slightbourne@noblecapitalmarkets.com, Author at Channelchek

CoreCivic, Inc. (CXW) – Validation of Asset Worth

Posted on July 7, 2026July 7, 2026 by [email protected]

Tuesday, July 07, 2026

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.

Asset Sale. CoreCivic sold two detention facilities— the 2,560-bed California City Detention Facility in California City, California, and the 1,994-bed Otay Mesa Detention Facility in San Diego-to the U.S. Government for gross proceeds of $1.5 billion or approximately $1.1 billion in net proceeds. Significantly, CoreCivic expects to continue to manage both facilities under existing management contracts with ICE.

Value Validation. Cal City sold for $286,172 per bed and Otay Mesa for $370,712 per bed. Even acknowledging a “California premium,” the facilities sold significantly above previous sales of detention facilities on a per-bed basis, confirming our long-standing thesis that the Company’s assets are worth well in excess of what the market is giving the Company credit for.

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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.

Ondas Just Made an $876 Million Bet on Autonomous Defense

Posted on July 6, 2026July 6, 2026 by [email protected]

Ondas Inc. (NASDAQ: ONDS) went from a small-cap autonomous systems name to a serious player in the defense technology conversation this morning. The company announced it has closed on the acquisition of DZYNE Technologies for $875.8 million, a deal that reshapes the company’s revenue base, its product portfolio, and arguably its entire investment thesis.

The transaction was funded through a mix of cash and stock. DZYNE shareholders received $200 million in cash and roughly 85 million Ondas shares valued at approximately $675 million. That leaves the DZYNE group, led by private equity firm Highlander Partners, holding about 13.8% of Ondas’ outstanding shares. More than half of the equity consideration, 45 million shares, is subject to a six-month lock-up. That is a meaningful signal about how the sellers view the combined company.

What Ondas Just Bought

DZYNE is a U.S. defense technology company known for long-endurance autonomous aircraft, counter-drone systems, and what the industry now calls “autonomous effects.” Translated, that means expendable, low-cost unmanned platforms designed to be deployed at scale rather than treated as high-value single assets. The Pentagon has been pushing this “affordable mass” concept aggressively, and DZYNE sits directly in the middle of it.

The DZYNE portfolio brings three distinct franchises to Ondas. ULTRA is a long-endurance ISR aircraft with tens of thousands of operational flight hours already logged. IonStrike is a kinetic counter-drone interceptor purpose-built to defeat Shahed-136 class attack drones, the kind that have become a defining threat in modern conflict. Blitz is a Group 1 UAS with 150 kilometers of range and swarm capabilities. Grasshopper is an autonomous cargo glider that delivers up to 500 pounds into contested environments. Add Dronebuster, one of the most widely fielded handheld counter-drone systems in the world, and Ondas now owns a portfolio that has absorbed more than $500 million in cumulative R&D.

The Financial Case

This is where the story gets interesting for small-cap investors. DZYNE is expected to generate $191 million in revenue for 2026 and more than $300 million in 2027. The company is already EBITDA positive with margins targeted in the mid-teens for 2027 and the mid-20% range by 2028.

Ondas raised its 2026 revenue target to at least $525 million, up meaningfully from the prior target of at least $390 million. That figure includes DZYNE and the Omnisys acquisition that closed in May, but does not yet include Cyberhawk, which is expected to close in the third quarter. The company is guiding to a greater than 80% revenue CAGR from 2025 through 2028.

Ondas Sentinel

To manage the expanding U.S. defense portfolio, Ondas is forming a new operating division called Ondas Sentinel. It will house DZYNE alongside World View, the stratospheric platform business Ondas already owned. Ryan Hartman, currently CEO of World View, will run Ondas Sentinel as CEO. Matt McCue, co-founder and CEO of DZYNE, becomes CTO. The structure gives Ondas an integrated ISR stack that spans stratospheric sensing, long-endurance theater ISR, and tactical-edge autonomous operations, all connected through SkyWeaver, a mission software layer being built on Palantir Foundry and AIP.

