Author: slightbourne@noblecapitalmarkets.com

Euroseas (ESEA) – Staying Nimble in a Dynamic Market Environment

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, November 19, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Third quarter financial results. Total net revenues for the third quartertotaled $56.9 million, a 5.1% increase year-over-year, but modestly lower than our estimate of $59.2 million. Adjusted EBITDA and EPS were $38.8 million and $4.23, respectively, below our estimates of $41.7 million and $4.40. The lower-than-expected results were due primarily to a greater number of scheduled off-hire days and expenses associated with a special survey and drydock completed on one vessel during the quarter. Total operating expenses amounted to $24.4 million compared to $23.5 million during the prior year period and our $23.1 million estimate. Drydocking expenses were $2.7 million compared to our estimate of $0.6 million.

Revenue and earnings visibility into 2026. With 100% of Q4 2025 operating days secured at an average rate of ~$30,345 per day and 74.7% of 2026 days already covered at higher average rates of ~$31,300 per day, Euroseas has locked in substantial revenue visibility. This robust charter coverage not only underpins earnings but also provides a strong buffer against rate volatility, positioning the company to benefit from sustained high utilization into 2026.


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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. 

Adobe’s $1.9B Acquisition of Semrush Signals a Major Power Shift in Brand Visibility for the Agentic AI Era

Posted on by slightbourne@noblecapitalmarkets.com

Adobe’s latest acquisition marks one of the most significant moves yet in the evolution of how brands manage visibility, discoverability, and customer engagement in an AI-driven world. On November 19, 2025, Adobe announced a definitive agreement to acquire Semrush Holdings, Inc. in an all-cash deal valued at approximately $1.9 billion, or $12.00 per share. The acquisition unites Adobe’s expansive customer experience and content orchestration tools with Semrush’s deep capabilities in search engine optimization (SEO) and the rapidly emerging field of generative engine optimization (GEO).

Adobe has been at the forefront of enabling enterprises to reimagine their customer experience workflows through agentic AI—AI that can plan, initiate, and optimize tasks autonomously. Tools such as Adobe Experience Manager (AEM), Adobe Analytics, and the newly introduced Adobe Brand Concierge reflect the company’s commitment to helping brands create, manage, and deliver content at scale. These products support a content supply chain that aligns with the needs of enterprises navigating new customer interfaces powered by large language models (LLMs).

Semrush’s inclusion strengthens Adobe’s position dramatically. As brands increasingly confront the challenge of remaining visible across traditional search engines and emerging AI-driven discovery channels, Semrush provides a powerful layer of intelligence and optimization. The company is widely known for its decade-long leadership in SEO analytics and has recently become a leading force in GEO—an emerging discipline focused on helping brands remain discoverable within AI-powered platforms, from LLMs to generative search engines.

The acquisition comes at a time when consumer behavior is rapidly shifting. With more customers receiving answers, recommendations, and purchase guidance from platforms like ChatGPT and Google Gemini, brand visibility is no longer confined to search engine rankings or owned channels. It now includes how a brand appears within LLM outputs, conversational AI systems, and algorithm-driven summaries. Organizations that fail to adapt to these dynamics risk losing relevance across key digital touchpoints.

Semrush brings enterprise-grade capabilities and impressive momentum to Adobe’s ecosystem. Its generative marketing tools are already being used by major brands, and the company recently reported 33% year-over-year Annual Recurring Revenue growth in its enterprise segment. This traction reflects a growing need among marketers who now rely on SEO and GEO teams to drive visibility strategies in generative environments.

Together, Adobe and Semrush will offer marketers a unified solution that spans the entire spectrum of brand exposure—owned websites, search engines, LLM responses, and the broader web. By integrating Semrush’s data intelligence into Adobe’s customer experience tools, the combined platform is designed to give organizations a holistic, real-time understanding of how their brand appears and performs across both traditional and AI-driven discovery channels.

This acquisition positions Adobe to become a central player in helping enterprises navigate the next phase of AI-enabled marketing. As AI continues reshaping how consumers gather information, evaluate options, and make buying decisions, Adobe’s expanded ecosystem aims to ensure that brands remain both discoverable and competitive in an increasingly complex digital landscape.

