The U.S. Treasury has announced a new 4.03% rate for Series I savings bonds, effective from November 1, 2025, through April 30, 2026. The rate marks a modest increase from the previous 3.98%, offering investors a slightly higher return on one of the government’s most secure, inflation-linked assets.
The new composite rate is made up of two parts — a variable rate of 3.12% based on recent inflation data and a fixed rate of 0.90%, which will remain constant for the life of the bond. Together, they form the 4.03% annualized yield. While the fixed rate is slightly lower than the 1.10% offered in May, the uptick in the inflation component helped push the total return higher.
I Bonds surged in popularity in 2022 when the rate peaked at a record 9.62%, drawing massive inflows from investors looking for a safe hedge against inflation. Though inflation has since cooled, many savers have continued to hold onto their bonds, while new buyers have taken advantage of the relatively high fixed-rate portion compared to previous years.
For many households, I Bonds remain an appealing middle ground — providing government-backed security while outpacing many savings accounts and CDs. The interest compounds semiannually, and investors can hold the bonds for up to 30 years, though early redemptions before five years forfeit the last three months of interest.
The Treasury adjusts I Bond rates twice a year — in May and November — based on the Consumer Price Index. Each investor’s bond earns the announced variable rate for six months from the purchase date, regardless of subsequent changes. The fixed rate, however, is locked in for the full duration of ownership.
For example, an investor who bought I Bonds in March 2025 would have earned a 1.90% variable rate for the first six months and automatically shifted to 2.86% this September, creating a composite yield of about 4.06%.
The new rate is likely to draw fresh attention from retail investors seeking low-risk returns amid ongoing market volatility and uncertainty around the Federal Reserve’s path on rates. For many smaller investors, I Bonds offer a stable complement to more speculative holdings such as tech or small-cap equities.
However, higher government-backed yields can also divert short-term capital away from small-cap stocks, which often depend on investor risk appetite to attract flows. As safer assets like I Bonds and Treasuries become more rewarding, some investors may opt to park cash in guaranteed instruments instead of chasing growth in volatile small-cap or emerging sectors.
Still, for disciplined investors, this shift could create buying opportunities in undervalued small-cap names as liquidity temporarily moves toward fixed income.
The Treasury’s latest adjustment makes I Bonds slightly more attractive for conservative investors, even as broader market participants navigate mixed signals from the Fed and bond markets. For small investors, they remain a solid inflation hedge — and for opportunistic traders, the reallocation trend could open new value pockets in smaller-cap stocks.
PDF Version Engine Designed for Next-Gen CCA-type Aircraft
SAN DIEGO, Oct. 31, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, and GE Aerospace (NYSE:GE) today announced the successful completion of altitude testing. The companies also conducted durability and limits testing on its GEK800 engine designed to power the next generation of affordable unmanned aerial systems and CCA-type aircraft. The testing began late September and progressed through a very stringent timeline through altitude tests and concluded this week with testing engine limits.
“Successfully completing altitude testing marks a major milestone in the GEK800 engine program and demonstrates the strength of our partnership with GE Aerospace, AFRL, and Purdue University’s Zucrow Laboratories,” said Stacey Rock, President of Kratos Turbine Technologies. “This collaboration has been instrumental in advancing the engine’s development, validating its performance, and accelerating its path toward production. Together, we’re delivering on our shared commitment to provide high-performance, affordable propulsion systems that can be rapidly produced to meet the demands of our defense customers.”
With the successful completion of altitude testing, the test team – a collaboration between Kratos, GE Aerospace, and Purdue University’s Maurice J. Zucrow Laboratories – has achieved a major milestone this week, pushing boundaries which demonstrate the robustness of this advanced engine design and gaining a clear path towards production in delivering on our nation’s defense readiness with the aid of rapid and affordable testing. This engine test also marks the first at the newly expanded ZL9 test facility at Zucrow Labs.
“Our joint team successfully expanded the altitude testing envelope and identified the engine’s rotor speed limits and compressive system boundaries. This testing further demonstrated the engine’s outstanding performance and durability,” said Mark Rettig, Vice President & General Manager of Edison Works Business & Technology Development at GE Aerospace.
1 Induced Stall Testing Exhaust Flame Durability and Limits Test
The GEK800 is an 800-lb jet engine that could potentially power unmanned aerial systems (UAS), collaborative combat aircraft (CCAs), and missiles. Initially developed and ground tested by Kratos over the course of a decade, Kratos and GE Aerospace began working together in 2023 to complete additional development efforts and testing on the engine and have completed more than 50 engine starts in ground testing at Kratos and GE Aerospace testing facilities. In a collaboration with GE Aerospace, Kratos Defense, and Purdue Zucrow Labs, an aggressive test timeline was met and successfully demonstrated a reliable, durable engine solution. Success in testing has been made possible with the involvement of both the Air Force Research Laboratory (AFRL) and Office of Naval Research (ONR).
“The recent collaboration between GE Aerospace, Purdue University, and the Kratos test teams demonstrated a high level of alignment, efficiency, and technical excellence. The joint team successfully met nearly all test objectives while also validating the capability to conduct this style of testing within a newly commissioned facility. The dedication, expertise, and hard work contributed by each team member were instrumental to the success of this effort and are truly commendable,” said Daniel Fineberg, Kratos GEK800 Test Coordination Lead.
In June, Kratos and GE Aerospace announced the signing of a formal teaming agreement to advance propulsion technologies for the next generation of affordable unmanned aerial systems and CCA-type aircraft. This collaboration strengthens the companies’ ongoing partnership and builds 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.
Kratos brings more than 25 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, hypersonic 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.
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.
About GE Aerospace GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 49,000 commercial and 29,000 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.
Respected Business Leader and Former Deloitte US Chair Brings Decades of Strategic and Operational Experience
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of Michael J. Fucci to its Board of Directors, effective October 27.
Mr. Fucci brings more than 40 years of leadership experience, having most recently served as Deloitte US Chair from 2015-2019. In that role, he provided governance and strategic oversight on key priorities including enterprise strategy, leadership succession, risk management, talent development, and executive compensation driving both revenue growth and market share. He joined Deloitte’s board of directors in 2012 and currently serves on the board of directors of Acadia Healthcare and Flotek Industries, Inc.
Beginning his career with Deloitte’s predecessor firm in 1981, Mr. Fucci played a pivotal role in expanding the firm’s human capital business into an industry leader and later served as Chief Operating Officer. He retired from Deloitte in 2020.
“I’m pleased to welcome Mike to Conduent’s Board of Directors,” said Cliff Skelton, President and CEO of Conduent. “He is a highly respected global leader whose deep business acumen and strategic insight will be invaluable as we continue to execute our growth strategy and deliver value to our shareholders, clients and associates.”
“I’m excited to join Conduent’s Board at such a promising time for the company,” said Fucci. “The progress made over the past several years has laid a strong foundation for future growth. I look forward to working with Conduent’s Board and leadership team to help sustain and accelerate that momentum.”
Conduent Chairman Harsha V. Agadi stated: “Welcoming a director of Mike Fucci’s caliber and integrity is a significant gain for Conduent. His leadership perspective and deep experience in professional services will serve all of our stakeholders well.”
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “expectations,” “in front of us,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue,” “look forward”, and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make. Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to those factors that are set forth in our 2024 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Gross margin expanded; SG&A down compared to prior year
Multi-year cost reduction program has yielded more than $50 million of savings
Earnings per share of $0.04, adjusted earnings per share of $0.21, in line with the Company’s outlook
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today reported financial results for its third quarter and nine-months ended September 30, 2025.
“We delivered third quarter adjusted EPS in line with our outlook and expanded gross margin by 50 basis points as we continue to demonstrate strong operational discipline through continued execution of our $100 million cost reduction program. Sales were lower than expected in the quarter, as the demand environment for many of our categories remained soft globally. We expect sales trends to improve in the fourth quarter, reflecting the favorable impact of foreign exchange and growth in the technology accessories categories,” stated ACCO Brands’ President and Chief Executive Officer, Tom Tedford.
“We are confident in our ability to deliver future value creation for our shareholders. Our teams continue to execute on our cost management initiatives, while remaining focused on enhancing our revenue opportunities. Innovation is core to our strategy; the fourth quarter new product launches will help abate the secular headwinds, while we also evaluate strategic opportunities that align with our growth objectives. We believe our leading brands, combined with our optimized operational structure, give us a strong platform for growth,” concluded Mr. Tedford.
Third Quarter Results
Net sales were $383.7 million, down 8.8 percent from $420.9 million in 2024. Favorable foreign exchange increased sales by $6.5 million, or 1.5 percent. Comparable sales decreased 10.3 percent. The decline in net sales reflects softer global demand for our products.
Operating income was $26.0 million, versus $26.3 million in 2024. Restructuring expense was $1.5 million, compared to $6.7 million in the prior year. Adjusted operating income was $39.2 million, compared to $44.7 million in 2024. The decline in adjusted operating income reflects lower sales volume, lower fixed-cost absorption, and tariff-related impacts, which were partially offset by cost savings and lower incentive compensation expense.
Net income was $4.0 million, or $0.04 per share, compared with prior-year net income of $9.3 million, or $0.09 per share. The decline in net income reflects items noted above in operating income, as well as discrete tax items and other expense of $5.5 million, compared to $0.2 million of a reversal in the prior year. Adjusted net income was $19.5 million, compared with adjusted net income of $22.5 million in 2024, and adjusted earnings per share were $0.21, compared with $0.23 in 2024.
Business Segment Results
ACCO Brands Americas – Third quarter segment net sales of $227.6 million decreased 12.2 percent from $259.1 million in the prior year. Net sales in the quarter were negatively impacted by softer demand for our product categories, partly offset by price increases.
Third quarter operating income was $24.7 million, compared to $25.9 million a year earlier. Restructuring expense associated with the multi-year cost reduction program was $0.6 million, compared to $3.4 million in the prior year. Adjusted operating income was $32.7 million, down from $36.7 million in the prior year. The decrease in adjusted operating income reflects lower sales volume, lower fixed-cost absorption and impacts from tariffs, partially offset by cost savings and price.
ACCO Brands International – Third quarter segment net sales of $156.1 million decreased 3.5 percent from $161.8 million in the prior year. Favorable foreign exchange increased sales by 3.8 percent. Comparable sales were $150.0 million, down 7.3 percent versus the prior year. Comparable sales declines reflect reduced demand for our product categories, partially offset by the benefit of price increases and the acquisition of Buro Seating.
Third quarter operating income was $10.5 million, compared to $9.5 million in the prior year. Restructuring expense associated with the multi-year cost reduction program of $1.1 million, compared to $3.3 million in the prior year. Adjusted operating income was $15.9 million, compared with $17.1 million in the prior year. The decrease in adjusted operating income reflects the impact of lower sales volume, partially offset by pricing actions and cost savings.
Nine Month Results
Net sales were $1,095.9 million, down 10.0 percent from $1,218.1 million in 2024. Net sales declines reflect the impact from softer global demand and tariff-related impacts.
Operating income was $52.3 million, versus an operating loss of $79.0 million in 2024, primarily due to non-cash impairment charges of $165.2 million related to goodwill and intangible assets within the Americas segment in the prior year. Restructuring expense of $13.2 million, compared to $6.1 million in the prior year. Current year operating income benefited from a gain on sale of assets of $6.9 million. Adjusted operating income was $93.2 million, down from $125.5 million in 2024. Adjusted operating income decline reflects lower sales volume and tariff related impacts, which were partially offset by cost savings and lower incentive compensation expense.
Net income was $20.0 million, or $0.21 per share, compared with a net loss of $122.2 million, or $(1.27) per share, in 2024. Net income in the nine-month period was positively impacted by the same items noted above in operating income. Current year net income was also positively impacted by the settlement of outstanding tax assessments in Brazil, resulting in a benefit of $13.1 million. The prior year loss reflects the items noted above in operating income. Adjusted net income was $43.3 million, compared with $61.7 million in 2024, and adjusted earnings per share were $0.46 per share, compared with $0.63 per share in 2024.
Capital Allocation and Dividend
Year to date, operating cash flow was $38.1 million versus $95.5 million in the prior year. Adjusted free cash flow of $42.3 million compared to $86.9 million in the prior year. The Company’s consolidated leverage ratio as of September 30, 2025 was 4.1x.
Year to date, the Company has paid dividends of $20.3 million. In the first quarter, the Company repurchased 3.2 million shares of common stock for $15.1 million.
On October 24, 2025, ACCO Brands announced that its board of directors declared a regular quarterly cash dividend of $0.075 per share. The dividend will be paid on December 10, 2025 to stockholders of record at the close of business on November 21, 2025.
