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Codere Online (CDRO) – Favorable Operating Momentum

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Monday, March 02, 2026

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.

Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).

Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.


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Wholesale Inflation Heats Up: Producer Prices Jump 0.5% in January, Complicating Fed Outlook

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U.S. wholesale inflation came in hotter than expected in January, adding a fresh wrinkle to the Federal Reserve’s already delicate balancing act on interest rates.

The Labor Department reported Friday that its Producer Price Index (PPI) — which measures price changes before they reach consumers — rose 0.5% from December and 2.9% from a year earlier. Economists surveyed by FactSet had forecast a 0.3% monthly increase and a 1.6% annual gain.

The upside surprise didn’t stop there.

Excluding volatile food and energy prices, so-called core wholesale prices climbed 0.8% month over month and 3.6% from a year ago — both well above expectations. The annual core increase was the largest since March of last year.

Services Drive the Upside

Much of January’s acceleration came from services, particularly higher profit margins for retailers and wholesalers.

That detail is significant.

It suggests companies may be maintaining — or expanding — pricing power, even as tariff costs shift and input prices fluctuate. Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, noted that while retailers’ tariff bills have edged down in recent months, selling prices have continued to rise.

Core goods prices also strengthened, rising 0.7% from December and 4.2% year over year. Hefty increases were reported in categories including cosmetics, pet food, certain metals, and metal-cutting machinery.

In contrast, energy prices provided some relief. Gasoline prices dropped 5.5% from December and were down 15.7% from a year earlier. Wholesale food prices also declined.

A Mixed Inflation Picture

The hotter PPI report comes just two weeks after consumer price data showed more moderation. The Consumer Price Index (CPI) rose 2.4% year over year in January — moving closer to the Federal Reserve’s 2% target.

But wholesale inflation can act as an early indicator of future consumer price pressures. Some PPI components — particularly health care and financial services — also feed directly into the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index.

In December, PCE inflation rose 2.9% year over year, marking its fastest pace since March 2024.

For policymakers, that backdrop complicates the rate outlook.

The Fed cut its benchmark rate three times last year in response to a cooling labor market. However, it has since adopted a more cautious stance, signaling it wants clearer evidence that inflation is sustainably moving toward 2%.

Following Friday’s report, Nationwide economist Ben Ayers said he expects the Fed to remain on pause at its upcoming March meeting.

Why It Matters for Investors

Markets have been wrestling with two competing narratives in 2026: moderating consumer inflation versus persistent underlying price pressures.

The stronger-than-expected wholesale reading reinforces the idea that inflation may prove stickier than hoped — especially in services and core goods. For equities, that could mean renewed volatility if bond yields rise on expectations of prolonged higher rates.

For fixed-income investors, it underscores that the path to further rate cuts may not be straightforward.

In short, January’s data doesn’t signal a resurgence of runaway inflation. But it does suggest the Fed’s job isn’t finished — and markets may need to recalibrate expectations for how quickly monetary easing resumes.

OpenAI Lands $840 Billion Valuation as Amazon, Nvidia, SoftBank Double Down on AI Arms Race

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OpenAI has secured one of the largest private capital raises in history, reaching an $840 billion valuation as Amazon, Nvidia, and SoftBank anchor a massive $110 billion funding round.

The blockbuster raise underscores that, despite 2026’s volatility in technology stocks and growing talk of an AI valuation bubble, capital formation in artificial intelligence remains robust. For investors, the message is clear: the AI infrastructure race is accelerating, not slowing.

According to Reuters, SoftBank committed $30 billion in the round, Nvidia invested $30 billion, and Amazon pledged $50 billion. Additional investors are expected to participate as the financing progresses. The funding comes ahead of OpenAI’s anticipated mega-IPO later this year, with Wall Street expecting further capital raises before a public debut.

Compute Is the New Oil

The capital injection is designed primarily to secure advanced chips and computing infrastructure.

