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.
Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.
Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.
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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.
Participating in the 28th Annual ICR Conference and Hosting a Fireside Chat at 10:30 AM ET Tomorrow
DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported preliminary sales results for the fourth quarter and full year ended December 28, 2025, and announced its participation at the 28th Annual ICR Conference.
Preliminary Sales Results for the Fourth Quarter and Full Year 2025
Our expectations with respect to our sales results for the fourth quarter and full year 2025 discussed below are based upon management estimates for the respective periods. Our expectations are subject to the completion of our financial closing procedures and any adjustments that may result from the completion of the review of our consolidated financial statements for the fourth quarter and full year 2025. Following the completion of our financial closing process and the review of our consolidated financial statements, we may report sales results for the fourth quarter and full year 2025 that could differ from our expectations, and the differences could be material.
The expectations set forth below have been prepared by, and are the responsibility of, our management. Deloitte & Touche, LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary estimates. Accordingly, Deloitte & Touche, LLP, does not express an opinion or any other form of assurance with respect thereto.
Preliminary total GAAP revenues for the full year 2025 are expected to be approximately $805 million, a 20% increase from the prior year’s $673 million. This growth was primarily driven by the acquisition of Benihana in May 2024. Comparable sales* are expected to decrease by approximately 3.7%.
Preliminary total GAAP revenues for the fourth quarter of 2025 are expected to be approximately $207 million, a 6.8% decrease from $222 million in the same quarter of 2024. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Effective January 1, 2025, the Company adopted a new fiscal calendar structure using four 13-week quarters, with a 53rd week added when necessary. The 2025 fiscal year ran from January 1, 2025, to December 28, 2025.
This fiscal calendar change created timing differences that impacted quarterly comparisons: the fourth quarter of 2025 had 91 days versus 92 days in the fourth quarter of 2024. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
Preliminary sales highlights for the fourth quarter of 2025 compared to the same quarter in 2024 are as follows:
STK is expected to report positive comparable sales for the quarter of approximately 0.3%, representing the first quarter of positive comparable sales for the brand since 2023;
Benihana is expected to report flat comparable sales for the quarter;
Sequential improvement in consolidated comparable sales* of approximately 4 points from the third quarter driven by all brands during the quarter; and
First conversion of a RA Sushi to an STK in Scottsdale, Arizona is off to a strong start. In addition, in January 2026, the Company temporarily closed five Grills as part of the process to convert to future Benihana and STK restaurants.
“We were pleased to see sequential improvement in our comparable sales at all brands, with STK expected to end the quarter positive and Benihana essentially flat. We are seeing this momentum continue into the new year. We attribute this success to a robust holiday season and the strength of our operations initiatives. Headwinds continue to be strong, which we expect to result in lower-than-anticipated sales during the fourth quarter,” said Emanuel “Manny” Hilario, President and Chief Executive Officer of The ONE Group. “With challenges still impacting the industry, we attribute our traction to execution-driven initiatives within our direct control, including our targeted investments in reservation technology, streamlined operational flow, and comprehensive training initiatives. These efforts enabled us to capture even greater demand during our busiest periods by optimizing Benihana table efficiency while delivering exceptional and unforgettable experiences to our guests.”
“Looking to the new year, our number one priority is to conserve cash with the intent of optimizing our balance sheet. From a development perspective, we are focused on the RA Sushi and Kona Grill conversions to STK and Benihana restaurants and pursuing other asset-light opportunities to drive shareholder value. The recent signing of our Benihana development agreement is a game-changer, demonstrating the strong demand for our iconic brand. Additionally, our successful STK and Benihana openings and conversions, renewal of existing franchise agreements, and expanding presence in professional sports and entertainment stadiums further validate our disciplined approach to capital-efficient growth. We believe our future is bright, and we are well-equipped to capture the significant opportunities ahead of us.”
*Comparable sales, a non-GAAP financial measure, represent total U.S. food and beverage sales at owned and managed units opened for at least a full 24-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions and new restaurant openings.
