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.
Private placement financing. Aurania recently closed the first tranche of its previously announced non-brokered private placement financing of up to 5,000,000 units at a price of C$0.30 per unit for gross proceeds of up to C$1,500,000. An aggregate of 3,182,899 units were sold under the first tranche for gross proceeds of C$954,869.70. Dr. Keith Barron, Chairman, President, and CEO, acquired 1,000,000 units under the offering and owns or exercises control over 47,672,635 common shares, 1,752,992 options, and 12,399,135 warrants representing 44.41% and 50.88% of the company’s issued and outstanding common shares on a non-diluted and partially diluted basis, respectively. Aurania expects to close the final tranche of its non-brokered private placement on or around May 5.
Loan agreement. Dr. Keith Barron has also agreed to provide a loan of up to US$2,094,500 to the company. The loan will be advanced from time to time in mutually agreed upon principal amounts. The loan is unsecured and bears interest at 2% per annum. The proceeds are expected to be used to fund Aurania’s remaining 2024 mineral concession fees in Ecuador, which are due on May 1.
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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.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Fiscal Year 2025 Reported. Nutriband reported its financial results for FY2025, ended January 31, 2025, with a 4Q25 loss of $5.5 million or ($0.50) per share and a loss of $10.5 million or $(0.99) per share. Preparations for the abuse-deterrence clinical testing continue, with an NDA expected toward 4Q25 or early 2026. As of January 31, 2025, the cash balance was $4.3 million.
Revenue For The Pocono Pharmaceutical Division Met Expectations. The Pocono Pharmaceutical division revenue for FY2025 was $2.1 million, with 4Q25 consistent with previous quarters. Gross margin improved in 4Q25 to 45% of sales, the highest level of the year. Nutriband has extended its contract manufacturing collaboration with KT tape, the kinesiology tape company, with modest growth in our projections for FY2026.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
V2X 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.
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.
New Awards. V2X continues to win new awards, and if current Defense budget proposals resulting in the first $1 trillion budget for fiscal year 2025 move to fruition, the award environment should remain target rich for the Company.
Navy Contract. Earlier this week, the Company was awarded a $103 million contract by the U.S. Navy for Contractor Logistics Support (CLS) maintenance of C-26 aircraft. Under this contract, V2X will continue providing comprehensive CLS support, including aircraft engineering, upgrades, maintenance, and modifications. The award reinforces V2X’s role as the best-value provider for this critical mission, in our view.
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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.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Trillion Dollard Defense Budget? House Republicans have released legislation that would increase Pentagon spending by $150 billion. The proposal was approved by the House Armed Services Committee and, when combined with the already approved government fiscal year 2025 $886 billion defense budget, the added dollars would bring defense spending to more than $1 trillion for the first time. A significant portion of the recent budget increases target areas in Kratos’ wheelhouse, in our opinion, which could provide additional upside to the Company.
Missile Defense. Approximately $25 billion of the $150 billion proposed increase would be earmarked for the Golden Dome missile defense initiative. Recall, Golden Dome would be a shield intended to protect the continental U.S. against advanced missiles. Golden Dome is another project that aligns with Kratos’ capabilities, in our view.
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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.
Key Points: – Novartis to acquire Regulus for up to $1.7B, including $7/share upfront and $7/share tied to farabursen approval. – Farabursen, a potential first-in-class ADPKD treatment, heads into Phase 3 with FDA alignment. – Boosts Novartis’s kidney disease pipeline and commitment to innovation in rare conditions.
Novartis AG announced plans to acquire Regulus Therapeutics Inc. in a transaction valued at up to $1.7 billion, reinforcing the Swiss pharmaceutical giant’s strategy to deepen its portfolio in renal and genetic disease treatments. The deal includes an upfront cash payment of $7.00 per share, representing approximately $800 million in equity value, and an additional $7.00 per share tied to a regulatory milestone via a contingent value right (CVR), pending approval of Regulus’s lead drug candidate, farabursen.
