Management Highlights 2026 as a Portfolio-Wide Inflection Year Driven by Regulatory De-Risking, Clinical Readouts, and Scalable Manufacturing
ATLANTA, GA – January 20, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and cancer, today provided a post-conference update following the J.P. Morgan Healthcare Conference Week in San Francisco, where, during investor, banker and partner engagements, the Company outlined 2026 as a pivotal inflection year driven by multiple late-stage clinical, regulatory, and manufacturing milestones across its diversified portfolio.
“GeoVax enters 2026 with increasing clarity on execution, prioritization, and value creation,” said David Dodd, Chairman & CEO of GeoVax. “With GEO-MVA representing an expedited path to potential commercialization, alongside multiple clinical data readouts relative to GEO-CM04S1, our multi-antigen COVID-19 vaccine and, the anticipated initiation of the Phase 2 Gedeptin® trial, we believe that this year will provide a meaningful convergence of regulatory, clinical, and manufacturing catalysts for the Company.”
Dodd added, “We were particularly encouraged by the level of interest and the quality of discussions we had during JP Morgan/Biotech Showcase with investors, potential strategic partners, and global health stakeholders. The feedback we received around GeoVax’s progress, our differentiated platforms, and our regulatory momentum, especially for GEO-MVA, reinforces our confidence that 2026 has the potential to be a pivotal breakout year for the Company.”
GEO-MVA (Mpox & Smallpox): Expedited Path to Commercialization in a Currently Constrained Market
GEO-MVA is GeoVax’s most advanced program and represents the Company’s near-term opportunity for potential commercialization. The global Mpox and smallpox vaccine market remains constrained by reliance on a single foreign manufacturer whose production capacity has proven insufficient to meet sustained worldwide demand, particularly during periods of expanding or recurring outbreaks. This structural supply imbalance underscores both the commercial opportunity and the public health imperative for an additional, scalable MVA vaccine source.
Following receipt of supportive Scientific Advice from the European Medicines Agency (EMA), GeoVax has regulatory alignment on a single, pivotal Phase 3 immunobridging study versus the approved MVA vaccine. This guidance supports an expedited development pathway and meaningfully de-risks the regulatory route toward potential approval and revenue generation.
Key 2026 milestones for GEO-MVA include:
Initiation of the pivotal Phase 3 immunobridging trial, expected in the second half of 2026
Continued engagement with European and global health authorities seeking to diversify Mpox and smallpox vaccine supply in light of ongoing global demand pressures
Advancement toward a U.S.-sourced vaccine supply model addressing both civilian public health needs and biodefense preparedness
With GEO-MVA clinical material manufactured and fill-finish completed, the program is positioned to transition from development into Phase 3 execution in 2026, reinforcing its role as GeoVax’s lead value driver and shortest path to potential commercialization.
Gedeptin® (Oncology): Advancing Toward Combination-Driven Value Inflection
In oncology, GeoVax continues to advance Gedeptin®, its gene-directed enzyme prodrug therapy, following encouraging safety and tumor-response signals from prior clinical studies.
Key 2026 inflection points include:
Publication of results from the recently completed Gedeptin trial
Initiation of a Phase 2 study evaluating Gedeptin in combination with an immune checkpoint inhibitor as a potential first-line therapy for head and neck cancer by year-end
Updates on preclinical evaluations of Gedeptin in combination with immune checkpoint inhibitors, informing potential expansion into additional solid tumor indications.
GeoVax continues to pursue a partnership-oriented development strategy for Gedeptin, designed to advance the program efficiently while preserving long-term upside.
GEO-CM04S1 (COVID-19): Multiple Clinical Data Readouts
GeoVax’s next-generation COVID-19 vaccine, GEO-CM04S1, continues to advance as a differentiated, multi-antigen (Spike + Nucleocapsid) candidate designed to address unmet needs in immunocompromised and high-risk populations inadequately served by current single-antigen vaccines.
During 2026, the Company expects:
Clinical data readouts from ongoing Phase 2 trials
Continued evaluation of GEO-CM04S1 as both a primary and booster vaccine in immunocompromised populations
Additional translational insights supporting future regulatory and partnering discussions
AGE1 Continuous Cell-Line Manufacturing: Advancing MVA Scalability and Supply
The AGE1 continuous avian cell-line manufacturing process has the potential to significantly improve how MVA-based vaccines are produced by addressing historical scalability and supply constraints. By enabling continuous, cell-line–based production, AGE1 provides a more reliable and scalable alternative to traditional chicken embryo fibroblast–dependent methods.
