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Power Metallic Mines Inc. (PNPNF) – Power Metallic Expands Saudi Exploration Platform

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Wednesday, May 20, 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.

Strategic Partnership. Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.

Funding Structure. For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis. 


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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. 

SpaceX Is Targeting the Largest IPO in History

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The IPO market is about to face its most consequential test in decades. SpaceX, Elon Musk’s aerospace, satellite, and artificial intelligence conglomerate, is targeting a June 12 Nasdaq debut under the ticker SPCX — aiming to raise as much as $75 billion at a valuation approaching $1.75 trillion. If it prices at that level, it would shatter Saudi Aramco’s 2019 record of $35.4 billion as the largest initial public offering ever completed.

The timeline is now concrete. SpaceX is expected to file its S-1 prospectus publicly this week, with a roadshow scheduled to begin June 4 and share pricing targeted for June 11. A 5-for-1 stock split is completing by May 22, adjusting the internal per-share value from $526.59 to approximately $105.32 — a move widely interpreted as lowering the entry price ahead of listing to broaden retail accessibility. Musk has reportedly directed that up to 30% of IPO shares be reserved for individual investors, an unusually high retail allocation for a deal of this magnitude.

What SpaceX Actually Is Now

SpaceX merged with Musk’s AI venture xAI in February, creating a combined entity that now encompasses the Falcon 9 rocket program, the Starlink satellite internet service, the Starship development program, and xAI’s artificial intelligence platform. The company generated between $15 billion and $16 billion in revenue in 2025, with Starlink — which now serves more than 9 million users globally — serving as the primary growth engine. At the targeted $1.75 trillion valuation, the deal implies a revenue multiple of approximately 109 to 116 times trailing sales — a figure that reflects growth expectations rather than current fundamentals.

BlackRock is reportedly in discussions to invest between $5 billion and $10 billion in the offering, which would represent one of the largest anchor commitments in IPO history. The deal’s dual-class share structure will preserve Musk’s voting control following the listing.

The Context: A Record That Puts Everything Else in Perspective

SpaceX’s targeted raise of $75 billion is more than double Aramco’s record. It is more than the combined IPO proceeds of the ten largest US technology listings in the past decade. The valuation of $1.75 trillion would immediately place SPCX among the ten most valuable publicly traded companies in the world on its first day of trading.

The deal follows Cerebras Systems’ blockbuster Nasdaq debut last week, which saw shares surge nearly 90% on the first day of trading and briefly pushed the company’s market cap above $100 billion. That listing, itself the largest US tech IPO since Uber in 2019, now looks like a warm-up act.

What It Means for Smaller Investors and the Broader Market

For small and microcap investors the SpaceX IPO is relevant on two levels. First, the deal’s scale and the retail allocation represent a genuine opportunity for individual investors to participate in a listing that institutional capital will compete aggressively to access. Second, a successful SpaceX debut at or near the targeted valuation would validate the current wave of AI and space technology investment theses — and create a rising tide for smaller companies operating in adjacent spaces.

Domestic satellite technology providers, aerospace component manufacturers, launch infrastructure companies, and AI hardware suppliers in the sub-$2 billion market cap range have historically seen multiple expansion in the wake of high-profile sector listings. SpaceX going public at $1.75 trillion would be the most powerful sector validation signal the space and AI technology markets have ever received.

OpenAI and Anthropic are both reportedly preparing IPO filings for later in 2026. The window is open and the market is paying attention.

The Fed Has a New Chair — and He Is Walking Into One of the Hardest Jobs in Finance

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Jerome Powell’s tenure as Federal Reserve Chair officially ended Friday after more than seven years leading the central bank through a pandemic, the steepest rate hiking cycle in four decades, and a prolonged battle with post-pandemic inflation. His successor, Kevin Warsh, stepped into the role this week inheriting what may be the most complicated monetary policy environment since Paul Volcker confronted double-digit inflation in the early 1980s.

For small and microcap investors, the transition is not a ceremonial changing of the guard. It is a material shift in the direction of monetary policy at precisely the moment when the cost of capital is becoming the defining variable for smaller company valuations and earnings growth.

Who Warsh Is and Why It Matters

Kevin Warsh previously served as a Federal Reserve Governor from 2006 to 2011, a tenure that included navigating the 2008 financial crisis. He is widely characterized as a hawk — a policymaker with a structural preference for price stability over growth accommodation and a historically low tolerance for above-target inflation. His academic and professional profile suggests he is less likely than Powell to hold rates steady while inflation remains elevated and more willing to tighten further if price pressures persist.

