Author: slightbourne@noblecapitalmarkets.com

QuoteMedia Inc. (QMCI) – Delivers Encouraging Q1 Results

Posted on by slightbourne@noblecapitalmarkets.com


Friday, May 23, 2025

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

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 Q1 Results. The company reported Q1 revenue of $4.8 million, which increased 3% over the prior year period, and was in line with our estimate of $4.8 million. Notably, revenue in Q1 was highest amount of quarterly revenue in the company’s history. Moreover, the company recorded adj. EBITDA of $0.4 million in Q1, which was moderately lower than our estimate of $0.5 million, as illustrated in Figure #1 Q1 Results. 

Q1 adj. EBITDA impact. Notably, adj. EBITDA in Q1 was impacted by the company capitalizing less development costs than in prior quarters, leading to more development costs expensed in Q1. Importantly, the increase in development costs that were expensed did not have an impact on cashflow. Furthermore, the company highlighted that it will be expensing development costs at a similar rate to Q1, which was higher than in previous quarters, moving forward. 


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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. 

Hemisphere Energy (HMENF) – Strong Start to the Year

Posted on by slightbourne@noblecapitalmarkets.com


Friday, May 23, 2025

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.

First quarter financial results. Hemisphere generated first quarter oil and gas revenue of C$27.3 million, an increase of 30.4% year-over-year, and above our estimate of C$24.4 million. Net income amounted to C$8.9 million or C$0.09 per share compared to C$6.8 million or C$0.07 per share during the prior year period and our estimates of C$8.2 million or C$0.08 per share. The strong earnings were reflective of a 22.3% year-over-year increase in production to 3,833 barrels of oil equivalent per day (boe/d) from 3,133 boe/d, along with better-than-expected commodity pricing due to the company’s strategic hedging. Adjusted funds flow (AFF) amounted to C$12.7 million or C$0.13 per diluted share compared to C$10.1 million or C$0.10 per diluted share during the prior year period. We had forecasted AFF of C$11.2 million.

Updating estimates. Based on first quarter results and management’s production guidance of 3,800 boe/d for the second quarter, we are raising our 2025 revenue estimates to C$98.2 million from C$94.8 million. We have modestly increased our operating expense estimate to C$38.4 million from C$37.6 million. Additionally, we are raising our net income and earnings per share (EPS) estimates to C$31.3 million and C$0.30, from C$30.3 million and C$0.29. We expect full year 2025 AFF of C$44.7 million, up from our previous estimate of C$43.0 million.


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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. 

Gold Nears All-Time Highs: Why It’s Defying the Typical Market Cycle

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Gold surges as investors seek safety from Trump’s tariff threats.
– U.S. fiscal worries and a weaker dollar drive demand for gold.
– Gold defies norms, staying strong despite rising Treasury yields.

Gold is trading just a few percentage points below its all-time highs, confounding expectations for a significant retracement typical of most asset classes. In a normal market cycle, rapid price increases are often followed by pullbacks as traders take profits and reassess fundamentals. But gold’s current behavior suggests that broader forces are at play, reshaping how investors evaluate risk and value in today’s geopolitical and macroeconomic landscape.

As of May 23, 2025, gold surged nearly 2% to $3,357.78 an ounce, extending its weekly gain toward 5%. This spike follows fresh threats from former President Donald Trump, who vowed to impose sweeping tariffs on the European Union and Apple Inc. These geopolitical tensions have reignited demand for gold as a safe haven, a traditional response to rising uncertainty.

According to a Bloomberg report, Trump’s proposed 50% tariffs on EU goods and a minimum 25% tariff on Apple if it fails to manufacture in the U.S. rattled financial markets. U.S. equity futures dropped in response, highlighting investor unease. At the same time, bullion prices surged as traders sought refuge from the volatility.

But tariffs alone don’t explain why gold is hovering so close to record highs without a typical retracement. Several structural shifts underpin the resilience of gold in this cycle.

