MAIA Biotechnology (MAIA) – Phase 2 THIO-101 Expansion and Registration Treatment Plans Announced


Thursday, February 27, 2025

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

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.

Phase 2 Trial Tests THIO Against THIO With Libtayo. MAIA announced the design of the third stage of the THIO-101 Phase 2 trial, consisting of Expansion and Registration stages. Both stages will enroll patients with non-small cell lung cancer (NSCLC)  receiving the regimens as third-line treatment, expected to begin in 1Q25. Following the conclusion of the trial around 4Q25, we expect MAIA to apply for Accelerated Approval from the FDA.

Expansion Stage Is Expected To Begin In 1Q25. The THIO-101 Expansion stage will have two arms to determine the contributions of each drug to patient outcomes. In the first arm, 30 patients will receive the THIO-Libtayo (cemiplimab) combination at the 180mg dose. The second arm will treat 7 patients who were treated with THIO monotherapy to determine its efficacy. If the outcomes of THIO alone are moderate, the treatment arm will be discontinued. If sufficient efficacy is seen, up to 8 more patients will be enrolled for a total maximum enrollment of 48 patients. The primary endpoint is Overall Response Rate (ORR).


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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. 

Kratos Defense & Security (KTOS) – New Joint Venture Announced with 4Q Results


Thursday, February 27, 2025

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.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

4Q Results. Revenue for the fourth quarter was $283.1 million, an increase from $273.8 million last year but slightly below our $290 million estimate. Gross margin was 24.7% compared to 26.3%. Net income was $3.9 million, or $0.03/sh, from $2.4 million, or $0.02/sh, last year. We estimated net income of $2.5 million or $0.02/sh. Adjusted EPS was $0.13 from $0.12 last year and our $0.10 estimate. Adjusted EBITDA was $25.2 million from $29.1 million last year and our $24 million estimate.

New Joint Venture. Alongside the results was the announcement of a new joint venture with the Company and RAFAEL. The roughly 50/50 partnership is to establish a U.S.-based merchant supplier of solid rocket motors (SRMs) and other energetics named Prometheus Energetics. Up to $175 million in capital is committed between the two companies, with the venture currently forecasted an annual base case revenue of several $100 million a year once at rate production. In our view, the venture can represent a substantial value-creation driver and could potentially drive top and bottom-line growth once up and running.


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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. 

Kelly Services (KELYA) – Another Step in the Integration


Thursday, February 27, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

More Integration. As promised, Kelly continues to take steps to integrate the Motion Recruitment Partners offerings with Kelly’s offerings. Kelly announced the formation of an integrated permanent hiring solutions business line resulting from the combination of KellyOCG’s global recruitment process outsourcing (RPO) specialty and MRPs’ talent acquisition solutions brand, Sevenstep. The integrated business creates a leading talent solutions offering that ranks among the top five globally.

Detail. The integrated business will oversee a team supporting 71 countries with 33 in-country teams and 19 global hub locations. Sevenstep brings an industry-leading brand and attractive client base to KellyOCG, expanding its RPO scale and capabilities. We believe the KellyOCG and Sevenstep businesses are highly complementary and will deliver an unmatched breadth of service, a high delivery footprint, and innovative technology offerings to clients.


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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. 

Meta Secures Apollo-Led $35 Billion for Massive AI Data Center Expansion

Key Points:
– Apollo Global Management in talks to lead $35 billion financing package for Meta’s US data centers
– Funding will support Meta’s planned $65 billion AI investment strategy announced by Zuckerberg
– Deal represents growing private credit market for AI infrastructure as tech giants race to build capacity

Meta Platforms is pursuing a groundbreaking $35 billion financing package led by Apollo Global Management to accelerate the development of artificial intelligence data centers across the United States, according to sources familiar with the negotiations.

The Facebook parent company is engaging with the alternative asset manager to secure this substantial funding as part of its previously announced $65 billion investment in AI infrastructure planned for 2025. While discussions remain in early stages with no guarantee of completion, the deal represents one of the largest private financing arrangements for technology infrastructure to date.

“The race to build AI infrastructure is creating unprecedented investment opportunities,” said a market analyst who requested anonymity due to the sensitive nature of the ongoing negotiations. “Tech giants are competing for computing power, and Meta is positioning itself to avoid falling behind competitors like Microsoft.”