U.S. Secures $1 Trillion Saudi Investment Commitments Spanning Energy, AI, and Defense

Posted on by slightbourne@noblecapitalmarkets.com

In a landmark week for U.S.–Saudi relations, Washington has secured $1 trillion in Saudi spending commitments, dramatically expanding the scope of agreements announced just six months ago. The visit of Crown Prince Mohammed bin Salman—paired with President Donald Trump’s high-profile welcome—signaled a strategic deepening of political, economic, and defense ties between the two countries.

The new commitment, up from the previously announced $600 billion, underscores Saudi Arabia’s broad push to accelerate technological modernization, diversify its economy, and cement key alliances as global power centers shift. The Crown Prince is expected to meet with top U.S. corporate leaders, further strengthening private-sector alignment across both nations.

Nuclear Energy Becomes a Central Pillar

One of the most consequential announcements is the signing of a bilateral nuclear cooperation pact, laying the foundation for decades of collaboration in civilian nuclear infrastructure. Although progress had long stalled due to U.S. restrictions on uranium enrichment, the deal approved this week does not allow enrichment, sticking to strict nonproliferation requirements.

For Saudi Arabia, nuclear power is a cornerstone of its long-term energy transition strategy. For the U.S., the agreement secures American firms as preferred partners—locking out geopolitical competitors seeking influence in the region.

In parallel, Saudi Aramco revealed 17 new agreements with major U.S. companies, worth more than $30 billion, expanding joint ventures across refining, chemicals, and cutting-edge energy technologies.

Critical Minerals: A Geopolitical Priority

A new U.S.–Saudi critical minerals framework marks another major strategic milestone. As the U.S. works to reduce dependency on China for rare earth elements, the Saudis are emerging as a key partner in building diversified, secure supply chains.

Complementing the pact, MP Materials announced plans—backed by the U.S. Department of Defense and Saudi mining giant Maaden—to construct a rare earths refinery in the kingdom. This positions Saudi Arabia as a future hub for minerals essential to EVs, clean energy, and advanced defense technologies.

AI and Supercomputing Collaboration Expands

Artificial intelligence took center stage as the two nations signed a broad AI memorandum of understanding. The agreement grants Saudi Arabia access to U.S. AI capabilities at a scale previously unmatched.

Technology leader Nvidia confirmed that it will collaborate with Saudi Arabia to develop new supercomputing infrastructure—a critical building block for advanced AI research, autonomous systems, and next-generation digital industries.

Defense: A Major Realignment

A new strategic defense agreement reaffirms the 80-year U.S.–Saudi alliance while easing operational barriers for American defense firms. Although it falls short of a NATO-style treaty, the pact introduces new burden-sharing commitments and modernizes joint security frameworks.

Perhaps most notably, the U.S. approved future deliveries of F-35 fighter jets to Saudi Arabia—marking the first time the aircraft will be sold to a Middle Eastern nation other than Israel. Riyadh will also purchase 300 American tanks as part of a broader defense modernization push.

Trade, Finance, and Capital Markets

Additional accords strengthen cooperation on trade, capital markets technology, financial regulations, and cross-border investment standards. These agreements aim to expand U.S. exports while opening new pathways for American companies operating in global markets.

Collectively, the $1 trillion package represents one of the most sweeping and strategically significant investment commitments ever exchanged between the two countries—reshaping global alliances in energy, technology, defense, and economic policy for years to come.

Crypto Stumbles, Wall Street Shifts: Why Traditional Assets Now Outperform Bitcoin

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin’s recent sharp downturn has become one of the most talked-about developments in global markets, not only because of the scale of the decline but because of how dramatically it diverges from the performance of nearly every major asset class. While the world’s largest cryptocurrency has fallen close to 30% from its highs, traditional investments such as gold, long-term Treasuries, and several equity sectors have moved in the opposite direction, highlighting a shift in risk appetite that is challenging assumptions about Bitcoin’s role within a diversified portfolio.

Gold has been one of the clearest contrasts. For years, Bitcoin supporters positioned the asset as “digital gold,” a modern alternative that could offer the same inflation-hedging and store-of-value qualities while delivering far stronger growth potential. Yet 2025 has told a different story. As Bitcoin has weakened, gold has steadily climbed, supported by falling interest rates, macroeconomic caution, and investors reverting to the familiarity of a centuries-old safe haven. Instead of moving in tandem, the two assets have decoupled, with gold benefiting from fear while Bitcoin has absorbed the pressure of risk-off sentiment.

