Author: cpereira@noblefcm.com

Orion Group Holdings (ORN) – Refinancing Completed; A Sale/Leaseback of Equipment

Posted on by cpereira@noblefcm.com


Wednesday, May 17, 2023

Joe Gomes, 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.

Refinancing. Yesterday, as widely expected, Orion closed on its debt refinancing. The new 3-year $103 million senior secured asset based credit facility with White Oak ABL, LLC and White Oak Commercial Finance, LLC consists of a $65 million asset based revolving credit facility and a $38 million fixed asset term loan. The new credit facility replaces the Company’s previous $42.5 million revolver.

Terms. The Revolver will initially bear interest at a rate of the 30-day SOFR plus 5.5% and the Term Loan at a rate of the 30-day SOFR plus 8.0%, subject to a SOFR floor of 4.0%. At a current 4.91% SOFR rate, this implies rates of approximately 10.4% and 12.9%. Orion was paying 10.2% on its previous credit line. At closing, the Company made an initial Revolver draw of  $9.5 million.


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Euroseas (ESEA) – Euroseas largely booked out, but is still a play on rising rates because of newbuilds

Posted on by cpereira@noblefcm.com


Wednesday, May 17, 2023

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.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

First-quarter results largely as expected. Financial results continue to suffer the effects of a sharp decline in TCE rates over the last twelve months. While Euroseas has locked in 91% of remaining shipping days in 2023, those rates eventually roll off and get replaced with lower rates. The Aegean Express ended a contract at $41,000/day, which was replaced by a rate of $13,000/day. Four other ships with rates in the high $20,000’s/day will roll off in the second half of the year.

Shipping rates are improving and could go higher. Shipping rates appear to have bottomed out in February. Current rates for 1,700 TEU and 2,500 TEU ships have risen to $16,800/day and $18,750/day, respectively, returning to a point above the ten-year trailing average and Euroseas’ breakeven cash operating point. We believe rates will move even higher should global economic concerns abate and the war in Ukraine comes to an end. 


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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. 

Blackboxstocks (BLBX) – First Quarter Results Released

Posted on by cpereira@noblefcm.com


Wednesday, May 17, 2023

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com .

Joe Gomes, 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.

Results. Blackboxstocks generated revenue of $859,004 compared to $1.3 million in the prior year. Operating loss was at $1.9 million compared to a loss of $1.0 million last year. Net loss for the Company was at $1.9 million compared to a loss of $1.2 million in the previous year. The Company believes that the revenue decline has been stabilized, due to the release of the Blackbox 2.0 platform in March.

A Continued Trend. The volatility of the stock market along with inflation, higher interest rates, and ever-looming recession fears have continued to impact the Company’s performance. It is shown with the average member count, as it decreased to 3,555 in the first quarter from 5,709 in the prior year quarter and 4,607 in the previous quarter.


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Townsquare Media (TSQ) – Post Quarterly Call Estimate Refining

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

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.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Revising revenue forecast. We are refining our 2023 and 2024 revenue forecasts. The bulk of the changes relate to our Digital subscription and Digital advertising revenue outlooks. Note: our full year total revenue and adj. EBITDA forecasts are largely unchanged. Figure #1 Forecast Revisions illustrates our updated forecast.

Lowering TSI forecast. Economic weakness has put pressure on many of the SMBs that make up TSI’s client base. Typically, the company offers temporary discounts to assist SMBs. We believe this is will have an impact on revenue in 2023, particularly the first half. Our 2023 TSI revenue forecast is lowered from $91.7 million to $85.9 million, which equates to a 6% YoY decline. We are forecasting flat revenue growth in 2024, which offers potential upside should economic conditions improve.


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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. 

QuoteMedia Inc. (QMCI) – A Solid Start To The Year

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

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 Q1 results. The company reported quarterly revenue of $4.75 million, in line with our forecast of $4.8 million. Revenue increased 14% from the prior year period on a constant currency basis. Adj. EBITDA in the quarter was $830,000, in line with our estimate of $850,000. Notably, interactive revenue grew 22% from the prior year period. Figure #1 Q1 Results highlights results versus our estimates.

Interactive growth. The company’s interactive business had a strong quarter as revenue increased 22% from the prior year period. Management attributed the substantial increase in revenue to an increase in the average size of clients. The company remains focused on signing larger clients, and has increased its headcount in its sales and marketing departments to support that goal.


