slightbourne@noblecapitalmarkets.com, Author at Channelchek

FreightCar America (RAIL) – First Quarter 2026 Review and Outlook

Posted on May 6, 2026May 6, 2026 by [email protected]

Wednesday, May 06, 2026

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.

Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adjusted net loss of $479 thousand or $(0.04) per share, compared to adjusted net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Adjusted EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.

FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. Based on management’s commentary during the investor call, we believe the 2026 guidance is achievable.

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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.

Commercial Vehicle Group (CVGI) – First Look 1Q26 Results

Posted on May 6, 2026May 6, 2026 by [email protected]

Wednesday, May 06, 2026

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

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

Overview. Commercial Vehicle Group reported better-than-expected results in the first quarter of 2026, returning to revenue growth at the consolidated level. Electrical Systems led the way with 13.9% revenue growth, while Global Seating sales were up 1.5% in the quarter. Management reaffirmed full-year guidance.

1Q26 Results. Consolidated revenue of $171.5 million was up 1% y-o-y and exceeded our $160 million projection. Adjusted gross margin expanded 200bp sequentially and was up 150 bp y-o-y. Adjusted operating income was flat at $2 million, while adjusted EBITDA fell to $4.8 million from $5.8 million in the prior year quarter due to higher SG&A costs. CVG reported adjusted net loss of $3.4 million, or $0.10/sh, versus an adjusted loss of $2.6 million, or $0.08/sh, last year partly driven by higher interest expense.

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Agnico Eagle’s Arm Snaps Up Canadian Phosphate Asset — and the Market Is Taking Notice

Posted on May 6, 2026May 6, 2026 by [email protected]

When a subsidiary of one of the world’s most respected gold miners pivots to phosphate, the market listens. That’s exactly what happened Monday when Avenir Minerals Limited — established as a subsidiary of Agnico Eagle Mines — announced a definitive agreement to acquire Fox River Resources Corporation (OTCQX: FXRVF) in an all-cash deal valued at approximately C$94.3 million.

Fox River shareholders will receive C$1.10 per share, representing a 20% premium to the stock’s 30-day volume-weighted average price as of May 1, 2026. The Fox River board unanimously recommended shareholders vote in favor of the transaction, and insiders holding roughly 23.5% of shares outstanding have already signed voting support agreements. Asset manager Adrian Day Asset Management, controlling approximately 14.7% of shares, has also committed to vote in favor. The deal is expected to close in early Q3 2026, pending court and shareholder approval.

The target asset is the Martison Phosphate Project near Hearst, Ontario — a high-grade, large-scale igneous phosphate deposit designed as a vertically integrated operation capable of producing domestic phosphate fertilizers as well as purified phosphoric acid (PPA) for the lithium iron phosphate (LFP) battery industry. A preliminary economic assessment completed in April 2022 underpins the project’s economic viability.

Avenir’s rationale is straightforward: secure a platform-level entry into critical minerals with scale, infrastructure proximity, and dual-market optionality. The Martison project sits at the intersection of two secular demand drivers — food security and the energy transition — and that combination is increasingly rare and valuable.

The Ripple Effect: First Phosphate Catches a Bid

The Fox River deal is already sending a signal to the broader igneous phosphate sector. First Phosphate Corp. (CSE: PHOS | OTCQX: FRSPF) — the most advanced pure-play igneous phosphate developer in North America — is trading up roughly 16% today as investors connect the dots.

First Phosphate is developing the Bégin-Lamarche Property in Saguenay–Lac-Saint-Jean, Quebec, a high-grade igneous phosphate deposit hosting 41.5 Mt Indicated at 6.49% P2O5 and 214 Mt Inferred at 6.01% P2O5, targeting an estimated 24-year mine life. Unlike sedimentary phosphate, igneous deposits produce low-impurity phosphate — the preferred input for battery-grade PPA used in LFP cathode production. The company recently completed final warrant exercises generating roughly C$3 million in gross proceeds and carries over C$20 million in cash with no debt.

The broader macro backdrop gives this deal its urgency. LFP batteries now account for roughly 60% of global battery chemistry deployment, up from just 20% in 2020. China controls nearly all of the world’s LFP production capacity. With phosphate now on the U.S. critical minerals list and North American governments actively funding domestic battery supply chains, high-quality igneous phosphate deposits outside of China are becoming strategic assets — not just mining plays.

The Avenir-Fox River transaction is a data point that validates the thesis. A major mining conglomerate, known for capital discipline, deploying nearly C$100 million into an early-stage igneous phosphate project signals institutional conviction that the phosphate supply gap is real and the window to secure quality assets is narrowing.

