Madrid, Spain and Tel Aviv, Israel, October 28, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”) a leading online gaming operator in Spain and Latin America, today announced that it will release its third quarter 2025 results prior to 8:30AM US Eastern Time on November 17, 2025.
At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.
The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible in the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codere.com (+34)-628-928-152
NEW YORK, Oct. 28, 2025 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):
Revenue of $22.2 million, up 10% year-over-year
Consolidated operating profit of $0.5 million
Non-GAAP consolidated operating profit of $1.1 million
Cash flow from operations of ($0.4) million
Earnings per share (EPS) of $0.01
Travelzoo, the club for travel enthusiasts, today announced financial results for the third quarter ended September 30, 2025. Consolidated revenue was $22.2 million, up 10% from $20.1 million year-over-year. In constant currencies, revenue was $21.9 million, up 9% year-over-year. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.
In Q3, Travelzoo continued to invest significantly in acquiring more Club Members when we saw that we can achieve a payback and positive return on investment (ROI) within a quarter. Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. The effect is a sizable reduction in EPS. We refer to our investor presentation.
Net income attributable to Travelzoo was $0.2 million for Q3 2025, or $0.01 per share, compared with $0.26 per share in the prior-year period.
Non-GAAP operating profit was $1.1 million. Non-GAAP operating profit excludes amortization of intangibles ($2,000), stock option expenses ($399,000), and severance-related expenses ($167,000). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.
“We will continue to leverage Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complementary airport lounge access worldwide in case of a delayed flight,” said Holger Bartel, Travelzoo’s Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do.”
Travelzoo North America North America business segment revenue increased 11% year-over-year to $14.2 million. Operating profit for Q3 2025 was $1.1 million, or 8% of revenue, compared to operating profit of $3.2 million or 25% of revenue in the prior-year period.
Travelzoo Europe Europe business segment revenue increased 9% year-over-year to $6.6 million. Operating loss for Q3 2025 was $640,000, or 10% of revenue, compared to operating profit of $1.0 million, or 17% of revenue in the prior-year period. The reported operating loss occurred because we acquired more Club Members.
Jack’s Flight Club Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 12% year-over-year to $1.4 million. The number of premium subscribers increased 8% year-over-year. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating profit for Q3 2025 was $20,000, compared to operating profit of $27,000 in the prior-year period.
New Initiatives New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $27,000. Operating loss for Q3 2025 was $20,000.
In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo’s brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $9,000 for Q3 2025. Licensing revenue from the licensee in Japan was $7,000 for in Q3 2025. Licensing revenue is expected to increase going forward.
Reach Travelzoo reaches 30 million travelers. This includes Jack’s Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.
Income Taxes The reported income tax provision and reserves for Q3 2025 are $244,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q3 2025.
Balance Sheet As of September 30, 2025, cash, cash equivalents and restricted cash were $9.2 million. Cash flow from operations was ($0.4) million.
Deferred revenue increased because membership fees revenue is recognized ratably over the subscription period.
Share Repurchase Program During Q3 2025, the Company repurchased 148,602 shares of its outstanding common stock.
Looking Ahead For Q4 2025, we expect year-over-year revenue growth to continue. We expect revenue growth to accelerate as a trend in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to substantially increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.
In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.
Non-GAAP Financial Measures Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Conference Call Travelzoo will host a conference call to discuss third quarter 2025 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed in the conference call
access the webcast.
About Travelzoo We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with thousands of top travel suppliers—our long-standing relationships give us access to irresistible deals.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
During the Course of the Agreement Global Ventures Group Plans to Deploy SKYX’s Smart Technologies into Tens of Thousands of Homes and Hotel Rooms
SKYX Expects to Deploy Hundreds of Thousands of Products into Massive Growth of Middle East Projects
SKYX’s Technologies are Expected to Offer Long-Term Recurring Revenue Opportunities Through Monitoring, Subscriptions, and AI Services, in Addition to Product Upgrades, Interchangeability and Platform-Wide Integrations for Future Developments
MIAMI, Oct. 28, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 100 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become smart and safe as the new standard, today announced that it has entered into an agreement with Global Ventures Group, a leading U.S. and international real estate development firm based in Chicago, Illinois. Under the agreement, SKYX’s advanced smart home and smart building technologies will penetrate residential, commercial, and hotel projects across the Middle East, including developments in Saudi Arabia and Egypt. The collaboration marks a significant step in SKYX’s global expansion strategy as it continues to advance its mission to make homes and buildings smarter, safer, and more connected as the new standard.
The Global Ventures Group is led by Randall Langer, Founder and CEO, and a member of the U.S. Chamber of Commerce, participating in initiatives and councils in the Middle East and North Africa Region.
SKYX is expected to supply hundreds of thousands of units of its advanced and smart home technologies, including SKYX’s all-in-one smart home platform, its plug & play ceiling lighting, ceiling fans, recessed lights, down lights, EXIT signs, emergency lights, indoor and outdoor wall lights, plug-in LED mirrors, among other advanced smart products.
Randall Langer, Global Ventures Group Founder and CEO, said, “We are excited to collaborate with SKYX to bring their smart home and innovative technologies into our upcoming Middle East projects in Saudi Arabia and Egypt. As the founder of the Global Ventures Group and as a member of the U.S. Chamber of Commerce, our goal is to deploy leading and highly disruptive U.S. technologies into international projects. By integrating SKYX’s technologies in the Middle East, we are advancing the standards of safety, convenience, and design for communities throughout the region, and we look forward to expanding this collaboration and related initiatives with SKYX throughout future developments.”
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said; “We are excited to be working with a prominent U.S. and international developer such as the Global Ventures Group. We look forward to collaborating with them on international projects to enhance the value of buildings and hotel projects in the region while creating safer, advanced, and smart homes and buildings for the future.”
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Toronto, Ontario–(Newsfile Corp. – October 28, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) has signed a Memorandum of Understanding (the “MOU”) with Società per il Risanamento e lo Sviluppo Ambientale dell’ex miniera di amianto di Balangero e Corio (Society for the Remediation and Environmental Development of the former asbestos mine of Balangero and Corio otherwise known as “RSA”), and Firestone Ventures Inc. (“Firestone”). The MOU aims to examine the extensive tailings for a potentially commercially viable recovery of valuable nickel and cobalt, two “Critical Metals” for electric battery production, as highlighted in the European Union Critical Raw Materials Act. The Company has been investigating this concept since March 2024 as complementary to the ongoing Corsica awaruite nickel programme. Firestone will be responsible for the carbon capture portion of the project.
The MOU allows for data collection and sampling of tailings at the former Balangero Asbestos Mine (1916-1990), approximately 25 km NNW of Turin, Italy, to:
Examine the possibilities of extracting valuable nickel, cobalt, chromium, iron and copper from the waste piles, and
Examine the feasibility of using the waste stream to capture carbon from industrial sources and permanently destroy all the asbestos minerals, thereby rendering the material completely benign.
This is a cleanup project with the added bonus of carbon capture and production of critical metals. The MOU has a term of 1 year, after which, if results prove favourable, the parties are expected to enter into a commercial agreement with respect to the extraction of metals from the waste piles and subsequent carbon capture from the waste product stream. Aurania and Firestone have exclusive access to the site for this evaluation.
RSA have determined that the main dry-stacked tailings pile contains approximately 60 million cubic metres of serpentinite waste rock (Oboni and others, 2011; doi:http://dx.doi.org/10.14288/1.0107741). This is material already excavated, milled, and heaped in a pile approximately 250 metres in height. It has been crushed to -10 cm, and the majority of the material is < 1 cm.
A rigorous determination of parameters has not yet been done, and as such, we stress caution; however, with a specific gravity of 2.55 as reported for average serpentinite by the United States Geological Survey (USGS) and a volume of 60 million cubic metres, circa 153 million tonnes of waste is considered to be in the waste pile. In a limited reconnaissance sampling program commissioned by Aurania in 2024, Maxime Dupéré (géo. Project Geologist, SGS Canada Inc. – Geological Services) reported an average of 0.15% nickel for the Balangero tailings. This agrees well with the published average of around 0.17- 0.18% (average of over fifty analyses, with minimum and maximum values respectively around 0.1 and 0.3 %) as reported by Prof. Steffano Zucchetti in 1966. Assuming an average grade of 0.15% Ni, the waste pile could contain circa 229,500 tonnes of nickel. There is also a second, older tailings and waste rock pile on the property that is possibly of similar dimensions.
Figure 1: Main tailings pile at the Balangero Mine. Approximate height is 250 metres.
This represents a potentially valuable resource which has already been extracted, crushed and dry-stacked. No drilling, blasting or mining will be required in this project. The main target mineral is “awaruite”, a natural alloy of nickel and iron (Ni3Fe), with a composition of 77-83% Ni. There is no sulphide component, and this can be considered a “Green Nickel” recovery project. The awaruite nickel mineral was first described by Zucchetti in 1966, who discovered the mineral in magnetic sand, along with magnetite (Fe3O4). Zucchetti worked out an entire flow sheet for the beneficiation and recovery of the awaruite. Though the nickel-bearing awaruite mineral was not recognized at the time, the magnetic sand from the Balangero Mine tailings was used for some months in 1943 as furnace feed to make steel during World War II (Turin archives).
At present, some 450 kg of material taken from 36 sites across the property is being evaluated at STEVAL (Station expérimentale de valorisation des matières premières et des substances résiduaires) [Experimental station for the recovery of raw materials and residual substances] in Nancy, France. This will determine a complete mineralogical characterization of the material, the grain size of awaruite and other valuable minerals for potential recovery, the necessary grind size to liberate the metals, the bond index for crushing the material, and Davis Tube magnetic separation, which splits the sub-sample into magnetic and non-magnetic fractions. The magnetic fraction will then be fused with lithium metaborate/tetraborate flux and analyzed by X-ray fluorescence. These analyses are more representative of the recoverable grade of the waste since most recoverable nickel will be in the magnetic separate (e.g., awaruite), whereas the whole rock fusion/ICP analyses may include non-recoverable nickel hosted in silicate phases. This work is already ongoing.
International consultancy firm SRK has been retained to produce a Scoping Level Review on the Mineral Assets of the Balangero tailings retreatment project. We forecast this will take approximately 6 months to complete. Dr. Chiara Boschi, a Senior Researcher at the Institute of Geosciences and Earth Resources (IGG-CNR, Pisa, Italy), has been retained by Firestone to develop a process for using carbon dioxide from industrial sources to neutralize the contained asbestos in the tailings and fix the carbon permanently in a potentially useful form. Dr. Boschi is a recognized expert and published author on the carbonation of serpentinite and has over 15 years of experience in this regard.
RSA has some twenty years of experience in managing and reclaiming the Balangero Mine site and has been highly successful in reducing the threat of airborne asbestos, so today it is not considered a concern to local communities. It is not economically feasible at the known grades of nickel to consider the reopening of Balangero as a mining operation, and Aurania has no intention in this regard.
Dr. Keith Barron, a director and Chief Executive Officer of the Company, is also the President and a director of Firestone Ventures Inc.