OpenAI said it will deploy Nvidia’s latest Rubin systems, representing five gigawatts of computing capacity — enough energy to power millions of U.S. households. That scale highlights a defining theme of the AI cycle: frontier models now require industrial-level energy and hardware commitments.

For Nvidia (NVDA), the $30 billion investment deepens its financial ties to one of its largest customers. However, shareholders have recently pressured the chipmaker over its decision to reinvest heavily into the AI ecosystem rather than prioritize capital returns.

The interdependence has also revived concerns about “circular financing,” in which companies invest in key customers while simultaneously securing supply agreements. Critics argue such structures can blur the line between organic demand and strategically supported revenue.

Amazon Expands Strategic AI Footprint

Amazon (AMZN) is pairing capital with infrastructure.

Alongside its $50 billion commitment — beginning with an initial $15 billion investment — OpenAI will utilize two gigawatts of computing capacity powered by Amazon’s proprietary Trainium AI chips. The companies are also expanding a previously signed $38 billion cloud agreement, with OpenAI planning to spend an additional $100 billion on Amazon Web Services over eight years.

AWS will become the exclusive third-party cloud provider for OpenAI Frontier, the company’s enterprise AI platform for building and running agents. Importantly, OpenAI’s relationship with Microsoft remains intact, with Azure continuing as the exclusive cloud provider for its APIs.

The multi-cloud, multi-chip strategy reflects how hyperscalers are competing not just for AI workloads, but for long-term ecosystem control.

Competition Is Intensifying

The raise comes as Alphabet’s Google strengthens its AI position following the launch of Gemini 3, and as Anthropic continues to gain traction in enterprise AI applications. OpenAI, which has yet to turn a profit, is reportedly targeting approximately $600 billion in total compute spending through 2030.

At the same time, technology stocks have faced sharp declines in 2026 as investors question whether AI investments will generate returns sufficient to justify soaring valuations.

Still, OpenAI’s scale is formidable. The company reports more than 900 million weekly active users for ChatGPT and over 50 million consumer subscribers, with early 2026 pacing as its strongest period for new subscriber growth.

Why It Matters for Investors

This deal reinforces several market themes:

  • AI capital intensity is rising dramatically.
  • Infrastructure partnerships are becoming equity-linked.
  • Hyperscalers are competing for exclusive compute relationships.
  • Pre-IPO valuations are stretching toward trillion-dollar territory.

Whether these commitments ultimately deliver sustainable returns remains a key question for public markets. But for now, the AI capital formation cycle remains firmly in expansion mode.

E.W. Scripps (SSP) – Transformation Plan Underscores Compelling Valuation

Posted on by [email protected]


Friday, February 27, 2026

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.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment. 

Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. Importantly, management indicated that Core Advertising momentum continues to be favorable into the first quarter 2026.


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Nicola Mining Inc. (HUSIF) – Building Momentum

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Friday, February 27, 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.

Operational momentum continues. Nicola reported a significant increase in throughput of high-grade gold and silver mill feed from its partnership with Blue Lagoon Resources at the Dome Mountain Gold Project. Processing at the Merritt Mill has shifted from a gravity-and-flotation circuit to a flotation-only flowsheet, better aligning with the sulphide-hosted mineralization and enhancing recoveries, concentrate grades, and payable metal output. Ongoing plant upgrades are expected to improve efficiency and throughput. Underground development at Dome Mountain is progressing, with additional mining faces being prepared to support sustainable increases in mill feed tonnage.

Advancing the next phase of gold production at Dominion Creek. Dominion represents an additional driver of growth, targeting high-grade gold mineralization. Nicola is procuring needed mobile equipment and personnel ahead of the planned extraction in July 2026 under a bulk sample permit. The bulk sample program is intended to validate grade continuity, metallurgical performance, and mining selectivity, while also contributing incremental cash flow.


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Codere Online (CDRO) – Delivers Operating Leverage

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Friday, February 27, 2026

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.

Solid Q4 Results.  The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).

Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.


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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. 

Aurania Resources (AUIAF) – Making Progress at the Balangero Green Nickel Project

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Friday, February 27, 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.

