ATLANTA, GA, February 13, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX) (the “Company”), a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases, today announced that it has entered into definitive agreements for the purchase and sale of 432,902 shares of its common stock (or pre-funded warrants in lieu thereof) at a purchase price of $2.31 per share (or pre-funded warrant in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules (the “Offering”). In a concurrent private placement, the Company will issue unregistered series A-1 warrants to purchase up to 432,902 shares of common stock and unregistered series A-2 warrants to purchase up to 432,902 shares of common stock. The warrants will have an exercise price of $2.31 per share and will be exercisable beginning on the effective date of shareholder approval of the issuance of the shares of common stock upon exercise of the warrants. The series A-1 warrants will expire five years after the date of shareholder approval and the series A-2 warrants will expire two years after the date of shareholder approval.
The closing of the Offering is expected to occur on or about February 17, 2026, subject to the satisfaction of customary closing conditions. The gross proceeds from the Offering are expected to be approximately $1 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from the Offering to advance its product candidates, including research and development, manufacturing, clinical studies, and working capital.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the Offering.
The shares (or pre-funded warrants) (but not the unregistered warrants and the shares of common stock underlying the unregistered warrants) in the registered direct offering described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-277585) previously filed with the Securities and Exchange Commission (the ”SEC”) and declared effective by the SEC on March 13, 2024. The registered direct offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, relating to the registered direct offering that will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The unregistered warrants described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the unregistered warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
The Company also has agreed to amend certain existing warrants to purchase up to an aggregate of 236,000 shares of the Company’s common stock that were previously issued to the investors in July 2025, with an exercise price of $4.35 per share, respectively, effective upon the closing of the offering, such that the amended warrants will have a reduced exercise price of $2.31 per share and will be exercisable beginning on the effective date of shareholder approval of the issuance of the shares upon exercise of the warrants.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax is also developing a vaccine targeting Mpox and smallpox and, based on recent EMA regulatory guidance, anticipates progressing directly to a Phase 3 clinical evaluation, omitting Phase 1 and Phase 2 trials. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans, including, but not limited to, statements regarding the completion of the offering, the satisfaction of customary closing conditions related to the offering, the receipt of shareholder approval and the anticipated use of proceeds from the offering. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Transaction Closing Date Set for Next Tuesday, February 17
FORT WORTH, Texas, Feb. 13, 2026 (GLOBE NEWSWIRE) — Sports Entertainment Gaming Global Corporation (NASDAQ: SEGG, LTRYW) (the “Company” or “SEGG Media”), the global sports, entertainment, and gaming group, today announced that it has agreed to binding terms to acquire at least a majority interest in Veloce Media Group (“Veloce”), one of the fastest-growing and market leading platforms operating at the intersection of sport, gaming and digital media.
The completion date for consummating the acquisition is set for Tuesday, February 17, 2026, which will result in SEGG Media acquiring a controlling interest of Veloce, enabling consolidation for accounting and reporting purposes and direct control. The transaction values Veloce at approximately $61 million (£45 million) and is projected to contribute in excess of $20 million in additional annual revenue which will begin to be reported in the first quarter of 2026. SEGG Media’s management views Veloce as a foundational international platform that aligns with the Company’s strategy of acquiring cash-generative, media-driven sports assets capable of scaling across sponsorship, content, and commerce.
The acquisition of Veloce will be completed through a blend of cash consideration and SEGG Media common shares priced at $10 per share. The Veloce acquisition is one that the Company has been hyper-focused on for months and completing the transaction is a paradigm shift for SEGG Media and its shareholders. The targeted acquisition of Veloce by SEGG Media signals the Company’s rapid evolution into a diversified global sports and media group.
Veloce’s recent acquisition of Quadrant, co-founded by the current Formula 1 Champion Lando Norris, is a significant and rapidly growing gaming and lifestyle company. With a portfolio of blue-chip commercial partners and direct revenue generation in apparel and product sales the Quadrant business will continue to play a key role in the revenue growth of Veloce and SEGG Media.
Darryl Eales, Veloce Director and investor and formerly CEO of Lloyd’s Development Capital, commented:“I’m truly excited by the potential of the Veloce and SEGG partnership. High-quality, driven, and aligned management teams are crucial for the delivery of strong shareholder value creation. The combined leadership creates a powerful platform for significant and rapid growth, underpinned by both SEGG’s exciting brands and well-founded sports and entertainment strategy and Veloce’s multi-stream revenue platform and strong financial performance.
“Both the Veloce team and the SEGG Board have remained relentless in executing the transaction – even as SEGG completed the final stages of its turnaround – driven by a combined belief in the significant scale of the opportunity that exists post-completion. With the combined value of Veloce, SEGG, and additional pipeline acquisitions, receiving consideration in $10 SEGG stock represents significant upside for Veloce shareholders.”
Daniel Bailey, CEO of Veloce Media Group,said: “This acquisition represents a defining moment not only for Veloce, but for SEGG Media as a group. From the outset, it was clear that our businesses share a common vision for building a global, digitally led sports media platform with ambition and long-term commercial strength.
“The combination of SEGG Media’s access to public markets and strategic focus with Veloce’s brands, partnerships and proven revenue model creates a powerful foundation for accelerated expansion.”
Veloce’s ecosystem spans championship-winning esports teams, athlete-led content platforms, sustainable motorsport series, and a commercial portfolio supported by global brands including McLaren, Revolut, VISA, LEGO, Microsoft, Hilton, E.ON, and Thrustmaster.
Driving over 500 million views per month, Veloce brings with it rapidly growing and diversified revenue streams across digital content, esports, motorsport and brand partnerships, reporting $17.5 million (£12.8 million) in revenue for its latest reported financial period.
Since the start of 2026, SEGG Media’s strategy has been firmly focused on executing fundamental acquisitions designed to accelerate its growth by establishing a scalable and profitable revenue-generating platform. The integration of Veloce’s business and revenue positions SEGG Media to capitalize on accelerating global demand across sport, media, gaming and digital entertainment, with a clear focus on creating genuine value to the Company driven by consistently improving return on invested capital (ROIC) and sustaining high-quality revenue growth with higher profit margins.
Robert Stubblefield, CFO and Interim CEO and President of SEGG Media, said:“The acquisition of Veloce Media Group is a pivotal acquisition for the Company and a clear validation of the strategic direction we set at the start of 2026. Veloce delivers scale, rapidly growing revenues and high-quality commercial partnerships that materially strengthen our profile.
“This acquisition of Veloce and its subsidiary Quadrant springboards SEGG Media to immediately unlocking significant revenue for the Company, which creates long-term shareholder value especially as we integrate a best-in-class digital sports and media platform into the Company. Simply put, it’s a gamechanger!”
Closing is subject to final legal review, completion of definitive documentation, and customary closing conditions.
About SEGG Media Corporation SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.
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.
Alabama becomes the first Conduent-supported state – and only the second state in the nation – to roll out chip-enabled EBT cards statewide
Chips allow beneficiaries to insert their cards into point-of-sale terminals, significantly enhancing the security of SNAP and TANF accounts
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced its collaboration with the Alabama Department of Human Resources (DHR) to introduce chip-enabled EBT cards designed to help prevent fraud. The new cards, now mailed to EBT cardholders across the state, are expected to significantly enhance account security for beneficiaries, including those in the Supplemental Nutrition Assistance Program (SNAP) and the Temporary Assistance for Needy Families (TANF) program.
Across the country, states have reported a sharp rise in fraud attempts targeting EBT cards, which traditionally rely on magnetic stripes and are vulnerable to skimming – where criminals install devices on point-of-sale terminals to steal card information. With chip technology, Alabama cardholders can now insert their cards into the terminals rather than swiping them, adding a critical layer of protection.
Following a pilot program launched in December, Alabama is the first Conduent-supported state – and only the second state nationwide – to introduce EBT cards to all cardholders. Additional states are preparing similar rollouts.
“I am so pleased to finally bring this instrumental change to our EBT cardholders statewide,” said Alabama DHR Commissioner Nancy Buckner. “After a successful pilot program, we have shown that these new cards are easy to use and offer much better protection for the benefits. I am pleased that with this chip technology upgrade, our clients can have more confidence that their benefits will be there when they purchase groceries. This is not the end; we will continue to work and develop new and innovative ways to better protect our clients and their benefits.”
“We are honored to help Alabama DHR lead the way in giving their beneficiaries this critically important tool to protect their accounts and funds,” said Anna Sever, President, Government Solutions at Conduent. “Transitioning to chip technology is a proven fraud-prevention strategy. Chip cards are widely used across the country for other types of accounts, and EBT payments deserve the same level of security.”
SNAP and TANF recipients in Alabama and several other states can also use Conduent’s ConnectEBT mobile app and cardholder portal, which allow beneficiaries to lock their accounts to block all purchases, providing greater control and helping prevent unauthorized transactions.
In addition, with Conduent’s support, Alabama DHR recently implemented a system enhancement that automatically defaults all EBT cards to block out-of-state and online transactions. Cardholders who wish to make these types of purchases can easily unlock their card through the ConnectEBT app or portal.
The technologies are part of Conduent’s VeriSight Anti-Fraud Suite, a set of innovative solutions that help agencies address fraud risks in public benefit programs. The suite includes adaptive fraud detection tools for EBT customer service centers that can identify and block suspicious activity, such as unusual phone numbers or high call volumes.
Conduent is a national leader in government payment disbursements, and it currently supports electronic payments for public programs in 37 states. Conduent also supports U.S. government agencies with end-to-end solutions for healthcare claims processing, eligibility and enrollment, and child support administration.
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 51,000 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 $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
SAN DIEGO, Feb. 13, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, announced today that it will publish financial results for the fourth quarter and fiscal year 2025 after the close of market on Monday, February 23rd. Management will discuss the Company’s operations and financial results in a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern).
The call will be available at www.kratosdefense.com. Participants may register for the call using this Online Form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. For those who cannot access the live broadcast, a replay will be available on Kratos’ website.
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
In one of the most significant transactions in the American homebuilding sector this year, Tokyo-based Sumitomo Forestry has announced its acquisition of Tri Pointe Homes for $4.5 billion, marking a major expansion of Japanese investment in the U.S. residential real estate market.
The all-cash deal values Tri Pointe Homes at $47 per share, representing a substantial 29% premium over the company’s February 12 closing price and a remarkable 42% premium to its 90-day volume weighted average price. The transaction even surpasses Tri Pointe’s all-time high closing stock price, delivering exceptional value to shareholders while positioning both companies for accelerated growth in America’s competitive housing market.
Founded in 2009, Tri Pointe Homes has established itself as one of the nation’s premier homebuilders with operations spanning 13 states and the District of Columbia. The company delivered over 6,400 homes in 2024 alone and has completed more than 58,000 housing units throughout its 17-year history. With more than 150 active communities across the Western, Southwestern, and Southeastern United States, Tri Pointe brings substantial geographic diversification to Sumitomo Forestry’s portfolio.
For Sumitomo Forestry, this acquisition represents a critical milestone in achieving its Mission TREEING 2030 vision, which targets annual delivery of 23,000 homes in the United States by decade’s end. The Japanese company has maintained a strategic presence in American homebuilding for over two decades, consistently investing in locally led builders while emphasizing sustainable growth and quality construction.
The combination comes at a crucial time for the American housing market, which continues to grapple with significant supply constraints and affordability challenges. Both companies emphasize their shared commitment to expanding the availability of affordable, high-quality housing options for American families. The enhanced financial capacity resulting from this merger is expected to accelerate home production and broaden the range of housing solutions available to buyers across multiple price points.
In a move that reflects Sumitomo Forestry’s proven approach to acquisitions, Tri Pointe Homes will continue operating as a distinct brand under its existing management team. CEO Doug Bauer and President Tom Mitchell will remain at the helm, maintaining the company’s headquarters in Irvine, California, along with its 17 regional divisions and financial services operations.
