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Titan International (TWI) – 2Q Results; End Markets Remain Challenging

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

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.

2Q Overview. Titan reported 2Q25 results in-line with management expectations, even in an environment in which the Company’s end markets continue to be impacted by higher interest rates and tariff uncertainty. Significantly, the Company was able to maintain gross and EBITDA margins, which continue to be meaningfully above where they were in the last cyclical trough.

Results. Revenue of $460.8 million was down from $532.2 million a year ago. Lower end market demand in the Ag and Construction markets, along with a temporary slowdown at Titan Specialty, impacted the top line. We had estimated revenue of $480 million. Partly driven by a 431% income tax rate, Titan reported a net loss of $4.5 million, or a loss of $0.07/sh, compared to net income of $2.1 million, or EPS of $0.03/sh, last year. Adjusted loss was $0.02/sh compared to EPS of $0.10 in 2Q24.


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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. 

FAT Brands (FAT) – Refinancing Framework

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

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.

Refi Discussions. On or about July 9, 2025, FAT Brands entered into a confidentiality agreement with certain Holders of notes issued by the Company’s special purpose, whole business securitization financing subsidiaries. The Confidentiality Agreement facilitated the Company’s ability to engage in discussions with the Holders regarding one or more potential transactions involving a refinancing, restructuring or similar transaction with the Holders. As part of the confidentiality agreement, FAT Brands agreed to publicly disclose certain information, which Thursday’s 8-K accomplished.

First Look. The potential transaction described in the “Cleansing Material” was the Company’s initial proposal to the Holders. An agreement has not yet been reached with the Holders, and we expect negotiations to continue. The disclosed material provides summary term sheets for both FAT Brands’ and Twin Hospitality’s whole business securitizations.


Get the Full Report

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

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

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

ACCO Brands (ACCO) – Post Call Commentary and Updated Models

Posted on by slightbourne@noblecapitalmarkets.com


Monday, August 04, 2025

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

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.

Mixed Environment. The operating environment remains mixed for ACCO. Americas sales continue to be impacted by tariffs and reduced spending for consumer and business products. The International segment is experiencing less disruption. If we can see some improvement in the environment, we are confident in ACCO’s ability to capture market share.

PowerA. Gaming was a positive contributor in the second quarter following the release of the Nintendo Switch 2, which became the fastest selling gaming console in history in the U.S. and Japan. As a leading third party accessory product assortment supporting the release of Nintendo’s Switch 2, we expect additional improvement in the gaming business in 2H25.


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

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

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

Gray Media Buys Block Stations for $80M as FCC Deregulation Drives Industry Deals

Posted on by slightbourne@noblecapitalmarkets.com

In a strategic move to expand its market footprint and strengthen its position in the Midwest, Gray Media has announced an agreement to acquire Block Communications’ television stations for $80 million. The deal reflects an ongoing trend of consolidation in the U.S. broadcasting industry, as media companies position themselves for potential regulatory changes at the Federal Communications Commission (FCC).

The acquisition will significantly bolster Gray’s influence in key Midwestern markets. The transaction includes WDRB (Fox) and WBKI (CW) in Louisville, Kentucky; WAND (NBC) in the Springfield-Champaign-Decatur, Illinois market; and WLIO (NBC) in Lima, Ohio, along with WLIO’s associated low-power stations. Importantly, Gray already owns WAVE-TV, the NBC affiliate in Louisville, creating a Big Four duopoly in that market—a combination that currently requires FCC approval or waivers due to existing ownership regulations.

According to Gray, these stations are not only geographically strategic but also top-performing in local news. Both WAND and WLIO ranked highest in all-day ratings among TV households in their respective markets in 2024, based on data from Comscore. This performance adds considerable value to Gray’s portfolio, allowing the company to scale up operations, share resources across markets, and boost its overall audience reach and advertising appeal.

The acquisition is expected to close in the fourth quarter of 2025, pending FCC regulatory approval and the necessary waivers. Gray expressed confidence that the deal aligns with its broader mission of supporting strong local journalism while increasing operational efficiency through smart expansion.

