Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
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.
Q1 Results. First quarter results indicated a modest improvement from Q4, but it was a slow start to the year. First quarter revenues were $1.3 million, and the company reported an adj. EBITDA loss of $0.7 million from continuing operations. We believe the company is well positioned to benefit from a number of favorable developments, including the launch of new brands, contributions from Halston, and a lower cost base.
Positive outlook. The company indicated that it plans to be adj. EBITDA $1 million to $2.5 million positive for full year 2025 in spite of the potential impact of trade policies and disruption from headquarter consolidation at HSN and QVC. The outlook is supported by significant cost reductions that are expected to be at a run rate of $2.5 million per quarter and building royalty revenue from GIII and its Halston brand. Most of the trade policy uncertainty is focused on the second half of the year.
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Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New M/V Emmanuel P time charter contract. Euroseas Ltd. secured a new time charter contract for its 4,250 twenty-foot-equivalent (TEU) intermediate containership, M/V Emmanuel P, for a minimum of 36 months to a maximum period of 38 months, at the option of the charterer, at a gross daily rate of $38,000. The new contract represents a significant improvement compared to the previous rate of $21,000 per day. Following the completion of a scheduled drydock and installation of energy saving devices, the new charter is expected to commence upon delivery of the vessel from the shipyard in the first half of September.
Agreement to sell the M/V Marcos. Euroseas Ltd. recently signed an agreement to sell the M/V Marcos V, a 6,350 twenty-foot-equivalent unit (TEU) intermediate containership, to an unaffiliated third party for $50 million. The vessel will be delivered to the buyer in October 2025. ESEA expects to recognize a gain of ~$8.5 million, or $1.20 per share. The vessel was acquired in the fourth quarter of 2021 for $40 million. During its ownership, Euroseas Ltd. realized more than five times its original equity investment.
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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.
U.S. Treasury yields fell significantly on Wednesday as soft economic data increased expectations for the Federal Reserve to cut interest rates by September. The decline was driven by weaker reports on private-sector job growth and a contraction in service-sector activity, leading traders to price in a more aggressive pace of monetary easing.
Yields across the curve, particularly from the 2-year to the 10-year notes, dropped to their lowest levels since early May. The benchmark 10-year yield declined to 4.35%, highlighting the bond market’s strong reaction to signs of slowing economic momentum.
The first catalyst came from the ADP employment report, which showed the slowest pace of job creation in two years. That was followed by the Institute for Supply Management’s services index, which signaled contraction for the first time in nearly a year. Together, these indicators pointed to a potential softening in the labor market and raised concerns about overall economic resilience.
Market participants increased their bets that the Fed could start cutting rates as early as September, with the probability of a move rising to around 95%, up from just over 80% the day before. Additionally, expectations for two rate cuts by the end of 2025—likely in October and December—also gained traction.
Adding to the market’s reaction was a sharp decline in oil prices, spurred by indications that Saudi Arabia may be open to increasing oil production. Falling energy prices helped reinforce the idea that inflation pressures could be easing, giving the Fed more room to support the economy with lower interest rates.
Despite these signals, not all data pointed to weakness. A separate government report released Tuesday showed that job openings increased in April, and hiring also improved. Furthermore, within the ISM services report, the employment component showed unexpected strength, and the prices paid index rose to its highest level since late 2022. These mixed signals reflect the complexity of the current economic environment and suggest that the Fed will continue to weigh multiple indicators before making a policy decision.
Recent volatility in rate expectations followed a series of mixed economic releases throughout the spring. While rate cut hopes grew late last year, persistent inflation and stronger-than-expected economic activity had cooled those expectations in recent months. May saw the Treasury market lose 1%, as measured by a Bloomberg index, though it remains up 2.1% year-to-date through early June.
All eyes now turn to the upcoming U.S. government employment report for May, due Friday. Economists expect a payroll gain of 130,000 jobs, down from April’s increase of 177,000, with the unemployment rate forecast to remain at 4.2%. A notable rise in the jobless rate could give the Fed additional justification to pivot toward rate cuts.