2025 Restaurant Development
The following restaurants were opened in 2025:
Franchised Benihana Express restaurant in Miami, Florida (June)
Licensed Benihana concession at UBS Arena in Elmont, New York (December)
Owned Benihana restaurant in San Mateo, California (March)
Owned STK restaurant in Topanga, California (April)
Owned STK restaurant in Los Angeles, California (May – relocation of our existing STK Westwood restaurant)
Owned STK restaurant in Scottsdale, Arizona (October – conversion of a former RA Sushi restaurant)
Owned STK restaurant in Oak Brook, Illinois (December)
Significant Asset-Light Expansion Planned for the Greater San Francisco Bay Area and Professional Sports and Entertainment Stadiums
In December 2025, The ONE Group announced that it entered into its largest asset-light development agreement in the Company’s history, securing development rights for a total of ten restaurants, either Benihana or Benihana Express locations, throughout the Greater San Francisco Bay Area with an experienced operator. This significantly accelerates its West Coast expansion while maintaining the Company’s focus on capital-efficient growth.
The ONE Group also strengthened its presence in high-traffic, professional sports and entertainment stadiums, demonstrating its ability to adapt its premium dining concepts to diverse formats. These partnerships are expected to generate high-margin royalty streams and create millions of fan impressions annually.
The Company renewed a three-year concession agreement at the Mortgage Matchup Center in Phoenix, Arizona, home of the Phoenix Suns (NBA) and Phoenix Mercury (WNBA). The venue currently has a Benihana concession, and the new agreement also provides for STK-branded products to be offered.
The Company also secured a new three-year Benihana concession at UBS Arena in Elmont, New York, home of the New York Islanders (NHL), expanding its reach in the New York metropolitan area. The UBS Arena concession complements the existing Benihana concession at Yankee Stadium.
Capital-Efficient Growth Strategy Planned for 2026
The ONE Group will prioritize capital-efficient growth in 2026, with a goal to significantly reduce discretionary capital expenditures.
New restaurant Company-owned development will be focused on locations requiring $1.5 million or less to open. The Company will also work through its existing pipeline of approximately twelve leases rather than sign new lease agreements, which we believe will strengthen its balance sheet while enhancing financial flexibility.
The ONE Group has identified up to nine additional Kona Grill and RA Sushi locations for conversion to either Benihana or STK formats through the end of 2026. These conversions are expected to require approximately $1 million in capital investment per restaurant and are anticipated to be accretive to EBITDA.
Conference Participation
Emanuel “Manny” Hilario, President and Chief Executive Officer, and Nicole Thaung, Chief Financial Officer, will host a fireside chat at the 28th Annual ICR Conference at 10:30 am Eastern Time on January 13, 2026, and meet with institutional investors in-person on January 12-13, 2026.
The webcast of the fireside chat can be accessed from the Investor Relations tab of the Company’s website at www.togrp.com under “News / Events.”
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe, and the Middle East, featuring premium steaks, seafood, and specialty cocktails in an energetic upscale atmosphere.
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
Benihana Express, a small footprint casual concept showcasing the best of Benihana but without teppanyaki tables or bar.
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
Samurai, an interactive dining experience located in sunny Miami, FL, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki right before your eyes.
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages, and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.
Additional information about The ONE Group can be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to 2025 results, restaurant openings, and performance trends. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (2) changes in applicable laws or regulations; (3) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors, including economic downturns; (4) the impact of actual and potential changes in immigration policies, including potential labor shortages; (5) the potential impact of the imposition of tariffs, including increases in food prices and inflation and any resulting negative impacts on the macro-economic environment; and (6) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q.
Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
The following table presents the elements of the quarterly and annual Comparable Sales measure for 2025:
2025 vs. 2024
Q1Actual
Q2Actual
Q3Actual
Q4Preliminary
Full YearPreliminary
US STK Total Restaurants
(3.6)%
(6.0)%
(5.8)%
0.3%
(3.7)%
Benihana Owned Restaurants
0.7%
0.4%
(4.0)%
(0.4)%
(0.8)%
Grill Concepts Owned Restaurants
(13.7)%
(14.6)%
(11.8)%
(9.4)%
(12.5)%
Combined Comparable Sales
(3.2)%
(4.1)%
(5.9)%
(1.8)%
(3.7)%
Benihana comprises approximately 58% of revenue, STK comprises 25% of revenue and Grill Concepts comprise approximately 17% of revenue.