AGE1 is directly integrated into the GEO-MVA program, strengthening GeoVax’s ability to support sustained commercial supply, rapid scale-up, and domestic manufacturing – capabilities increasingly critical as global demand for Mpox and smallpox vaccines exceeds available supply.
Manufacturing progress anticipated during 2026 includes:
Continued optimization of the AGE1 process to support commercial-scale GEO-MVA production
Advancement of AGE1 as a scalable, U.S.-based manufacturing solution aligned with pandemic preparedness and supply-chain resilience priorities
Positioned for Execution
Collectively, these milestones reflect GeoVax’s transition into a catalyst-rich period where multiple programs are advancing in parallel toward late-stage development, regulatory decision points, and potential commercialization pathways.
“As we emphasized during JP Morgan/Biotech Showcase Week, GeoVax has moved beyond platform validation,” Dodd added. “We are now executing against clearly defined milestones, with GEO-MVA leading the portfolio and multiple additional programs advancing toward value-inflection events in 2026 and beyond.”
Dodd concluded, “As we move through 2026, GeoVax is entering a phase where years of platform development, regulatory engagement, and manufacturing investment begin to translate into tangible outcomes. With GEO-MVA advancing along a clearly defined path toward commercialization, multiple clinical data readouts expected across our COVID-19 and oncology programs, and a scalable manufacturing foundation in place, we believe GeoVax is well positioned for a pivotal year of execution and value creation.”
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax is also developing a vaccine targeting Mpox and smallpox and, based on recent EMA regulatory guidance, anticipates progressing directly to a Phase 3 clinical evaluation, omitting Phase 1 and Phase 2 trials. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
High probability of technical success in pivotal Phase 3 trial based on unmatched efficacy data for third-line non-small cell lung cancer (NSCLC) treatment
FDA’s Fast Track designation for ateganosine in NSCLC advances concurrent Phase 2 expansion and Phase 3 trials along strategic regulatory pathways
Strong momentum toward goal of early commercial approval
Potential breakthrough therapeutic for estimated $50+ billion global immunotherapy market; first and only telomere-targeting anticancer agent in clinical development anywhere
CHICAGO, Jan. 20, 2026 (GLOBE NEWSWIRE) — MAIA Biotechnology, Inc. (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer, today provided a corporate update on 2025 achievements and highlighted key targeted milestones and growth catalysts for 2026.
“MAIA’s strong clinical execution in 2025 delivered exceptional efficacy data for ateganosine sequenced with a checkpoint inhibitor, including disease control, response rates, and survival data well above standard of care benchmarks,” said MAIA founder and CEO Vlad Vitoc, M.D. “The results clearly differentiate our novel telomere-targeting science and support the U.S. FDA’s Fast Track designation granted in 2025, positioning ateganosine for potential eligibility under the Accelerated Approval and Priority Review regulatory pathways.
“Our statistical assessments of ateganosine imply a high probability of technical success in our concurrent Phase 3 and Phase 2 trials. As our first-in-class small molecule advances toward potential early commercial approval—possibly within 18 to 24 months—we believe our strong execution is driving a clear value-creation inflection point, with meaningful long-term benefits for stockholders.”
2025 Achievements
Secured FDA Fast Track designation for ateganosine as a treatment for NSCLC. Fast Track expedites the review of investigational drugs that treat serious conditions and fill an unmet medical need.
Marked a major clinical milestone by initiating a full approval THIO-104 Phase 3 trial in third-line (3L) NSCLC patients resistant to immunotherapy and chemotherapy.
Advanced the THIO-101 Phase 2 clinical trial to the Part C expansion phase, substantially increasing the patient pool to include countries in Asia and Europe. The expansion trial positions the ateganosine program for broader regulatory and commercial relevance.
Awarded $2.3 million grant from the National Institutes of Health (NIH) for the expansion of Phase 2 trial. The grant is intended to support expenses related to the enrollment of U.S. patients who are resistant to chemo and immunotherapy.
Validated telomere-targeting as a differentiated therapeutic approach with applicability to multiple high mortality cancers. To our knowledge, ateganosine remains the only direct telomere-targeting anticancer agent in clinical development anywhere.
Established checkpoint inhibitor combination partnerships through a master agreement with Roche for atezolizumab and a clinical supply agreement with BeOne Medicines for tislelizumab, enabling multiple future combination trials.
Raised approximately $17.6 million from capital raises throughout 2025, with participation by members of the Board in nearly all transactions. This signals strong conviction and confidence in the long-term value creation potential of the ateganosine platform. As of December 31,2025, MAIA’s directors and officers hold more than 5 million shares or approximately 13% of the Company.