Bonds have also outperformed Bitcoin, despite being viewed as some of the most conservative instruments available. With global central banks shifting toward lower rates and expectations for slower economic growth building, long-term Treasuries have enjoyed a meaningful rally. These gains have been especially striking when compared with Bitcoin, which has struggled to attract inflows in an environment where investors are prioritizing stability over high-volatility assets. The comparison underscores how Bitcoin’s risk profile still aligns more with speculative tech than with defensive or income-generating investments.

Tech stocks offer another dimension to the divergence. Despite pockets of volatility tied to earnings and shifting valuations, many tech names—especially large-cap leaders—have held up better than Bitcoin. Lower rates have helped the sector maintain some resilience, and tech remains a favored destination for investors seeking long-term growth. Bitcoin, however, has not benefited from the same support, partly due to the lingering psychological effects of October’s steep liquidation event, where billions in leveraged crypto positions were wiped out in a matter of hours.

Even sectors traditionally considered slow or predictable have outpaced Bitcoin. Utilities, often ignored during high-growth periods, have returned to favor as investors shift toward assets offering stability and lower correlation with market swings. Their ability to outperform Bitcoin reinforces the degree to which risk sentiment has changed during the year. Emerging market equities have also benefited from global rate moves and a refreshed appetite for select developing economies, adding another category that has outperformed the cryptocurrency.

This multi-asset comparison paints a clear picture: Bitcoin is still functioning as a high-beta asset closely tied to speculative momentum rather than acting as a hedge or a defensive anchor. When markets favor safety, income, or measured growth, gold, bonds, and stable equity sectors take the lead. When markets are optimistic and liquidity is abundant, Bitcoin tends to outperform. In 2025, the tide has shifted toward caution, and Bitcoin’s performance reflects that shift more starkly than ever.

Although the longer-term narrative for Bitcoin remains intact for many investors, the current landscape shows that the cryptocurrency continues to behave as a risk-sensitive asset rather than a universal hedge. As the year progresses, Bitcoin’s next major move will likely depend on whether global markets transition back toward risk-on sentiment or continue rewarding defensive positioning across traditional asset classes.

Google Launches Gemini 3, Accelerating Its AI-First Strategy in Search and Enterprise

Posted on by slightbourne@noblecapitalmarkets.com

Google’s launch of Gemini 3 marks a major milestone in the rapidly evolving artificial intelligence landscape. As competition intensifies among leading AI developers, Google is positioning this new model as a turning point—one that strengthens its hold on the search market while expanding deeper into enterprise applications. Unlike previous releases, Gemini 3 became part of Google’s profit-driven ecosystem immediately, reflecting the company’s shift toward deploying AI technologies that generate revenue from day one.

The model arrives less than a year after its predecessor, showing Google’s determination to accelerate innovation cycles. While AI benchmarks and leaderboard rankings still matter, the broader market has become more focused on practical use cases that drive growth. Investors have increasingly evaluated companies not on technical capabilities alone, but on how effectively those capabilities translate into profitable products. In this respect, Gemini 3 enters the market at a critical time. Alphabet’s stock performance throughout the year has been influenced heavily by its success in monetizing AI tools within its cloud business, and the new model is expected to strengthen that trend.

One of the biggest shifts comes from Google embedding Gemini 3 directly into its search engine at launch. Historically, new AI models took weeks or months to integrate into search, but the company is taking a more aggressive approach. Paying users of Google’s premium AI plan now gain access to enhanced capabilities in AI Mode, a feature designed to handle complex queries with computer-generated responses instead of traditional website listings. This move reflects Google’s ongoing effort to redefine search as an AI-first experience, even as it raises concerns among content publishers who depend on organic traffic.

Gemini 3 also brings a series of upgrades in reasoning, coding, and task execution, allowing Google to introduce new functions stretching across its consumer and enterprise user base. One of the most notable additions is Gemini Agent, a feature built to handle multi-step tasks. It can manage workflow-related actions such as organizing emails or coordinating travel, pushing Google closer to its long-term vision of a universal AI assistant. The redesigned Gemini app supports this direction as well, offering interactive and visually rich responses that resemble entire web pages rather than simple text answers.

