Author: [email protected]

Release – Kratos Awarded $61.1 Million Navy Contract Modification for Full-Rate Production of 70 BQM-177A Subsonic Aerial Targets and Equipment

Posted on by [email protected]

February 25, 2026

SAN DIEGO, Feb. 25, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leader in defense, national security and global markets, announced today that it has been awarded a $61,068,139 modification to a previously awarded firm-fixed-price contract (N0001923C0021) by the U.S. Navy. This contract modification exercises options to procure full-rate production Lot Seven for 70 of the BQM-177A Subsonic Aerial Targets, along with 70 Rocket-Assisted Takeoff (RATO) attachment kits and associated technical and administrative data. The systems will support weapons system test and evaluation and fleet training requirements for the U.S. Navy.

“Achieving full-rate production of the BQM-177A reflects the Navy’s continued confidence in Kratos’ ability to deliver reliable, high-performance aerial target systems at scale,” said Steve Fendley, President of Kratos Unmanned Systems Division. “This award underscores our commitment to providing affordable, mission-relevant unmanned systems that directly support Navy training, test, and evaluation requirements while maintaining production readiness for future demand. As with all previous awards or modifications, the exercise of this final option is at the maximum negotiated production quantity of seventy aircraft resulting in a total contract value of $238,798,157. In anticipation of further full rate production contracts, Kratos is continuing to invest in capital production improvements that will further improve either our capacity or efficiency.”

The BQM-177A is a subsonic, surface-launched aerial target designed to support realistic threat representation for advanced weapons testing and fleet training operations.

Work under the contract is expected to be performed in the following locations (with the expected share of the work): Sacramento, California (50%); Dallas, Texas (20%); Fort Walton Beach, Florida (5%); Blacksburg, Virginia (4%); Santa Ana, California (2%); Newton, Kansas (2%); Concord, California (2%); Milwaukie, Oregon (2%); Chatsworth, California (2%); and various other locations within the continental United States (11%). The contract is expected to be completed in August 2028.

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 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

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

Release – First Phosphate Announces American Depositary Receipt Program Under Ticker Symbol FPHOY

Posted on by [email protected]

Saguenay, Quebec–(Newsfile Corp. – February 25, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce the launch of its sponsored Level 1 American Depositary Receipt (“ADR“) program to increase exposure to American and international investors wishing direct access to Quebec igneous phosphate and the downstream lithium iron phosphate (“LFP“) battery supply chain.

The First Phosphate ADR is now available for trading in the United States on the OTCQX market under the symbol “FPHOY” (CUSIP: 33611D301; ISIN: US33611D3017).

The First Phosphate ADR is the first Canadian Level 1 company-sponsored ADR to trade on OTC Markets. The ADR ratio is set to ten (10) First Phosphate common shares for each (1) First Phosphate ADR.

Participants may issue ADRs at no cost during the first 6 months after the effectiveness date of the program (February 12, 2026) through The Bank of New York Mellon (“BNY“) which has been appointed as depositary bank for the First Phosphate ADR program.

The new First Phosphate ADR is complimentary to all other Company listings on all other stock exchanges and does not affect the Company’s current OTCQX listed common shares under symbol “FRSPF“.

BNY facilitates the issuance and cancellation of First Phosphate ADRs in accordance with instructions received from market participants. The First Phosphate ADR program operates in accordance with a deposit agreement, filed with the United States Securities and Exchange Commission (“SEC“) and available through https://www.sec.gov/Archives/edgar/data/2108542/000101915526000028/0001019155-26-000028-index.htm. The First Phosphate common shares underlying the First Phosphate ADRs are held in custody by BNY.

The establishment of the First Phosphate ADR program is not a new offering of securities and, therefore, no additional shares are being issued nor is any capital being raised in connection with the launch of the First Phosphate ADR program. Moreover, nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

An ADR is a separate security denominated in US dollars that allows US investors to invest in shares of non-US companies without the need for cross-border or cross-currency transactions.

Initial Payment Received Under Long-term Offtake Agreement

The Company has now received the initial payment of USD $523,017.59 in respect of the existing, long-term phosphate concentrate offtake agreement with its existing offtake partner as announced on January 6, 2026 (https://firstphosphate.com/offtakepayment).