Targeted 2026 Milestones
Initial measures of efficacy from Phase 3 study. Interim disease control rates (DCR), overall response rates (ORR) and progression free survival (PFS) analysis of ateganosine compared to the control arm will support regulatory discussions. Strong interim data could lead to early full commercial approval.
Conclusion of Part C of Phase 2 study. Expansion of the trial provides additional clinical efficacy data to support regulatory review for commercial approval.
Engage in regulatory interactions with the FDA. Expand ongoing FDA dialogue under the Fast Track designation, including discussions around trial enhancements and prospects for Accelerated Approval and Priority Review.
Clinical development of second-generation molecules to start in Phase 1 trials. Additional small molecules fully developed in-house with better expected efficacy compared to ateganosine.
About Ateganosine
Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in non-small cell lung cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment of ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
Announces Cooperation Agreement with Legion Partners
CHARLOTTE, N.C., Jan. 20, 2026 (GLOBE NEWSWIRE) — NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today announced that it has appointed Ted White to its Board of Directors (the “Board”), effective immediately. In connection with this appointment, the Company has entered into a cooperation agreement (the “Cooperation Agreement”) with Legion Partners Asset Management, LLC (together with its affiliates, “Legion”), one of the Company’s largest shareholders.
Mr. White, Legion’s co-founder and Managing Director, is an experienced institutional investor and has corporate governance and capital markets expertise. He will join the Board’s Strategic Committee, which was formed to evaluate a broad range of strategic, financing and other alternatives to enhance shareholder value.
“We are pleased to welcome Ted to the Board,” said Harold Bevis, President and Chief Executive Officer of NN. “Over the last few years, we have transformed NN’s business profile while evolving our Board to ensure that we have the right skills and experience to help capitalize on the Company’s opportunities for profitable growth. We look forward to working alongside Ted to complete our transformation plan and deliver value for shareholders.”
Mr. White added, “I am excited to be joining the Board at this critical juncture as the Company continues to drive organic growth and profitability. I look forward to working with my fellow directors to unlock the significant upside in NNBR’s shares for the benefit of all shareholders.”
Mr. White’s addition to the Board was completed following constructive engagement with another of the Company’s largest shareholders, Corre Partners Management, LLC (“Corre”). Corre has informed the Company that it is supportive of the appointment, including Mr. White’s membership on the Board’s Strategic Committee.
Pursuant to the Cooperation Agreement, Legion has agreed to a customary standstill, voting commitment, and related provisions. The full Cooperation Agreement will be filed as an exhibit to a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.
About Ted White
Ted White is co-founder and a Managing Director of Legion Partners Asset Management, an institutional asset management firm. Prior to founding Legion Partners, Mr. White served in various functions with Knight Vinke Asset Management, a European-based investment management firm. Positions included Managing Director and Chief Operating Officer, where he was responsible for finance, operations, legal, marketing and client service functions. He is a former Deputy Director of the Council of Institutional Investors (CII), where responsibilities included policy development and implementation. Earlier in his career, Mr. White was a Portfolio Manager, Director of Corporate Governance, for the California Public Employees’ Retirement System (“CalPERS”), where he was responsible for all components of its Governance Program, including $3 billion in active management, policy development and implementation, proxy voting and focused engagement activities. Prior to CalPERS, Mr. White was an Investment Officer – Deputy State Treasurer at the California State Treasurer’s Office, where his duties included fixed income portfolio analysis and trading, among other responsibilities. He has served as a director of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) since 2024.
Mr. White earned an MBA from California State University in Sacramento with a concentration in finance. He is also a Chartered Financial Analyst Charterholder.
About NN
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and China. For more information about the company and its products, please visit www.nninc.com.
Investor Relations: Joseph Caminiti or Stephen Poe NNBR@alpha-ir.com 312-445-2870
Forward-Looking Statements
This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s previously announced review of strategic, financing and other alternatives, including the timing and outcome of such review, our long-term financial profile and other statements that are not historical fact. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project”, “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; material changes in the costs and availability of raw materials; the level of our indebtedness; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its fourth quarter 2025 financial results before the market opens on Monday, February 2, 2026. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.
To participate in the conference call, dial U.S. Toll Free (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13757920.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as a reliable energy partner for the future by pursuing opportunities that support the growth and development of energy and related infrastructure.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.
Investor Relations Contact Cary P. Marshall Senior Vice President and Chief Financial Officer (918) 295-7673 investorrelations@arlp.com
Earnings Release Scheduled for Thursday, February 12, 2026 Before the Market Opens
Conference Call Scheduled for Thursday, February 12, 2025 at 1:00 PM (Eastern Time)
BOCA RATON, Fla.–(BUSINESS WIRE)–Jan. 20, 2026– The GEO Group, Inc. (NYSE:GEO) (“GEO”) will release its fourth quarter 2025 financial results on Thursday, February 12, 2026 before the market opens. GEO has scheduled a conference call and simultaneous webcast for 1:00 PM (Eastern Time) on Thursday, February 12, 2026.