This strategy aligns with Sumitomo Forestry’s established track record of respecting local autonomy while providing the capital, resources, and expertise needed to support long-term growth. The approach has proven successful across the company’s portfolio of American homebuilders, each maintaining their unique market positioning while benefiting from association with a well-capitalized international parent company.
The transaction, which has received unanimous approval from both boards of directors, is expected to close in the second quarter of 2026, pending Tri Pointe stockholder approval and standard regulatory clearances. Upon completion, Tri Pointe Homes stock will be delisted from the New York Stock Exchange, marking the end of its run as a publicly traded company and the beginning of a new chapter within Sumitomo Forestry’s expanding American operations.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Noble Virtual Conference. On February 4th, Heidy Chow, CFO, and Peter Lin, Senior Manager FP&A, presented at the Noble Virtual Conference to the investment community. The presentation highlighted strong engagement on its core franchise and recent releases, a busy 2026 release roadmap, and the advancement of its digital assets strategy. The full presentation is available here.
Strong ARK Engagement. The ARK franchise remains a key driver of engagement and monetization for the company, generating nearly $1 billion in revenue, more than 100 million installs, and 4.2 billion gameplay hours since its release. Management noted that the ARK franchise benefits from a highly active core audience, with 42% of players averaging 380 hours of total gameplay. Furthermore, management noted a 55% paid downloadable content (DLC) conversion rate for ARK, with new content releases driving spikes in player activity.
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.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Softer than expected revenue and adj. EBITDA. Fiscal Q2 revenue of $369.0 million was below our $402.1 million estimate and down from $394.0 million a year earlier. The largest revenue variance appeared to be attributable to the lack of arcade inventory in its gaming division due to the bankruptcy of one of its vendors. Adj. EBITDA of $18.1 million was below our $25.3 million estimate, as a result of higher than expected costs in its licensing business.
Maintains strong margin dynamics. The company maintained strong gross margins at 12.8%, a 210 basis point improvement year over year, but down from our 16.2% estimate. The gross margin was surprisingly solid when considering the significant revenue shortfall. Margins benefited from favorable product mix, structural improvement and cost discipline. In addition, adj. EBITDA margins improved year over year as well (5.0% vs 4.1%).
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.
Noble Capital Markets Research Report Friday, February 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – A Disappointing Quarter, But Profitability and Margin Execution Was Strong Snail (SNAL)/OUTPERFORM – Noble Virtual Conference Highlights
Alliance Entertainment Holding (AENT/$6.38 | Price Target: $9) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 A Disappointing Quarter, But Profitability and Margin Execution Was Strong Rating: OUTPERFORM
Softer than expected revenue and adj. EBITDA. Fiscal Q2 revenue of $369.0 million was below our $402.1 million estimate and down from $394.0 million a year earlier. The largest revenue variance appeared to be attributable to the lack of arcade inventory in its gaming division due to the bankruptcy of one of its vendors. Adj. EBITDA of $18.1 million was below our $25.3 million estimate, as a result of higher than expected costs in its licensing business.
Maintains strong margin dynamics. The company maintained strong gross margins at 12.8%, a 210 basis point improvement year over year, but down from our 16.2% estimate. The gross margin was surprisingly solid when considering the significant revenue shortfall. Margins benefited from favorable product mix, structural improvement and cost discipline. In addition, adj. EBITDA margins improved year over year as well (5.0% vs 4.1%).
Noble Virtual Conference. On February 4th, Heidy Chow, CFO, and Peter Lin, Senior Manager FP&A, presented at the Noble Virtual Conference to the investment community. The presentation highlighted strong engagement on its core franchise and recent releases, a busy 2026 release roadmap, and the advancement of its digital assets strategy. The full presentation is available here.
Strong ARK Engagement. The ARK franchise remains a key driver of engagement and monetization for the company, generating nearly $1 billion in revenue, more than 100 million installs, and 4.2 billion gameplay hours since its release. Management noted that the ARK franchise benefits from a highly active core audience, with 42% of players averaging 380 hours of total gameplay. Furthermore, management noted a 55% paid downloadable content (DLC) conversion rate for ARK, with new content releases driving spikes in player activity.
Noble Capital Markets Research Report Thursday, February 12, 2026
Companies contained in today’s report:
E.W. Scripps (SSP)/OUTPERFORM – Enterprise Transformation Plan EuroDry (EDRY)/OUTPERFORM – Increasing 2026 Estimates; Upgrading Rating to Outperform Euroseas (ESEA)/OUTPERFORM – Tight Feeder Market Supports Rate Upside; Coverage Strengthens Through 2028 Great Lakes Dredge & Dock (GLDD)/MARKET PERFORM – Going Private At All-Time High InPlay Oil (IPOOF)/OUTPERFORM – Updating 2025 Estimates; Bond Offering Completed
E.W. Scripps (SSP/$3.64 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Enterprise Transformation Plan Rating: OUTPERFORM
Transformation plan announced. E.W. Scripps launched an enterprise-wide restructuring targeting $125 million to $150 million of incremental annualized EBITDA by 2028, driven by structural cost actions and revenue yield initiatives leveraging AI, automation, and operational realignment. Management emphasized a shift toward a leaner, startup-like operating model while reaffirming investment in journalism and sales capabilities, setting the framework for detailed execution priorities discussed below.
Execution framework. The company identified major cost buckets across administrative functions, technology consolidation, and process redesign, with modeling work underway to refine savings cadence. Management expects months of operational review before final staffing decisions, maintaining a baseline EBITDA framework near $450 million even under softer demand conditions. Beyond expense controls, leadership highlighted opportunities to improve monetization, which informs the evolving growth strategy outlined next.
EuroDry (EDRY/$14.32 | Price Target: $23.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Increasing 2026 Estimates; Upgrading Rating to Outperform Rating: OUTPERFORM
Increasing FY 2026 estimates. We have increased our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $60.8 million, $25.5 million, and $2.82, respectively, from $57.3 million, $22.4 million, and $1.46. The upward revisions are driven by higher expected vessel earnings, with our forecast average TCE rate rising to $14,743 from $13,873 previously.
Eurodry’s sweet spot. Eurodry owns and operates vessels in the middle of the size range of dry bulk carriers, or 50,000 to 85,000 dead weight tons (dwt), which present the most flexible employment opportunities. EDRY’s fleet consists of 11 vessels with a total carrying capacity of 766,420 dwt. With two Ultramax vessels of 63,500 dwt each under construction and scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will increase to 893,000 dwt. Growth will be driven by the charter rate environment, coupled with fleet growth. While EDRY continues to renew and modernize its fleet, it expects to acquire and consolidate smaller owners.
Euroseas (ESEA/$57.46 | Price Target: $72) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Tight Feeder Market Supports Rate Upside; Coverage Strengthens Through 2028 Rating: OUTPERFORM
New time charter for the EM Spetses. Euroseas Ltd. announced a new time charter for its 1,740 twenty-foot equivalent feeder containership, EM Spetses, for a minimum period of 22 to a maximum period of 24 months, at the option of the charterer, at a gross daily rate of $21,500. The new charter will commence on April 12, 2026, in direct continuation of its present charter, and represents a daily increase of over $3,000 compared to the vessel’s current rate.
Incremental EBITDA with Expanded Coverage. The charter is expected to generate approximately $8.9 million in EBITDA over the minimum term and increase Euroseas’ charter coverage to approximately 87% in 2026, 71% in 2027, and 41% in 2028. The higher rate on the new time charter reflects a tight container market with limited vessel availability. Demand in the feeder segment remains strong as operators secure vessels to meet their requirements.
Great Lakes Dredge & Dock (GLDD/$16.95) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Going Private At All-Time High Rating: MARKET PERFORM
To Be Acquired. Yesterday, Great Lakes announced a definitive agreement for Saltchuk Resources, Inc. to acquire Great Lakes for $17 per share, in cash, an aggregate equity value of $1.2 billion, and a total transaction value of $1.5 billion. The $17 per share consideration is in line with our $17 price target on GLDD shares. The per share purchase price represents a 25% premium to Great Lakes’s 90-day volume-weighted average price as of February 10, 2026, as well as a 5% premium to the Company’s all-time high closing price.
A Surprise. We are somewhat surprised by the timing as Great Lakes has substantially completed its new build program and should begin to generate substantial amounts of free cash flow that could be used to repay outstanding debt, repurchase shares, or grow the business. Nonetheless, shareholders are receiving a premium to the shares’ all-time high closing price.
InPlay Oil (IPOOF/$11.4 | Price Target: $15.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updating 2025 Estimates; Bond Offering Completed Rating: OUTPERFORM
Q4 2025 Estimate Revisions. We are adjusting Q4 estimates to reflect softer commodity pricing, with WTI averaging $59.10 per barrel versus our prior $60.00 estimate and wider differentials reducing realized Canadian pricing. We are lowering our revenue, adjusted funds flow (AFF), and AFF per share estimates to C$80.7 million, C$29.1 million, and C$1.04, respectively, from C$88.8 million, C$35.8 million, and C$1.28. Our production estimate remains unchanged at 19,419 boe/d.
FY 2025 Estimate Revisions. We are modestly lowering our full-year revenue, AFF, and AFF per share estimates to reflect lower fourth-quarter estimates. We now forecast revenue of C$290.6 million, AFF of C$112.9 million, and AFF per share of C$4.58, down from C$298.7 million, C$119.5 million, and C$4.85, respectively. Our outlook continues to assume average 2025 production of approximately 17,000 boe/d. We will update our 2026 estimates following the release of InPlay’s 2026 guidance.
Noble Capital Markets Research Report Wednesday, February 11, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – A Growing Portfolio of Precious Metals and Critical Mineral Projects DLH Holdings (DLHC)/OUTPERFORM – First Quarter 2026 Results Townsquare Media (TSQ)/OUTPERFORM – Noble Virtual Conference Highlights
Aurania Resources (AUIAF/$0.11 | Price Target: $0.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Growing Portfolio of Precious Metals and Critical Mineral Projects Rating: OUTPERFORM
Advancing a multi-project portfolio. Auraniais advancing two projects in France: a gold exploration project in Brittany and a nickel recovery project in Corsica. Aurania is also evaluating the recovery of nickel and cobalt from the waste tailings of the former Balangero asbestos mine near Turin, Italy. The projects in Corsica and Italy offer significant environmental benefits for the nearby communities, along with the economic benefit of recovering valuable critical metals. In Ecuador, the company is having productive discussions with government officials to advance its project while pursuing potential strategic partnerships.
Exploration Licenses in Brittany. Aurania, through a wholly owned French subsidiary, was granted three exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. The three license areas, Epona, Taranis, and Belenos, are in southern Brittany and northern Pays de la Loire in France. Aurania is in the process of identifying all the landowners to seek their support for exploration.
DLH Holdings (DLHC/$5.56 | Price Target: $10) Joe Gomes jgomes@noblefcm.com | 561-999-2262 First Quarter 2026 Results Rating: OUTPERFORM
1Q26 Results. DLH reported revenue of $68.9 million, down from $90.8 million y-o-y, and modestly below our $70.1 million projection. The decline reflects the loss of certain programs to small business set-aside contractors. Adjusted EBITDA was $6.5 million versus our $6.2 million estimate. Net loss was $1.3 million, or a loss of $0.09/sh, versus our estimate of a loss of $1 million, or a loss of 0.07/sh.
Cost Scaling Initiatives. With the loss of the Head Start program and winding down of the CMOP contracts in 2026, DLH undertook some cost reduction measures in the first and second fiscal quarters to align expenses with current revenue volumes. We expect management to closely watch expenses until top line improvement returns.