The final U.S. jobs report of 2025 delivered a sobering message: the labor market has slowed to a crawl. With just 50,000 jobs added in December, the year closed with the weakest pace of hiring outside of a recession in more than two decades. For investors—particularly those focused on small-cap stocks—this shift carries important implications as the economy enters 2026.
Total payroll growth for 2025 reached only 584,000 jobs, a dramatic fall from the roughly 2 million jobs added in 2024. Monthly gains averaged fewer than 50,000 positions, a level economists say is consistent with stagnation rather than expansion. While the unemployment rate dipped modestly to 4.4%, the decline was driven more by a shrinking labor force than by robust hiring.
Digging deeper, the data reveals a fragile employment landscape. Job creation was heavily concentrated in healthcare and social assistance, which together accounted for the majority of gains. Outside of those sectors, many industries experienced flat or negative hiring trends. Economists warn that future data revisions could show that overall employment actually contracted during parts of the year.
This environment has produced what many describe as a “no-hire, no-fire” economy. Companies are reluctant to lay off workers, but equally hesitant to expand payrolls amid higher borrowing costs, slower consumer demand, and lingering uncertainty around policy and global growth. For workers, this has translated into longer job searches and declining confidence. The share of unemployed individuals out of work for more than six months has risen sharply, signaling deeper structural weakness.
For investors, especially in the small-cap space, these conditions cut both ways. Slower job growth tends to pressure consumer spending, which can weigh on revenue for domestically focused companies. At the same time, a cooling labor market strengthens the case for interest rate relief later in 2026. If the Federal Reserve responds to weakening employment trends with rate cuts, smaller companies—often more sensitive to financing costs—could benefit disproportionately.
There are also early signs that the slowdown may be stabilizing. Layoff announcements declined in December, and private payroll data suggests hiring may be finding a floor. Some economists believe the worst of the labor market deceleration could already be behind us, setting the stage for a gradual recovery rather than a sharp downturn.
For small-cap investors, selectivity will be key. Businesses with strong balance sheets, pricing power, and exposure to resilient sectors may outperform if growth remains muted. Meanwhile, any meaningful improvement in hiring or labor participation could act as a catalyst for a broader re-rating across the small-cap universe.
As 2026 unfolds, the jobs market will remain a critical signal to watch. Whether this slowdown proves to be a pause—or a warning—will shape market sentiment, monetary policy, and investment opportunity in the months ahead.
JERICHO, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS) (the “Company”),a leading provider of thoughtful expressions designed to help inspire customers to give more, connect more, and build more and better relationships, today announced that the Company will release financial results for its fiscal 2026 second quarter on Thursday, January 29, 2026. The press release will be issued before the market opens and will be followed by a conference call with members of senior management at 8:00 a.m. (ET).
The conference call will be available via live webcast from the Investors section of the Company’s website at www.1800flowersinc.com/investors. A replay of the webcast will be available shortly after the live event has concluded. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (ET) on January 29, 2026, through February 5, 2026, by dialing (855) 669-9658 or (412) 317-0088 for international callers; the passcode is 4751964.
Special Note Regarding Forward-Looking Statements:
Some of the statements contained in the Company’s press release and conference call regarding its fiscal 2026 second quarter results, other than statements of historical fact, may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. For a more detailed description of these and other risk factors, please refer to the Company’s SEC filings including its Annual Reports and Forms 10K and 10Q available at the Investor Relations section of the Company’s website at 1800flowersinc.com. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in the scheduled conference call and any recordings thereof, or in any of its SEC filings, except as may be otherwise stated by the Company.
About 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. is a leading provider of thoughtful expressions designed to help inspire customers to share more, connect more, and build more and better relationships. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, CardIsle®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Things Remembered®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Vital Choice®, Simply Chocolate® and Scharffen Berger®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge on eligible products across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco℠, a resource for floral gifts and seasonal décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-FLOWERS.COM, Inc. was recognized among America’s Most Trustworthy Companies by Newsweek for 2024. 1-800-FLOWERS.COM, Inc. was also recognized as one of America’s Most Admired Workplaces for 2025 by Newsweek and was named to the Fortune 1000 list in 2022. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.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.
Execution inflection driven by digital and DTC momentum. 2025 marked a clear improvement in operating execution, led by stronger e-commerce performance, enhanced digital capabilities, and early traction from the dropship initiative, which collectively supported revenue growth and improved operating leverage.