Investors will continue to monitor labor market indicators, inflation data, and Fed commentary as they navigate an uncertain path for interest rates heading into the second half of 2025.
Key Points: – Marex acquires Brazil-based Agrinvest Commodities to broaden agricultural and physical market presence. – The acquisition adds 1,300 clients and 100 employees to Marex’s regional footprint. – Marex gains strategic exposure to Brazil’s critical corn and soybean markets.
As global demand for agricultural commodities grows and Brazil cements its position as a vital supplier, Marex Group plc (NASDAQ: MRX) is making a bold strategic leap into the heart of South America. The global financial services platform announced today its acquisition of Agrinvest Commodities, a prominent Brazilian firm specializing in physical agricultural markets and client-focused risk consulting.
Agrinvest brings to Marex a powerful combination of on-the-ground commodity brokering—primarily in corn and soybeans—and advisory services that help producers and buyers navigate price volatility through smart hedging strategies. The acquisition introduces approximately 1,300 new clients and 100 employees to the Marex ecosystem, enhancing the Group’s reach and capacity across Latin America.
This expansion marks a pivotal step for Marex, which already maintains a derivatives presence in Brazil. By acquiring Agrinvest, the company gains immediate physical trading capabilities, enabling a more integrated offering to agricultural clients. From trade execution to risk management, Marex can now support the full value chain.
Brazil’s stature in global food supply cannot be overstated—it’s a leading producer and exporter of several staple commodities. The move gives Marex critical exposure to this dynamic market while positioning it to offer expanded services and infrastructure to clients operating at the production level.
The acquisition is also a play to diversify revenue streams. Known for its strength in metals, energy, and financial markets, Marex is now enhancing its agricultural vertical. The addition of a trusted, well-established Brazilian partner strengthens the Group’s resilience in the face of market cycles and positions it for further cross-border opportunities.
For Agrinvest, the transaction represents an opportunity to scale up its operations with the support of Marex’s global infrastructure and technological resources. Clients will benefit from access to broader hedging tools, deeper liquidity, and international expertise, while Marex stands to gain deeper penetration in one of the most strategically important agricultural markets in the world.
As the commodity landscape continues to evolve, this acquisition signals Marex’s intention to remain a central player—connecting producers to markets, clients to opportunity, and strategies to outcomes.
VANCOUVER, BC, June 4, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that it has hired Vicente García as Senior Geologist. His experience is expected to deepen the Company’s copper porphyry expertise, as it commences an aggressive 2025 exploration program.
Mr. García has over seven years of exploration experience across porphyry Cu-Mo, IOCG, stratabound-copper, epithermal gold-silver, and lithium-rich brine systems. He holds a B.Sc. in Geology from the University of Concepción in Chile. After graduating, he worked for several years with Kura Minerals, an exploration consulting company, where he was involved in programs targeting a variety of commodities. He later joined Quiborax, where he focused on the exploration of Ulexite in salar environments. In 2020, he founded Mayal Exploration, a consulting company through which he provided geological services including drill core re-logging, surface mapping, and 3D geological modeling for various mining clients in Chile. In 2022, Mr. García relocated to Canada and joined Dahrouge Geological Consulting, contributing to Ni-Cu sulfide and lithium pegmatite exploration projects in the Timmins region of Ontario and the James Bay area of Quebec. Before joining Nicola Mining, he worked at Anglo American, where he supported international exploration programs targeting Cu-Mo porphyry systems in Arizona and orthomagmatic Ni-Cu-PGE systems in Greenland. Mr. García’s experience and technical knowledge is a valuable addition to Nicola’s exploration team.
