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Trump Suggests Using Trade Penalties to Pressure Support for Greenland Plan
President Donald Trump said Friday that he may impose new tariffs on foreign countries as part of an aggressive effort to pressure allies into supporting U.S. acquisition of Greenland, once again turning to trade penalties as a geopolitical bargaining tool.
Speaking at the White House during a health care–related event, Trump framed Greenland as a national security imperative and suggested tariffs could be used against countries that resist his ambitions. “We need Greenland for national security,” Trump said. “So I may do that. I may put a tariff on countries if they don’t go along with Greenland.”
The comments mark a significant escalation in Trump’s long-running interest in acquiring the Arctic territory, which is an autonomous region of Denmark. While the U.S. already maintains a military base on the island, Trump has increasingly argued that outright ownership is necessary to counter growing influence from China and Russia in the Arctic.
The White House did not immediately clarify which countries could be targeted by the proposed tariffs or what form they might take. However, Trump’s remarks signal that trade policy may once again be deployed as leverage in diplomatic disputes, even those involving close U.S. allies.
Trump’s tariff threat comes amid mounting legal uncertainty surrounding his broader trade agenda. The president has dramatically expanded the use of tariffs since returning to office, pushing the average U.S. tariff rate to an estimated 17%. Many of these levies were imposed under the International Emergency Economic Powers Act (IEEPA), a move that has been repeatedly challenged in court.
Multiple lower courts have ruled that Trump exceeded his authority under IEEPA, and the issue is now before the Supreme Court. A ruling from the high court could come soon and may determine whether the administration can continue imposing wide-ranging tariffs without congressional approval. Trump has warned that his economic agenda would be severely undermined if the court rules against him.
The Greenland comments also follow Trump’s recent use of tariff threats to pressure foreign governments on pharmaceutical pricing. The president has argued that U.S. drug prices should be aligned with lower prices paid overseas and said he warned foreign leaders to raise their prices or face steep tariffs on all exports to the United States.
“I’ve done it on drugs,” Trump said Friday. “I may do it for Greenland too.”
Despite Trump’s rhetoric, both Greenland and Denmark have repeatedly rejected the idea of a sale or transfer of sovereignty. Following meetings in Washington this week with Vice President JD Vance and Secretary of State Marco Rubio, a delegation from Greenland and Denmark said they maintain a “fundamental disagreement” with the president’s position.
Trump has also previously suggested that the U.S. is weighing multiple options to secure Greenland, including economic pressure and, in extreme rhetoric, military considerations. Those statements have alarmed European allies and raised concerns about the long-term implications for NATO unity.
As the Supreme Court weighs the legality of Trump’s tariff powers and global trade partners respond to mounting uncertainty, the president’s Greenland push underscores how central tariffs have become to his foreign policy strategy. Whether the tactic yields concessions—or further strains alliances—may soon be tested.
Ocugen (OCGN) – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Friday, January 16, 2026
Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.
OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.
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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CoreCivic, Inc. (CXW) – Some Model Refinements
Friday, January 16, 2026
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.
Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.
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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Alliance Entertainment Holding (AENT) – Acquires Formidable Technology Company
Friday, January 16, 2026
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.
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Noble Capital Markets Research Morning Call
Noble Capital Markets Research Report Friday, January 16, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Acquires Formidable Technology Company
CoreCivic, Inc. (CXW)/OUTPERFORM – Some Model Refinements
Ocugen (OCGN)/OUTPERFORM – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Alliance Entertainment Holding (AENT/$7.6 | Price Target: $11)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Acquires Formidable Technology Company
Rating: OUTPERFORM
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
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CoreCivic, Inc. (CXW/$19.91 | Price Target: $28)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Some Model Refinements
Rating: OUTPERFORM
Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.
Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.
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Ocugen (OCGN/$1.62 | Price Target: $8)
Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625
Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Rating: OUTPERFORM
Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.
OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.
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Noble Capital Markets Research Report Thursday, January 15, 2026
Companies contained in today’s report:
Nicola Mining Inc. (HUSIF)/OUTPERFORM – Preparing for Growth: Expanding Milling Capacity
Nicola Mining Inc. (HUSIF/$0.72 | Price Target: $1.2)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Preparing for Growth: Expanding Milling Capacity
Rating: OUTPERFORM
Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.
Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.
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Noble Capital Markets Research Report Tuesday, January 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Another Exclusive Partnership
Kelly Services (KELYA)/OUTPERFORM – Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan
ONE Group Hospitality (STKS)/OUTPERFORM – Releases Preliminary 4Q and FY25 Sales Results
SelectQuote (SLQT)/OUTPERFORM – Extended Maturities Enhances Balance Sheet Flexibility
SKYX Platforms (SKYX)/OUTPERFORM – Joining NVIDIA Connect
Alliance Entertainment Holding (AENT/$7.74 | Price Target: $11)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Another Exclusive Partnership
Rating: OUTPERFORM
Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.
Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.
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Kelly Services (KELYA/$9.56 | Price Target: $17)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan
Rating: OUTPERFORM
A Surprise Sale. Yesterday morning, Kelly Services announced that last Friday, the Terence E. Adderley Revocable Trust K notified Kelly’s Board that it entered into a definitive agreement to sell its entire holding, which constitutes 92.2% of the voting Class B common stock, to a private party. In an amended Schedule 13D filing after the market closed yesterday, the buyer was identified as Hunt Equity Opportunities.
A Large Premium. Hunt is purchasing the 3,039,940 B shares held by the Trust for $106 million, or the equivalent of $34.87/sh. The B shares closed on Friday at $8.86. Historically, the A and B shares have traded in tandem, although there have been periods in which one class has outpaced the other. There is a potential $15.2 million additional payout if the market capitalization of Kelly is equal to or greater than $1.2 billion at any time over the next 48 months. The deal is expected to close by the end of January.
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ONE Group Hospitality (STKS/$2.46 | Price Target: $5)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Releases Preliminary 4Q and FY25 Sales Results
Rating: OUTPERFORM
4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
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SelectQuote (SLQT/$1.72 | Price Target: $7)
Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Extended Maturities Enhances Balance Sheet Flexibility
Rating: OUTPERFORM
Extended maturity. The company completed a comprehensive refinance that extends its primary debt maturities to January 2031, removing the prior 2027 overhang. The new $325M senior secured term loan and $90M revolver replace the legacy structure and provide a multi-year runway. We view this as a structural reset that repositions the balance sheet to be better-aligned with the company’s long-term growth strategy.
Cost of capital improvements. The new facility delivers immediate interest savings on the revolver (SOFR + 400 bps versus SOFR + 500 bps previously) and embeds a clear path to lower term-loan pricing. The term loan begins at SOFR + 650 bps, with step-downs to SOFR + 600 bps and ultimately SOFR + 550 bps as leverage and Cash EBITDA improve. Operating performance will now have the potential to directly translate into interest savings.