Qualified Persons: The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes: that if results of the MOU prove favourable, a commercial agreement is expected to be entered into with respect to the extraction of minerals from the waste piles, the assumption that the waste pile may have the potential to contain circa 229,500 tonnes of nickel, that this represents a valuable resource which has already been extracted, crushed and dry-stacked, the expectation that the evaluation of 450 kg of material will provide mineralogical characterization and other expected information about such material, the timing to produce a Scoping Level Review on the Mineral Assets of the Balangero tailings retreatment project, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to achieve the anticipated results, incorrect assumptions made in the initial evaluation of the project, failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Cash runway into 2027, which is expected to support application resubmission, potential FDA approval, and launch of OLC
LOS ALTOS, Calif., Oct. 28, 2025 (GLOBE NEWSWIRE) — Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease (the Company or Unicycive), today announced an update from its meeting with the U.S. Food and Drug Administration (FDA) and timing of the resubmission of its New Drug Application (NDA) for Oxylanthanum Carbonate (OLC) following receipt of a Complete Response Letter (CRL) on June 30, 2025. The Type A FDA meeting was held to discuss the resolution of the single deficiency identified in the CRL related to the compliance status of a third-party manufacturing vendor. No other concerns have been identified to the Company, including pre-clinical, clinical, or safety data submitted as part of the NDA. Following receipt of the official meeting minutes from the Type A meeting and engaging in discussions with its third-party manufacturing vendor, the Company plans to resubmit the NDA for OLC by year-end.
“We are grateful for the highly constructive feedback and detailed meeting minutes we received from the FDA and look forward to resubmitting the NDA as we advance OLC toward potential approval,” said Shalabh Gupta, MD, Chief Executive Officer of Unicycive. “Following our interactions with the FDA, we are very encouraged about the potential for a swift resolution of the issue raised in our CRL and we believe we are now on track to resubmit our NDA before the end of the year, which could lead to a PDUFA date in the first half of 2026. With over $42 million on our balance sheet as of September 30, we have a cash runway into 2027, enabling us to work through the regulatory approval process and continue to advance preparations for potential OLC commercialization while focusing on our mission to deliver improved treatment options for patients with hyperphosphatemia on dialysis.”
About Oxylanthanum Carbonate (OLC) OLC is an investigational oral phosphate binder that leverages proprietary nanoparticle technology to deliver high phosphate binding potency, reducing the number and size of pills that patients must take to treat hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. Its potential best-in-class profile may have meaningful patient adherence benefits over currently available treatment options as it requires a lower pill burden. Unicycive is seeking FDA approval of OLC via the 505(b)(2) regulatory pathway. The NDA submission package is based on data from three clinical studies (a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers, and a tolerability study of OLC in CKD patients on dialysis), multiple preclinical studies, and the chemistry, manufacturing and controls (CMC) data. OLC is protected by a strong global patent portfolio including issued patents on composition of matter with exclusivity until 2031, and with the potential for patent term extension until 2035.
About Hyperphosphatemia Hyperphosphatemia is a serious medical condition that occurs in nearly all patients with End Stage Renal Disease (ESRD). Annually there are over 450,000 individuals in the U.S. that require medication to control their phosphate levels.1 Uncontrolled hyperphosphatemia is strongly associated with increased death and hospitalization for CKD patients on dialysis. Treatment of hyperphosphatemia is aimed at lowering serum phosphate levels via two means: (1) restricting dietary phosphorus intake; and (2) using, on a daily basis, and with each meal, oral phosphate binding drugs that facilitate fecal elimination of dietary phosphate rather than its absorption from the gastrointestinal tract into the bloodstream.
1Flythe JE. Dialysis-Past, Present, and Future: A Kidney360 Perspectives Series. Kidney360. 2023 May 1;4(5):567-568. doi: 10.34067/KID.0000000000000145. Epub 2023 Jun 29. PMID: 37229723; PMCID: PMC10371371.
About Unicycive Therapeutics Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers.
Preliminary Financial Information The preliminary financial information included in this press release is unaudited and is subject to completion of the Company’s quarter-end closing procedures and further financial review. Actual results may differ from these estimates as a result of the completion of quarter-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles, and they should not be viewed as indicative of our results for any future period. The Company’s independent registered public accountants have not audited, reviewed, compiled, or performed any procedures with respect to these estimated financial results and, accordingly, do not express an opinion or any other form of assurance with respect to these preliminary estimates.
Forward-looking statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Unicycive’s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to our ability to file an NDA before the end of 2025, risk that we do not get a PDUFA date in the first half of 2026; the accuracy of our cash on hand at September 30, 2025 and risk that our cash runway does not extend into 2027. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
NEW YORK–(BUSINESS WIRE)– Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a leading artificial intelligence (“AI”) company offering AI and augmented reality (“AR”) powered solutions to beauty, fashion, photo and video creative industries, today announced its unaudited financial results for the three months ended September 30, 2025 and the nine months ended September 30, 2025.
Financial Results for the Three Months Ended September 30, 2025
Revenue
Total revenue was $18.7 million for the three months ended September 30, 2025, compared to $16.1 million in the same period of 2024, an increase of 15.7%. The increase was primarily due to strong growth momentum in the revenue of mobile app and web services subscriptions.
AI- and AR- cloud solutions and subscription revenue was $15.7 million for the three months ended September 30, 2025, compared to $13.4 million in the same period of 2024, an increase of 17.2%. The increase was driven by the continued revenue growth of YouCam mobile app and web services subscriptions, the growing popularity among consumers of Generative AI technologies and AI editing features for photos and videos, and the stable demand for the Company’s online virtual product try-on solutions from brand customers.
Licensing revenue was $2.2 million for the three months ended September 30, 2025, compared to $2.4 million in the same period of 2024, a decrease of 9.5%.
Gross Profit
Gross profit was $14.1 million for the three months ended September 30, 2025, compared with $13.0 million in the same period of 2024, an increase of 9.2%. Gross margin was 75.8% for the three months ended September 30, 2025, down from 80.3% in the same period of 2024. The decrease in gross margin was primarily due to the increase in AppStore and GooglePlay platform processing fees paid to digital distribution partners, such as Google and Apple, driven by the steady growth in our YouCam mobile app subscription revenue. In addition, the increases in AI server computing cost, resulting from the growing demand for premium features powered by generative AI photo and video services, also contributed to the decrease in gross margin.
Total Operating Expenses
Total operating expenses were $13.7 million for the three months ended September 30, 2025, compared with $13.0 million in the same period of 2024, an increase of 4.7%. The increase was primarily due to increases in sales and marketing expenses and research and development expenses, which were partially offset by a decrease in general and administrative expenses in the third quarter of 2025.
Sales and marketing expenses were $7.9 million for the three months ended September 30, 2025, compared to $7.1 million during the same period of 2024, an increase of 11.6%. This increase was primarily due to an increase in marketing events and advertising expenses related to our mobile apps and web services subscription.
Research and development expenses were $3.9 million for the three months ended September 30, 2025, compared to $3.2 million during the same period of 2024, an increase of 22.4%. The increase was caused by two main factors: (i) the continued foreign exchange impact caused by the depreciation of the U.S. dollar against New Taiwan dollar elevated personnel costs for our Taiwan-based development team, and (ii) the increase in research and development headcount and related compensation expenses following the acquisition of Wannaby Inc. (“Wannaby”) in the first quarter of 2025.
General and administrative expenses were $1.7 million for the three months ended September 30, 2025, compared to $2.1 million during the same period of 2024, a decrease of 18.2%. The decrease was primarily due to reduced corporate insurance premium and external professional service fees.
Operating Income/Loss
Total operating income were $0.5 million for the three months ended September 30, 2025, compared with an operating loss of $0.1 million in the same period of 2024, an increase of $0.6 million turning from a loss to an income position. The increase was primarily driven by higher revenue and gross profit, while operating expenses grew only modestly.
Net Income
Net income was $2.1 million for the three months ended September 30, 2025, compared to $2.5 million during the same period of 2024, a decrease of 17.9%. The decrease in net income was primarily due to (i) higher AppStore and GooglePlay platform processing fees, (ii) higher Taiwan personnel costs due to foreign exchange impact by a weaker U.S. dollar, (iii) increases in operating expenses after the acquisition of Wannaby, and (iv) lowered interest income due to decreases in interest rates on the Company’s cash reserve.
Beginning with the third quarter of 2025, we will no longer present adjusted net income (loss), as this metric is no longer utilized by our management to assess or evaluate our operating performance.
Operating Cash Flow
Operating cash flow was $2.8 million in the three months ended September 30, 2025, compared to $4.2 million in the same period of 2024, a decrease of 34.6%.
Financial Results for the Nine Months Ended September 30, 2025
Revenue
Total revenue was $51.0 million for the nine months ended September 30, 2025, compared to $44.3 million in the same period of 2024, an increase of 15.1%.
AI- and AR- cloud solutions and subscription revenue was $44.7 million for the nine months ended September 30, 2025, compared to $38.7 million in the same period of 2024, an increase of 15.4%. The increase was driven by the continued revenue growth of YouCam mobile apps and web services subscriptions.
Licensing revenue was $4.8 million for the nine months ended September 30, 2025, compared to $4.7 million in the same period of 2024, an increase of 1.0%.
Gross Profit
Gross profit was $38.9 million for the nine months ended September 30, 2025, compared with $35.2 million in the same period of 2024, an increase of 10.7%. Gross margin was 76.3% for the nine months ended September 30, 2025, slightly down from 79.4% in the same period of 2024.
Total Operating Expenses
Total operating expenses were $40.1 million for the nine months ended September 30, 2025, compared with $37.8 million in the same period of 2024, an increase of 5.9%. The increase was primarily due to increases in research and development and sales and marketing expenses, which were partially offset by a decrease in general and administrative expenses during the period.
Sales and marketing expenses were $23.1 million for the nine months ended September 30, 2025, compared to $21.3 million during the same period of 2024, an increase of 8.5%.
Research and development expenses were $11.5 million for the nine months ended September 30, 2025, compared to $9.2 million during the same period of 2024, an increase of 25.0%.
General and administrative expenses were $5.4 million for the nine months ended September 30, 2025, compared to $6.7 million during the same period of 2024, a decrease of 19.2%.
Operating Loss
Total operating loss were $1.1 million for the nine months ended September 30, 2025, compared with an operating loss of $2.7 million in the same period of 2024, a decrease of 57.7%. The decrease in operating loss was primarily driven by higher revenue and gross profit, while operating expenses grew only modestly.
Net Income
Net income was $4.6 million for the nine months ended September 30, 2025, compared to $3.9 million during the same period of 2024, an increase of 16.7%.
Operating Cash Flow
Operating cash flow was $10.8 million in the nine months ended September 30, 2025, compared to $9.8 million in the same period of 2024, an increase of 10.3%. The Company continues to invest in growth while maintaining a healthy cash flow to support business operations underscoring the Company’s operational health and sustainability.