Townsquare Media (TSQ/$7.18 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble Virtual Conference. On February 4th, Bill Wilson, CEO, Stu Rosenstein, co-founder and CFO, and Claire Yenicay, EVP of IR, participated in a fireside chat at the Noble Virtual Conference. The discussion focused on the company’s successful evolution into a digital-first local media powerhouse, sustainable financial model and improving revenue trends. A replay of the presentation can be found here.
Favorable Digital Advertising Outlook. Digital advertising trends are stabilizing, with management noting sequential page view growth from December to January, which is expected to continue in February. While remnant inventory remains a near-term headwind, underlying growth in owned-and-operated sales and core programmatic activity remains strong. Management expects digital advertising to return to mid-single-digit growth in 2026, with a high-single-digit CAGR anticipated over the next five years.
Noble Capital Markets Research Report Tuesday, February 10, 2026
Companies contained in today’s report:
The Beachbody Company (BODI)/OUTPERFORM – Noble Virtual Conference Highlights
The Beachbody Company (BODI/$9.99 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble Virtual Conference. On February 5th, the company presented at the Noble Virtual conference. The presentation conducted by Carl Daikeler, Co-founder and CEO, Mark Goldston, Executive Chairman, and Brad Ramberg, CFO, highlighted the completion of a multi-year operational turnaround and favorable growth drivers in its digital fitness and nutrition businesses. A replay of the presentation can be viewed here.
Operational turnaround. Over the past several years, the company has significantly lowered its break-even point from $900 million in 2022 to roughly $180 million today, driven largely by SG&A optimization and the elimination of multi-level marketing sales costs. The new model offers enhanced operating leverage, enabling profitability at lower revenue levels and improving the long term outlook of the company.
Noble Capital Markets Research Report Monday, February 9, 2026
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – January Ethereum Metrics Graham (GHM)/MARKET PERFORM – FY3Q26 Results Seanergy Maritime (SHIP)/OUTPERFORM – Increasing Estimates; Raising PT to $17 Titan International (TWI)/OUTPERFORM – Noble Virtual Conference Highlights
Bit Digital (BTBT/$1.8 | Price Target: $5.5) Joe Gomes jgomes@noblefcm.com | 561-999-2262 January Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of January 2026. As of month end, the Company held approximately 155,239 ETH versus 155,227 ETH at the end of December. Included in the ETH holdings were approximately 15,236 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,266, or about 89% of its total holdings as of January 31st.
Yield and Value. Staking operations generated approximately 344 ETH in rewards during the period, representing an annualized yield of approximately 2.9%. Based on a closing ETH price of $2,449, as of January 31, 2026, the market value of the Company’s ETH holdings was approximately $380.2 million.
Graham (GHM/$83.24) Joe Gomes jgomes@noblefcm.com | 561-999-2262 FY3Q26 Results Rating: MARKET PERFORM
Overview. For 3Q26, Graham delivered another strong quarter, with results supported by the timing of key project milestones, particularly within the defense business, along with contributions from new programs and continued growth across existing platforms.
3Q26 Results. Revenue increased 21% to $56.7 million, driven by solid performance across end markets. We were at $52.5 million. GM of 23.8% was below our 26.7% projections due to mix. Adjusted EBITDA increased 50% to $6 million with an adjusted EBITDA margin of 10.7%. We had forecast $5.8 million. GHM reported adjusted net income of $3.5 million, or $0.31/sh, compared to our estimates of $3.0 million and $0..27/sh.
Seanergy Maritime (SHIP/$10.67 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Increasing Estimates; Raising PT to $17 Rating: OUTPERFORM
Increasing Q4 and FY 2025 estimates. We have increased our FY 2025 revenue, adjusted EBITDA, and adjusted earnings per share (EPS) estimates to $157.0 million, $81.0 million, and $1.14, respectively, from $153.2 million, $77.9 million, and $1.07. Our full year estimates reflect higher fourth quarter revenue, adjusted EBITDA, and EPS of $48.3 million, $28.2 million, and $0.56, respectively, compared to our previous estimates of $44.5 million, $25.0 million, and $0.49. We are now forecasting fourth quarter and full year average time charter equivalent rates of $26,000 per day and $20,672 per day, versus prior forecasts of $23,900 and $20,147. We forecast fourth quarter and full year operating days of 1,800 and 7,163, respectively, compared to our prior estimates of 1,780 and 7,143.
Raising FY 2026 estimates. We have also increased our FY 2026 revenue, adjusted EBITDA, and adjusted EBITDA estimates to $176.2 million, $96.7 million, and $1.70, respectively, from $165.2 million, $89.1 million, and $1.44. We now forecast an average TCE rate of $24,063 compared to our previous estimate of $22,238.
Leadership Changes. In early December, Titan announced CFO David Martin transitioned into a new role as Chief Transformation Officer, while Tony Eheli, former Chief Accounting Officer, was named CFO. In the new CTO role, Mr. Martin will oversee the critical alignment of information technology, including the acceleration of AI adoption, along with human capital and risk management functions and initiatives.
Noble Capital Markets Research Report Friday, February 6, 2026
Companies contained in today’s report:
InPlay Oil (IPOOF)/OUTPERFORM – InPlay Broadens Capital Access with Israeli Bond Issuance SelectQuote (SLQT)/OUTPERFORM – Solid Fiscal Q2 Execution but Carrier Pullback Creates Near-Term Pressure The GEO Group (GEO)/OUTPERFORM – Thoughts on Current Environment
InPlay Oil (IPOOF/$10.97 | Price Target: $15.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | InPlay Broadens Capital Access with Israeli Bond Issuance Rating: OUTPERFORM
Bond offering details. InPlay announced a senior unsecured bond issuance in Israel for up to 550 million New Israeli Shekels (NIS), or approximately C$241 million. Three amortization payments of 6% of the principal amount of the bonds will be due on December 15 of 2027, 2028, and 2029, and the fourth and last amortization payment of the remaining 82% will be due on December 15, 2030. The offering is expected to close on or around February 12, 2026, subject to certain conditions.
Expanding capital market access. Beyond the financing itself, we view the transaction as a strategic expansion of InPlay’s funding base outside of Canada. InPlay received interest from over 40 institutional investors in the oversubscribed offering and, to date, has accepted tenders for NIS 550 million of the bonds. The transaction further strengthens InPlay’s diversified financing sources while reducing its overall cost of capital.
SelectQuote (SLQT/$1.03 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Solid Fiscal Q2 Execution but Carrier Pullback Creates Near-Term Pressure Rating: OUTPERFORM
Fiscal Q2 results. SelectQuote reported fiscal Q2 revenue of $537.1 million, above our $520.0 million estimate, driven by stronger-than-expected Senior performance. Adj. EBITDA of $84.7 million exceeded our $82.0 million forecast, reflecting near-record 39% adj. EBITDA margins in Senior that more than offset pharmacy reimbursement pressure.
Medicare Advantage headwinds. Management cited pressure from a large national carrier’s decision to reduce strategic marketing spend across all channels. We believe this reflects a deliberate effort to moderate enrollment growth and protect plan profitability following above-trend member additions, rather than any deterioration in underlying demand.
The GEO Group (GEO/$15.48 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Thoughts on Current Environment Rating: OUTPERFORM
Environment. The current operating environment remains charged, as evidenced by the daily news. Nonetheless, we would point out that a key platform of the Trump Administration remains illegal immigration, and we do not expect that to change. Funding remains available under The One Big Beautiful Bill. And, historically, enforcement operations remain ongoing even in the face of a government shutdown.
Less New Awards Than Anticipated. The pace of new awards has been less than we had expected over the past few months. Whether this is just a temporary pause due to the significant number of new awards in 2025, the most recent new contract for GEO was the December skip tracing services contract worth up to $121 million of revenue over a two year period.
Noble Capital Markets Research Report Thursday, February 5, 2026
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Event Business Turns A Corner
Lucky Strike Entertainment (LUCK/$7.33 | Price Target: $14.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Event Business Turns A Corner Rating: OUTPERFORM
Q2 Results. The company reported revenue of $306.9 million, largely in line with our estimate of $310.0 million, while adj. EBITDA of $77.5 million, missed our estimate of $97.3 million by roughly 20%. Notably, the quarter was driven by increased investment, largely related to marketing, which supported top-line results while pressuring adj. EBITDA in the quarter.
Clear inflection point. The company reported same-store sales growth of 0.3%, while this figure may seem modest, we view it as a favorable development. Notably, the events business, which has been the primary drag on same-store sales in recent periods, improved significantly during the quarter and was roughly flat y-o-y. Furthermore, in January, the event business experienced double-digit growth before being impacted by a major snowstorm.
Noble Capital Markets Research Report Wednesday, February 4, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Q4 and FY2025 Financial Results Exceed Expectations Comstock (LODE)/MARKET PERFORM – Operational Update Following Webinar Sky Harbour Group (SKYH)/OUTPERFORM – $150 Million Bond Pricing The Beachbody Company (BODI)/OUTPERFORM – Executing Strategic Growth Initiatives V2X (VVX)/OUTPERFORM – Some Recent News
Alliance Resource Partners (ARLP/$25 | Price Target: $33) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Q4 and FY2025 Financial Results Exceed Expectations Rating: OUTPERFORM
Fourth quarter and full year 2025 financial results. Alliance reported adjusted fourth quarter revenue, adj. EBITDA and earnings per unit (EPU) of $535.5 million, $191.1 million, and $0.64, respectively, compared to $590.1 million, $124.0 million, and $0.12 during the prior year period. We had forecast revenue, adj. EBITDA and EPU of $560.1 million, $182.9 million, and $0.57, respectively. While the quarter was impacted by lower coal sales, which impacted revenue, operating expenses were lower, and net income on equity method investments exceeded our estimate. Full year 2025 adj. EBITDA and EPU of $698.7 million and $2.40, respectively, were above our estimates of $690.5 million and $2.33, respectively.
Management guidance for 2026. Total coal sales are expected to be in the range of 33.75 million to 35.25 million tons, while the sales price of coal per ton is expected to be in the range of $54.00 to $56.00. Segmented adjusted EBITDA expense per ton sold is expected to be $37.00 to $39.00. ARLP has committed and priced 32.2 million tons of its 2026 sales volume, including 30.5 million tons for the domestic market and 1.7 million tons for the export market.
Comstock (LODE/$2.94) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Operational Update Following Webinar Rating: MARKET PERFORM
Industry-scale facility fully permitted. Comstock has received all required regulatory approvals for its first industry-scale solar recycling facility in Silver Springs, Nevada, including the Written Determination Permit and the Air Quality Permit from the Nevada Division of Environmental Protection. The permits cover the full scope required to commission a facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons of end-of-life solar materials. Installation, testing, and commissioning are expected to occur during the first quarter of 2026.
Unit economics. Comstock’s recycling process is certified as a zero-landfill solution and designed to handle all major solar panel types, eliminating contaminants and recovering aluminum, glass, and metal-rich tailings. Comstock estimates that facility-level economics reflect a combination of upfront processing fees and proceeds from recovered materials, resulting in revenue of ~$750 per ton against all-in operating costs of roughly $150 per ton. Based on current operating data, profitability is achievable at relatively low utilization levels.
Sky Harbour Group (SKYH/$9.31 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 $150 Million Bond Pricing Rating: OUTPERFORM
Pricing announced for upcoming bond issuance. Sky Harbour priced $150 million of Series 2026 private activity tax-exempt bonds at par to yield 6.0%, with a mandatory tender on January 1, 2031, and an expected closing on or about February 12, 2026. The transaction is another example of the company’s tax-advantaged financing toolkit and deepens its access to institutional municipal investors.
Deal upsized on strong investor demand. The transaction was initially marketed at $100 million but was upsized to $150 million after receiving approximately $450 million of orders from 18 institutional investors. In our view, the oversubscription supports growing investor comfort in the asset base, the cash flow ramp, and the repeatable development playbook.