First, gold is being buoyed by deep concerns over U.S. fiscal health. Moody’s recently downgraded the U.S. credit rating, citing fears that the government’s ballooning deficit—exacerbated by Trump’s tax proposals—could worsen. With trust in government debt shaken, gold has gained favor as a store of value.

Second, the usual inverse relationship between gold and Treasury yields appears to be breaking down. Yields on 10-year U.S. Treasuries have risen to around 4.5%, a level that would historically undermine gold, which offers no yield. However, this time, investors are prioritizing safety over returns. The desire to shield portfolios from political and economic instability is overriding traditional valuation models.

Third, the macroeconomic backdrop includes a weakening U.S. dollar, as evidenced by the Bloomberg Dollar Spot Index slipping 0.6% for the week. A softer dollar makes gold cheaper for foreign buyers, further boosting demand.

Finally, investor psychology has shifted. Gold’s surge of over 25% this year has created a momentum-driven market where fear of missing out (FOMO) is fueling further buying. This sentiment-driven rally leaves little room for retracement, especially when headlines continue to reinforce the bullish narrative.

In conclusion, gold’s current strength—so close to its peak with little sign of reversal—reflects more than just a temporary flight to safety. It signals a deeper lack of confidence in traditional hedges like government bonds and an increasingly uncertain geopolitical environment. Until those pressures ease, gold may not follow the rules of a “normal” market cycle.

Inside the “Big Beautiful Bill”: What It Means for You and the Markets

Posted on by slightbourne@noblecapitalmarkets.com

House Republicans have passed a massive new tax and spending proposal dubbed the “One Big Beautiful Bill Act,” aiming to rewrite large portions of the U.S. tax code while reshaping safety net programs and personal finance tools. The multi-trillion-dollar legislation is already stirring debate on Wall Street and Main Street alike, with wide-reaching implications for taxpayers, investors, and public programs.

One of the centerpiece changes is the permanent extension of the 2017 Trump tax cuts, along with a significant expansion of the SALT (state and local tax) deduction. The new cap would rise to $40,000 in 2025—up from $10,000—before gradually increasing through 2033. The benefit phases out for incomes above $500,000, reinforcing its tilt toward middle- and upper-middle-income households.

The bill temporarily boosts the child tax credit from $2,000 to $2,500 through 2028, but offers no added benefit for families with very low incomes who don’t owe federal tax. Analysts caution that about 17 million children may continue to be left out of full credit eligibility.

Among the new personal finance tools is a $4,000 “bonus deduction” for seniors aged 65 and up, aimed at helping retirees reduce their taxable income. It applies fully to individuals earning up to $75,000 and couples earning up to $150,000.

The legislation also expands the reach of health savings accounts (HSAs), doubling annual contribution limits to $8,600 for individuals and $17,100 for couples earning under $75,000 and $150,000, respectively. Starting in 2026, HSAs could also be used for select fitness expenses, like gym memberships, up to $500 per individual or $1,000 per couple.

A notable new provision introduces government-seeded savings vehicles for children, now branded “Trump Accounts.” These accounts start with a $1,000 deposit from the U.S. Treasury and can be used for education, home buying, or launching a business. Parents can contribute up to $5,000 annually, with investments growing tax-deferred.

There are also breaks for car buyers and tipped workers. A new tax deduction allows up to $10,000 in annual auto loan interest for vehicles assembled in the U.S., while tip income for workers earning under $160,000 would be temporarily exempt from federal tax through 2028.

To fund these changes, the bill proposes historic cuts to Medicaid and SNAP, totaling roughly $1 trillion. Tighter work requirements could result in 14 million people losing health coverage and 3 million households losing food assistance, according to policy analysts.

For student borrowers, the news isn’t good. The bill would eliminate subsidized loans, meaning interest would begin accruing while students are in school. Forgiveness on income-driven repayment plans would be delayed to 30 years in many cases, drawing criticism from higher education experts.

Though markets may welcome expanded consumer spending power and tax relief, concerns about the growing deficit and the bill’s political path forward loom large. The Senate is expected to revise key components before a final vote.

Whether the “Big Beautiful Bill” becomes law as drafted or is reshaped in the coming weeks, its impact could ripple across household budgets and investment strategies for years.