Peter Espig, CEO of Nicola Mining Inc., commented, “Nicola continues to aggressively execute on both operations and exploration. Recently, the Company has garnered significant media relating to gold and silver production; however, we truly believe in the copper exploration upside of our New Craigmont Project. In addition, Vincente and Will Whitty, our VP of Exploration, will look at conducting exploration on the backside of our fully permitted Treasure Mountain Silver Mine. We look forward to providing a news explanation on our 2025 Exploration Plan at the New Craigmont Project in the near future.”
Qualified Person
William Whitty, P. Geo., the Company’s VP Exploration, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation, review and has also approved the technical information in this release.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX-V Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high-grade BC-based gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a property that hosts historic high-grade copper mineralization and covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
In a strategic move set to reshape the industrial process technology sector, Chart Industries and Flowserve Corporation announced on June 4, 2025, that they will merge in an all-stock transaction, forming a combined company valued at approximately $19 billion. This merger of equals brings together two highly complementary businesses to create a global leader in flow and thermal management solutions.
The newly combined entity will boast an extensive installed base of over 5.5 million assets across more than 50 countries, offering a comprehensive platform that spans the full customer lifecycle—from process design to mission-critical equipment, aftermarket support, and digital monitoring solutions. With combined last twelve months (LTM) revenue of $8.8 billion, the new company is set to make a significant impact across a wide array of high-growth industries, including energy, power generation, chemical processing, data centers, and carbon capture.
At the heart of this merger is a shared commitment to delivering world-class technologies and services. Chart’s expertise in cryogenic, thermal, and specialty solutions blends seamlessly with Flowserve’s core strengths in flow management, including pumps, valves, and seals. This merger creates a differentiated industrial technology platform that is expected to enhance performance, increase predictability through market cycles, and expand customer reach globally.
A major benefit of the transaction is the expansion of aftermarket services, which will now account for roughly $3.7 billion annually, or 42% of total revenue. This significant recurring revenue stream positions the company for stable cash flow and long-term growth. Further, the merger is expected to generate approximately $300 million in annual cost synergies within three years, driven by procurement efficiencies, facility consolidations, and operational streamlining. On top of that, incremental revenue synergies of at least 2% are anticipated over time.
The transaction has been unanimously approved by both boards of directors. Upon completion, Chart shareholders will own 53.5% and Flowserve shareholders will own 46.5% of the combined company. Jill Evanko, current CEO of Chart, will serve as Chair of the Board, while Scott Rowe, CEO of Flowserve, will become the Chief Executive Officer. The board will be evenly split, with six directors from each company.
Financially, the combined company will aim to maintain an investment-grade balance sheet with a leverage ratio of 2.0x net debt to adjusted EBITDA at closing. The firm expects strong cash generation, supporting growth initiatives, debt reduction, and a continued shareholder dividend.
Headquartered in Dallas, Texas, with continued operations in Atlanta and Houston, the new company is poised to become a global industrial technology giant. A new brand identity will be unveiled upon closing, which is expected by Q4 2025, pending shareholder and regulatory approvals.
This transformative merger marks a significant step forward in innovation, scale, and service within the industrial process sector, positioning the company to capitalize on growing demand for integrated and sustainable technologies worldwide.
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.
Initiation of Research Coverage. We are initiating research coverage of Titan International with an Outperform rating and an $11 price target. Titan is a worldwide leader in the manufacture of off road wheels, tires, and undercarriages for the agriculture, construction, mining, and consumer space.
Transformation. Titan has undergone a strategic transformation since 2019. Management has restructured the Company, eliminating non-core assets, improving the balance sheet, and diversifying the business through acquisitions. Though still subject to cyclicality of its end markets, we believe Titan is well positioned to capitalize on improving end market demand.
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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.
SAN DIEGO, June 03, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Global Markets, and GE Aerospace (NYSE: GE) today announced a formal teaming agreement to advance propulsion technologies for the next generation of affordable unmanned aerial systems and Collaborative Combat Aircraft-type (CCA-type) aircraft.