The Beachbody Company (BODI/$11.65 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Executing Strategic Growth Initiatives Rating: OUTPERFORM
P90X Generation Next. On February 3, the company launched P90X Generation Next, the first new P90X fitness program in over a decade. Notably, the P90X franchise launched in 2005 and became one of the best-selling home fitness programs of all time, with more than 20 million people worldwide participating. Furthermore, the new exercise program is available on the company’s digital streaming platform BODi, and supported by brand partners and a new line of exercise supplements.
Digital streaming platform. Importantly, P90X Generation Next is available on the company’s digital platform, BODi, with a subscription. Moreover, subscribers can access the full P90X catalog of 145 workouts, including the original P90X, for $9.99/month. Additionally, the company offers a broader BODi membership priced at $19/month or an annual plan for $179/year that includes 8,000+ workouts, 140+ step-by-step programs, and nutrition plans.
V2X (VVX/$66.4 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Recent News Rating: OUTPERFORM
Recent News. There has been a flurry of positive recent news on V2X, from confirmation of the T-6 award to new partnerships with Amazon and Google to an award under the Missile Defense Agency’s (MDA) Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) to support Golden Dome to advancement to Phase II of the U.S. Army’s Flight School Next (FSN) competition. Below, we highlight three of the developments.
T-6 Award. The U.S. Court of Federal Claims denied the protest and upheld the Air Force’s selection of V2X for the $4.3 billion T-6 Contractor Operated and Maintained Base Supply (COMBS) contract. With a period of performance through July 2034, the $4.3 billion award could generate an average of $475 million in annual revenue.
Noble Capital Markets Research Report Monday, February 2, 2026
Companies contained in today’s report:
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Phase 1b Data Presented But Tegoprubart Remains Misunderstood Kelly Services (KELYA)/OUTPERFORM – We Have Assumed Control Resources Connection (RGP)/OUTPERFORM – More Cost Out
Eledon Pharmaceuticals (ELDN/$2.2 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 1b Data Presented But Tegoprubart Remains Misunderstood Rating: OUTPERFORM
Phase 1b Data For Second Year After Transplantation Presented. Eledon presented data from its Phase 1b trial at the American Society of Transplant Surgeons (ASTS) meeting in January 2026. The presentation included data from 8 patients that had reached 24 months after transplantation, compared with 12 patients evaluated 12 months after transplantation presented in August 2025. These new data show a continued improvement in kidney function during the second year.
New Data Show Durability With Improvements. The 24-month data shows eGFR in tegoprubart patients continued to improve during months 12 to 24 after transplantation. The eGFR levels were restored to normal levels within 1 month after transplantation and were maintained for up to 2 years. Although this is a small number of patients, we see the result as consistent with prior data and our expectations for organ survival.
Kelly Services (KELYA/$10.79 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 We Have Assumed Control Rating: OUTPERFORM
Sale Completed. On Friday, Hunt Equity Opportunities, a subsidiary of Hunt Companies, acquired the 3,039,240 Class B shares previously held by the Terence E. Adderley Revocable Trust K. Hunt now has effective control of Kelly, as owner of 92.2% of the voting Class B shares. According to James Christopher Hunt, CEO of Hunt, “Hunt is very excited about the value creation opportunities ahead for Kelly. We look forward to supporting Chris Layden, CEO of Kelly, and the rest of the Company’s management team as they focus on accelerating growth and realizing Kelly’s full potential.”
Board Changes. As part of the transition, four Hunt designees have been named to Kelly’s Board, with five former Kelly directors leaving the Board, which will now consist of 8 members. Mr. Hunt has been named Chairman of the Board.
Resources Connection (RGP/$4.53 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 More Cost Out Rating: OUTPERFORM
Cost Out. Last week, RGPauthorized a reduction of its global management and administrative workforce intended to reduce cost structure through enhanced efficiencies and streamlined operations. The Company expects the reduction in force to result in annual cost savings of $6-$8 million. Restructuring charges of approximately $3 million are expected to be recognized in the third and fourth quarters of fiscal 2026. The workforce reduction should be substantially completed by the end of fiscal 2026.
Additive. Last week’s announcement is on top of the October RIF, which also is expected to yield annual savings of $6 million to $8 million. Combined, the two actions could reduce expenses in the $12-$16 million range. These efforts are part of an even deeper assessment across the entire organization to streamline organizational structure, simplify processes, and adopt automation and AI to ensure RGP’s cost structure is adequately sized to the current revenue levels.
Noble Capital Markets Research Report Friday, January 30, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/MARKET PERFORM – Leaning Into Its Efficiency Initiatives AZZ (AZZ)/OUTPERFORM – Secular Tailwinds Expected to Sustain Sales and Cash Flow Growth Unicycive Therapeutics (UNCY)/OUTPERFORM – OLC Resubmission Accepted For FDA Review
1-800-Flowers.com (FLWS/$4.63) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leaning Into Its Efficiency Initiatives Rating: MARKET PERFORM
Difficult quarter. Fiscal Q2 revenue of $702.2 million declined by a disappointing 9.5%, but was in line with our conservative estimate of $702.0 million. Adj. EBITDA was $98.1 million, beating our estimate of $89.5 million by 9.6%. In our view, the results reflect the company’s initiative to focus on efficient use of marketing spend.
Cost actions are working, but benefits are not fully visible yet. Operating expenses declined meaningfully year over year, and the company has already achieved approximately $15 million in annualized run-rate cost savings. However, temporary consulting and incentive compensation costs related to the transformation are delaying the full earnings benefit. As these costs roll off, underlying profitability should improve.
AZZ (AZZ/$124.97 | Price Target: $140) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Secular Tailwinds Expected to Sustain Sales and Cash Flow Growth Rating: OUTPERFORM
Updating estimates. While our FY2026 and FY2027 estimates are unchanged, we anticipate higher gross margins in the AZZ Metal Coatings and Precoat Metals segments beginning in FY2028. The company’s three-year plan established a goal of generating EBITDA margins of greater than 22.0% of revenue by 2028. Our revisions more closely align our forward estimates with this goal, and our estimates through FY2031 may be found in the financial model at the end of this report.
Secular growth drivers. We think AZZ is poised to benefit from multi-year secular drivers of growth. These include: 1) growth in infrastructure spending, 2) reshoring/nearshoring manufacturing, 3) migration to pre-painted steel and aluminum, 4) conversion from plastics to aluminum, 5) conversion to coil coating, and 6) growth in data centers.
Unicycive Therapeutics (UNCY/$6.67 | Price Target: $60) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OLC Resubmission Accepted For FDA Review Rating: OUTPERFORM
Unicycive Announced FDA Acceptance Of The NDA. Unicycive announced FDA acceptance of its resubmission of the New Drug Application (NDA) for OLC (oxylanthanum citrate). The resubmitted application has been classified as a Class II complete response, with a six-month review period. June 29, 2026 is the new PDUFA date, the statutory date for the application to be answered. This is consistent with our expected timeframe for OLC approval and launch.
We See NDA Acceptance As A Significant Milestone. In June 2025, an FDA manufacturing inspection found compliance deficiencies at the facility of a contract manufacturer. This stopped the NDA approval process just weeks before the PDUFA (Prescription Drug User Fee Act) date of June 28, 2025. The review of the preclinical, clinical, safety, and manufacturing data had been completed. We believe this will result in prompt approval.
Noble Capital Markets Research Report Thursday, January 29, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Upcoming FY 2025 Financial Results and 2026 Corporate Guidance Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Updated Model; Raising Price Target Hemisphere Energy (HMENF)/OUTPERFORM – 2026 Corporate Guidance Released, Revising Estimates
Alliance Resource Partners (ARLP/$24.31 | Price Target: $33) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Upcoming FY 2025 Financial Results and 2026 Corporate Guidance Rating: OUTPERFORM
Fourth quarter and full year 2025 financial results. Alliance will report its fourth quarter and full year 2025 financial results before the market opens on Monday, February 2, 2026. Management will host an investor conference call and webcast the same day at 10:00 am ET. Along with the 2025 operational and financial results, we expect ARLP to release its 2026 corporate guidance and outlook.
Noble Estimates. We forecast fourth quarter 2025 revenue, EBITDA, and EPU of $560.1 million, $182.9 million, and $0.57, respectively. Our full year 2025 revenue, EBITDA, and EPU estimates are $2.2 billion, $690.5 million, and $2.33, respectively. Our fourth quarter EPU estimate reflects an expected unrealized and non-cash loss on the marked-to-market value of ARLP’s bitcoin holdings, which has no impact on our EBITDA estimate. We forecast 2026 revenue, EBITDA, and EPU of $2.3 billion, $700.5 million, and $2.65, respectively.
Great Lakes Dredge & Dock (GLDD/$15.32 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Updated Model; Raising Price Target Rating: OUTPERFORM
Updated Model. We tweaked our 4Q25 projections to include higher expected interest expense and the projected $3 million charge related to the payoff of the second lien term loan. As a result, our 4Q25 EPS estimate drops to $0.22 from a prior $0.26. The drop is not related to operational performance, and the debt swap will reduce overall interest expense going forward.
Cash Flow. With the completion of the new build program in early 2026, we expect Great Lakes to use the substantial free cash flow generation towards debt reduction. Over the past 5 years, capex has averaged $136 million annually. Roughly $25 million is for maintenance capex, and we do expect some additional capex as Great Lakes modernizes its fleet. Nonetheless, we estimate there should be at least $90 million on an annual basis for debt reduction.
Hemisphere Energy (HMENF/$1.53 | Price Target: $2.6) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | 2026 Corporate Guidance Released, Revising Estimates Rating: OUTPERFORM
Outlook for 2026. Hemisphere Energy released 2026 guidance outlining a C$12.0 million capital program, expected to support ~6.3% growth in average annual production to approximately 3,900 boe/d, compared to our estimated 2025 average of 3,670 boe/d. The capital program is expected to be fully funded from adjusted funds flow and is designed to provide disciplined year-over-year growth while protecting the balance sheet and maintaining shareholder returns. Production is expected to remain 99% heavy oil, supported primarily by polymer flood enhanced oil recovery at Atlee Buffalo.
Updating estimates. We are trimming our 2026 revenue estimate to C$89.9 million from C$93.7 million due to lower production and commodity price estimates. Our production and WTI crude oil price estimates are now 3,900 boe/d and US$60 compared to our previous estimates of 4,080 boe/d and US$65. Despite the lower revenue outlook, adjusted funds flow (AFF) increased modestly to C$40.0 million from C$39.7 million, reflecting lower assumed operating costs, improved differentials, and a reduced royalty burden. AFF per share remains unchanged at C$0.40.
Noble Capital Markets Research Report Wednesday, January 28, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Phase 2 Data Announced With Management Changes Conduent (CNDT)/OUTPERFORM – New CEO Appointment FAT Brands (FAT)/NOT RATED – Files Voluntary Chapter 11; Terminating Research Coverage Kuya Silver (KUYAF)/OUTPERFORM – Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned Twin Hospitality (TWNP)/NOT RATED – Files Voluntary Chapter 11; Terminating Research Coverage
Cardiff Oncology (CRDF/$2 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 2 Data Announced With Management Changes Rating: OUTPERFORM
Cardiff Made Two Significant Announcements. New data from the Phase 2 CRDF-004 trial testing onvansertib as a first line treatment for metastatic colorectal cancer was announced as expected. Patients in the high-dose onvansertib group showed a large benefit in overall response rates (ORR) and progression free survival (PFS). Separately, the CEO and CFO have left the company. Board Member Dr. Mani Mohindru was named Interim CEO.
Phase 2 Trial Design. As discussed in our January 5 report,CDRF-004 is a Phase 2 dose-finding trial testing two doses of onvansertib in combination with two standard-of-care (SOC) regimens against the standard of care regimens alone. It enrolled 110 patients with RAS-mutated metastatic colorectal cancer, mCRC. Its primary endpoint is objective response rate (ORR). Secondary endpoints include progression-free survival (PFS), duration of response (DOR) and safety. These endpoints were selected to guide the design of Phase 3.