He is stepping in at a moment when that disposition will be tested immediately.

The Macro Backdrop Warsh Inherits

The numbers Warsh walks into are unambiguous. The 30-year Treasury yield closed last week at 5.12% — its highest level since June 2007. The 10-year benchmark yield has breached 4.57%. The Consumer Price Index showed consumer inflation running at 3.8% year over year in April, driven heavily by energy costs tied to the ongoing US-Iran conflict. The Producer Price Index came in at 6% annually — a number that signals upstream cost pressures have not peaked. CME’s FedWatch tool currently prices in a near-certainty of a rate hold at June’s meeting, with traders assigning close to a 50% probability of at least one rate hike before year end.

That is the environment Warsh now owns. Federal Reserve Governor Stephen Miran submitted his resignation last week, effective upon Warsh’s swearing in, creating additional uncertainty around the composition and internal dynamics of the board at a critical juncture.

The Direct Small Cap Implication

The cost of capital story is where this transition becomes acutely relevant for investors in the sub-$2 billion market cap space. Small and microcap companies carry disproportionately more variable-rate debt relative to their large cap counterparts. When benchmark rates rise — or even when the probability of rate hikes increases — the interest expense on that debt rises in real time, compressing earnings directly and immediately.

Beyond debt service costs, a hawkish Fed posture extends the timeline for rate relief that many smaller companies had been counting on to refinance obligations at more favorable terms. The Russell 2000 has already declined more than 1% today while the S&P 500 trades modestly higher — a divergence that reflects exactly this dynamic playing out in real time.

A Warsh-led Fed that prioritizes inflation control over growth accommodation will likely sustain higher rates longer than markets had previously anticipated. For companies with strong balance sheets and pricing power, that is manageable. For smaller companies operating on thin margins with floating rate exposure, it is a structural headwind that belongs in every portfolio risk assessment right now.

The Powell era is over. The Warsh era begins with inflation still elevated, yields near 20-year highs, and the smallest companies in the market most exposed to whatever comes next.

Small Caps: The Valuation Gap Is Flashing Opportunity

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A significant valuation disconnect has been building in U.S. equity markets for nearly three years — and the Q1 2026 earnings season made it harder to ignore.

Small and microcap companies are delivering some of the strongest earnings growth numbers in years, yet their valuation multiples remain near historic lows relative to large caps. For investors willing to look beyond the mega-cap trade, the message is clear:

Small caps may be entering one of the more attractive valuation reset windows in a generation.

Where Valuations Stand Right Now

The S&P 500 currently trades at approximately 22x forward earnings, above both its five-year and ten-year averages. By comparison, profitable Russell 2000 companies trade closer to 14–15x, while the S&P 600 small cap index trades around 15.8x.

That places the large-cap valuation premium at roughly 30% to 42% over small caps — one of the widest spreads seen in the past two decades.

The valuation disconnect is even more pronounced when looking at EV/EBIT, a metric many institutional investors prefer for cross-cap comparisons. According to Royce Investment Partners, the Russell 2000’s EV/EBIT relative to large caps is near its lowest level in more than 25 years.

Large caps continue to trade at a meaningful premium, while small caps remain discounted despite improving earnings momentum.

What the Earnings Data Shows

The valuation gap would be easier to justify if small caps were underperforming fundamentally. But that is not what the data shows.

Heading into Q1 2026, the Russell 2000 carried consensus earnings growth expectations of approximately 44.9% year over year, with revenue growth projected at 5.2%. That combination suggests improving operating leverage as smaller companies recover from a prolonged period of pressure caused by higher rates, inflation, and tighter capital conditions.

Performance has already started to reflect the shift.

Small-cap earnings expectations have accelerated meaningfully, suggesting improving operating leverage after years of margin pressure

The Historical Context

For much of the past 25 years, small caps traded at a valuation premium to large caps because of their higher growth potential. That relationship inverted during the higher-rate cycle, as smaller companies faced greater pressure from financing costs, inflation, and reduced investor risk appetite.

That inversion pushed the valuation spread to levels not seen since the dot-com era.

Historically, when valuation gaps between small and large caps have reached this kind of extreme, small caps have often gone on to deliver above-average returns over the following three to five years.