The Bottom Line

Small-cap defense has been one of the most active corners of the market this year, and Ondas just planted a flag. The company is now positioned as a serious platform play in autonomous defense, with real revenue, positive EBITDA contribution, and a product suite aligned to the exact priorities the Department of War is funding. Execution risk on integration is real, and the share issuance is meaningful dilution. But the pro forma company Ondas described this morning looks very different from the one investors owned last week.

Take a moment and take a look at other small cap defense companies like Kratos Defense & Security Solutions and V2X.

NanoViricides (NNVC) – Novel Technology With Broad-Spectrum Antiviral Applications In Development

Posted on July 6, 2026July 6, 2026 by [email protected]

Monday, July 06, 2026

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.

We Are Initiating Coverage With An Outperform Rating. NanoViricides has a proprietary technology platform that it has used to formulate antivirals with a unique mechanism of action. These drugs, called nanoviricides, have been designed to carry a peptide sequence that the virus recognizes as a binding site on a host cell, effectively acting as decoys that the virus binds to instead of healthy cells. Once bound to the drug, the virus is trapped and neutralized.

NV-387 Addresses Viral Outbreaks and Pandemic Preparedness. The lead product, NV-387, is in development for MPox, Ebola, and smallpox. A Phase 2a trial evaluating NV-387 for treating MPox in the Democratic Republic of Congo (DRC) is expected to begin treatment in mid-2027, followed by a Phase 2a in Ebola. Initial data is expected to be available toward the end of 2027.

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

Conduent (CNDT) – Transformation Unlocks Earnings Potential

Posted on July 6, 2026July 6, 2026 by [email protected]

Monday, July 06, 2026

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.

Transportation exit complete. Conduent announced the sale of its Tolling business for $70 million, completing its planned exit from the Transportation segment and substantially finishing management’s portfolio rationalization strategy.

Higher-quality business emerges. The Transportation divestitures simplify Conduent’s operating structure, reduce capital intensity, and sharpen management’s focus on its core Government and Commercial businesses, which we believe should improve long-term earnings quality and free cash flow generation.

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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).

Microsoft Just Torched 3,200 Xbox Jobs and Admitted the Console Model Is Broken

Posted on July 6, 2026July 6, 2026 by [email protected]

Microsoft (NASDAQ: MSFT) announced this morning that it is cutting 4,800 roles across the company, roughly 2.1% of its workforce. The bulk of the pain, 3,200 positions, lands in the Xbox division. The stock fell more than 1% on the news. Microsoft is now down about 20% year to date, while Alphabet is up 14% and Amazon is up 5%.

But the layoff count is not the story. The story is what Xbox CEO Asha Sharma actually wrote in her memo to employees.

The Quote That Should Get Every Console Investor’s Attention

“Our business today is not healthy,” Sharma told her team. “We are operating at margins that are 3-10x lower than comparable platform and publishing businesses. We must reset XBOX.” She followed it with an even sharper number. “In a typical year, we lost 64 cents for every dollar we invested.”

That is a public admission from a Big Tech executive that an entire business unit has been burning cash at a structural rate. It is unusually blunt, and it is worth paying attention to.

What Is Actually Happening

The first round of cuts includes 1,600 employees today. Microsoft is moving four studios, Ninja Theory, Undead Labs, Compulsion Games, and Double Fine Productions, to outside management. It is working to sell or spin off a fifth, Arkane Studios in France. Sharma also flagged that some workflows pass through 14 layers of management, which she plans to compress to no more than five and ideally three.

Sharma took over Xbox in February and has already cut the price of Game Pass and reworked branding. This move is her most aggressive yet.

The context matters. Microsoft entered this console generation with a smaller install base and higher costs than Sony and Nintendo. The company then poured money into putting first-party games on rival platforms and expanding Game Pass, and the payoff never materialized. Meanwhile, the entire industry is facing a memory and storage crisis that has forced Microsoft, Sony, and Nintendo to raise console prices. Nintendo shares are down 52% over the past twelve months. Sony is off 17%.