Farabursen is being developed as a novel treatment for autosomal dominant polycystic kidney disease (ADPKD), a condition with limited current options and significant unmet clinical need. If approved, farabursen could become the first systemic therapy of its kind in this indication, offering a potentially superior safety and efficacy profile compared to existing treatments.
The acquisition reflects a growing trend in the biopharma sector where large-cap pharmaceutical companies pursue innovative pipelines through targeted M&A. In recent quarters, the industry has seen an uptick in transactions focused on small to mid-sized biotech firms that specialize in high-impact therapies for rare or underserved diseases. Regulus’s focus on microRNA-based therapies, a field once viewed as experimental, is now receiving renewed attention as advances in RNA technology improve target precision and therapeutic delivery.
For Novartis, the move expands its nephrology franchise and bolsters its pipeline in genetic disorders, aligning with the company’s long-term innovation strategy. Financially, the deal signals confidence in both Regulus’s platform and farabursen’s development prospects. The 274% premium to Regulus’s 60-day volume-weighted average price underscores the strategic value Novartis sees in the program.
The transaction is expected to close in the second half of 2025, subject to regulatory approval and the successful tender of a majority of Regulus’s outstanding shares. Once finalized, Regulus will become a wholly owned subsidiary of Novartis, with its operations and development programs integrated into Novartis’s global R&D structure.
The deal may also serve as a bellwether for continued consolidation in biotech, particularly among companies advancing oligonucleotide or RNA-based therapeutics. Investors are likely to see the acquisition as further validation of microRNA platforms, potentially reinvigorating interest in similar early-stage biotech firms.
At a time when cost pressures and generic competition are accelerating across the pharmaceutical landscape, acquiring promising assets with a clear regulatory path remains a preferred strategy for growth. For Regulus, integration with Novartis offers the financial and operational muscle needed to take farabursen through the final stages of development and, if approved, to global markets.
As the biotech sector continues to recalibrate from recent valuation contractions, strategic acquisitions like this illustrate the enduring value of focused innovation, especially in areas with limited treatment alternatives and high unmet demand.
April 30, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to provide an update on its 100%-owned lithium project, Angel Island (“Angel Island”) near Silver Peak, Nevada.
Strategic Policy Developments
Century Lithium welcomes recent Executive Orders from the White House under President Donald J. Trump, which prioritize domestic mining and processing of critical minerals. These directives emphasize the need for a secure US-based supply chain for lithium, which is an essential mineral for use in battery production for energy storage, EVs, and defense. The Company believes it is uniquely positioned to support this national initiative with Angel Island, a feasibility-level lithium project, and a single-source miner and producer of lithium carbonate.
“Century Lithium is uniquely prepared to contribute to a domestic solution for lithium products at Angel Island,” said Bill Willoughby, Century Lithium President and CEO. “Our demonstration plant and advanced technology position us to contribute to the efforts of the US mining industry in building secure and sustainable domestic critical minerals supply chains.”
Permitting Update
The Company recently met with the Nevada State Office of the Bureau of Land Management (“BLM”) to discuss the implications of recent White House Executive Orders and progress on environmental studies and permitting for Angel Island. On the Federal level, the remaining steps include completion and approval of final baseline studies, and completion and submittal of the Mine Plan of Operations (“PoO”) for BLM approval. Following approval of the PoO, the BLM will determine the appropriate level of National Environmental Policy Act analysis that will be required, either an environmental assessment or an environmental impact statement. Throughout this process to date, the BLM has provided helpful and timely assistance as we work through the permitting process. Century Lithium looks forward to a continued positive working relationship with the BLM moving forward.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced stage lithium company, focused on developing its wholly owned Angel Island project in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with direct lithium extraction to make battery-grade lithium carbonate product samples from Angel Island’s lithium-bearing claystone on-site at its Demonstration Plant in Amargosa Valley, Nevada. Angel Island is one of the few advanced lithium projects in development in the United States to provide an end-to-end process to produce battery-grade lithium carbonate for the growing electric vehicle an battery storage market. Angel Island is currently in the permitting stage for a three-phase feasibility-level production plan expected to yield an estimated life-of-mine average of 34,000 tonnes per year of carbonate over a 40-year mine-life.