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SKYX Platforms (SKYX/$2.21 | Price Target: $5)
Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Joining NVIDIA Connect
Rating: OUTPERFORM
NVIDIA partnership elevates SKYX’s technology profile. SKYX joined the NVIDIA Connect Program, gaining access to NVIDIA’s cloud and AI ecosystem to support development of its All-In-One Smart Platform. Management described the relationship as “game-changing,” reinforcing SKYX’s positioning as a technology platform company.
The Smart Platform is designed to be the ceiling-based hub of the home. The SkyPlatform embeds connectivity, safety, and intelligence into a single ceiling-based hub, combining Wi-Fi, voice and app control, speakers, thermostat functions, emergency lighting, and safety features. The platform is designed to be compatible with leading smart assistants such as Apple’s Siri and Amazon’s Alexa, simplifying how homes adopt and manage connected technology.
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Noble Capital Markets Research Report Monday, January 12, 2026
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility
MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – A Raise
V2X (VVX)/OUTPERFORM – A Board Refresh
Comstock (LODE/$3.74)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility
Rating: MARKET PERFORM
Receipt of Written Determination Permit. Comstock Metals received its Written Determination Permit from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit will result in a fully permitted operation and facility, and is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Receipt of Air Quality Permit. Earlier this month, Comstock Metals received approval for the associated Air Quality control permit. Both permits represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing more than 3.0 million panels per year representing up to 100 thousand tons per year of waste materials. The facility integrates technologies for crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.
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MustGrow Biologics Corp. (MGROF/$0.4328)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
A Raise
Rating: MARKET PERFORM
Raise. MustGrow has announced a raise of up to $2 million in a non-brokered private placement of up to 4,000,000 units of the Company at a price of $0.50 per Unit. Each unit will consist of (i) one common share of the Company and (ii) one common share purchase warrant. Each whole warrant will be exercisable for a period of 60 months from the closing date and will entitle the holder to purchase one additional share at an exercise price of $0.70 per warrant share. The closing of the Offering is expected to take place on January 22, 2026, but may take place in one or more tranches, provided that the final tranche closing will occur no later than February 22, 2026.
Use of Proceeds. The Company intends to use the net proceeds raised from the LIFE Offering for inventory production for its mustard-derived organic biofertility product TerraSante, inventory for agricultural products to sell via its Canadian distribution platform NexusBioAg, and working capital and general corporate purposes. Recall, MustGrow ran out of TerraSante product in the second and third quarters last year as demand exceeded management’s initial forecasts.
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V2X (VVX/$62.78 | Price Target: $72)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
A Board Refresh
Rating: OUTPERFORM
Refresh. V2X’s Board recently elected to increase the size of the Board from 7 members to 10 members and appointed Nicole B. Theophilus, Gerard A. Fasano, and Ross S. Niebergall, effective immediately, as new members of the Board to serve as Class I, Class II, and Class III Directors, respectively.
Theophilus. Ms. Theophilus currently serves as EVP and Chief Administrative Officer of Wabtec Corporation, a global provider of equipment, systems, digital solutions, and value-added services, since July 2024. She previously served as Wabtec’s EVP and Chief Human Resources Officer from August 2020 to March 2024. She was also the EVP and Chief Human Resources Officer for West Corporation from April 2016 to February 2018 and for ConAgra Foods from November 2009 to August 2015.
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Noble Capital Markets Research Report Friday, January 9, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Third Quarter FY26 Review and Outlook
Direct Digital Holdings (DRCT)/MARKET PERFORM – Year End Review: 2026 Could Be A Pivotal Year
Resources Connection (RGP)/OUTPERFORM – Pricing Discipline Holds as Volume Pressure Persists
AZZ (AZZ/$117.04 | Price Target: $130)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Third Quarter FY26 Review and Outlook
Rating: OUTPERFORM
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million.
Updating estimates. With one quarter remaining, we have lowered our FY 2026 EBITDA estimate to $368.0 million from $369.2 million, and increased our EPS estimate to $6.03 from $5.98. We have increased our 2027 EBITDA and EPS estimates to $388.0 million and $6.60, respectively, from $387.4 million and $6.45. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates do not reflect the impact of acquisitions until announced.
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Direct Digital Holdings (DRCT/$0.05)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Year End Review: 2026 Could Be A Pivotal Year
Rating: MARKET PERFORM
Direct Digital remained a key strategic channel, supporting customer acquisition, margin mix improvement, and first-party data ownership despite a challenging macro and media cost environment. The channel continued to evolve toward a full-funnel model, with increasing contribution from returning customers, improved conversion rates, and greater emphasis on retention and lifecycle engagement.
Repositioning for strategic growth. Ongoing headwinds from media cost inflation, intensifying competition, and platform volatility have persisted in 2025, prompting a strategic shift toward owned-channel development, tighter audience targeting, and stronger cross-functional execution. Looking forward, Direct Digital is increasingly aligned around a more disciplined growth model, prioritizing customer retention, lifetime value, and earnings durability over volume-driven top-line expansion.
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Resources Connection (RGP/$4.5 | Price Target: $10)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Hans Baldau hbaldau@noblefcm.com |
Pricing Discipline Holds as Volume Pressure Persists
Rating: OUTPERFORM
Continued Revenue Pressure. RGP reported second quarter revenue of $117.7 million, down 19% year-over-year. On a same-day constant currency basis, revenue declined 18.4%, driven almost entirely by lower billable hours across the core On-Demand and Consulting segments. Importantly, the weakness remains volume-driven rather than price-driven, as average bill rates were largely stable and improved in several key geographies.
Pricing Discipline, Volume Weak. The Company continues to make progress with its value-based pricing initiatives. U.S. bill rates increased 2.5% year over year, Consulting bill rates rose 6.6%, and On-Demand bill rates increased 2.6%. However, these gains were more than offset by sharp declines in billable hours, particularly in Consulting (-33.8%) and On-Demand (-21.5%). Management specifically highlighted reduced demand for traditional finance roles as clients adopt automation and AI, underscoring that part of the On-Demand softness may be structural rather than purely cyclical.
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Noble Capital Markets Research Report Thursday, January 8, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – 2025 Review and 2026 Expectations
AZZ (AZZ)/OUTPERFORM – Third Quarter FY 2026 Results Outpace Expectations
Bit Digital (BTBT)/OUTPERFORM – Monthly ETH Production
Comstock (LODE)/MARKET PERFORM – Comstock Metals Achieves a Major Permitting Milestone
ACCO Brands (ACCO/$3.79 | Price Target: $9)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
2025 Review and 2026 Expectations
Rating: OUTPERFORM
2025 Review. ACCO Brands’ 2025 narrative was dominated by a clear priority: defend profitability and cash generation in a soft demand environment, using restructuring and cost takeout as the primary levers while the top line remained pressured. Across the first three quarters of 2025, demand was weak and uneven globally, and Q3 in particular underscored that as sales came in lower than expected; however, the Company still delivered adjusted earnings in line with its outlook by expanding gross margin and lowering SG&A, demonstrating meaningful operating discipline.