Conduent (CNDT/$1.61 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 New CEO Appointment Rating: OUTPERFORM
Leadership transition at a natural inflection point. Conduent announced that Harsha V. Agadi has been appointed Chief Executive Officer, succeeding Cliff Skelton, with Margarita Paláu-Hernández named independent Chair of the Board. The change follows a multi-year period of portfolio rationalization, asset divestitures, and balance sheet repair. In our view, the move marks a clear emphasis on operational execution.
A shift toward speed and accountability. We view Agadi’s appointment as a logical next step for the company. His background includes senior operating and leadership roles across large, complex organizations such as Little Caesars, Church’s Chicken, Friendly’s, and Crawford & Company. We expect an early focus on leadership depth, decision velocity, and operational accountability, with an emphasis on accelerating the company’s return to revenue and cash flow growth. In our view, this signals a move from stabilization to performance.
FAT Brands (FAT/$0.26) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Files Voluntary Chapter 11; Terminating Research Coverage Rating: NOT RATED
Chapter 11. Late Monday night, FAT Brands announced it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. The Company plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.
Precipitating Factor? It appears the tipping point for FAT to file the voluntary chapter 11 was Investor 352 Fund, the Company’s largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality.
Kuya Silver (KUYAF/$0.82 | Price Target: $3.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned Rating: OUTPERFORM
Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.
Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.
Twin Hospitality (TWNP/$0.35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Files Voluntary Chapter 11; Terminating Research Coverage Rating: NOT RATED
Chapter 11. Along with parent company FAT Brands, Twin Hospitality commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Twin Hospitality plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support the continued growth of its brands.
Precipitating Factor? It appears the tipping point for Twin Hospitality to file the voluntary chapter 11 was Investor 352 Fund, FAT Brands’ largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. FAT Brands and Twin Hospitality are seeking joint administration of the Chapter 11 cases under the caption “In re FAT Brands Inc., et al.”
Noble Capital Markets Research Report Tuesday, January 27, 2026
Companies contained in today’s report:
Graham (GHM)/MARKET PERFORM – Adds a Third Pillar
Graham (GHM/$76.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Adds a Third Pillar Rating: MARKET PERFORM
An Acquisition. Graham has acquired FlackTek, a pioneer in advanced mixing and material processing solutions. The acquisition adds advanced materials processing as a third core platform for Graham, alongside Graham Manufacturing, specializing in vacuum & heat transfer, and Barber-Nichols, specializing in turbomachinery. FlackTek adds a proven and defensible product portfolio with a shared customer base and an installed footprint that extends across the full value chain, from upstream to downstream production and quality control.
Details. The purchase price is $35 million, which was paid 85% in cash and 15% using 75,818 GHM shares. There is a potential $25 million in future performance-based cash earnouts over 4 years based upon achieving progressively increasing adjusted EBITDA performance targets. The base purchase price is approximately 12x FlackTek’s projected 2026 adjusted EBITDA. FlackTek generates approximately $30 million in annualized revenue.
Noble Capital Markets Research Report Monday, January 26, 2026
Companies contained in today’s report:
The GEO Group (GEO)/OUTPERFORM – Expansion of Credit Facility
The GEO Group (GEO/$18.55 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Expansion of Credit Facility Rating: OUTPERFORM
Credit Facility. The GEO Group amended its Credit Agreement, increasing GEO’s revolving credit facility to $550 million from a prior $450 million. The increase was effective as of January 20th. The increase provides the Company with additional financial flexibility, in our view, to further invest in growth opportunities and/or increase the share repurchase activity.
Share Repurchases. Recall, back in November, GEO announced an expansion of its share repurchase authorization to $500 million and extended the expiration date to December 31, 2029. As of November 6, 2025, the Company had approximately $458 million of repurchase authorization available under the share repurchase program. At the current price, the $100 million, if all used to repurchase shares, would further reduce the share count by approximately 5.38 million shares.
Noble Capital Markets Research Report Friday, January 23, 2026
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Some Green Shoots? Updated Estimates Kuya Silver (KUYAF)/OUTPERFORM – Mine Development and Balance Sheet Strength Support 2026 Ramp-Up
Commercial Vehicle Group (CVGI/$1.63 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Green Shoots? Updated Estimates Rating: OUTPERFORM
Updated Estimates. We tweaked our fourth quarter 2025 estimates after speaking with management. The changes do not impact our belief in the investment case for Commercial Vehicle Group. We maintained our revenue estimate at $146 million. Gross margin has been lowered to 10.3% from 11% previously. We are now estimating an adjusted net loss of $5 million, or $0.15 per share. Adjusted EBITDA is now $2.8 million. For the full year, we are at revenue of $640.2 million and adjusted EBITDA of $18.3 million.
Green Shoots? Recent data from FTR and ACT could indicate an improved Class 8 truck environment in 2026, although we would need to see multiple months of positive developments before jumping in with both feet. According to FTR, December Class 8 truck orders of 42,200 units were the highest level since October 2022. Meanwhile, ACT raised its expectation for Class 8 production in 2026 to 246,000 units, up from a prior 205,000, and nearly flat with 2025.
Kuya Silver (KUYAF/$0.73 | Price Target: $3.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Mine Development and Balance Sheet Strength Support 2026 Ramp-Up Rating: OUTPERFORM
Fourth Quarter Performance. The company mined 1,999 tonnes of mineralized material and processed 1,570 tonnes. Average processed grades were 6.0 oz/t silver (186.6 g/t), 1.40% lead, and 1.10% zinc, or 8.5 oz/t silver equivalent (264 g/t). Recoveries averaged 73.3% for silver, 79.1% for lead, and 57.1% for zinc. Metal processed included 7,724 ounces of silver, 18 tonnes of lead, and 15 tonnes of zinc. Sales included 5,441 ounces of silver, 15 tonnes of lead, and 8 tonnes of zinc, representing 6,194 silver-equivalent ounces, with silver contributing 88%.
Private Placement Financing. Kuya closed a brokered private placement raising gross proceeds of C$25.5 million. The company intends to pursue either the acquisition of an operating plant near the mine or the construction of a plant at the Bethania site to vertically integrate silver concentrate production. As mine production expands toward the Phase 1 target of 350 tonnes per day, Kuya expects more consistent processing, improved silver recoveries, and the recovery of minor gold and copper currently lost in the toll-milling process.
Noble Capital Markets Research Report Wednesday, January 21, 2026
Companies contained in today’s report:
NN (NNBR)/OUTPERFORM – Adds a New Director Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – From Legacy Nickel to District-Scale Polymetallic System
NN (NNBR/$1.48 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Adds a New Director Rating: OUTPERFORM
A Board Addition. NN added T ed White to its Board of Directors, effective immediately. Mr. White is co-founder of Legion Partners Asset Management, one of NN’s largest shareholders, owning approximately 9.55% of the outstanding common as of the date of the agreement, as well as economic exposure to another 5.99% of the Company’s shares. Mr. White will join the Board’s Strategic Committee, which was formed to evaluate a broad range of strategic, financing, and other alternatives to enhance shareholder value.
Cooperation Agreement. In connection with this appointment, the Company entered into a cooperation agreement with Legion Partners. The Legion cooperation agreement contains a customary standstill, voting commitment, and related provisions. Legion’s ownership is capped at 19.9% of the outstanding NNBR shares.
Power Metallic Mines Inc. (PNPNF/$1.17 | Price Target: $2.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | From Legacy Nickel to District-Scale Polymetallic System Rating: OUTPERFORM
Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.
Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.
Noble Capital Markets Research Report Tuesday, January 20, 2026
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – AI Acquisition Kratos Defense & Security (KTOS)/OUTPERFORM – A Strong Start to the Year
Information Services Group (III/$5.89 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 AI Acquisition Rating: OUTPERFORM
AI Maturity Index. Information Services Group has acquired the AI Maturity Index, a SaaS platform that allows organizations to assess the AI readiness of their workforces and improve their employees’ ability to leverage AI technology. The AI Maturity Index provides ISG with a high-impact, scalable entry point into every client’s AI journey. In its short time on the market, the AI Maturity Index has assessed more than 6,000 individual AI users and collected more than 400,000 data points—adoption that will expand exponentially as the platform gains broader use. Terms of the deal were not released.
Acceleration. The acquisition is part of a broader AI acceleration strategy by ISG that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI, and the upcoming launch of a proprietary insights platform with an AI-powered “intelligence advisor” to give organizations real-time access to highly sought-after ISG data and analysis.
Kratos Defense & Security (KTOS/$130.72 | Price Target: $145) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong Start to the Year Rating: OUTPERFORM
Raising PT to $145. We are maintaining our Outperform rating and raising our price target on KTOS shares to $145 from a previous $95. KTOS shares are up 72% YTD, compared to 1.4% for the S&P 500, continuing the outperformance seen over the past three years. We believe the abundant opportunities across the business, potential positive increases in the defense budget, and solid execution present strong financial upside potential.
Defense Budget. Interest in the defense sector is partially being driven by the Trump Administration’s goal to increase the 2027 Defense budget by 50% to $1.5 trillion, up from approximately $1 trillion in 2026. Significantly, as relates to Kratos, a key focus of any increased spending will be on drones, autonomous systems, cybersecurity, and space, all key areas of Kratos.
Noble Capital Markets Research Report Friday, January 16, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Acquires Formidable Technology Company CoreCivic, Inc. (CXW)/OUTPERFORM – Some Model Refinements Ocugen (OCGN)/OUTPERFORM – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Alliance Entertainment Holding (AENT/$7.6 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Acquires Formidable Technology Company Rating: OUTPERFORM
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
CoreCivic, Inc. (CXW/$19.91 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Model Refinements Rating: OUTPERFORM
Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.
Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.
Ocugen (OCGN/$1.62 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy Rating: OUTPERFORM
Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.
OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.
Noble Capital Markets Research Report Thursday, January 15, 2026
Companies contained in today’s report:
Nicola Mining Inc. (HUSIF)/OUTPERFORM – Preparing for Growth: Expanding Milling Capacity
Nicola Mining Inc. (HUSIF/$0.72 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Preparing for Growth: Expanding Milling Capacity Rating: OUTPERFORM
Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.
Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.
Noble Capital Markets Research Report Tuesday, January 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Another Exclusive Partnership Kelly Services (KELYA)/OUTPERFORM – Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan ONE Group Hospitality (STKS)/OUTPERFORM – Releases Preliminary 4Q and FY25 Sales Results SelectQuote (SLQT)/OUTPERFORM – Extended Maturities Enhances Balance Sheet Flexibility SKYX Platforms (SKYX)/OUTPERFORM – Joining NVIDIA Connect
Alliance Entertainment Holding (AENT/$7.74 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Another Exclusive Partnership Rating: OUTPERFORM
Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.
Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.
Kelly Services (KELYA/$9.56 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan Rating: OUTPERFORM
A Surprise Sale. Yesterday morning, Kelly Services announced that last Friday, the Terence E. Adderley Revocable Trust K notified Kelly’s Board that it entered into a definitive agreement to sell its entire holding, which constitutes 92.2% of the voting Class B common stock, to a private party. In an amended Schedule 13D filing after the market closed yesterday, the buyer was identified as Hunt Equity Opportunities.
A Large Premium. Hunt is purchasing the 3,039,940 B shares held by the Trust for $106 million, or the equivalent of $34.87/sh. The B shares closed on Friday at $8.86. Historically, the A and B shares have traded in tandem, although there have been periods in which one class has outpaced the other. There is a potential $15.2 million additional payout if the market capitalization of Kelly is equal to or greater than $1.2 billion at any time over the next 48 months. The deal is expected to close by the end of January.