On the enterprise side, Google unveiled Antigravity, a development platform that enables AI agents to plan and carry out software tasks autonomously. This tool aims to shift how companies build software by reducing manual intervention and speeding up development cycles. As organizations explore ways to streamline operations with AI, products like Antigravity could play a significant role in reshaping development teams and workflows.

Gemini 3’s release highlights a broader trend in the AI industry: the transition from experimental technology to integrated, revenue-producing systems. With competitors like Anthropic, Meta, and OpenAI also pushing rapid updates, the pressure to deliver commercially useful products has never been higher. By launching its new model directly into core products and expanding its suite of AI-powered features, Google is making a clear statement that the next stage of AI growth depends on adoption at scale. Gemini 3 represents not just a model upgrade, but a restructuring of how Google delivers value in a market where speed, utility, and profitability increasingly define leadership.

Codere Online (CDRO) – Outlook Improves For Q4, But Caution Signs For 2026

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 18, 2025

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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.

Q3 Results. The company reported Q3 revenue of $51.6 million, essentially flat with the prior year period and below our estimate of $56.0 million. Adj. EBITDA of $2.9 million was modestly better than our estimate of $2.6 million, as illustrated in Figure #1 Q3 Results. Notably, when excluding the impact of the Mexican Peso devaluation in Q3, revenue was up roughly 5% over the prior year period.

Solid fundamentals. Notably, while the company benefited from an 11% increase in monthly active customers, it was largely offset by a 10% decrease in monthly average spend, primarily attributed to the Mexican Peso devaluation. Moreover, the company recorded 85,000 first time deposit customers in Q3, a 26% y-o-y. Importantly, the company’s cost per acquisition was €137, which is its lowest since Q1 2023.


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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. 

E.W. Scripps (SSP) – Is This A Winning Strategy?

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 18, 2025

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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

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

Sinclair’s surprising move. We believe that negotiations to merge with Sinclair broke down, but Sinclair decided to take another tack. It announced that it took a 8.2% stake in the company in a bold attempt to make public its intent and possibly to dissuade another potential suitor. The move is surprising given that E.W. Scripps is controlled by the Scripps Family Trust, which has voting control of the company (93%) and the Scripps family trust cannot simply vote its shares entirely independently of the family agreement. 

What was the sticking point? We believe that the Scripps family recognizes the limitations that the company has with its current leveraged balance sheet and limited acquisition targets. In our view, the Scripps family has turned down overtures in the past because of the unwillingness to give up either control or a significant voice at the table. We believe that the point of contention is the Smith family’s 80% super majority voting rights of the Sinclair Broadcast Group and what the Scripps family will control following a potential merger. 


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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 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. 

Twin Hospitality (TWNP) – Acquiring 8 Top Performing Franchised Twin Peaks Locations

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 18, 2025

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.

Acquisition. Twin Hospitality has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. We view this strategic transaction as an opportunistic investment in a key growth market, even as the Company’s long-term focus remains on franchise driven expansion.

Details. The acquisition will bring the following Florida locations to Company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA, representing an EV/Sales multiple of 0.6x and an EV/EBITDA multiple of approximately 5x, a discount to TWNP’s current trading multiples.


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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. 

Sky Harbour Group (SKYH) – Unlocking Value Through Campus Activation

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 18, 2025

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

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

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

Q3 results. Sky Harbour reported Q3 revenue of $7.3 million versus our estimate of $9.3 million, and an adj. EBITDA loss of $2.3 million compared with our projected gain of $0.2 million. Management highlighted that the company is within roughly $1 million of run-rate breakeven, and we expect this threshold to be reached before year end as recently delivered campuses gain tenants.

Lease-up progress and long-term pipeline visibility. Management reaffirmed its goal of reaching 23 long-term ground leases by year end, up from 19 currently. Pre-leasing at Bradley (BDL) and Dulles (IAD) prior to construction demonstrates tenant demand at target rent levels and adds visibility to the 2026 revenue ramp.


Get the Full Report

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. 