2026 Preview. Looking into 2026, we believe the key question for investors is whether ACCO can convert its 2025 operational progress into a durable and investable story rather than a purely defensive one. The most important variable remains organic revenue stabilization: the Company has demonstrated the ability to protect earnings despite sales declines, but the market will require evidence that declines are moderating, particularly in the Americas, and that channel inventories and promotional intensity are improving rather than worsening.
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AZZ (AZZ/$109.83 | Price Target: $125)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Third Quarter FY 2026 Results Outpace Expectations
Rating: OUTPERFORM
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million. Adjusted EBITDA margin as a percentage of sales amounted to 21.4% compared to 22.5% during the third quarter of FY 2025.
Segment results. While Metal Coatings sales were up 15.7% compared to the prior year quarter, Precoat Metals sales were down 1.8%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and transportation, partially offset by container. Segment adjusted EBITDA margin amounted to 30.3% for Metal Coatings and 19.7% for Precoat Metals.
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Bit Digital (BTBT/$2.19 | Price Target: $5.5)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Monthly ETH Production
Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of December 2025. As of December 31, 2025, the Company held approximately 155,227 ETH versus 154,398.7 ETH at the end of November. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 642 ETH during the month. The Company’s total staked ETH was approximately 138,263, or about 89% of its total holdings as of December 31st.
Yield and Value. Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5%. Based on a closing ETH price of $2,967, as of December 31, 2025, the market value of the Company’s ETH holdings was approximately $460.5 million.
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Comstock (LODE/$3.97)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Comstock Metals Achieves a Major Permitting Milestone
Rating: MARKET PERFORM
Receipt of Air Quality Permit. Comstock Metals received its Air Quality Permit from the Nevada Division of Environmental Protection – Bureau of Air Pollution Control for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Closing in on the Written Determination Permit. The Air Quality Permit follows a notification of eligibility for a written determination permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management, which is now through the public notice period. Once the written determination permit is final, the two permits represent the complete scope of required regulatory approvals for commissioning the scale up of the recovery facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons per year of waste materials.
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Noble Capital Markets Research Report Wednesday, January 7, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Updating 2025 Estimates
First Phosphate Corp. (FRSPF)/OUTPERFORM – Transitioning from Exploration to Feasibility
Kuya Silver (KUYAF)/OUTPERFORM – Vertically Integrating its Operation
Alliance Resource Partners (ARLP/$23.73 | Price Target: $33)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Updating 2025 Estimates
Rating: OUTPERFORM
Updating 2025 estimates. We have lowered our Q4 and FY 2025 EPU estimates to $0.57 and $2.33, respectively, from $0.69 and $2.45. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 568 bitcoins as of September 30. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $114,056 on September 30. We anticipate the value of digital assets in Q4 2025 could decrease by approximately $15.1 million if all bitcoins were held through the fourth quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate.
Looking ahead. While our 2026 and 2027 estimates are unchanged, we think coal supply and demand fundamentals could strengthen going into 2027, which could have a positive impact on pricing. Actions taken by the Trump Administration are expected to support and sustain coal-fired power generation. Electricity demand growth is expected to be driven by industrial growth, electrification, and the expansion of AI infrastructure and data centers.
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First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.55)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Transitioning from Exploration to Feasibility
Rating: OUTPERFORM
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
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Kuya Silver (KUYAF/$0.7 | Price Target: $1.5)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Vertically Integrating its Operation
Rating: OUTPERFORM
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
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Noble Capital Markets Research Report Tuesday, January 6, 2026
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Hydronidone NDA Planned For 1H26, Meeting Expected Milestone
Gyre Therapeutics, Inc (GYRE/$7.92 | Price Target: $20)
Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625
Hydronidone NDA Planned For 1H26, Meeting Expected Milestone
Rating: OUTPERFORM
Positive Guidance Received From CDE. Gyre announced that its majority-owned subsidiary in China, Gyre Pharmaceuticals Ltd, has completed pre-NDA discussions with the Chinese Center for Drug Evaluation (CDE). The CDE indicated that the Phase 3 data meets the requirements for approval in chronic hepatitis B-associated liver fibrosis, as expected. An NDA submission is planned for 1H26, meeting our expected milestones for the product and the company.
Approval Would Allow Full Commercialization. Under the CDE regulations, the Phase 3 supports Conditional Approval for Hydronidone, allowing full commercialization. As part of the approval, company agrees to conduct a Phase 3c study after commercialization to confirm the effects seen in Phase 3. This is similar to a Phase 4 study in the US. The study design has not be finalized, although we expect similar endpoints for confirmation of the Phase 3 data.
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Noble Capital Markets Research Report Monday, January 5, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments
Vince Holding Corp. (VNCE)/OUTPERFORM – Emerging Growth Levers Provide Favorable 2026 View
Cardiff Oncology (CRDF/$2.66 | Price Target: $12)
Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625
Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments
Rating: OUTPERFORM
Initiating Coverage With A $12 Price Target. Cardiff Oncology is developing onvansertib for the treatment of multiple cancer indications. Its lead program is in metastatic colorectal cancer for patients with a mutation that makes the cancer more aggressive and difficult to treat. This mutation, KRAS, is found in about 45% of the colorectal cancer patients. As a result of the mutation, several standard therapies are ineffective. We believe onvansertib’s unique mechanisms of action could be a breakthrough in cancer treatment.
Onvansertib Has Two Main Mechanisms of Action. Onvansertib inhibits PLK1, an intracellular protein needed for regulatory functions that control cell growth and division. This protein can be overexpressed in many cancers, including colorectal cancer, overriding the normal controls. A second mechanism stops a pathway that allows tumors to survive in low oxygen environments and resist treatment with bevacizumab (Avastin).
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Vince Holding Corp. (VNCE/$4.19 | Price Target: $5.5)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Emerging Growth Levers Provide Favorable 2026 View
Rating: OUTPERFORM
Execution inflection driven by digital and DTC momentum. 2025 marked a clear improvement in operating execution, led by stronger e-commerce performance, enhanced digital capabilities, and early traction from the dropship initiative, which collectively supported revenue growth and improved operating leverage.
Pricing power and profitability improved despite cost headwinds. The company demonstrated brand resilience through higher average selling prices, stable unit volumes, improved full-price sell-through, and disciplined cost management, allowing it to offset tariff and freight pressures and deliver meaningful adjusted EBITDA upside.
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Noble Capital Markets Research Report Friday, January 2, 2026
Companies contained in today’s report:
ONE Group Hospitality (STKS)/OUTPERFORM – Development Update
Twin Hospitality (TWNP)/MARKET PERFORM – A Management Change
V2X (VVX)/OUTPERFORM – A Strong End to 2025 Awards
ONE Group Hospitality (STKS/$1.75 | Price Target: $5)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Development Update
Rating: OUTPERFORM
Milestones. ONE Group announced a number of development milestones achieved during 4Q25. These include: entering into ten restaurant asset-light development agreements; an expanded footprint in large-market, professional sports & entertainment stadiums; opening two new STK locations; launching Benihana-branded retail product; and planning capital-efficient growth for 2026.