One additional data point reinforces the opportunity: the Russell 2000’s weight within the Russell 3000 currently sits at approximately 4.6%, well below its historical average of 7.6%. In other words, small caps remain structurally underrepresented in the broader market.

Small and microcap stocks have materially outperformed over the past year, yet their relative valuations remain near historical lows.

Time to Revisit Small Caps

  • Strong earnings growth.
  • Historically discounted valuations.
  • Improving fundamentals.
  • Low investor allocation.

That combination may create one of the more compelling small and microcap opportunities investors have seen in years.

Against this backdrop, Noble Capital Markets will host its upcoming Virtual Small Cap Conference on June 3–4, giving investors an opportunity to hear directly from emerging growth companies across multiple sectors.

For investors looking to identify opportunities before broader market recognition returns to the asset class, this may be an important time to listen, compare, and look deeper into the small-cap universe.

The valuation gap is real. The earnings recovery is underway. The time to revisit small caps may be now.

Trump Calls Off Iran Strike, But the Strait of Hormuz Crisis Is Far From Resolved

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Oil markets whipsawed Tuesday after President Trump announced he had called off a planned military strike on Iran scheduled for that morning, citing active negotiations brokered by Gulf allies. The announcement briefly pulled crude prices lower, but the relief was short-lived. The underlying supply crisis has not been resolved, and the data emerging from global inventory trackers suggests the window for a clean diplomatic outcome is narrowing fast.

Brent crude slipped to around $110 per barrel following Trump’s announcement while West Texas Intermediate pulled back to approximately $103. Both contracts had been climbing sharply the session prior, with Brent settling above $112 and WTT rising more than 3% on Monday alone. The combined 54% rise in both benchmarks since the US-Iran conflict began February 28 represents one of the most sustained energy price shocks in recent memory.

What Trump Said — and What It Means

Trump posted on Truth Social Monday evening that the leaders of Saudi Arabia, Qatar, and the United Arab Emirates personally requested he hold off on the strike while serious negotiations proceed. He confirmed the military had been placed on full alert and instructed to act on short notice if a deal is not reached. A senior US official told reporters that Iran’s latest proposal remains insufficient, and no framework has been announced. The ceasefire is intact — but barely.

The Inventory Problem

The diplomatic pause may have eased prices temporarily, but the physical oil market tells a more urgent story. The International Energy Agency warned Monday at the G7 finance ministers meeting in Paris that global commercial oil inventories are depleting at a record pace. Stockpiles fell 129 million barrels in March and another 117 million barrels in April. At the current rate of depletion, inventories will approach all-time lows of approximately 7.6 billion barrels by end of May — a timeline measured in days, not months.

Complicating matters further, Iran has effectively converted the strait into a toll-collecting operation. Reports indicate the Iranian Revolutionary Guards are charging vessels fees for passage, with nearly two dozen tankers sitting idle around Kharg Island. Traffic through the strait last week totaled just 55 vessels — still well below pre-conflict norms and only a marginal recovery from the wartime low of 19 crossings the prior week.

The Small Cap Exposure

For investors in the sub-$2 billion market cap space, the Iran situation is an active P&L event. Consumer-facing small caps in transportation, logistics, food services, and manufacturing continue absorbing elevated fuel costs that compress margins in real time. Limited pricing power and thin operating margins make smaller companies structurally more vulnerable to a prolonged energy shock than large cap counterparts.

The counterweight remains domestic energy producers. With WTI holding above $100 despite Tuesday’s pullback, the economics for independent US oil and gas operators remain highly favorable. Energy services companies and midstream operators in the small cap space are direct beneficiaries — and a negotiated resolution that reopens the strait would not necessarily collapse prices overnight given how severely inventories have been drawn down.

Trump’s call to stand down bought time. Whether that time produces a deal or simply delays the next escalation remains the most consequential open question in global energy markets right now.

GeoVax Labs (GOVX) – Recent Events Put GeoVax Programs For Mpox, Ebola, and Infectious Disease Programs In The Spotlight

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Tuesday, May 19, 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.

WHO Has Declared Ebola A Public Health Emergency. On Sunday, May 17, the World Health Organization (WHO) declared Ebola a Public Health Emergency of International Concern (PHEIC), the highest level of global health alert it can issue. We believe the World Health Assembly in Geneva, Switzerland, held from May 18 to May 23, is increasing attention to outbreaks of Mpox, Ebola, and other infectious diseases. GeoVax is one of the few companies that has developed vaccines against these diseases.