Reaffirming Full Year 2025 Outlook
For the full year, the Company expects reported sales to be down in the range of 7.0% to 8.5%. Full year adjusted EPS is expected to be within the range of $0.83 to $0.90. The Company expects 2025 adjusted free cash flow to be within the range of approximately $90 million to $100 million, which includes $17 million in cash proceeds from the sale of two facilities.
“While we navigate the uncertain demand environment, we continue to focus on our faster growing categories. Our proven ability to manage costs and generate cash flow, combined with our market-leading brands and operational excellence, gives us confidence in our long-term value creation potential,” concluded Mr. Tedford.
Webcast
At 8:30 a.m. ET on October 31, 2025, ACCO Brands Corporation will host a conference call to discuss the Company’s third quarter 2025 results. The call will be broadcast live via webcast. The webcast can be accessed through the Investor Relations section of www.accobrands.com. The webcast will be in listen-only mode and will be available for replay following the event.
About ACCO Brands Corporation
ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands, include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this earnings release to aid investors in understanding the Company’s performance. Each non-GAAP financial measure is defined and reconciled to its most directly comparable GAAP financial measure in the “About Non-GAAP Financial Measures” section of this earnings release.
Forward-Looking Statements
Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “future”, “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities.
Our outlook is based on certain assumptions which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding consumer demand, tariffs, global geopolitical and economic uncertainties, and fluctuations in foreign currency exchange rates; and the other factors described below.
Among the factors that could cause our actual results to differ materially from our forward-looking statements are: changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights from major gaming console makers and video game publishers to support our gaming accessories business; our ability to grow profitably through acquisitions, and successfully integrate them; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or their supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the Securities and Exchange Commission.
ATLANTA, Oct. 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, will hold a conference call and live audio webcast on Thursday, November 13th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2025. Bitcoin Depot plans to release its results before the market opens on the same day.
Call Date: Thursday, November 13, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. and Canada (toll-free): 888-596-4144 U.S. (toll): 646-968-2525 Conference ID: 4229885
A replay of the call will be available beginning after 2:00 p.m. Eastern time through November 20, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 4229885
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 949-574-3860.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
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. The company reported Q1 revenue of $215.2 million, and an adj. EBITDA loss of $32.9 million, both of which were largely in line with our estimates of $217.9 million and a loss of $33.0 million, respectively. Revenue decreased 11.1% over the prior year period, in part, driven by the company’s strategic decision to focus on positive marketing contribution.
Focused on profitability. In an effort to mitigate the impact of tariffs and soft demand, there is a focus on reducing costs and maintaining stable profitability. As such, operating expenses were $127.3 million in the quarter, down $12 million y-o-y. When excluding non-recurring charges and deferred compensation effects, operating expenses were $124.9 million. The operational expense reductions were driven by a 15.8% reduction in marketing spend, reduced labor costs, and early progress from the company’s efficiency initiatives.
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.
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.
3Q25. NN reported 3Q25 results that were below expectations, although there were some y-o-y improvements. Revenue of $103.9 million was down 8.5% y-o-y on a reported basis and down 4.4% on a pro forma basis. We had projected $115 million, and the consensus was $112 million. Gross margin rose to 16.8% and 18.8% on an adjusted basis, up from 14.5% and 16.8%, respectively, in 3Q24. Adjusted EBITDA grew to $12.4 million, or an 11.9% margin, up from $11.6 million and 10.2% last year. We had forecast $13.6 million. Adjusted net loss was $0.01/sh. We and consensus were at EPS of $0.01.
New Business. NN reported third quarter new business wins of $11.3 million, led by strategic wins in North America auto, fire protection, and aerospace and defense products. YTD, the Company has won $44.4 million of new business. Management’s goal remains to win $60-$70 million annually.
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.
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 beats our downcast expectations. Q3 revenue of $180.3 million and adj. EBITDA of $16.7 million, both of which were modestly better than our estimates of $179.0 million and $12.9 million, respectively. Third quarter revenues declined 11.5% from the prior period, adversely affected by the absence of $3.6 million in Political advertising and the absence of The Daily Wire and The Dan Bongino Show.
DMS remains a bright spot. The Digital Marketing Services (DMS) business remains a bright spot, with revenue surging 34% in the quarter. Notably, the digital segment now represents approximately 50% of total digital segment revenue, helping to offset persistent weakness in the core broadcast radio business.
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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.
Noble Capital Markets Research Report Friday, October 31, 2025
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/MARKET PERFORM – Likely To Be A Bumpy Ride In The Near Term Cumulus Media (CMLS)/MARKET PERFORM – National Advertising Perplexingly Weak NN (NNBR)/OUTPERFORM – Moving Forward With Transformation
1-800-Flowers.com (FLWS/$3.62) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Likely To Be A Bumpy Ride In The Near Term Rating: MARKET PERFORM
Q1 Results. The company reported Q1 revenue of $215.2 million, and an adj. EBITDA loss of $32.9 million, both of which were largely in line with our estimates of $217.9 million and a loss of $33.0 million, respectively. Revenue decreased 11.1% over the prior year period, in part, driven by the company’s strategic decision to focus on positive marketing contribution.
Focused on profitability. In an effort to mitigate the impact of tariffs and soft demand, there is a focus on reducing costs and maintaining stable profitability. As such, operating expenses were $127.3 million in the quarter, down $12 million y-o-y. When excluding non-recurring charges and deferred compensation effects, operating expenses were $124.9 million. The operational expense reductions were driven by a 15.8% reduction in marketing spend, reduced labor costs, and early progress from the company’s efficiency initiatives.
Cumulus Media (CMLS/$0.1034) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | National Advertising Perplexingly Weak Rating: MARKET PERFORM
Q3 beats our downcast expectations. Q3 revenue of $180.3 million and adj. EBITDA of $16.7 million, both of which were modestly better than our estimates of $179.0 million and $12.9 million, respectively. Third quarter revenues declined 11.5% from the prior period, adversely affected by the absence of $3.6 million in Political advertising and the absence of The Daily Wire and The Dan Bongino Show.
DMS remains a bright spot. The Digital Marketing Services (DMS) business remains a bright spot, with revenue surging 34% in the quarter. Notably, the digital segment now represents approximately 50% of total digital segment revenue, helping to offset persistent weakness in the core broadcast radio business.
NN (NNBR/$1.63 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Moving Forward With Transformation Rating: OUTPERFORM
3Q25. NN reported 3Q25 results that were below expectations, although there were some y-o-y improvements. Revenue of $103.9 million was down 8.5% y-o-y on a reported basis and down 4.4% on a pro forma basis. We had projected $115 million, and the consensus was $112 million. Gross margin rose to 16.8% and 18.8% on an adjusted basis, up from 14.5% and 16.8%, respectively, in 3Q24. Adjusted EBITDA grew to $12.4 million, or an 11.9% margin, up from $11.6 million and 10.2% last year. We had forecast $13.6 million. Adjusted net loss was $0.01/sh. We and consensus were at EPS of $0.01.
New Business. NN reported third quarter new business wins of $11.3 million, led by strategic wins in North America auto, fire protection, and aerospace and defense products. YTD, the Company has won $44.4 million of new business. Management’s goal remains to win $60-$70 million annually.
Noble Capital Markets Research Report Wednesday, October 29, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Third Quarter Results Exceed Our Expectations Aurania Resources (AUIAF)/OUTPERFORM – Establishing a Toehold in Critical Metals InPlay Oil (IPOOF)/OUTPERFORM – Soft Commodity Pricing Drives Estimate Revisions MariMed Inc (MRMD)/OUTPERFORM – Exiting Missouri Perfect (PERF)/OUTPERFORM – Turning the Corner to Operating Profit Travelzoo (TZOO)/OUTPERFORM – Hits A Little Turbulence On Its Ascent Unicycive Therapeutics (UNCY)/OUTPERFORM – Resubmission For Approval Expected Before Year-End 2025
Alliance Resource Partners (ARLP/$24.31 | Price Target: $33) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Third Quarter Results Exceed Our Expectations Rating: OUTPERFORM
Third quarter financial results. Alliance reported third quarter adjusted EBITDA and earnings per unit (EPU) of $185.8 million and $0.73, respectively, compared to $170.4 million and $0.66 during the prior year period. We had projected EBITDA and EPU of $176.2 million and $0.68. Total revenue amounted to $571.4 million compared to $613.6 million during the prior year period and our $577.9 million estimate. While revenue from coal sales exceeded our estimate, oil and gas royalties, transportation, and other revenues were below. Third quarter results benefited from expenses that were lower than our estimates and contributions from equity method investments and the change in value of ARLP’s digital assets.
Outlook for the remainder of 2025 and 2026. Management updated its 2025 guidance. Within ARLP’s coal operation, guidance ranges were narrowed. Total sales are expected to be between 32.50 million tons and 33.25 million tons compared to prior guidance of between 32.75 million tons and 34.0 million tons. Within the oil and gas royalty segment, volumes were lowered to reflect the timing of a multi-well pad in the Delaware Basin of the Permian, which is expected to come online in early 2026.
Aurania Resources (AUIAF/$0.18 | Price Target: $0.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Establishing a Toehold in Critical Metals Rating: OUTPERFORM
Potential critical metals recovery project. Aurania Resources Ltd. executed a Memorandum of Understanding (MOU) with the Society for the Remediation and Environmental Development of the former Balangero asbestos mine, otherwise known as RSA, and Firestone Ventures Inc. Dr. Keith Barron, Aurania’s Chief Executive Officer and director, is the President and Director of Firestone. The MOU allows for data collection and sampling of tailings at the former Balangero mine, which operated from 1916 to 1990, and is near Turin, Italy. Aurania will evaluate the tailings to recover nickel and cobalt, two critical metals for electric battery production.
Pathway to a commercial agreement. The MOU has a one-year term, and if results prove favorable, the parties are expected to enter into a commercial agreement to extract metals from the waste piles. Firestone would then conduct carbon capture on the waste stream, using industrial carbon dioxide to neutralize the contained asbestos and convert it into a useful form of carbon. Aurania and Firestone have exclusive access to the site for this evaluation.
Updating third quarter 2025 estimates. While we are maintaining our third-quarter production forecast of 18,695 barrels of oil equivalent per day (boe/d), we lowered our third-quarter 2025 revenue, adjusted funds flow (AFF), and AFF per share estimates to C$86.8 million, C$28.0 million, and C$1.00, respectively, from C$89.3 million, C$38.9 million, and C$1.39. These changes reflect modestly lower commodity pricing, along with higher royalty costs and operating expenses. We expect third-quarter operating expenses to be elevated due to turnaround activity and downtime associated with the recently completed gas plant expansion.
Revising full-year 2025 estimates. For the full year 2025, we forecast revenue of C$301.9 million, AFF of C$116.3 million, and AFF per share of C$4.71, compared to prior estimates of C$306.7 million, C$131.8 million, and C$5.34. These reductions primarily reflect a weaker pricing environment, partially offset by a modest increase in our full-year production forecast to 16,851 boe/d from 16,800, driven by higher fourth quarter production expectations.
MariMed Inc (MRMD/$0.13 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Exiting Missouri Rating: OUTPERFORM
An Exit. As noted in its 2Q25 call, MariMed undertook a review of its Missouri operations and has determined to exit the market, effective immediately. Exiting Missouri is expected to improve the Company’s overall financial performance, particularly gross margin and adjusted EBITDA, and allow management to focus resources on higher return opportunities, such as markets where the Company has established retail and wholesale operations.
Background. Since 2024, the Company has managed the Missouri operations of another licensed cannabis operator and distributed certain of its brands there under a Managed Services and Licensing Agreement, while awaiting license transfer approval from the state. The Company only began generating revenue in Missouri at the tail-end of 2024. While MariMed’s brands performed well where available, reaching scale in the state would require significant resources, resources that management believes can be better utilized in its core markets. Nonetheless, the Company will consider licensing opportunities in Missouri with a vertical operator.
Perfect (PERF/$2.05 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Turning the Corner to Operating Profit Rating: OUTPERFORM
Q3 beat. Perfect reported Q3 revenue of $18.7 million, up 15.7% Y/Y and above our estimate of $17.8 million, with adj. EBITDA of $1.2 million, double expectations. Revenue growth was led by strong B2C performance. The company also achieved its first quarter of operating profit, reflecting greater scale efficiency and disciplined cost control.
Continued strength in B2C. YouCam subscribers totaled 946K, down slightly, likely due to price hikes that the company initiated, which have led to higher revenue per user. B2C strength remains solid, supported by the YouCam AI Agent, which links apps under a unified login to personalize experiences and increase retention. Two apps are integrated, with full rollout expected by year-end.