Eric DeMarco, President and CEO of Kratos, said, “Kratos’ strategically important Teaming Agreement with GE Aerospace continues to rapidly advance and expand, with the GEK family of engines targeting certain of the most important, mission critical and highest priority needs and requirements of United States National Security. At Kratos, affordability is a technology and delivering more capability for less cost as quickly as possible are key contributions we are bringing for truly industry leading GEK offerings with our partner and global leader GE Aerospace.”
“The formalization of this teaming agreement and initiation of development of these new engines mark another step forward in our dedication to providing affordable, adaptable, high-performance propulsion systems for the future force,” said Amy Gowder, President and CEO of Defense & Systems at GE Aerospace. “We’re thrilled to continue our collaboration with Kratos and accelerate development across various classes of unmanned systems.”
This collaboration strengthens Kratos’ ongoing partnership with GE Aerospace – building on last year’s Memorandum of Understanding (MOU) to advance the development and production of small, cost-effective engines for unmanned platforms. The new teaming agreement expands on that MOU and provides the framework for the two companies to develop, manufacture, test, and field the GEK800 Engine, as well as collaborate on other low-cost expendable turbofan engines.
In addition to the joint work on the GEK800, the companies have commenced work on another new engine, the GEK1500. The engines under development support unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications, positioning Kratos and GE Aerospace to offer affordable mass propulsion solutions across a range of next-generation defense applications for the Department of Defense.
Kratos brings more than 20 years of experience developing and producing small, affordable engines for UAS, drones, and missile platforms. GE Aerospace adds a century of expertise in propulsion technology and the ability to scale advanced designs into high-rate production —helping bridge the gap from prototype to deployment.
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
About GE Aerospace GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 45,000 commercial and 25,000 military aircraft engines. With a global team of approximately 53,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow, and the future at www.geaerospace.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Key Points – Job openings rose to 7.39M in April, defying tariff fears. – Hiring and quits edged up slightly, but remain subdued. – Unemployment rate stayed at 4.2% as labor market holds firm.
In a surprising development for economic watchers, job openings in the United States increased in April, defying expectations of a slowdown amid escalating trade tensions. According to the latest data from the Bureau of Labor Statistics, open positions climbed to 7.39 million, up from 7.2 million the previous month. This rise marks a significant rebound from March’s near four-year low and comes as the first round of President Trump’s wide-ranging tariffs began to take effect.
Despite concerns that these new trade measures could dampen business confidence and hiring, the April data suggests that the labor market continues to show resilience. Economists had forecasted a decline in job openings to 7.1 million, making the latest figures particularly notable. Although headline numbers remain solid, underlying indicators suggest that the labor market is not without its challenges.
While the number of job openings increased, broader hiring activity showed only modest gains. Employers brought on 5.57 million new hires in April, a slight uptick from the 5.4 million seen in March. The hiring rate inched up to 3.5%, but this remains relatively low by historical standards and reflects ongoing caution among employers.
Worker behavior also points to a more reserved outlook. The quits rate—often seen as a barometer of employee confidence—dipped to 2% from 2.1% in March. This slight decline indicates that fewer workers are willing to voluntarily leave their jobs, a potential signal that many remain uncertain about finding new opportunities in a changing economic environment.
Taken together, these data points suggest that while businesses are still looking to hire, both employers and workers are navigating an atmosphere shaped by uncertainty. Companies may be posting jobs but are hesitant to move aggressively on staffing until there is more clarity on the economic direction, particularly with regard to ongoing trade disputes and tariff implementation.
Despite these headwinds, the broader labor market continues to hold steady. April saw 177,000 new nonfarm payroll additions, and the unemployment rate remained unchanged at 4.2%. These figures indicate that the overall employment landscape remains stable for now, even as underlying dynamics hint at a more cautious economic tone.
Looking forward, analysts expect the May jobs report to show only a slight easing in job growth, with consensus estimates pointing to 130,000 new positions. The unemployment rate is projected to stay flat, reinforcing the view that the labor market, while not accelerating, is also not deteriorating in a meaningful way.