ONE Group Hospitality (STKS/$2.46 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Releases Preliminary 4Q and FY25 Sales Results Rating: OUTPERFORM
4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
SelectQuote (SLQT/$1.72 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Extended Maturities Enhances Balance Sheet Flexibility Rating: OUTPERFORM
Extended maturity. The company completed a comprehensive refinance that extends its primary debt maturities to January 2031, removing the prior 2027 overhang. The new $325M senior secured term loan and $90M revolver replace the legacy structure and provide a multi-year runway. We view this as a structural reset that repositions the balance sheet to be better-aligned with the company’s long-term growth strategy.
Cost of capital improvements. The new facility delivers immediate interest savings on the revolver (SOFR + 400 bps versus SOFR + 500 bps previously) and embeds a clear path to lower term-loan pricing. The term loan begins at SOFR + 650 bps, with step-downs to SOFR + 600 bps and ultimately SOFR + 550 bps as leverage and Cash EBITDA improve. Operating performance will now have the potential to directly translate into interest savings.
SKYX Platforms (SKYX/$2.21 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Joining NVIDIA Connect Rating: OUTPERFORM
NVIDIA partnership elevates SKYX’s technology profile. SKYX joined the NVIDIA Connect Program, gaining access to NVIDIA’s cloud and AI ecosystem to support development of its All-In-One Smart Platform. Management described the relationship as “game-changing,” reinforcing SKYX’s positioning as a technology platform company.
The Smart Platform is designed to be the ceiling-based hub of the home. The SkyPlatform embeds connectivity, safety, and intelligence into a single ceiling-based hub, combining Wi-Fi, voice and app control, speakers, thermostat functions, emergency lighting, and safety features. The platform is designed to be compatible with leading smart assistants such as Apple’s Siri and Amazon’s Alexa, simplifying how homes adopt and manage connected technology.
Noble Capital Markets Research Report Monday, January 12, 2026
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – A Raise V2X (VVX)/OUTPERFORM – A Board Refresh
Comstock (LODE/$3.74) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility Rating: MARKET PERFORM
Receipt of Written Determination Permit. Comstock Metals received its Written Determination Permit from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit will result in a fully permitted operation and facility, and is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Receipt of Air Quality Permit. Earlier this month, Comstock Metals received approval for the associated Air Quality control permit. Both permits represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing more than 3.0 million panels per year representing up to 100 thousand tons per year of waste materials. The facility integrates technologies for crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.
MustGrow Biologics Corp. (MGROF/$0.4328) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Raise Rating: MARKET PERFORM
Raise. MustGrow has announced a raise of up to $2 million in a non-brokered private placement of up to 4,000,000 units of the Company at a price of $0.50 per Unit. Each unit will consist of (i) one common share of the Company and (ii) one common share purchase warrant. Each whole warrant will be exercisable for a period of 60 months from the closing date and will entitle the holder to purchase one additional share at an exercise price of $0.70 per warrant share. The closing of the Offering is expected to take place on January 22, 2026, but may take place in one or more tranches, provided that the final tranche closing will occur no later than February 22, 2026.
Use of Proceeds. The Company intends to use the net proceeds raised from the LIFE Offering for inventory production for its mustard-derived organic biofertility product TerraSante, inventory for agricultural products to sell via its Canadian distribution platform NexusBioAg, and working capital and general corporate purposes. Recall, MustGrow ran out of TerraSante product in the second and third quarters last year as demand exceeded management’s initial forecasts.
V2X (VVX/$62.78 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Board Refresh Rating: OUTPERFORM
Refresh. V2X’s Board recently elected to increase the size of the Board from 7 members to 10 members and appointed Nicole B. Theophilus, Gerard A. Fasano, and Ross S. Niebergall, effective immediately, as new members of the Board to serve as Class I, Class II, and Class III Directors, respectively.
Theophilus. Ms. Theophilus currently serves as EVP and Chief Administrative Officer of Wabtec Corporation, a global provider of equipment, systems, digital solutions, and value-added services, since July 2024. She previously served as Wabtec’s EVP and Chief Human Resources Officer from August 2020 to March 2024. She was also the EVP and Chief Human Resources Officer for West Corporation from April 2016 to February 2018 and for ConAgra Foods from November 2009 to August 2015.
Noble Capital Markets Research Report Friday, January 9, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Third Quarter FY26 Review and Outlook Direct Digital Holdings (DRCT)/MARKET PERFORM – Year End Review: 2026 Could Be A Pivotal Year Resources Connection (RGP)/OUTPERFORM – Pricing Discipline Holds as Volume Pressure Persists
AZZ (AZZ/$117.04 | Price Target: $130) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Third Quarter FY26 Review and Outlook Rating: OUTPERFORM
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million.
Updating estimates. With one quarter remaining, we have lowered our FY 2026 EBITDA estimate to $368.0 million from $369.2 million, and increased our EPS estimate to $6.03 from $5.98. We have increased our 2027 EBITDA and EPS estimates to $388.0 million and $6.60, respectively, from $387.4 million and $6.45. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates do not reflect the impact of acquisitions until announced.
Direct Digital Holdings (DRCT/$0.05) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Year End Review: 2026 Could Be A Pivotal Year Rating: MARKET PERFORM
Direct Digital remained a key strategic channel, supporting customer acquisition, margin mix improvement, and first-party data ownership despite a challenging macro and media cost environment. The channel continued to evolve toward a full-funnel model, with increasing contribution from returning customers, improved conversion rates, and greater emphasis on retention and lifecycle engagement.
Repositioning for strategic growth. Ongoing headwinds from media cost inflation, intensifying competition, and platform volatility have persisted in 2025, prompting a strategic shift toward owned-channel development, tighter audience targeting, and stronger cross-functional execution. Looking forward, Direct Digital is increasingly aligned around a more disciplined growth model, prioritizing customer retention, lifetime value, and earnings durability over volume-driven top-line expansion.
Resources Connection (RGP/$4.5 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Pricing Discipline Holds as Volume Pressure Persists Rating: OUTPERFORM
Continued Revenue Pressure. RGP reported second quarter revenue of $117.7 million, down 19% year-over-year. On a same-day constant currency basis, revenue declined 18.4%, driven almost entirely by lower billable hours across the core On-Demand and Consulting segments. Importantly, the weakness remains volume-driven rather than price-driven, as average bill rates were largely stable and improved in several key geographies.
Pricing Discipline, Volume Weak. The Company continues to make progress with its value-based pricing initiatives. U.S. bill rates increased 2.5% year over year, Consulting bill rates rose 6.6%, and On-Demand bill rates increased 2.6%. However, these gains were more than offset by sharp declines in billable hours, particularly in Consulting (-33.8%) and On-Demand (-21.5%). Management specifically highlighted reduced demand for traditional finance roles as clients adopt automation and AI, underscoring that part of the On-Demand softness may be structural rather than purely cyclical.
Noble Capital Markets Research Report Thursday, January 8, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – 2025 Review and 2026 Expectations AZZ (AZZ)/OUTPERFORM – Third Quarter FY 2026 Results Outpace Expectations Bit Digital (BTBT)/OUTPERFORM – Monthly ETH Production Comstock (LODE)/MARKET PERFORM – Comstock Metals Achieves a Major Permitting Milestone
ACCO Brands (ACCO/$3.79 | Price Target: $9) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 2025 Review and 2026 Expectations Rating: OUTPERFORM
2025 Review. ACCO Brands’ 2025 narrative was dominated by a clear priority: defend profitability and cash generation in a soft demand environment, using restructuring and cost takeout as the primary levers while the top line remained pressured. Across the first three quarters of 2025, demand was weak and uneven globally, and Q3 in particular underscored that as sales came in lower than expected; however, the Company still delivered adjusted earnings in line with its outlook by expanding gross margin and lowering SG&A, demonstrating meaningful operating discipline.
2026 Preview. Looking into 2026, we believe the key question for investors is whether ACCO can convert its 2025 operational progress into a durable and investable story rather than a purely defensive one. The most important variable remains organic revenue stabilization: the Company has demonstrated the ability to protect earnings despite sales declines, but the market will require evidence that declines are moderating, particularly in the Americas, and that channel inventories and promotional intensity are improving rather than worsening.
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million. Adjusted EBITDA margin as a percentage of sales amounted to 21.4% compared to 22.5% during the third quarter of FY 2025.
Segment results. While Metal Coatings sales were up 15.7% compared to the prior year quarter, Precoat Metals sales were down 1.8%. 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 transportation, partially offset by container. Segment adjusted EBITDA margin amounted to 30.3% for Metal Coatings and 19.7% for Precoat Metals.
Bit Digital (BTBT/$2.19 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly ETH Production Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of December 2025. As of December 31, 2025, the Company held approximately 155,227 ETH versus 154,398.7 ETH at the end of November. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 642 ETH during the month. The Company’s total staked ETH was approximately 138,263, or about 89% of its total holdings as of December 31st.
Yield and Value. Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5%. Based on a closing ETH price of $2,967, as of December 31, 2025, the market value of the Company’s ETH holdings was approximately $460.5 million.
Comstock (LODE/$3.97) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Comstock Metals Achieves a Major Permitting Milestone Rating: MARKET PERFORM
Receipt of Air Quality Permit. Comstock Metals received its Air Quality Permit from the Nevada Division of Environmental Protection – Bureau of Air Pollution Control for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Closing in on the Written Determination Permit. The Air Quality Permit follows a notification of eligibility for a written determination permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management, which is now through the public notice period. Once the written determination permit is final, the two permits represent the complete scope of required regulatory approvals for commissioning the scale up of the recovery facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons per year of waste materials.
Updating 2025 estimates. We have lowered our Q4 and FY 2025 EPU estimates to $0.57 and $2.33, respectively, from $0.69 and $2.45. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 568 bitcoins as of September 30. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $114,056 on September 30. We anticipate the value of digital assets in Q4 2025 could decrease by approximately $15.1 million if all bitcoins were held through the fourth quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate.
Looking ahead. While our 2026 and 2027 estimates are unchanged, we think coal supply and demand fundamentals could strengthen going into 2027, which could have a positive impact on pricing. Actions taken by the Trump Administration are expected to support and sustain coal-fired power generation. Electricity demand growth is expected to be driven by industrial growth, electrification, and the expansion of AI infrastructure and data centers.
First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Transitioning from Exploration to Feasibility Rating: OUTPERFORM
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
Kuya Silver (KUYAF/$0.7 | Price Target: $1.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Vertically Integrating its Operation Rating: OUTPERFORM
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
Positive Guidance Received From CDE. Gyre announced that its majority-owned subsidiary in China, Gyre Pharmaceuticals Ltd, has completed pre-NDA discussions with the Chinese Center for Drug Evaluation (CDE). The CDE indicated that the Phase 3 data meets the requirements for approval in chronic hepatitis B-associated liver fibrosis, as expected. An NDA submission is planned for 1H26, meeting our expected milestones for the product and the company.
Approval Would Allow Full Commercialization. Under the CDE regulations, the Phase 3 supports Conditional Approval for Hydronidone, allowing full commercialization. As part of the approval, company agrees to conduct a Phase 3c study after commercialization to confirm the effects seen in Phase 3. This is similar to a Phase 4 study in the US. The study design has not be finalized, although we expect similar endpoints for confirmation of the Phase 3 data.
Noble Capital Markets Research Report Monday, January 5, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Vince Holding Corp. (VNCE)/OUTPERFORM – Emerging Growth Levers Provide Favorable 2026 View
Cardiff Oncology (CRDF/$2.66 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Rating: OUTPERFORM
Initiating Coverage With A $12 Price Target. Cardiff Oncology is developing onvansertib for the treatment of multiple cancer indications. Its lead program is in metastatic colorectal cancer for patients with a mutation that makes the cancer more aggressive and difficult to treat. This mutation, KRAS, is found in about 45% of the colorectal cancer patients. As a result of the mutation, several standard therapies are ineffective. We believe onvansertib’s unique mechanisms of action could be a breakthrough in cancer treatment.