Options Exercise & RSU Grants

Z Six Financial Corporation, an entity controlled by Laurence W. Zeifman, Chaiman of the Board of First Phosphate, has exercised 300,000 options originally issued on September 14, 2022 and exercisable at $0.25 and 300,000 options originally issued on December 22, 2022 and exercisable at $0.35 per option.

Pursuant to an exemption granted by the Canadian Securities Exchange to Policy 6.5(7), the Company has issued 781,395 Restricted Share Units (“RSUs“) to ExpoWorld Ltd. (“ExpoWorld“), an entity controlled by John Passalacqua, CEO of First Phosphate, as consideration for the termination of 1,200,000 options held by ExpoWorld including 600,000 options originally issued on September 14, 2022 and exercisable at $0.25 per option, and 600,000 options originally issued on December 22, 2022 and exercisable at $0.35 per option (the “Options“). These vested RSUs represent the in-the-money value of the Options being terminated (calculated based on the closing price of First Phosphate shares on February 10, 2026) and serve to facilitate the cashless exercise of options while minimizing the impact that the transaction would have on the open market.

The Company also informs that Mr. Passalacqua, through ExpoWorld, made an open market purchase of 119,500 shares in the open market on January 30, 2026.

As a show of commitment to the business and alignment with shareholders, the Board and management will receive approximately 50% of their total compensation in the form of RSUs. As such, the Board has approved the grant of 1,975,000 RSUs to eligible directors, officers, consultants and employees of the Company for services to be provided for the 12-month period commencing March 1, 2026. One-half of these new RSUs will vest on August 31, 2026 and February 28, 2027, respectively. All of the common shares issuable on vesting of the RSUs will be subject to a hold period of four months plus one day from the date of vesting. The RSUs will be granted in accordance with and subject to the Company’s Omnibus Equity Incentive Plan.

About First Phosphate Corp.

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration, development and cleantech company dedicated to examining and ultimately building and onshoring a vertically integrated mine-to-market lithium iron phosphate (LFP) battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility and national security.

First Phosphate’s flagship Bégin-Lamarche Property in Saguenay–Lac-Saint-Jean, Quebec, Canada is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities.

Media & Investor Contact:

Bennett Kurtz
Chief Financial Officer
[email protected]
Tel: +1 (416) 200-0657

Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com

Cadrenal Therapeutics (CVKD) – CAD-1005 Phase 2 Results Announced, With FDA Guidance Meeting Scheduled

Posted on by [email protected]


Wednesday, February 25, 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.

Cadrenal Announced Phase 2 Data With End-of-Phase-2 Meeting Scheduled. Cadrenal announced data from the Phase 2 trial of its anti-thrombotic CAD-1005 (formerly known as VLX-1005) for HIT, or heparin-induced thrombocytopenia. Cadrenal has also been granted an End-of-Phase 2 meeting with the FDA to discuss the trial results and design of a Phase 3 trial. These are important milestones in the development of CAD-1005.

Phase 2 Produced Unexpected Findings. The Phase 2 trial tested safety and efficacy of CAD-1005 in patients receiving standard anticoagulant therapy. Its Primary Endpoint was designed to show CAD-1005 improved platelet recovery, testing platelet count recovery as a biomarker for thrombosis and outcome. This Primary Endpoint did not meet statistical significance, and did not find a correlation between platelet count normalization and thrombotic events.


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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. 

V2X (VVX) – A Strong End to the Year

Posted on by [email protected]


Wednesday, February 25, 2026

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

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. In the fourth quarter, V2X drove record quarterly revenue, adjusted EBITDA, and adjusted cash flow. These results reflect the strength of the Company’s strategy and alignment with national security priorities for readiness and modernization. V2X continues to see momentum across the business coming through contract wins in key growth areas, and we are encouraged by the ongoing demand for the Company’s mission solutions.

4Q25 Results. Revenue increased 5% y-o-y to a record $1.22 billion.  Adjusted EBITDA was $88.7 million for the quarter, also a record for the Company. and exceeding management’s expectations. Adjusted net income was $49.3 million and adjusted EPS was $1.56, both representing double-digit year-over-year growth. We were at $1.19 billion, $81 million, and $1.33, respectively.


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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. 

Perfect (PERF) – Revenue Growth Story Intact

Posted on by [email protected]


Wednesday, February 25, 2026

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.