To learn more, please visit centurylithium.com
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
Companies look to Einstein, Agentforce, third-party tools to boost efficiency, personalize customer experiences, ISG Provider Lens™ report says
SÃO PAULO–(BUSINESS WIRE)– The use of AI in Salesforce deployments has become a major trend in Brazil, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil finds that many enterprises in Brazil are integrating AI with Salesforce environments, most commonly to improve customer experience and operating efficiency. AI is enhancing functions such as coding, testing, hyper-personalization of customer experience and managed services to find and fix software errors. Often with the help of service providers, companies are evaluating or adopting Salesforce’s Einstein generative AI and Agentforce agentic AI tools, as well as technologies from other vendors.
“Brazilian companies are learning how to use AI with Salesforce for new insights and competitive advantage,” said Bill Huber, partner, digital platforms and solutions, for ISG. “In many cases, service providers supply critical knowledge and tools to make this possible.”
Agentforce, introduced in 2024, creates autonomous agents that perform complex tasks without human intervention. This holds strong potential for projects such as automating customer service call centers, ISG says. Salesforce charges Agentforce customers per conversation rather than per user. Enterprises are evaluating the costs and capabilities of Agentforce, which is available in Brazil in an English production release and a Portuguese beta version.
As AI is integrated into Salesforce implementations, Brazilian enterprises face increasingly complex IT environments and a growing number of solutions, models and applications to choose from, ISG says. Performance, customization and cost can influence these choices. Companies are turning to the Salesforce ecosystem for consulting services to help them decide where to use AI, which AI solutions best fit their needs and what productivity gains to expect.
A growing number of enterprises, especially in emerging markets such as Brazil, also seek license management services to help them navigate the complexities of multi-cloud Salesforce environments, ISG says. They expect providers to actively monitor license use to prevent unnecessary expenses and propose changes that minimize their costs.
“The expanding possibilities of Salesforce can lead to higher complexity and new cost considerations,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Brazilian enterprises are approaching Salesforce projects carefully, partnering with leading service providers for guidance.”
In addition, the Salesforce Customer Data Platform (CDP) Cloud is expected to play a key role in Salesforce AI implementations in Brazil, the report says. The platform collects and stores customer data, helping companies ensure they have high-quality, accessible data to feed into AI engines for customer insights and personalization.
The report also examines other Salesforce ecosystem trends in Brazil, including a wave of provider acquisitions and Salesforce’s integration of its Marketing Cloud into its core cloud structure.
For more insights into the Salesforce-related challenges facing Brazilian enterprises, plus ISG’s advice for addressing them, see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil evaluates the capabilities of 41 providers across six quadrants: AI-powered Multicloud Implementation Services — Large Enterprises, Implementation Services for Core Clouds and AI Agents — Midmarket, Implementation Services for Marketing and Commerce with AI Enablement, Managed Application Services — Large Enterprises, Managed Application Services — Midmarket and Implementation Services for Industry Clouds.
The report names Accenture, Everymind and OSF Digital as Leaders in four quadrants each and Deloitte as a Leader in three quadrants. It names atile.digital, BRQ, GFT, Globant, iSmartBlue, JFOX, Sottelli, SYS4B and Valtech as Leaders in two quadrants each. Cadastra, Capgemini, enext, Infosys, LEOO, match.mt and NTT DATA are named as Leaders in one quadrant each.
In addition, NTT DATA and Visum Digital are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants each. The report names gentrop and HCLTech as Rising Stars in one quadrant each.
A customized version of the report is available from atile.digital.
In the area of customer experience, HCLTech is named the global ISG CX Star Performer for 2024 among Salesforce ecosystem partners. HCLTech earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, which is part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
Company plans to host a virtual investor day for analysts, current and prospective investors in August 2025
CHARLOTTE, N.C., April 30, 2025 (GLOBE NEWSWIRE) — NN (NASDAQ: NNBR) a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced its plans to host a 2025 virtual investor day in August 2025.