Release – Kratos Opens New 60,000 Sq Ft Jerusalem Facility for Microwave Electronics Division

Posted on by slightbourne@noblecapitalmarkets.com
Primary Logo

November 17, 2025

State-of-the-art clean rooms enable accelerated development of microwave products

SAN DIEGO, Nov. 17, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leader in defense, national security and global markets, today announced the relocation of the Jerusalem branch of its Microwave Electronics Division to a new purpose-built facility within the Gav Yam Group high-tech complex, adjacent to the Hebrew University of Jerusalem. The new facility encompasses approximately 60,000 square feet, including 20,000 square feet of clean-room space dedicated to precision assembly, testing, and production of qualified microwave assemblies and subsystems.

The move represents a major investment in Kratos’ international infrastructure and reflects the company’s long-term commitment to advancing high-performance microwave and RF technologies for applications across missiles, radars, satellites, electronic warfare, and other missions.

“This new Jerusalem facility marks an exciting milestone for our team and for Kratos,” said Yonah Adelman, President of Kratos’ Microwave Electronics Division. “With expanded space, advanced clean-room capabilities, and close proximity to the academic and technology talent at Hebrew University, we are positioned to deliver solutions for the next generation of microwave and RF systems faster and more efficiently than ever before. This investment underscores Kratos’ commitment to Israel as a key center of innovation and excellence.”

“Our expansion in Jerusalem reflects Kratos’ commitment to global partnerships and sovereign-capable production,” said Eric DeMarco, President & CEO of Kratos Defense & Security Solutions. “Our long-standing presence in the region gives us a strong base from which to deliver readiness through advanced microwave and digital technologies.”

This Jerusalem facility announcement follows Kratos’ recently announced acquisition of Orbit Technologies Ltd., further enhancing the company’s microwave and digital subsystem capabilities and its team within Israel. By integrating Orbit’s leading RF and satellite communications expertise with Kratos’ global manufacturing reach, Kratos will be better equipped than ever to support customers worldwide.

 The new site will serve as a cornerstone for Kratos’ growing microwave and digital subsystem production capacity, supporting both defense and commercial space programs. With its enhanced clean-room infrastructure and advanced testing facilities, Kratos is positioned to meet accelerating demand for reliable, high-volume RF and microwave assemblies in support of international defense readiness.

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, advanced 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.

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 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

Release – Tonix Pharmaceuticals Announces U.S. Commercial Availability of TONMYA™ (cyclobenzaprine HCl sublingual tablets) as a First-in-Class Fibromyalgia Treatment

Posted on by slightbourne@noblecapitalmarkets.com

November 17, 2025 7:00am EST

CHATHAM, N.J., Nov. 17, 2025 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, announced today that TONMYATM (cyclobenzaprine HCl sublingual tablets) is now commercially available at pharmacies by prescription in the United States. TONMYA is a first-in-class treatment for fibromyalgia in adults as a non-opioid analgesic taken once daily at bedtime.

“The availability of TONMYA is a momentous day for Tonix, providing the estimated 10 million people living with fibromyalgia a novel treatment that has been shown to address the debilitating, core symptom of this disease, widespread pain,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “After more than 15 years without innovation for this disease, we are honored to bring this new treatment option to patients in partnership with the full fibromyalgia community including researchers, patients, and investigators. We are excited and motivated to make TONMYA accessible to as many patients as possible.”

The latest Phase 3 trial, RESILIENT, was published in Pain Medicine with data on primary endpoints measuring pain, and secondary endpoints measuring patient’s global impression of change, patient-reported symptoms and function, sleep disturbance, and fatigue.

“For years, fibromyalgia patients have struggled with limited treatment options that often fall short. The availability of TONMYA marks a meaningful advancement by targeting neurotransmitters thought to be involved in fibromyalgia,” said Andrea L. Chadwick, M.D., MSc, FASA, Anesthesiology, Pain, and Perioperative Medicine at The University of Kansas Health System.

“We’re truly excited about this new option for people living with fibromyalgia,” said Sharon Waldrop, a person with lived experience and founder of the Fibromyalgia Association. “The availability of TONMYA provides new hope for our community and represents a crucial step forward in fibromyalgia treatment.”

TONMYA was approved by the FDA on August 15, 2025.