Hosting the call for GEO will be George Zoley, Executive Chairman of the Board, J. David Donahue, Chief Executive Officer, and Mark Suchinski, Chief Financial Officer.
To participate in the teleconference, please contact one of the following numbers 5 minutes prior to the scheduled start time:
In addition, a live audio webcast of the conference call may be accessed on the Webcasts section of GEO’s investor relations home page at investors.geogroup.com. A webcast replay will remain available on the website for one year.
A telephonic replay will also be available through February 19, 2026. The replay numbers are 1-855-669-9658 (U.S.) and 1-412-317-0088 (International). The passcode for the telephonic replay is 8459257. If you have any questions, please contact GEO at 1-866-301-4436.
GSK’s agreement to acquire RAPT Therapeutics for $58 per share in cash underscores a growing trend in biotech investing: large pharmaceutical companies are increasingly turning to small-cap innovators to fill critical gaps in their pipelines. For small-cap investors, the deal offers a clear example of how differentiated science, even at the clinical-stage level, can command a meaningful premium.
Under the terms of the agreement, GSK will acquire RAPT Therapeutics for an estimated equity value of $2.2 billion, or approximately $1.9 billion net of cash acquired. The transaction is expected to close in the first quarter of 2026, pending customary regulatory approvals and shareholder tender conditions. Shares of RAPT surged following the announcement, reflecting both the attractive takeover premium and validation of the company’s lead asset.
At the center of the deal is ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody currently in Phase IIb development for prophylactic protection against food allergens. IgE is a clinically validated target and is responsible for roughly 94% of severe food allergy reactions, making it one of the most established mechanisms in allergy treatment. However, existing anti-IgE therapies require injections every two to four weeks, creating a significant burden for patients—most of whom are children.
Ozureprubart’s potential differentiator lies in its dosing profile. The therapy is designed to be administered once every 12 weeks, which could dramatically improve patient compliance and expand treatment eligibility to an estimated 25% of patients who are currently unable to use standard therapies. If successful in late-stage trials, ozureprubart could represent a best-in-class option in a market with substantial unmet medical need.
From GSK’s perspective, the acquisition strengthens its Respiratory, Immunology, and Inflammation pipeline and leverages its existing commercial footprint in allergy and immunology. For a company of GSK’s scale, the upfront investment is manageable, while the long-term upside could be significant. In the U.S. alone, more than 17 million people are diagnosed with food allergies, with over 1.3 million experiencing severe reactions that often require emergency care.
For small-cap investors, the RAPT deal is instructive. RAPT was a clinical-stage company without an approved product, yet it attracted a multibillion-dollar buyout based on a single, well-positioned asset targeting a validated pathway. This reinforces the idea that big pharma is willing to pay for de-risked science, especially when it addresses large, underserved markets and fits cleanly into an existing commercial infrastructure.
The transaction also highlights the importance of platform credibility. RAPT’s focus on immunology and its ability to advance ozureprubart into mid-stage clinical development made it a credible acquisition target rather than a speculative bet.
While not every small-cap biotech will see a similar outcome, GSK’s acquisition of RAPT Therapeutics serves as a reminder that disciplined execution, clear differentiation, and alignment with big pharma priorities can create substantial shareholder value—even before commercialization.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Raising PT to $145. We are maintaining our Outperform rating and raising our price target on KTOS shares to $145 from a previous $95. KTOS shares are up 72% YTD, compared to 1.4% for the S&P 500, continuing the outperformance seen over the past three years. We believe the abundant opportunities across the business, potential positive increases in the defense budget, and solid execution present strong financial upside potential.
Defense Budget. Interest in the defense sector is partially being driven by the Trump Administration’s goal to increase the 2027 Defense budget by 50% to $1.5 trillion, up from approximately $1 trillion in 2026. Significantly, as relates to Kratos, a key focus of any increased spending will be on drones, autonomous systems, cybersecurity, and space, all key areas of Kratos.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.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.
AI Maturity Index. Information Services Group has acquired the AI Maturity Index, a SaaS platform that allows organizations to assess the AI readiness of their workforces and improve their employees’ ability to leverage AI technology. The AI Maturity Index provides ISG with a high-impact, scalable entry point into every client’s AI journey. In its short time on the market, the AI Maturity Index has assessed more than 6,000 individual AI users and collected more than 400,000 data points—adoption that will expand exponentially as the platform gains broader use. Terms of the deal were not released.