Capital Resource
As of September 30, 2025, the Company’s cash and cash equivalents remained stable at $127.9 million (or $170.1 million when including 6-month time deposits of $36.3 million and money market funds of $5.9 million, which are classified as current financial assets at amortized cost and current financial assets at fair value through profit or loss under IFRS, respectively), compared to $127.1 million (or $165.9 million when including time deposits and money market funds) as of December 31, 2024.
Key Business Metrics
The number of active subscribers for the Company’s YouCam mobile apps and web services was 946,000 as of September 30, 2025, compared to over 960,000 as of June 30, 2025, a decrease of 1.5%. This slight decline was as a result of the mobile app subscription plan’s average selling price (“ASP”) increase initiative introduced in early 2025, which strategically prioritized higher revenue per user and long-term monetization efficiency over short-term volume growth.
As of September 30, 2025, the Company’s cumulative customer base included 842 brand clients, with over 953,000 digital stock keeping units (“SKUs”) for makeup, haircare, skincare, shoes, bags, eyewear, watches and jewelry products, compared to 818 brand clients and over 914,000 digital SKUs as of June 30, 2025. The number of Key Customers 1 of the Company as of September 30, 2025 was 142 compared to 139 as of June 30, 2025. The increase is mainly from acquisition of new customer in both makeup and skincare categories.
CEO Remarks and Business Outlook for 2025
Ms. Alice H. Chang, the Founder, Chairwoman, and Chief Executive Officer of Perfect commented, “Perfect Corp. continues to demonstrate steady revenue growth and resilience across its business segments. Our foundation remains strong, and our outlook for the future is bright, supported by ongoing AI innovation and expanding opportunities across both consumer and enterprise fronts. As we move through the remainder of 2025 and into 2026, our focus remains on driving sustainable growth through AI innovation and strategic diversification.
Since we founded Perfect Corp., we have always continued to reinvest in the growth of our products and new business. At the same time, we are striving to operate more efficiently and effectively with our work force. While we have consistently been net income positive, we achieved a milestone in the third quarter of 2025 by reaching operating profit for the first time, compared to operating losses in previous periods. As we align our budget for 2026, we remain focused on continuing to operate with profitability at the forefront.
Our B2C app and web service subscription business continues to show strong momentum, the revenue per user and user engagement continue to rise, validating the value of our premium AI-powered features and confirming the long-term health of our B2C business. We are witnessing a significant increase in user demand for AI-driven image and video generation, reflecting the accelerating shift toward creativity and personalization powered by AI. Building on this trend, we recently introduced new YouCam AI Agents designed to simplify and enhance the user experience.
YouCam AI Agent, a unified, conversational editor now available in YouCam PerfectandYouCam Makeup. By combining beauty styling, skin analysis, fashion try-ons, and pro-grade photo/video enhancement, the agent lets users describe the result they want and delivers fast, precise, studio-quality outputs in seconds. Powered by advanced vision-language AI and Perfect Corp.’s own leading beauty and fashion technologies, YouCam AI Agent sets a new benchmark for intuitive creativity—redefining everyday self-expression, beauty and style through a single, intelligent workflow.
At the core of our success lies the rapid adoption of generative AI in photo and video applications, which continues to be a key driver of both revenue growth and new subscriber acquisition. These technologies empower users to create photorealistic edits, immersive video effects, and personalized digital content that was once only achievable through professional tools—significantly broadening our appeal and deepening user engagement across the YouCam apps and web services ecosystem.
In parallel, our new application programming interface (API) business is gradually contributing to a new revenue stream. This offering allows third-party developers, agencies, and enterprise partners to integrate our proprietary AI, Generative AI, and AR technologies directly into their own ecosystems. We see tremendous potential in this channel to expand our product reach to a broader range of new clients and unlock new monetization opportunities through scalable, API-driven solutions.
Finally, our traditional B2B enterprise business in the beauty and fashion industries continues to navigate a challenging macroeconomic environment marked by cautious client spending and longer decision cycles. Nevertheless, Perfect Corp. remains the clear market leader in virtual try-on and AI beauty/fashion technology, maintaining deep partnerships with top global and luxury brands. As the luxury and beauty markets regain momentum, we believe Perfect Corp. is exceptionally well-positioned to capture the next wave of industry growth, supported by our proven technology leadership and trusted brand relationships.
Driven by steady revenue growth in both YouCam mobile apps and web service subscriptions, along with sustained demand for our enterprise SaaS solutions, the Company reaffirms its full-year 2025 revenue guidance of 13.0% to 14.5% year-over-year growth compared to 2024. This outlook reflects our most recent assessment of market conditions and internal performance trends and may be adjusted should conditions change.”
About Perfect Corp.
Founded in 2015, Perfect Corp. is a leading AI company offering self-developed AI- and AR- powered solutions dedicated to transforming the world with digital tech innovations that make your virtual world beautiful. On Perfect’s direct consumer business side, Perfect operates a family of YouCam consumer apps and web-editing services for photo, video and camera users, centered on unleashing creativity with AI-driven features for creation, beautification and enhancement. On Perfect’s enterprise business side, Perfect empowers major beauty, skincare, fashion, jewelry, and watch brands and retailers by supplying them with omnichannel shopping experiences through AR product try-ons and AI-powered skin diagnostics. With cutting-edge technologies such as Generative AI, real-time facial and hand 3D AR rendering and cloud solutions, Perfect enables personalized, enjoyable, and engaging shopping journey and helps brands elevate customer engagement, increase conversion rates, and propel sales growth. Throughout this journey, Perfect maintains its unwavering commitment to environmental sustainability and fulfilling social responsibilities. For more information, visit https://ir.perfectcorp.com/.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on beliefs and assumptions and on information currently available to Perfect. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These statements are based on Perfect’s reasonable expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Perfect’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Perfect to predict these events or how they may affect Perfect. In addition, risks and uncertainties are described in Perfect’s filings with the Securities and Exchange Commission. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Perfect cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that Perfect presently does not know or that Perfect currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Perfect, its directors, officers or employees or any other person that Perfect will achieve its objectives and plans in any specified time frame, or at all. Except as required by applicable law, Perfect does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of Perfect as of any date subsequent to the date of this communication.
Apple has once again proven its staying power in the global tech landscape, briefly touching a $4 trillion market capitalization before pulling back slightly. The milestone underscores renewed investor optimism as strong early sales of the new iPhone 17 lineup signal that Apple’s growth engine remains alive and well.
According to data from Counterpoint Research, the iPhone 17 series outperformed its predecessor, the iPhone 16, during its first 10 days of release in both the U.S. and China—two of Apple’s most important markets. Year over year, iPhone sales surged 14%, with the base iPhone 17 and high-end iPhone 17 Pro drawing the most attention from consumers. The newly introduced iPhone Air also saw solid momentum, slightly outselling the discontinued iPhone Plus.
Apple’s stock climbed on the back of these strong figures, propelling its valuation into the $4 trillion club alongside fellow tech giants Nvidia and Microsoft. While Apple has flirted with this threshold before, the combination of resilient hardware demand and ongoing investor confidence helped push it back into record territory.
Still, not all analysts are convinced the sales surge will hold steady. Recent tracking from Jefferies suggests iPhone demand may be cooling slightly week over week, with delivery lead times shortening across major markets. In the U.S. and Europe, the once-long waits for iPhone 17 Pro and Pro Max models have largely disappeared, hinting that initial supply bottlenecks have eased.
Even so, Apple’s iPhone remains its crown jewel. The device generated $201.2 billion in revenue in 2024, more than half of the company’s total $391 billion. Its Services segment—covering everything from Apple TV+ to iCloud—added another $96.2 billion, showcasing the company’s ability to diversify beyond hardware.
Unlike Nvidia and Microsoft, whose valuations have surged on the strength of artificial intelligence development, Apple has taken a more measured approach. The company has yet to unveil its long-awaited AI-powered version of Siri, even as competitors like Google and Samsung continue to push forward with AI-enhanced products such as Gemini and Galaxy AI.
Despite that, Apple’s ecosystem remains unmatched. With over one billion active iPhones worldwide, along with a growing base of Apple Watch, AirPods, and service subscribers, the company benefits from an unparalleled level of customer loyalty. Each product launch not only drives revenue but reinforces a network of users deeply embedded in Apple’s ecosystem.
For investors, the story is clear: Apple may not be leading the AI revolution—yet—but its scale, cash flow, and brand strength continue to make it one of the most dependable growth stories in global markets. The $4 trillion mark is less about a temporary milestone and more about a company that continues to define what long-term market dominance looks like.
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.
Initiating with an Outperform rating. After years of revenue declines, we believe that the company is on the cusp of a swing toward revenue growth, offering a breakout opportunity for a stock that has been range-bound. We are initiating coverage with an Outperform rating and a $12 price target.
Well-recognized brands with growth potential. The company has established brands in workout videos, such as Insanity and P90x, and nutritional supplements, including Shakeology, Beachbar, and Beachbody Performance. Such strong brands are expected to support the company’s revenue growth initiatives as it expands distribution of its products into mass merchants.
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.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Debt Restructuring. Yesterday, Great Lakes announced it completed an amendment to its existing Revolving Credit Facility, upsizing the facility by $100 million to $430 million and extending its maturity to October 2030 from June of 2029. We believe the expansion of Great Lakes’ revolving credit facility highlights the strength of the Company’s business and its credit profile.
Second Lien Payoff. Significantly, as part of this transaction, the Company utilized the increased revolver capacity to fully repay the $100 million second lien notes issued in 2024. This will save the Company some $6 million per year in interest expense. Great Lakes’ balance sheet remain solid, with no debt maturities until 2029 and a weighted average interest rate now under 6%.
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 Tuesday, October 28, 2025
Companies contained in today’s report:
Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Some Debt Restructuring The Beachbody Company (BODI)/OUTPERFORM – Strong Brands To Flex Toward Growth
Great Lakes Dredge & Dock (GLDD/$11.03 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Debt Restructuring Rating: OUTPERFORM
Debt Restructuring. Yesterday, Great Lakes announced it completed an amendment to its existing Revolving Credit Facility, upsizing the facility by $100 million to $430 million and extending its maturity to October 2030 from June of 2029. We believe the expansion of Great Lakes’ revolving credit facility highlights the strength of the Company’s business and its credit profile.
Second Lien Payoff. Significantly, as part of this transaction, the Company utilized the increased revolver capacity to fully repay the $100 million second lien notes issued in 2024. This will save the Company some $6 million per year in interest expense. Great Lakes’ balance sheet remain solid, with no debt maturities until 2029 and a weighted average interest rate now under 6%.
The Beachbody Company (BODI/$5.08 | Price Target: $12) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Strong Brands To Flex Toward Growth Rating: OUTPERFORM
Initiating with an Outperform rating. After years of revenue declines, we believe that the company is on the cusp of a swing toward revenue growth, offering a breakout opportunity for a stock that has been range-bound. We are initiating coverage with an Outperform rating and a $12 price target.
Well-recognized brands with growth potential. The company has established brands in workout videos, such as Insanity and P90x, and nutritional supplements, including Shakeology, Beachbar, and Beachbody Performance. Such strong brands are expected to support the company’s revenue growth initiatives as it expands distribution of its products into mass merchants.