The AI Overhang

Microsoft chief people officer Amy Coleman said none of the eliminated roles will be replaced by AI, but acknowledged the technology is changing how work gets done. That is corporate-speak for a much larger issue investors have been chewing on all year. Microsoft is spending heavily on AI infrastructure while the market is questioning whether AI labs will eventually displace demand for Microsoft 365 and its productivity stack. When your legacy cash cow is under pressure and your legacy loss-maker is being amputated on the same day, the market notices.

Why Small and Micro-Cap Investors Should Care

This is not just a Microsoft story. Console economics have propped up a range of small and micro-cap suppliers, developers, and specialty publishers for decades. A serious restructuring at Xbox has downstream implications for independent studios, middleware providers, gaming peripheral makers, and cloud gaming infrastructure names. The four studios moving to outside management, plus Arkane looking for a home, could create acquisition opportunities or standalone independence stories worth tracking.

There is also a broader read-through for anyone holding legacy technology names. When a business as embedded as Xbox can be publicly declared unhealthy by its own leadership, it forces investors to ask which other legacy businesses are quietly burning capital while management waits for the right moment to act.

The Bottom Line

Microsoft is not in trouble. It is a $3 trillion company that just made a hard call on a division that has been dragging on margins for years. But when a Big Tech leader tells you the console model is losing 64 cents on every dollar, believe her. The consumer technology stack is being repriced in real time, and the small caps that live downstream from it are next in line for the same conversation.

Release – Alliance Resource Partners, L.P. Completes $206 Million Acquisition of Oil & Gas Mineral Interests

Posted on July 2, 2026July 2, 2026 by [email protected]

ULSA, OKLAHOMA, July 2, 2026 — Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP”) today announced that it has completed its previously announced acquisition of certain general partner and limited partner interests in AllDale Minerals III, LP and AllDale Minerals IV, LP for approximately $206.2 million, subject to customary post-closing adjustments.

ARLP funded the acquisition using a combination of cash on hand, borrowings under its revolving credit facility, and a new $150.0 million term loan at its wholly owned subsidiary Alliance Minerals, LLC.

Following the acquisition, ARLP now controls approximately 115,680 net royalty acres within its Oil & Gas Royalties segment, including over 44,770 net royalty acres in the Permian Basin. ARLP expects to provide additional commentary regarding the acquisition during its next quarterly earnings conference call.

About Alliance Resource Partners, L.P.
ARLP is a diversified natural resource company that is currently the second largest coal producer in
the eastern United States, supplying reliable, affordable energy domestically and internationally to
major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income
from mineral interests it owns in strategic coal and oil & gas producing regions in the United States.
In addition, ARLP is positioning itself as a reliable energy partner for the future by pursuing
opportunities that support the growth and development of energy-related technologies and
infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via email at [email protected].

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
[email protected]

Release – Kratos Receives Approximate $36 Million Air Defense System Single Award Contract

Posted on July 2, 2026July 2, 2026 by [email protected]

July 2, 2026

PDF Version

SAN DIEGO, July 02, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security and global markets, today announced that it has recently received an approximate $36 million sole-source contract award for a new air defense missile system. Kratos is a recognized industry leader in the rapid engineering, development and production at scale of affordable military-grade hardware, products and systems, including for hypersonic, missile, radar, air defense, directed energy, high-powered microwave, counter unmanned aerial system (C-UAS), chemical, biological, radiological, and nuclear (CBRN), unmanned aerial drone, strategic, and other systems.

Tom Mills, President of Kratos’ C5ISR Division, said, “Building military-grade hardware on schedule and on budget, hardware that must work every time, is hard, and is also a clear differentiating capability of Kratos. The entire C5ISR team is proud to have been selected for this critical national security program.”

Eric DeMarco, President and CEO of Kratos, said, “Kratos’ air defense related hardware, products, and systems business, both in the United States and internationally, is currently seeing increased demand from numerous customers for multiple systems, platforms and technologies. Over the past several years, Kratos has made significant investments in property, plant, equipment and facilities, which we are continuing as we are laser focused on supporting the United States Department of War and the rebuild and recapitalization of our nation’s defense industrial base.”