The timing of this acquisition is noteworthy. It comes as the broadcast television industry continues lobbying efforts for the FCC to loosen or eliminate local ownership restrictions, which currently limit the number of stations a company can own in the same market. These rules, originally designed to maintain media diversity, are increasingly viewed as outdated in today’s competitive media landscape dominated by digital and streaming platforms.

Recent moves by Gray and others—such as Scripps, Sinclair, and Allen Media—highlight growing momentum in the industry toward consolidation. Gray and Scripps recently announced a planned station swap that would also require regulatory flexibility, further signaling the industry’s expectation that change is coming to the FCC’s rulebook.

By acquiring these high-performing stations from Block Communications, Gray is not only deepening its presence in the Midwest but also strategically preparing for a post-deregulation environment. This approach enables the company to maintain a competitive edge in the fragmented and rapidly evolving media space.

Ultimately, this $80 million acquisition underscores a broader shift in broadcast strategy: scale, synergy, and local dominance are becoming more important than ever. If approved, the deal will reinforce Gray’s commitment to quality local journalism while cementing its status as one of the most prominent broadcast groups in the U.S.

Take a moment to take a look at other emerging growth media companies by taking a look at Noble Capital Markets’ Research Analyst Michael Kupinski’s coverage list.

Release – Xcel Brands Announces Pricing of $2.6 Million Public Offering and Concurrent Management-Led Private Placement

Posted on by aweinsoff@channelchek.com

Research News and Market Data on XCEL

August 1, 2025 at 8:50 AM EDT

PDF Version

NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — Xcel Brands (NASDAQ: XELB), a leading media and consumer products company known for building socially driven, live-commerce-focused brands, today announced the pricing of its public offering of 2,181,818 shares of common stock at a public offering price of $1.10 per share. In a concurrent private placement, the Company also agreed to issue and sell an aggregate of 145,147 unregistered shares to certain insiders of the Company including the Company’s Chief Executive Officer, Robert D’Loren, at a purchase price of $1.36, which is equal to the closing price of the Company’s common stock on July 31, 2025. The closing of the offering is expected to occur on or about August 4, 2025, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent for the offering.

The combined gross proceeds from the public offering and concurrent private placement, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $2.6 million. The Company intends to use the net proceeds from this offering for brand development and launch, working capital and other general corporate purposes, including payment of outstanding payables.

The securities described above are being offered pursuant to a registration statement on Form S-1, as amended (File No. 333-288495), which was declared effective by the Securities and Exchange Commission (the “SEC”) on July 31, 2025. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. The shares to be issued in the concurrent private placement were offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Electronic copies of the final prospectus, when available, may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the co-branded collaboration brands TowerHill by Christie Brinkley, LB70 by Lloyd Boston, Trust. Respect. Love by Cesar Millan, GemmaMade by Gemma Stafford, and a brand in development with Coco Rocha and also holds noncontrolling interests or long-term license agreements in the Isaac Mizrahi brand, Orme Live and Mesa Mia Live by Jenny Martinez. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing, LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone and consisting of over 20,000 hours of content production time in live-stream and social commerce. The brand portfolio reaches in excess of 43 million social media followers with broadcast reach into 200 million households. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. For more information, visit www.xcelbrands.com.

Forward-Looking Statements

This press release contains certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to the services offered by Xcel Brands and the markets in which it operates, and Xcel Brands’ projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions provided for illustrative purposes only, and projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: general economic, political and business conditions; those factors identified in our “Risk Factors” included in the Form S-1 for this offering and in our periodic filings with the SEC; the ability of Xcel Brands to achieve its projected revenue, and its continued access to sources of additional debt or equity capital if needed. While Xcel Brands may elect to update these forward-looking statements at some point in the future, Xcel Brands specifically disclaims any obligation to do so.

For further information please contact:
Seth Burroughs
Xcel Brands
sburroughs@xcelbrands.com

Primary Logo

Source: Xcel Brands, Inc

Release – V2X Awarded $4.3 Billion Contract to Support U.S. Air Force T-6 COMBS Program

Posted on by aweinsoff@channelchek.com

Research News and Market Data on VVX

August 01, 2025

RESTON, Va., Aug. 1, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX), has been awarded a $4.3 billion indefinite-delivery/indefinite-quantity contract by the U.S. Air Force for Contractor Operated and Maintained Supply services in support of the T-6 aircraft.