Sanofi Acquires Vigil Neuroscience in $470 Million Deal to Bolster Alzheimer’s Drug Pipeline

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Sanofi to acquire Vigil Neuroscience for $470 million, expanding its neurology focus.
– Deal includes $8 per share and a $2 contingent value right tied to an Alzheimer’s candidate.
– The acquisition strengthens Sanofi’s long-term R&D pipeline without impacting 2025 guidance.

In a strategic move to deepen its commitment to neuroscience and neurodegenerative disorders, French pharmaceutical giant Sanofi (SASY.PA) announced it will acquire Vigil Neuroscience (VIGL.O), a U.S.-based clinical-stage biotech company, in a deal valued at $470 million. The transaction includes an upfront cash payment of $8 per share, along with a $2 per share contingent value right (CVR) tied to the progress of Vigil’s Alzheimer’s drug candidate, VG-3927.

The acquisition signals Sanofi’s growing ambition in the neurology space, particularly in the high-stakes race to develop effective treatments for Alzheimer’s disease, a market expected to grow dramatically as global populations age. VG-3927, an oral drug currently in clinical development, is the centerpiece of the deal and could offer a differentiated approach to treating Alzheimer’s by targeting the TREM2 receptor, which plays a role in immune responses in the brain.

This deal is part of a broader, aggressive push by Sanofi into neuroscience and U.S.-based innovation. Earlier this month, the company announced it would invest $20 billion in the U.S. through 2030, a capital injection aimed at bolstering research, development, and domestic manufacturing capabilities. The acquisition of Vigil aligns with this strategic direction, expanding Sanofi’s U.S. biotech footprint and pipeline in tandem.

The CVR component of the deal is particularly notable. CVRs are often used in biotech mergers to tie additional shareholder value to the success of specific development milestones. In this case, the extra $2 per share is dependent on the advancement of VG-3927, which could become a valuable addition to Sanofi’s neurology portfolio if it clears clinical and regulatory hurdles.

Sanofi already had a vested interest in Vigil before this announcement. In June 2024, the French firm made a $40 million equity investment in Vigil, securing exclusive negotiation rights to VG-3927. This prior relationship helped pave the way for the full acquisition, giving Sanofi a head start in due diligence and integration planning.

Interestingly, Vigil’s other key asset, VGL101, a monoclonal antibody program, is excluded from the acquisition and will be returned to its original licensor, Amgen (AMGN). This indicates Sanofi’s laser focus on VG-3927 and its potential as an oral therapy—a more scalable and patient-friendly alternative to injectable biologics currently used in Alzheimer’s treatment.

The transaction is expected to close in the third quarter of 2025, pending customary regulatory approvals. Sanofi confirmed that the acquisition would not impact its 2025 financial guidance, suggesting it is being funded through existing capital reserves or allocated R&D spending.

As big pharma continues to chase the next blockbuster treatment in neurology, Sanofi’s acquisition of Vigil could position the company as a stronger contender in the evolving Alzheimer’s market—provided VG-3927 delivers on its clinical promise.

Take a moment to take a look at more emerging growth biotechnology companies by taking a look at Noble Capital Markets’ Research Analyst Robert LeBoyer’s coverage list.

Bitcoin Smashes All-Time High, Surges Past $109K Amid Favorable Market Winds

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin soared to a new all-time high on Wednesday, piercing through the $109,000 mark and marking yet another milestone in the cryptocurrency’s volatile but increasingly legitimized journey. The flagship digital asset reached an intraday peak of $109,500 before slightly paring gains, according to data from Coin Metrics. At last check, it was trading around $108,955—up over 2% on the day and 16% higher for the month of May so far.

This surge caps off a month of bullish momentum for Bitcoin, fueled by a cocktail of macroeconomic tailwinds, favorable sentiment, and deepening institutional adoption. Analysts say the rally is being supported by a combination of softening U.S. inflation, easing geopolitical tensions—especially in U.S.-China trade—and mounting concerns about fiat currencies following Moody’s recent downgrade of U.S. sovereign debt.