Largest Agreement. The ONE Group has entered into its largest asset-light development agreement in the Company’s history, securing development rights for a total of ten restaurants, either Benihana or Benihana Express locations, throughout the Greater San Francisco Bay Area. The two Benihana joint venture locations are expected to open in 2026, with the remaining franchised and licensed locations to open over the next seven years.
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Twin Hospitality (TWNP/$0.67)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
A Management Change
Rating: MARKET PERFORM
Leadership Transition. Twin Hospitality announced Andy Wiederhorn has been named Chief Executive Officer of the Company and Roger Gondek has been named President of Twin Peaks, replacing former CEO and President Kim Boerema. While somewhat surprising, as Mr. Boerema was appointed CEO just this past May, the new leadership simplifies the leadership structure and optimizes resources while minimizing overhead, without any significant change in ability, in our view.
Roger Gondek. We believe the elevation of Mr. Gondek to President of Twin Peaks Restaurant to be the headline. Already serving as Chief Operating Officer of Twin Peaks since 2017, Mr. Gondek brings approximately 15 years of experience with the brand, including previous operations leadership roles with Twin Peaks’ largest franchisee. Mr. Gondek was the Executive Vice President of Operations of La Cima Restaurants, LLC, a franchiser of 43 Twin Peaks restaurants in Florida, Alabama, Georgia, South Carolina, North Carolina, and Tennessee, from June 2011 to July 2017. Prior to La Cima Restaurants, Mr. Gondek was a Divisional Vice President at Hooters of America from October 2001 to February 2011. Mr. Gondek has a deep understanding of Twin Peaks markets, in our opinion.
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V2X (VVX/$54.55 | Price Target: $72)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
A Strong End to 2025 Awards
Rating: OUTPERFORM
DMEA ATSP. V2X subsidiary Vertex Aerospace has been named as an awardee to the Defense Microelectronics Activity (DMEA) Advanced Technology Support Program (ATSP), according to the daily Department of War contract award activity. With multi-billion dollar potential, this award caps a strong year for V2X. The Company has won places on multiple billion dollar contracts, which bode well for the future.
Details. DMEA ATSP is an ID/IQ contract with a $23.357 billion ceiling. This multiple award contract has a base ordering period of five years with two option periods, three years and two years respectively, to establish a 10 year ordering period. There are a total of 10 awardees, including Vertex. As an ID/IQ, Vertex will need to compete for each award, but we are confident the Company will receive its fair share of wins under the contract.
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Noble Capital Markets Research Report Tuesday, December 30, 2025
Companies contained in today’s report:
Newsmax (NMAX)/OUTPERFORM – Expands Global Reach
Snail (SNAL)/OUTPERFORM – Investor Day Highlights
Newsmax (NMAX/$8.2 | Price Target: $21)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Expands Global Reach
Rating: OUTPERFORM
Executing key growth driver. Newsmax Broadcasting is executing a focused international expansion strategy aimed at extending its U.S. news brand to global audiences through capital-efficient distribution and licensing agreements. By prioritizing multi-year carriage partnerships and selective localization, the company has expanded availability to more than 100 countries across five continents, positioning international markets as a growing driver of long-term reach and revenue diversification.
Recent distribution agreement. Newsmax secured new multi-year distribution agreements across Europe and the Eastern Mediterranean. The channel launched on Free TV in France, reaching approximately 3.5 million households, on HOT in Israel to more than 200,000 subscribers, and on Primetel in Cyprus. These partnerships deepen Newsmax’s presence in strategically important markets and increase access to U.S. and global news content for international audiences.
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Snail (SNAL/$0.8923 | Price Target: $3)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
Investor Day Highlights
Rating: OUTPERFORM
Investor Day. At the company’s 2025 Investor Day on December 16th in New York, management provided a strategic update on its product release roadmap and highlighted early progress in the development of its digital asset strategy. Notably, the company symbolically minted its first stablecoin known as USDO during the presentation. A replay of the presentation can be viewed here.
Digital strategy. The company aims to utilize the USDO token to integrate a digital payment system across its gaming platforms and create a rewards ecosystem. Importantly, this positions Snail to be an early mover in utilizing stablecoins in gaming, leveraging its sizeable user base of roughly 91 million ARK gamers.
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Noble Capital Markets Research Report Wednesday, December 24, 2025
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – Rating Lowered to Market Perform from Outperform
Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Another Pause for Offshore Wind
MariMed Inc (MRMD)/OUTPERFORM – Rescheduling A Positive
Comstock (LODE/$3.93)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Rating Lowered to Market Perform from Outperform
Rating: MARKET PERFORM
Rating Lowered to Market Perform. While we had upgraded Comstock Inc. to Outperform on November 4, we have concluded our rating upgrade may have been too early, despite the share price appreciating ~33% from the date of our upgrade. It appears the company’s near-term capital needs remain significant, and we will reassess the value of the company’s businesses, once Comstock’s commercial scale recycling facility is operational and plans for the company’s mining assets are more fully realized. Moreover, we have been frustrated by the company’s promises to monetize non-core assets, including properties in Silver Springs, Nevada, without following through on its commitment. At this stage, we consider Comstock’s investment in Bioleum Corporation as a call option on its growth and success, which is subject to significant risk factors.
At the market offering. Comstock Inc. recently executed an At-the-Market Offering Agreement with Titan Partners Group LLC to offer and sell shares of common stock from time to time totaling up to $100.0 million. Titan Partners will be compensated at a commission rate equal to 3.0% of the gross sales price per share. Net proceeds will be used for general corporate purposes, including capital expenditures associated with commercializing subsequent industry scale and storage facilities for Comstock Metals, in addition to acquisitions, and technical, operational and human resource development expenses for supporting growth. Beyond acting as a headwind for capital appreciation, the ATM equity issuance could promote shareholder dilution.
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Great Lakes Dredge & Dock (GLDD/$13.43 | Price Target: $14)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Another Pause for Offshore Wind
Rating: OUTPERFORM
Another Pause. The Trump Administration is pausing leases for five offshore wind projects, including the Sunrise Wind and Empire Wind 1 projects, both of which Great Lakes’ soon to be delivered Acadia vessel is contracted to provide subsea rock services. Described as due to national security risks identified by the Pentagon, the pause is currently not expected to exceed 90 days. If accurate, the pause should not have a significant impact on Great Lakes, in our opinion.
Details. The administration said the pause will give the Interior Department, which oversees offshore wind, time to work with the Department of War and other agencies to assess the possible ways to mitigate any security risks posed by the projects. In past research, the U.S. government has found that the movement of turbine blades and the highly reflective towers can create radar interference called “clutter.” The clutter caused by offshore wind projects obscures legitimate moving targets and generates false targets in the vicinity of wind projects. However, these risks were already considered in the permitting process.