Work under this contract award will be performed at a secure Kratos manufacturing facility. Due to security related, competitive and other considerations, no additional information related to this program will be provided.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

Kratos Investor Information:
877-934-4687
[email protected]

The Russell 2000 Just Had Its Best First Half in 35 Years. The Setup for the Second Half Looks Even Better.

Posted on July 2, 2026July 2, 2026 by [email protected]

The numbers are now official and they tell a story that most of the financial media spent the first six months of 2026 largely ignoring. The Russell 2000 surged nearly 22% through the first half of the year, marking its strongest January-through-June performance since 1991. That is not a typo. Small caps have not started a year this strong in 35 years.

For context, the Dow Jones Industrial Average gained 8.9% over the same period. The S&P 500 rose 9.6%. The Nasdaq climbed 12.8%. Small caps outperformed all of them, and it was not particularly close.

How We Got Here

The first half was anything but smooth. The US went to war with Iran in late February, sending oil above $100 and inflation to a three-year high. Treasury yields hit levels not seen since 2007. Consumer sentiment fell to an all-time record low. A new Federal Reserve chair took office and immediately dropped the central bank’s easing bias. By any conventional reading, this should have been a terrible environment for small caps.

Instead, the Russell 2000 powered through it. The index staged a historic 15-session winning streak against the S&P 500 in January, posted the strongest microcap returns in years through the spring, and held its ground even as chip stocks sold off and large cap technology leadership faltered in June. Active managers had their best month of the year in June as market breadth expanded and capital rotated away from a handful of mega cap names and into the broader market.

Why the Second Half Setup Is Compelling

Three forces that weighed on small caps during the first half are now either reversing or stabilizing, and that shift is what makes the second half particularly interesting.

First, oil prices. Brent crude has fallen below $75 after trading above $110 at its peak. The Iran ceasefire and the gradual reopening of the Strait of Hormuz are removing the energy cost pressure that squeezed consumer-facing small caps all spring. Lower fuel costs flow almost immediately into improved operating margins for the transportation, logistics, food service, and retail companies that bore the brunt of the spring squeeze.

Second, yields. The 10-year Treasury has dropped below 4.5% as oil declines ease inflation expectations. That matters directly for the small and microcap companies carrying variable-rate debt, because lower yields translate into lower borrowing costs and a more favorable refinancing environment heading into the back half of the year.

Third, market breadth. The rotation out of concentrated mega cap technology positions and into the broader market accelerated meaningfully in June. More than 63% of S&P 500 stocks now trade above their 50-day moving average, up from 50% at the start of the month. The correlation between cap-weighted and equal-weighted S&P returns fell to its lowest level since 2003. Capital is spreading out, and small caps are catching it.

The Valuation Case Has Not Closed

Despite a 22% first-half gain, the Russell 2000 still trades at a meaningful discount to the S&P 500 on a forward earnings basis. The valuation gap has narrowed but remains near historically wide levels. Consensus earnings growth estimates for small caps continue to run well above large cap projections. The fundamentals that drove the first-half rally have not been exhausted. They have been reinforced.

History offers one more data point worth noting. When the Russell 2000 has posted a first-half gain of 15% or more, the second half has been positive roughly 80% of the time.

Thirty-five years is a long time between records. The small cap market just set one. The conditions heading into the second half suggest it has room to keep going.

Snail (SNAL) – Clearing The Path Forward

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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

George Proost, Research Associate, Noble Capital Markets, Inc.

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

Reverse Split. On July 1, 2026, the company announced a one-for-five reverse stock split of both its Class A and Class B common stock, effective at 11:59 pm Eastern Time on July 2, 2026, with the shares trading on a split-adjusted basis at market open on July 6, 2026. Notably, we view the reverse split as a favorable development in the company’s efforts to satisfy NASDAQ’s minimum $1 listing price requirement. Although a reverse split does not alter the company’s underlying fundamentals, it removes a technical overhang that has weighed on investor sentiment and could improve trading liquidity and marketability.