First Phosphate’s 16% move today reflects how quickly institutional sentiment can shift when a credible acquirer puts real capital behind an asset class — and igneous phosphate in Canada just got a very public vote of confidence.

Michael Burry Bails on GameStop — and His Exit Says Everything About the eBay Deal

Posted on May 5, 2026May 5, 2026 by [email protected]

When the investor who called the 2008 housing crash walks away from a position, the market pays attention. Michael Burry, the Scion Asset Management founder made famous by The Big Short, confirmed Monday that he exited his entire GameStop (NYSE: GME) stake — and the reason behind the move cuts straight to the heart of one of the most audacious M&A proposals in recent memory.

The trigger: GameStop’s unsolicited, nonbinding offer to acquire eBay (NASDAQ: EBAY) for approximately $55.5 billion in cash and stock — a deal that would be roughly four times the size of GameStop itself.

The Deal That Broke the Thesis

GameStop CEO Ryan Cohen announced Sunday that the company has offered $125 per share for eBay, structured as a 50/50 split between cash and GameStop common stock. The bid carries a roughly 20% premium to eBay’s last closing price and a 46% premium relative to where the stock traded in early February — around the time GameStop began quietly accumulating a 5% stake in the e-commerce platform.

To fund the cash portion, GameStop has secured a nonbinding highly confident letter from TD Bank for approximately $20 billion in debt financing. The company also holds roughly $9.4 billion in cash. However, a significant funding gap remains, with estimates suggesting the deal falls roughly $16 billion short of the implied transaction value — a gap Cohen suggested could be bridged through additional stock issuance.

Cohen’s vision centers on leveraging GameStop’s roughly 1,600 U.S. retail locations as fulfillment and drop-off points for eBay transactions, along with a targeted $2 billion in annualized cost reductions within 12 months of closing. He sees eBay as a severely undermanaged asset with the potential to significantly grow its earnings under tighter operational discipline.

Why Burry Left

Burry’s exit wasn’t impulsive — it was disciplined. His investment thesis for GameStop was built around the idea that the company could evolve into a Berkshire Hathaway-style holding vehicle: lean, cash-rich, and deploying capital conservatively. The eBay deal, as structured, blows that framework up entirely.

The pro forma leverage from the transaction would push the combined company’s Debt/EBITDA ratio well above 5x — a level that Burry had identified as a hard ceiling for his investment case. Interest coverage ratios under 4.0x further complicated the math. Burry noted on his Substack that this was his first sale since launching the newsletter, underscoring how seriously he viewed the deal as a departure from GameStop’s core value proposition.

GME shares fell more than 2% in after-hours trading following Burry’s announcement and have declined over 10% from recent highs.

Burry’s departure doesn’t necessarily doom the deal or GameStop’s stock — but it does crystallize a growing tension between Cohen’s aggressive growth ambitions and the disciplined capital allocation thesis that attracted institutional-minded investors to GME in the first place.

eBay has acknowledged receiving the proposal and confirmed its board will review the offer. Markets remain skeptical — eBay shares are trading well below the $125 offer price, a clear signal that investors are pricing in a low probability of the deal closing as proposed.

For small and microcap investors watching from the sidelines, the GameStop-eBay saga is a masterclass in how quickly an investment thesis can be rewritten — and why leverage assumptions matter as much as the deal itself.

GDEV (GDEV) – Improved Profitability Appears Sustainable (Corrected Copy)

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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

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

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

Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% compared to the prior year period.

Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.

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

V2X (VVX) – Strong First Quarter Results

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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

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

Overview. V2X reported better-than-expected first-quarter results. Revenue increased 23% year-over-year to $1.25 billion, marking a record year-over-year organic growth rate for V2X. The growth was driven primarily by the ramp-up of training, foreign military sales, rapid prototyping, and engineering programs, as well as some discrete activities to support a national security customer.

1Q26 Results. Revenue came in at $1.254 billion, ahead of our $1.15 billion projection. Adjusted EBITDA of $85.6 million increased from $67 million last year and was above our $73.8 million projection. First quarter adjusted EPS was $1.53, up 55% year-over-year.

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Superior Group of Companies (SGC) – Execution Driving Earnings Upside

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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

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

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

Solid start to the year. First quarter revenue of $141 million increased 3% year over year, reflecting steady demand across the company’s diversified business lines. Results were in line with expectations for a seasonally softer first quarter and positioned the company well for its typical back-end weighted growth profile.

