renewal in Ecuador. In March, Aurania filed the appropriate documentation for the 2025 renewal of its 42 mineral exploration concessions in southeastern Ecuador, along with a request to enter into an agreement for payment of the annual concession fees. The request was accepted, and the company is working with various governmental departments to negotiate an agreement. Aurania considers that by filing the concession renewals prior to the March 31 deadline, it maintains its property in Ecuador in good standing while a payment agreement is being finalized.

Kuri-Yawi IP geophysical survey. An induced polarization survey was completed at the Kuri-Yawi epithermal gold target in late 2024. The survey confirmed the presence of a conductive area, which could be an epithermal conduit that Aurania has been targeting. Aurania’s geologists are currently studying and comparing data compiled to date from the IP survey, an airborne magnetic survey, field work, previous drilling data, and a MobileMT survey to define the best possible drill hole locations for a future drilling program.


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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. 

Snail, Inc. (SNAL) – 2025 To Headline Diversification Efforts

Posted on by cpereira@noblefcm.com


Monday, March 31, 2025

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Solid Q4 results. The company reported Q4 revenue and adj. EBITDA of $26.2 million and $1.6 million, respectively. While revenue was modestly better than our estimate of $25.0 million, adj. EBITDA was a tad softer. Notably, the variance in adj. EBITDA was driven by an increased focus on in-house development, resulting in higher R&D costs. We view the company’s efforts to diversify its revenue stream as a favorable development.

Portfolio expansion. The company has been taking steps to offer more games and products that could drive revenue diversification. Notably, the company launched ARK: Ultimate Mobile Edition in December and gained over 2 million users during the month. Additionally, the company soft launched a new mobile app, SaltyTV, which offers original short film content. Furthermore, the company acquired eleven games in 2024, with several releases expected in 2025.


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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. 

Direct Digital Holdings (DRCT) – With Revenues On The Mend, Attention Turns To Debt Refinancing

Posted on by cpereira@noblefcm.com


Friday, March 28, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q4 in line with previously revised guidance. Q4 and full year 2024 revenue of $9.1 million and $62.3 million, respectively, were in line with the company’s revised guidance but were below our expectations of $14.5 million and $67.7 million, respectively. Consequently, an adj. EBITDA loss of $3.4 million was below our estimate of a loss of $2.3 million. We believe that investors will likely focus on the revenue outlook, which appears encouraging. 

A sanguine revenue outlook. Management highlighted recent client “wins”, which are expected to be reflected starting in Q2. We believe that this gave management confidence to provide full year 2025 revenue guidance of $90 million to $110 million. The high margin Buy Side segment is expected to be a key area of focus to grow revenue and achieve improved cash flow. 


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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. 

Steelcase Inc. (SCS) – Order Growth Remains Solid in 4Q25

Posted on by cpereira@noblefcm.com


Friday, March 28, 2025

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.

4Q Results. Revenue of $788 million rose 1.7% y-o-y, exceeded our expectation of $775 million, and was at the high end of guidance. Impacted by the revenue mix, gross margin of 31.9% was below our 33.3% projection. Adjusted EBITDA came in at $40.4 million, below our $52.5 million projection. Net income, aided by $21.8 million of favorable tax items, totaled $27.6 million, or $0.23/sh. Adjusted EPS was $0.26, up from $0.23 last year.

Promising Order Growth. Organic order growth in the fourth quarter was 9%, driven by a 12% increase in Americas orders and 1% International order growth. This was the sixth consecutive quarter of year-over-year order growth in the Americas, reflecting continued gains in market share, in our view. Order growth was seen across most customer segments, with especially strong growth from large corporate and government customers.


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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. 

GeoVax Labs (GOVX) – 4Q24 Reported With Updates On Upcoming Clinical Trials

Posted on by cpereira@noblefcm.com


Friday, March 28, 2025

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.

4Q24 Meets Expectations As Pipeline Advances. GeoVax reported 4Q24 loss of $8.3 million or $(0.88) per share and a loss of $25.0 million or $(4.82) per share for FY2024. The company updated its three clinical programs with CM04S1, the Gedeptin Phase 2, and the MVA program, which continue to make progress as expected. On December 31, 2024, cash on hand was $5.5 million, excluding the proceeds of a $4.5 million offering completed in March 2025.