Pricing power and profitability improved despite cost headwinds. The company demonstrated brand resilience through higher average selling prices, stable unit volumes, improved full-price sell-through, and disciplined cost management, allowing it to offset tariff and freight pressures and deliver meaningful adjusted EBITDA upside.
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.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Investor Day. At the company’s 2025 Investor Day on December 16th in New York, management provided a strategic update on its product release roadmap and highlighted early progress in the development of its digital asset strategy. Notably, the company symbolically minted its first stablecoin known as USDO during the presentation. A replay of the presentation can be viewed here.
Digital strategy. The company aims to utilize the USDO token to integrate a digital payment system across its gaming platforms and create a rewards ecosystem. Importantly, this positions Snail to be an early mover in utilizing stablecoins in gaming, leveraging its sizeable user base of roughly 91 million ARK gamers.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Andy Wiederhorn Appointed Chief Executive Officer; Roger Gondek to Assume Twin Peaks President Role
DALLAS, Dec. 29, 2025 (GLOBE NEWSWIRE) — Twin Hospitality Group Inc. (Nasdaq: TWNP), the parent company of Twin Peaks Restaurant, today announced the appointment of Andy Wiederhorn as Chief Executive Officer, effective immediately, following the termination of Chief Executive Officer Kim Boerema. Additionally, Roger Gondek, currently Chief Operating Officer of Twin Peaks Restaurant, will also assume the role of President of Twin Peaks Restaurant while continuing in his COO responsibilities.
Wiederhorn, who was integral in spinning out Twin Peaks and Smokey Bones into Twin Hospitality Group Inc., has served as Chairman of the Board since August 2025. In this role, he has worked closely with the leadership team to position the company for sustained growth and operational excellence. Gondek has served as Chief Operating Officer of Twin Peaks since 2017 and brings approximately 15 years of experience with the brand, including previous operations leadership roles with Twin Peaks’ largest franchisee.
“I’m pleased to take on the Chief Executive Officer role and continue to collaborate with Roger in his expanded capacity as President,” said Andy Wiederhorn, Chairman and Chief Executive Officer of Twin Hospitality Group. “We remain focused on driving key business initiatives forward, including streamlining operations and enhancing the guest experience. This leadership restructuring optimizes our resources while minimizing overhead, providing additional value as we work to restructure our debt and strengthen the company for long-term success.”
Twin Hospitality Group Inc. Twin Hospitality Group Inc. is a restaurant company that strategically develops and operates specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands. For more information, visit https://ir.twinpeaksrestaurant.com/.
About Twin Peaks Founded in 2005 in the Dallas suburb of Lewisville, Twin Peaks has 114 locations in the U.S. and Mexico. Twin Peaks is the ultimate sports lodge featuring made-from-scratch food and the coldest beer in the business, surrounded by scenic views and wall-to-wall TVs. At every Twin Peaks, guests are immediately welcomed by a friendly Twin Peaks Girl and served up a menu made for MVPs. From its smashed and seared-to-order burgers to its in-house smoked brisket and wings, guests can expect menu items that satisfy every appetite. To learn more about franchise opportunities, visit twinpeaksfranchise.com. For more information, visit twinpeaksrestaurant.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s future operating performance. Forward-looking statements reflect the expectations of management concerning the future and are subject to significant business, economic and competitive risks, uncertainties, and contingencies. These factors are difficult to predict and beyond our control and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that are filed from time to time by Twin Hospitality Group Inc. with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
The U.S. housing market showed renewed signs of life in November as pending home sales posted their strongest monthly increase in nearly two years. New data from the National Association of Realtors reveals that contract signings rose 3.3% compared with October, far exceeding expectations and signaling that buyer activity may be stabilizing after a prolonged slowdown.
Pending home sales are considered a leading indicator for the housing market because homes typically go under contract one to two months before a sale is finalized. The November increase pushed the Pending Home Sales Index up to 79.2, a notable improvement even though the reading remains below the long-term benchmark of 100, which reflects average activity levels in 2001. Compared with November of last year, pending sales increased 2.6%, suggesting demand is gradually recovering.