NN has been performing to its short-term and long-term goals. During its coming Investor Day, NN’s executive management plans to provide updates and discuss multiple important shareholder value-creating topics including:
A holistic update to NN’s five-year targets for sales growth, increased profitability, and shareholder value
Update on 2025 Outlook
The Company’s capital allocation strategy
The Company’s M&A acquisition strategy and objectives
The Company’s capital markets strategy and the next phase of its capital structure optimization roadmap
An overview and discussion of market trends and NN’s participation in specific markets including;
US electrical grid market
US industrial market
Global passenger vehicle market
Global commercial vehicle market
Global medical market
NN management will also host discussions and overviews on important topics including;
NN’s $700+ million new business program and pipeline specifics
NN’s cost-out program and major ongoing and upcoming projects
NN’s free cash flow generation program and major associated projects
There will be more to come regarding this investor event. NN management plans to spend the day together with analysts, current and prospective investors, lenders, and the broader investment community.
About NN
NN is a global industrial company that combines advanced engineering and production capabilities to deliver solutions for high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Asia, Europe, and South America. For more information, visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. (the “Company”) based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project,” “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises, on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and governmental regulations; the impact of climate change on our operations; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
Investor Relations: Joseph Caminiti or Stephen Poe, Investors NNBR@alpha-ir.com 312-445-2870
RESTON, Va., April 30, 2025 /PRNewswire/ — V2X Inc. (NYSE: VVX) announced it has been awarded a new five-year task order to support U.S. Space Force operations at Ascension Island as part of the U.S. Air Force’s Contract Augmentation Program V (AFCAP V). The firm-fixed-price award includes a one-year base period and four one-year option periods, with a ceiling value of $140 million.
Ascension Island is a key strategic location in the South Atlantic, supporting U.S. Space Force operations and the broader Eastern Range mission. Under this contract, V2X will deliver essential services that improve mission outcomes, operational efficiency, and infrastructure resilience on the island.
“Ascension Island plays a significant role in advancing the U.S. Space Force mission, and we’re proud to support this national security asset,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “We will leverage our full lifecycle capabilities and decades of experience operating at scale in remote and dynamic environments to deliver improved readiness for this strategically vital mission.”
V2X continues to be a trusted partner under the AFCAP V, the company’s consistent performance under the program stresses its ability to deliver agile, reliable, and high-quality support services at scale across the globe. Operations are set to begin July 2025, reinforcing V2X’s commitment to supporting full-spectrum solutions.
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 Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
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.
Solid Q1 results. The company reported Q1 revenue growth of 13.4% year over year to $16.0 million, roughly in line with our estimate of $16.2 million. Adj. EBITDA of $0.9 million was better than our estimate of $0.4 million.
B2C momentum. The strong quarterly revenue growth was driven by the company’s B2C segment. Importantly, the company is in the midst of optimizing pricing for its popular beauty app subscription and recently introduced a higher margin premium subscription plan. We believe the B2C segment is poised for continued revenue growth throughout 2025.
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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.
Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reports solid Q1 results. Q1 revenues accelerated, up 5.3%, from the 2.2% decline in the fourth quarter, reflecting the early adoption of the company’s transformative migration toward a subscription model. Results were in line with expectations, with adj. EBITDA of $4.4 million and positive free cash flow generation of $3.3 million.
Revenues expected to accelerate. Management indicated that second quarter revenue growth is expected to accelerate, double the rate of the first quarter’s 5.3%. The enhanced revenue growth reflects the success of converting legacy subscribers to a paid subscription. The paid subscription began in the first quarter of 2025, with subscription revenues recognized pro-ratably over the subscription period. As such, we expect that revenue growth will accelerate as it adds subscriptions throughout the year.
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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.
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.