Travelzoo (TZOO/$8.31 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Hits A Little Turbulence On Its Ascent Rating: OUTPERFORM
Softer than expected Q3 Results. The company reported Q3 revenue of $22.2 million, an increase of a solid 10.4%, and adj. EBITDA of $0.9 million, both of which were below our estimates of $23.0 million and $2.9 million, respectively. Importantly, the modestly softer than expected results were largely driven by weakness in advertising and increased marketing spend on customer acquisition.
Customer acquisition. Notably, in Q3, customer acquisition costs increased to $40 per customer, up from $38 in Q2 and $28 in Q1, reflecting the company’s strategic efforts to grow its subscriber base. Furthermore, despite higher acquisition spend per customer, return on spend remains positive. Total return per customer in Q3 was $55, which consists of $40 from annual subscription fees and $15 from in-quarter transactions. While this strategy impacted adj. EBITDA in Q3, it’s supportive of a favorable long term growth outlook.
Unicycive Therapeutics (UNCY/$4.72 | Price Target: $60) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Resubmission For Approval Expected Before Year-End 2025 Rating: OUTPERFORM
Unicycive Expects To Resubmit Its Application Before YE2025. Unicycive announced plans to resubmit its application for OLC (oxylanthanum carbonate) approval before the end of 2025. This follows a meeting with the FDA to identify and resolve issues that resulted in the Complete Response Letter (CRL) in June 2025. This timeframe is consistent with our expectations for resubmission. We continue to expect OLC to be approved by mid-2026.
Resubmission Announcement Follows An FDA Meeting. In early June 2025, Unicycive announced that a manufacturing inspection found deficiencies at a contract manufacturer’s facility. These inspections were one of the last steps toward approval of the New Drug Application (NDA), but the findings stopped the review process. Following the announcement, the company received a CRL on its PDUFA date of June 30, 2025.
Noble Capital Markets Research Report Tuesday, October 28, 2025
Companies contained in today’s report:
Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Some Debt Restructuring The Beachbody Company (BODI)/OUTPERFORM – Strong Brands To Flex Toward Growth
Great Lakes Dredge & Dock (GLDD/$11.03 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Debt Restructuring Rating: OUTPERFORM
Debt Restructuring. Yesterday, Great Lakes announced it completed an amendment to its existing Revolving Credit Facility, upsizing the facility by $100 million to $430 million and extending its maturity to October 2030 from June of 2029. We believe the expansion of Great Lakes’ revolving credit facility highlights the strength of the Company’s business and its credit profile.
Second Lien Payoff. Significantly, as part of this transaction, the Company utilized the increased revolver capacity to fully repay the $100 million second lien notes issued in 2024. This will save the Company some $6 million per year in interest expense. Great Lakes’ balance sheet remain solid, with no debt maturities until 2029 and a weighted average interest rate now under 6%.
The Beachbody Company (BODI/$5.08 | Price Target: $12) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Strong Brands To Flex Toward Growth Rating: OUTPERFORM
Initiating with an Outperform rating. After years of revenue declines, we believe that the company is on the cusp of a swing toward revenue growth, offering a breakout opportunity for a stock that has been range-bound. We are initiating coverage with an Outperform rating and a $12 price target.
Well-recognized brands with growth potential. The company has established brands in workout videos, such as Insanity and P90x, and nutritional supplements, including Shakeology, Beachbar, and Beachbody Performance. Such strong brands are expected to support the company’s revenue growth initiatives as it expands distribution of its products into mass merchants.
Noble Capital Markets Research Report Friday, October 24, 2025
Companies contained in today’s report:
MariMed Inc (MRMD)/OUTPERFORM – A Move Into New York
MariMed Inc (MRMD/$0.1426 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Move Into New York Rating: OUTPERFORM
New York. Continuing its market expansion, MariMed announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder, that will introduce the Company’s top-selling portfolio of products throughout New York State. Terms of the agreement were not disclosed. This expansion follows on the heels of the earlier Pennsylvania and Maine expansions, significantly increasing MariMed’s total addressable market, in our view.
Details. Farm 2 Hand intends to manufacture and distribute a variety of MariMed’s edible products as permitted under New York regulations. Those are initially expected to include Betty’s Eddies fruit chews, Bubby’s Baked goods, and InHouse gummies. The products will be produced in a new kitchen that MariMed will design and equip for Farm 2 Hand at Farm 2 Hand’s Bronx production facility.
Noble Capital Markets Research Report Thursday, October 23, 2025
Companies contained in today’s report:
Cocrystal Pharma (COCP)/OUTPERFORM – Highlights From Noble’s Virtual Conference Hemisphere Energy (HMENF)/OUTPERFORM – Adjusting Our Third Quarter and Full Year 2025 Estimates Nutriband (NTRB)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Looking Beyond The Third Quarter The Oncology Institute, Inc. (TOI)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Cocrystal Pharma (COCP/$1.03 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Proprietary Technology & Drug Design. James Wilson, Chief Financial Officer and Co-CEO, participated in Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s core technology to design antiviral compounds that bind to highly conserved, essential areas of the viral replication machinery, as well as progress updates on the product pipeline.The full video may be viewed here.
Lead Program & Near-Term Catalyst In Norovirus. The company’s most advanced program is CDI-988, an oral drug for norovirus. This lead indication was chosen strategically because there are no approved vaccines or therapeutics for norovirus. The market is significant, with a stated $60 billion annual market opportunity.
Hemisphere Energy (HMENF/$1.45 | Price Target: $2.45) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Adjusting Our Third Quarter and Full Year 2025 Estimates Rating: OUTPERFORM
Third quarter estimate update. We have trimmed our third-quarter revenue and net income estimates to C$21.6 million and C$6.9 million, respectively, from C$23.5 million and C$7.5 million. Additionally, we have lowered our adjusted funds flow (AFF) and AFF per share estimates to C$10.0 million and C$0.10, respectively, from C$10.7 million and C$0.11.
Full-year estimate changes. For the full year 2025, we project revenues and net income of C$93.7 million and C$27.4 million, respectively, compared to our previous estimates of C$97.7 million and C$29.6 million. Moreover, we have lowered our AFF and AFF per share estimates to C$41.0 million and C$0.41, respectively, from C$43.3 million and C$0.43.
Nutriband (NTRB/$7.04 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Nutriband Is Developing Transdermal Abuse-Deterrent Technologies. Nutriband has developed abuse-deterrent technology for dermal patch drug delivery. Serguei Melnik, Interim CEO, and Irina Gram, Director, highlighted the company’s platform, known as AVERSA, and its focus on patches containing FDA-approved drugs. The presentation may be viewed here.
Lead Product & Market Opportunity. The lead product, AVERSA Fentanyl, is an abuse-deterrent fentanyl patch. Upon approval, the FDA could mandate such technology for all fentanyl patches, the same way it required opioid pills to have abuse-deterrents. Market analysis by Advanced Health projects annual sales of $200 million for the branded AVERSA Fentanyl. If the abuse-resistant patch were mandated and replaced generic patches, sales could reach $800 million. A patch with improved safety and abuse-deterrence could reverse the decline in fentanyl prescriptions caused by reluctance to prescribe a drug with known abuse potential.
Superior Group of Companies (SGC/$10.19 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Looking Beyond The Third Quarter Rating: OUTPERFORM
Q3 Preview. We expect that there will be some impact on the third quarter from the “pull forward” in Branded Product revenue into the second quarter as consumers reacted ahead of possible trade policy changes. As such, we are modestly lowering our Q3 revenue and earnings expectations, highlighted in Figure #1 Q3 Revisions.
Largest variance. The largest adjustment to our Q3 revenue estimate is in Branded Products, revised from $89.8 million to $85.0 million. In our view, this segment offers one of the largest upside surprise potential in Q4, which could benefit from an improving macro economy.
The Oncology Institute, Inc. (TOI/$4.39 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
TOI Is Addressing The Unsustainable Cost Trend In Oncology. The Oncology Institute manages medical clinics that have improved outcomes and patient satisfaction while reducing the cost of cancer treatment. Dr. Daniel Virnich, CEO, and Rob Carter, CFO, highlighted the benefits of the company’s hybrid model of employed physicians and contracted independent community oncologists. The video of the company’s presentation may be viewed here.
Differentiated Competitive Advantage. TOI distinguishes itself from competitors in the value-based oncology field through its ownership of clinical assets (employed physicians and clinics). This provides greater control over care delivery compared to pure utilization management firms (such as Evolent’s New Century Health) or care navigation models (such as Thyme Care). This control enables higher compliance with value-based prescribing pathways, better integration of ancillary services, and more predictable and significant cost savings for payers.
Noble Capital Markets Research Report Tuesday, October 21, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Graham (GHM)/MARKET PERFORM – A Tuck In Acquisition Twin Hospitality (TWNP)/OUTPERFORM – A High-Growth, Asset Light Restaurant Franchisor
Century Lithium Corp. (CYDVF/$0.2 | Price Target: $2.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Rating: OUTPERFORM
Century produces high-purity lithium hydroxide. Century Lithium produced its first samples of lithium hydroxide from lithium carbonate derived from Angel Island’s lithium claystone deposit and treated at its demonstration plant using the company’s patent-pending alkaline leach and direct lithium extraction (DLE) process. Century had previously focused on making lithium carbonate. By producing high-purity lithium hydroxide, Century has demonstrated an ability to produce another major lithium product for the domestic market.
Pursuing a direct lithium conversion process. Lithium hydroxide samples were produced onsite in a batch process using conventional liming conversion with calcium hydroxide to produce lithium hydroxide with a purity level of 99.5% or greater. Century is pursuing a direct lithium conversion (DLC) process to produce lithium hydroxide directly from lithium chloride solution, which would bypass producing lithium carbonate in an intermediate stage to simplify the process and reduce energy consumption and operating costs.
Graham (GHM/$61.81) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Tuck In Acquisition Rating: MARKET PERFORM
An Acquisition. Yesterday, after the market close, Graham announced the acquisition of certain specified assets of Xdot Bearing Technologies (“Xdot”), a specialized consulting, design, and engineering firm focused on foil bearing technology. While the acquisition price was not revealed, Graham noted Xdot has annual sales of approximately $1 million and is expected to be slightly accretive to the Company’s fiscal year 2026 GAAP net income.
Xdot. Xdot has developed and patented a breakthrough foil bearing design that delivers superior performance while lowering development and production costs. Xdot’s products are complementary to the existing product portfolio of Graham’s Barber-Nichols (BN) subsidiary and will expand capabilities within BN. Notably, Dr. Erik Swanson, Founder, President, and Chief Engineer of Xdot is a world renowned expert in foil bearing analysis, application, and fabrication and will join the BN team upon closing.
Twin Hospitality (TWNP/$3.89 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A High-Growth, Asset Light Restaurant Franchisor Rating: OUTPERFORM
Initiation. We are initiating equity research coverage on Twin Hospitality Group with an Outperform rating and $10 price target. Twin Hospitality is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. The Company is a high-growth, asset light restaurant franchisor with a compelling franchisee value proposition, in our view. On January 29, 2025, parent company FAT Brands distributed approximately 5% of Twin Hospitality Class A shares to FAT Brands shareholders, bringing Twin Hospitality public.
A Premium Sports Bar Leader. Twin Hospitality currently operates approximately 115 Twin Peaks locations, consisting of 35 Company-owned and 80 franchised units. Twin Peaks offers a differentiated sports bar experience, from the lodge experience, to its signature 28-degree draft beer, a made-from-scratch menu, always-on wall-to-wall TVs, to the Twin Peaks Ambassadors, every customer receives an experience differentiated from the competition.
Noble Capital Markets Research Report Thursday, October 16, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Highlights from the Noble Emerging Growth Virtual Conference Comstock (LODE)/MARKET PERFORM – Strategic Acquisition Expands Nevada Mining Footprint Nicola Mining Inc. (HUSIF)/OUTPERFORM – Hitting All the Right Notes
Alliance Resource Partners (ARLP/$24.6 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Highlights from the Noble Emerging Growth Virtual Conference Rating: OUTPERFORM
Noble virtual conference. Alliance recently participated in Noble Capital Markets’ Emerging Growth Virtual Conference. The fundamental outlook for ARLP’s coal operations and oil and gas royalty business, the two largest drivers of cash flow, remains favorable. The coal and electric power generation industries are expected to benefit from Trump Administration policies that seek to assure affordable, reliable, and secure energy sources to meet growing demand for electricity. Through 2Q 2025, Alliance has invested $758 million in its oil and gas royalty business that has generated cumulative segment adjusted EBITDA of $622 million. While they have grown the oil and gas royalty business without the use of leverage, they do have the ability to employ leverage for larger acquisitions. A link to the presentation is here.