One of the most important drivers behind the uptick in housing activity has been improving affordability. Mortgage rates have eased from their recent highs, providing relief to buyers who had been priced out of the market. The average rate on a 30-year fixed mortgage has hovered near 6.2% in recent months, down from approximately 7% earlier in 2025 and well below levels seen during the summer. Even modest declines in interest rates can significantly reduce monthly mortgage payments, encouraging more buyers to re-enter the market.
Slower home price growth has also contributed to rising buyer confidence. After years of rapid appreciation, price gains have moderated across much of the country, helping incomes catch up with housing costs. At the same time, wage growth has remained relatively strong, further supporting affordability and boosting purchasing power.
Regionally, pending home sales rose across all parts of the United States in November. The West recorded the largest month-over-month increase at 9.2%, reflecting strong pent-up demand in markets that were previously among the most constrained by affordability challenges. Gains in the Midwest, South, and Northeast suggest the recovery is becoming more evenly distributed rather than concentrated in isolated markets.
Inventory levels, while still tight by historical standards, have improved compared with last year. More homes available for sale have given buyers greater flexibility and reduced competitive pressures that previously discouraged many from making offers. This gradual improvement in supply has helped support the rise in contract activity without reigniting runaway price growth.
Despite the positive momentum, the housing market remains in a fragile recovery phase. Overall home sales in 2025 are still expected to rank near three-decade lows, underscoring how deeply elevated interest rates disrupted activity over the past several years. Many homeowners remain reluctant to sell because doing so would mean giving up ultra-low mortgage rates secured before 2022.
Looking ahead, housing market forecasts suggest a slow and uneven normalization rather than a sharp rebound. Continued declines in mortgage rates, steady wage growth, and incremental improvements in inventory will be critical to sustaining buyer demand. November’s surge in pending home sales does not mark a full recovery, but it does indicate that homebuyer momentum is building and that the long housing slowdown may be starting to ease.
This combination of improving affordability, stabilizing prices, and renewed buyer interest positions the housing market for a potentially stronger 2026 if current trends continue.
EPOS offers premium commercial and enterprise audio solutions
Transaction enhances and broadens our Kensington computer accessories portfolio into the large global enterprise headset category
Provides key third-party certifications across major unified communications platforms
Attractive purchase price with ultimate synergy savings of approximately $15 million
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) a global leader in branded office and learning products and technology accessories, today announced it has entered into a definitive agreement to acquire EPOS from Demant A/S, a leading Danish hearing healthcare company.
Based in Copenhagen, Denmark, EPOS provides a comprehensive range of premium enterprise wired and wireless headsets, and other audio solutions, that build on over a century of research in psychoacoustics. The EPOS product line is designed to reduce listening fatigue, improve voice clarity and support cognitive performance. The combination of technological innovation and audio excellence has allowed EPOS to earn certification by all major unified communication platforms, making it one of a select group of industry participants with this distinction. Built on the former joint venture between Demant A/S and Sennheiser, EPOS has a long history of delivering premium, feature rich audio solutions, supported by excellent innovation, design and customer experience.
“We are excited to welcome EPOS to the ACCO Brands portfolio. This transaction aligns with our strategy to invest in markets with better growth profiles,” said Tom Tedford, ACCO Brands President and CEO. “EPOS complements and expands our global computer accessories portfolio into the attractive premium enterprise headset category, which is estimated to be $1.7 billion. The addition of EPOS will allow ACCO Brands to deliver a more complete line of workspace technology accessory solutions to our enterprise customers,” said Mr. Tedford.
“I am delighted that ACCO Brands, the owner of Kensington, recognizes the value and the distinctiveness of EPOS and has decided to become our new owner. I see strong synergies and exciting opportunities across both EPOS and Kensington to drive our combined business forward,” stated Jeppe Dalberg-Larsen, President of EPOS.
EPOS generates approximately $80 million in annual revenue. The combination of EPOS and Kensington is expected to drive operational efficiencies, improve sales productivity, and unlock significant synergies. These synergies are expected to be realized over the next two years, with ultimate cost synergies expected to be within the range of $10 to $15 million. As we implement these synergies, we expect 2026 profit to be modestly positive. Restructuring charges are expected to be approximately $7 million.
The transaction is valued at $11.7 million, including up to $3.5 million in deferred payments, funded by ACCO Brands’ existing cash resources. The deal is expected to close in January 2026, subject to customary closing conditions.