Just months ago, in April, Bitcoin had dipped as low as $74,000, amid heightened global uncertainty and a broader risk-off sentiment. The turnaround underscores how quickly sentiment can swing in the crypto space—especially when supported by fundamental developments.

Institutional Money Flows In

Institutional interest continues to be a driving force behind Bitcoin’s latest leg higher. Exchange-traded funds (ETFs) tied to the digital asset have attracted more than $40 billion in cumulative inflows, with just two days of outflows in May—a sign of sustained demand.

Meanwhile, on-chain data reveals declining selling pressure. Bitcoin inflows into centralized exchanges remain low, suggesting long-term holders are staying put. Liquidity is also expanding, as seen by growing reserves of Tether (USDT), a stablecoin often used to enter crypto positions, now sitting at record levels on exchanges. This indicates fresh buying power is ready to be deployed.

Regulatory Progress Fuels Optimism

Another catalyst powering the rally is the recent advancement of crypto-focused legislation in Washington. The U.S. Senate this week approved a bill to establish a national framework for regulating stablecoins, a key component of the broader crypto ecosystem. President Donald Trump has expressed interest in signing the legislation before the August congressional recess—a development that could bring clarity and credibility to the space.

Adding fuel to the fire, Coinbase—the largest U.S. crypto exchange—was recently added to the S&P 500 index, a symbolic milestone that’s helping cement crypto’s place in the traditional financial system.

As Bitcoin climbs to new heights, questions naturally arise about sustainability and the possibility of a correction. But for now, the world’s largest cryptocurrency is riding high, and investors are watching closely to see if this breakout is just the beginning of another historic bull run.

Take a moment to take a look at emerging growth cryptocurrency companies Bitcoin Depot and Bit Digital.

Century Lithium Corp. (CYDVF) – Right Time, Right Place, Right Project

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, May 21, 2025

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

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

Investor webinar. Century Lithium recently discussed the Angel Island Lithium project during an insightful investor webinar. Key highlights included: 1) Angel Island is an advanced project with one of the largest lithium deposits in the United States, 2) the project employs a proven patent-pending process for chloride leaching, along with direct lithium extraction to produce lithium carbonate, 3) Century has a secured a 1,770 acre-feet per year water rights permit, and 4) the company has demonstrated its ability to consistently produce battery grade lithium carbonate on-site at its pilot plant in Amargosa Valley, Nevada.

Nearing completion of a Plan of Operations. Management expects to submit a Plan of Operations to the Bureau of Land Management within the next few months, which would enable the company to initiate the National Environmental Policy Act (NEPA) permitting process. We anticipate the NEPA permitting process could take between 12 and 24 months, depending on whether an environmental assessment or environmental impact statement is required. An environmental impact statement generally takes longer.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

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

The Russell Reconstitution 2025 Preliminary List

Posted on by slightbourne@noblecapitalmarkets.com

The preliminary list of stocks to be included in the Russell Reconstitution, and also which Russell Index, is a huge day for many stock investors and the impacted companies as well. This year, it occurs on Friday, May 23. The list, although preliminary and subject to refinements each Friday through June, includes the stocks that are believed to meet the requirements based on valuations taken on April 30. This is the first official file from the popular index provider, in addition to informing the investor public what to expect when the indexes are reconstituted. The reconstitution can be expected to impact prices as index fund managers readjust holdings. The event also, for many, redefines market-cap levels that are considered small-cap, mid-cap, and large-cap.

Background

The Russell Reconstitution is an annual event that reconfigures the membership of the Russell indexes by defining the top 3000 stocks based on market-cap (Russell 3000), then the top 1000 stocks (Russell 1000), and reclassifying the smaller 2000 stocks to form the Russell 2000 Small Cap Index. These serve as a benchmark for many institutional investors, as the indexes reflect the performance of the U.S. equity market across different market-cap classifications. The reconstitution process adds, removes, and weights stocks to ensure the indexes accurately represent the market.