Clinical Supplies Were Made for the CM04S1 Phase 2b BARDA Trial. Geovax has manufactured clinical supplies for the Phase 2b trial, testing CM04S1 as a booster for healthy adults who have received an mRNA vaccine against COVID-19. This trial is sponsored by a BARDA grant, with estimated revenues of $25 to $45 million for the company, plus about $350 million allocated for direct clinical trial expenses. The trial is now expected to begin late in 2025 to early 2026.


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Century Lithium Corp. (CYDVF) – Preparing for the Inevitable Upturn in Lithium Demand and Pricing

Posted on by cpereira@noblefcm.com


Friday, March 28, 2025

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.

Investor webinar. Century Lithium recently discussed the Angel Island Lithium project during an insightful investor webinar. Key highlights included: 1) Angel Island is an advanced project with one of the largest lithium deposits in the United States, 2) the project employs a proven patent-pending process for chloride leaching, along with direct lithium extraction to produce lithium carbonate, 3) Century has a secured a 1,770 acre-feet per year water rights permit, and 4) the company has demonstrated its ability to consistently produce battery grade lithium carbonate on-site at its pilot plant in Amargosa Valley, Nevada.

Updated feasibility study. Century Lithium recently completed an initial internal optimization study of the project and identified potential cost reductions of up to 25%, or $395.2 million, associated with the project’s Phase I capital expenditures totaling $1,580.7 billion. We think additional cost-reduction measures could apply to the second and third production phases of the project. Century expects to complete an updated feasibility study as early as by year-end.


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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).

*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. 

Snail, Inc. (SNAL) – A First Look At Q4 Results

Posted on by cpereira@noblefcm.com


Thursday, March 27, 2025

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

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.

Solid Q4 results. The company reported Q4 revenue and adj. EBITDA of $26.2 million and $1.6 million, respectively. While revenue was modestly better than our estimate of $25.0 million, adj. EBITDA was a tad softer, as illustrated in Figure #1 Q4 Results. Notably, the variance in adj. EBITDA was driven by an increased focus on in-house development, resulting in higher R&D costs. We view the company’s efforts to diversify its revenue stream as a favorable development.

Portfolio expansion. The company has been taking steps to offer more games and products that could drive revenue diversification. Notably, the company launched ARK: Ultimate Mobile Edition in December and gained over 2 million users during the month. Additionally, the company soft launched a new mobile app, SaltyTV, which offers original short film content. Furthermore, the company acquired eleven games in 2024, with several releases expected in 2025.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*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. 

SKYX Platforms (SKYX) – Expecting Revenue Growth Momentum Throughout 2025

Posted on by cpereira@noblefcm.com


Tuesday, March 25, 2025

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.

Favorable revenue growth. The company reported 7% year-over-year revenue growth to $23.7 million, largely in line with our estimate of $24.0 million. The adj. EBITDA loss of $3.8 million was greater than our estimated loss of $2.1 million, due to gross margin compression resulting from a shift in product mix on the company’s lighting website.

Mandatory standardization application. Management noted that the company’s team responsible for applying the mandatory standardization to the National Electrical Code believes it will receive assistance from certain key organizations during its application process. This is due to the significant safety advantages of the company’s technology. We view this development favorably, as the prospect of mandatory standardization represents a potentially transformative revenue opportunity for 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).

Tonix Pharmaceuticals (TNXP) – FDA Sends Positive Signal For Tonmya Approval With No Advisory Committee Meeting Needed

Posted on by cpereira@noblefcm.com


Tuesday, March 25, 2025

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

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.

No Advisory Panel Required. Tonix has been informed that the FDA will not require an Advisory Committee Meeting to determine approvability of the NDA for Tonmya (TNX-102 SL). We see this as a sign that the NDA review has not raised questions about the clinical trial data, potential patient use, or other factors that would be answered by an Advisory Committee. Since the trial met its primary endpoint and all six secondary endpoints with high statistical significance, we interpret this to be a positive sign.