Meta CEO Mark Zuckerberg outlined the company’s aggressive AI strategy last month, emphasizing plans to construct massive new data centers and expand AI-focused teams. A key component of this vision includes bringing approximately one gigawatt of computing power online in 2025 – enough electricity to power roughly 750,000 homes.

The company has already announced a $10 billion data center in Louisiana and has been actively purchasing advanced computer chips to power its growing suite of AI products and services. This financing arrangement would provide Meta with the capital flexibility to accelerate these initiatives without compromising its balance sheet strength.

For Apollo, the deal aligns with its recent strategy of providing large-scale financing to investment-grade corporations while typically retaining a portion of the funding and syndicating the remainder to other investors. The firm has been expanding its capacity to write substantial checks as it pushes deeper into what it considers the next frontier of private credit markets.

The AI infrastructure boom is creating enormous demand for capital across the technology sector. Industry experts estimate hundreds of billions of dollars will be required to build the necessary data centers, power facilities, and networking infrastructure to support the computing demands of advanced AI systems.

Microsoft, one of Meta’s primary competitors in the AI space, recently announced plans to spend $80 billion on data centers in the current fiscal year. CEO Satya Nadella emphasized that sustaining this level of investment is essential to meet “exponentially more demand” for AI services.

Bankers and investors have been eager to participate in AI-related financing deals after witnessing stock markets heavily reward companies central to the AI ecosystem throughout the past year. Private credit providers like Apollo are increasingly stepping in to fill funding gaps as traditional banks face regulatory constraints on large-scale lending.

Neither Meta nor Apollo provided official comments regarding the potential financing arrangement, maintaining standard practice for deals at this preliminary stage. However, industry observers note that securing this funding would represent a significant strategic advantage for Meta as it competes for AI dominance against tech rivals including Microsoft, Google, and Amazon.

The Power of Patient Investing: Small Caps, Big Returns

Key Points:
– Patient small cap investors view market downturns as chances to acquire quality businesses at discounted prices.
– Thorough analysis of small cap companies can uncover exceptional businesses with strong fundamentals before they attract mainstream attention.
– The greatest advantage in small cap investing comes from maintaining conviction during periods of underperformance that drive away less patient investors.

In a market often dominated by mega-cap tech stocks and headline-grabbing trends, small cap investing remains a powerful avenue for those willing to embrace patience as their primary strategy. While these smaller companies may lack the immediate name recognition of their larger counterparts, they offer distinct advantages to investors who can weather short-term volatility in pursuit of long-term gains.

The Virtue of Patience in Small Cap Investing

The true edge in small cap investing isn’t found in rapid trading or timing market swings—it’s discovered through patient capital deployment and a steadfast focus on fundamentals. Small cap stocks, typically defined as companies with market capitalizations between $300 million and $2 billion, often experience greater price volatility than large caps. This volatility, rather than representing inherent risk, actually creates opportunities for patient investors.

When market sentiment shifts and institutional investors flee to perceived safety, small caps frequently bear the brunt of the selling pressure. This creates temporary dislocations between price and value that patient investors can explore. While others panic during downturns, disciplined small cap investors recognize these moments as rare opportunities to acquire ownership in quality businesses at discounted prices.

Filtering the Noise to Find Value

Today’s financial ecosystem bombards investors with constant commentary, predictions, and “expert” opinions. Patient small cap investors develop the crucial skill of filtering this noise to identify genuine value. They understand that short-term price movements often reflect temporary factors rather than fundamental business changes.

The ability to separate market noise from meaningful information allows these investors to maintain conviction in their small cap holdings through inevitable periods of underperformance. They recognize that small companies need time to execute their business plans, expand their market presence, and ultimately deliver value to shareholders.

The Power of Thorough Equity Research

In the small cap universe, thorough equity research becomes an invaluable competitive advantage. While large caps are constantly scrutinized by hundreds of analysts, dedicated research into smaller companies can uncover hidden gems before they appear on the institutional radar. Patient investors who commit to comprehensive due diligence often identify promising businesses with robust fundamentals that remain undervalued.