This contract provides supply support for safe, flyable aircraft to meet the daily flight schedules and depot requirements of the U.S. Air Force, Navy, and Army. The effort aligns with Department of Defense and commercial best practices for procuring, producing, and delivering products and services.

“We are honored by this award and for the trust placed in us by the U.S. Air Force,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “This contract reflects the dedication of our team and the pride we take in supporting the readiness of our nation’s aircraft. We are excited to begin this new work and look forward to serving the mission for years to come.”

“This is a proud moment for our entire aerospace team,” said Vinny Caputo, Senior Vice President of Aerospace Systems at V2X. “The T-6 program is foundational to pilot training across the services, and we are committed to delivering the highest standards of performance, reliability, and mission readiness. We’re excited to bring our proven supply chain expertise to this critical effort.”

V2X’s work will be performed at various military bases across the United States and is expected to be completed by July 2034.

About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

Media Contact
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-awarded-4-3-billion-contract-to-support-us-air-force-t-6-combs-program-302519398.html

SOURCE V2X, Inc.

Release – Ocugen Provides Business Update with Second Quarter 2025 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

August 1, 2025

PDF Version

Conference Call and Webcast Today at 8:30 a.m. ET

  • Initiated dosing in OCU410ST Phase 2/3 GARDian3 pivotal confirmatory clinical trial
  • Actively dosing patients in OCU400 Phase 3 liMeliGhT clinical trial and on track for 2026 BLA filing
  • OrthoCellix reverse merger intended to unlock the value of NeoCart/regenerative cell therapies and enable the Company to focus capital on modifier gene therapy platform
  • Signed binding term sheet for exclusive Korean rights to OCU400 with upfront fees and near-term development milestone payments totaling up to $11 million

MALVERN, Pa., Aug. 01, 2025 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today reported second quarter 2025 financial results along with a business update.

“While our modifier gene therapy clinical trials advance—now with two in late-stage—we are securing strategic partnerships and evolving the business to support three successful Biologics License Application (BLA) filings over the next three years,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. “We have also made important appointments to our Board of Directors, Retina Scientific Advisory Board, and Leadership Team to provide the Company with scientific and strategic know-how to bring us closer to delivering paradigm-changing gene therapies to millions of people with blindness diseases.”

In June, the Company announced a proposed reverse merger with OrthoCellix, a wholly-owned subsidiary, and Carisma Therapeutics, Inc. to create a Nasdaq-listed, late clinical-stage regenerative cell therapy company with a first-in-class technology platform, focused on orthopedic diseases. The combined company will focus on the development of OrthoCellix’s NeoCart® technology for the treatment of articular knee cartilage defects. Previously, NeoCart® received Regenerative Medicine Advanced Therapy (RMAT) designation and concurrence from the U.S. Food and Drug Administration (FDA) on a single, confirmatory Phase 3 clinical trial to enable submission of a BLA.

Aligned with Ocugen’s business development strategy to pursue regional partnerships for OCU400, the Company signed a binding term sheet to negotiate and enter into a licensing agreement with a well-established leader in the pharmaceutical and healthcare sector in Korea for exclusive Korean rights to OCU400. Pursuant to the term sheet, under the license agreement, in addition to the upfront and milestone fees, the Company will be entitled to sales milestones of $1 million for every $15 million of net sales in Korea in addition to a royalty of 25% on net sales of OCU400 generated by Ocugen’s partner. Ocugen will manufacture commercial supply of OCU400 under terms of a supply agreement. A regional approach preserves Ocugen’s rights to larger geographies to maximize total patient reach while also generating return for shareholders.

Following the FDA’s agreement to proceed with a Phase 2/3 GARDian3 pivotal confirmatory trial for OCU410ST for Stargardt disease, the agency granted Rare Pediatric Disease Designation (RPDD) to OCU410ST in May. This designation underscores the urgent need to address Stargardt disease, which remains a significant unmet medical need. Stargardt disease is an inherited retinal disorder that typically presents in childhood and affects approximately 100,000 people in the U.S. and Europe combined, and approximately 1 million globally. Currently, there is no FDA-approved treatment available for Stargardt disease.