Overall, April’s labor market data paints a picture of a U.S. economy that remains functional but wary. With trade policy still in flux and many businesses unsure about future demand and costs, the job market appears to be holding its ground—for now.
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Files 20-F with SEC. On June 2, the company announced the filing of its 2024 annual report with the SEC. As a reminder, the company was not in compliance with Nasdaq listing requirements regarding the timely filing of financial results and requested a hearing to review the delisting determination. The issue started with a change in the company’s auditors.
Satisfying listing requirements. Notably, with the filing of its 20-F, the company believes it has regained compliance with the Nasdaq listing requirements and does not anticipate the hearing requested on May 22 will be necessary. Importantly, the filing puts the company back on track with its financial reporting.
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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.
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.
First quarter 2025 financial results. Nicola Mining (TSX.V: NIM, OTCQB: HUSIF) reported a first quarter 2025 loss of C$475,808 or C$(0.00) per share compared to a loss of C$1,028,129 or $(0.01) per share during the prior year period. We had projected a loss of C$1,044,879 or C$(0.01) per share. The variance to our estimates was largely due to a gain on marketable securities. We increased our 2025 net income and EPS estimates to C$8,803,755 and C$0.05 per share, respectively, from C$7,724,367 and C$0.04. We updated our commodity grade assumptions, along with higher metals price estimates based on actual April and May pricing and CME futures settlements for the remainder of the year.
Mill operations to commence shortly. We expect Nicola Mining to commence milling operations on or around June 15. On May 11, Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF) began trucking run of mine material from its Mustang Mine to Nicola’s Craigmont Mill in British Columbia. Approximately 2,000 tonnes of ore had been delivered as of June 1, and we expect a stockpile of 2,500 to 3,000 tonnes prior to the mill commencing operations.
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.
Key Points: – Meta signs 20-year deal for 1.1 GW of nuclear power from Clinton Clean Energy Center. – Supports grid stability and emissions goals, keeping the Illinois plant from closing. – Part of broader tech shift toward nuclear as AI and data center power demands grow.
Meta has taken a major step toward securing its clean energy future with the announcement of a 20-year agreement to purchase nuclear power from Constellation Energy. Beginning in 2027, the tech giant will buy approximately 1.1 gigawatts of electricity annually from the Clinton Clean Energy Center in Illinois—effectively the full output of the plant’s sole nuclear reactor.
This long-term deal highlights the increasing role of nuclear power in the digital economy, as energy-intensive data centers drive up electricity demand. For Meta, which has pledged to power its operations with 100% clean energy, the agreement is a crucial move to ensure long-term, zero-emission power availability.
The Clinton Clean Energy Center has faced financial uncertainty in recent years. It has operated with the support of zero-emissions credits since 2017, which recently expired. Without a new revenue source, the facility was at risk of early retirement. Meta’s commitment not only guarantees the plant’s continued operation but also supports its potential relicensing and even a modest expansion of its output by 30 megawatts.
While the electricity generated at Clinton will not directly power Meta’s data centers, the deal helps ensure a consistent flow of clean energy to the regional grid. In turn, this strengthens the broader power infrastructure that supports Meta’s energy goals.
This marks Meta’s first official investment in nuclear energy and comes amid a broader trend of tech companies aligning with the nuclear sector. In recent months, Microsoft agreed to buy power from a restarted reactor at Three Mile Island, and Amazon has poured over $500 million into the development of small modular reactors (SMRs). Google is also investing in new nuclear projects and advanced reactor developers.
All three tech giants—Meta, Google, and Amazon—signed a pledge earlier this year calling for a global tripling of nuclear energy production by 2050. The pledge reflects growing consensus in the tech world that nuclear power is essential for achieving deep decarbonization while meeting soaring energy demand.