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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. 

PDS Biotechnology Corp. (PDSB) – 1Q23 Reported With Clinical Data Update Coming Soon

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

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.

Summary.  PDS Biotech reported 1Q23 loss of $9.7 million or $(0.32) per share. The company ended the quarter with $65.2 million in cash, which it expects to be sufficient to fund operations through 3Q24. The Phase 3 trial testing PDS0101 is expected to begin in 4Q23, and additional data from the Phase 2 VERSATILE-002 trial has been accepted for presentation at the ASCO meeting June 2 through June 6. The data will be also included in an expert panel discussion on head and neck cancer. 

Phase 3 Trial Expected To Begin In 4Q23. An amended IND is expected to be filed in 3Q23 to begin the Phase 3 trial for PDS0101 in 4Q23 in patients with recurrent or metastatic head and neck cancer. The trial is designed to test the combination of PDS0101 and Keytruda against Keytruda monotherapy with primary endpoints of Overall Survival and PFS. Two interim analysis points are planned, which we anticipate may be designed to permit discussion of early application for approval with the FDA.


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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. 

Onconova Therapeutics (ONTX) – 1Q23 Reported With Clinical Progress Review

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China. Onconova’s product candidate rigosertib is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

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.

Onconova Updates Clinical Progress With 1Q23 Financial Report.  Onconova reported a loss of $5.8 million or $(0.28) per share, and gave updates on its clinical programs including Phase 1 testing narazaciclib and several Phase 2 studies testing rigosertib. The company ended 1Q23 with $34.2 million in cash, which it projects to last into 1Q24.

Rigosertib Could Become An Orphan Drug. Results from two patients in an Investigator Initiated Trial testing rigosertib in a rare disease (RDEB-associated SCC, or recessive dystrophic epidermolysis bullosa-associated squamous cell carcinoma) were reported at a meeting of the Society of Investigative Dermatology in Osaka, Japan. Both patients had complete clinical responses of all cancerous lesions following treatment. Since this is a fatal disease with no effective therapy, the company has requested an FDA Type B meeting to review the data and discuss a pivotal study. An announcement is expected in 3Q23.


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Lifeway Foods (LWAY) – A Strong Start to 2023

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

Joe Gomes, 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.

Overview. The momentum exhibited in 2022 carried over into 2023 as Lifeway reported its 14th consecutive quarter of topline expansion. Higher pricing, accelerating kefir unit volume, and additional distribution drove the top line. Gross margin increased by 530 basis points y-o-y, reflecting higher pricing and volumes as well as favorable milk pricing.

1Q23 Results. Revenue totaled $37.9 million, up 11.2% year-over-year. Gross profit margin was 21.7%, compared to 16.4% in 1Q22. Lifeway reported net income of $830,000, or EPS of $0.06 per share, versus a net loss of $895,000, or a loss of $0.06/sh last year. We had forecast revenue of $36 million, gross margin of 22.2%, and net income of $1.26 million, or EPS of $0.08/sh.


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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. 

EuroDry (EDRY) – Shipping rates bottoming out and that’s good news for EuroDry

Posted on by cpereira@noblefcm.com


Tuesday, May 16, 2023

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

EuroDry reported weak 2023-1Q results due to lower shipping rates, largely as expected. The EuroDry fleet ran near full capacity but did so at much lower rates. The average TCE rate for the quarter was $10,674 down 57% versus last year and below our expectations. EuroDry typically only books out less than half of the days beyond the upcoming quarter making it more sensitive to spot shipping rates than most shipping companies. 

Operating costs were generally in line except for voyage expenses. Operating costs for the quarter rose relative to the same period last year and the previous quarter. The increase can largely be attributed to a rise in voyage expenses. Management indicated the increase was due to “expenses incurred by one of our vessels while employed under a voyage charter.” This is in contrast to the previous year when the company recognized “a gain on bunkers” of $1.0 million. The company has traditionally booked a gain in the voyage expense line.


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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. 