The OCU410ST Phase 2/3 GARDian3 clinical trial is progressing well with the first patient dosed in July after FDA clearance in June. The GARDian3 clinical trial builds upon encouraging results and positive data from the Phase 1 GARDian trial, which demonstrated 48% slower lesion growth at 12-month follow-up in evaluable treated eyes compared to untreated eyes. Additionally, evaluable treated eyes showed a statistically significant (p=0.031) and clinically meaningful improvement of nearly 2-line/9-letter gain in best corrected visual acuity (BCVA) at 12-month follow-up when compared to untreated eyes.

Positive preliminary efficacy and safety data from the OCU410 Phase 1 ArMaDa clinical trial at 12 months demonstrated no drug-related serious adverse events (SAEs), 23% slower geographic atrophy (GA) lesion growth in treated eyes versus fellow eyes after a single injection, and 2-line/10-letter gain in visual acuity in treated eyes when compared to untreated fellow eyes. Preliminary results from ongoing Phase 2 clinical trial (N=31), 6-month interim analysis, demonstrated a 27% slower lesion growth and preservation of retinal tissue. These data support the potential for OCU410 to provide a one-time treatment for life for the 2-3 million people in the U.S. & EU combined who suffer from GA.

Patients are actively being recruited in the United States and Canada for the OCU400 Phase 3 liMeliGhT clinical trial, which remains on track for BLA and MAA submissions in 2026. This is the only broad retinitis pigmentosa (RP) gene-agnostic trial to address multiple genetic mutations with a single therapeutic approach. In addition, the European Medicines Agency has granted eligibility to submit the OCU400 Marketing Authorization Application (MAA) through the centralized procedure, based on the current study design and statistical analysis plan.

Regarding the Company’s inhaled vaccines portfolio, the National Institute of Allergy and Infectious Diseases (NIAID) intends to initiate the Phase 1 clinical trial for OCU500 in the third quarter of 2025.

In addition to the notable leadership appointments, Ocugen welcomed the National Security Commission on Emerging Biotechnology (NSCEB) and U.S. Rep. Chrissy Houlahan to its manufacturing facility as part of the NSCEB’s Biotech Across America events, highlighting biotech innovation in Pennsylvania. Rep. Houlahan subsequently announced the bipartisan BIOTech Caucus to build greater awareness and understanding of biotechnology among lawmakers and support transformative advances in healthcare. Dr. Musunuri supports the formation of this very important bipartisan BIOTech Caucus that includes senior congressional leaders such as Rep. Pete Sessions in addition to local leaders, which will prioritize biotechnology at the national level to ensure U.S. leadership globally.

“The meaningful progress Ocugen is making across its novel modifier gene therapy platform, along with strategic leadership changes and significant external alliances are evidence of a strong first half of 2025,” said Dr. Musunuri. “We look forward to providing critical program updates and data in the coming months.”

Modifier Gene Therapy Platform—a Novel First-in-Class Platform

  • OCU400 for RP – On track to complete enrollment in support of BLA/MAA filings in 2026. Data and Safety Monitoring Board (DSMB) convened and found no SAEs related to OCU400 and recommended to continue study dosing as planned.
  • OCU410ST for Stargardt Disease – FDA granted RPDD for OCU410ST for the treatment of ABCA4-associated retinopathies including Stargardt disease, retinitis pigmentosa 19, and cone-rod dystrophy 3. FDA cleared the Investigational New Drug (IND) amendment to initiate a Phase 2/3 pivotal confirmatory trial of OCU410ST and dosing has been initiated.
  • OCU410 for GA – Phase 1 data at 12 months demonstrates reduced lesion growth, preservation of retinal tissue, and—most importantly—a positive effect on the functional visual measure of low luminance visual acuity (LLVA). Interim Phase 2 data at 6 months demonstrated very encouraging results consistent with Phase 1 data.

Ophthalmic Biologic Product

  • OCU200 – DSMB approved continuation of dosing in the third cohort and the Company intends to complete the Phase 1 clinical trial in the second half of 2025.