The Preliminary List which will be published after the market closes on May 23, 2025, is a crucial step in the market cap reclassification process. It provides market participants with an initial glimpse into potential additions and deletions from the indexes. The stocks listed on this preliminary roster may experience increased attention from investors, as it hints at potential buying or selling pressure once the final reconstitution is completed.

The newly reconstituted indexes become live after the market close on June 23.

Implications for Investors

The release of the Russell Preliminary List on May 23 could provide opportunities for investors, including:

Enhanced Market Visibility – Companies listed on the Preliminary List may experience increased trading volumes and heightened market popularity, or even scrutiny, as investors evaluate their potential inclusion in the Russell indexes.

Potential Price Movements – Stocks slated for addition or deletion from the indexes can experience price volatility as market participants adjust their positions to align with the anticipated reconstitution changes.

Portfolio Adjustments – Active managers who track the Russell indexes may need to realign their portfolios to reflect the new index constituents, potentially triggering buying or selling activity in affected stocks.

Investor Considerations

Stock market participants should consider the following factors when analyzing the Preliminary List and its potential impact:

Final Reconstitution – The Preliminary List is subject to changes in the final reconstitution, which is typically announced in late June. Investors should monitor subsequent updates to confirm the actual index membership changes. These updates may occur as the result of faulty data or dramatic changes to the company such as a merger since the April 30 market cap snapshot.

Fundamental Analysis – As always, the fundamentals and financial health of the companies should be among the most important factors for non-index investors to consider. In the past, potential additions often presented attractive investment opportunities, while potential deletions may mean the stock gets less attention from investors.

Take Away

The release of the Preliminary List on May 23, 2025, marks a significant milestone in the Russell Reconstitution process. Investors should pay close attention to the stocks listed, as they may experience increased market visibility and potential price movements. However, it is important to remember that the Preliminary List is subject to changes. Thorough fundamental analysis, including earnings, potential growth, and liquidity assessment, is prudent for most stock investments. For more information to evaluate small-cap names, look to Channelchek as a source of data on over 6,000 small cap companies.

Levi Strauss Sells Dockers to Authentic Brands for Up to $391 Million

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Levi Strauss sells Dockers to Authentic Brands Group for up to $391M to sharpen focus on core labels.
– Dockers, a 1980s icon of “Casual Friday,” has struggled amid the rise of athleisure and remote work.
– Authentic aims to revitalize Dockers and expand it into new markets and categories.

Levi Strauss & Co. is parting ways with one of its most recognizable labels, announcing Tuesday that it will sell its Dockers brand to Authentic Brands Group for up to $391 million. The sale marks a major shift for Levi Strauss, which is increasingly focused on its namesake denim line and the growing Beyond Yoga brand.

The transaction includes an initial payment of $311 million, with the potential for an additional $80 million in performance-based payouts. The sale is expected to close by July 31, 2025, for U.S. and Canadian operations, with global segments transitioning by January 2026.

Dockers, launched by Levi’s in 1986, became a defining symbol of the 1990s “Casual Friday” movement. Known for its khakis and relaxed office wear, the brand helped usher in a cultural shift away from stiff corporate dress codes. But in recent years, Dockers has fallen out of fashion favor, as a pandemic-driven work-from-home culture and the meteoric rise of athleisure wear left traditional khakis collecting dust in closets.

“Selling Dockers further aligns our portfolio with our strategic priorities,” Levi Strauss CEO Michelle Gass said. “We’re doubling down on the Levi’s brand and on high-growth categories like athleisure.” Gass also praised the Dockers team for its decades of brand stewardship, calling the line “the authority on khaki.”

The decision comes amid a broader effort by Levi Strauss to tighten its brand focus and revitalize profitability. In fiscal 2024, Levi’s reported $210.6 million in profit on $6.36 billion in revenue. However, growth in its core denim line and newer segments like Beyond Yoga has far outpaced Dockers in recent years.

Meanwhile, the buyer — Authentic Brands Group — is no stranger to resurrecting legacy names. The brand management firm, led by founder and CEO Jamie Salter, owns a portfolio of well-known but often underperforming or dormant brands, including Reebok, Brooks Brothers, and Forever 21.