Onvansertib Has Two Main Mechanisms of Action. Onvansertib inhibits PLK1, an intracellular protein needed for regulatory functions that control cell growth and division. This protein can be overexpressed in many cancers, including colorectal cancer, overriding the normal controls. A second mechanism stops a pathway that allows tumors to survive in low oxygen environments and resist treatment with bevacizumab (Avastin).
Vince Holding Corp. (VNCE/$4.19 | Price Target: $5.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Emerging Growth Levers Provide Favorable 2026 View Rating: OUTPERFORM
Execution inflection driven by digital and DTC momentum. 2025 marked a clear improvement in operating execution, led by stronger e-commerce performance, enhanced digital capabilities, and early traction from the dropship initiative, which collectively supported revenue growth and improved operating leverage.
Pricing power and profitability improved despite cost headwinds. The company demonstrated brand resilience through higher average selling prices, stable unit volumes, improved full-price sell-through, and disciplined cost management, allowing it to offset tariff and freight pressures and deliver meaningful adjusted EBITDA upside.
Noble Capital Markets Research Report Friday, January 2, 2026
Companies contained in today’s report:
ONE Group Hospitality (STKS)/OUTPERFORM – Development Update Twin Hospitality (TWNP)/MARKET PERFORM – A Management Change V2X (VVX)/OUTPERFORM – A Strong End to 2025 Awards
ONE Group Hospitality (STKS/$1.75 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Development Update Rating: OUTPERFORM
Milestones. ONE Group announced a number of development milestones achieved during 4Q25. These include: entering into ten restaurant asset-light development agreements; an expanded footprint in large-market, professional sports & entertainment stadiums; opening two new STK locations; launching Benihana-branded retail product; and planning capital-efficient growth for 2026.
Largest Agreement. The ONE Group has entered into its largest asset-light development agreement in the Company’s history, securing development rights for a total of ten restaurants, either Benihana or Benihana Express locations, throughout the Greater San Francisco Bay Area. The two Benihana joint venture locations are expected to open in 2026, with the remaining franchised and licensed locations to open over the next seven years.
Twin Hospitality (TWNP/$0.67) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Management Change Rating: MARKET PERFORM
Leadership Transition. Twin Hospitality announced Andy Wiederhorn has been named Chief Executive Officer of the Company and Roger Gondek has been named President of Twin Peaks, replacing former CEO and President Kim Boerema. While somewhat surprising, as Mr. Boerema was appointed CEO just this past May, the new leadership simplifies the leadership structure and optimizes resources while minimizing overhead, without any significant change in ability, in our view.
Roger Gondek. We believe the elevation of Mr. Gondek to President of Twin Peaks Restaurant to be the headline. Already serving as Chief Operating Officer of Twin Peaks since 2017, Mr. Gondek brings approximately 15 years of experience with the brand, including previous operations leadership roles with Twin Peaks’ largest franchisee. Mr. Gondek was the Executive Vice President of Operations of La Cima Restaurants, LLC, a franchiser of 43 Twin Peaks restaurants in Florida, Alabama, Georgia, South Carolina, North Carolina, and Tennessee, from June 2011 to July 2017. Prior to La Cima Restaurants, Mr. Gondek was a Divisional Vice President at Hooters of America from October 2001 to February 2011. Mr. Gondek has a deep understanding of Twin Peaks markets, in our opinion.
V2X (VVX/$54.55 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong End to 2025 Awards Rating: OUTPERFORM
DMEA ATSP. V2X subsidiary Vertex Aerospace has been named as an awardee to the Defense Microelectronics Activity (DMEA) Advanced Technology Support Program (ATSP), according to the daily Department of War contract award activity. With multi-billion dollar potential, this award caps a strong year for V2X. The Company has won places on multiple billion dollar contracts, which bode well for the future.
Details. DMEA ATSP is an ID/IQ contract with a $23.357 billion ceiling. This multiple award contract has a base ordering period of five years with two option periods, three years and two years respectively, to establish a 10 year ordering period. There are a total of 10 awardees, including Vertex. As an ID/IQ, Vertex will need to compete for each award, but we are confident the Company will receive its fair share of wins under the contract.
American consumers received welcome news to start 2026 as inflation slowed more than anticipated in January, offering fresh optimism about the economy’s trajectory and easing concerns about rising prices that have plagued households for years.
The Bureau of Labor Statistics reported Friday that the Consumer Price Index rose just 0.2% in January from the previous month, with annual inflation declining to 2.4% from December’s 2.7%. The figures came in below economist expectations of a 0.3% monthly increase and 2.5% annual rise, marking encouraging progress in the ongoing battle against elevated prices.
Core Inflation Hits Multi-Year Low
Perhaps most significantly, core inflation—which strips out volatile food and energy costs to reveal underlying price trends—registered its slowest annual increase since March 2021. Core prices climbed 2.5% over the past year while rising 0.3% month-over-month, both meeting expectations but signaling sustained moderation in inflationary pressures.
The positive inflation data represented the second encouraging economic report this week. Wednesday’s employment figures showed unemployment ticking downward while payrolls expanded at double the anticipated pace, suggesting the economy remains resilient even as price pressures ease.
Economic analysts noted that the softer-than-expected reading was particularly noteworthy given historical patterns. Recent years have typically seen inflation spike unexpectedly in January due to residual seasonal factors and delayed price adjustments stemming from pandemic-era disruptions. The absence of these typical January surprises suggests that tariff-induced price increases on goods may be largely complete, offering hope for more stable pricing ahead.
Despite the overall positive trends, certain categories continue challenging household budgets. Food prices climbed 2.9% annually, with cereals and bakery products jumping 1.2% in January alone. Coffee and beef prices remained especially elevated throughout the past year, though beef and veal saw a modest 0.4% monthly decline. Egg prices, another closely watched staple, dropped 7% after surging in recent months.
Energy costs provided significant relief, falling 1.5% in January as fuel oil plunged 5.7% and gasoline decreased 3.2%. The national average for regular gasoline now sits at $2.94, down from $3.16 a year ago, according to AAA data.
Housing costs, the largest component of most household budgets, rose 0.2% monthly and 3% annually. While still elevated, the shelter index increased at half December’s pace, potentially signaling improvement ahead for renters and homeowners alike.
Analysts had closely watched January’s data for signs of tariff-related price increases following President Trump’s sweeping levies implemented last year. While some tariff-sensitive categories showed increases—apparel rose 0.3%, video and audio products jumped 2.2%, and computers climbed 3.1%—the overall impact appeared muted.
Economic forecasters had anticipated that core goods prices would accelerate from December levels due to increased tariff pass-through effects and typical seasonal patterns that push January inflation higher. However, the fact that core goods prices remained unchanged in January suggests that tariffs and unseasonably large price hikes were not significant drivers of the monthly inflation reading.
One notable exception: airline fares surged 6.5% monthly, meaning travelers may want to consider road trips over flights in the near term. Used car prices, meanwhile, slid 1.8%, offering potential savings for vehicle shoppers.
The cooler-than-expected inflation data strengthens the case for continued economic stability as 2026 unfolds, though Federal Reserve policymakers will carefully monitor upcoming reports before making decisions about interest rates.
Gold tumbled sharply Thursday in a sudden wave of selling that swept across financial markets, as traders liquidated metal positions to cover mounting losses in equities. The sharp decline underscores how even traditional safe-haven assets can be caught in broader risk-off moves when volatility spikes.
Bullion fell as much as 4.1% during the session before trimming some losses, while silver plunged as much as 11% in one of its steepest drops in recent memory. Copper also slid, declining nearly 3% on the London Metal Exchange. The move came amid renewed pressure on U.S. technology stocks, where concerns resurfaced about whether massive artificial intelligence investments will generate the expected returns.
As equity markets weakened, some investors were forced to raise cash quickly. In moments of intense stress, even defensive assets such as gold can be sold to meet margin calls or offset losses elsewhere. Rather than serving purely as a haven, gold briefly became a source of liquidity.
The speed of the decline suggested systematic and momentum-driven selling. Analysts noted that algorithmic strategies and commodity trading advisors likely accelerated the drop as key technical levels gave way. Such strategies often amplify moves in either direction, particularly when market sentiment shifts abruptly.
Part of Thursday’s pressure also stemmed from profit-taking. Gold and silver have been on a powerful rally since 2024, with momentum-driven buying pushing both metals to repeated record highs. That advance stalled abruptly late last month, when gold posted its largest one-day drop in more than a decade and silver recorded a historic plunge. Since then, both metals have traded in a volatile but relatively tight range, lacking fresh catalysts to sustain the upward momentum.
The latest decline does not necessarily signal the beginning of a sustained downtrend. Instead, it highlights heightened volatility in a market where positioning had become crowded. When sentiment-driven trades unwind, price swings can be exaggerated.
Despite the recent rout, many major banks remain bullish on gold’s longer-term outlook. Analysts continue to point to structural drivers that supported the earlier rally, including persistent geopolitical tensions, concerns about central bank independence, and a broader shift by some investors away from traditional assets such as currencies and sovereign bonds. Several institutions maintain ambitious year-end targets for bullion, arguing that underlying demand remains intact.
Silver faced additional pressure from options-related activity tied to the iShares Silver Trust, the world’s largest silver exchange-traded fund. Investors who had previously accumulated bullish positions near recent highs were seen selling contracts, potentially intensifying downside momentum.
Market participants are now turning their attention to upcoming U.S. economic data, including core consumer price figures, for signals about the Federal Reserve’s interest-rate trajectory. Precious metals typically benefit from lower borrowing costs, as they do not offer interest payments and tend to compete with yield-bearing assets.
By early afternoon in New York, spot gold was down nearly 3% at $4,938.38 an ounce. Silver had dropped more than 9% to $76.34, while platinum and palladium also declined. The Bloomberg Dollar Spot Index edged slightly higher.
The episode serves as a reminder that in periods of extreme market stress, no asset class is immune from volatility. Even gold, long regarded as a financial safe haven, can fall sharply when liquidity becomes the priority.
CHICAGO, Feb. 12, 2026 /PRNewswire/ — Titan International, Inc. announces that Kim Marvin has stepped down from its Board of Directors.
Mr. Marvin stepped down from the Board of Directors of Titan International, Inc. after approximately 24 months of service due to time constraints and other professional commitments. The company currently has no intention of replacing this board seat.
Paul Reitz, President and CEO of Titan International stated “I want to thank Kim for his contributions over the past two years. Kim provided valuable operational continuity following the Carlstar acquisition and Titan benefited from his combination of engineering expertise, financial and transactional experience. We want to wish Kim all the best in his future endeavors.”
About Titan: Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in West Chicago, Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.
Adjusted EBITDA up 15% to $18.5M; Gross Margin expands 210 basis points to 12.8%
Net Income increased to $9.4M, or $0.18 per share, compared to $7.1M, or $0.14 per share, in Q2 FY25
Strengthened balance sheet, ending quarter with $74.1M in working capital
PLANTATION, Fla., Feb. 12, 2026 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (Nasdaq: AENT), a premier distributor, logistics provider, and omnichannel fulfillment partner to the entertainment and pop culture collectibles industry, supplying more than 340,000 unique SKUs across music, video, video games, licensed merchandise, and exclusive collectibles to over 35,000 retail and e-commerce storefronts, reported its financial and operational results for its fiscal second quarter ended December 31, 2025.