Acceleration. The acquisition is part of a broader AI acceleration strategy by ISG that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI, and the upcoming launch of a proprietary insights platform with an AI-powered “intelligence advisor” to give organizations real-time access to highly sought-after ISG data and analysis.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Noble Capital Markets Research Report Tuesday, January 20, 2026
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – AI Acquisition Kratos Defense & Security (KTOS)/OUTPERFORM – A Strong Start to the Year
Information Services Group (III/$5.89 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 AI Acquisition Rating: OUTPERFORM
AI Maturity Index. Information Services Group has acquired the AI Maturity Index, a SaaS platform that allows organizations to assess the AI readiness of their workforces and improve their employees’ ability to leverage AI technology. The AI Maturity Index provides ISG with a high-impact, scalable entry point into every client’s AI journey. In its short time on the market, the AI Maturity Index has assessed more than 6,000 individual AI users and collected more than 400,000 data points—adoption that will expand exponentially as the platform gains broader use. Terms of the deal were not released.
Acceleration. The acquisition is part of a broader AI acceleration strategy by ISG that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI, and the upcoming launch of a proprietary insights platform with an AI-powered “intelligence advisor” to give organizations real-time access to highly sought-after ISG data and analysis.
Kratos Defense & Security (KTOS/$130.72 | Price Target: $145) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong Start to the Year Rating: OUTPERFORM
Raising PT to $145. We are maintaining our Outperform rating and raising our price target on KTOS shares to $145 from a previous $95. KTOS shares are up 72% YTD, compared to 1.4% for the S&P 500, continuing the outperformance seen over the past three years. We believe the abundant opportunities across the business, potential positive increases in the defense budget, and solid execution present strong financial upside potential.
Defense Budget. Interest in the defense sector is partially being driven by the Trump Administration’s goal to increase the 2027 Defense budget by 50% to $1.5 trillion, up from approximately $1 trillion in 2026. Significantly, as relates to Kratos, a key focus of any increased spending will be on drones, autonomous systems, cybersecurity, and space, all key areas of Kratos.
Noble Capital Markets Research Report Friday, January 16, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Acquires Formidable Technology Company CoreCivic, Inc. (CXW)/OUTPERFORM – Some Model Refinements Ocugen (OCGN)/OUTPERFORM – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Alliance Entertainment Holding (AENT/$7.6 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Acquires Formidable Technology Company Rating: OUTPERFORM
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
CoreCivic, Inc. (CXW/$19.91 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Model Refinements Rating: OUTPERFORM
Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.
Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.
Ocugen (OCGN/$1.62 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy Rating: OUTPERFORM
Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.
OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.
Noble Capital Markets Research Report Thursday, January 15, 2026
Companies contained in today’s report:
Nicola Mining Inc. (HUSIF)/OUTPERFORM – Preparing for Growth: Expanding Milling Capacity
Nicola Mining Inc. (HUSIF/$0.72 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Preparing for Growth: Expanding Milling Capacity Rating: OUTPERFORM
Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.
Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.
Noble Capital Markets Research Report Tuesday, January 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Another Exclusive Partnership Kelly Services (KELYA)/OUTPERFORM – Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan ONE Group Hospitality (STKS)/OUTPERFORM – Releases Preliminary 4Q and FY25 Sales Results SelectQuote (SLQT)/OUTPERFORM – Extended Maturities Enhances Balance Sheet Flexibility SKYX Platforms (SKYX)/OUTPERFORM – Joining NVIDIA Connect
Alliance Entertainment Holding (AENT/$7.74 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Another Exclusive Partnership Rating: OUTPERFORM
Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.
Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.
Kelly Services (KELYA/$9.56 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan Rating: OUTPERFORM
A Surprise Sale. Yesterday morning, Kelly Services announced that last Friday, the Terence E. Adderley Revocable Trust K notified Kelly’s Board that it entered into a definitive agreement to sell its entire holding, which constitutes 92.2% of the voting Class B common stock, to a private party. In an amended Schedule 13D filing after the market closed yesterday, the buyer was identified as Hunt Equity Opportunities.
A Large Premium. Hunt is purchasing the 3,039,940 B shares held by the Trust for $106 million, or the equivalent of $34.87/sh. The B shares closed on Friday at $8.86. Historically, the A and B shares have traded in tandem, although there have been periods in which one class has outpaced the other. There is a potential $15.2 million additional payout if the market capitalization of Kelly is equal to or greater than $1.2 billion at any time over the next 48 months. The deal is expected to close by the end of January.