This research advantage becomes especially powerful when investors develop expertise in specific sectors or industries. By understanding the competitive landscape, technological trends, and regulatory environments that shape small cap businesses, patient investors can accurately assess both risks and growth catalysts that casual market participants might miss. This deep research foundation also provides the conviction necessary to hold positions through inevitable market fluctuations.

Embracing the Long View

The most successful small cap investors share a common trait: they evaluate investments through a multi-year lens rather than quarterly results. They understand that compound growth in small businesses can eventually translate into extraordinary investment returns. A company growing earnings at 15-20% annually will double its profits approximately every four years—a powerful driver of long-term stock performance that patient investors can capture.

The Psychological Challenge

Perhaps the greatest challenge in small cap investing isn’t analytical but psychological. It requires the fortitude to remain invested when markets turn negative, when positions move against you, and when the temptation to chase better-performing assets becomes strongest. Patient investors understand that their edge comes precisely from accepting short-term discomfort that others refuse to endure.

For those willing to cultivate patience, small cap investing continues to offer one of the most compelling risk-reward propositions in public markets. By focusing on long-term business value rather than short-term price fluctuations, investors can position themselves to achieve returns that make the occasional storms worth weathering.

Travelzoo (TZOO) – Revenue Growth Expected to Significantly Ramp


Wednesday, February 26, 2025

Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.

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.

In line quarter. The company reported Q4 revenue and adj. EBITDA of $20.7 million and $5.4 million, both of which are in line with our estimates of $21.5 million and $5.1 million, respectively. The recent results were adversely affected by weakness in Europe, primarily Germany, which we believe is temporary. In our view, investors should focus on the improving fundamental trends likely beginning in the first quarter of 2025.

Europe lags, but appears temporary. The company’s North American segment had a solid quarter, while revenue was relatively flat compared to the prior year period, operating margins improved from 29% to 33%. Additionally, Jack’s Flight Club grew revenue and posted a positive operating income. Europe experienced a tough quarter, largely attributed to political uncertainty and advertising issues in Germany, which are not expected to continue.


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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. 

Comstock (LODE) – Updating Estimates to Reflect the Reverse Split


Wednesday, February 26, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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.

Reverse Split. Effective February 24, Comstock Inc. implemented a reverse split of its common stock at a ratio of 1-for-10, resulting in ~23.8 million shares outstanding. Comstock’s authorized number of shares of common stock remains 245.0 million. LODE shares began trading on a split-adjusted basis on February 25 and gained 5.6% to close at $3.05 per share.

Updating estimates. While we have made no changes to our 2024 estimates, we estimate first quarter 2025 weighted average shares outstanding of 154.5 million due to the timing of the reverse split. We have reduced our share count for the last three quarters of 2025 and project weighted average shares in 2025 to be 56.2 million. While our full year loss forecast of $22.0 million is unchanged, our earnings per loss estimate increased to $(0.39) from $(0.09).


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GM Boosts Shareholder Returns with $6B Buyback and Dividend Hike

Key Points:
– GM announced a $6B share buyback and a 25% dividend increase to $0.15 per share
– Investors reacted positively, pushing GM stock up over 5% in morning trading
– Company maintains strong R&D spending of $8B+ while navigating potential tariff challenges

General Motors announced a significant boost to shareholder returns on Wednesday, unveiling a new $6 billion share repurchase program and increasing its quarterly dividend. The move comes just weeks after investors expressed disappointment when the automaker’s Q4 earnings call failed to include new capital return initiatives.

GM’s quarterly dividend will rise by $0.03 to $0.15 per share, marking the company’s first dividend increase since 2023. The $6 billion share repurchase authorization includes plans for a $2 billion accelerated share repurchase (ASR) program to be implemented in the near term.

Investors responded positively to the announcement, sending GM shares up more than 5% in morning trading to $49.22.

CEO Mary Barra emphasized the company’s strong execution across all three pillars of its capital allocation strategy. These include reinvesting for profitable growth, maintaining a strong investment-grade balance sheet, and returning capital to shareholders.

This latest buyback program follows GM’s previous $6 billion share repurchase plan and the $10 billion ASR program introduced in late 2023. The earlier initiatives coincided with a 33% dividend increase that took effect in January 2024.