Second Quarter 2025 Financial Results

  • The Company’s cash, cash equivalents, and restricted cash totaled $27.3 million as of June 30, 2025, compared to $58.8 million as of December 31, 2024, providing cash runway into the first quarter of 2026. The Company had 292.2 million shares of common stock outstanding as of June 30, 2025.
  • Total operating expenses for the three months ended June 30, 2025 were $15.2 million and included research and development expenses of $8.4 million and general and administrative expenses of $6.8 million. This compares to total operating expenses for the three months ended June 30, 2024 of $16.6 million that included research and development expenses of $8.9 million and general and administrative expenses of $7.7 million.
  • Ocugen reported a $0.05 net loss per common share for the three months ended June 30, 2025, compared to a $0.06 net loss per common share for the three months ended June 30, 2024.

Conference Call and Webcast Details

Ocugen has scheduled a conference call and webcast for 8:30 a.m. ET today to discuss the financial results and recent business highlights. Ocugen’s executive leadership team will host the call, which will be open to all listeners. There also will be a question-and-answer session following the prepared remarks.

Attendees are invited to participate on the call or webcast:
Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers
Conference ID: 9627149
Webcast: Available on the events section of the Ocugen investor site

A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.

About Ocugen, Inc.
Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late stage dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on X and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the preclinical and clinical development of Ocugen’s product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, the ability to initiate new clinical programs; Ocugen’s financial condition and expected cash runway into the first quarter of 2026, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, and Ocugen’s negotiations regarding the license agreement with a Korean partner and Ocugen’s potential merger transaction regarding the OrthoCellix business, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities; that a definitive agreement for the license with a Korean partner will be delayed or not executed at all, or that, if executed, it may not be on terms anticipated; that the OrthoCellix merger transaction may not close or, if closed, may not result in the benefits anticipated. These and other risks and uncertainties are more fully described in our annual and periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
AVP, Head of Communications
Tiffany.Hamilton@ocugen.com

View full release here.

U.S. Economy Adds Fewer Jobs Than Expected

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. labor market showed troubling signs of weakness in July, with only 73,000 jobs added—well below expectations and compounded by sharp downward revisions to prior months. May and June figures were slashed by a combined 258,000 jobs, revealing that the job market’s slowdown is more severe than initially reported.

Unemployment edged up to 4.2%, while the broader underemployment rate hit 7.9%, its highest level since March. Particularly alarming was a decline of 260,000 workers in the household survey, alongside a dip in labor force participation to 62.2%.

The July job gains were narrowly concentrated. Health care and social assistance accounted for 94% of the growth, adding 55,000 and 18,000 jobs respectively. Other sectors like retail and finance contributed modestly, while federal government jobs declined by 12,000—partly due to ongoing cuts under Elon Musk’s Department of Government Efficiency. Business and professional services also saw a 14,000 job loss.

Wages grew at a moderate pace, up 0.3% for the month and 3.9% over the year, matching expectations. But the rise in long-term unemployment—now averaging 24.1 weeks—signals growing distress for job seekers.

Markets reacted swiftly: stock futures dropped and Treasury yields tumbled as investors priced in a higher chance of rate cuts. The probability of a Federal Reserve rate cut at the September meeting jumped to over 75%, from just 40% the day before.

President Donald Trump, already frustrated with Fed Chair Jerome Powell, doubled down on his criticism. In an inflammatory Truth Social post, he called Powell a “stubborn MORON” and demanded immediate and aggressive rate cuts, even suggesting the Federal Open Market Committee override Powell’s leadership.

Despite Trump’s pressure, the Fed opted to hold rates steady in July. The latest jobs report may force reconsideration. Economists warn that companies are becoming more hesitant to hire due to higher costs, weak consumer demand, and lingering uncertainty from trade policy and tariffs.

While GDP growth posted a strong 3% in Q2, that number may be misleading. Analysts note that the figure was inflated by businesses stockpiling imports before Trump’s latest tariffs took effect in April, with underlying demand remaining weak.

As the labor market cools and political pressure mounts, the September Fed meeting could prove pivotal—not just for monetary policy, but for the broader economic trajectory heading into 2026.