Salter described Dockers as a “natural fit” for Authentic’s brand development model. “Dockers played a key role in shaping casual workwear, and we see significant potential to build on that legacy,” he said. Authentic plans to expand the Dockers brand across multiple categories and potentially international markets.

Analysts view the deal as a win-win: Levi Strauss sharpens its brand identity while shedding a slower-growth asset, and Authentic takes on a nostalgic brand with solid name recognition and room for reinvention. The sale also highlights the ongoing evolution in consumer preferences, as shoppers prioritize comfort, versatility, and lifestyle-driven fashion over traditional workplace attire.

As Dockers moves into new hands, the brand that helped define office wear for a generation now faces a new challenge—redefining its place in a post-business-casual world.

Direct Digital Holdings (DRCT) – There Is A Path Forward

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, May 20, 2025

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.

Taking the necessary steps to remain listed. The company faces a two pronged battle to remain listed on the NASDAQ. On one front, it must address the shareholder equity deficiency. And, on the other front, it must address the stock price, which is trading below $1. We view the issues separately and believe that the company has a strategy to remain listed on both fronts. 

Addressing the shareholder deficit. The company has a program to raise capital through an equity reserve facility to address its shareholder deficit issue to comply with a NASDAQ requirement. To date, the company has raised $7 million on its $20 million facility. The company could raise even more capital when it becomes S3 eligible at the end of Summer. Currently, the company is $23 million short of turning shareholder equity positive. 


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. 

Google Teams Up with Warby Parker and Gentle Monster to Launch AI-Powered Smart Glasses

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Google partners with Warby Parker, Gentle Monster, and Samsung to develop Android XR smart glasses powered by Gemini AI.
– Features include in-lens displays, cameras, real-time translation, and smartphone integration.
– The move sets up a new front in the wearables race against Meta and Apple

Google is reentering the smart glasses race with renewed focus and fresh partners. At its annual Google I/O conference in Mountain View, California, the tech giant announced partnerships with eyewear brands Warby Parker and Gentle Monster to create stylish, AI-powered smart glasses. The company is also expanding its collaboration with Samsung into the realm of intelligent eyewear, building on their joint efforts in augmented reality.

Unlike the tech-heavy and socially awkward Google Glass of 2013, Google’s new smart glasses aim to blend cutting-edge functionality with fashion-forward design. Set to run on the new Android XR operating system, the glasses will include features like turn-by-turn navigation, real-time translation, camera-enabled photography, hands-free calling, and seamless integration with apps—all delivered through the company’s Gemini AI platform.

In a direct challenge to Meta’s Ray-Ban Meta glasses, Google’s new offering will pair with smartphones and be equipped with microphones, speakers, and optional in-lens displays. These displays will allow users to access information such as text messages or directions without pulling out their phone. While the glasses will still rely on smartphones for processing and connectivity, they mark a significant leap in the evolution of wearable tech.

“This new wave of smart glasses is about combining form and function,” said Rick Osterloh, Google’s SVP of Devices & Services. “By working with top eyewear designers, we’re making sure these devices are not only useful, but also something people will want to wear every day.”

Importantly, Google says it will begin working with developers and testers later this year to fine-tune the technology, especially in terms of privacy and usability—areas that proved problematic for the original Google Glass. That early attempt, which cost $1,500 and looked like something out of a sci-fi film, failed to gain traction with mainstream consumers, partly due to design and partly due to discomfort around being unknowingly recorded.

Today’s consumers, however, are more acclimated to cameras in public spaces, and the success of Meta’s more discreet Ray-Ban glasses shows the market may finally be ready for smart eyewear—if it looks good and works well.

The resurgence of interest in smart glasses comes amid a broader push by tech giants to identify the next big hardware platform after the smartphone. Google is also involved in Samsung’s Project Moohan, an AR/VR headset co-developed with Qualcomm, signaling its broader ambitions in the spatial computing space.

Apple is rumored to be working on its own smart glasses, though Bloomberg reports they may not launch until 2027. That gives Google and Meta time to shape the market—and consumer expectations.