Recent assay results confirm strong nickel-cobalt grades. Aurania reported results from 28 new samples at the Balangero Nickel-Cobalt Project in northern Italy, returning nickel values between 1,560 and 2,015 parts per million (ppm) and averaging 1,763 ppm, along with 81.5 to 108 ppm cobalt and 16.2 to 146 ppm copper. These results align with more than 200 historical samples and validate the presence of awaruite, a nickel-iron alloy suitable to be used as a direct source of furnace feed for stainless steel production or processed downstream EV battery-grade nickel sulphate production. Notably, samples from development rock piles were confirmed to be asbestos-free, potentially expanding the resource base beyond tailings.

A differentiated alternative to greenfield peers. Unlike comparable awaruite-focused projects, which require full mine development, Balangero’s potential resource consists primarily of dry-stacked, pre-crushed tailings and surface rock already extracted from the ground. This eliminates the need for drilling, blasting, and underground haulage. The project benefits from electric power, rail access, highway connectivity, and an available skilled workforce, positioning it as a potentially accelerated development opportunity with significant cost advantages.


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Nvidia Stock Drops Despite Strong Earnings as AI Spending Questions Grow

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Nvidia delivered another quarter of eye-catching growth. Investors still found reasons to sell. Shares of the AI chip leader fell as much as 5.6% Thursday after its fiscal first-quarter revenue forecast, while ahead of average Wall Street estimates, failed to ease mounting concerns about how long the artificial intelligence spending boom can last. The decline marked the stock’s sharpest intraday drop in three months.

On paper, the results were hard to fault. Nvidia projected fiscal first-quarter revenue of about $78 billion, topping the average analyst estimate of $72.8 billion, though some forecasts had climbed closer to $80 billion in recent weeks. For the fiscal fourth quarter, revenue surged 73% to $68.1 billion, beating expectations. Adjusted earnings of $1.62 per share and gross margins of 75.2% also edged past consensus estimates.

The company’s data center division — which includes its AI accelerators and networking products — generated $62.3 billion in quarterly revenue, above projections. That business has become the centerpiece of Nvidia’s growth story as hyperscale cloud providers and enterprises race to build AI infrastructure.

Other segments were softer. Gaming revenue of $3.73 billion and automotive revenue of $604 million both trailed analyst expectations. Ongoing memory supply constraints have weighed on certain product lines, highlighting that even Nvidia is not immune to broader semiconductor supply dynamics.

The market reaction underscores a key shift: Expectations are now extraordinarily high. After explosive gains over the past two years tied to generative AI demand, investors are increasingly focused on sustainability rather than acceleration.

CEO Jensen Huang pushed back against fears of an AI bubble during the earnings call, arguing that customers are already generating returns from their AI investments. According to Huang, expanding compute capacity directly supports revenue growth for Nvidia’s clients, reinforcing the case for continued infrastructure buildouts.

Still, questions remain. Nvidia disclosed $95.2 billion in purchase obligations, up sharply from $16.1 billion a year earlier. While those commitments reflect efforts to secure supply and meet anticipated demand — with shipments extending into calendar 2027 — they also raise the stakes if capital spending slows.

Geopolitical uncertainty adds another layer. The company has received limited U.S. government licenses to ship certain processors to China, but data center revenue from the country remains excluded from guidance. Tariffs and inspection requirements create additional friction in an already complex global supply chain.

At the same time, Nvidia and its competitors are announcing large, long-term agreements with major customers to lock in computing capacity. Nvidia recently disclosed that Meta Platforms plans to deploy “millions” of its processors in the coming years, while Advanced Micro Devices announced its own multibillion-dollar AI infrastructure deal. These agreements are designed to demonstrate durable demand, though some observers caution that increasingly intertwined supplier-customer relationships can complicate traditional demand signals.

For investors, Nvidia’s quarter reflects a broader capital markets dynamic heading into 2026. Growth is still robust, but markets are scrutinizing visibility, balance sheet commitments, and the durability of capital expenditures more closely.