Capital allocation. Management takes a long-term view when making capital allocation decisions, with balance sheet strength being the highest priority. The next priority is investing in its coal business to ensure it remains an efficient and low-cost producer. The third priority is reinvesting the cash flow generated by the oil and gas business to make accretive acquisitions. Lastly, the company intends to return capital to shareholders, including attractive cash distribution payments, while ensuring flexibility to fund growth opportunities.
Acquisition of Haywood Quarry. Comstock completed the acquisition of the Haywood Quarry industrial and mineral properties from Decommissioning Services LLC. The 190-acre property, located in Lyon County, Nevada, includes available power, water, and direct access to U.S. Highway 50. The site historically hosted gold mining and aggregate operations and is strategically contiguous to Comstock’s flagship Dayton gold and silver resource.
Transaction terms. Comstock acquired the property for a total of $2.2 million in cash and stock from Decommissioning Services LLC. The transaction provides Comstock with full ownership and control of the Haywood industrial and mineral properties, integrating them into its broader Lyon County mineral estate. The purchase also enhances Comstock’s strategic flexibility in advancing mine planning, resource development, and reclamation initiatives at the Dayton complex.
Nicola Mining Inc. (HUSIF/$0.77 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hitting All the Right Notes Rating: OUTPERFORM
Treasure Mountain exploration. Nicola Mining Inc. (OTCQB: HUSIF, TSXV: NIM) provided an update on its plan for 2026 exploration drilling at the Treasure Mountain Silver Project. The area of exploration interest is northwest of the currently suspended mine and consists of several northeast to southwest trending and steeply dipping sulphide-rich veins. Results from previous exploration work confirmed the presence of vein-hosted silver, copper, lead, zinc, and gold, providing support for initial diamond drilling to establish the width of the trend and mineralization at depth.
Recent gold sales. Talisker Resources (OTCQB: TSKFF, TSX: TSK) has an agreement to process run-of-mine material from its Mustang Mine at Nicola’s Merritt Mill. For the quarter ending on September 30, a total of 1,569 ounces of gold were produced from Talisker’s Mustang Mine. Nicola receives a share of the gross profit from milling ore sourced from Talisker Resources Ltd. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) recently announced an amended mining and milling partnership agreement with Nicola Mining, extending the partnership to a 10-year term. The agreement secures a long-term processing solution for mineralized material from Blue Lagoon’s high-grade Dome Mountain Gold Project.
Noble Capital Markets Research Report Tuesday, October 14, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Noble Virtual Conference Highlights EuroDry (EDRY)/MARKET PERFORM – Recovering Rates and Greater Liquidity Enhance Outlook NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Novel Therapy for ALS and Neurodegenerative Diseases ONE Group Hospitality (STKS)/OUTPERFORM – Randian Adds Some Detail Saga Communications (SGA)/OUTPERFORM – Highlights From Noble’s Virtual Emerging Growth Conference Sky Harbour Group (SKYH)/OUTPERFORM – Noble Virtual Conference Highlights SKYX Platforms (SKYX)/OUTPERFORM – Noble Virtual Conference Highlights Snail (SNAL)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Highlights from Noble’s Virtual Conference Townsquare Media (TSQ)/OUTPERFORM – Highlights From Noble’s Virtual Conference Vince Holding Corp. (VNCE)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Alliance Entertainment Holding (AENT/$6.42 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Management appeared confident. Bruce Ogilvie, Executive Chairman, and Jeffrey Walker, CEO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s presentation and fireside Q&A chat, which provided a sanguine outlook for improved margins into fiscal 2026. Investors may listen to the company’s presentation here.
Favorable margin expansion outlook. Operating margins are expected to expand in fiscal 2026, supported by a full year of the company’s high margin licensing deal with Paramount and development of its Handmade by Robots collectible line. In addition, management anticipates further operating efficiencies.
EuroDry (EDRY/$12.58) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Recovering Rates and Greater Liquidity Enhance Outlook Rating: MARKET PERFORM
Vessel sale enhances liquidity. EuroDry recently announced an agreement to sell the M/V Eirini P. to a third party for approximately $8.5 million, with the transaction expected to close in October 2025. The sale is projected to generate a gain of approximately $0.6 million, or roughly $0.21 per share. The proceeds will enhance near-term liquidity and strengthen EuroDry’s flexibility to pursue selective investments in more efficient vessels.
Market environment improving. The dry-bulk market has shown signs of recovery as charter rates have recently rebounded from multi-year lows. The improvement reflects strengthening market sentiment, supported by limited fleet growth and rising expectations for Chinese demand. A historically low orderbook and modest fleet expansion provide a constructive foundation for rate stabilization heading into 2026.
NeuroSense Therapeutics Ltd. (NRSN/$1.22 | Price Target: $9) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Novel Therapy for ALS and Neurodegenerative Diseases Rating: OUTPERFORM
We Are Initiating Coverage of NeuroSense With An Outperform Rating. NeuroSense Therapeutics is developing therapies for degenerative neurological conditions. The lead product, PrimeC, has completed two Phase 2 trials for ALS (Amyotrophic Lateral Sclerosis) and has a Phase 3 trial planned for early 2026. Initial results from Phase 2 in Alzheimer’s disease has shown promising data. Our price target is $9 per share.
The Lead Indication For PrimeC Is in ALS. PrimeC is a novel formulation containing a combination of celecoxib and ciprofloxacin. These two drugs have been used separately for anti-inflammatory and anti-antimicrobial indications. After new data showed that each drug can affect pathways of degenerative disease, scientists at NeuroSense tested the two drugs together in models of ALS and found a synergistic effect. Two Phase 2 studies showed benefits on survival, disease progression, and biomarkers of ALS activity.
ONE Group Hospitality (STKS/$2.56 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Randian Adds Some Detail Rating: OUTPERFORM
Additional Detail. Randian Capital added another post on the social media platform X, providing additional details to its proposed turnaround plan for ONE Group Hospitality. Reportedly, the latest Randian X post was in response to STKS CEO Manny Hilario and CFO Nicole Thaung stating they had not engaged with Randian and were unaware if the firm held shares. The pair reiterated that ONE Group had no changes to guidance or plans for capital deployment being made.
The Driver. As we noted in our September 29th note, Randian believes there is tangible, underutilized value in this franchise—especially in Benihana, a legendary brand with global recognition and untapped potential. However, poor capital allocation, slipping operational execution, and marketing that is failing to drive engagement have resulted in a 60% decline in the share price since the 2024 Benihana acquisition, according to Randian.
Saga Communications (SGA/$12.6 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Emerging Growth Conference Rating: OUTPERFORM
A blended growth opportunity. This report highlights a fireside chat with Christopher Forgy, CEO & President, and Samuel Bush, CFO, at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Management highlighted its attractive growth opportunities from its “blended” advertising strategy. The full presentation may be viewed here.
Blended advertising strategy. Saga’s approach integrates radio (“wanted”), search (“found”), and display (“chosen”) to capture the full consumer journey. Management targets disrupting 5% of local digital ad spend to double annual gross revenue, focusing on 27 small-to-medium-sized markets where the company has trusted community relationships.
Sky Harbour Group (SKYH/$10.07 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble virtual conference highlights. Tal Keinan (CEO) and Francisco Gonzalez (CFO) of Sky Harbour Group (NYSE: SKYH) presented at Noble’s Emerging Growth Virtual Conference on October 8–9, 2025. Management highlighted continued lease-up at Phoenix, Dallas, and Denver, steady pre-leasing at Dulles (IAD) and Bradley (BDL), and progress on capital efficiency. A rebroadcast can be found here.
Leasing and pipeline on pace. Operations at Phoenix, Dallas, and Denver are leasing at a good clip, and the company has secured one pre-lease tenant at both IAD and BDL ahead of construction. Sky Harbour now holds long-term ground leases at 18 airports (nine operating, nine in development) and reaffirmed plans to add five more by year-end, bringing the total to 23.
SKYX Platforms (SKYX/$1.26 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Lenny Sokolow, CEO of SKYX Platforms (NASDAQ: SKYX), presented at Noble’s Virtual Conference on October 8–9, 2025. He discussed growing developer adoption, the upcoming Smart Ceiling Heater / Fan launch, progress toward mandatory code standardization, and reaffirmed expectations for adj. EBITDA inflection in Q4. A rebroadcast can be found here.
Developer partnerships gaining momentum. SKYX continues to expand across the builder channel with projects from Landmark Companies (278-unit Austin apartments), Forte Developments (luxury towers in Miami, Clearwater Beach, and Jupiter), Cavco Homes (premium prefabricated models), and the $3 billion Miami Urban Smart City. These initiatives represent large-scale unit potential and underscore accelerating adoption among professional developers.
Snail (SNAL/$1.04 | Price Target: $3.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Prospects for Stablecoin. This report highlights key takeaways from the company’s presentation at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Heidy Chow, CFO, and Peter Lin, FP&A outlined the key growth attributes for the company, including its emerging interest in developing a stablecoin. The full presentation may be found here.
Solid 2024 Performance and Franchise Resilience. Snail delivered a strong year, with FY2024 revenue reaching $85 million, supported by its enduring ARK franchise, which has accumulated over 90 million players and 4.1 billion total playtime hours since launch.
Superior Group of Companies (SGC/$10.07 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights from Noble’s Virtual Conference Rating: OUTPERFORM
Plowing through the trade fog. Michael Benstock, Chairman and CEO, and Michael Koempel, President and CFO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s fireside Q&A chat, which provided a constructive revenue and earnings growth outlook in spite of trade policy turmoil. Investors may listen to the company’s presentation here.
Diversified operations. The company operates in three segments, healthcare apparel, branded products, and contact centers. Diversification across these three segments provides both growth potential and resilience against macroeconomic uncertainty, including tariffs and political volatility.
Townsquare Media (TSQ/$6.09 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
A differentiated digital company. Bill Wilson, CEO, Stuart, Rosenstein, CFO, and Claire Yenicay, Executive Vice President, participated in a fireside chat at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s differentiated digital growth opportunities and compelling total return potential. This report provides some of the highlights from the discussion, but the full discussion may be viewed here.
Townsquare Interactive turning towards growth. Townsquare Interactive provides subscription-based digital marketing solutions for SMBs at ~$300/month, offering website management, CRM, email/text marketing, and payment integration. After temporary disruption in 2023–2024 due to a service model overhaul and return-to-office mandate, 2025 is returning to strong profit growth (~$3 million), with revenue growth expected to resume in 2026.
Vince Holding Corp. (VNCE/$2.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Transformational progress. Brendan Hoffman, CEO, Yuji Okumura, CFO, and Akiko Okuma, Chief Administrative Officer, discussed the significant transformation of the company toward revenue and cash flow growth and profitability at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Highlights from the fireside chat are featured in this report, and the full discussion is available here.
Minimizing the China impact. The company significantly reduced sourcing concentration from roughly 60% of production in China to approximately 25% today, offsetting the impact of tariff rates as high as 158%. Management noted that long-standing manufacturing partners in China have established sister facilities in other Asian countries, helping preserve quality standards while lowering exposure risk.
Market Share. CoreCivic remains the largest non-government owner of correctional and detention real estate in the U.S., owning approximately 57% of all privately owned correctional and detention capacity. The Company manages approximately 41% of all privately managed correctional and detention capacity.
FAT Brands (FAT/$1.98 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Legal Resolution Rating: OUTPERFORM
Legal Resolution. In an 8-K filing, FAT Brands disclosed that the Company and certain current and former directors and officers have reached a settlement agreement with stockholders of the Company to resolve two lawsuits known as Harris I and Harris II. The Derivative Actions were filed in June 2021, relating to the Company’s December 2020 merger with Fog Cutter Capital Group, and in March 2022, relating to the Company’s June 2021 recapitalization.
Details. Under the terms of the settlement agreement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 Class A shares of Twin Hospitality Group Inc. to the Company.
Phase 2. NN is entering Phase 2 of its transformation program. Phase 1 structurally rebuilt NN’s operating performance and efficiency through fixing unprofitable areas, improving margins, and entering new markets. Phase 2 is a growth and de-leverage focus, implementing new business programs, expanding the TAM, and addressing the preferred stock.
Resources Connection (RGP/$4.54 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Some Positives. The Company continues on its transformation path and is seeing encouraging signs, in our opinion. For example, the Company saw a return to growth in revenue for both the Europe & Asia- Pac segment and the Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue from the top 10 clients also grew year-over-year, and the enterprise-wide average bill rate increased to $120 on a constant currency basis, up from $118 a year ago.