Q4 results. Perfect reported Q4 revenue of $18.1 million, up 14.2% Y/Y and largely in line with our estimate of $18.2 million, while adj. EBITDA of $1.4 million exceeded our forecast of $1.0 million, representing 8% margins. Excluding a one-time goodwill write-off, the company would have generated operating income, underscoring improving cost discipline and operating leverage.

B2C momentum the primary growth driver. Management noted that strong demand for AI-powered content creation is driving engagement across the YouCam app portfolio. Generative AI photo and video tools remain key contributors, and we believe Perfect’s expertise with these technologies positions it well to benefit from sustained demand for personalized, AI-enabled digital experiences.


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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. 

InPlay Oil (IPOOF) – 2026 Guidance Points to Disciplined Growth and Continued Deleveraging

Posted on by [email protected]


Wednesday, February 25, 2026

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

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.

2026 guidance. InPlay approved a C$66 to C$74 million capital program targeting average production of 18,600 to 19,200 boe/d (~61% light oil and NGLs), representing approximately 11% growth over the estimated 2025 production of ~17,000 boe/d. Management forecasts adjusted funds flow (AFF) of C$122 to C$129 million and free adjusted funds flow (FAFF) of C$48 to C$63 million, implying an 11% to 15% FAFF yield. Year-end net debt is guided to C$199 to C$206 million, reflecting continued deleveraging.

Estimate revisions. We have adjusted our 2026 estimates to average production of 18,900 boe/d, revenue of C$338.3 million, and AFF of C$125.2 million, or C$4.45 per share. For Q1 2026, we have assumed production of 18,605 boe/d, revenue of C$79.0 million, and AFF of C$26.6 million, or C$0.95 per share. The first quarter carries heavier drilling activity, with five wells drilled and completed, most coming onstream late in the period, marking Q1 as the lightest production quarter of the year. We forecast 2026 capital expenditures of C$70 million.


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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. 

Housing Stocks Slide as Policy Hopes Fade and Outlooks Darken

Posted on by [email protected]

Housing-linked equities took a sharp hit Wednesday, pressured by cautious corporate outlooks and the absence of new housing initiatives in President Donald Trump’s State of the Union address.

The S&P Composite Homebuilders Index dropped as much as 5.2%, marking its steepest decline since last April’s tariff-driven selloff. The retreat swept across builders, suppliers, and mortgage-related names, underscoring just how sensitive the group remains to policy signals and macro sentiment.

Among the hardest hit were Green Brick Partners, Lennar, Champion Homes, Dream Finders Homes, Installed Building Products, D.R. Horton, and TopBuild. Mortgage-exposed firms such as Rocket Cos. also traded lower as investors reassessed the near-term demand outlook.

The pullback followed a subdued forecast from Lowe’s Cos., which projected full-year sales below Wall Street expectations. Shares of the home improvement retailer fell more than 5% intraday. The guidance came on the heels of cautious commentary from Home Depot, reinforcing concerns that housing-related spending may remain muted in 2026.

For investors, the message was clear: the housing market is still searching for a catalyst.

Executives pointed to persistent affordability challenges, elevated mortgage rates, and broader economic uncertainty. Lowe’s Chief Executive Marvin Ellison cited inflationary pressures and subdued consumer confidence. He also highlighted the ongoing “lock-in effect,” where homeowners are reluctant to sell because they would need to refinance at significantly higher mortgage rates.

Home Depot’s finance chief echoed similar themes earlier in the week, noting that while homeowners remain relatively healthy financially, uncertainty around affordability and employment is weighing on decision-making.

Expectations had been building that the administration might unveil fresh housing initiatives. Instead, the president largely reiterated previous comments about potentially restricting institutional investors from purchasing single-family homes and suggested that lower interest rates would ultimately address affordability concerns. Broader housing policy proposals were absent.

That lack of clarity appeared to disappoint investors who had hoped for targeted measures to stimulate supply or ease affordability pressures.

The selloff extended beyond homebuilders. The S&P Composite 1500 Building Products Index fell as much as 2.5%, with companies such as Hayward Holdings, UFP Industries, and Builders FirstSource among the largest percentage decliners.

For small- and mid-cap investors, the volatility highlights how exposed housing-related equities remain to macro swings. Many regional builders and specialty suppliers operate with narrower margins and less diversified revenue streams than large-cap peers. That makes them particularly sensitive to changes in mortgage rates, input costs, and consumer confidence.