Noble Capital Markets Research Report Friday, October 24, 2025
Companies contained in today’s report:
MariMed Inc (MRMD)/OUTPERFORM – A Move Into New York
MariMed Inc (MRMD/$0.1426 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Move Into New York Rating: OUTPERFORM
New York. Continuing its market expansion, MariMed announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder, that will introduce the Company’s top-selling portfolio of products throughout New York State. Terms of the agreement were not disclosed. This expansion follows on the heels of the earlier Pennsylvania and Maine expansions, significantly increasing MariMed’s total addressable market, in our view.
Details. Farm 2 Hand intends to manufacture and distribute a variety of MariMed’s edible products as permitted under New York regulations. Those are initially expected to include Betty’s Eddies fruit chews, Bubby’s Baked goods, and InHouse gummies. The products will be produced in a new kitchen that MariMed will design and equip for Farm 2 Hand at Farm 2 Hand’s Bronx production facility.
Noble Capital Markets Research Report Thursday, October 23, 2025
Companies contained in today’s report:
Cocrystal Pharma (COCP)/OUTPERFORM – Highlights From Noble’s Virtual Conference Hemisphere Energy (HMENF)/OUTPERFORM – Adjusting Our Third Quarter and Full Year 2025 Estimates Nutriband (NTRB)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Looking Beyond The Third Quarter The Oncology Institute, Inc. (TOI)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Cocrystal Pharma (COCP/$1.03 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Proprietary Technology & Drug Design. James Wilson, Chief Financial Officer and Co-CEO, participated in Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s core technology to design antiviral compounds that bind to highly conserved, essential areas of the viral replication machinery, as well as progress updates on the product pipeline.The full video may be viewed here.
Lead Program & Near-Term Catalyst In Norovirus. The company’s most advanced program is CDI-988, an oral drug for norovirus. This lead indication was chosen strategically because there are no approved vaccines or therapeutics for norovirus. The market is significant, with a stated $60 billion annual market opportunity.
Hemisphere Energy (HMENF/$1.45 | Price Target: $2.45) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Adjusting Our Third Quarter and Full Year 2025 Estimates Rating: OUTPERFORM
Third quarter estimate update. We have trimmed our third-quarter revenue and net income estimates to C$21.6 million and C$6.9 million, respectively, from C$23.5 million and C$7.5 million. Additionally, we have lowered our adjusted funds flow (AFF) and AFF per share estimates to C$10.0 million and C$0.10, respectively, from C$10.7 million and C$0.11.
Full-year estimate changes. For the full year 2025, we project revenues and net income of C$93.7 million and C$27.4 million, respectively, compared to our previous estimates of C$97.7 million and C$29.6 million. Moreover, we have lowered our AFF and AFF per share estimates to C$41.0 million and C$0.41, respectively, from C$43.3 million and C$0.43.
Nutriband (NTRB/$7.04 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Nutriband Is Developing Transdermal Abuse-Deterrent Technologies. Nutriband has developed abuse-deterrent technology for dermal patch drug delivery. Serguei Melnik, Interim CEO, and Irina Gram, Director, highlighted the company’s platform, known as AVERSA, and its focus on patches containing FDA-approved drugs. The presentation may be viewed here.
Lead Product & Market Opportunity. The lead product, AVERSA Fentanyl, is an abuse-deterrent fentanyl patch. Upon approval, the FDA could mandate such technology for all fentanyl patches, the same way it required opioid pills to have abuse-deterrents. Market analysis by Advanced Health projects annual sales of $200 million for the branded AVERSA Fentanyl. If the abuse-resistant patch were mandated and replaced generic patches, sales could reach $800 million. A patch with improved safety and abuse-deterrence could reverse the decline in fentanyl prescriptions caused by reluctance to prescribe a drug with known abuse potential.
Superior Group of Companies (SGC/$10.19 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Looking Beyond The Third Quarter Rating: OUTPERFORM
Q3 Preview. We expect that there will be some impact on the third quarter from the “pull forward” in Branded Product revenue into the second quarter as consumers reacted ahead of possible trade policy changes. As such, we are modestly lowering our Q3 revenue and earnings expectations, highlighted in Figure #1 Q3 Revisions.
Largest variance. The largest adjustment to our Q3 revenue estimate is in Branded Products, revised from $89.8 million to $85.0 million. In our view, this segment offers one of the largest upside surprise potential in Q4, which could benefit from an improving macro economy.
The Oncology Institute, Inc. (TOI/$4.39 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
TOI Is Addressing The Unsustainable Cost Trend In Oncology. The Oncology Institute manages medical clinics that have improved outcomes and patient satisfaction while reducing the cost of cancer treatment. Dr. Daniel Virnich, CEO, and Rob Carter, CFO, highlighted the benefits of the company’s hybrid model of employed physicians and contracted independent community oncologists. The video of the company’s presentation may be viewed here.
Differentiated Competitive Advantage. TOI distinguishes itself from competitors in the value-based oncology field through its ownership of clinical assets (employed physicians and clinics). This provides greater control over care delivery compared to pure utilization management firms (such as Evolent’s New Century Health) or care navigation models (such as Thyme Care). This control enables higher compliance with value-based prescribing pathways, better integration of ancillary services, and more predictable and significant cost savings for payers.
Noble Capital Markets Research Report Tuesday, October 21, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Graham (GHM)/MARKET PERFORM – A Tuck In Acquisition Twin Hospitality (TWNP)/OUTPERFORM – A High-Growth, Asset Light Restaurant Franchisor
Century Lithium Corp. (CYDVF/$0.2 | Price Target: $2.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Rating: OUTPERFORM
Century produces high-purity lithium hydroxide. Century Lithium produced its first samples of lithium hydroxide from lithium carbonate derived from Angel Island’s lithium claystone deposit and treated at its demonstration plant using the company’s patent-pending alkaline leach and direct lithium extraction (DLE) process. Century had previously focused on making lithium carbonate. By producing high-purity lithium hydroxide, Century has demonstrated an ability to produce another major lithium product for the domestic market.
Pursuing a direct lithium conversion process. Lithium hydroxide samples were produced onsite in a batch process using conventional liming conversion with calcium hydroxide to produce lithium hydroxide with a purity level of 99.5% or greater. Century is pursuing a direct lithium conversion (DLC) process to produce lithium hydroxide directly from lithium chloride solution, which would bypass producing lithium carbonate in an intermediate stage to simplify the process and reduce energy consumption and operating costs.
Graham (GHM/$61.81) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Tuck In Acquisition Rating: MARKET PERFORM
An Acquisition. Yesterday, after the market close, Graham announced the acquisition of certain specified assets of Xdot Bearing Technologies (“Xdot”), a specialized consulting, design, and engineering firm focused on foil bearing technology. While the acquisition price was not revealed, Graham noted Xdot has annual sales of approximately $1 million and is expected to be slightly accretive to the Company’s fiscal year 2026 GAAP net income.
Xdot. Xdot has developed and patented a breakthrough foil bearing design that delivers superior performance while lowering development and production costs. Xdot’s products are complementary to the existing product portfolio of Graham’s Barber-Nichols (BN) subsidiary and will expand capabilities within BN. Notably, Dr. Erik Swanson, Founder, President, and Chief Engineer of Xdot is a world renowned expert in foil bearing analysis, application, and fabrication and will join the BN team upon closing.
Twin Hospitality (TWNP/$3.89 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A High-Growth, Asset Light Restaurant Franchisor Rating: OUTPERFORM
Initiation. We are initiating equity research coverage on Twin Hospitality Group with an Outperform rating and $10 price target. Twin Hospitality is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. The Company is a high-growth, asset light restaurant franchisor with a compelling franchisee value proposition, in our view. On January 29, 2025, parent company FAT Brands distributed approximately 5% of Twin Hospitality Class A shares to FAT Brands shareholders, bringing Twin Hospitality public.
A Premium Sports Bar Leader. Twin Hospitality currently operates approximately 115 Twin Peaks locations, consisting of 35 Company-owned and 80 franchised units. Twin Peaks offers a differentiated sports bar experience, from the lodge experience, to its signature 28-degree draft beer, a made-from-scratch menu, always-on wall-to-wall TVs, to the Twin Peaks Ambassadors, every customer receives an experience differentiated from the competition.
Noble Capital Markets Research Report Thursday, October 16, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Highlights from the Noble Emerging Growth Virtual Conference Comstock (LODE)/MARKET PERFORM – Strategic Acquisition Expands Nevada Mining Footprint Nicola Mining Inc. (HUSIF)/OUTPERFORM – Hitting All the Right Notes
Alliance Resource Partners (ARLP/$24.6 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Highlights from the Noble Emerging Growth Virtual Conference Rating: OUTPERFORM
Noble virtual conference. Alliance recently participated in Noble Capital Markets’ Emerging Growth Virtual Conference. The fundamental outlook for ARLP’s coal operations and oil and gas royalty business, the two largest drivers of cash flow, remains favorable. The coal and electric power generation industries are expected to benefit from Trump Administration policies that seek to assure affordable, reliable, and secure energy sources to meet growing demand for electricity. Through 2Q 2025, Alliance has invested $758 million in its oil and gas royalty business that has generated cumulative segment adjusted EBITDA of $622 million. While they have grown the oil and gas royalty business without the use of leverage, they do have the ability to employ leverage for larger acquisitions. A link to the presentation is here.
Capital allocation. Management takes a long-term view when making capital allocation decisions, with balance sheet strength being the highest priority. The next priority is investing in its coal business to ensure it remains an efficient and low-cost producer. The third priority is reinvesting the cash flow generated by the oil and gas business to make accretive acquisitions. Lastly, the company intends to return capital to shareholders, including attractive cash distribution payments, while ensuring flexibility to fund growth opportunities.
Acquisition of Haywood Quarry. Comstock completed the acquisition of the Haywood Quarry industrial and mineral properties from Decommissioning Services LLC. The 190-acre property, located in Lyon County, Nevada, includes available power, water, and direct access to U.S. Highway 50. The site historically hosted gold mining and aggregate operations and is strategically contiguous to Comstock’s flagship Dayton gold and silver resource.
Transaction terms. Comstock acquired the property for a total of $2.2 million in cash and stock from Decommissioning Services LLC. The transaction provides Comstock with full ownership and control of the Haywood industrial and mineral properties, integrating them into its broader Lyon County mineral estate. The purchase also enhances Comstock’s strategic flexibility in advancing mine planning, resource development, and reclamation initiatives at the Dayton complex.
Nicola Mining Inc. (HUSIF/$0.77 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hitting All the Right Notes Rating: OUTPERFORM
Treasure Mountain exploration. Nicola Mining Inc. (OTCQB: HUSIF, TSXV: NIM) provided an update on its plan for 2026 exploration drilling at the Treasure Mountain Silver Project. The area of exploration interest is northwest of the currently suspended mine and consists of several northeast to southwest trending and steeply dipping sulphide-rich veins. Results from previous exploration work confirmed the presence of vein-hosted silver, copper, lead, zinc, and gold, providing support for initial diamond drilling to establish the width of the trend and mineralization at depth.