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 financial results. Alliance reported first quarter adjusted EBITDA and earnings per unit (EPU) of $159.9 million and $0.57, respectively, compared to $238.4 million and $1.21 during the prior year period. We had projected EBITDA and EPU of $143.8 million and $0.48. While total revenue of $540.5 million was just shy of our $541.1 million estimate, we underestimated coal sales and overstated transportation revenue. Consequently, transportation expense was also overstated. Total operating expenses were $446.2 million compared to our $462.3 million forecast.
Corporate outlook for 2025 and 2026. Management’s guidance for 2025 was little changed, except for increasing the range for total coal sales tonnage, increasing expense as a percentage of oil & gas royalty revenue, depreciation expense, and lowering net interest expense expectations. For 2026, management expects the average coal sales price per ton to trend lower. Due to higher-priced, multi-contracts rolling off, the average sales price per ton could be 4% to 5% below the midpoint of ARLP’s 2025 guidance. We think planned 2025 long wall moves and actions to improve productivity and cost effectiveness could help offset lower prices.
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: – U.S. GDP shrank by 0.3%, driven by a historic 41.3% surge in imports as businesses rushed to front-load goods ahead of new Trump-era tariffs. – While consumer spending and business investment grew, rising inflation and policy uncertainty cloud near-term growth prospects. – Elevated inflation and softening growth raise the stakes for the Federal Reserve’s next policy moves, with potential implications for rate cuts.
The U.S. economy unexpectedly contracted in the first quarter of 2025, shrinking at a 0.3% annualized pace, according to Commerce Department data released Wednesday. The headline miss was driven largely by a record-breaking surge in imports, as companies raced to secure goods before a new wave of tariffs took effect under President Trump’s trade policy agenda.
This marked the first negative GDP print since early 2022 and diverged sharply from Wall Street forecasts, which had anticipated modest growth. The main culprit: a 41.3% quarterly spike in imports, with goods imports alone climbing over 50%. Since imports subtract from gross domestic product, this front-loading of supply chains delivered a mechanical but powerful hit to the quarter’s output.
While on paper this suggests economic weakness, some analysts argue that the downturn may be short-lived if imports stabilize in coming quarters. “It’s less a collapse in demand and more a reflection of distorted trade timing,” said one economist.
A Conflicting Mix for Markets and the Fed
Despite the GDP drop, consumer spending still advanced 1.8%, though this was down from the previous quarter’s 4% gain. Business investment saw strong momentum, up 21.9%, driven by firms increasing equipment spending — again, likely an effort to beat tariff hikes. On the downside, federal government spending fell 5.1%, continuing a recent pullback in public sector outlays.
Inflation data added another wrinkle to the economic picture. The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose 3.6% in the quarter. Core PCE, which excludes food and energy, jumped 3.5%. These hotter-than-expected figures could make the Fed more cautious about cutting rates despite emerging signs of slower growth.
For small-cap and micro-cap investors, this mixed data environment adds complexity. On one hand, tariff-driven disruptions and rising input costs may squeeze margins for smaller firms with less pricing power. On the other, a potential pivot by the Fed toward easing — should growth remain weak — could lower borrowing costs and boost liquidity in risk assets.
Tariff Uncertainty and Market Sentiment
Markets are already reacting to the policy noise. Stock futures dipped on the GDP miss, while Treasury yields rose slightly, pricing in the inflation risk. Meanwhile, Trump’s “Liberation Day” tariff strategy — including broad-based 10% levies and sector-specific duties — remains in flux as negotiations continue. The president has promised a manufacturing revival, but business leaders warn that volatility in trade rules could delay investment and hiring.
From a small-cap perspective, volatility can be a double-edged sword. On one hand, it creates valuation dislocations and buying opportunities. On the other, it adds risk for companies with fragile supply chains or tight capital access. Investors may want to watch domestically focused firms with strong balance sheets and limited exposure to global inputs.
Looking Ahead
With the labor market softening — job openings recently fell to a near four-year low — and inflation still elevated, the Federal Reserve faces a high-stakes balancing act. All eyes now turn to Friday’s nonfarm payrolls report for a clearer picture of economic momentum heading into Q2.