ONE Group Hospitality (STKS/$2.46 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Releases Preliminary 4Q and FY25 Sales Results Rating: OUTPERFORM
4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
SelectQuote (SLQT/$1.72 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Extended Maturities Enhances Balance Sheet Flexibility Rating: OUTPERFORM
Extended maturity. The company completed a comprehensive refinance that extends its primary debt maturities to January 2031, removing the prior 2027 overhang. The new $325M senior secured term loan and $90M revolver replace the legacy structure and provide a multi-year runway. We view this as a structural reset that repositions the balance sheet to be better-aligned with the company’s long-term growth strategy.
Cost of capital improvements. The new facility delivers immediate interest savings on the revolver (SOFR + 400 bps versus SOFR + 500 bps previously) and embeds a clear path to lower term-loan pricing. The term loan begins at SOFR + 650 bps, with step-downs to SOFR + 600 bps and ultimately SOFR + 550 bps as leverage and Cash EBITDA improve. Operating performance will now have the potential to directly translate into interest savings.
SKYX Platforms (SKYX/$2.21 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Joining NVIDIA Connect Rating: OUTPERFORM
NVIDIA partnership elevates SKYX’s technology profile. SKYX joined the NVIDIA Connect Program, gaining access to NVIDIA’s cloud and AI ecosystem to support development of its All-In-One Smart Platform. Management described the relationship as “game-changing,” reinforcing SKYX’s positioning as a technology platform company.
The Smart Platform is designed to be the ceiling-based hub of the home. The SkyPlatform embeds connectivity, safety, and intelligence into a single ceiling-based hub, combining Wi-Fi, voice and app control, speakers, thermostat functions, emergency lighting, and safety features. The platform is designed to be compatible with leading smart assistants such as Apple’s Siri and Amazon’s Alexa, simplifying how homes adopt and manage connected technology.
Noble Capital Markets Research Report Monday, January 12, 2026
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – A Raise V2X (VVX)/OUTPERFORM – A Board Refresh
Comstock (LODE/$3.74) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility Rating: MARKET PERFORM
Receipt of Written Determination Permit. Comstock Metals received its Written Determination Permit from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit will result in a fully permitted operation and facility, and is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Receipt of Air Quality Permit. Earlier this month, Comstock Metals received approval for the associated Air Quality control permit. Both permits represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing more than 3.0 million panels per year representing up to 100 thousand tons per year of waste materials. The facility integrates technologies for crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.
MustGrow Biologics Corp. (MGROF/$0.4328) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Raise Rating: MARKET PERFORM
Raise. MustGrow has announced a raise of up to $2 million in a non-brokered private placement of up to 4,000,000 units of the Company at a price of $0.50 per Unit. Each unit will consist of (i) one common share of the Company and (ii) one common share purchase warrant. Each whole warrant will be exercisable for a period of 60 months from the closing date and will entitle the holder to purchase one additional share at an exercise price of $0.70 per warrant share. The closing of the Offering is expected to take place on January 22, 2026, but may take place in one or more tranches, provided that the final tranche closing will occur no later than February 22, 2026.
Use of Proceeds. The Company intends to use the net proceeds raised from the LIFE Offering for inventory production for its mustard-derived organic biofertility product TerraSante, inventory for agricultural products to sell via its Canadian distribution platform NexusBioAg, and working capital and general corporate purposes. Recall, MustGrow ran out of TerraSante product in the second and third quarters last year as demand exceeded management’s initial forecasts.
V2X (VVX/$62.78 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Board Refresh Rating: OUTPERFORM
Refresh. V2X’s Board recently elected to increase the size of the Board from 7 members to 10 members and appointed Nicole B. Theophilus, Gerard A. Fasano, and Ross S. Niebergall, effective immediately, as new members of the Board to serve as Class I, Class II, and Class III Directors, respectively.
Theophilus. Ms. Theophilus currently serves as EVP and Chief Administrative Officer of Wabtec Corporation, a global provider of equipment, systems, digital solutions, and value-added services, since July 2024. She previously served as Wabtec’s EVP and Chief Human Resources Officer from August 2020 to March 2024. She was also the EVP and Chief Human Resources Officer for West Corporation from April 2016 to February 2018 and for ConAgra Foods from November 2009 to August 2015.
Noble Capital Markets Research Report Friday, January 9, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Third Quarter FY26 Review and Outlook Direct Digital Holdings (DRCT)/MARKET PERFORM – Year End Review: 2026 Could Be A Pivotal Year Resources Connection (RGP)/OUTPERFORM – Pricing Discipline Holds as Volume Pressure Persists
AZZ (AZZ/$117.04 | Price Target: $130) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Third Quarter FY26 Review and Outlook Rating: OUTPERFORM
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million.