Recent gold sales. Talisker Resources (OTCQB: TSKFF, TSX: TSK) has an agreement to process run-of-mine material from its Mustang Mine at Nicola’s Merritt Mill. For the quarter ending on September 30, a total of 1,569 ounces of gold were produced from Talisker’s Mustang Mine. Nicola receives a share of the gross profit from milling ore sourced from Talisker Resources Ltd. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) recently announced an amended mining and milling partnership agreement with Nicola Mining, extending the partnership to a 10-year term. The agreement secures a long-term processing solution for mineralized material from Blue Lagoon’s high-grade Dome Mountain Gold Project.
Noble Capital Markets Research Report Tuesday, October 14, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Noble Virtual Conference Highlights EuroDry (EDRY)/MARKET PERFORM – Recovering Rates and Greater Liquidity Enhance Outlook NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Novel Therapy for ALS and Neurodegenerative Diseases ONE Group Hospitality (STKS)/OUTPERFORM – Randian Adds Some Detail Saga Communications (SGA)/OUTPERFORM – Highlights From Noble’s Virtual Emerging Growth Conference Sky Harbour Group (SKYH)/OUTPERFORM – Noble Virtual Conference Highlights SKYX Platforms (SKYX)/OUTPERFORM – Noble Virtual Conference Highlights Snail (SNAL)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Highlights from Noble’s Virtual Conference Townsquare Media (TSQ)/OUTPERFORM – Highlights From Noble’s Virtual Conference Vince Holding Corp. (VNCE)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Alliance Entertainment Holding (AENT/$6.42 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Management appeared confident. Bruce Ogilvie, Executive Chairman, and Jeffrey Walker, CEO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s presentation and fireside Q&A chat, which provided a sanguine outlook for improved margins into fiscal 2026. Investors may listen to the company’s presentation here.
Favorable margin expansion outlook. Operating margins are expected to expand in fiscal 2026, supported by a full year of the company’s high margin licensing deal with Paramount and development of its Handmade by Robots collectible line. In addition, management anticipates further operating efficiencies.
EuroDry (EDRY/$12.58) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Recovering Rates and Greater Liquidity Enhance Outlook Rating: MARKET PERFORM
Vessel sale enhances liquidity. EuroDry recently announced an agreement to sell the M/V Eirini P. to a third party for approximately $8.5 million, with the transaction expected to close in October 2025. The sale is projected to generate a gain of approximately $0.6 million, or roughly $0.21 per share. The proceeds will enhance near-term liquidity and strengthen EuroDry’s flexibility to pursue selective investments in more efficient vessels.
Market environment improving. The dry-bulk market has shown signs of recovery as charter rates have recently rebounded from multi-year lows. The improvement reflects strengthening market sentiment, supported by limited fleet growth and rising expectations for Chinese demand. A historically low orderbook and modest fleet expansion provide a constructive foundation for rate stabilization heading into 2026.
NeuroSense Therapeutics Ltd. (NRSN/$1.22 | Price Target: $9) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Novel Therapy for ALS and Neurodegenerative Diseases Rating: OUTPERFORM
We Are Initiating Coverage of NeuroSense With An Outperform Rating. NeuroSense Therapeutics is developing therapies for degenerative neurological conditions. The lead product, PrimeC, has completed two Phase 2 trials for ALS (Amyotrophic Lateral Sclerosis) and has a Phase 3 trial planned for early 2026. Initial results from Phase 2 in Alzheimer’s disease has shown promising data. Our price target is $9 per share.
The Lead Indication For PrimeC Is in ALS. PrimeC is a novel formulation containing a combination of celecoxib and ciprofloxacin. These two drugs have been used separately for anti-inflammatory and anti-antimicrobial indications. After new data showed that each drug can affect pathways of degenerative disease, scientists at NeuroSense tested the two drugs together in models of ALS and found a synergistic effect. Two Phase 2 studies showed benefits on survival, disease progression, and biomarkers of ALS activity.
ONE Group Hospitality (STKS/$2.56 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Randian Adds Some Detail Rating: OUTPERFORM
Additional Detail. Randian Capital added another post on the social media platform X, providing additional details to its proposed turnaround plan for ONE Group Hospitality. Reportedly, the latest Randian X post was in response to STKS CEO Manny Hilario and CFO Nicole Thaung stating they had not engaged with Randian and were unaware if the firm held shares. The pair reiterated that ONE Group had no changes to guidance or plans for capital deployment being made.
The Driver. As we noted in our September 29th note, Randian believes there is tangible, underutilized value in this franchise—especially in Benihana, a legendary brand with global recognition and untapped potential. However, poor capital allocation, slipping operational execution, and marketing that is failing to drive engagement have resulted in a 60% decline in the share price since the 2024 Benihana acquisition, according to Randian.
Saga Communications (SGA/$12.6 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Emerging Growth Conference Rating: OUTPERFORM
A blended growth opportunity. This report highlights a fireside chat with Christopher Forgy, CEO & President, and Samuel Bush, CFO, at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Management highlighted its attractive growth opportunities from its “blended” advertising strategy. The full presentation may be viewed here.
Blended advertising strategy. Saga’s approach integrates radio (“wanted”), search (“found”), and display (“chosen”) to capture the full consumer journey. Management targets disrupting 5% of local digital ad spend to double annual gross revenue, focusing on 27 small-to-medium-sized markets where the company has trusted community relationships.
Sky Harbour Group (SKYH/$10.07 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble virtual conference highlights. Tal Keinan (CEO) and Francisco Gonzalez (CFO) of Sky Harbour Group (NYSE: SKYH) presented at Noble’s Emerging Growth Virtual Conference on October 8–9, 2025. Management highlighted continued lease-up at Phoenix, Dallas, and Denver, steady pre-leasing at Dulles (IAD) and Bradley (BDL), and progress on capital efficiency. A rebroadcast can be found here.
Leasing and pipeline on pace. Operations at Phoenix, Dallas, and Denver are leasing at a good clip, and the company has secured one pre-lease tenant at both IAD and BDL ahead of construction. Sky Harbour now holds long-term ground leases at 18 airports (nine operating, nine in development) and reaffirmed plans to add five more by year-end, bringing the total to 23.
SKYX Platforms (SKYX/$1.26 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Lenny Sokolow, CEO of SKYX Platforms (NASDAQ: SKYX), presented at Noble’s Virtual Conference on October 8–9, 2025. He discussed growing developer adoption, the upcoming Smart Ceiling Heater / Fan launch, progress toward mandatory code standardization, and reaffirmed expectations for adj. EBITDA inflection in Q4. A rebroadcast can be found here.
Developer partnerships gaining momentum. SKYX continues to expand across the builder channel with projects from Landmark Companies (278-unit Austin apartments), Forte Developments (luxury towers in Miami, Clearwater Beach, and Jupiter), Cavco Homes (premium prefabricated models), and the $3 billion Miami Urban Smart City. These initiatives represent large-scale unit potential and underscore accelerating adoption among professional developers.
Snail (SNAL/$1.04 | Price Target: $3.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Prospects for Stablecoin. This report highlights key takeaways from the company’s presentation at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Heidy Chow, CFO, and Peter Lin, FP&A outlined the key growth attributes for the company, including its emerging interest in developing a stablecoin. The full presentation may be found here.
Solid 2024 Performance and Franchise Resilience. Snail delivered a strong year, with FY2024 revenue reaching $85 million, supported by its enduring ARK franchise, which has accumulated over 90 million players and 4.1 billion total playtime hours since launch.
Superior Group of Companies (SGC/$10.07 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights from Noble’s Virtual Conference Rating: OUTPERFORM
Plowing through the trade fog. Michael Benstock, Chairman and CEO, and Michael Koempel, President and CFO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s fireside Q&A chat, which provided a constructive revenue and earnings growth outlook in spite of trade policy turmoil. Investors may listen to the company’s presentation here.
Diversified operations. The company operates in three segments, healthcare apparel, branded products, and contact centers. Diversification across these three segments provides both growth potential and resilience against macroeconomic uncertainty, including tariffs and political volatility.
Townsquare Media (TSQ/$6.09 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
A differentiated digital company. Bill Wilson, CEO, Stuart, Rosenstein, CFO, and Claire Yenicay, Executive Vice President, participated in a fireside chat at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s differentiated digital growth opportunities and compelling total return potential. This report provides some of the highlights from the discussion, but the full discussion may be viewed here.
Townsquare Interactive turning towards growth. Townsquare Interactive provides subscription-based digital marketing solutions for SMBs at ~$300/month, offering website management, CRM, email/text marketing, and payment integration. After temporary disruption in 2023–2024 due to a service model overhaul and return-to-office mandate, 2025 is returning to strong profit growth (~$3 million), with revenue growth expected to resume in 2026.
Vince Holding Corp. (VNCE/$2.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Transformational progress. Brendan Hoffman, CEO, Yuji Okumura, CFO, and Akiko Okuma, Chief Administrative Officer, discussed the significant transformation of the company toward revenue and cash flow growth and profitability at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Highlights from the fireside chat are featured in this report, and the full discussion is available here.
Minimizing the China impact. The company significantly reduced sourcing concentration from roughly 60% of production in China to approximately 25% today, offsetting the impact of tariff rates as high as 158%. Management noted that long-standing manufacturing partners in China have established sister facilities in other Asian countries, helping preserve quality standards while lowering exposure risk.
Market Share. CoreCivic remains the largest non-government owner of correctional and detention real estate in the U.S., owning approximately 57% of all privately owned correctional and detention capacity. The Company manages approximately 41% of all privately managed correctional and detention capacity.
FAT Brands (FAT/$1.98 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Legal Resolution Rating: OUTPERFORM
Legal Resolution. In an 8-K filing, FAT Brands disclosed that the Company and certain current and former directors and officers have reached a settlement agreement with stockholders of the Company to resolve two lawsuits known as Harris I and Harris II. The Derivative Actions were filed in June 2021, relating to the Company’s December 2020 merger with Fog Cutter Capital Group, and in March 2022, relating to the Company’s June 2021 recapitalization.
Details. Under the terms of the settlement agreement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 Class A shares of Twin Hospitality Group Inc. to the Company.
Phase 2. NN is entering Phase 2 of its transformation program. Phase 1 structurally rebuilt NN’s operating performance and efficiency through fixing unprofitable areas, improving margins, and entering new markets. Phase 2 is a growth and de-leverage focus, implementing new business programs, expanding the TAM, and addressing the preferred stock.
Resources Connection (RGP/$4.54 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Some Positives. The Company continues on its transformation path and is seeing encouraging signs, in our opinion. For example, the Company saw a return to growth in revenue for both the Europe & Asia- Pac segment and the Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue from the top 10 clients also grew year-over-year, and the enterprise-wide average bill rate increased to $120 on a constant currency basis, up from $118 a year ago.