Ongoing Cost Focus. The other side of the transformation plan is a focus on cost control. RGP continues to make good progress on its SG&A, as reflected in the quarter’s numbers. Post quarter, on September 30, 2025, in the face of continued end market sluggishness, RGP commenced a global reduction in its management and administrative workforce intended to enhance efficiencies through reduced costs and streamlined operations. Management expects approximately $6 million to $8 million of annual cost savings associated with this effort.
Noble Capital Markets Research Report Friday, October 10, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – A Multi-Year Growth Story
AZZ (AZZ/$100.75 | Price Target: $120) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Multi-Year Growth Story Rating: OUTPERFORM
FY 2026 second-quarter results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We projected adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the prior year quarter.
Updating estimates. We have lowered our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $1.642 billion, $369.2 million, and $5.98 per share, respectively, from $1.660 billion, $374.9 million, and $6.00 per share. Our revised forecasts reflect second-quarter results and more moderate sales growth in the second half of the year. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates could prove conservative if AZZ is successful in consummating acquisitions, which we do not reflect in our estimates until announced.
Noble Capital Markets Research Report Thursday, October 9, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Staying Focused on the Big Picture Bit Digital (BTBT)/OUTPERFORM – Monthly Ethereum Metrics Resources Connection (RGP)/OUTPERFORM – First Look at 1Q26
AZZ (AZZ/$105.94 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Staying Focused on the Big Picture Rating: OUTPERFORM
FY 2026 second-quarter financial results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We had forecast adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Sales and gross margins trailed our expectations for both segments. However, operating income of $68.5 million exceeded our estimate of $66.1 million due to lower selling, general, and administrative expenses. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the second quarter of FY 2025.
Results were mixed. While Metal Coatings sales were up 10.8% compared to the prior year quarter, Precoat Metals sales were down 4.3%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and appliance.
Bit Digital (BTBT/$4.04 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of September 2025. As of September 30, 2025, the Company held approximately 121,187 ETH, versus 121,252 ETH at the end of August. Included in the ETH holdings were approximately 15,075 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,142 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 9/30/25. The Company’s total staked ETH was approximately 99,936 as of September 30th.
Yield and Value. Staking operations generated approximately 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%. Based on a closing ETH price of $4,145.99, as of September 30, 2025, the market value of the Company’s ETH holdings was approximately $506.6 million.
Resources Connection (RGP/$4.95 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look at 1Q26 Rating: OUTPERFORM
A Beat. Resources Connection reported first quarter revenue, gross margin, and SG&A expenses better than expected, although the top line continued to decline y-o-y, as expected. RGP is engaging with clients on more consulting opportunities, which have higher bill rates, larger deal size, and often create more extension and cross selling. However, the macro environment remains unpredictable, which makes clients hesitant to begin new projects.
Details. 1Q26 revenue came in at $120.2 million, down from $136.9 million in 1Q25, but above the $120 million high-end of management’s guidance. Gross margin came in at 39.5%, a significant y-o-y improvement from 36.5% in 1Q25 and above the 36-37% guidance range. SG&A expense of $47.9 million improved from $48.9 million in 1Q25. RGP recorded a GAAP net loss of $2.4 million, or $0.07/sh, compared to a $5.7 million, or $0.17/sh, net loss, in 1Q25. Adjusted EPS was $0.03/sh versus breakeven last year.
Noble Capital Markets Research Report Monday, October 6, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Delivering Music To Our Ears: Cash Flow And Earnings Growth SKYX Platforms (SKYX)/OUTPERFORM – Strengthening Position Among Residential Developers Xcel Brands (XELB)/OUTPERFORM – Exiting A Successful Run
Alliance Entertainment Holding (AENT/$6.73 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Delivering Music To Our Ears: Cash Flow And Earnings Growth Rating: OUTPERFORM
Initiating coverage with Outperform rating. Alliance Entertainment is a leading distributor of physical products, including vinyl records, music CDs, Blu-ray and 4K Movies, Video Games and Electronics, and Collectibles. While some of its business lines are mature, there are attractive growth opportunities in developing revenue streams that carry higher margins. As such, we believe that the company is on the cusp of generating significant cash flow and earnings growth.
Expanding margin outlook. In spite of anticipated modest revenue growth of 2.4% in fiscal 2026, we anticipate a nearly 140 basis point improvement in adj. EBITDA margins in fiscal 2026, given our expectation of higher margin, developing revenue streams and the company’s focus on efficiencies. We expect an acceleration in revenue in fiscal 2027 to 3.1% with another 60 basis point improvement in margins.
SKYX Platforms (SKYX/$1.13 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Strengthening Position Among Residential Developers Rating: OUTPERFORM
Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.
Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.
Xcel Brands (XELB/$2.38 | Price Target: $7) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Exiting A Successful Run Rating: OUTPERFORM
Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.
Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs.
Noble Capital Markets Research Report Friday, October 3, 2025
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Favorable Preliminary Results and Tuck-in Acquisition
Bitcoin Depot (BTM/$3.83 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Favorable Preliminary Results and Tuck-in Acquisition Rating: OUTPERFORM
Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.
Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.
Noble Capital Markets Research Report Thursday, October 2, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Progress on the Permitting Front CoreCivic, Inc. (CXW)/OUTPERFORM – An Award for Diamondback Seanergy Maritime (SHIP)/OUTPERFORM – Strategic Vessel Sale and Improving Capesize Fundamentals V2X (VVX)/OUTPERFORM – Some More Awards
Century Lithium Corp. (CYDVF/$0.29 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Progress on the Permitting Front Rating: OUTPERFORM
Moving through the permitting process. Century has completed all required environmental baseline studies to begin Angel Island’s National Environmental Policy Act (NEPA) permitting process, which is expected to take up to two years before reaching a record of decision. The studies will be used by the Bureau of Land Management (BLM) to support the company’s upcoming Plan of Operations submission and subsequent NEPA analysis.
FAST-41 designation. In August 2025, Angel Island was formally designated as a FAST-41 Transparency project under a federal initiative designed to improve the transparency, coordination, and timeliness of the federal environmental review and permitting process. The designation reflects Angel Island’s strategic importance in supporting the U.S. critical minerals supply chain. We think the Angel Island project is well-positioned for a timely progression through the permitting process.
CoreCivic, Inc. (CXW/$20.55 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An Award for Diamondback Rating: OUTPERFORM
Diamondback. Yesterday, CoreCivic announced it was awarded a new contract under an Intergovernmental Services Agreement between the Oklahoma Department of Corrections and U.S. Immigration and Customs Enforcement (“ICE”) to resume operations at the Company’s 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.
Details. The new contract commenced on September 30, 2025, for a term of five years and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. The facility should begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.
Seanergy Maritime (SHIP/$8.58 | Price Target: $11) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strategic Vessel Sale and Improving Capesize Fundamentals Rating: OUTPERFORM
Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.
Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.
V2X (VVX/$58.08 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some More Awards Rating: OUTPERFORM
Awards. V2X has been the recipient of new awards, including one focused on extending the life-cycle of existing platforms and another driving connectivity and communications. In total, the three new awards total over $580 million of contract value, assuming all funds are spent. We view the recent wins as further confirmation of V2X’s ability to provide full mission lifecycle solutions.
Center Display Units. V2X’s Vertex Modernization and Sustainment unit was awarded by the Air Force a five-year ID/IQ contract with a single five-year option (10 years total) with a contract ceiling of $425 million for center display units (CDU), according to the Department of War’s daily contract awards. V2X will supply the Air Force with the following hardware during this period: CDU full kits, CDU line replaceable units, CDU shop replaceable units, and various other support hardware as required.
Noble Capital Markets Research Report Wednesday, October 1, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – A Convertible Note Offering The GEO Group (GEO)/OUTPERFORM – Retains ISAP Contract
Bit Digital (BTBT/$3 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Convertible Note Offering Rating: OUTPERFORM
An Offering. Bit Digital is offering $135 million of convertible notes. The deal is upsized from an original $100 million. Net proceeds from the offering will be used primarily to purchase Ethereum, and may be used for general corporate purposes, including potential investments, acquisitions, and other business opportunities. The capital raise continues management’s goal of becoming a major Ethereum treasury company, in our view.
Details. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29, 2025, which was $3.20).
The GEO Group (GEO/$20.49 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Retains ISAP Contract Rating: OUTPERFORM
ISAP Award. As we had expected, The GEO Group has retained the Intensive Supervision Appearance Program (“ISAP”) contract. U.S. Immigration and Customs Enforcement (“ICE”) awarded the contract to GEO’s BI subsidiary for the continued provision of electronic monitoring, case management, and supervision services. It is a two-year contract, which will have an initial term of one year, effective October 1, 2025, with an additional one-year option period.
Long-time Services Provider. BI has provided technology solutions, holistic case management, supervision, monitoring, and compliance services under the ISAP contract for over 21 years and has achieved high levels of compliance using a wide range of technologies and case management services over that time.
Noble Capital Markets Research Report Tuesday, September 30, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – U.S. Coal as a Strategic and Competitive Advantage CoreCivic, Inc. (CXW)/OUTPERFORM – Letter Contracts to Contract Awards ONE Group Hospitality (STKS)/OUTPERFORM – Activist Investor Sees $10+ Stock in 12-18 Months
Alliance Resource Partners (ARLP/$25.02 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | U.S. Coal as a Strategic and Competitive Advantage Rating: OUTPERFORM
Investments to reinvigorate the U.S. coal industry. The U.S. Department of Energy announced a $625 million program to expand and reinvigorate the U.S. coal industry. This includes $350 million to recommission or modernize coal power units, $175 million for coal power projects directly benefiting rural communities, $50 million to support advanced wastewater management systems to enable coal plants to extend their service life and reduce operational costs, $25 million for dual-firing retrofits, and $25 million for development and testing of natural gas cofiring systems.
Expanded coal leasing on federal lands. Moreover, the U.S. Department of the Interior announced it is making up to 13.1 million acres of federal land available for coal leasing and streamlining approvals for projects. The Department is accelerating efforts to fast-track projects that can recover strategic minerals from mine waste and abandoned sites. The One Big Beautiful Bill, passed on July 4, established lower coal leasing royalty rates of not more than 7% for both surface and underground mines for the period July 4, 2025, to September 30, 2034.
CoreCivic, Inc. (CXW/$21.54 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Letter Contracts to Contract Awards Rating: OUTPERFORM
Contract Awards. As anticipated, U.S. Immigration and Customs Enforcement (ICE) awarded CoreCivic two new contracts, which, once fully activated, would generate total annual revenue of approximately $200 million. The two facilities, California City and Midwest Regional, had been operating under Letter Contracts with ICE, which enable CoreCivic to begin operations at a facility while negotiating a longer-term contract. Both facilities were idle at the beginning of the year.
California City. CoreCivic has been preparing to accept detainees at the 2,560-bed California City facility since April 1, 2025. The Company began receiving detainees at the facility on August 27, 2025. Management currently expects the activation to be complete in 1Q26, achieving a normalized run-rate in 2Q26. Total annual revenue, once the activation is complete, is expected to be approximately $130 million. The new contract expires in August 2027.
ONE Group Hospitality (STKS/$3.12 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Investor Sees $10+ Stock in 12-18 Months Rating: OUTPERFORM
Activist Investor. Randian Capital, part of the “retail activist” group behind the sharp rise in Opendoor Technologies (OPEN) stock from less than a $1 mid-summer to around $8.20 today, released on social media platform X a turnaround proposal for The ONE Group. In a nutshell, the plan consists of Refocus the Portfolio, Revitalize the Brand, Strengthen Operations, and Capital Discipline & Growth. Radian sees a path to a $10+ stock over the next 12-18 months. STKS shares rose over 26% yesterday on the news.
Refocus & Revitalize. Randian calls for ONE Group to refocus solely on its Benihana concept, selling off all other concepts. The activist investor believes the STK concept alone could be worth more than the current market cap. Randian suggests rebranding as Benihana Group and changing the stock symbol. Revitalization by elevating the dining experience and engaging with cultural icons, among other changes.
Noble Capital Markets Research Report Friday, September 26, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Heightened Risk in Ecuador AZZ (AZZ)/OUTPERFORM – Revising Estimates; Growth Outlook Remains Favorable Steelcase (SCS)/MARKET PERFORM – A Better Than Expected 2Q26
Aurania Resources (AUIAF/$0.1 | Price Target: $0.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Heightened Risk in Ecuador Rating: OUTPERFORM
Second quarter financial results. As an exploration company, Aurania does not generate revenue and has expenses to advance its projects. During the second quarter of 2025, the company generated a net loss of C$1,610,843 or C$0.01 per share. We had projected a loss of C$1,432,419 or C$0.01 per share. The variance to our estimate was mostly due to higher exploration expenditures, along with higher stock-based compensation. We project a full-year 2025 net loss of C$11.1 million, or C$(0.10) per share, compared to our prior loss estimate of C$10.5 million, or C$(0.09) per share.