During GM’s most recent earnings call, CFO Paul Jacobson had indicated the company would explore prudent ways to expand shareholder returns. In today’s announcement, he expressed confidence in the business plan and balance sheet strength, noting GM would remain agile in responding to potential policy changes.

Despite the increased focus on shareholder returns, GM confirmed its commitment to continued investment in its core business. The company expects 2025 capital spending to remain between $10-11 billion, including investments in battery manufacturing joint ventures. Research and product development spending is projected to exceed $8 billion for the year.

For fiscal 2025, GM has forecast profits between $13.7 billion and $15.7 billion, with diluted and adjusted earnings per share of $11-12. The company noted these projections don’t account for potential impacts from tariffs that might be implemented by the Trump administration on imported vehicles or parts.

While GM is clearly a large-cap stock, its shareholder-friendly actions could signal a broader trend that might eventually benefit small-cap stocks and the Russell 2000 index. Historically, when large corporations increase dividends and buybacks, it often reflects growing confidence in economic conditions that eventually filters down to smaller companies. The Russell 2000 has underperformed larger indices in recent years, but increased capital returns across the market could indicate improving liquidity conditions that typically benefit smaller firms more dramatically.

Additionally, GM’s ability to maintain robust capital returns while facing potential tariff challenges demonstrates corporate resilience that could reassure investors about smaller domestic manufacturers’ prospects. Many Russell 2000 companies are more domestically focused than their large-cap counterparts, potentially insulating them from international trade disruptions.

The shareholder return increases demonstrate GM’s financial strength despite ongoing challenges in the automotive industry, including electrification costs, competition, and potential trade policy changes. The company’s willingness to boost returns while maintaining substantial investments in future technologies suggests management’s confidence in its long-term business strategy.

As GM navigates the evolving automotive landscape, this balanced approach to capital allocation appears designed to keep both long-term investors and those seeking immediate returns satisfied while the company continues its transition toward an electric future.

Bitcoin Slips Below $90K as Crypto Market Faces Volatility

Key Points:
– Bitcoin fell below $90,000 for the first time since January, marking a nearly 20% decline from its all-time high.
– A $1.5 billion security breach at Bybit and ongoing macroeconomic uncertainty have contributed to the market selloff.
– Crypto-linked stocks like MicroStrategy and Coinbase have also seen significant declines as investor confidence wanes.

Bitcoin, the world’s largest cryptocurrency by market capitalization, tumbled below the $90,000 mark on Monday, extending a broader crypto market selloff. As of 10:57 AM EST, Bitcoin was trading at approximately $87,595, reflecting a 6.8% decline from the previous close. The leading digital asset has now fallen nearly 20% from its record high of $109,000 set in January.

The downturn has impacted the broader cryptocurrency market, with Ethereum (ETH) dropping 8.7% to $2,418 and other major altcoins like Solana (SOL) and Dogecoin (DOGE) posting losses of 7.9% and 8.8%, respectively.

Several factors have weighed on Bitcoin’s price, including macroeconomic uncertainty, regulatory concerns, and a major security breach. The broader financial markets have shown increased volatility, with the S&P 500 posting a three-day losing streak. Investors are wary of persistent inflation and the Federal Reserve’s policy stance, which has added to Bitcoin’s downward momentum.

Adding to the pressure, a $1.5 billion hack on Dubai-based cryptocurrency exchange Bybit last week has shaken investor confidence. Although Bybit reassured customers that their assets remained safe, the breach has reignited fears over crypto security vulnerabilities.

Regulatory uncertainty is also playing a role in market sentiment. The recent inauguration of President Donald Trump has introduced questions about the administration’s stance on cryptocurrency regulation. While Trump’s pro-business policies could favor crypto adoption, the lack of clear guidelines has created short-term uncertainty for investors.

The selloff has extended beyond digital assets, impacting crypto-related equities. Shares of MicroStrategy (MSTR), a major corporate holder of Bitcoin, fell 8.5%, while Coinbase Global (COIN) and Robinhood (HOOD) saw declines of 7% to 9%. The downturn in these stocks underscores Bitcoin’s influence on the broader financial market.

Market analysts remain divided on Bitcoin’s short-term outlook. Some believe the digital asset has not yet found its floor, with Geoffrey Kendrick, global head of digital assets research at Standard Chartered, predicting further declines into the “low $80Ks.”