The approval incorporated efficacy from two double-blind, randomized, placebo-controlled, Phase 3 clinical trials of nearly 1,000 patients in total that evaluated TONMYA as a bedtime treatment for fibromyalgia. Across both Phase 3 trials, TONMYA significantly reduced daily pain scores compared to placebo at 14 weeks, the primary endpoint. Additionally, a greater percentage of study participants taking TONMYA experienced a clinically meaningful (≥30%) improvement in their pain after three months, compared to placebo.

Across three Phase 3 clinical trials with over 1,400 patients evaluated, TONMYA was generally well tolerated. The most common adverse events (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) included oral hypoesthesia (numbness in the mouth), oral discomfort, abnormal product taste, somnolence (drowsiness), oral paresthesia (tingling, pricking or burning in the mouth), oral pain, fatigue, dry mouth, and aphthous ulcer (canker sore).

For more information, visit TonmyaHCP.com

About Fibromyalgia
Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 10 million adults in the U.S., approximately 80% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep (waking up tired and unrefreshed), fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Patients with fibromyalgia have double the medical costs compared to the general population in the U.S.

About TONMYATM (cyclobenzaprine HCl sublingual tablets)
TONMYA, which was investigated as TNX-102 SL, is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride, which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a tertiary amine tricyclic (TAT) and multifunctional agent with potent binding and antagonist activities at the 5-HT2A serotonergic, α1-adrenergic, H1-histaminergic, and M1-muscarinic receptors, TONMYA is now commercially available as a once-daily bedtime treatment for fibromyalgia in adults. The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10357465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary composition. These patents are expected to provide TONMYA with U.S. market exclusivity until 2034. Pending patent applications related to method of use could extend exclusivity until 2044.

About the Phase 3 Clinical Trials: RELIEF and RESILIENT
The RELIEF and RESILIENT studies were double-blind, randomized, placebo-controlled trials designed to evaluate the efficacy and safety of TONMYATM (cyclobenzaprine hydrochloride sublingual tablets) for the treatment of fibromyalgia. RELIEF and RESILIENT were two-arm trials that enrolled 503 and 457 adults with fibromyalgia across 40 and 33 United States sites, respectively. In both trials, the first two weeks of treatment consisted of a run-in period in which participants started on TONMYA 2.8 mg (1 tablet) or placebo. Thereafter, all participants increased their dose to TONMYA 5.6 mg (2 x 2.8 mg tablets) or two placebo tablets for the remaining 12 weeks. The primary endpoint across both trials was the daily diary pain intensity score change (TONMYA 5.6 mg vs. placebo) from baseline to Week 14 (using the weekly averages of the daily numerical rating scale scores). Additional details on RELIEF (NCT04172831) and RESILIENT (NCT05273749) are available on clinicaltrials.gov.

RALLY was a replicate Phase 3 trial to RELIEF and RESILIENT that demonstrated greater but non-significant treatment effect with TONMYA compared to placebo and demonstrated consistent safety. Results of this trial may not have been generalizable due to the presence of factors outside the conduct of the study. Additional details are available on clinicaltrials.gov (NCT04508621).

Tonix Pharmaceuticals Holding Corp.
Tonix is a fully integrated, commercial-stage biotechnology company. Tonix’s development portfolio is focused on central nervous system (CNS) disorders, immunology, immuno-oncology, infectious and rare diseases. Tonix owns and operates a state-of-the art infectious disease research facility in Frederick, MD. Tonix Medicines, Inc., a wholly owned commercial subsidiary, markets treatments for fibromyalgia and acute migraine.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to successfully launch and commercialize TONMYA and any of our approved products; risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contacts
Mary Ann Ondish
Tonix Pharmaceuticals
(862) 799-8599
investor.relations@tonixpharma.com

Brian Korb
astr partners
(917) 653-5122
brian.korb@astrpartners.com

Media Contact
Meagen Hagans
Weber Shandwick
(757)358-2033
MHagans@webershandwick.com

Release – Codere Online Appoints Marcus Arildsson as Chief Financial Officer

Posted on by slightbourne@noblecapitalmarkets.com

11/17/2025

    Luxembourg, Grand Duchy of Luxembourg, November 17, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, today announced that Marcus Arildsson has been appointed Chief Financial Officer, effective today. Mr. Arildsson will succeed Oscar Iglesias, who, as part of the previously announced transition, will assist with an orderly handover and is expected to join the Company’s Board of Directors, subject to the approval of shareholders at an Extraordinary General Meeting scheduled for December 1st.

