Author: slightbourne@noblecapitalmarkets.com

Thursday, November 13, 2025

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.

Another Sale. Yesterday, V2X announced the sale of 2.25 million shares of its common stock on an underwritten basis by Vertex Aerospace Holdco LLC. V2X is not selling any shares of common stock in the offering, and V2X will not receive any proceeds from the offering by Vertex Aerospace. The offering is expected to close on or about November 13, 2025, subject to customary closing conditions. The sale is another in a series as Vertex Aerospace continues to liquidate its V2X holding acquired in the merger between Vectrus and Vertex.

V2X To Participate. Under its existing share repurchase authorization, V2X has agreed to purchase 363,638 shares of common stock that are subject to the offering at a price per share of common stock equal to the price to be paid to Vertex Aerospace by the underwriter. V2X intends to fund the repurchase of its common stock with cash on hand. At the current price, the 363,638 shares would cost approximately $20 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. 

Thursday, November 13, 2025

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.

3Q25 Reported With OLC Update. Unicycive reported a 3Q25 loss of $6.0 million or $(0.33) per share, below our expectations of $(8.4) million. Importantly, the company confirmed previous plans to resubmit its NDA for OLC (oxylanthanum citrate) by the end of the year, implying a new PDUFA date during 1H26. Cash at the end of the quarter was $42.7 million.

OLC Resubmission Planned Before Year-End. Unicycive previously announced that it held a meeting with the FDA to discuss the issue with a third-party manufacturer cited as a deficiency in the Complete Response Letter (CRL) received in June 2025. After the FDA meeting and an inspection of the third-party manufacturer by EU regulators, the company plans to resubmit the NDA. Assuming a PDUFA (Prescription Drug User Fee Act) review time of 6 months, an answer could be received during 1H26.

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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. 

Thursday, November 13, 2025

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

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 $13.8 million and an adj. EBITDA loss of $9.6 million, both of which were lower than our estimates of $22.0 million and a loss of $2.0 million, respectively. The weaker than expected results were largely attributed to moderately higher than expected operating expenses and a $10.9 million increase in deferred revenue, which currently has a balance of $36.4 million. Notably, while revenue and adj. EBITDA were softer than anticipated, bookings increased a solid 9.3%, y-o-y, to $17.6 million.

Favorable release roadmap. The company has a busy release roadmap in Q4 and 2026. Notably, in Q4, the company plans to release the ARK: Survival Ascended (ASA) Lost Colony DLC, which is expected to unlock $5.8 million in deferred revenue. Looking ahead to 2026, the release roadmap includes Honeycomb, Bellwright on PlayStation and Xbox, and two DLCs for ASA, Genesis Part 1 and Part 2, which are tied to $10.3 million in deferred revenue.

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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. 

Thursday, November 13, 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 on target. SKYX reported Q3 revenue of $23.9 million versus our estimate of $23.5 million and an adj. EBITDA loss of $2.3 million versus our forecasted loss of $2.1 million. Revenue rose 4% over Q2, while gross margin improved to 32% from 30% in Q2, reflecting an increased mix of higher-margin proprietary products.

B2B pipeline building. SKYX’s new partnership with Global Ventures Group expands its footprint into the Middle East, including projects in Saudi Arabia and Egypt. Alongside Landmark Companies, Forte Developments, Cavco Homes, and the Miami Smart City, these relationships reinforce multi-year B2B growth potential as deployments scale through 2026 and beyond.

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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. 

Thursday, November 13, 2025

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.

Third-quarter 2025 results. InPlay reported third-quarter results, with production averaging 18,970 barrels of oil equivalent per day (boe/d), up 7% from Q2 and 131% higher than Q3 2024. This was above our forecast of 18,695 boe/d, due to continued outperformance of wells drilled in the first quarter of 2025 and low decline base production. Revenue totaled C$79.3 million, below our forecast of C$86.8 million due to lower natural gas pricing. Adjusted funds flow (AFF) came in at C$26.8 million, or C$0.96 per share, modestly below our C$28.0 million, or $1.00 per share estimate, mainly due to the variance in revenue.

Market outlook. We think 2026 will offer a more favorable environment for InPlay. It will mark the first full year of results post-Pembina acquisition, unlocking the benefits of greater scale, infrastructure control, and an expanded drilling inventory. While near-term pricing remains soft, we expect stronger demand, slower supply growth, and potential for tighter oil and gas markets to support improved realizations and higher netbacks through 2026. With enhanced gas processing capacity and capital flexibility, InPlay remains well-positioned to capitalize on an improving macro backdrop.

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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. 

Thursday, November 13, 2025

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.