Second Quarter FY 2026 Highlights
Sustained Profitability and Margin Execution: Net income increased year-over-year to approximately $9.4 million, or $0.18 per share, up from $7.1 million, or $0.14 per share in Q2 FY25, reflecting continued execution against the Company’s established profitability baseline. Adjusted EBITDA was approximately $18.5 million, an increase of $2.4 million year-over-year. Adjusted EBITDA margin was approximately 5%, compared to 4.1% in Q2 FY25, a 200 basis point improvement over the margin profile achieved in the trailing 12-months ended September 30, 2025. Gross margin expanded 210 basis points year-over-year to 12.8%, driven by favorable mix and higher-value products. A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided at the end of this release.
Launch of Authentication and Digital Product Identity Platform: On December 31, 2025, the Company completed the acquisition of Endstate, establishing Endstate Authentic, a dedicated NFC-enabled authentication and digital product identity platform. The platform expands Alliance’s role beyond physical product distribution by enabling authenticated ownership, provenance, and verified resale across premium physical goods, supporting the full lifecycle of collectible products from initial sale through secondary markets. Designed as a scalable, enterprise-grade platform, Endstate Authentic is intended to support both Alliance’s internal initiatives and third-party brands, licensors, and ecosystem partners, adding a technology-enabled layer that enhances trust, differentiation, and long-term value creation across the collectibles and premium goods market. Subsequent to quarter end, Alliance launched Alliance Authentic™, a premium vinyl collectibles platform that represents the first commercial application of these capabilities within the Company’s portfolio.
Strength in Physical Media: Physical movie revenue increased 33% year-over-year to $114 million, benefiting from sustained demand for premium formats such as 4K Ultra HD and collectible SteelBook editions, as well as the Company’s exclusive distribution partnerships. Alliance was named the exclusive physical media distribution partner for Amazon MGM Studios in North America, effective January 1, 2026, further strengthening its leadership in premium home entertainment and collector-focused releases. Vinyl record sales increased 3% year-over-year, supported by continued consumer demand for collectible and limited-edition releases. Compact disc (CD) sales increased approximately 5% year-over-year, supported by higher unit volumes and the Company’s first full quarter as the exclusive distributor for Virgin Music Group through its AMPED Distribution division.
Collectibles Growth and Portfolio Expansion: Collectibles revenue increased 31% year-over-year, driven by higher average selling prices and a continued shift toward premium, licensed products. Results benefited from expanded sourcing activity, new vendor additions, and the continued integration of the Company’s owned brand, Handmade by Robots™.
Operational Discipline and Infrastructure Investment: Operating income increased year-over-year to $17.3 million, up from $14.8 million in Q2 FY25, reflecting continued operating leverage and disciplined cost management. Total operating expenses rose modestly, driven by targeted investments in technology, personnel, and infrastructure to support exclusive content partnerships and long-term scalability. Distribution and fulfillment costs were 3.3% of net revenue, consistent with 3.2% in Q2 FY25, supported by warehouse automation initiatives and ongoing efficiencies from prior facility consolidation.
Balance Sheet and Liquidity Strength: The Company ended the quarter with working capital of approximately $74.1 million, reflecting disciplined management of inventory and payables. During the quarter, the Company refinanced its asset-based lending agreement with a new $120 million senior secured credit facility from Bank of America, enhancing liquidity and financial flexibility, with availability at quarter end of $35 million.
“Our second quarter results reflect continued execution against the profitability baseline we established last year,” said Jeff Walker, Chief Executive Officer of Alliance Entertainment. “For the six months ended December 31, 2025, earnings per share increased to $0.28, up from $0.15 in the prior-year period, demonstrating the earnings leverage created by our structurally improved margin profile.
“Physical media continues to perform as a collectible category, supported by exclusive partnerships and strong consumer demand for premium formats,” Walker added. “With the launch of Alliance Authentic™, we’re extending that strategy into premium vinyl collectibles by introducing The Ultimate Vinyl Collectible™, enabling fans and collectors to Own a Piece of Vinyl History™ through authentic, certified, and individually numbered releases sourced directly from rights holders. This initiative builds on our strengths in physical media and reinforces our focus on high-value, enthusiast-driven products. With a structurally stronger margin profile and a growing pipeline of exclusive content, we believe Alliance is well positioned to deliver durable profitability and long-term value for our shareholders.”
Amanda Gnecco, Chief Financial Officer of Alliance Entertainment, said, “Net income in the second quarter increased 33% year-over-year to $9.4 million, and adjusted EBITDA margin improved 92 basis points year-over-year to 5.0%, reflecting the durability of our cost structure and the benefits of our improving product mix.
“During the quarter, we strengthened our balance sheet by refinancing our credit facility with Bank of America, reducing borrowing costs by up to 250 basis points and extending the maturity to five years. We ended the quarter with just over $74 million in working capital and enhanced liquidity, providing greater financial flexibility to support premium inventory, exclusive partnerships, and strategic initiatives while maintaining disciplined capital management,” continued Gnecco.
“As we look ahead, we’re building on a much stronger foundation,” Walker continued. “The acquisition of Endstate and the launch of Endstate Authentic mark an important step in expanding Alliance beyond distribution into authenticated collectibles, digital product identity, and recurring platform-driven revenue. This technology allows us to extend the value of physical products across their entire lifecycle-from initial sale through authenticated resale-while strengthening trust, provenance, and margins across our ecosystem. With the launch of Alliance Authentic™, we are also creating new opportunities in the collectible vinyl market by applying authentication, scarcity, and provenance to products we already source and distribute at scale.
“Separately, our new exclusive partnership with Amazon MGM Studios strengthens our leadership in premium physical home entertainment,” Walker added. “By combining our scale, operational execution, and exclusive studio relationships, we continue to elevate physical movies as collectible formats for fans and enthusiasts. Together, these initiatives reflect a disciplined approach to growth that leverages our scale, exclusivity, and financial flexibility to create long-term shareholder value.”
Second Quarter FY 2026 Financial Results
Net revenues for the fiscal second quarter ended December 31, 2025, were $369 million, compared to $394 million in the same period of fiscal 2025.
Gross profit for the fiscal second quarter ended December 31, 2025, was $47.1 million, compared to $42.3 million in the same period of fiscal 2025.
Gross margin for the fiscal second quarter ended December 31, 2025, was 12.8%, up 210 basis points from 10.7% in the same period of fiscal 2025.
Net income for the fiscal second quarter ended December 31, 2025, was $9.4 million, or $0.18 per diluted share, compared to net income of $7.1 million, or $0.14 per diluted share for the same period of fiscal 2025.
Adjusted EBITDA for the fiscal second quarter ended December 31, 2025, was $18.5 million, compared to Adjusted EBITDA of $16.1 million for the same period of fiscal 2025.
Six-Months FY 2026 Financial Results
Net revenues for the six months ended December 31, 2025, were $623 million, compared to $623 million in the same period of fiscal 2025.
Gross profit for the six months ended December 31, 2025, was $84.3 million, compared to $67.8 million in the same period of fiscal 2025.
Gross margin for the six months ended December 31, 2025, was 13.5%, up 260 basis points from 10.9% in the same period of fiscal 2025.
Net income for the six months ended December 31, 2025, was $14.3 million, or $0.28 per diluted share, compared to net income of $7.5 million, or $0.15 per diluted share for the same period of fiscal 2025.
Adjusted EBITDA for the six months ended December 31, 2025, was $30.7 million, compared to Adjusted EBITDA of $19.5 million for the same period of fiscal 2025.
Conference Call
Alliance Entertainment Chief Executive Officer Jeff Walker, Chief Financial Officer Amanda Gnecco, and Executive Chairman Bruce Ogilvie will host the conference call, which will be followed by a question-and-answer session. A presentation will accompany the call and can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
Date:
Thursday, February 12, 2026
Time:
4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time
Toll-free dial-in number:
1-877-407-0784
International dial-in number:
1-201-689-8560
Conference ID:
13758224
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact RedChip Companies at 1-407-644-4256.
A telephone replay of the call will be available approximately three hours after the call concludes and can be accessed through March 12, 2026, using the following information:
Toll-free replay number:
1-844-512-2921
International replay number:
1-412-317-6671
Replay ID:
13758224
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. Alliance also owns and operates proprietary collectibles brands, including Handmade by Robots™, a stylized vinyl figure line featuring licensed characters from leading entertainment franchises, and Alliance Authentic™, a premium platform for authentic, certified, and individually numbered entertainment collectibles. In addition, Alliance operates Endstate Authentic, a dedicated NFC-enabled authentication and digital product identity platform supporting authenticated collectibles, resale, and brand protection. Leveraging decades of operational expertise, exclusive sourcing relationships, and a capital-light, scalable infrastructure, Alliance connects fans and collectors to the products, franchises, and experiences they value across formats and generations. For more information, visit 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 that a breach of the revolving credit facility 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, uncertainty regarding tariffs, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; 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. 1-800-REDCHIP (733-2447) 1-407-644-4256 AENT@redchip.com
HOUSTON, Feb. 12, 2026 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (“Colossus SSP”) and Orange 142, LLC (“Orange 142”), today announced that the Company has received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”) confirming that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share, and otherwise satisfies all applicable criteria for continued listing on The Nasdaq Capital Market.
Mark Walker, CEO of Direct Digital Holdings, commented, “Evidencing full compliance with the Nasdaq listing criteria represents an important step on our path forward and the continued execution on our strategic goals.”
The Company’s common stock will continue to trade on Nasdaq under the ticker symbol “DRCT.”
This press release contains forward-looking statements within the meaning of federal securities laws that are subject to certain risks, trends and uncertainties. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the information described under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Form 10-K”) and subsequent periodic and or current reports filed with the Securities and Exchange Commission (the “SEC”).
The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements. We believe these factors include, but are not limited to, the following: the restrictions and covenants imposed upon us by our credit facilities; the substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing; our ability to secure additional financing to meet our capital needs; our ability to maintain compliance with applicable listing standards of the Nasdaq Capital Market; any significant fluctuations caused by our high customer concentration; risks related to non-payment by our clients; reputational and other harms caused by our failure to detect advertising fraud; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; our failure to manage our growth effectively; the difficulty in identifying and integrating any future acquisitions or strategic investments; any changes or developments in legislative, judicial, regulatory or cultural environments related to information collection, use and processing; challenges related to our buy-side clients that are destination marketing organizations and that operate as public/private partnerships; any strain on our resources or diversion of our management’s attention as a result of being a public company; the intense competition of the digital advertising industry and our ability to effectively compete against current and future competitors; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; as a holding company, we depend on distributions from Direct Digital Holdings, LLC (“DDH LLC”) to pay our taxes, expenses (including payments under the Tax Receivable Agreement) and any amount of any dividends we may pay to the holders of our common stock; any failure by us to maintain or implement effective internal controls or to detect fraud; and other factors and assumptions discussed in our Form 10-K and subsequent periodic and current reports we may file with the SEC.
Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this press release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. New factors that could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them. Further, we cannot assess the impact of each currently known or new factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
About Direct Digital Holdings
Direct Digital Holdings (Nasdaq: DRCT) combines cutting-edge sell-side and buy-side advertising solutions, providing data-driven digital media strategies that enhance reach and performance for brands, agencies, and publishers of all sizes. Our sell-side platform, Colossus SSP, offers curated access to premium, growth-oriented media properties throughout the digital ecosystem. On the buy-side, Orange 142 delivers customized, audience-focused digital marketing and advertising solutions that enable mid-market and enterprise companies to achieve measurable results across a range of platforms, including programmatic, search, social, CTV, and influencer marketing. With extensive expertise in high-growth sectors such as Energy, Healthcare, Travel & Tourism, and Financial Services, our teams deliver performance strategies that connect brands with their ideal audiences.
At Direct Digital Holdings, we prioritize personal relationships by humanizing technology, ensuring each client receives dedicated support and tailored digital marketing solutions regardless of company size. This empowers everyone to thrive by generating billions of monthly impressions across display, CTV, in-app, and emerging media channels through advanced targeting, comprehensive data insights, and cross-platform activation. DDH is “Digital advertising built for everyone.”
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