At the same time, prolonged weakness in transaction volumes can ripple across the ecosystem — from building products manufacturers to installation services and mortgage originators. When turnover slows, renovation activity, new construction starts, and related spending often follow.

The broader question for 2026 is whether easing financial conditions materialize quickly enough to offset affordability headwinds. While policymakers and corporate executives continue to point to the potential for rate relief, timing remains uncertain.

Until clearer signals emerge — either from monetary policy, fiscal initiatives, or a sustained improvement in housing demand — the sector may continue to trade on headlines rather than fundamentals.

For investors in small- and middle-market housing names, that likely means heightened volatility, selective capital flows, and a continued premium on balance sheet strength.

Seizing the U.S. Edge – Strategic M&A for European Industrial & Commercial Leaders

Posted on by [email protected]

As European manufacturing and logistics firms solidify their North American foundations, a parallel wave of strategic acquisition is transforming the U.S. service and retail landscape. For the European acquirer, the U.S. “Service Economy” represents more than just a massive consumer base; it is a gateway to specialized talent pools, cutting-edge digital platforms, and a resilient commercial ecosystem that can de-risk a global portfolio.

Navigating this transition from “Industrial Footprint” to “Commercial Dominance” requires a nuanced understanding of the U.S. consumer and the specialized expertise that defines American business services.

Accelerating Market Penetration in U.S. Retail

Acquiring an established U.S. retail asset offers European firms an immediate bridge to a vast and diverse consumer demographic. Rather than attempting the long, capital-intensive process of organic brand building, an acquisition provides instant access to existing customer loyalty and multi-channel distribution networks.

In 2026, the value of these assets is increasingly found in their “Omni-channel” readiness. European buyers are targeting U.S. firms that have successfully integrated physical brick-and-mortar stores with sophisticated e-commerce and mobile app platforms. This dual presence allows European owners to introduce their own innovations into a pre-established American “customer journey,” creating immediate revenue synergies.

Expanding Expertise through Business Services

The U.S. professional services sector—encompassing everything from IT consulting and marketing agencies to HR solutions—offers a deep well of specialized capabilities. For a European company, these acquisitions are less about physical equipment and more about acquiring Intellectual Capital and established client portfolios.

A U.S.-based service arm provides the “local eyes” necessary to interpret complex market shifts in real-time. By integrating these specialized talent pools, European firms can deepen their industry-specific insights, ensuring that their service delivery model is tuned to the unique expectations of American clients.

The Technology Bridge: Harnessing Digital Transformation

The U.S. remains a global leader in the adoption of customer-facing technologies. A primary driver for modern M&A is the desire to “import” U.S. digital capabilities—such as advanced CRM systems, cloud-based logistics solutions, and AI-driven data analytics—back into the European parent organization.

Leveraging these tools allows European acquirers to personalize offerings and refine marketing spend with a level of precision that is often more advanced in the U.S. market. This cross-pollination of digital strategies doesn’t just improve the U.S. subsidiary; it enhances the operational insights of the entire global enterprise.

Securing the Human Element: Talent and Culture

In the service and retail sectors, the “product” is the people. Consequently, securing key management and sales talent is a critical component of the due diligence process. European buyers must evaluate U.S. talent pools not just for technical skill, but for cultural alignment with the parent company’s values. Moreover, European buyers need to conduct thorough due diligence as part of the M&A process to understand the employee culture of the potential U.S. target, the employment practices of the U.S. target, federal and state labor laws, laws and regulations impacting benefits, potential pension plan liabilities and other risks and liabilities inherent in any acquisition of employees. Such deep understanding of U.S. work culture is also critical to avoid the common pitfall of imposing the parent company culture, which can be detrimental to employee morale, increase turnover, and lower productivity.

Initial considerations must include a thorough review of U.S. employment agreements, non-compete clauses, non-solicitation provisions, confidentiality protections, equity incentive plans, severance provisions and other such agreements, which may differ significantly from European standards. Understanding these “at-will” dynamics early ensures that the “Human Capital” of the target remains incentivized and engaged throughout the integration process.

Conclusion: Cultivating New Growth Avenues

Strategic M&A in the U.S. business services and retail sectors is a powerful engine for global expansion. By combining European innovation with American market scale and digital expertise, firms can establish a resilient, customer-centric presence that is built for enduring success.

Having explored the strategic opportunities, we now dive into the “Rulebook.” In our next article, we decode the multi-layered U.S. legal, tax, and regulatory landscape that every European acquirer must master.