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MariMed Inc (MRMD/$0.1 | Price Target: $0.25)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Rescheduling A Positive
Rating: OUTPERFORM
Rescheduling. In what many are calling the single greatest cannabis reform in U.S. history with far-reaching benefits for years to come, President Trump signed an Executive Order to speed up the rescheduling of marijuana from Schedule I to the less severe Schedule III by directing the Attorney General to “complete the rulemaking process” around rescheduling marijuana to Schedule III “in the most expeditious manner in accordance with Federal law.”
Benefits. From a broad perspective, reclassification means the Federal government officially acknowledges that cannabis has widely accepted medical uses and low abuse potential. Rescheduling will accelerate accredited medical research into medications derived from cannabis.
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Noble Capital Markets Research Report Tuesday, December 23, 2025
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – An Acquisition Expands the Offerings
FreightCar America (RAIL)/OUTPERFORM – Acquisition Strengthens RAIL’s Aftermarket Distribution Business
Kuya Silver (KUYAF)/OUTPERFORM – Umm Hadid: Early-Stage Discovery
The GEO Group (GEO)/OUTPERFORM – Expansion of Services
ACCO Brands (ACCO/$3.67 | Price Target: $9)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
An Acquisition Expands the Offerings
Rating: OUTPERFORM
Acquisition. ACCO is acquiring EPOS, which provides a comprehensive range of premium enterprise wired and wireless headsets, and other audio solutions. The transaction enhances and broadens ACCO’s Kensington computer accessories portfolio into the large global enterprise headset category, estimated at $1.7 billion in size. We believe the acquisition aligns with management’s strategy to invest in markets with better growth profiles. The addition of EPOS will allow ACCO to deliver a more complete line of workspace technology accessory solutions to enterprise customers.
Details. The transaction is valued at $11.7 million, including up to $3.5 million in deferred payments, and will be funded by existing cash resources. The deal is expected to close in January 2026. EPOS generates approximately $80 million in annual revenue. ACCO expects to achieve cost synergies in the range of $10-$15 million over the next two years. ACCO expects to take approximately $7 million of restructuring charges. Management expects 2026 profit to be modestly positive.
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FreightCar America (RAIL/$9.04 | Price Target: $18)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Acquisition Strengthens RAIL’s Aftermarket Distribution Business
Rating: OUTPERFORM
Acquisition of Carly Railcar Components. FreightCar America acquired Carly Railcar Components, LLC (CRC), a family-owned railcar component distributor founded in 1995. Carly operates warehouse facilities in Orange, Texas, and Irwin, Pennsylvania, supplying AAR M-1003 approved original equipment manufacturer (OEM) railcar components to repair shops, railroads, private car owners, and industrial customers. The company also operates a core exchange program for reconditioned parts. The purchase price was not disclosed.
Increased Scale and a Complementary Product Portfolio. The transaction strengthens RAIL’s aftermarket distribution business with a focus on running repair components, those parts that are frequently replaced to keep the railcar operational. This product category complements RAIL’s core offerings and product mix. RAIL customers will benefit from a larger catalog of ready-to-ship railcar components. The acquisition is expected to be immediately accretive, and RAIL expects to realize meaningful operational improvements across the combined network, including increased purchasing power with OEMs.
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Kuya Silver (KUYAF/$0.63496 | Price Target: $1.5)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Umm Hadid: Early-Stage Discovery
Rating: OUTPERFORM
High-grade silver-gold system confirmed. Kuya Silver reported strong initial exploration results from the Umm Hadid Project in Saudi Arabia, confirming high-grade silver-gold mineralization over a large area measuring approximately 6.0 km by 2.5 km. In our view, the scale of the mineralized footprint and grade tenor materially de-risks the project at an early stage. Umm Hadid is operated by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver.
Maiden drilling validates surface results. The first drill program comprised 29 diamond drill holes totaling roughly 5,000 meters across three target areas defined by surface sampling. Drilling returned high-grade intercepts of up to 1,483.9 g/t silver equivalent over two meters, with several additional intersections grading several hundred grams per tonne. Surface sampling of 460 grab samples averaged 86.1 g/t silver equivalent, with peak values reaching 1,359.8 g/t. We believe a strong gold-silver correlation supports the presence of a large hydrothermal system.
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The GEO Group (GEO/$16.74 | Price Target: $35)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
Expansion of Services
Rating: OUTPERFORM
New Award. GEO Group’s BI subsidiary has been awarded a contract by ICE for the provision of skip tracing services. Skip tracing services entail enhanced location research with identifiable information, commercial data verification, and physical observation to verify current address information and investigate alternative address information for individuals on the federal government’s non-detained docket. We view the announcement favorably and continue to believe there will be additional business to follow from ICE and GEO’s other government partners.
Details. The new contract has a term of two years, with an initial term of one year, effective December 16, 2025, and an additional one-year period. The estimated revenue value of the two-year contract is up to approximately $121 million. The format appears similar to the recent ISAP award won by BI, in our view.
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Noble Capital Markets Research Report Monday, December 22, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Updating Estimates; Maintaining Positive Outlook and Outperform Rating
Bit Digital (BTBT)/OUTPERFORM – WhiteFiber Snags a New Contract
AZZ (AZZ/$107.8 | Price Target: $125)
Mark Reichman mreichman@noblefcm.com | (561) 999-2272
Hans Baldau hbaldau@noblefcm.com |
Updating Estimates; Maintaining Positive Outlook and Outperform Rating
Rating: OUTPERFORM
Updating estimates. While our fiscal year 2026 estimates are unchanged,we have increased our fiscal year 2027 adjusted EBITDA and EPS estimates to $387.8 million and $6.45 from $386.2 million and $6.41, respectively. Our estimates reflect modestly higher revenue for the Precoat Metals segment and lower interest expense relative to prior estimates. We have increased our FY 2027 capital expenditure estimate to $80 million from $70 million to reflect greater reinvestment in the base business, including capacity expansions. Our estimates do not reflect acquisitions until they are announced.
The benefits of a strong cash flow profile. After having significantly reduced its debt profile, AZZ continues to prioritize strategic bolt-on acquisitions as a central component of its growth strategy. In fiscal 2026 and beyond, capital allocation priorities have shifted to strategic M&A, high-return organic investments, and return of capital through growing dividends and share repurchases. We anticipate an annual increase to the quarterly dividend following the lead established during the first quarter of FY 2026. Based on its cash flow profile, we think share repurchases may go beyond a level that simply offsets dilution from management incentive compensation.
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Bit Digital (BTBT/$2.23 | Price Target: $5.5)
Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262
WhiteFiber Snags a New Contract
Rating: OUTPERFORM
New Contract. Late last week, Bit Digital’s key investment, WhiteFiber, announced its Enovum Data Centers Corp. subsidiary has executed a long-term colocation agreement with Nscale Global Holdings, an AI infrastructure and cloud services provider serving enterprise and public sector customers. The contract represents approximately $865 million in contracted revenue over the initial 10-year term.