One Stop Systems (OSS) – Lots of Promise, but Challenged 2023

Posted on by cpereira@noblefcm.com


Monday, May 15, 2023

One Stop Systems, Inc. (OSS) designs and manufactures innovative AI Transportable edge computing modules and systems, including ruggedized servers, compute accelerators, expansion systems, flash storage arrays, and Ion Accelerator™ SAN, NAS, and data recording software for AI workflows. These products are used for AI data set capture, training, and large-scale inference in the defense, oil and gas, mining, autonomous vehicles, and rugged entertainment applications. OSS utilizes the power of PCI Express, the latest GPU accelerators and NVMe storage to build award-winning systems, including many industry firsts, for industrial OEMs and government customers. The company enables AI on the Fly® by bringing AI datacenter performance to ‘the edge,’ especially on mobile platforms, and by addressing the entire AI workflow, from high-speed data acquisition to deep learning, training, and inference. OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com.

Joe Gomes, 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.

1Q23 Results. Revenue of $16.8 million, slightly above guidance and our $16.2 million estimate but down 1.6% y-o-y. As expected, the Disguise business continues to run off. Higher operating expenses, including some one-time items, drove a net loss of $400,512, or a loss of $0.02/sh in the quarter, compared to net income of $579,234, or EPS of $0.03/sh per share last year. We had forecast net income of $31,200, or breakeven on a per share basis. Adjusted EPS was $0.00 compared to $0.05 last year.

Activity Remains High. OSS added seven new program wins during the first quarter. These wins should yield about $5 million of revenue in 2023. The Company also added three new pending major programs during the quarter. The pipeline of pending major programs at the end of the first quarter totaled 34, with 18 of these involving AI transportable applications in the U.S., Asia Pacific, and Europe.


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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. 

LithiumBank Resources (LBNKF) – Achieving Rapid Progress on Multiple Fronts

Posted on by cpereira@noblefcm.com


Monday, May 15, 2023

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.

Carbon neutral lithium production. In April, LithiumBank signed a memorandum of understanding with ZS2 Technologies Inc. for the eventual deployment of ZS2’s proprietary and patented direct-air-capture technology to capture carbon dioxide emissions from LithiumBank’s Boardwalk and Park Place projects. ZS2 will also process treated brine to collect magnesium and calcium for use in their proprietary magnesium cement products. The ZS2 processing facility will generate acid and base byproducts that can cost effectively be used in LithiumBank’s lithium processing plant at Boardwalk. The collaboration with ZS2 supports LithiumBank’s goal of becoming a carbon neutral lithium producer in Alberta.

Flow-through private placement. In April, LithiumBank announced a C$6 million “bought deal” private placement of 3,158,000 units issued on a charity flow-through (FT) basis at a price of C$1.90 per FT unit for gross proceeds of C$6,000,200. Each FT unit is comprised of one common share to be issued as a flow-through share and three quarters of one common share purchase warrant. Each FT warrant will entitle the holder to purchase one non-flow-through common share at an exercise price of C$2.00 for a period of 36 months from the date of issuance. The proceeds will fund eligible exploration expenditures.


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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. 

Kelly Services (KELYA) – First Quarter 2023 Results

Posted on by cpereira@noblefcm.com


Monday, May 15, 2023

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, 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.

1Q23. Revenue of $1.27 billion was down 2.2% year-over-year (down 1.4% in constant currency). We were at $1.23 billion. Kelly took a $5.7 million restructuring charge during the quarter. GAAP net income was $10.9 million, or EPS of $0.29/sh, compared to a GAAP loss of $47.6 million, or a loss of $1.23/sh, last year. Adjusted EPS for 1Q23 was $0.40 versus $0.44 last year. We had projected adjusted EPS of $0.27.

Accelerating Profitable Growth. Management announced a comprehensive and intensive transformation initiative to optimize the business and functional operations in a sustainable manner, unlock additional value-creating opportunities, and accelerate profitable growth.


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InPlay Oil (IPOOF) – Curtailments hurt production, but drilling successes should offset lost sales

Posted on by cpereira@noblefcm.com


Monday, May 15, 2023

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Production levels hit by curtailments. InPlay reported average quarterly production of 9,020 boe/d in the 2023-1Q vs. 8,221 boe/d for 2022-1Q, and below last quarter’s production and our expectations. Management indicated that gas curtailments reduced production by 625 boe/d. Increased back pressure has become an issue in recent quarters as production is rising faster than the infrastructure can handle, even as new infrastructure investments are being made.

Lower production caused bottom-line numbers to be below expectations. Although InPlay did a good job holding the line on costs, it was unable to offset the reduction in sales. As a result, management lowered cash flow guidance for the year. Cash flow should improve in upcoming quarters due to accelerated drilling activity including bringing two wells online with impressive flow rates.


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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.