Reverse Split Details. Fractional shares will be redeemed for cash based on the average closing price during the ten trading days preceding the effective date. Outstanding stock options, warrants, and convertible securities will be adjusted proportionately, while the company’s authorized share count will remain unchanged. The shares will continue trading under the SNAL ticker with a new CUSIP (83301J308).

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Resolution Minerals Ltd (RLMLF) – Resolution Advances Horse Heaven Toward Maiden Resource

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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.

2026 Drill Program. Resolution continues to de-risk its flagship Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho. The company has completed 16 diamond drill holes totaling 4,470 meters at the Golden Gate South target, maintaining a rapid drilling rate while keeping geological logging and sample preparation current. With approximately one-third of the drilling campaign complete, Resolution is advancing Golden Gate toward its first mineral resource estimate, which is expected during the first quarter of 2027. Successful drilling could substantially de-risk the project and establish the foundation for future economic studies.

Defining Scale and Continuity. The program is designed to define the scale and continuity of gold mineralization along strike and at depth while also evaluating the extent of tungsten mineralization surrounding the historic Golden Gate Tungsten Mine and a large tungsten soil anomaly. The campaign builds on encouraging 2025 drilling results that intersected broad intervals of gold mineralization.

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

NN (NNBR) – A $75 Million PIPE

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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.

A Raise. Yesterday, NN announced it entered into a securities purchase agreement for a private investment in public equity financing (“PIPE”) that is expected to result in gross proceeds of $75.0 million before deducting placement agent fees and offering expenses. The PIPE is expected to close on or about July 2, 2026. The raise should enable NN to restructure a significant part of its balance sheet, positioning the Company for accretive organic growth, in our view, and opening up the potential for accretive M&A.

Details. Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE, NN will issue an aggregate of 24,509,804 shares of common stock at a price of $3.06 per share. As of April 27th, NN had 52.8 million common shares outstanding. The shares to be issued under the PIPE will increase the outstanding shares to 77.2 million, a substantial increase in outstanding shares.

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NeuroSense Therapeutics Ltd. (NRSN) – Strong PrimeC Data Continues As Phase 2b PRAADIGM Study Meets Primary Endpoint In ALS With Reduction

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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.

NeuroSense Reported Strong Phase 2b PARADIGM Data. Results of the Phase 2b PARDIDM study testing PrimeC in ALS met its primary endpoint of a statistically significant reduction in TDP-43 at six months. The reduction in neuron-derived TDP-43 in the treated group indicates that PrimeC affects an important mechanism of disease and the underlying cause of ALS. To our knowledge, this is the first clinical trial to show that a drug could reduce TDP-43 in people living with ALS.

Phase 2b PARADIGM Study Tested Functional and Biological Endpoints. The trial was a double-blind trial enrolling 68 patients with confirmed ALS. Patients were randomized 2:1 to receive either PrimeC or a placebo for 6 months. All patients then received PrimeC for the next 12 months (18 months total). The trial endpoints included TDP-43, safety, tolerability, and biomarkers of disease.

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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).

DLH Holdings (DLHC) – A Leadership Transition

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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.

Leadership Transition. After a 16-year run as CEO, Zach Parker has retired as DLH’s President and CEO. The Board appointed CFO Kathryn JohnBull as the new President and CEO. Steve Oroho, Senior Vice President, Finance & Accounting, has been named as the new CFO. Mr. Parker will remain with the Company as an advisor to the Board and to Ms. JohnBull through the end of the current fiscal year. He will continue to serve as a member of the Board and, beginning in fiscal 2027, will serve as a consultant to the Company in support of certain strategic growth pursuits.

Kathryn JohnBull. Ms. JohnBull brings deep public-company leadership experience, financial discipline, and a thorough understanding of the government services market to her new role. She joined DLH as Chief Financial Officer in 2012, and has been central to the Company’s growth, acquisition strategy, capital markets activities, financial operations, and investor engagement. We view Ms. JohnBull’s appointment positively, as not only does it provide continuity, but her in-depth knowledge of the Company and its industry is a strong positive.

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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).