NC-1. The agreement secures the first 40 megawatt delivery of critical IT load at WhiteFiber’s flagship NC-1 data center campus in Madison, North Carolina. The contract includes contractual annual rate escalators and required non-recurring installation services, but excludes electricity and certain other costs passed through to the customer. Nscale is deploying the capacity to power the AI infrastructure of leading global investment grade technology customers.
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Noble Capital Markets Research Report Friday, December 19, 2025
Companies contained in today’s report:
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – FLAMINGO-01 Open-Label Arm Reports Preliminary Results and Reaches An Important Milestone
Saga Communications (SGA)/OUTPERFORM – A Shareholder First Centric Company
Greenwich LifeSciences, Inc. (GLSI/$12.39 | Price Target: $45)
Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625
FLAMINGO-01 Open-Label Arm Reports Preliminary Results and Reaches An Important Milestone
Rating: OUTPERFORM
Data Reported From the Open-Label Arm Of The FLAMINGO Trial Greenwich LifeSciences announced preliminary Phase 3 results from the open-label, non-HLA-A*02 arm of its FLAMINGO-01 trial. The data showed a reduction in breast cancer recurrence rates of about 80% for patients that completed the primary vaccination series (PIS) ofGLSI-100. In addition, the first patient has completed the full 3-year treatment.
FLAMINGO0-01 Divides Patients By Immune Classification. The FLAMINGO-01 trial divides patients by their HLA types, a system of classifying a patient’s immune response. Patients with the most common HLA type, HLA-A*02, have enter one of the double-blind placebo-controlled arms of the trial. About 250 patients with other HLA types have been entered into an open-label portion, referred to as non-HLA-A*02.
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Saga Communications (SGA/$11.35 | Price Target: $18)
Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734
Jacob Mutchler jmutchler@noblefcm.com |
A Shareholder First Centric Company
Rating: OUTPERFORM
Share repurchase. On December 15, the company announced the completion of a sizeable share buyback that was conducted through a privately negotiated transaction. Notably, the company repurchased 184,215 shares for approximately $2.1 million, or $11.50 per share, which represented roughly 2.8% of the 6,556,621 shares outstanding as of December 11.
Tower sale. Importantly, the share buyback was largely expected following the sale of 22 tower sites for approximately $10.7 million in late October. Net proceeds of $8.7 million were earmarked to be used for share repurchases.
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Acquiring 8 Top Performing Franchised Twin Peaks Locations
Rating: OUTPERFORM
Acquisition. Twin Hospitality has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. We view this strategic transaction as an opportunistic investment in a key growth market, even as the Company’s long-term focus remains on franchise driven expansion.
Details. The acquisition will bring the following Florida locations to Company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA, representing an EV/Sales multiple of 0.6x and an EV/EBITDA multiple of approximately 5x, a discount to TWNP’s current trading multiples.
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Worthington Steel to Acquire Kloeckner & Co in Transformative $2.4 Billion Deal
Worthington Steel announced it has entered into a business combination agreement to acquire Germany-based Kloeckner & Co, a move that will significantly reshape the North American metals processing landscape. The all-cash transaction positions Worthington Steel as the second-largest steel service center company in North America by revenue and marks a major expansion of its global footprint.
The acquisition brings together two highly complementary metal processing businesses with a combined revenue base of approximately $9.5 billion. Kloeckner & Co operates roughly 110 service center and processing locations across North America and Europe and offers a broad range of products, including carbon flat-roll steel, electrical steel, aluminum, stainless steel, and long products. In recent years, Kloeckner has increasingly focused on higher value-added processing and fabrication, aligning closely with Worthington Steel’s strategic priorities.
Worthington Steel expects the transaction to generate approximately $150 million in annual run-rate synergies, primarily through cost efficiencies, operational improvements, and commercial optimization in North America. These synergies are anticipated to be fully realized by the end of the company’s fiscal year 2028. The deal is expected to be substantially accretive to earnings per share within the first full year of operation.
“This is a strategic and transformative step in Worthington Steel’s growth journey,” said President and CEO Geoff Gilmore. He emphasized that the combination will strengthen customer relationships, expand product offerings, and create new growth opportunities for employees, while reinforcing a shared commitment to safety, quality, and operational excellence.
The transaction values Kloeckner & Co at an enterprise value of approximately $2.4 billion, representing an EV/EBITDA multiple of about 8.5x based on trailing twelve-month results, and roughly 5.5x when factoring in expected synergies. Worthington Steel expects the combined company to maintain margins above 7% while tripling its scale in terms of sales.
The acquisition will be executed through a voluntary public tender offer in Germany, with Kloeckner shareholders receiving €11 in cash per share. The offer is supported by SWOCTEM GmbH, Kloeckner’s largest shareholder, which owns approximately 42% of outstanding shares and has committed to tender its stake. Kloeckner’s management and supervisory boards have expressed support for the transaction, and the current leadership team is expected to remain in place following completion.
Financing for the acquisition will come from a combination of cash on hand and new debt, with the offer fully underwritten and not subject to financing conditions. Worthington Steel expects pro forma net leverage to be around 4.0x at closing, with a stated goal of reducing leverage below 2.5x within 24 months through deleveraging and synergy realization.
Completion of the transaction is subject to regulatory approvals and a minimum acceptance threshold of 65% of Kloeckner’s shares, with closing expected in the second half of 2026. If completed, the deal will create a more diversified, resilient metals processing leader with expanded geographic reach across North America and Europe, positioning Worthington Steel for accelerated long-term growth.
Release – Ocugen Announces Positive Preliminary Phase 2 Data from OCU410 Modifier Gene Therapy for Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration
Research News and Market Data on OCGN
January 15, 2026
- Phase 2 (~50% of patients evaluated to date at 12 months) shows 46% lesion growth reduction vs. control
- There are no OCU410-related serious adverse events reported across the Phase 1 and Phase 2 clinical trials to date
MALVERN, Pa., Jan. 15, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced positive preliminary 12-month data (~50% of patients evaluated to date) from the Phase 2 ArMaDa clinical trial evaluating OCU410 (AAV5-RORA), its novel modifier gene therapy for geographic atrophy (GA) secondary to dry age-related macular degeneration (dAMD). The global prevalence of dAMD is 266 million worldwide, and GA – the late stage of dAMD – affects approximately 2-3 million people in the United States (U.S.) and Europe.
There are limited options for patients with dAMD in the U.S. and current therapies involve frequent (monthly or every other month) injections and have unwanted side effects that can affect vision. Outside of the U.S., there are no approved products available, leaving approximately 2 million patients in Europe without a treatment option.