GeoVax Has Overlooked Programs For Additional Infectious Diseases. GeoVax has completed pre-clinical work testing vaccines for hemorrhagic fever viruses, including Ebola, Sudan, and Marburg. It has developed these vaccines in collaborations with the National Institutes of Health, but has focused its resources on GEO-MVA, CM-04S1, and Gedeptin. The increased attention to Ebola could help obtain non-dilutive funding for these programs.


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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.

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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 World’s Largest Utility Is Being Built to Power the AI Boom

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The artificial intelligence boom just claimed its biggest infrastructure deal yet — and it has nothing to do with chips or software. NextEra Energy announced Monday it will acquire Virginia-based Dominion Energy in an all-stock transaction valued at approximately $66.8 billion, creating the world’s largest regulated electric utility by market capitalization and marking one of the most significant utility mergers in a generation.

The deal values Dominion at $75.97 per share — a roughly 23% premium to its last close — structured as an exchange of 0.8138 NextEra shares for each outstanding Dominion share. Dominion stock jumped nearly 15% on the announcement. NextEra shares slipped about 2% as investors digested the scale of the acquisition. The combined entity will carry a market cap of approximately $249 billion and an enterprise value of $420 billion, making it the third-largest company in the US energy sector behind only ExxonMobil and Chevron. The transaction is expected to close within 12 to 18 months.

Why This Deal Happened Now

The answer is straightforward: AI is consuming electricity at a pace the existing power grid was never built to handle. Dominion is the utility responsible for powering Northern Virginia’s “Data Center Alley” — the world’s largest concentration of data centers — with roughly 51 gigawatts of contracted data center capacity already on the books. Its customer list reads like a who’s who of hyperscale computing: Alphabet, Amazon, Microsoft, Meta, Equinix, CoreWeave, and CyrusOne all depend on Dominion’s grid.

Across both companies’ service territories, data centers proposing to connect to the combined grid represent approximately 130 gigawatts of future electricity demand. To put that in perspective, one gigawatt powers roughly 750,000 homes. NextEra’s CEO framed the acquisition plainly: electricity demand is rising faster now than it has in decades, and scale is the only way to meet it. The company plans to build more than 30 dedicated data center hubs across the US as part of its post-merger strategy.

Power prices nationally have already climbed roughly 40% over the past five years, with the sharpest increases concentrated in AI-heavy states including Virginia, Maryland, and Pennsylvania — the exact markets this merger is designed to dominate.

What It Means for Smaller Energy Players

A merger of this magnitude reshapes competitive dynamics across the entire energy infrastructure ecosystem, and the ripple effects reach well into the small and microcap space. The buildout required to serve 130 gigawatts of incremental data center demand cannot be executed solely through internal resources — it requires a network of suppliers, contractors, and technology providers operating at every layer of the grid.

Companies involved in grid modernization, high-voltage transformer manufacturing, power management systems, substation equipment, and renewable energy development are all positioned to benefit from the infrastructure spending surge that a combined NextEra-Dominion will need to execute. Many of the companies operating in these niches sit well below the $2 billion market cap threshold.

Independent power producers and smaller regional renewable developers face a more complex picture — a utility giant with NextEra’s capital base and Dominion’s existing relationships creates a formidable competitor for new generation contracts. But for those on the supply side of the infrastructure buildout, the pipeline just got significantly larger.

The AI energy trade is no longer a theme. It is the defining structural force reshaping American power markets — and Monday’s deal is the clearest evidence yet of just how seriously the biggest players are taking it.

Publicis Drops $2.5 Billion on LiveRamp — Why the Ad Giant Just Made Data Its Most Valuable Asset

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The advertising industry’s M&A playbook just got rewritten. French media and communications giant Publicis Groupe announced Sunday it has entered into a definitive agreement to acquire LiveRamp Holdings (NYSE: RAMP), a San Francisco-based data collaboration platform, in an all-cash deal valued at $2.546 billion in total equity value — or approximately $2.167 billion on an enterprise value basis after accounting for LiveRamp’s net cash position of $379 million.

The offer price of $38.50 per share represents a 30% premium to LiveRamp’s closing price of $29.66 on May 15, the last trading session before the announcement. RAMP shares surged more than 26% Monday morning on the news, one of the largest single-day moves in the company’s history.