ABOUT THE AUTHORS:

Nico Pronk is Managing Partner, CEO, and Head of Investment Banking at Noble Capital Markets. Nico has over 35 years of experience working with IPOs, Secondary Offerings, Private Placements and Mergers and Acquisitions including complex cross-border transactions. During his career he has served as Director or Advisor to numerous privately held and publicly traded companies.

Bruce C. Rosetto is a Senior Partner and Shareholder at Greenberg Traurig LLP and represents private and public companies, private equity funds, hedge funds, investment banks, and entrepreneurial clients in a wide variety of industries. He has broad experience in domestic and international mergers and acquisitions, raising capital, securities work, private placement financings, corporate governance, alternate assets, and projects qualifying for investment under the EB-5 Entrepreneur Investment Visa Program. He also forms private equity funds and family offices and represents affiliated portfolio companies.

Fred Campos is a Managing Director at CBIZ with more than 20 years of experience in accounting and finance and more than 300 executed buy-side and sell-side M&A engagements. Prior to joining CBIZ, Fred founded and led a boutique advisory services firm focused on mergers and acquisitions and exit readiness. Earlier in his career, he was part of the cross-border practice at Ernst & Young (EY) where he assisted EY’s global clients on cross-border deals. Fred also established and led the regional transaction advisory services practice for a global top tier public accounting firm.

Mark Chaves, Managing Director with CBIZ, assists companies with domestic and international tax planning and structuring, mergers and acquisitions, and business reorganizations. Mark has focused his career on working with multinational corporations to manage cross-border direct and indirect tax issues, foreign tax credit and repatriation planning, reorganization of expatriate and inpatriate tax matters, and ASC 740 reporting. Additionally, Mark assists individuals with international estate planning, inbound tax structuring of investments in U.S. real property, and pre-immigration planning as well as with cross-border tax issues   and filings for FINCEN compliance.

Matthew (Matt) Podowitz is the founder and Principal Consultant of Pathfinder Advisors LLC, bringing experience on 400+ global M&A engagements to his clients. Matt specializes in the critical operational and technology aspects of M&A transactions, providing due diligence, carve-out, integration, and value creation services. Leveraging his perspective as a dual US/EU citizen, he provides seamless support for cross-border M&A transactions through every step of the transaction lifecycle in both markets. His background includes leadership roles at firms like Ernst & Young, Grant Thornton, and CFGI.

Century Lithium Corp. (CYDVF) – Updated Angel Island Feasibility Study Highlights

Posted on by [email protected]


Tuesday, February 24, 2026

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.

Updated feasibility study. Century released the results of its 2026 NI 43-101 feasibility study for the 100%-owned Angel Island Lithium Project in Esmeralda County, Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States. 

Lower initial capital expenditures. Phase I initial capital expenditures are estimated to be $997 million, a significant reduction from the $1.5 billion outlined in the 2024 Study. The updated study streamlines development into a two-phase approach. Phase I contemplates 7,500 tonnes per day (tpd) of mill feed, expanding to 15,000 tpd in Phase II beginning in Year 5. Phase II expansion capital is estimated at $660 million. A previously planned third expansion phase has been eliminated, lowering overall capital requirements. The economic analysis is based on a 40-year production schedule, with planned life-of-mine average production of 26,500 tonnes per annum of battery-grade lithium carbonate. 


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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. 

Great Lakes Dredge & Dock (GLDD) – Going Out On Top

Posted on by [email protected]


Tuesday, February 24, 2026

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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. Great Lakes reported solid 4Q25 results in its likely last quarter as a public company. A full quarter of work from the Amelia Island and higher capital and offshore energy revenue drove the results. Offshore energy revenue rose to $24.1 million in the quarter, up from $6.1 million in 3Q25. Higher costs associated with the pending merger and increased incentive compensation impacted operating income, which rose to $32.6 million from $30 million in 4Q24.

4Q25 Results. Revenue was $256.5 million, up from $202.8 million in 4Q24 and above our $220.5 million estimate. Adjusted EBITDA totaled $44 million compared to $40.2 million last year and in-line with our $44.5 million estimate. Adjusted net income was $20.7 million, or $0.30/sh, compared to $19.7 million, or $0.29/sh, last year.


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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

SEGG Media Corporation (SEGG) – Strengthens Its Portfolio

Posted on by [email protected]


Tuesday, February 24, 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.