Key findings from Phase 2 include:
- 46% lesion growth reduction (medium + high dose vs. control; p=0.015; N=23) at 12 months
- Medium dose achieved 54% lesion reduction (p=0.02; N=10) vs. high dose 36% (p=0.05; N=8) compared to control
- 50% responder rate with patients achieving >50% lesion size reduction vs. control
- Subgroup (N=14, subjects with ≥7.5 mm2 at baseline) showed 57% greater reduction in lesion size compared to control
New findings from Phase 1 (N=9) include:
- In evaluable subjects (N=7) ellipsoid zone (EZ) loss was 60% slower in OCU410-treated eyes compared to untreated fellow eyes at 12 months
- EZ-RPE complex loss reduced in treated eyes versus fellow eyes, demonstrating photoreceptor + RPE preservation
In both the Phase 1 and Phase 2 clinical trials no OCU410-related serious adverse events were observed and no cases of endophthalmitis, retinal detachment, vasculitis, choroidal neovascularization, or optic ischemic neuropathy have been reported to date.
GA is a multifactorial disease with a complex etiology that involves genetic and environmental factors. The current treatment options for GA in the U.S. are limited to those targeting a single mechanism—the complement pathway—requiring frequent intravitreal injections, either monthly or every other month. By contrast, OCU410 is a multifunctional modifier gene therapy, which targets multiple pathways associated with GA.
“The OCU410 Phase 1 and Phase 2 results mark a pivotal moment for Ocugen’s modifier gene therapy platform and GA patients worldwide,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. “Delivering 60% slower EZ loss in Phase 1 and 46% lesion growth reduction in the Phase 2 preliminary analysis demonstrates the capability of our multi-pathway RORA approach. We look forward to reporting full data from the OCU410 Phase 2 clinical trial later this quarter and initiating Phase 3 in 2026.”
“The clinical development journey of OCU410 has been remarkable,” said Dr. Huma Qamar, Chief Medical Officer of Ocugen. “Our Phase 2 randomized trial delivered robust anatomic efficacy that was statistically significant across multiple analyses. Critically, our safety data across 60 patients has shown no drug-related serious adverse events, no inflammation signals, and no injection complications to date, supporting a favorable risk-benefit profile.”
“As a practicing retinal specialist, OCU410’s clinical profile is genuinely exciting for geographic atrophy patients—including a reduction in ellipsoid zone loss observed in Phase 1, which may serve as a potential marker of retinal health, and a reduction in lesion growth seen in Phase 2,” said Lejla Vajzovic, MD, FASRS, Director, Duke Surgical Vitreoretinal Fellowship Program, Professor of Ophthalmology with Tenure, Adult and Pediatric Vitreoretinal Surgery and Disease, Duke University Eye Center, and Retina Scientific Advisory Board Chair of Ocugen. “With these promising results, I believe OCU410 has the potential to set a new standard of care with a single treatment for life.”
In the Phase 2 study, the safety and efficacy of OCU410 in patients with GA secondary to dAMD are being assessed. Fifty-one (51) patients were randomized 1:1:1 into either of two treatment groups (medium or high dose) or a control group. In the treatment groups, subjects received a single subretinal 200-µL administration of 5 x 1010 vector genomes (vg)/mL (medium dose) or 1.5 x 1011 vg/mL (high dose), while the control group remained untreated. The Company remains on track for a Biologics License Application (BLA) filing for OCU410 in 2028, aligned with its strategy to advance three regulatory submissions for marketing authorization in three years.
About dAMD and Geographic Atrophy
Geographic atrophy is an advanced form of dAMD characterized by progressive degeneration of the macula, leading to irreversible central vision loss. Millions of patients worldwide are affected by GA, with a particularly high burden in aging populations in the United States and Europe. Despite recent approvals, treatment options remain limited and require chronic intravitreal injections, underscoring the need for innovative, durable therapies that address multiple disease mechanisms. dAMD affects approximately 10 million Americans and more than 266 million people worldwide. It is characterized by the thinning of the macula, the portion of the retina responsible for clear vision in one’s direct line of sight. dAMD involves the slow deterioration of the retina with submacular drusen (small white or yellow dots on the retina), atrophy, loss of macular function, and central vision impairment. dAMD accounts for 85-90% of all AMD cases.
About OCU410
OCU410 is an investigational, intravitreally administered, AAV5-based gene therapy that delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis, including oxidative stress response, complement regulation, inflammation, and lipid metabolism. OCU410 is being developed as a one-time gene therapy for patients with GA secondary to dry AMD. OCU410 has received Advanced Therapy Medicinal Product (ATMP) classification from the European Medicines Agency.
About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies to address major blindness diseases and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; the ability of OCU410 to perform in humans in a manner consistent with nonclinical, preclinical or previous clinical study data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Contact:
Tiffany Hamilton
AVP, Head of Communications
Tiffany.Hamilton@ocugen.com
Release – Snail Inc. Drives Double-Digit Sales Multiples During Steam Winter Sale
Research News and Market Data on SNAL
January 15, 2026 at 8:00 AM EST
ARK: Survival Ascended and Bellwright Deliver 10.9x and 16.7x Increases, Respectively, in Daily Units Sold Through Strategic Content Timing
CULVER CITY, Calif., Jan. 15, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today recapped a strong performance during the Steam Winter Sale (“Winter Sale”), which ran from December 18 through January 5. The results underscore the Company’s ongoing strategy of pairing major seasonal promotions with timely content launches to drive discovery, engagement, and long-term portfolio growth.
The Winter Sale was anchored by the December 18 launch of ARK: Lost Colony, the newest DLC for the ARK franchise. During the promotional period, ARK: Survival Ascended recorded a 10.9x increase in average daily units sold compared to the previous 30 day non sale period. Concurrently, Bellwright‘s Maiden Voyage update released just before the sale, introducing new players to the survival sandbox during a period of high visibility. Bellwright achieved a 16.7x increase in average daily units sold, during the Steam Winter Sale when compared to its prior 30-day non-sale period. These results reflect the effectiveness of Snail Games’ strategy to align major seasonal promotions with timely content releases across its portfolio.
By aligning new content drops with high-traffic seasonal sales, Snail Games continues to aim to lower barriers of entry for new players while re-engaging existing audiences to its broader catalog. This approach not only amplifies short term performance but also creates awareness for future titles still in active development.
We believe that these periodical sales, when paired with meaningful content updates, are a key component of how Snail Games aims to expand the reach of its portfolio and introduce players to emerging projects. The Winter Sale results demonstrate how strategic timing can potentially translate into measurable growth while strengthening the foundation for future engagement.
As seasonal promotions continue to serve as powerful discovery engines for new and existing players, Snail Games remains focused on strategically utilizing these key moments to maximize both product visibility and overall performance across all major distribution platforms. The consistent success of these large-scale sales events underscores their importance in driving significant spikes in user acquisition and revenue. Furthermore, these promotions provide invaluable data insights into player behavior and market trends, which are then integrated into long-term sales and marketing strategies to sustain growth beyond the promotional window.