Others see the price drop as a potential buying opportunity. Data from Kraken suggests an increase in the long-short ratio, indicating that traders are “buying the dip” in anticipation of a recovery. However, given the ongoing volatility, analysts urge investors to exercise caution before making any significant moves.

As Bitcoin navigates uncertain terrain, investors are watching macroeconomic developments, regulatory updates, and market liquidity for further signals. While the cryptocurrency has historically rebounded from sharp corrections, the current environment calls for prudent risk management.

For now, Bitcoin remains at a crossroads, and its next move will depend on whether confidence can be restored in the market.

Townsquare Media (TSQ) – New Credit Agreement Provides A Long Run Way


Tuesday, February 25, 2025

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.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.

New credit agreement. On February 19, 2025, the company entered into a five year $490 million credit agreement with Bank of America. The agreement is comprised of a $470 million term loan and a $20 million revolving credit facility, both of which mature on February 19, 2030. Notably, we believe the favorable agreement provides the company with a long runway and should assuage investor debt refinancing concerns.

Termination of old agreement. The company utilized net proceeds from the new credit agreement and its cash position to immediately retire its prior credit agreement. As such, $453 million from the term loan and roughly $10 million from the revolving credit facility were used to retire the outstanding $467.4 million 6.875% senior secured notes that were due in 2026.


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

V2X (VVX) – Record Results


Tuesday, February 25, 2025

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Records. Driven by on-contract growth and new awards, V2X posted record quarterly revenue, adjusted EBITDA, and cash flow. Full year contract wins of $5.5 billion were another record. With capabilities aligned with the Trump Administration’s goals and a large addressable market, we believe V2X is well positioned to capture additional growth going forward. 

4Q Results. Revenue grew 11.4% to $1.158 billion from $1.04 billion in 4Q23. Adjusted EBITDA came in at $86.2 million, up from $82 million last year. V2X reported adjusted EPS of $1.33 in 4Q24, up from $1.22 a year ago. Adjusted OCF hit $168 million compared to $76 million in the year ago 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. 

EuroDry (EDRY) – Fourth Quarter Performance Reflects Ongoing Market Challenges


Tuesday, February 25, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

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

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

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

Fourth quarter financial results. EuroDry Ltd. reported an adjusted fourth-quarter net loss to controlling shareholders of $0.7 million, or ($0.25) per share, compared to adjusted net income of $1.9 million, or $0.70 per share, during the prior year period. Adjusted EBITDA declined to $4.8 million compared to $6.6 million during the prior year period. The year-over-year decline is due to low market rates as trade volume has fallen amid a slowdown in the Chinese economy.

Full year 2024 earnings and updated 2025 estimates. For the full year 2024, adjusted EBITDA and earnings per share declined to $12.4 million and ($3.02), respectively, from $14.6 million and $0.12 in 2023. We have lowered our 2025 adjusted EBITDA and EPS estimates to $19.6 million and ($0.43), respectively, from $22.0 million and ($0.34). While we expect spot and one-year time charter equivalent rates to improve throughout the year, our estimates have been lowered compared to our previous expectations due to weak market conditions.


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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.

Century Lithium Corp. (CYDVF) – Another Step Toward Enhancing Angel Island’s Project Economics


Tuesday, February 25, 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.

Optimization study identifies sources of lower cost. Century Lithium recently completed an initial internal optimization study of its Angel Island Lithium project. The review identified cost reductions of up to 25%, or $395.2 million, associated with the project’s Phase I capital expenditures totaling $1,580.7 billion. Recall the most recent feasibility study dated April 29, 2024, contemplates three phases of production with the capital costs associated with the second and third phases amounting to $657.0 million and $1,338.5 billion, respectively. 

Key areas of focus. Among other potential cost savings, the study identified opportunities to reduce capital costs through changes in the flow sheet, equipment selection, and updated vendor quotes in the processing areas of filtration, direct lithium extraction, and the chlor-alkali plant. The study also identified potential areas where modification of site facilities and the elimination of inefficiencies could streamline the process from mining to the production of battery-grade lithium. We expect that some of these efficiencies may extend to Phases II and III thus offering the potential for additional savings. 


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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.