Overachieves fiscal first quarter. Total revenues increased a solid 10.9% to $253.9 million, better than our $244.0 million estimate, bolstered by a 59% increase in movie sales. In addition, adj. EBITDA of $12.2 million, up roughly 260% y-o-y, was better than our $9.5 million estimate, reflecting a 330 basis point improvement in margins. Figure #1 Q3 Results highlights our estimates and the recent results. 

Strong movie sales likely to continue. Movie sales revenues increased 59% to $84.0 million, well above our $74.9 million estimate, a reflection of a recent licensing agreement with Paramount Pictures, and, to a smaller extent, strong Steelbook sales. The Paramount Pictures licensing revenue lift is likely to bolster total company revenues for the next few quarters.

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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. 

November 12, 2025

SAN DIEGO, Nov. 12, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security, and global markets, today announced that its Indiana Payload Integration Facility (IPIF) for Hypersonic Systems located in Crane, Indiana, is on schedule to be fully mission capable by the end of 2026. The state-of-the-art facility is now under roof, and work is progressing rapidly to finalize equipment-bearing foundations and erect interior structures.

Kratos’ IPIF, which is estimated to cost more than $50 million once complete, is designed and purpose-built for rapid, affordable preparation of experimental payloads to significantly boost the tempo of flight testing for next-generation hypersonic systems and technologies and to accelerate the development of new and advanced weapons systems.

 The state-of-the-art, 68,000-square-foot complex will feature advanced manufacturing and test capabilities along with enhanced workflows to boost the tempo of critical hypersonic vehicle and payload activities for programs such as the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ steadfast commitment to advancing hypersonic system development and expanding crucial industrial base infrastructure needed to accelerate Mach 5+ flight testing. The facility is expected to create over 100 high-tech jobs when complete, with an estimated average annual wage of $80,000+.

Josh Peterson, Senior Vice President and Product Manager for Kratos Launch Vehicles, said: “We’re pleased with the tremendous progress made so far, and extremely excited to get to work processing experiments and payloads for MACH-TB. This building’s design, which was heavily influenced by engineers and technicians with countless years of test vehicle experience, promises to accelerate throughput and provide a needed boost to the pace of hypersonic testing.”

Mike Johns, Senior Vice President of Kratos SRE, said: “This is an important addition to the hypersonics test infrastructure located near NSWC Crane and will be a national asset for the hypersonics test and experimentation community across the country. The entire community in Southern Indiana has been very helpful and supportive getting this project off the ground, and it is one of many new projects Kratos is bringing to the area.”

Dave Carter, President of Kratos Defense & Rocket Support Services, said: “Kratos is proud to be leading the MACH-TB industry team and building the facilities needed to augment our nation’s capabilities to advance hypersonic testing. The IPIF will provide needed infrastructure to accelerate the advancement of critical hypersonic technologies.”

Kratos remains at the forefront of hypersonic and advanced technology development and testing, providing affordable, high-performance solutions to meet the needs of the U.S. military and allied nations. Kratos is the only company delivering both propulsion and flyer systems, which includes Kratos’ low cost Erinyes Hypersonic Flyer, Dark Fury, Zeus and Oriole Solid Rocket Motors, along with other Kratos systems and technologies. Kratos provides unmatched innovation, disruptive capabilities, mission responsiveness and affordability to our customers across our portfolio of systems.

For more information on Kratos and its hypersonic programs, visit www.kratosdefense.com.

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 

November 12, 2025 8:00 AM EST

Launch in Key Global Crypto Market Signals Company’s Growing International Momentum

ATLANTA, Nov. 12, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced its entrance into the Asian market with its expansion into Hong Kong. This move highlights Bitcoin Depot’s accelerating global momentum and strategic focus on expanding into markets where cash-to-crypto access is in high demand.

Hong Kong has rapidly emerged as one of the most watched crypto markets in the world, serving as a key financial hub with growing institutional and retail interest in digital assets. With this launch, Bitcoin Depot will become one of the top five operators in the region.

“Hong Kong is quickly becoming a global center for crypto, with the right mix of regulation, demand, and momentum,” said Scott Buchanan, President & COO of Bitcoin Depot. “What we do best is make Bitcoin easy and accessible in the real world, directly addressing the demand we see in the Hong Kong market. Expanding here is a clear step forward as we continue our mission of bringing Bitcoin to the Masses.^®”

This expansion into Hong Kong builds on Bitcoin Depot’s strong operational momentum and growth throughout 2025. It follows the recent retail partnership with GPM Investments, the asset acquisition of National Bitcoin ATM, and the successful rollout of enhancements to its compliance program in October.

Since becoming the first U.S. Bitcoin ATM operator to go public in July 2023, the company has steadily expanded its footprint across North America and Australia, highlighting its ability to scale while maintaining profitability.

Bitcoin Depot’s products and services provide an intuitive, fast, and convenient way to convert cash into Bitcoin. This allows users to access the broader digital financial system, including payments, transfers, remittances, online purchases, and investments.