About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in Snail Games’ public filings with the SEC and include, but are not limited to, statements regarding its ability to align new content drops with high-traffic seasonal sales, pursuant to which Snail Games continues to aim to lower barriers of entry for new players while re-engaging existing audiences to its broader catalog. This approach not only amplifies short term performance but also creates awareness for future titles still in active development. Snail Games believes that these periodical sales, when paired with meaningful content updates, are a key component of how Snail Games aims to expand the reach of its portfolio and introduce players to emerging projects. Ultimately the Winter Sale results demonstrate how strategic timing can potentially translate into measurable growth while strengthening the foundation for future engagement. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com
Release – SelectQuote Announces New Multiyear Agreement with SelectRx PBM Partner
Research News and Market Data on SLQT
01/15/2026
New Contract Provides Enhanced Reimbursement Rate Predictability and Stability
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT) (the “Company”), a leading distributor of Medicare insurance policies and owner of a rapidly-growing healthcare services platform, today announced that its SelectRx pharmacy recently reached a new, multiyear agreement with a significant, long-time PBM (pharmacy benefit manager) partner.
The new strategic agreement bolsters financial consistency and stability across both organizations. This agreement, which took effect on January 1, 2026, offers more predictable economics, aligning with the expectations outlined in SelectQuote’s first quarter fiscal 2026 earnings call.
Tim Danker, SelectQuote’s CEO, commented, “Our new contract with this critical PBM partner provides increased visibility to reimbursement rates, allowing us to continue to invest and grow our differentiated SelectRx pharmacy. This new agreement recognizes the clinical value we deliver to our SelectRx patients every day, helping them to achieve increased active medication adherence and improved health and wellness. This agreement, coupled with our recently announced capital structure refinancing with Pathlight and UMB, allows our management team to devote even more focus to operating the business and executing our plan to drive meaningful cash flow for shareholders.”
SelectRx serves Medicare beneficiaries across all 50 states from three pharmacy facilities located in Pennsylvania, Indiana, and Kansas. SelectRx currently serves more than 100,000 members with multiple chronic conditions, leveraging its high-touch model to achieve measurably improved medication adherence rates.
Forward Looking Statements
This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, changes in reimbursement rates under our contracts with pharmacy benefit managers, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in the most recent Annual Report on Form 10-K (the “Annual Report”) and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.
With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select, which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
Investor Relations:
Sloan Bohlen
877-678-4083
investorrelations@selectquote.com
Media:
Matt Gunter
913-286-4931
matt.gunter@selectquote.com
Source: SelectQuote, Inc.
Release – Comstock Metals Expands Recycling Network – Launches End-of-Life Solar Facility in Ohio
Research News and Market Data on LODE
VIRGINIA CITY, NEVADA, January 15, 2026 — Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) and its subsidiary, Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels and the only certified, zero-landfill solar recycling solution in North America, today announced that it has secured an additional site for storage that is expandable into an industry-scale recycling and processing facility.
This Ohio location strengthens Comstock Metals’ growing national recycling network and is strategically positioned to serve customers throughout Ohio and the broader Midwest—one of the larger and centrally located solar markets in the country. The site will function as a centralized hub for the collection, preparation, storage, and aggregation of decommissioned photovoltaic (PV) solar panels that will ultimately expand into processing as the market grows.
As solar deployment continues to expand across Ohio and neighboring states, the demand for compliant, environmentally responsible end-of-life solutions is accelerating. The central Ohio facility is designed to directly support solar manufacturers, developers, utilities, engineering and construction firms (EPCs), installers, decommissioners and asset owners by providing a local, reliable solution for managing retired solar panels, where valuable materials, including aluminum, silver, copper, gallium, and other metals are recovered and repurposed.
“Establishing a facility in central Ohio allows us to directly support the Midwest region’s growing end-of-life panel disposal needs while providing a logistically-efficient solution that keeps costs low for our customers,” said Dr. Fortunato Villamagna, President of Comstock Metals. “Our mission is to close the loop on solar energy by ensuring panels at the end of their useful life are managed responsibly and their critical materials are fully repurposed.”
By enabling timely, efficient, and compliant decommissioning, transport, and recycling, Comstock’s zero-landfill solution reduces landfill waste, conserves natural resources and supports the industry’s long-term sustainability. The Company is also finalizing the permit application and subsequent submission plans for its second, integrated, industry-scale Nevada location, with final selection of a location to take place later this year.
“As the volume of end-of-life solar panels expands across the country and grows into the tens and hundreds of millions, our ability to scale responsibly and efficiently across the country, delivers real sustainability—and peace of mind—to our customers and partners,” said Corrado De Gasperis, Executive Chairman and CEO of Comstock. “Our team is setting the standard for solar panel recycling across an expanding, fully integrated national network.”
About Comstock Inc.
Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com
For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
Mortgage Rates Drop to Three-Year Low Following Trump’s $200 Billion Bond Purchase Plan
In a dramatic market shift that caught many economists off guard, mortgage rates have tumbled to their lowest point since September 2022, following President Trump’s bold announcement that government-sponsored enterprises Fannie Mae and Freddie Mac would purchase $200 billion in mortgage bonds.
The average 30-year fixed mortgage rate dropped to 6.06% this week, down from 6.16% the previous week, according to Freddie Mac data. The 15-year rate similarly declined to 5.38% from 5.46%, marking a significant milestone for prospective homebuyers and homeowners considering refinancing.
The president’s January 8th social media post declaring he was “instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS” sent immediate ripples through financial markets. The announcement specifically targeted mortgage-backed securities, driving up demand for these bonds and subsequently pushing their yields downward—a direct pathway to lower consumer mortgage rates.
Market response was swift and substantial. The Mortgage Bankers Association reported a 16% surge in home purchase applications and a remarkable 40% jump in refinancing applications through the following Friday. These numbers suggest Americans are eager to capitalize on improved borrowing conditions after years of elevated rates that have kept many potential buyers sidelined.
“With mortgage rates much lower than a year ago and edging closer to 6 percent, MBA expects strong interest from homeowners seeking a refinance and would-be buyers stepping off the sidelines,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
However, industry experts are tempering expectations about a rapid housing market recovery. While lower rates provide relief, significant affordability challenges persist. Home prices remain elevated in many markets, and a substantial number of existing homeowners hold mortgages with rates far below current levels—creating what economists call the “lock-in effect” that discourages moving.
Hannah Jones, senior economic research analyst at Realtor.com, projects mortgage rates will hover in the low-6% range throughout 2026, potentially supporting “modestly improving home sales.” Yet she emphasizes that any recovery will likely be “gradual rather than rapid” given persistent affordability constraints.
The policy move represents an unconventional approach to economic stimulus, directly targeting housing market conditions through government-sponsored enterprise balance sheets. While the immediate effect on rates has been clear, longer-term implications for the housing market, federal housing finance policy, and the broader economy remain subjects of intense debate among economists and policy analysts.
For now, Americans looking to enter the housing market or refinance existing mortgages have a window of opportunity that hasn’t existed since rates began their historic climb in late 2022.
Nicola Mining Inc. (HUSIF) – Preparing for Growth: Expanding Milling Capacity
Thursday, January 15, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.
Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.
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