Increases its stake in Veloce Media Group. SEGG Media increases its stake from 12.4% to over 51% in Veloce Media Group, a UK-based digital media and gaming company focused on esports, gaming content, and motorsport entertainment, valuing the company at $61 million. Veloce current management is expected to manage the business and the company has nominated Daniel Bailey, co-founder and CEO of Veloce, to the SEGG board. 

Could own up to 75%. The purchase was for cash and stock, with the vast majority for stock. The company issued 2.52 million shares in the transaction, valuing the SEGG shares at $10 per share. SEGG extended the offer for a portion of the remaining interest in Veloce it does not own, and, as such, SEGG may control a larger percentage once the transaction is completed within the next few weeks. 


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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bitcoin Depot (BTM) – Reverse Stock Split

Posted on by [email protected]


Tuesday, February 24, 2026

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.

BTM 1-for-7 reverse stock split. On February 23, 2026, the company’s Class A common stock began trading on a split-adjusted basis on Nasdaq. The action had been previously authorized by shareholders and approved by the Board and did not reflect any change in operating performance or strategy.

No alteration to economic ownership or fundamentals. Every seven shares outstanding were consolidated into one share, with fractional shares cashed out based on the pre-split VWAP. Authorized shares and par value remained unchanged, while public warrants, equity awards, and other convertible securities were adjusted proportionally, including a mechanical increase in the BTMWW warrant exercise price.


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. 

CECO to Combine with Thermon in $2.2B Deal, Expanding Global Industrial Platform

Posted on by [email protected]

CECO Environmental Corp. (Nasdaq: CECO) and Thermon Group Holdings, Inc. (NYSE: THR) have entered into a definitive agreement to combine in a stock and cash transaction valued at approximately $2.2 billion, creating a scaled industrial platform focused on mission-critical environmental and thermal solutions.

The combined company will operate under the CECO Environmental name and continue to be led by CEO Todd Gleason. Upon closing, CECO and Thermon shareholders are expected to own roughly 62.5% and 37.5% of the combined company, respectively.

The transaction adds Thermon’s industrial process heating, heat tracing, and temperature management technologies to CECO’s portfolio of environmental, emissions control, industrial air quality, and water treatment solutions. The result is a broader, more diversified platform serving energy, power generation, industrial, and infrastructure markets.

Thermon brings established capabilities in process heating systems that are widely used in energy infrastructure and industrial facilities. By integrating these technologies, CECO meaningfully expands its exposure to thermal management applications—an area tied to long-term trends such as energy transition, industrial reshoring, infrastructure buildout, and decarbonization initiatives.

Management from both companies emphasized the complementary nature of their offerings. CECO’s existing footprint in emissions control, air quality, and water treatment aligns with Thermon’s temperature management solutions, creating opportunities to serve customers across more components of their industrial systems.

The combined platform is expected to provide customers with integrated solutions designed to protect people, equipment, processes, and the environment—an increasingly important value proposition as regulatory standards tighten globally.

Under the terms of the agreement, Thermon shareholders may elect to receive a mix of cash and CECO stock, all-cash consideration, or all-stock consideration, subject to proration limits. The mixed consideration implies a per-share value of approximately $63.13 based on CECO’s February 23, 2026 closing price, representing a 26.8% premium to Thermon’s closing price the same day.

The companies expect to generate approximately $40 million in annual cost synergies within 36 months following the close of the transaction. In addition to cost efficiencies, the combined company is anticipated to benefit from a more balanced revenue mix, including greater exposure to short-cycle and aftermarket service revenues.

Scale also plays a central role. Larger industrial customers increasingly prefer suppliers capable of delivering comprehensive engineered solutions across multiple technical disciplines. The merger positions CECO to compete for larger, more complex projects while maintaining participation in recurring service and maintenance markets.

The transaction has been unanimously approved by both companies’ boards of directors and is expected to close in mid-2026, subject to customary closing conditions. Jason DeZwirek, Chairman of CECO, and related holders representing approximately 15.2% of CECO’s voting power have agreed to vote in favor of the deal, subject to certain exceptions.

Following completion, CECO’s board will include two members from Thermon’s current board, while executive leadership will remain under Gleason.

If completed, the transaction marks a significant step in CECO’s evolution into a broader industrial technology platform, combining environmental and thermal management capabilities under one publicly traded entity.