    Mr. Arildsson is a senior finance executive with over 25 years of international experience across investment banking, equity markets and corporate finance.

    He began his career at Lehman Brothers and Merrill Lynch in London, executing over €9 billion in cross-border M&A, IPO, and equity-linked transactions. He later spent 12 years at Arcano Partners in Madrid, advising corporates and financial sponsors on more than €5 billion in M&A, debt and equity transactions.

    He has since held CFO and executive committee roles at Millenium Hospitality Real Estate, a listed REIT with a €700 million portfolio, Sonae Sierra and Ladorian, a retail media technology company.

    Mr. Arildsson holds an MBA from Northwestern University’s Kellogg School of Management and a BBA from James Madison University. He is fluent in English, Spanish and Swedish.

    “I’m thrilled to join Codere Online, a company that has demonstrated outstanding execution and discipline since becoming public. Its success reflects a strong team and clear vision and I look forward to contributing to the next chapter of that journey” said Mr. Arildsson.

    “Marcus is a seasoned financial executive whose leadership and experience will be invaluable as we continue executing our plan” said Aviv Sher, Chief Executive Officer. “We also thank Oscar for his many contributions and for ensuring a seamless transition; we look forward to his continued involvement at the Board level.”

    “On behalf of the Board, I am pleased to welcome Marcus to Codere Online,” said Gonzaga Higuero, Chairman of the Board. “His extensive experience in corporate finance and investment banking, combined with his international background, make him an exceptional addition to our leadership team.”

    About Codere Online
    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628 928 152

    Forward-Looking Statements

    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Source: Codere Online Luxembourg, S.A.

    Release – Twin Hospitality Group to Acquire Eight Twin Peaks Franchise Locations in Florida 

    Posted on by slightbourne@noblecapitalmarkets.com

    November 17, 2025

    Strategic Acquisition Expected to Strengthen Balance Sheet Through Enhanced EBITDA Generation

    DALLAS, Texas, Nov. 17, 2025 (GLOBE NEWSWIRE) — Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Twin Peaks and Smokey Bones, today announced it has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. The strategic transaction represents an opportunistic investment in a key growth market even as the Company’s long-term focus remains on franchise driven expansion.

    The acquisition will bring the following Florida locations to company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA. The incremental EBITDA contribution is expected to help reduce leverage, further strengthening the Company’s balance sheet and financial flexibility.

    “We are delighted to bring proven, high-performing franchise locations into our corporate portfolio,” said Kim Boerema, CEO of Twin Hospitality Group. “These are some of our top performing restaurants, and Florida has consistently demonstrated strong performance as a key market for Twin Peaks.”

    “The enhanced cash flow and increased EBITDA from these locations is expected to strengthen our balance sheet through deleveraging while enabling us to capitalize on incremental revenue and margin growth,” added Andy Wiederhorn, Chairman of Twin Hospitality Group.

    The transaction is expected to close in the first quarter of 2026, and is subject to completion of a definitive purchase agreement, financing and customary closing conditions.

    For more information on Twin Hospitality Group, visit https://ir.twinpeaksrestaurant.com/.

    About Twin Hospitality Group Inc.

    Twin Hospitality Group Inc. (NASDAQ: TWNP) is a restaurant company that strategically develops and operates and franchises specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands, Twin Peaks and Smokey Bones. Twin Peaks, known as the ultimate sports lodge, is an award-winning restaurant and sports bar brand with 114 locations across 26 states and Mexico and is known for its made-from-scratch food, 29-degree draft beer, innovative cocktail program and sports on wall-to-wall televisions. Smokey Bones is a full-service, meat-centric restaurant brand and concept with 45 locations, across 15 states specializing in ribs and a variety of other slow-smoked, fire-grilled and seared meats, along with a full bar. For more information, please visit www.twinpeaksrestaurant.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing of and expected revenue and EBITDA contribution from the proposed acquisition of restaurants Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

    Media Relations:
    Erin Mandzik
    emandzik@fatbrands.com
    860-212-6509