Branded Products’ momentum continues. Segment revenue increased 5% year over year for the second consecutive quarter, supported by volume gains within existing accounts. Management indicated that RFP activity is at its highest level in recent memory, suggesting a strong pipeline that should support continued growth throughout 2026. In addition, Contact Centers are stabilizing with improving trends.

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Power Metallic Mines Inc. (PNPNF) – Power Metallic Delivers Strong Drill Results and Expands Lion Zone Resource Potential

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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.

High-grade drill results confirm core mineralization. Power Metallic reported significant intercepts from the Lion Zone, including 17.45 meters at 9.47 percent copper equivalent in Hole PML 26-094 and 39 meters at 5.66 percent in Hole PML 26-101, both of which included higher grade sub-intervals. The assay results highlight the strength and continuity of near-surface mineralization within the core of the deposit.

Infill drilling supports resource growth and development potential. The Winter 2026 program is successfully defining mineralization across approximately 200 meters of strike length and supports the existing geological model. The results are expected to contribute to a 2026 Mineral Resource Estimate and may help advance portions of the deposit toward an Indicated classification suitable for potential open-pit mining.

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

FreightCar America (RAIL) – Expecting a Robust 2H 2026

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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.

Q1′ 2026 financial results. RAIL generated a Q1′ 2026 adj. net loss of $479 thousand or $(0.04) per share, compared to adj. net income of $1.6 million or $0.05 per share in Q1′ 2025. We had projected net income of $550 thousand or $0.02 per share. Revenue declined to $64.3 million compared to $96.3 million during the prior year period, while railcar deliveries fell to 577 compared to 710 units in the prior year period and our estimate of 700 units. Manufacturing segment and aftermarket segment revenues were $53.0 million and $11.4 million, respectively, compared to our estimates of $70.0 million and $8.0 million. Gross profit for the manufacturing and aftermarket segments amounted to $7.3 million and $3.5 million, respectively. Adj. EBITDA declined to $3.2 million compared to $6.4 million in Q1′ 2025 and our estimate of $5.8 million.

FY 2026 guidance maintained. Management reiterated its FY 2026 guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. While Q1’ 26 rail car deliveries and revenue were significantly below our expectations and leave a lot of room to catch up, management indicated that RAIL’s order backlog of 2,058 units valued at $156.0 million, productivity improvements, flexible manufacturing footprint, and disciplined commercial approach provide visibility into its full-year expectations.

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

First Phosphate Corp. (FRSPF) – Warrant Exercise Strengthens Treasury Position

Posted on May 5, 2026May 5, 2026 by [email protected]

Tuesday, May 05, 2026

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.

Warrant exercise enhances capital structure and financial flexibility. First Phosphate Corp. announced the receipt of approximately C$3.07 million following the full exercise of its remaining warrants at C$1.25 per share, marking the exercise of all outstanding external dilutive instruments. This final round of warrant exercises represents a vote of confidence from shareholders and establishes a valuation benchmark for the company. As a result, the company’s capital structure is now notably streamlined, with no remaining dilutive securities other than those held by staff, management, and board members.

Strong balance sheet and funding provide a clear development runway. The company is in a strong financial position with no debt and benefits from a significant C$16.7 million non-repayable and non-dilutive contribution from the Government of Canada. Combined with funds raised since June 2022 totaling approximately C$62.5 million, First Phosphate has built a solid treasury exceeding C$20 million, placing it among a limited group of junior companies with comparable financial strength. This capital position provides a funding runway to advance development activities through to a final investment decision expected within approximately one and a half years.

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

What Spirit Airlines’ Collapse Means for the Budget Travel Market

Posted on May 5, 2026May 5, 2026 by [email protected]

Spirit Airlines is gone. In the early morning hours of May 2, 2026, the ultra-low-cost carrier that helped reshape American air travel for more than three decades ceased all global operations, effective immediately — becoming the first major U.S. airline to go out of business due to financial failure in 25 years.

The collapse came after a last-ditch effort to secure a $500 million government bailout fell apart. The Trump administration had proposed a rescue package that would have given the federal government a stake of up to 90% in the airline, but a key group of bondholders rejected the deal. With no financial lifeline and no runway left, Spirit pulled the plug overnight — canceling all flights, shutting down customer service, and leaving thousands of passengers stranded at airports across the country.

Spirit’s downfall wasn’t a single event — it was a slow unraveling. The airline had filed for bankruptcy twice since 2024, each time attempting to emerge leaner and more competitive. But the math stopped working. Soaring jet fuel costs driven by the U.S.-Iran conflict hit low-cost carriers hardest, and Spirit’s core competitive advantage — the ability to undercut legacy airlines on price — had been steadily eroded.