The AI buildout remains one of the most significant investment cycles in technology history. Nvidia’s latest results suggest momentum is intact. The stock’s reaction shows that confidence in how long it lasts is now the real debate.

1-800-Flowers.com (FLWS) – Sets The Table For Investors

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Thursday, February 26, 2026

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

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.

Updates it corporate presentation. Management recently updated its corporate presentation to provide more detail around the company’s four pillar initiative to transform it toward a more profitable, scalable, growth oriented company. The four key pillars: achieving cost savings and operational efficiency, strengthening customer focus, expanding reach beyond e-commerce, and enhancing talent alignment and accountability. 

Omnichannel Expansion. The company is expanding distribution channels beyond its owned e-commerce platforms. The Company is meeting customers where they already shop by leveraging leading third-party marketplaces to lower acquisition friction and expand reach. These marketplace channels are intended to complement owned platforms, while selective physical retail testing will occur under strict ROI thresholds. 


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E.W. Scripps (SSP) – Foundation for 2026 Upside

Posted on by [email protected]


Thursday, February 26, 2026

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.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.  

Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. But, we are pleased that Core Advertising reflected a strong rebound in the quarter, even better than what we were looking for. 


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Kratos Defense & Security (KTOS) – Reports Fourth Quarter Results

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Thursday, February 26, 2026

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Overview. Kratos finished 2025 exceeding management’s financial objectives for the fourth quarter, generating approximately 20% year- over-year organic revenue growth, generating a 1.3 to 1.0 book-to-bill ratio on top of the organic growth, having a record backlog of $1.573  billion, and a record opportunity pipeline of $13.7  billion.

4Q25 Results. Fourth quarter revenue of $345.1 million reflected 20% y-o-y organic growth and exceeded our $320 million estimate. Unmanned Systems’ organic revenue growth was 12.1%, while Government Solutions saw 22.2% organic growth. Kratos recorded adjusted EBITDA of $34.1 million, up from $25.2 million a year ago and our $31 million estimate. Adjusted EPS came in at $0.18 versus $0.13 last year and our $0.14 estimate.


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Euroseas (ESEA) – Solid 4Q and FY2025 Results Amid Sustained Strength in Containership Market

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Thursday, February 26, 2026

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.

Solid Q4 and FY2025 financial results. Fourth quarter net revenue increased 7.7% to $57.4 million compared to $53.3 million during the prior year period. Adjusted EBITDA and EPS were $40.7 million and $4.48, respectively, compared to $32.8 million and $3.33 during the prior year quarter. During the fourth quarter, the average time charter equivalent rate amounted to $30,268 per day compared to $26,479 during the prior year period. The company reported FY2025 adjusted EBITDA and EPS of $155.9 million and $16.74, respectively, compared to $135.8 million and $14.87 in 2024.

Revenue and earnings visibility. For 2026, Euroseas has secured 86.6% of available voyage days at an average rate of ~$30,700 per day and 71.1% of 2027 available voyage days at an average rate of $31,890 per day. For 2028, 40.8% of available voyage days are covered at ~$32,400 per day. 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 in 2026.


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Cardiff Oncology (CRDF) – FY2025 Reported With Onvansertib Phase 2b Data Review

Posted on by [email protected]


Thursday, February 26, 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.

FY2026 Reported With Onvansertib Review. Cardiff reported a FY2025 loss of $45.8 million or $(0.69) per share and reviewed the clinical data for onvansertib, its drug for RAS-mutated metastatic colorectal cancer (mCRC). Updated plans for Phase 3 are expected after discussions with the FDA during 1H26. On December 31, 2025, Cardiff ended the year with $58.3 million in cash and equivalents, which it believes can fund operations through 1Q27.

Phase 2 CRDF-004 Trial Design. The CDRF-004 Phase 2 trial was designed to test two doses of onvansertib in combination with two standard-of-care (SOC) regimens against each standard of care regimen alone. It enrolled 110 patients with RAS-mutated mCRC. The primary endpoint was objective response rate (ORR).


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