Mining service fee. Ecuador recently implemented a new mining service fee on the resource sector (refer to our note dated July 29, 2025). The Ecuadorian Control and Regulation Agency (ARCOM) requested payment from Aurania of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420. While the penalty for non-payment is unclear, we think Aurania is withholding payment until it becomes clear whether TASA will stand in its current form due to multiple constitutional challenges.
AZZ (AZZ/$110.64 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Revising Estimates; Growth Outlook Remains Favorable Rating: OUTPERFORM
Updating estimates. We are lowering our second-quarter revenue, adjusted EBITDA, and adjusted EPS estimates to $428.3 million, $93.4 million, and $1.54, respectively, from $433.5 million, $101.1 million, and $1.59. While we have increased our revenue estimate for the Metal Coatings segment, we lowered expectations for Precoat Metals due to anticipated weakness in building construction. Our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates are $1.660 billion, $374.9 million, and $6.00, respectively, compared to our prior estimates of $1.680 billion, $388.3 million, and $6.00. Our revised estimates reflect lower interest expense, along with modestly lower depreciation and amortization expense.
Organic and acquired growth. AZZ’s three-year goals include generating sales of two billion dollars or more in fiscal year 2028, compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth, and AZZ is targeting acquisitions that strengthen both of its business segments. While we do not forecast sales of $2.0 billion until 2031, our model does not reflect acquisitions until they are announced.
Steelcase (SCS/$16.7) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Better Than Expected 2Q26 Rating: MARKET PERFORM
2Q26. In what is likely the Company’s final quarterly report as a public company, Steelcase reported better than expected results. Results benefitted from continued strengthening of demand from large corporate customers and International growth driven by India, China, and the United Kingdom. Improved International volume drove a $5 million reduction in y-o-y adjusted operating loss in the International segment. These were Steelcase’s highest quarterly results over the past five years.
Financials. Revenue of $897.1 million rose 4.8% y-o-y and exceeded the $890 million high end of management’s guidance. We were at $875 million. Gross margin of 34.4% was flat y-o-y and exceeded the 33.5% high end of guidance. Adjusted EBITDA totaled $99.6 million, or 11.1% of revenue, up from $89.5 million and 10.5% in 2Q25. Adjusted EPS was $0.45, versus $0.39 last year and above management’s $0.40 high end guide. We were at $0.36.
Noble Capital Markets Research Report Wednesday, September 24, 2025
Companies contained in today’s report:
SelectQuote (SLQT)/OUTPERFORM – Reaches Milestone in Helping Medicare-Eligible Seniors
SelectQuote (SLQT/$2.08 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Reaches Milestone in Helping Medicare-Eligible Seniors Rating: OUTPERFORM
Milestone in Findhelp partnership. SelectQuote announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.
Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.
Noble Capital Markets Research Report Tuesday, September 23, 2025
Companies contained in today’s report:
The ODP Corporation (ODP)/MARKET PERFORM – To Be Acquired for $28/sh
The ODP Corporation (ODP/$27.68) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 To Be Acquired for $28/sh Rating: MARKET PERFORM
An Acquisition. Yesterday morning, The ODP Corporation announced it entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28/sh. The purchase price represents a premium of 34% to Friday’s closing price. ODP’s Board is supporting the transaction, which is expected to close by the end of 2025.
Who Is Atlas Holdings? Founded in 2002 by Andrew Bursky and Tim Fazio, Greenwich, CT-based Atlas Holdings owns and operates a global family of manufacturing and distribution businesses that together generate more than $20 billion in annual revenue. Atlas has experience in the office supplies sector through its LSC Communications unit, a leader in organizational solutions through brands such as Pendaflex.
Noble Capital Markets Research Report Monday, September 22, 2025
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – Raising Price Target
Information Services Group (III/$5.38 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Raising Price Target Rating: OUTPERFORM
Raising Price Target. We are raising our price target on III shares to $6.50 from a prior $5, as III shares have exceeded our price target. The recent and expected future interest rate cuts, ongoing cost optimization efforts from clients, and the increasing pace of AI adoption will continue to drive ISG’s operating performance, in our view.
Valuation. At our $6.50 price target, III shares would trade at 1.4x our 2026 revenue estimate on an EV/sales basis, 10.7x on an EV/projected 2026 adjusted EBITDA basis, and 19.1x adjusted 2026 earnings. This compares to a peer group that trades at 1.3x, 10x, and 15.8x, respectively, consensus 2026 estimates.
Noble Capital Markets Research Report Friday, September 19, 2025
Companies contained in today’s report:
Ocugen (OCGN)/OUTPERFORM – OCU400 Licensing Agreement For Korea Completed
Ocugen (OCGN/$1.4 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OCU400 Licensing Agreement For Korea Completed Rating: OUTPERFORM
OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.
Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.
Noble Capital Markets Research Report Thursday, September 18, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL Adopts Stockholder Rights Plan Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – A Month of Awards Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45
FreightCar America (RAIL/$8.71 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | RAIL Adopts Stockholder Rights Plan Rating: OUTPERFORM
Protecting the interests of all shareholders. Following a review of the company’s current ownership structure, FreightCar America announced that its Board of Directors adopted a limited-duration stockholder rights plan.The rights plan will expire on August 5, 2026, unless terminated earlier by the Board. The Rights Plan is intended to reduce the likelihood that any person or group gains control of the company through open-market accumulation or other tactics without paying an appropriate control premium. The plan also ensures the Board has sufficient time to make informed decisions that protect the interests of the company and all RAIL shareholders.
Increasing 2026 estimates. We have increased our 2026 EBITDA and EPS estimates to $53.6 million and $0.65, respectively, from $53.2 million and $0.64. Our estimate update reflects stronger deliveries in the second half of the year, with a full-year estimate of 4,850 compared with our previous estimate of 4,800. We now expect quarterly deliveries of: 1Q: 982, 2Q: 1,200, 3Q: 1,284, and 4Q: 1,384. Previously we had assumed: 1Q: 1,346, 2Q: 1,275, 3Q: 1,058, and 4Q: 1,121.
Great Lakes Dredge & Dock (GLDD/$11.97 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Month of Awards Rating: OUTPERFORM
More Business. Over the past month, Great Lakes continued to be awarded additional business, according to the Department of War’s daily contract awards release. In total, the announced awards (and recall not all awards are included in the daily notice), totaled approximately $80 million, demonstrating Great Lakes’ operating capabilities as well as the ongoing demand from the government.
September. Most recently, Great Lakes was awarded a $27.9 million firm-fixed-price contract for the removal and disposal of hopper dredge material. Work will be performed in Venice, Louisiana, with an estimated completion date of April 7, 2026. Fiscal 2025 civil operation and maintenance funds in the amount of $27.9 million were obligated at the time of the award.
Nicola Mining Inc. (HUSIF/$0.78 | Price Target: $1.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45 Rating: OUTPERFORM
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
Noble Capital Markets Research Report Wednesday, September 17, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Activist Shareholder Calls for Strategic Review The GEO Group (GEO)/OUTPERFORM – A Renewal and Two New Contracts V2X (VVX)/OUTPERFORM – Continuing to Lighten Vince Holding Corp. (VNCE)/OUTPERFORM – A Closer Look Supports Our Favorable Outlook
Commercial Vehicle Group (CVGI/$1.94 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Shareholder Calls for Strategic Review Rating: OUTPERFORM
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder value.
The GEO Group (GEO/$22.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Renewal and Two New Contracts Rating: OUTPERFORM
Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.
Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.
V2X (VVX/$56.62 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Continuing to Lighten Rating: OUTPERFORM
Another Sale. Private-equity firm American Industrial Partners (AIP), through its Vertex Aerospace subsidiary, sold another 1.7 million VVX shares on September 11th. According to the amended 13D filing, the shares were sold at a price of $52.203 per share through a Rule 144 sale. As we have stated in the past, we continue to expect AIP to sell off its V2X holding over time.
Ownership. Following the most recent share sale, AIP’s ownership is now 8,467,286 VVX shares, representing 26.9% of the outstanding common of V2X. This is down from the 18,591,866 VVX shares, or 61.1% of the then outstanding common, held by AIP just after the Vectrus/Vertex merger in July 2022.
Vince Holding Corp. (VNCE/$2.63 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Closer Look Supports Our Favorable Outlook Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 16, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Acquisition Builds The Pipeline With Anticoagulants In Development
Cadrenal Therapeutics (CVKD/$13.37 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Acquisition Builds The Pipeline With Anticoagulants In Development Rating: OUTPERFORM
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
Noble Capital Markets Research Report Monday, September 15, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Jonathan P Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Fast Track Designation Gives Benefits Now And In The Future Metals & Mining (Metals & Mining) – Insights from the Precious Metals Summit
Euroseas (ESEA/$63.97 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Jonathan P Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
Greenwich LifeSciences, Inc. (GLSI/$11.23 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Fast Track Designation Gives Benefits Now And In The Future Rating: OUTPERFORM
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
Metals & Mining Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Insights from the Precious Metals Summit
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Noble Capital Markets Research Report Friday, September 12, 2025
Companies contained in today’s report:
Nutriband (NTRB)/OUTPERFORM – Nutriband Reports 2Q26 With Product Progress SEGG Media Corporation (SEGG)/OUTPERFORM – Leveraging Strong Brands As A Foundation For Growth
Nutriband (NTRB/$6.93 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Nutriband Reports 2Q26 With Product Progress Rating: OUTPERFORM
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
SEGG Media Corporation (SEGG/$5.63 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leveraging Strong Brands As A Foundation For Growth Rating: OUTPERFORM
Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.
Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.
Noble Capital Markets Research Report Thursday, September 11, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Initiated Debt Refinancing Vince Holding Corp. (VNCE)/OUTPERFORM – Delivered A Strong Quarter
Lucky Strike Entertainment (LUCK/$9.6 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Initiated Debt Refinancing Rating: OUTPERFORM
Strategic update. On September 10, the company announced that its wholly-owned subsidiary Kingpin Intermediate Holdings LLC initiated a private offering of $700 million in new senior secured notes, due in 2032. Concurrently, the company launched a refinancing of its corporate term loan and revolving credit facility. The company expects the initial amount of the refinanced term loan and revolving credit facility to be $1 billion and $400 million, respectively.
Use of capital. Importantly, the net proceeds from the new debt offering and the refinanced credit facilities are earmarked for retiring the company’s existing term loan, revolving credit facility, and bridge loan, which was used to acquire 58 real estate assets in July. Furthermore, the remaining proceeds will be used to fund the company’s strategic initiatives.
Vince Holding Corp. (VNCE/$1.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivered A Strong Quarter Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%, as illustrated in Figure #1 Q2 Results. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 9, 2025
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Positioned To End YE2025 With Strong Products and Pipeline Development
Gyre Therapeutics, Inc (GYRE/$7.89 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Positioned To End YE2025 With Strong Products and Pipeline Development Rating: OUTPERFORM
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
Netflix is moving ahead with a 10-for-1 stock split, a decision aimed at making its shares more affordable for employees and smaller investors. The split, which will take effect on November 17, will reduce the price of each share to roughly one-tenth of its current value while increasing the total number of shares outstanding.
Shares of Netflix closed at $1,089 on Thursday. If the stock split were applied today, each share would trade around $110. The company said the move is designed to bring the price into a range that is more accessible for employees who participate in its stock option program—a strategy often used to encourage greater employee ownership and long-term alignment with company performance.
The announcement sparked a brief rally, with shares climbing as much as 3% before moderating after reports surfaced that Netflix may be exploring a potential bid for Warner Bros. Discovery. The stock still ended the session higher, reflecting renewed investor enthusiasm around the company’s confidence in its financial strength and long-term growth trajectory.
Although a stock split doesn’t alter a company’s overall market value, it can have important psychological and practical effects. By lowering the per-share price, a company makes its stock more approachable for retail investors and employees who might otherwise be deterred by a four-figure share price. Increased liquidity and trading volume often follow, which can narrow bid-ask spreads and potentially boost short-term demand.
Historically, stock splits have sometimes been associated with outperformance in the months after they are announced. Analysts attribute this to improved accessibility, stronger market sentiment, and a perception of management confidence. For Netflix, which has gained over 100,000% since its 2002 IPO, the move underscores how far the company has come—from a DVD-by-mail service to one of the world’s dominant entertainment platforms.