This partnership also comes as the U.S. government accelerates support for nuclear expansion. President Trump recently signed a series of executive orders aimed at reducing regulatory barriers and developing a domestic supply chain for nuclear fuel. These actions are intended to pave the way for faster deployment of advanced reactors, especially SMRs, which are seen as more scalable and cost-effective than traditional nuclear facilities.
Although Meta’s current agreement focuses on a legacy reactor, the company has signaled strong interest in the next generation of nuclear technology. In December, it issued a request for proposals from developers of advanced nuclear projects, seeking to add between one and four gigawatts of new capacity in the U.S. That process is still underway and represents Meta’s broader ambition to shape the future of clean, reliable power.
Constellation, meanwhile, has hinted that it may pursue a new permit to build an SMR at the Clinton site, signaling long-term potential for growth and innovation at the facility.
NEW YORK, June 2, 2025 /PRNewswire/ — WhiteFiber Inc., the wholly-owned HPC subsidiary of Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), announced today that it has completed the acquisition of a 96-acre, ~1 million square foot industrial property in Madison, North Carolina.
The Company will retrofit the facility into a flagship AI data center campus (“Facility”).
The Facility has immediately available power. The Company has entered into a capacity agreement with the utility, Duke Energy, for 99 MW, of which 24 MW are expected to be delivered on or about September 1, 2025. The Company expects to complete this first phase of HPC data center development and be online and operational by 2025 year-end. The utility’s preliminary feasibility study supports capacity up to 200 MW over time, subject to obtaining Electricity Service Agreements from Duke Energy and certain other conditions.
Strategically located in NC’s Piedmont Triad, the Facility sits within a 100-mile radius of Charlotte, Raleigh, Winston-Salem and Greensboro, and approximately 13 miles from the Virginia border. The region is home to numerous existing hyperscalers. The Company is in active negotiations with multiple potential HPC data center tenants and has already signed one non-binding LOI with a client. Moreover, its proximity to multiple metro areas supports AI inference workloads.
Based on initial capital investment projections, the project has been confirmed as a qualifying data center in the State of North Carolina and will therefore be eligible for certain sales and use tax exemptions. The Company has been working closely with local and state officials, economic development agencies, and utility partners whose collaboration has been instrumental in advancing the project.
“North Carolina’s leadership in high performance computing started decades ago with our research universities, the Research Triangle, and our focus on the future,” said North Carolina Governor Josh Stein. “WhiteFiber’s decision to join our state’s IT community will help bring the next generation of computing excellence to North Carolina.”
“Securing this site is a meaningful step in scaling our AI infrastructure platform,” said Sam Tabar, CEO of Bit Digital. “The location, size, and power profile make it a rare asset, which we believe will be foundational to meet accelerating demand from AI customers and pursue long-term value creation for shareholders. We acted decisively to secure what we believe will be a cornerstone asset for our Company.”
“We are thrilled to welcome WhiteFiber to our community,” said Kevin Berger, Chair of the Rockingham County Board of Commissioners. “Their planned investment of over $1 billion1 and creation of more than 60 jobs is a tremendous boost for our region.”
“The Town of Madison is excited to have WhiteFiber invest in our community,” remarked Madison Mayor William Phillips. “Transforming the former Unifi facility into a state-of-the-art AI data center campus is a remarkable step forward for our local economy.”
The Company is using cash on hand to fund the $45 million purchase. The Company previously utilized its at-the-market equity program to reserve cash on its balance sheet in anticipation of closing. The Company intends to engage in a commercial mortgage financing process for the site.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report). Notwithstanding the fact that Bit Digital Inc. has not conducted operations in the PRC since September 30, 2021 we have previously disclosed under Risk Factors in our Annual Report: “We may be subject to fines and penalties for any noncompliance with or any liabilities in our former business in China in a certain period from now on.” Although the statute of limitations for non-compliance by our former business in the PRC is generally two years and the Company has been out of the PRC, for more than two years, the Authority may still find its prior bitcoin mining operations involved a threat to financial security. In such event, the two-year period would be extended to five years. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