About ACCO Brands Corporation
ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands, include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com
About Demant A/S
Demant is a world-leading hearing healthcare group built on a heritage of care, health and innovation since 1904. The Group offers innovative technologies, solutions and expertise to help people hear better. In every aspect, from hearing care and hearing aids to diagnostic equipment and services, Demant is active and engaged. Headquartered in Denmark, the Group employs more than 22,000 people globally and is present with solutions in 130 countries creating life-changing differences through hearing health. William Demant Foundation holds the majority of shares in Demant A/S, which is listed on Nasdaq Copenhagen and among the 25 most traded stocks. www.demant.com
Forward-Looking Statements
Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to synergies, cost reductions, anticipated pre-tax savings, restructuring costs and the satisfaction of closing conditions for the subject transaction are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “future”, “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results, and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities.
Our outlook is based on certain assumptions which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding consumer demand, tariffs, global geopolitical and economic uncertainties, and fluctuations in foreign currency exchange rates; and the other factors described below.
Among the factors that could cause our actual results to differ materially from our forward-looking statements are: the occurrence of any event, change or other circumstances that could give rise to the right of ACCO Brands or Demant to terminate the transaction, the possibility that the transaction is not completed or, if completed, that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of EPOS, operating costs and business disruption following the transaction, the integration of EPOS’ products and our ability to realize synergies in the integration, as well as changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights from major gaming console makers and video game publishers to support our gaming accessories business; our ability to grow profitably through acquisitions, and successfully integrate them; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or their supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the Securities and Exchange Commission.
For further information:
Christopher McGinnis Investor Relations (847) 796-4320
Tesla shares moved sharply higher Monday after confirmation that the company has begun testing its Robotaxi service without a safety driver, a milestone that investors and analysts see as a major step toward fully autonomous transportation.
The rally followed social media footage showing a Tesla Robotaxi operating in Austin, Texas with no human driver inside the vehicle. The video quickly gained traction after Ashok Elluswamy, who leads Tesla’s AI and autonomous driving efforts, acknowledged the clip with a brief but telling comment: “And so it begins.” Tesla CEO Elon Musk later confirmed the development, stating that testing is underway with no occupants in the car.
Shares of Tesla rose roughly 4% following the confirmation, pushing the stock closer to its prior all-time highs and reinforcing renewed optimism around the company’s long-promised autonomy strategy. The move lends credibility to Musk’s recent claim that Tesla is only weeks away from unsupervised robotaxi operations.
Austin has emerged as the proving ground for Tesla’s Robotaxi ambitions, with limited deployments already underway using safety drivers. The latest test suggests the company is moving closer to removing that final safeguard, a critical hurdle before broader commercial expansion. Musk has previously said Tesla plans to expand Robotaxi testing beyond Austin and the San Francisco Bay Area into markets such as Phoenix and Nevada.
Wall Street bulls were quick to seize on the news. Wedbush analyst Dan Ives reiterated his long-standing optimism on Tesla, describing the development as the beginning of the company’s “autonomous chapter.” In a note to clients, Ives said 2026 could be a defining year for Tesla as autonomous driving and robotics move from concept to scale.
According to Ives, Tesla is on track for an accelerated Robotaxi rollout across the U.S., with volume production of the company’s purpose-built Cybercab expected to begin in the spring. The futuristic two-seat vehicle, unveiled last year without a steering wheel or pedals, has become central to Tesla’s long-term autonomous strategy.
Early feedback on Tesla’s latest Full Self-Driving software has also added fuel to the rally. Automotive reviewers and journalists who have tested the newest version report smoother driving behavior and fewer required interventions compared with prior iterations. While competitors like Alphabet-backed Waymo still lead in publicly reported safety metrics, the gap appears to be narrowing.
The market reaction highlights a broader shift in how investors are valuing Tesla. Rather than focusing solely on vehicle deliveries and margins, attention is increasingly turning to software, AI, and recurring revenue opportunities tied to autonomy. Wedbush maintains an Outperform rating on the stock and a $600 price target, arguing that autonomous driving could unlock a path toward a multi-trillion-dollar valuation.
Still, challenges remain. Regulatory approval, public trust, and demonstrable safety performance will be essential before Tesla can scale Robotaxi services nationwide. But for the first time in years, tangible evidence appears to support Tesla’s autonomy narrative.