Updating estimates. With one quarter remaining, we have lowered our FY 2026 EBITDA estimate to $368.0 million from $369.2 million, and increased our EPS estimate to $6.03 from $5.98. We have increased our 2027 EBITDA and EPS estimates to $388.0 million and $6.60, respectively, from $387.4 million and $6.45. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates do not reflect the impact of acquisitions until announced.
Direct Digital Holdings (DRCT/$0.05) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Year End Review: 2026 Could Be A Pivotal Year Rating: MARKET PERFORM
Direct Digital remained a key strategic channel, supporting customer acquisition, margin mix improvement, and first-party data ownership despite a challenging macro and media cost environment. The channel continued to evolve toward a full-funnel model, with increasing contribution from returning customers, improved conversion rates, and greater emphasis on retention and lifecycle engagement.
Repositioning for strategic growth. Ongoing headwinds from media cost inflation, intensifying competition, and platform volatility have persisted in 2025, prompting a strategic shift toward owned-channel development, tighter audience targeting, and stronger cross-functional execution. Looking forward, Direct Digital is increasingly aligned around a more disciplined growth model, prioritizing customer retention, lifetime value, and earnings durability over volume-driven top-line expansion.
Resources Connection (RGP/$4.5 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Pricing Discipline Holds as Volume Pressure Persists Rating: OUTPERFORM
Continued Revenue Pressure. RGP reported second quarter revenue of $117.7 million, down 19% year-over-year. On a same-day constant currency basis, revenue declined 18.4%, driven almost entirely by lower billable hours across the core On-Demand and Consulting segments. Importantly, the weakness remains volume-driven rather than price-driven, as average bill rates were largely stable and improved in several key geographies.
Pricing Discipline, Volume Weak. The Company continues to make progress with its value-based pricing initiatives. U.S. bill rates increased 2.5% year over year, Consulting bill rates rose 6.6%, and On-Demand bill rates increased 2.6%. However, these gains were more than offset by sharp declines in billable hours, particularly in Consulting (-33.8%) and On-Demand (-21.5%). Management specifically highlighted reduced demand for traditional finance roles as clients adopt automation and AI, underscoring that part of the On-Demand softness may be structural rather than purely cyclical.
Noble Capital Markets Research Report Thursday, January 8, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – 2025 Review and 2026 Expectations AZZ (AZZ)/OUTPERFORM – Third Quarter FY 2026 Results Outpace Expectations Bit Digital (BTBT)/OUTPERFORM – Monthly ETH Production Comstock (LODE)/MARKET PERFORM – Comstock Metals Achieves a Major Permitting Milestone
ACCO Brands (ACCO/$3.79 | Price Target: $9) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 2025 Review and 2026 Expectations Rating: OUTPERFORM
2025 Review. ACCO Brands’ 2025 narrative was dominated by a clear priority: defend profitability and cash generation in a soft demand environment, using restructuring and cost takeout as the primary levers while the top line remained pressured. Across the first three quarters of 2025, demand was weak and uneven globally, and Q3 in particular underscored that as sales came in lower than expected; however, the Company still delivered adjusted earnings in line with its outlook by expanding gross margin and lowering SG&A, demonstrating meaningful operating discipline.
2026 Preview. Looking into 2026, we believe the key question for investors is whether ACCO can convert its 2025 operational progress into a durable and investable story rather than a purely defensive one. The most important variable remains organic revenue stabilization: the Company has demonstrated the ability to protect earnings despite sales declines, but the market will require evidence that declines are moderating, particularly in the Americas, and that channel inventories and promotional intensity are improving rather than worsening.
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million. Adjusted EBITDA margin as a percentage of sales amounted to 21.4% compared to 22.5% during the third quarter of FY 2025.
Segment results. While Metal Coatings sales were up 15.7% compared to the prior year quarter, Precoat Metals sales were down 1.8%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and transportation, partially offset by container. Segment adjusted EBITDA margin amounted to 30.3% for Metal Coatings and 19.7% for Precoat Metals.
Bit Digital (BTBT/$2.19 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly ETH Production Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of December 2025. As of December 31, 2025, the Company held approximately 155,227 ETH versus 154,398.7 ETH at the end of November. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 642 ETH during the month. The Company’s total staked ETH was approximately 138,263, or about 89% of its total holdings as of December 31st.
Yield and Value. Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5%. Based on a closing ETH price of $2,967, as of December 31, 2025, the market value of the Company’s ETH holdings was approximately $460.5 million.