The Deal at a Glance

LiveRamp operates a global data collaboration platform that helps companies connect, control, and activate their first-party data across marketing ecosystems — essentially serving as the connective tissue between brands, publishers, and data partners in an era where third-party cookies are dead and privacy regulations have made clean data infrastructure a competitive necessity. For the fiscal year ended March 31, 2026, LiveRamp posted total revenue of $813 million, up 9% year over year, with annualized recurring revenue reaching $545 million — up 8%.

Both companies’ boards unanimously approved the transaction. LiveRamp will continue operating as a standalone business following the close, with CEO Scott Howe remaining in place and reporting directly to Publicis Chairman and CEO Arthur Sadoun. The deal is expected to close before year-end 2026, subject to regulatory approvals and a LiveRamp shareholder vote.

Why Publicis Wants This — and Why It Matters

Publicis has been one of the most acquisitive players in marketing technology over the past several years, systematically building out a data and AI services stack to differentiate itself from legacy agency competitors. The LiveRamp acquisition is framed internally as a bet on the agentic AI era — the next phase of AI deployment where autonomous agents need clean, permissioned, interoperable data to execute decisions at scale. LiveRamp’s infrastructure sits directly in that critical path.

For Publicis, this is about owning the data layer rather than just accessing it. As AI-driven marketing automation accelerates, the companies that control how data flows between brands and platforms hold significant structural leverage. At $2.167 billion enterprise value, the acquisition values LiveRamp at roughly 2.7x trailing revenue — a reasonable multiple for a high-margin, recurring-revenue data business with demonstrated growth in a market that is consolidating fast.

The Signal for Small and Microcap Investors

LiveRamp’s exit is a textbook example of what strategic acquirers are willing to pay for in the current environment: recurring revenue, clean data infrastructure, and a platform that becomes more valuable as AI workloads scale. That combination is commanding meaningful premiums.

For investors in the sub-$2 billion data, martech, and AI-adjacent software space, this deal is worth studying closely. As large enterprises accelerate their AI buildouts, the demand for best-in-class data collaboration tools, identity resolution platforms, and first-party data infrastructure is only growing — and the number of independent companies built to serve that need is shrinking. M&A activity in this space is not slowing down.

LiveRamp built something the market needed. Publicis just put a $2.5 billion price tag on exactly what that’s worth.

Eledon Pharmaceuticals (ELDN) – Eledon Confirms Clinical Milestones With 1Q26 Report

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Monday, May 18, 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.

1Q26 Report Included Milestones For FY2026. Eledon reported a Loss From Operations of $21.2 million, before interest income and a non-cash charge of $19.0 million from Changes in the Fair Value of Warrant Liabilities. This brought the 1Q26 Net Loss to $39.0 million or $(0.33) per share. The quarterly report confirmed our expectations for progress toward a Phase 3 trial in renal transplantation, as well as additional clinical trials in other organ transplants. Cash on March 31, 2026, was $111.1 million.

Several Clinical Milestones Are Expected For Renal Transplantation. We expect continued discussions with the FDA on the Phase 3 trial design and approval requirements. As discussed in our Research Note on February 2, additional long-term data from the Phase 1b trial were presented, with additional presentations of Phases 1b and 2 BESTOW extension data planned. We expect these studies to further support its safety profile and kidney function benefits.


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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. 

Sky Harbour Group (SKYH) – Growth Ready to Accelerate

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Monday, May 18, 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.

Overview. The pace of investment and new construction at Sky Harbour is accelerating, with assets under construction and completed construction reaching over $352 million at quarter’s end, a $75 million increase from a year ago. The construction is driving new campus openings, which, when combined with increases in occupancy and rental rates, is driving operating performance, which will accelerate in the near-term, in our view.

1Q26 Results. Revenue of $8.7 million was up from $5.6 million in the year-ago quarter and modestly above our $8.5 million estimate. Adjusted EBITDA was a negative $1.5 million, down from a negative $3.3 million last year but short of our positive $0.2 million projection. Sky Harbour reported a net loss per share of $0.16 versus a net loss of $0.19/sh last year and our $0.22 net loss estimate.


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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) – First Quarter Reinforces Scalable Growth Story

Posted on by [email protected]


Monday, May 18, 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.