For investors, the confirmation of driverless Robotaxi testing marks more than just a technical achievement — it signals that Tesla’s long-awaited autonomous future may finally be arriving.
For the first time in more than two years, U.S. home prices have dipped into negative territory, slipping 1.4% in just the last three months. High-frequency data from Parcl Labs shows a modest decline nationally, but the shift carries more weight than the numbers suggest. After a long stretch of rising prices fueled by pandemic demand, extremely low inventory, and a surge in relocation activity, the market is now feeling the effects of high mortgage rates, slower buyer activity, and a consumer who is becoming increasingly cautious. For small-cap investors, this change in the housing landscape serves as a valuable indicator of broader economic sentiment.
The housing market has been wrestling with affordability pressures since mortgage rates spiked in 2022 and 2023, with the 30-year fixed rate jumping from under 4% to more than 7%. That rapid climb priced out large segments of buyers and forced sellers to adjust their expectations. While inventory is still historically low, active listings have risen 13% year over year, and many sellers are pulling their homes off the market entirely due to low demand. That type of hesitation reflects real-time consumer behavior—people are slowing down major purchases, reevaluating budgets, and becoming more selective. Housing tends to reveal economic shifts early, and the current softness mirrors the same cautious tone we’ve been seeing in certain pockets of the small-cap market.
Regionally, the data is even more telling. Markets like Austin are down 10% year over year, with Denver, Tampa, Houston, Atlanta, and Phoenix also showing notable declines. Meanwhile, cities like Cleveland, Chicago, New York, Philadelphia, and Boston are still posting price gains. This split environment is a reminder that the national average rarely tells the full story—both in real estate and in equities. Small-cap stocks behave the same way: some regions and sectors weaken sharply while others show surprising strength. Investors who learn to spot these patterns early often outperform.
Another challenge is the lack of updated government housing reports due to the recent federal shutdown. Without fresh data on housing starts, permits, or new home sales, analysts are relying heavily on private data, builder sentiment, and earnings commentary. Homebuilders themselves describe a market with weak demand and ongoing incentives, and their sentiment remains deep in negative territory. That combination—soft demand, cautious consumers, and uneven regional performance—is exactly the kind of environment where small caps tend to lag temporarily before outperforming when conditions improve.
Mortgage rates have barely moved in the last three months, even after the Fed’s recent rate cut, suggesting that home prices may hover around zero growth for some time. But for small-cap investors, this stability isn’t a bad thing. When markets pause, opportunities emerge. Historically, when housing cools without collapsing, it often sets the stage for strong small-cap recoveries once rates drift lower and consumer confidence finds its footing.
Home prices turning slightly negative isn’t a crisis—it’s a signal. It tells us the economy is recalibrating after years of aggressive tightening, and that consumers are adapting. For disciplined small-cap investors, this environment is a chance to study balance sheets, identify undervalued companies, and prepare for the next move higher. Economic resets don’t punish prepared investors—they reward them.
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 Q3 Results. The company reported Q3 revenue of $85.1 million, beating our estimate of $80.0 million by 6.4%. Adj. EBITDA of $6.5 million, strongly outperformed our estimate of $1.7 million by 289%. The strong operating results were driven by growth in the wholesale and direct-to-consumer channels, its e-commerce platform, and by effective tariff mitigation strategies.
Digital momentum. Notably, the company’s e-commerce platform experienced triple-digit traffic growth late in the quarter, creating a strong backdrop for the launch of its dropship initiative. While the initiative currently offers only footwear, the company highlighted encouraging early results and plans to expand product offerings, leveraging its partnership with Authentic Brands. In our view, the dropship strategy provides the company with a capital-efficient way to broaden product offerings while gathering customer insight.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Jeff Walker, CEO, highlighted the company’s record financial performance, dominant wholesale distribution platform, and favorable growth initiative in authenticated collectibles. A replay of the presentation can be viewed here.
Dominant wholesale platform. As the largest wholesale distributor of physical entertainment in the U.S., the company’s scaled, automated logistics operations provide a significant competitive moat. Furthermore, it serves as the category manager and primary fulfillment partner for major retailers like Walmart, Target, and Amazon, managing both in-store inventory and direct-to-consumer e-commerce shipments.
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.