Ongoing Cost Focus. The other side of the transformation plan is a focus on cost control. RGP continues to make good progress on its SG&A, as reflected in the quarter’s numbers. Post quarter, on September 30, 2025, in the face of continued end market sluggishness, RGP commenced a global reduction in its management and administrative workforce intended to enhance efficiencies through reduced costs and streamlined operations. Management expects approximately $6 million to $8 million of annual cost savings associated with this effort.
Noble Capital Markets Research Report Friday, October 10, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – A Multi-Year Growth Story
AZZ (AZZ/$100.75 | Price Target: $120) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Multi-Year Growth Story Rating: OUTPERFORM
FY 2026 second-quarter results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We projected adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the prior year quarter.
Updating estimates. We have lowered our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $1.642 billion, $369.2 million, and $5.98 per share, respectively, from $1.660 billion, $374.9 million, and $6.00 per share. Our revised forecasts reflect second-quarter results and more moderate sales growth in the second half of the year. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates could prove conservative if AZZ is successful in consummating acquisitions, which we do not reflect in our estimates until announced.
Noble Capital Markets Research Report Thursday, October 9, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Staying Focused on the Big Picture Bit Digital (BTBT)/OUTPERFORM – Monthly Ethereum Metrics Resources Connection (RGP)/OUTPERFORM – First Look at 1Q26
AZZ (AZZ/$105.94 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Staying Focused on the Big Picture Rating: OUTPERFORM
FY 2026 second-quarter financial results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We had forecast adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Sales and gross margins trailed our expectations for both segments. However, operating income of $68.5 million exceeded our estimate of $66.1 million due to lower selling, general, and administrative expenses. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the second quarter of FY 2025.
Results were mixed. While Metal Coatings sales were up 10.8% compared to the prior year quarter, Precoat Metals sales were down 4.3%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and appliance.
Bit Digital (BTBT/$4.04 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of September 2025. As of September 30, 2025, the Company held approximately 121,187 ETH, versus 121,252 ETH at the end of August. Included in the ETH holdings were approximately 15,075 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,142 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 9/30/25. The Company’s total staked ETH was approximately 99,936 as of September 30th.
Yield and Value. Staking operations generated approximately 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%. Based on a closing ETH price of $4,145.99, as of September 30, 2025, the market value of the Company’s ETH holdings was approximately $506.6 million.
Resources Connection (RGP/$4.95 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look at 1Q26 Rating: OUTPERFORM
A Beat. Resources Connection reported first quarter revenue, gross margin, and SG&A expenses better than expected, although the top line continued to decline y-o-y, as expected. RGP is engaging with clients on more consulting opportunities, which have higher bill rates, larger deal size, and often create more extension and cross selling. However, the macro environment remains unpredictable, which makes clients hesitant to begin new projects.
Details. 1Q26 revenue came in at $120.2 million, down from $136.9 million in 1Q25, but above the $120 million high-end of management’s guidance. Gross margin came in at 39.5%, a significant y-o-y improvement from 36.5% in 1Q25 and above the 36-37% guidance range. SG&A expense of $47.9 million improved from $48.9 million in 1Q25. RGP recorded a GAAP net loss of $2.4 million, or $0.07/sh, compared to a $5.7 million, or $0.17/sh, net loss, in 1Q25. Adjusted EPS was $0.03/sh versus breakeven last year.
Noble Capital Markets Research Report Monday, October 6, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Delivering Music To Our Ears: Cash Flow And Earnings Growth SKYX Platforms (SKYX)/OUTPERFORM – Strengthening Position Among Residential Developers Xcel Brands (XELB)/OUTPERFORM – Exiting A Successful Run
Alliance Entertainment Holding (AENT/$6.73 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Delivering Music To Our Ears: Cash Flow And Earnings Growth Rating: OUTPERFORM
Initiating coverage with Outperform rating. Alliance Entertainment is a leading distributor of physical products, including vinyl records, music CDs, Blu-ray and 4K Movies, Video Games and Electronics, and Collectibles. While some of its business lines are mature, there are attractive growth opportunities in developing revenue streams that carry higher margins. As such, we believe that the company is on the cusp of generating significant cash flow and earnings growth.
Expanding margin outlook. In spite of anticipated modest revenue growth of 2.4% in fiscal 2026, we anticipate a nearly 140 basis point improvement in adj. EBITDA margins in fiscal 2026, given our expectation of higher margin, developing revenue streams and the company’s focus on efficiencies. We expect an acceleration in revenue in fiscal 2027 to 3.1% with another 60 basis point improvement in margins.
SKYX Platforms (SKYX/$1.13 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Strengthening Position Among Residential Developers Rating: OUTPERFORM
Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.
Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.
Xcel Brands (XELB/$2.38 | Price Target: $7) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Exiting A Successful Run Rating: OUTPERFORM
Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.
Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs.
Noble Capital Markets Research Report Friday, October 3, 2025
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Favorable Preliminary Results and Tuck-in Acquisition
Bitcoin Depot (BTM/$3.83 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Favorable Preliminary Results and Tuck-in Acquisition Rating: OUTPERFORM
Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.
Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.
Noble Capital Markets Research Report Thursday, October 2, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Progress on the Permitting Front CoreCivic, Inc. (CXW)/OUTPERFORM – An Award for Diamondback Seanergy Maritime (SHIP)/OUTPERFORM – Strategic Vessel Sale and Improving Capesize Fundamentals V2X (VVX)/OUTPERFORM – Some More Awards
Century Lithium Corp. (CYDVF/$0.29 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Progress on the Permitting Front Rating: OUTPERFORM
Moving through the permitting process. Century has completed all required environmental baseline studies to begin Angel Island’s National Environmental Policy Act (NEPA) permitting process, which is expected to take up to two years before reaching a record of decision. The studies will be used by the Bureau of Land Management (BLM) to support the company’s upcoming Plan of Operations submission and subsequent NEPA analysis.
FAST-41 designation. In August 2025, Angel Island was formally designated as a FAST-41 Transparency project under a federal initiative designed to improve the transparency, coordination, and timeliness of the federal environmental review and permitting process. The designation reflects Angel Island’s strategic importance in supporting the U.S. critical minerals supply chain. We think the Angel Island project is well-positioned for a timely progression through the permitting process.
CoreCivic, Inc. (CXW/$20.55 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An Award for Diamondback Rating: OUTPERFORM
Diamondback. Yesterday, CoreCivic announced it was awarded a new contract under an Intergovernmental Services Agreement between the Oklahoma Department of Corrections and U.S. Immigration and Customs Enforcement (“ICE”) to resume operations at the Company’s 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.
Details. The new contract commenced on September 30, 2025, for a term of five years and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. The facility should begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.
Seanergy Maritime (SHIP/$8.58 | Price Target: $11) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strategic Vessel Sale and Improving Capesize Fundamentals Rating: OUTPERFORM
Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.
Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.
V2X (VVX/$58.08 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some More Awards Rating: OUTPERFORM
Awards. V2X has been the recipient of new awards, including one focused on extending the life-cycle of existing platforms and another driving connectivity and communications. In total, the three new awards total over $580 million of contract value, assuming all funds are spent. We view the recent wins as further confirmation of V2X’s ability to provide full mission lifecycle solutions.
Center Display Units. V2X’s Vertex Modernization and Sustainment unit was awarded by the Air Force a five-year ID/IQ contract with a single five-year option (10 years total) with a contract ceiling of $425 million for center display units (CDU), according to the Department of War’s daily contract awards. V2X will supply the Air Force with the following hardware during this period: CDU full kits, CDU line replaceable units, CDU shop replaceable units, and various other support hardware as required.
Noble Capital Markets Research Report Wednesday, October 1, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – A Convertible Note Offering The GEO Group (GEO)/OUTPERFORM – Retains ISAP Contract
Bit Digital (BTBT/$3 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Convertible Note Offering Rating: OUTPERFORM
An Offering. Bit Digital is offering $135 million of convertible notes. The deal is upsized from an original $100 million. Net proceeds from the offering will be used primarily to purchase Ethereum, and may be used for general corporate purposes, including potential investments, acquisitions, and other business opportunities. The capital raise continues management’s goal of becoming a major Ethereum treasury company, in our view.
Details. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29, 2025, which was $3.20).
The GEO Group (GEO/$20.49 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Retains ISAP Contract Rating: OUTPERFORM
ISAP Award. As we had expected, The GEO Group has retained the Intensive Supervision Appearance Program (“ISAP”) contract. U.S. Immigration and Customs Enforcement (“ICE”) awarded the contract to GEO’s BI subsidiary for the continued provision of electronic monitoring, case management, and supervision services. It is a two-year contract, which will have an initial term of one year, effective October 1, 2025, with an additional one-year option period.
Long-time Services Provider. BI has provided technology solutions, holistic case management, supervision, monitoring, and compliance services under the ISAP contract for over 21 years and has achieved high levels of compliance using a wide range of technologies and case management services over that time.
Noble Capital Markets Research Report Tuesday, September 30, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – U.S. Coal as a Strategic and Competitive Advantage CoreCivic, Inc. (CXW)/OUTPERFORM – Letter Contracts to Contract Awards ONE Group Hospitality (STKS)/OUTPERFORM – Activist Investor Sees $10+ Stock in 12-18 Months
Alliance Resource Partners (ARLP/$25.02 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | U.S. Coal as a Strategic and Competitive Advantage Rating: OUTPERFORM
Investments to reinvigorate the U.S. coal industry. The U.S. Department of Energy announced a $625 million program to expand and reinvigorate the U.S. coal industry. This includes $350 million to recommission or modernize coal power units, $175 million for coal power projects directly benefiting rural communities, $50 million to support advanced wastewater management systems to enable coal plants to extend their service life and reduce operational costs, $25 million for dual-firing retrofits, and $25 million for development and testing of natural gas cofiring systems.
Expanded coal leasing on federal lands. Moreover, the U.S. Department of the Interior announced it is making up to 13.1 million acres of federal land available for coal leasing and streamlining approvals for projects. The Department is accelerating efforts to fast-track projects that can recover strategic minerals from mine waste and abandoned sites. The One Big Beautiful Bill, passed on July 4, established lower coal leasing royalty rates of not more than 7% for both surface and underground mines for the period July 4, 2025, to September 30, 2034.
CoreCivic, Inc. (CXW/$21.54 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Letter Contracts to Contract Awards Rating: OUTPERFORM
Contract Awards. As anticipated, U.S. Immigration and Customs Enforcement (ICE) awarded CoreCivic two new contracts, which, once fully activated, would generate total annual revenue of approximately $200 million. The two facilities, California City and Midwest Regional, had been operating under Letter Contracts with ICE, which enable CoreCivic to begin operations at a facility while negotiating a longer-term contract. Both facilities were idle at the beginning of the year.
California City. CoreCivic has been preparing to accept detainees at the 2,560-bed California City facility since April 1, 2025. The Company began receiving detainees at the facility on August 27, 2025. Management currently expects the activation to be complete in 1Q26, achieving a normalized run-rate in 2Q26. Total annual revenue, once the activation is complete, is expected to be approximately $130 million. The new contract expires in August 2027.