The bigger carriers had watched Spirit’s playbook for years and eventually adopted it themselves, rolling out their own basic economy fares and stripping down ticket prices on key routes. When the major airlines started playing Spirit’s game, Spirit had little left to differentiate itself. A proposed $3.8 billion merger with JetBlue in 2023 was blocked by the Department of Justice on antitrust grounds — a decision that, in hindsight, may have sealed the airline’s fate.

By February 2026, Spirit’s market share had already slipped to under 4% of U.S. passengers, and projections for May had it falling to 1.8%. The writing had been on the wall for some time.

The closure leaves a real void, and consumers are likely to feel it — whether they ever flew Spirit or not. At its peak, Spirit operated roughly 300 flights per day, serving price-sensitive travelers across the U.S., Caribbean, and Latin America. That capacity doesn’t simply disappear; it creates an opening for surviving carriers to fill — and price accordingly.

In the immediate aftermath, United, Delta, Southwest, JetBlue, and American all moved to cap fares at roughly $200 one-way to absorb stranded Spirit customers. That goodwill is likely short-lived. Once the dust settles, the removal of an aggressive low-fare competitor from key routes historically results in higher average ticket prices across the board. Consumers flying routes that Spirit served — particularly leisure-heavy markets in Florida, the Caribbean, and secondary cities — should expect less pricing pressure moving forward.

The airline’s shutdown also puts 17,000 direct and indirect jobs at risk, including 14,000 Spirit employees. While major carriers have opened hiring pipelines and extended travel benefits to displaced workers, the broader labor impact on aviation support industries at affected airports remains to be seen.

Spirit’s collapse creates a consolidation opportunity for surviving ultra-low-cost carriers. Frontier Airlines, Avelo, and Allegiant now stand to absorb market share on routes where Spirit had been the primary budget option. Fleet assets, airport gate slots, and route authorities will become valuable commodities as Spirit winds down through bankruptcy proceedings.

For the broader airline industry, this moment raises a pointed question about the long-term viability of the ultra-low-cost model in a post-pandemic, high-fuel-cost environment. When legacy carriers can effectively replicate your pricing strategy, and geopolitical shocks can wipe out your margin overnight, the business case becomes nearly impossible to sustain.

Spirit may have been the butt of every travel meme for years — but its presence kept prices honest. With those yellow planes grounded for good, budget-conscious travelers will be the ones paying the price.

Release – Gyre Therapeutics Completes Acquisition of Cullgen to Create U.S.- and China-based Fully Integrated Biopharmaceutical Company

Posted on May 4, 2026May 4, 2026 by [email protected]

May 4, 2026

Post-closing combined company has revenue-producing commercial asset and a robust pipeline of products and product candidates to address multiple therapeutic areas with a focus on fibrosis and inflammatory diseases.
China innovation engine provides cost-efficient vehicle for discovery and early-stage development of targeted protein degraders and degrader-antibody conjugates.
Strengthened leadership team in U.S., coupled with China operating presence to support future global growth.

SAN DIEGO, May 04, 2026 (GLOBE NEWSWIRE) — Gyre Therapeutics, Inc. (“Gyre”, “Gyre Therapeutics” or the “Company”) (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company dedicated to advancing fibrosis-first therapies across organ systems affected by chronic diseases, today announced the closing of its acquisition of Cullgen Inc. (Cullgen), a privately-held, clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader (TPD) and degrader antibody conjugate (DAC) therapies, in an all-stock transaction valued at approximately $300 million.

Following the closing of the acquisition, Cullgen became a wholly owned subsidiary of Gyre, and the former Chief Executive Officer of Cullgen, Dr. Ying Luo, was appointed President and Chief Executive Officer and as a member of the Gyre Board of Directors. Ping Zhang will continue at Gyre as Chairman of the Board of Directors. The new combined entity will continue to be listed on the Nasdaq Capital Market under the ticker “GYRE”.

Dr. Luo, President and Chief Executive Officer of Gyre, commented, “We are eager to move forward as a U.S.- and China-based fully integrated biopharmaceutical company. Through this combination, we have created an entity that not only offers a commercial-stage product with ETUARY^®, on the market in China for the treatment of lung fibrosis, but also a full-spectrum pipeline of products from discovery to Phase 3, primarily focused on fibrosis and inflammatory diseases. This includes our lead product candidate, F351 (hydronidone) for the treatment of chronic hepatitis B (CHB)-induced liver fibrosis, as well as a strong preclinical and clinical pipeline, including TPDs and DACs.”