While smart glasses are unlikely to replace smartphones overnight, they are becoming a serious contender in the next phase of personal technology. The challenge now is whether Google, this time with the right design and timing, can finally succeed where Google Glass stumbled—and convince the world to put computers on their faces.

Regeneron Acquires 23andMe for $256 Million Amid Bankruptcy

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Regeneron to acquire 23andMe’s assets, including its vast genetic data bank, for $256 million.
– The deal raises significant privacy concerns among customers and regulators.
– Despite bankruptcy, 23andMe’s consumer services will continue under Regeneron’s oversight.

In a major move with wide-reaching implications for healthcare, privacy, and small-cap investors, Regeneron Pharmaceuticals has announced its acquisition of embattled DNA-testing company 23andMe for $256 million. The deal comes as 23andMe, once valued at over $6 billion following its 2021 public debut, filed for Chapter 11 bankruptcy earlier this year after prolonged profitability issues.

The acquisition includes 23andMe’s flagship Personal Genome Service, its Total Health and Research Services businesses, and a massive biobank of consumer genetic data collected over the years. While this trove of genetic information presents an invaluable asset for advancing personalized medicine, it also ignites fresh concerns about consumer privacy, data protection, and ethical oversight.

Regeneron, a major player in biotechnology and pharmaceuticals, has committed to maintaining 23andMe’s existing privacy protections and compliance with applicable laws. A court-appointed ombudsman will oversee the company’s plans for handling consumer data, and Regeneron has pledged transparency and high standards in its management of the sensitive dataset.

“We assure 23andMe customers that we are committed to protecting the 23andMe dataset with our high standards of data privacy, security and ethical oversight and will advance its full potential to improve human health,” said Aris Baras, a senior vice president at Regeneron.

The transaction, expected to close in Q3 2025, ensures that 23andMe’s genome services will continue without interruption. However, many former customers remain uneasy. When the company filed for bankruptcy, California Attorney General Rob Bonta advised users to request deletion of their genetic data and destruction of any physical samples stored by the company.

Despite reassurances from both Regeneron and 23andMe that existing privacy policies—designed to prevent data sharing with employers, insurers, law enforcement, and public databases—will remain in effect, skepticism lingers. This is particularly relevant in an age where genetic data is increasingly valuable for drug development, disease prediction, and targeted therapies.

For small-cap investors, this deal is noteworthy for several reasons. First, it reflects a growing trend of larger pharmaceutical firms acquiring innovative—but financially struggling—startups to bolster their pipelines and data assets. Second, it highlights the inherent volatility and risks associated with investing in biotech startups, especially those that go public with limited monetization strategies.

23andMe’s rise and fall underscore the importance of business sustainability in data-centric healthcare models. Meanwhile, Regeneron’s acquisition offers a potential long-term payoff through access to a highly unique, large-scale genomic dataset that could fuel years of research and development.

Investors will be watching closely how Regeneron integrates 23andMe’s assets and navigates the complex ethical landscape surrounding personal genetic data.

GDEV (GDEV) – Off To A Strong Start

Posted on by slightbourne@noblecapitalmarkets.com


Monday, May 19, 2025

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

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

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

Strong Q1 Results. The company reported Q1 revenue of $97.0 million and adj. EBITDA of $15.6 million, both of which easily surpassed our estimates of $87.0 million and a loss of $0.6 million, respectively, as illustrated in Figure #1 Q1 Results. Notably, while revenue decreased 9% from last year, adj. EBITDA was up substantially from a loss of roughly $1.0 million. The improvement in adj. EBITDA was largely driven by the company’s efficient use of marketing spend and focus on profitability.

Key operating metrics. Notably, while bookings and monthly paying users decreased by 25% and 26%, respectively, compared to the prior year period, the decrease was largely expected as the company is focused on improving the quality of gameplay and not over-monetizing its user base. For example, average bookings per paying user (ABPPU) increased from $88 in Q1’24 to $90 in Q1’25, despite a decrease in monthly paying users. 


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