ONE Group Hospitality (STKS/$3.12 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Investor Sees $10+ Stock in 12-18 Months Rating: OUTPERFORM
Activist Investor. Randian Capital, part of the “retail activist” group behind the sharp rise in Opendoor Technologies (OPEN) stock from less than a $1 mid-summer to around $8.20 today, released on social media platform X a turnaround proposal for The ONE Group. In a nutshell, the plan consists of Refocus the Portfolio, Revitalize the Brand, Strengthen Operations, and Capital Discipline & Growth. Radian sees a path to a $10+ stock over the next 12-18 months. STKS shares rose over 26% yesterday on the news.
Refocus & Revitalize. Randian calls for ONE Group to refocus solely on its Benihana concept, selling off all other concepts. The activist investor believes the STK concept alone could be worth more than the current market cap. Randian suggests rebranding as Benihana Group and changing the stock symbol. Revitalization by elevating the dining experience and engaging with cultural icons, among other changes.
Noble Capital Markets Research Report Friday, September 26, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Heightened Risk in Ecuador AZZ (AZZ)/OUTPERFORM – Revising Estimates; Growth Outlook Remains Favorable Steelcase (SCS)/MARKET PERFORM – A Better Than Expected 2Q26
Aurania Resources (AUIAF/$0.1 | Price Target: $0.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Heightened Risk in Ecuador Rating: OUTPERFORM
Second quarter financial results. As an exploration company, Aurania does not generate revenue and has expenses to advance its projects. During the second quarter of 2025, the company generated a net loss of C$1,610,843 or C$0.01 per share. We had projected a loss of C$1,432,419 or C$0.01 per share. The variance to our estimate was mostly due to higher exploration expenditures, along with higher stock-based compensation. We project a full-year 2025 net loss of C$11.1 million, or C$(0.10) per share, compared to our prior loss estimate of C$10.5 million, or C$(0.09) per share.
Mining service fee. Ecuador recently implemented a new mining service fee on the resource sector (refer to our note dated July 29, 2025). The Ecuadorian Control and Regulation Agency (ARCOM) requested payment from Aurania of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420. While the penalty for non-payment is unclear, we think Aurania is withholding payment until it becomes clear whether TASA will stand in its current form due to multiple constitutional challenges.
AZZ (AZZ/$110.64 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Revising Estimates; Growth Outlook Remains Favorable Rating: OUTPERFORM
Updating estimates. We are lowering our second-quarter revenue, adjusted EBITDA, and adjusted EPS estimates to $428.3 million, $93.4 million, and $1.54, respectively, from $433.5 million, $101.1 million, and $1.59. While we have increased our revenue estimate for the Metal Coatings segment, we lowered expectations for Precoat Metals due to anticipated weakness in building construction. Our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates are $1.660 billion, $374.9 million, and $6.00, respectively, compared to our prior estimates of $1.680 billion, $388.3 million, and $6.00. Our revised estimates reflect lower interest expense, along with modestly lower depreciation and amortization expense.
Organic and acquired growth. AZZ’s three-year goals include generating sales of two billion dollars or more in fiscal year 2028, compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth, and AZZ is targeting acquisitions that strengthen both of its business segments. While we do not forecast sales of $2.0 billion until 2031, our model does not reflect acquisitions until they are announced.
Steelcase (SCS/$16.7) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Better Than Expected 2Q26 Rating: MARKET PERFORM
2Q26. In what is likely the Company’s final quarterly report as a public company, Steelcase reported better than expected results. Results benefitted from continued strengthening of demand from large corporate customers and International growth driven by India, China, and the United Kingdom. Improved International volume drove a $5 million reduction in y-o-y adjusted operating loss in the International segment. These were Steelcase’s highest quarterly results over the past five years.
Financials. Revenue of $897.1 million rose 4.8% y-o-y and exceeded the $890 million high end of management’s guidance. We were at $875 million. Gross margin of 34.4% was flat y-o-y and exceeded the 33.5% high end of guidance. Adjusted EBITDA totaled $99.6 million, or 11.1% of revenue, up from $89.5 million and 10.5% in 2Q25. Adjusted EPS was $0.45, versus $0.39 last year and above management’s $0.40 high end guide. We were at $0.36.
Noble Capital Markets Research Report Wednesday, September 24, 2025
Companies contained in today’s report:
SelectQuote (SLQT)/OUTPERFORM – Reaches Milestone in Helping Medicare-Eligible Seniors
SelectQuote (SLQT/$2.08 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Reaches Milestone in Helping Medicare-Eligible Seniors Rating: OUTPERFORM
Milestone in Findhelp partnership. SelectQuote announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.
Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.
Noble Capital Markets Research Report Tuesday, September 23, 2025
Companies contained in today’s report:
The ODP Corporation (ODP)/MARKET PERFORM – To Be Acquired for $28/sh
The ODP Corporation (ODP/$27.68) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 To Be Acquired for $28/sh Rating: MARKET PERFORM
An Acquisition. Yesterday morning, The ODP Corporation announced it entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28/sh. The purchase price represents a premium of 34% to Friday’s closing price. ODP’s Board is supporting the transaction, which is expected to close by the end of 2025.
Who Is Atlas Holdings? Founded in 2002 by Andrew Bursky and Tim Fazio, Greenwich, CT-based Atlas Holdings owns and operates a global family of manufacturing and distribution businesses that together generate more than $20 billion in annual revenue. Atlas has experience in the office supplies sector through its LSC Communications unit, a leader in organizational solutions through brands such as Pendaflex.
Noble Capital Markets Research Report Monday, September 22, 2025
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – Raising Price Target
Information Services Group (III/$5.38 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Raising Price Target Rating: OUTPERFORM
Raising Price Target. We are raising our price target on III shares to $6.50 from a prior $5, as III shares have exceeded our price target. The recent and expected future interest rate cuts, ongoing cost optimization efforts from clients, and the increasing pace of AI adoption will continue to drive ISG’s operating performance, in our view.
Valuation. At our $6.50 price target, III shares would trade at 1.4x our 2026 revenue estimate on an EV/sales basis, 10.7x on an EV/projected 2026 adjusted EBITDA basis, and 19.1x adjusted 2026 earnings. This compares to a peer group that trades at 1.3x, 10x, and 15.8x, respectively, consensus 2026 estimates.
Noble Capital Markets Research Report Friday, September 19, 2025
Companies contained in today’s report:
Ocugen (OCGN)/OUTPERFORM – OCU400 Licensing Agreement For Korea Completed
Ocugen (OCGN/$1.4 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OCU400 Licensing Agreement For Korea Completed Rating: OUTPERFORM
OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.
Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.
Noble Capital Markets Research Report Thursday, September 18, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL Adopts Stockholder Rights Plan Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – A Month of Awards Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45
FreightCar America (RAIL/$8.71 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | RAIL Adopts Stockholder Rights Plan Rating: OUTPERFORM
Protecting the interests of all shareholders. Following a review of the company’s current ownership structure, FreightCar America announced that its Board of Directors adopted a limited-duration stockholder rights plan.The rights plan will expire on August 5, 2026, unless terminated earlier by the Board. The Rights Plan is intended to reduce the likelihood that any person or group gains control of the company through open-market accumulation or other tactics without paying an appropriate control premium. The plan also ensures the Board has sufficient time to make informed decisions that protect the interests of the company and all RAIL shareholders.
Increasing 2026 estimates. We have increased our 2026 EBITDA and EPS estimates to $53.6 million and $0.65, respectively, from $53.2 million and $0.64. Our estimate update reflects stronger deliveries in the second half of the year, with a full-year estimate of 4,850 compared with our previous estimate of 4,800. We now expect quarterly deliveries of: 1Q: 982, 2Q: 1,200, 3Q: 1,284, and 4Q: 1,384. Previously we had assumed: 1Q: 1,346, 2Q: 1,275, 3Q: 1,058, and 4Q: 1,121.
Great Lakes Dredge & Dock (GLDD/$11.97 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Month of Awards Rating: OUTPERFORM
More Business. Over the past month, Great Lakes continued to be awarded additional business, according to the Department of War’s daily contract awards release. In total, the announced awards (and recall not all awards are included in the daily notice), totaled approximately $80 million, demonstrating Great Lakes’ operating capabilities as well as the ongoing demand from the government.
September. Most recently, Great Lakes was awarded a $27.9 million firm-fixed-price contract for the removal and disposal of hopper dredge material. Work will be performed in Venice, Louisiana, with an estimated completion date of April 7, 2026. Fiscal 2025 civil operation and maintenance funds in the amount of $27.9 million were obligated at the time of the award.
Nicola Mining Inc. (HUSIF/$0.78 | Price Target: $1.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45 Rating: OUTPERFORM
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
Noble Capital Markets Research Report Wednesday, September 17, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Activist Shareholder Calls for Strategic Review The GEO Group (GEO)/OUTPERFORM – A Renewal and Two New Contracts V2X (VVX)/OUTPERFORM – Continuing to Lighten Vince Holding Corp. (VNCE)/OUTPERFORM – A Closer Look Supports Our Favorable Outlook
Commercial Vehicle Group (CVGI/$1.94 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Shareholder Calls for Strategic Review Rating: OUTPERFORM
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder value.
The GEO Group (GEO/$22.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Renewal and Two New Contracts Rating: OUTPERFORM
Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.
Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.
V2X (VVX/$56.62 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Continuing to Lighten Rating: OUTPERFORM
Another Sale. Private-equity firm American Industrial Partners (AIP), through its Vertex Aerospace subsidiary, sold another 1.7 million VVX shares on September 11th. According to the amended 13D filing, the shares were sold at a price of $52.203 per share through a Rule 144 sale. As we have stated in the past, we continue to expect AIP to sell off its V2X holding over time.
Ownership. Following the most recent share sale, AIP’s ownership is now 8,467,286 VVX shares, representing 26.9% of the outstanding common of V2X. This is down from the 18,591,866 VVX shares, or 61.1% of the then outstanding common, held by AIP just after the Vectrus/Vertex merger in July 2022.
Vince Holding Corp. (VNCE/$2.63 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Closer Look Supports Our Favorable Outlook Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 16, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Acquisition Builds The Pipeline With Anticoagulants In Development
Cadrenal Therapeutics (CVKD/$13.37 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Acquisition Builds The Pipeline With Anticoagulants In Development Rating: OUTPERFORM
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
Noble Capital Markets Research Report Monday, September 15, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Jonathan P Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Fast Track Designation Gives Benefits Now And In The Future Metals & Mining (Metals & Mining) – Insights from the Precious Metals Summit
Euroseas (ESEA/$63.97 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Jonathan P Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
Greenwich LifeSciences, Inc. (GLSI/$11.23 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Fast Track Designation Gives Benefits Now And In The Future Rating: OUTPERFORM
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
Metals & Mining Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Insights from the Precious Metals Summit
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Noble Capital Markets Research Report Friday, September 12, 2025
Companies contained in today’s report:
Nutriband (NTRB)/OUTPERFORM – Nutriband Reports 2Q26 With Product Progress SEGG Media Corporation (SEGG)/OUTPERFORM – Leveraging Strong Brands As A Foundation For Growth
Nutriband (NTRB/$6.93 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Nutriband Reports 2Q26 With Product Progress Rating: OUTPERFORM
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
SEGG Media Corporation (SEGG/$5.63 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leveraging Strong Brands As A Foundation For Growth Rating: OUTPERFORM
Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.
Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.
Noble Capital Markets Research Report Thursday, September 11, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Initiated Debt Refinancing Vince Holding Corp. (VNCE)/OUTPERFORM – Delivered A Strong Quarter
Lucky Strike Entertainment (LUCK/$9.6 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Initiated Debt Refinancing Rating: OUTPERFORM
Strategic update. On September 10, the company announced that its wholly-owned subsidiary Kingpin Intermediate Holdings LLC initiated a private offering of $700 million in new senior secured notes, due in 2032. Concurrently, the company launched a refinancing of its corporate term loan and revolving credit facility. The company expects the initial amount of the refinanced term loan and revolving credit facility to be $1 billion and $400 million, respectively.
Use of capital. Importantly, the net proceeds from the new debt offering and the refinanced credit facilities are earmarked for retiring the company’s existing term loan, revolving credit facility, and bridge loan, which was used to acquire 58 real estate assets in July. Furthermore, the remaining proceeds will be used to fund the company’s strategic initiatives.
Vince Holding Corp. (VNCE/$1.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivered A Strong Quarter Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%, as illustrated in Figure #1 Q2 Results. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 9, 2025
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Positioned To End YE2025 With Strong Products and Pipeline Development
Gyre Therapeutics, Inc (GYRE/$7.89 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Positioned To End YE2025 With Strong Products and Pipeline Development Rating: OUTPERFORM
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
U.S. consumer confidence continued to weaken in October, marking the third straight month of decline as Americans grew increasingly concerned about inflation, employment prospects, and overall economic conditions.
According to the latest survey from The Conference Board, the Consumer Confidence Index slipped to 94.6, its lowest reading since April 2025. While consumers’ perception of current business and labor conditions showed modest improvement, their short-term outlook for income, job availability, and business conditions deteriorated further.
Economists note that this steady decline reflects a mix of economic pressures — from persistent inflation to lingering uncertainty about tariffs and job stability. The index’s expectations component, which tracks consumers’ six-month outlook, dropped nearly three points in October, remaining below levels that historically signal the early stages of a recession.
Confidence also continues to diverge sharply among income groups, underscoring the “K-shaped” nature of the current recovery — where higher-income households remain relatively resilient while lower-income families struggle with rising costs.
While consumers have become slightly more positive about current job opportunities, optimism about the future has waned. Only 15.8% of respondents expect more jobs to be available in the next six months, down from 16.6% in September. Meanwhile, the share of Americans anticipating higher incomes edged lower, suggesting households are tightening budgets in anticipation of slower wage growth and elevated living costs.
Private labor data paints a mixed picture. Payroll processor ADP reported that hiring showed a “tepid recovery” in October, with gains concentrated in healthcare and services. However, these figures come amid a backdrop of high-profile layoffs at major companies such as Amazon and UPS, fueling concerns that corporate cost-cutting could spread across industries as growth slows.
Adding to the uncertainty, the ongoing federal government shutdown has delayed key economic reports, including the September and October employment data. Analysts warn that policymakers and investors are operating with limited visibility into real-time economic trends, complicating efforts to gauge the true strength of the U.S. economy.
Despite these challenges, inflation data released late last week offered a modestly positive note. Prices rose at a slightly slower pace in September than expected, suggesting that some cost pressures may be easing — though not enough to offset broader consumer unease.
For investors, the decline in consumer confidence highlights growing caution in the marketplace. Lower sentiment often translates into weaker consumer spending — a critical driver of U.S. GDP — and can weigh on earnings across sectors like retail, travel, and discretionary goods. On the other hand, cooling demand could strengthen the case for another Federal Reserve rate cut later this year, potentially supporting equities and credit markets in the short term.
Overall, the October data underscores a cautious economic landscape where optimism is fading and the outlook remains clouded by inflation, job uncertainty, and political gridlock. Whether confidence stabilizes or continues to slide will depend largely on how quickly inflation eases and job growth resumes in the months ahead.
The Federal Reserve is expected to lower interest rates again this week, even as policymakers navigate an unusually uncertain environment caused by the ongoing government shutdown. With most official economic data unavailable since early October, central bank officials are relying on private-sector reports and anecdotal evidence to guide their decision-making.
This marks the second rate cut of 2025, as the Fed continues to balance the dual challenges of cooling inflation and a weakening job market. The shutdown, which began on October 1, has halted the release of key reports, including the monthly jobs data that typically plays a pivotal role in shaping monetary policy. In the absence of those figures, alternative data sources from payroll processors and research firms suggest that hiring has slowed sharply, pointing to potential cracks in the labor market.
Private-sector reports indicate that U.S. employers reduced jobs in September, marking a significant shift from the steady gains earlier in the year. Sectors like healthcare continue to add positions, but most other areas — including manufacturing, construction, and retail — are showing signs of contraction. Economists believe this slowdown reflects weaker demand rather than a shortage of available workers, signaling that the broader economy may be cooling more rapidly than anticipated.
Adding to the complexity, inflation data remains mixed. The Consumer Price Index showed a slight decline in September, with core inflation rising 3% year over year, down from 3.1% the month prior. While the moderation in prices provides some relief, inflation still sits above the Fed’s 2% target. Economists warn that new tariffs and rising consumer costs could keep price pressures elevated in the months ahead, making it harder for policymakers to strike the right balance.
The Fed’s dilemma is compounded by growing signs of financial strain in certain lending markets. Losses in subprime auto loans and stress in commercial lending have raised concerns about the overall health of the financial system. While analysts don’t view these issues as systemic, they consider them early indicators that consumers and smaller banks are under pressure as growth slows.
Despite these warning signs, most analysts expect the Federal Open Market Committee (FOMC) to approve a 0.25% rate cut this week, bringing borrowing costs further down as part of a broader effort to support the labor market. Markets have already priced in another possible cut before year’s end, though the timing and extent of future moves will likely depend on when official government data becomes available again.
Fed Chair Jerome Powell has acknowledged that the lack of reliable data leaves policymakers in a difficult position, forcing them to rely on partial information and economic models to assess risks. With inflation easing slightly but employment softening, the central bank appears committed to erring on the side of supporting growth — even if that means acting with limited visibility.
The path ahead remains uncertain. If inflation stabilizes and job losses accelerate, the Fed may continue cutting rates into early 2026. But if inflation proves more persistent than expected, the central bank could be forced to pause its easing cycle sooner than markets anticipate. Either way, the current data blackout underscores how fragile the economic landscape remains — and how challenging it is for the Fed to steer policy when flying blind.
First five patients in Part C (expansion) of THIO-101 Phase 2 clinical trial enrolled in Taiwan and Turkey
CHICAGO, Oct. 27, 2025 (GLOBE NEWSWIRE) — MAIA Biotechnology, Inc. (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer, today announced its recent attendance at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics. The Conference, held October 22-26, 2025, in Boston, MA, was hosted by the American Association for Cancer Research (AACR), the National Cancer Institute (NIC), and the European Organisation for Research and Treatment of Cancer (EORTC).
MAIA’s Sr. Medical Director, Victor Zaporojan, M.D., presented a Trial in Progress poster titled “A Phase 2 Study of Ateganosine (THIO; 6-thio-2′-deoxyguanosine) in Combination with Immune Checkpoint Inhibitor (ICI) in Patients with Advanced Non-Small Cell Lung Cancer (NSCLC) Resistant to Prior ICI and Chemotherapy: THIO-101 Trial in Progress.”
Dr. Zaporojan stated, “It was a pleasure to engage with many oncologists and scientists at the AACR-NCI-EORTC Conference and share updates from Part C of our expanded Phase 2 trial. As enrollment continues, we’re seeing a safety profile well aligned with Parts A and B, and momentum is building. Our expert investigators are eager to bring this opportunity to more patients in more countries as new sites come online in the weeks ahead.”
MAIA also announced that it has enrolled five patients from Taiwan and Turkey in the expansion phase of its THIO-101 Phase 2 trial. Screening for the trial is ongoing in Europe and Asia. With multi-continental trial locations, MAIA investigators can draw from a significantly larger patient pool for its third-line studies of ateganosine.
Dr. Saadettin Kiliçkap, Scientific Advisor to MAIA and key investigator for THIO-101 Part C in Turkey, commented, “It’s exciting to see ateganosine develop into what could be a promising treatment option for the large and underserved NSCLC patient population in our region. Lung cancer remains a major public health challenge here—it is the most common cancer and the leading cause of cancer-related death, particularly among men. While public health efforts have helped reduce incidence in men, rates among women continue to rise. Our medical community would welcome a breakthrough therapy that could meaningfully extend and improve the quality of life for patients with late-stage NSCLC.”
Dr. Kiliçkap has served as principal or sub-investigator in more than 100 national and international multi-center phase 2 and phase 3 clinical studies, many of which were related to lung cancer. His research focuses on medical oncology and cancer epidemiology, including solid tumors such as lung cancer, breast cancer, melanoma, and gastrointestinal system cancers, as well as targeted therapies and immunotherapy.
The high prevalence of smoking, compounded by air pollution, is the key driver of NSCLC in Turkey. A 2018 study reported that tobacco smoking accounted for 89.6% of lung cancer cases in Turkey.1 Subsequent research in 2019 suggested that prolonged exposure to ambient air pollution—particularly PM2.5 particulate matter—may have contributed to around 15% of lung cancer-related deaths, highlighting a significant additional risk when combined with smoking.2
Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in non-small cell lung cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment of ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About THIO-101 Phase 2 Clinical Trial
THIO-101 is a multicenter, open-label, dose finding Phase 2 clinical trial. It is the first trial designed to evaluate ateganosine’s anti-tumor activity when followed by PD-(L)1 inhibition. The trial is testing the hypothesis that low doses of ateganosine administered prior to cemiplimab (Libtayo®) will enhance and prolong immune response in patients with advanced NSCLC who previously did not respond or developed resistance and progressed after first-line treatment regimen containing another checkpoint inhibitor. The trial design has two primary objectives: (1) to evaluate the safety and tolerability of ateganosine administered as an anticancer compound and a priming immune activator (2) to assess the clinical efficacy of ateganosine using Overall Response Rate (ORR) as the primary clinical endpoint. The expansion of the study will assess overall response rates (ORR) in advanced NSCLC patients receiving third line (3L) therapy who were resistant to previous checkpoint inhibitor treatments (CPI) and chemotherapy. Treatment with ateganosine followed by cemiplimab (Libtayo®) has shown an acceptable safety profile to date in a heavily pre-treated population. For more information on this Phase II trial, please visit ClinicalTrials.gov using the identifier NCT05208944.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
1Tobacco Induced Diseases, 14th Annual Conference of the International Society for the Prevention of Tobacco Induced Diseases (TID) 2Department of Public Health, Trakya University, Faculty of Medicine, Türkiye