Q1 in line with revenue expectations. QuoteMedia reported Q1 revenue of $5.53 million, representing a 14.6% YoY increase from the $4.82 million reported in Q1 2025, reflecting solid top-line momentum. However, adj. EBITDA declined to $243,000, down from $368,000 reported in Q1 2025 and below our $660,000 expectation.

Favorable revenue momentum. Revenue growth was led by Corporate Quotestream (+16.6% YoY) and Interactive Content & Data APIs (+16% YoY), benefiting from a growing customer base, higher ARCP, and continued cross-selling of data and SaaS, while earnings were pressured by higher expensing of development costs (vs. capitalization), which impacted reported profitability but not cash flow.


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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.

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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. 

Alliance Entertainment Holding (AENT) – Favorable Undercurrents Support Operating Momentum

Posted on by [email protected]


Monday, May 18, 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.

Strong Q3 results. The company reported Q3 revenue of $258.2 million, up a strong 21.2% YoY, and adj. EBITDA of $5.1 million, both of which surpassed our estimates of $223.1 million and $4.2 million, respectively. Notably, nearly all of its core categories generated double-digit top-line growth year over year, with CD revenue up 90% to $39 million. 

Margin expansion focus. The company is focused on driving margin expansion by shifting its product mix toward higher-margin categories, including premium collectibles, owned brands, authenticated products, and exclusive physical media releases. Importantly, revenue growth in physical media and collectibles is expected to drive operating leverage, while the integration of Endstate Authentic and the launch of Alliance Authentic position the company to capture incremental high-margin revenue and extended lifecycle participation.


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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. 

The 30-Year Treasury Just Hit a 19-Year High

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The bond market just sent one of its loudest warnings in nearly two decades. The 30-year US Treasury yield climbed to 5.12% on Friday — its highest level since June 2007 — while the 10-year benchmark yield rose to 4.57%, breaching the key 4.5% psychological threshold for the first time since May 2025. For equity investors, and small cap investors in particular, this is not background noise. It is a direct threat to valuations, borrowing costs, and earnings growth at the exact segment of the market least equipped to absorb the pressure.

What’s Driving the Move

The Treasury selloff is the product of several converging forces, all pointing in the same inflationary direction. Consumer prices rose 3.8% year over year in April according to the latest CPI print, driven heavily by surging energy costs tied to the ongoing US-Iran war. The Producer Price Index followed a day later, showing wholesale prices climbed 6% annually — a number that signals upstream cost pressures have not peaked and are still working their way through the supply chain.

The Trump-Xi summit, which many investors had hoped would produce pressure on Iran to reopen the Strait of Hormuz, ended without a concrete agreement on the conflict. Oil prices rose Friday as Trump departed Beijing, removing one of the few potential near-term relief valves for energy-driven inflation. The result: bond traders are not just pricing out Fed rate cuts — they are beginning to price in rate hikes. According to CME’s FedWatch tool, traders now see nearly a 50% chance the Fed raises rates before year-end, with a June hold near certain.

This is a significant repricing of the rate environment, and it happened fast.

Why Small Caps Bear the Most Risk

The 5% zone on the 30-year Treasury has historically acted as a tightening mechanism for financial conditions — and the companies that feel that tightening first and hardest are small and microcap names. Unlike large caps with investment-grade credit ratings and access to long-term fixed-rate financing, smaller companies disproportionately carry variable-rate debt. When rates rise, their interest expense rises with them — directly and immediately compressing earnings.

Beyond debt costs, rising yields create a valuation headwind. Higher risk-free rates reduce the present value of future cash flows, and smaller growth companies — many of which trade on forward earnings expectations — see multiple compression accelerate in high-yield environments. The Russell 2000 fell 1.63% Friday, underperforming the broader market in a pattern that is consistent with what history shows when long yields spike.

A Global Problem

The bond selloff is not isolated to US markets. Japan’s 30-year yield hit 4% Friday and the UK 10-year gilt climbed to 5.14%, signaling that the inflationary and fiscal pressures driving yields higher are a global phenomenon. Coordinated tightening of financial conditions across major economies raises recession risk and historically compresses small cap valuations more severely than large cap equivalents.

The 5% level on the long bond is not just a number. It is a threshold that has historically forced portfolio reallocation away from equities and toward fixed income — and when that rotation happens, small caps are rarely the last ones standing.

Investors in the sub-$2 billion market cap space should be watching yields as closely as earnings right now. The bond market is telling a story that equity markets haven’t fully priced yet.