Release – The ONE Group Hospitality, Inc. to Host Second Quarter 2025 Earnings Conference Call and Webcast at 4:30 PM ET on August 5, 2025

Posted on by aweinsoff@channelchek.com

Research News and Market Data on STKS

 Download as PDF

August 01, 2025

DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast to discuss second quarter 2025 financial results on Tuesday, August 5, 2025 at 4:30 PM ET. A press release containing the second quarter 2025 financial results will be issued after market close that same afternoon.

The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10200059. The replay will be available until Tuesday, August 19, 2025.

The webcast can be accessed from the Investor Relations tab of The ONE Group’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.
  • 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.

Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Michelle.Michalski@icrinc.com

Media:
ICR
Seth Grugle
(646) 277-1272
seth.grugle@icrinc.com

Source: The ONE Group Hospitality, Inc.

Released August 1, 2025

Codere Online (CDRO) – Strong Underlying Trends Masked By Currency Fluctuations

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 01, 2025

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.

Solid Q2 results. The company reported second quarter revenue of  €54.8 million, up 0.7% over the prior year period and largely in line with our estimate of €55.5 million. Adj. EBITDA in the quarter was €2.3 million, up 77% over the prior year period and better than our estimate of €0.1 million.  Importantly, the top line results do not fully capture the company’s strong performance in Q2, given the devaluation of the Mexican Peso. On a constant currency basis, revenue was up 12%. 

Mexico continues to grow nicely. The company’s operations in Mexico had a strong quarter that was muted by a 19% devaluation of the Peso compared to the prior year period. Notably, the company grew active customers in Mexico by a strong 36% over the prior year period, and revenue was up 23% on a constant currency basis. In our view, the company had a solid quarter in Mexico and top line results should improve as it comps year earlier Peso valuations.


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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. 

Perfect (PERF) – Delivers Solid Q2 Top-Line Growth

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 01, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

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

Q2 largely in line. The company reported a Q2 revenue of $16.4 million (up an impressive 17.6% year-over-year) and an adj. EBITDA of a loss of $0.5 million. These results were largely in line with our estimates of $16.5 million in revenue and adj. EBITDA of $0.4 million.

Customer growth. The company continues to expand its user base across both B2C and B2B channels. Paying subscribers to its YouCam mobile beauty app rose 4.4% year over year to 960,000, while its B2B footprint grew to 818 brand clients and over 914,000 SKUs, up from 686 clients and 774,000 SKUs a year earlier. The number of Key B2B Customers (those generating at least $50,000 annually), however, declined to 139 from 151, with the drop evenly split between lower spending and customer churn tied to macro pressures.


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

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

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

MariMed Inc (MRMD) – Expansion into Pennsylvania

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 01, 2025

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.

Pennsylvania Entrance. MariMed announced a strategic agreement with TILT Holdings that will expand the distribution of the Company’s award winning portfolio of medical marijuana products to Pennsylvania. We view this as a significant expansion of MariMed’s product line into one of the largest cannabis markets.

Pennsylvania Market. The Pennsylvania cannabis market is estimated at $1.7 billion of annual revenue, making Pennsylvania the sixth largest legal cannabis market in the U.S. Significantly, the state remains a medical state only. When, and if, adult recreational use is approved, the overall cannabis market is projected to at least double. There are currently in excess of 180 medical dispensaries in the state, providing a large potential base to distribute MariMed products into.


Get the Full Report

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

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

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

ACCO Brands (ACCO) – First Look into 2Q25 Results

Posted on by slightbourne@noblecapitalmarkets.com


Friday, August 01, 2025

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

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.

2Q25 Results. ACCO reported 2Q net sales and adjusted EPS in-line with management’s outlook. Revenue of $394.8 million was down 9.9% y-o-y. Comp sales were off 10.5% while favorable forex increased revenue by 0.6%. We had forecasted revenue of $390 million. Gross margin of 32.9% was below our 34.6% estimate. Net income totaled $29.2 million, or $0.31/sh, with adjusted EPS of $0.28 compared to $0.37 in 2Q24. We were at $0.21 and $0.32, respectively.

Drivers. Sales were immediately impacted by tariffs in April, although trends improved throughout the quarter. Net sales were also negatively impacted by softer global demand for consumer and business products, partially offset by growth in gaming accessories. ACCO continued to make progress on its cost cutting initiative, realizing more than $40 million in cumulative cost savings since inception.


Get the Full Report

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

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

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