FDA Advisory Panel Hearings Evaluate and Provide Insight To Trial Data. As part of its NDA review process, the FDA may schedule an Advisory Committee hearing. The committee members each bring expertise in aspects of clinical practice, research, or statistical analysis. At a hearing, the company presents its analysis of the trial and the data, followed by the FDA’s analysis. The Committee members then ask questions to make recommendations for or against NDA approval and/or product labeling. We see the review without an Advisory Committee as a sign that the FDA does not need additional information on efficacy or safety.


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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. 

Eledon Pharmaceuticals (ELDN) – All’s Well That Continues Well For Tegoprubart

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Monday, March 24, 2025

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.

Eledon Reported 4Q24 Results and Reviewed Progress During The Quarter. Eledon reported a loss for 4Q24 of $44.6 million or $(0.64) per share and $36.2 million or $(0.75) per share for FY2024. Cash and equivalents on December 31, 2024 was $140.2 million, which is expected to fund operations through YE2026. Based on our estimated loss for 1Q25, we project the cash balance on March 31, 2025 to be about $115 million to $120 million.

Tegoprubart Has Clinical Trial Milestones Ahead.  Enrollment in the Phase 2 BESTOW trial for prevention of kidney transplant rejection was completed ahead of schedule in August 2024 due to higher than anticipated interest from transplant surgeons. We anticipate top-line results in 4Q25. The Phase 1b open-label trial continues to evaluate patients and is expected to provide an interim data update in mid-year 2025.


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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. 

Xcel Brands (XELB) – Reverse Split Addresses NASDAQ Listing Requirement.

Posted on by cpereira@noblefcm.com


Monday, March 24, 2025

Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Reverse split. On March 21, 2025, the company announced a one-for-ten reverse stock split that will take effect at market open on March 25, 2025. Notably, we view the reverse split as a favorable development in the company’s efforts to satisfy NASDAQ’s minimum share price listing requirement of $1. In order to meet NASDAQ’s listing requirement, the XELB shares will need to close above $1 for ten consecutive trading days. Given the current share price of $0.32, we believe the company will likely regain NASDAQ compliance following the reverse split.

Reverse split details. In connection with the reverse split, the company will pay out cash considerations in lieu of issuing fractional shares, and proportionately adjust the underlying common stock and exercise prices of outstanding stock options and warrants. Additionally, the company will continue to trade under the XELB ticker, but will use a new CUSIP number of 98400M200.


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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. 

The GEO Group (GEO) – An Investor Day Full of Opportunity; Raising PT to $35

Posted on by cpereira@noblefcm.com


Monday, March 24, 2025

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

Investor Day. The GEO Group hosted an investor day at the end of last week, during which the Company outlined the substantial growth opportunities available under the new programs to manage undocumented migrants, as well as its goal to both significantly reduce debt and return capital to shareholders.

Secure Facilities. There is an immediate need from ICE for additional detention capacity. This is illustrated by the new contract for GEO’s 1,800 bed North Lake Facility announced last Thursday. This new contract will add $70 million of annualized revenue. Management estimates currently unused bed capacity (including the three facilities recently contracted by ICE) could add $575-$625 million to revenue.


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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. 

Resources Connection (RGP) – Attractive Risk/Reward

Posted on by cpereira@noblefcm.com


Friday, March 21, 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.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

3Q25. With earnings expected on April 2nd, we continue to favor RGP shares. We expect 3Q25 results to remain muted, given the ongoing economic uncertainty and elongated decision times. Nonetheless, we believe RGP’s rich portfolio of diversified offerings encompassing professional staffing support, consulting, and outsourced services creates a strategic powerhouse that we believe will drive value for investors over the long term.

Increased Efficiency in a Growing Market. The global professional services industry is projected to increase by a 6% CAGR over the next five years, growing to $95 billion, according to research published by Statista. With RGP implementing a new technology platform, which will enable increased use of artificial intelligence and automation in the delivery of services as well as back-office operations, we expect the combination of greater revenue and increased efficiency to drive significant results once the economy improves.


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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.