For more information, visit https://bitcoindepot.com.hk/.

About Bitcoin Depot 
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.

Cautionary Note Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Agreement. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts: 

Investors
Cody Slach
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Media
Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

November 12, 2025

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IRVINE, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN), today announced the pricing of its underwritten public offering of (i) 15,152,485 shares of its common stock at a public offering price of $1.65 per share and (ii) in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 15,151,515 shares of common stock at a public offering price of $1.649 per pre-funded warrant. The pre-funded warrants will be immediately exercisable and will have an exercise price of $0.001 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $50 million. In addition, Eledon has granted to the underwriters a 30-day option to purchase up to 4,545,600 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares of common stock and pre-funded warrants in the offering are to be sold by Eledon. The offering is expected to close on or about November 13, 2025, subject to the satisfaction of customary closing conditions.

Leerink Partners, Cantor and LifeSci Capital are acting as joint book-running managers for the offering.

Eledon currently intends to use the net proceeds from the offering to support the continued clinical development of its product candidates and advance its pipeline programs as well as for general corporate purposes.

The offering is being made pursuant to a registration statement on Form S-3 (File No. 333-282260), previously filed with the Securities and Exchange Commission (the “SEC”) on September 20, 2024 and declared effective on October 2, 2024. The offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC on November 12, 2025 and a final prospectus supplement relating to the offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, once available, may also be obtained by contacting Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com, or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59^th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. Eledon’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. Eledon is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding Eledon’s expectations on the timing and completion of the offering and the anticipated use of proceeds therefrom. No assurance can be given that the offering will be completed on the terms described. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the preliminary prospectus supplement and final prospectus supplement that will be filed with the SEC and other risks and uncertainties that could cause Eledon’s actual results to differ materially from the forward-looking statements contained herein are discussed in the company’s quarterly 10-Qs, annual 10-K, and other filings with the SEC, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
stephen@gilmartinir.com

Media Contact:

Jenna Urban
CG Life
(212) 253 8881
jurban@cglife.com

Source: Eledon Pharmaceuticals

In a move signaling renewed interest in the digital radio sector, Canadian media and technology company Stingray Group has acquired internet radio service TuneIn for $175 million. The deal includes $150 million in cash at closing and up to $25 million in deferred payment, financed through Stingray’s renewed credit facility.

The acquisition marks a major shift in the online streaming landscape. Once valued near $500 million, TuneIn was a pioneer in internet radio streaming, known for bringing traditional radio stations, talk shows, sports broadcasts, and music to a global digital audience. Unlike subscription-heavy services such as Spotify or Apple Music, TuneIn built its business around live radio content accessible across devices, including smart speakers, connected cars, and mobile apps.

Founded in 2002, TuneIn grew to over 75 million monthly active listeners across more than 100 countries and over 200 connected platforms. However, the company faced increasing pressure as consumer listening habits evolved toward on-demand music and podcasts. Despite efforts to diversify into ad-free subscriptions and audiobooks, TuneIn’s growth slowed amid intense competition and changing user expectations.

For Stingray, the deal represents an opportunity to expand beyond its traditional media and music services. Based in Montreal, Stingray operates television music channels, radio stations, and ad-supported streaming platforms. Acquiring TuneIn gives the company instant global reach, access to a vast listener base, and valuable relationships with automakers and device manufacturers. TuneIn’s integration in over 50 car infotainment systems could position Stingray as a stronger player in the in-car audio experience, a fast-growing battleground for streaming companies.

The acquisition values TuneIn at approximately 1.6 times its projected 2025 sales of $110 million and about six times its adjusted EBITDA of $30 million. For a company that once attracted big-name investors and partnerships, the sale price highlights how crowded and capital-intensive the streaming audio market has become.

Still, Stingray appears to be betting on a rebound in digital radio and live content consumption. As advertisers look for alternatives to traditional broadcast and major streaming services, TuneIn’s platform offers diverse ad inventory and a global audience. The acquisition could also help Stingray cross-promote its other media properties, while using TuneIn’s distribution network to scale faster internationally.

The deal is expected to close by year-end, pending customary approvals. Post-acquisition, the TuneIn brand will remain active, while Stingray forecasts that combined revenue will exceed $400 million annually.

For small-cap investors, the move underscores how mid-sized media companies can leverage acquisitions to compete in a market dominated by giants. By acquiring undervalued digital assets like TuneIn, firms such as Stingray can tap into niche but loyal audiences, diversify revenue streams, and strengthen their foothold in the evolving audio ecosystem.

If successful, this acquisition could set the stage for renewed investor confidence in small and mid-cap media technology plays — especially those with the scale and strategy to bridge traditional and digital listening experiences.