This marks Netflix’s third stock split since going public. The company last executed a 7-for-1 split in 2015, when shares traded above $700, and a 2-for-1 split in 2004. Both prior splits were followed by periods of sustained growth as Netflix expanded internationally and transitioned into original content production.
For employees, the latest split could make stock-based compensation more meaningful by lowering the strike price of future options. For retail investors, particularly those who invest through fractional-free brokerage platforms, the lower per-share price could make Netflix stock more psychologically appealing.
While large-cap firms like Netflix don’t face the same challenges as smaller companies, the move highlights a trend that could influence tech valuations more broadly. When industry leaders adjust pricing structures to make shares more attainable, it can encourage greater participation across the market—something smaller tech firms may also consider as they seek to attract investors and retain talent.
Netflix’s split will officially take effect mid-November, after which the stock will trade on a split-adjusted basis. For investors, the change offers no direct increase in value, but it may represent a renewed vote of confidence in the company’s long-term story—and a reminder that accessibility, perception, and participation all play key roles in market momentum.
PLANTATION, Fla., Oct. 30, 2025 (GLOBE NEWSWIRE) — Alliance Home Entertainment, a division of Alliance Entertainment (NASDAQ: AENT), has signed an exclusive multi-year Home Video and Digital Rights License Agreement with The Horror Section Inc., the innovative horror brand founded by acclaimed writer, director, and actor Eli Roth.
This agreement brings together Alliance Home Entertainment’s established distribution network and The Horror Section’s innovative approach to horror content. Alliance Home Entertainment will exclusively distribute and market select horror films across physical and digital platforms in the United States.
“I’m thrilled to be working with such an incredible, experienced team of horror lovers who truly understand the full potential of home video. I had the most amazing time working with Jeff Nelson before at Scream Factory™ and look forward to building The Horror Section with Alliance into the premiere brand of edgy, go-for-the-throat horror that I so dearly love,” said Eli Roth, Founder & Chief Creative Officer of The Horror Section.
“We’re thrilled to partner with The Horror Section and help bring their bold, fan-first vision to life,” said Jeff Hayne, SVP Content Acquisition at Alliance Home Entertainment. “Eli Roth’s creative leadership and the studio’s commitment to redefining horror storytelling make this one of the most exciting new ventures in the genre. With a slate that blends cult appeal and breakout potential, we see enormous opportunity to connect these films with horror fans across every format and platform.”
This partnership leverages the enthusiasm and loyalty of horror fandom, the creative leadership of Eli Roth, and Alliance Home Entertainment’s operational capabilities. The agreement is designed to support a consistent pipeline of new releases and provide investors with visibility into diversified revenue streams across physical and digital channels.
About The Horror Section The Horror Section is a fan-owned 360 media company focused on building a robust library of intellectual property and creating the world’s premier horror brand. Founded by filmmaker and actor Eli Roth in partnership with Media Capital Technologies (MCT), the company spans film, television, gaming, podcasts, and live events.
Recent projects include the newly released Jimmy and Stiggs, the upcoming Dream Eater set to debut on October 24, and Eli Roth’s latest film, Ice Cream Man, slated for 2026.
About Alliance Home Entertainment Alliance Home Entertainment, a division of Alliance Entertainment (NASDAQ: AENT), is a premier licensing and distribution partner for film and television content across North America. Trusted by major Hollywood studios and leading independents alike, the division brings an expansive slate of blockbuster movies, award-winning series, and iconic library titles to market connecting premium content with fans and collectors across every major retail and digital channel.
Alliance oversees the complete content lifecycle, offering a full suite of services including post-production, replication, creative, marketing, sales, and omnichannel distribution across physical retail, digital storefronts, and streaming platforms. With a growing emphasis on premium and collector-focused formats such as 4K Ultra HD, deluxe packaging, and exclusive editions, Alliance Home Entertainment is positioned to serve both mass-market audiences and the collector marketplace. For more information about Alliance Home Entertainment, visit https://www.alliancehomeentertainment.com.
About Alliance Entertainment Alliance Entertainment (NASDAQ: AENT) is a premier distributor and fulfillment partner for the entertainment and pop culture collectibles industry. With more than 340,000 unique in-stock SKUs – including over 57,300 exclusive titles across compact discs, vinyl LPs, DVDs, Blu-rays, and video games – Alliance offers the largest selection of physical media in the market. Our vast catalog also includes licensed merchandise, toys, retro gaming products, and collectibles, serving over 35,000 retail locations and powering e-commerce fulfillment for leading retailers. The company’s growing collectibles portfolio includes Handmade by Robots™, a stylized vinyl figure line featuring licensed characters from leading entertainment franchises. Leveraging decades of operational expertise, exclusive licensing partnerships, and a capital-light, scalable infrastructure, Alliance is a trusted partner to the world’s top entertainment brands and retailers. Our omnichannel platform connects collectors and fans to the products, franchises, and experiences they love – across formats and generations. For more information, visit https://www.aent.com.
Forward Looking Statements Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to the anticipated growth rates and market opportunities; changes in applicable laws or regulations; the ability of Alliance to execute its business model, including market acceptance of its systems and related services; Alliance’s reliance on a concentration of suppliers for its products and services; increases in Alliance’s costs, disruption of supply, or shortage of products and materials; Alliance’s dependence on a concentration of customers, and failure to add new customers or expand sales to Alliance’s existing customers; increased Alliance inventory and risk of obsolescence; Alliance’s significant amount of indebtedness; our ability to refinance our existing indebtedness; our ability to continue as a going concern absent access to sources of liquidity; risks and failure by Alliance to meet the covenant requirements of its revolving credit facility, including a fixed charge coverage ratio; risks that a breach of the revolving credit facility, including Alliance’s recent breach of the covenant requirements, could result in the lender declaring a default and that the full outstanding amount under the revolving credit facility could be immediately due in full, which would have severe adverse consequences for the Company; known or future litigation and regulatory enforcement risks, including the diversion of time and attention and the additional costs and demands on Alliance’s resources; Alliance’s business being adversely affected by increased inflation, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; substantial regulations, which are evolving, and unfavorable changes or failure by Alliance to comply with these regulations; product liability claims, which could harm Alliance’s financial condition and liquidity if Alliance is not able to successfully defend or insure against such claims; availability of additional capital to support business growth; and the inability of Alliance to develop and maintain effective internal controls.
For investor inquiries, please contact: Dave Gentry RedChip Companies, Inc. 1-407-644-4256 AENT@redchip.com
For media inquiries, please contact: The Horror Section Milly Jones SUBJECT milly@thesubjectis.com
Fortifies Capital Base, Eliminates Debt Obligations and Funds Industry-scale Metals Launch
VIRGINIA CITY, NEVADA, October 30, 2025 – Comstock Inc. (NYSE: LODE) (“Comstock,” “our,” and the “Company”), today announced its third quarter 2025 financial results, business updates and an updated 2025 business outlook.
Recent Corporate Transactional and Liquidity and Capital Resources Highlights
Completed the oversubscribed equity raise of $34.5 million in gross proceeds ($31.8 million net of offering expenses), including overallotment, adding over 30 institutional investors to our capital base and fully funding and accelerating the commercialization of our R2v3/RIOS Responsible Recycling certified zero-landfill solar panel recycling business;
Eliminated all debt instruments (convertible and promissory notes) and other significant payables and obligations;
Placed equipment orders and paid deposits totaling $5.1 million toward the purchase of our first industry-scale solar recycling facility in Silver Springs, Nevada, capable of recycling over 3.3 million panels per year (or approximately 100,000 tons per year), and advanced activities for the next three site selections for U.S. facilities and storage capacities;
Completed the purchase of the Haywood industrial mineral properties from Decommissioning Services LLC for a previously paid $2.2 million in cash and stock. The Company received cash proceeds of $0.4 million by closing the sale;
Executed a series of balance sheet strengthening transactions that extinguished or paid down future obligations, including those associated with acquiring AST equipment (fuels), LINICO assets, Northern Comstock mineral interests (mining), and Haywood land (mining) as well as extinguishing the Convertible Notes, Promissory Notes and other liabilities;
Increased net current assets to $21.3 million (current assets of $35.1 million less current liabilities of $13.8 million);
Cash & cash equivalents were $31.7 million as of September 30, 2025 (including $12.4 million at Bioleum Corp.); and
Common shares outstanding on September 30, 2025, and on October 27, 2025, were 51,264,247.
“In January, we communicated that our progress and new states of technological readiness had positioned us for the right types of new capital to fund the growth of two extraordinary opportunities, a Nevada-based renewable metals company and an Oklahoma-based renewable oil and gas company, that, remarkably, are now funded for and rapidly moving to deploy their solutions. In all instances now, multiple, sophisticated, strategic and financial investors have made material investments in us, as we accelerate to industry-scale production,” stated Mr. Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc.
Selected Segment Highlights for Comstock Metals
“We have ordered all of the equipment for our fully automated, industry-scale solar recycling system, and we just received affirmation on the imminent issuances of our remaining permits, on schedule, and we look forward to commissioning our first-of-its-kind, pace-setting, zero-landfill, clean solar recycling solution,” said Dr. Fortunato Villamagna, President of Comstock Metals. “We are actively engaged in the market and with our strategic customers to uniquely position ourselves for the dramatic and accelerating increases in the domestic end-of-life solar dispositions we see coming 2026, 2027, 2028, and well beyond.”
Comstock Metals (for the nine-months ended September 30, 2025)
Received notice for the imminent receipt of our main operating permits for our industry-scale facility in Nevada;
Recorded billings of $2.9 million ($1.8 million deferred) in 2025, versus $65 thousand in the first nine months of 2024;
Committed to Industry-scale capital expenditures of ~$12.5 million (including expanded storage) with $5.1 million in equipment deposits paid as of September 30, 2025; and full commissioning during the first quarter of 2026;
Certified R2v3/RIOS Responsible Recycling Standard by Sustainable Electronics Recycling International (SERI), authenticating the first zero-waste recycling process that safely repurposes all the recycled materials;
Entered into a Master Services Agreement (MSA) with RWE Clean Energy (“RWE”), serving as a preferred, strategic partner for the end-of-life recycling, disposal, and decommissioning services for RWE’s solar installations; and
Secured three additional (this quarter) intake (tipping) master service revenue arrangements across the U.S., including industry leading customers as well as a prominent OEM for components and off-spec panels.
“Our focus has been dedicated to continuing our business development activities to bring in panels, finalizing the site preparation, storage preparation, equipment orders and equipment supplier management, and final permits, which, based on recent meetings and review are imminent and on schedule with our overall commissioning plans,” said Comstock Metals President, Dr. Fortunato Villamagna, “while our marketing team continues to drive our message that we are the only true recycling option in the industry, and our facility planning team simultaneously coordinating strategic site selections (processing and storage) across the whole country. We remain the only certified R2v3/RIOS Responsible Recycling Standard by SERI for solar panel recycling.”
Selected Segment Highlights for Comstock Mining (for the nine-months ended September 30, 2025)
Closed on the sale and monetization of the northern district claims for approximately $3 million in proceeds, including the acquisition, for no additional consideration, of more than 238 acres of Lyon County mineral properties, further enhancing our portfolio of Lyon County mineral properties and directly supporting the Dayton resource mine plans;
Increased our internal economic mineralized material estimates based on significantly higher gold and silver prices; and
Advanced the Preliminary Economic Assessment (PEA) for the Dayton with planned future publishable economics.
In October 2025, we acquired the Haywood Quarry properties for no additional consideration, representing an additional 190 acres, further enhancing our portfolio of Lyon County mineral properties and directly supporting the Dayton plans.
“The rapidly rising industrial silver demand and ongoing geopolitical concerns, compounded by decades of questionable monetary policy, created an unprecedented runup in gold and a possibly greater set up for silver prices over the next several years. Our historic, world-class Nevada mining assets are well positioned for expansion and monetization with sophisticated strategic and financial partners,” said Comstock’s Chief Financial Officer and Comstock Mining President, Mr. Judd Merrill.
Selected Highlights for Bioleum Corporation (“Bioleum”) (for the nine-months ended September 30, 2025)
Separated our fuels portfolio and resources into the newly created, Oklahoma-headquartered Bioleum Corporation:
Exchanged our five-year, $65 million investment into a Series 1 Convertible Preferred Stock that is ultimately convertible into 32.5 million underlying common shares of stock of Bioleum Corporation;
Closed on a $13 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp. (“MPC”);
Closed on a $20 million Series A preferred equity financing, with additional Series A planned for early 2026;
Hired exceptional biofuel industry veterans, including a Director of Capital Markets, to accelerate commercialization;
Restarted the Madison, Wisconsin MPC pilot facility, expanding and fully integrating the Madison development teams;
Secured the first site and advanced site-specific engineering for the initially planned Oklahoma-based Bioleum refinery;
Earned the second $1 million of the $3 million in awards from Oklahoma’s Quick Action Closing Fund; and
Advanced certain strategic acquisitions that further increase yields, reduce costs, and lower carbon intensity “CI” scores.