Mr. Zhang, Chairman of Gyre, commented, “This combination occurs at an exciting time for Gyre as we recently received priority review status from the Center for Drug Evaluation of China’s National Medical Products Administration for the F351 NDA in March. We are also exploring the expansion of F351’s development in ex-China territories including the U.S. In addition, we have completed enrollment in our 52-week Phase 3 ETUARY^® trial for pneumoconiosis, and have also enrolled the first patient in a Phase 3 study evaluating ETUARY^® in a new indication: radiation-induced lung injury with or without immune checkpoint inhibitor-related pneumonitis, further strengthening our late-stage inflammatory portfolio. Additionally, we believe the innovative discovery engine that has produced several promising degraders and DACs acquired from Cullgen strengthens our asset portfolio and provides long-term value to Gyre.”

About Gyre Pharmaceuticals

Gyre Pharmaceuticals Co., Ltd., a subsidiary of Gyre Therapeutics, Inc. (“Gyre Pharmaceuticals”), is a commercial-stage biopharmaceutical company committed to the research, development, manufacturing and commercialization of innovative drugs for organ fibrosis. Its flagship product, ETUARY^® (pirfenidone capsule), was the first approved treatment for IPF in the People’s Republic of China (PRC) in 2011 and has maintained a prominent market share over the past several years. In addition, Gyre Pharmaceuticals’ pipeline includes F351 (hydronidone), a structural analogue of pirfenidone, which demonstrated statistically significant fibrosis regression after 52 weeks of treatment in a pivotal Phase 3 clinical trial in CHB-associated liver fibrosis in the PRC. F351 received Breakthrough Therapy designation by the CDE of the NMPA in March 2021. Gyre Pharmaceuticals is also developing treatments for PD, RILI with or without immune-related pneumonitis, COPD, PAH and ALF/ACLF. As of December 31, 2025, Gyre Therapeutics owns a 69.7% equity interest in Gyre Pharmaceuticals.

About Gyre Therapeutics

Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, primarily focused on the development and commercialization of F351 for liver fibrosis including MASH in the U.S., and, with its recent acquisition, now has a portfolio of highly selective targeted protein degrader product candidates designed to potently and efficiently eliminate therapeutically relevant proteins in patients, as well as preclinical programs including next-generation degrader-antibody conjugates.

In the PRC, Gyre Therapeutics is advancing a broad pipeline through its controlling interest in Gyre Pharmaceuticals, including therapeutic expansions of ETUARY, and development programs for F573, and F528.

Advisory and Legal Counsel

Moelis & Company LLC is acting as financial advisor to the special committee to Gyre’s Board of Directors, and Gyre’s legal counsel is Gibson, Dunn & Crutcher LLP.

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C. is serving as legal counsel to Cullgen.

Release – ISG to Ring Nasdaq Closing Bell

Posted on May 4, 2026May 4, 2026 by [email protected]

May 4, 2026

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, will ring the closing bell at the Nasdaq MarketSite in New York’s Times Square tomorrow to mark the 20th anniversary of the firm’s founding in 2006.

ISG shares were first listed on Nasdaq on February 1, 2008, under the ticker symbol III.

“From our founding in 2006, with no revenues and no payroll, we have grown to become a market-leading, AI-centered technology research and advisory firm,” said Michael P. Connors, chairman and CEO of ISG, who will ring the closing bell. “We now have 1,500 professionals in 20 countries helping more than 900 blue-chip clients embrace one of the most significant technology shifts in decades – leveraging AI for operational excellence and faster growth.”

As an independent advisor to leading global enterprises, ISG influences more than $200 billion of client technology spend each year. In 2025, ISG generated nearly $250 million in revenue and saw its share price rise 78 percent, earning the firm a spot among the top 8 percent of Nasdaq-listed technology companies under $1 billion in market cap.

“ISG is always pivoting to the next,” Connors said. “Over the years, we have expanded our capabilities through a series of acquisitions—15 in all—while growing our business organically through continuous innovation and service excellence.”

Joining in the ceremony are 60 ISG colleagues, including 22 employees with more than 20 years of service, along with family members and honored guests.

“I want to thank everyone who has been a part of our growth,” he said. “Our first 20 years have been an extraordinary journey, and the future is even more exciting. We remain committed to helping clients achieve meaningful business success and to creating long-term value for our shareholders.”

The Nasdaq closing bell ceremony will be webcast live tomorrow starting at 3:45 p.m., U.S. Eastern Time, on the Nasdaq site, Facebook Live and X.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its 1,500 professionals worldwide working together to help clients maximize the value of their technology investments.

Source: Information Services Group, Inc.