“Our remarkable Bioleum team has developed an unprecedented, versatile, and exceptionally high-yield, ultra-low-carbon biofuel platform that integrates waste streams and purpose-grown crops in an extending eco-system designed to produce an abundance of extremely low carbon liquid fuels,” said Corrado DeGasperis, Chairman of Board of Bioleum Corporation. “Our working teams in Wisconsin and Oklahoma are expanding as we integrate our efforts into a system designed for accelerating commercially viable technologies while integrating and expanding a series of farm-and-waste woody biomass to fuels production platforms.”
Our goal is to Accelerate the Commercialization of Breakthrough Technologies.
Comstock innovates and commercializes technologies, systems and supply chains that extract, integrate and convert under-utilized natural and waste resources into clean energy products, including pioneering technologies that produce electrification metals and minerals from end-of-life solar panels, including aluminum, silver and other critical metals.
Bioleum innovates and commercializes technologies, systems and supply chains that secure, extract, integrate and convert carbon-based materials from under-utilized waste and purpose-grown energy crops that would ultimately produce a broad range of extremely low carbon renewable fuels, including cellulosic ethanol, renewable diesel and sustainable aviation fuels.
We are pushing the boundaries of technology and sustainability by leveraging our teams’ unique skills, our investments and the related diverse technology portfolios and our frontier research and development networks toward achieving breakthrough innovations that deliver meaningful positive impact across industries, economies and communities. The primary focus for 2025 is the commercialization of Comstock Metals and the continuous innovation, development and engineering of technologies and solutions, by us and by our partners, that support the efficient conversion of these resources into clean, profitable energy products.
Corporate
The growth opportunities for both Comstock Metals and Bioleum developed beyond our original plans, and we have now realigned both the organizations and their respective capital bases with some of the most sophisticated partners for investment, feedstocks, technologies, operations, and offtakes, including significant investments.
We are expanding those partnerships across both our extended metals and fuels systems and supply chains, positioning them for industry leadership, exponential revenue growth and superior throughput profiles, especially for Metals and leading to cash profitability for Comstock Metals in 2026.
Comstock now owns a $65 million face value convertible preferred stock in Bioleum Corporation, ultimately convertible into 32.5 million common shares of stock, positioning an exceptional value potential for Comstock’s shareholders and preserving Comstock’s ability to accelerate the growth and delivery of that value directly to shareholders.
The Company’s Corporate remaining objectives for the rest of 2025 include:
Advance our legacy real estate and non-strategic investments for ultimate monetization;
Support the next phases of accelerating Metals growth; and
Finalize, communicate and implement plans to unlock maximum value from the separation of Bioleum.
The Company’s 2025 efforts to date have now resulted in two, fully dedicated, high-growth companies: our Nevada-based renewable metals operation with expanding production and our Oklahoma-headquartered Bioleum Corporation, with major research, development and pilot production operations based in Wausau and Madison, Wisconsin.
Comstock Metals
Comstock Metals has now been operating its first commercial demonstration facility for nearly 21 months and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility. The Company expects these permits to be issued imminently during the fourth quarter of 2025. The industry-scale facilities are designed for 100,000 tons of annual capacity, with operations commencing post commissioning during the second quarter 2026.
Additional site selection activities are ongoing for the next two industry-scale facilities and multiple associated storage sites. The Company plans to ultimately build up to 7 industry-scale U.S. based recycling facilities.
The Company’s Metals remaining objectives for the rest of 2025 include:
Receive final permits for our first industry-scale facility in Silver Springs, NV;
Procure, deploy, and assemble plant and equipment for our first industry-scale facility in Silver Springs, NV;
Secure additional Master Service Agreements (MSA) with national and regional customers;
Complete site selection for two additional solar panel recycling locations;
Expand the system globally with international strategic and capital partners; and
Advance R&D efforts to recover more and higher-purity materials from recycled streams for offtake.
The capital expenditures for the first 100,000 tons of annual capacity for the first industry scale facility are expected to be approximately $12.5 million which includes expanded storage. As of September 30, 2025, the Company paid deposits of $5.1 million for property, plant and equipment and anticipates a total capital spend of $10.0 million for the industry-scale by the end of 2025, with an additional $2-3 million expected in the first quarter of 2026. Billable revenues are expected to be eight times greater in 2025, as compared to 2024, or over $3.5 million, with proportionate 2026 increases as we scale up our facility.
Comstock Mining
Comstock Mining has amassed the single largest known repository of historical and current geological data within the Comstock mineral district, including extensive geophysical surveys, geological mapping, and drilling data, including the Dayton resource.
The Company’s Mining remaining objectives for the rest of 2025 include:
Commercialize agreements that either monetize or enable resource expansion of the central claims;
Publish the Dayton Consolidated Project technical work with preliminary economics and sensitivities; and
Complete the preliminary mine plans that enable the economic development of the southern district claims.
The Company’s 2025 efforts will apply economic analysis to Comstock’s existing gold and silver resources progressing toward preliminary economic feasibility for the southern part of the district and the ultimate development of full mine and reclamation plans and the development of post productive land and community development plans.
Bioleum
Bioleum is actively engaged in the expansion of its pilot production facilities and the planning for its first commercial demonstration facilities and the associated supply chain participants (including feedstock, site selection, engineering, construction and procurement, and offtake).
Bioleum’s remaining objectives for the rest of 2025 include:
Commercialize agreements that either monetize or enable resource expansion of the central claims;
Advance efforts on the remaining subsidiary level “Series A” equity financing in the separate Fuels entity;
Plan and deploy a Hexas-based, scalable, commercial demonstration fuel farm
Complete site selection for first commercial biorefinery project in Oklahoma;
Expand integrated pilot production capabilities to up to two barrels per week of intermediates and fuels; and
Advance our innovation and development efforts toward even higher yields, lower costs and lower capital.
Comstock Fuels also offers integrations of its solutions into existing agriculture, forestry, pulp and paper, ethanol, and existing petroleum infrastructures to generate additional capacities, revenues, technical services, engineering and royalties. The plans also include integrating Bioleum’s high yield Bioleum refining platform with Hexas’ high yield energy crops to provide enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy resources.
CONFERENCE CALL DETAILS
Comstock’s Executive Chairman & CEO, Corrado De Gasperis, and CFO, Judd Merrill will be providing an overview of recent financial results and current business updates on Thursday, October 30, 2025, at 11:30am ET. We invite all investors and other interested parties to register for the webinar at the link below.
Date: Thursday, October 30, 2025 Time: 11:30am ET Register: Webinar Registration
There will be an allotted time following the live presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: ir@comstockinc.com.
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries: Judd B. Merrill, Chief Financial Officer Tel (775) 413-6222 ir@comstockinc.com
For media inquiries: Zach Spencer, Director of External Relations Tel (775) 847-7573 media@comstockinc.com
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
FORT WORTH, Texas, Oct. 30, 2025 (GLOBE NEWSWIRE) — SEGG Media Corporation (Nasdaq: SEGG, LTRYW) (“SEGG Media” or “the Company”) today announced the launch of its Web3 and Digital Asset Strategy, a two-year roadmap to generate sustainable on-chain yield, accelerate tokenization across sports and entertainment, and embed blockchain infrastructure into its global media ecosystem.
The initiative follows the creation of the SEGG Media Crypto Advisory Board, which is being established to provide guidance for governance, risk management, and execution of the Company’s $300 million Digital Asset and Tokenization Program. This strategy positions SEGG Media among the first NASDAQ-listed companies to bridge traditional finance, sports entertainment, and blockchain-based revenue streams within a regulated framework.
Reimagining Growth Through Active Digital Asset Management
At the core of SEGG’s roadmap lies an 80/20 capital allocation model designed to balance stability, yield, and growth:
80% of deployed capital will be maintained as a multi-asset crypto treasury, with an initial emphasis on Bitcoin (BTC) given current market sentiment and institutional demand, generating validator-based income across Ethereum (ETH), Solana (SOL), and ZIGChain (ZIG).
20% will fund strategic acquisitions in sports, media, and gaming, expanding the Company’s recurring-revenue base, as well as expansion into tokenization of real-world sports assets & other Web3 capabilities to democratize retail investor participation.
SEGG Media also signed an MOU outlining the framework for strategic partnership with ZIGChain, a purpose-built blockchain for real-world asset tokenization. ZIGChain provides the technological infrastructure and digital investment expertise for the Company’s validator operations and tokenized asset programs.
This model aims to create recurring on-chain yield as the Company scales into a next-generation digital media and entertainment group. All income resulting from validator activities will be reported through SEC-compliant filings to ensure transparency and measurable shareholder value.
Beyond Passive Holdings: Building the Future of Sports and Entertainment Tokenization
SEGG Media’s Web3 roadmap goes beyond holding digital assets. Anchored by Sports.com and Concerts.com, the Company plans to develop a fully tokenized sports and entertainment ecosystem built on four core pillars:
Sports and Entertainment Tokenization Ecosystem – Tokenized assets enabling fan ownership, athlete and artist IP monetization, and global engagement via ZIGChain.
Sports and Entertainment Exchange Initiative – The world’s first “Stock Exchange for Sports and Music Lovers,” allowing fans to trade tokenized sports teams and bands or artists.
Strategic Acquisitions – Deployment of validator income into cash-generative assets across sports, entertainment media, and gaming.
Execution Roadmap
The Company will execute the rollout through four phases:
Phase 1 (0–1 months): SEGG Media Crypto Advisory Board activation, validator setup, and treasury seeding.
Phase 2 (0–6 months): Tokenization pilots under Sports.com and Concerts.com with ZIGChain; integration of income from validator activities into corporate filings.
Phase 3 (0–12 months): Expansion of the Sports and Entertainment Exchange platform and launch of tokenized fan assets.
Phase 4 (12–18 months): Full Web3 convergence—multi-asset treasury, active validators, and tokenized revenue stack.
Leadership Commentary
“Our mission is to responsibly connect traditional markets with blockchain innovation,” said Matthew McGahan, Chairman, President & CEO of SEGG Media. “By emphasizing Bitcoin as the foundation of our treasury, we’re combining stability with scalability—using validator income to fuel growth, and growth to accelerate tokenization across our global media ecosystem.”
“Entering into an MOU with SEGG Media represents a milestone for blockchain adoption at the public-company level,” said Abdul Rafay Gadit, Founder of ZIGChain. “By leveraging ZIGChain’s real-world asset tokenization framework, SEGG Media is pioneering how institutional-grade infrastructure can power yield, transparency, and fan participation on a global scale.”
Marc Bircham, Director of SEGG Media added: “This strategy unites sports, technology, and digital finance within a regulated, scalable framework. It’s a blueprint for how listed companies can responsibly adopt Web3 while building lasting value for investors and fans alike.”
Governance and Transparency
The SEGG Media Crypto Advisory Board will provide guidance to SEGG’s Executive Management and Board of Directors on all treasury, validator, and tokenization operations, safeguarding institutional-grade governance and transparency.
About SEGG Media Corporation SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group integrating traditional assets with blockchain innovation. Through its portfolio of digital assets including Sports.com, Concerts.com and Lottery.com, the Company is focused on building immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.
About ZIGChain
ZIGChain is a next-generation blockchain infrastructure designed for real-world asset (RWA) tokenization. Built for scalability, compliance, and composability, ZIGChain enables institutions to tokenize and trade traditionally illiquid assets securely and transparently. Through partnerships across finance, entertainment, and digital infrastructure, ZIGChain is redefining how real-world value is represented and exchanged on-chain.
For more information, visit www.zigchain.com.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to, any future findings from ongoing review of the Company’s internal accounting controls, additional examination of the preliminary conclusions of such review, the Company’s ability to secure additional capital resources, the Company’s ability to continue as a going concern, the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company’s ability to regain compliance with the Bid Price Requirement, the Company’s ability to regain compliance with Nasdaq Listing Rules, the Company’s ability to become current with its SEC reports, and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
This press release was published by a CLEAR® Verified individual.
For additional information, visit www.seggmediacorp.com or contact media relations at media@seggmediacorp.com.
1 Induced Stall Testing Exhaust Flame Durability and Limits Test