Comstock (LODE/$3.97) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Comstock Metals Achieves a Major Permitting Milestone Rating: MARKET PERFORM
Receipt of Air Quality Permit. Comstock Metals received its Air Quality Permit from the Nevada Division of Environmental Protection – Bureau of Air Pollution Control for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Closing in on the Written Determination Permit. The Air Quality Permit follows a notification of eligibility for a written determination permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management, which is now through the public notice period. Once the written determination permit is final, the two permits represent the complete scope of required regulatory approvals for commissioning the scale up of the recovery facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons per year of waste materials.
Updating 2025 estimates. We have lowered our Q4 and FY 2025 EPU estimates to $0.57 and $2.33, respectively, from $0.69 and $2.45. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 568 bitcoins as of September 30. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $114,056 on September 30. We anticipate the value of digital assets in Q4 2025 could decrease by approximately $15.1 million if all bitcoins were held through the fourth quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate.
Looking ahead. While our 2026 and 2027 estimates are unchanged, we think coal supply and demand fundamentals could strengthen going into 2027, which could have a positive impact on pricing. Actions taken by the Trump Administration are expected to support and sustain coal-fired power generation. Electricity demand growth is expected to be driven by industrial growth, electrification, and the expansion of AI infrastructure and data centers.
First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Transitioning from Exploration to Feasibility Rating: OUTPERFORM
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
Kuya Silver (KUYAF/$0.7 | Price Target: $1.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Vertically Integrating its Operation Rating: OUTPERFORM
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
Positive Guidance Received From CDE. Gyre announced that its majority-owned subsidiary in China, Gyre Pharmaceuticals Ltd, has completed pre-NDA discussions with the Chinese Center for Drug Evaluation (CDE). The CDE indicated that the Phase 3 data meets the requirements for approval in chronic hepatitis B-associated liver fibrosis, as expected. An NDA submission is planned for 1H26, meeting our expected milestones for the product and the company.
Approval Would Allow Full Commercialization. Under the CDE regulations, the Phase 3 supports Conditional Approval for Hydronidone, allowing full commercialization. As part of the approval, company agrees to conduct a Phase 3c study after commercialization to confirm the effects seen in Phase 3. This is similar to a Phase 4 study in the US. The study design has not be finalized, although we expect similar endpoints for confirmation of the Phase 3 data.
Noble Capital Markets Research Report Monday, January 5, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Vince Holding Corp. (VNCE)/OUTPERFORM – Emerging Growth Levers Provide Favorable 2026 View
Cardiff Oncology (CRDF/$2.66 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Rating: OUTPERFORM
Initiating Coverage With A $12 Price Target. Cardiff Oncology is developing onvansertib for the treatment of multiple cancer indications. Its lead program is in metastatic colorectal cancer for patients with a mutation that makes the cancer more aggressive and difficult to treat. This mutation, KRAS, is found in about 45% of the colorectal cancer patients. As a result of the mutation, several standard therapies are ineffective. We believe onvansertib’s unique mechanisms of action could be a breakthrough in cancer treatment.
Onvansertib Has Two Main Mechanisms of Action. Onvansertib inhibits PLK1, an intracellular protein needed for regulatory functions that control cell growth and division. This protein can be overexpressed in many cancers, including colorectal cancer, overriding the normal controls. A second mechanism stops a pathway that allows tumors to survive in low oxygen environments and resist treatment with bevacizumab (Avastin).
Vince Holding Corp. (VNCE/$4.19 | Price Target: $5.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Emerging Growth Levers Provide Favorable 2026 View Rating: OUTPERFORM
Execution inflection driven by digital and DTC momentum. 2025 marked a clear improvement in operating execution, led by stronger e-commerce performance, enhanced digital capabilities, and early traction from the dropship initiative, which collectively supported revenue growth and improved operating leverage.
Pricing power and profitability improved despite cost headwinds. The company demonstrated brand resilience through higher average selling prices, stable unit volumes, improved full-price sell-through, and disciplined cost management, allowing it to offset tariff and freight pressures and deliver meaningful adjusted EBITDA upside.
Noble Capital Markets Research Report Friday, January 2, 2026
Companies contained in today’s report:
ONE Group Hospitality (STKS)/OUTPERFORM – Development Update Twin Hospitality (TWNP)/MARKET PERFORM – A Management Change V2X (VVX)/OUTPERFORM – A Strong End to 2025 Awards
ONE Group Hospitality (STKS/$1.75 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Development Update Rating: OUTPERFORM
Milestones. ONE Group announced a number of development milestones achieved during 4Q25. These include: entering into ten restaurant asset-light development agreements; an expanded footprint in large-market, professional sports & entertainment stadiums; opening two new STK locations; launching Benihana-branded retail product; and planning capital-efficient growth for 2026.
Largest Agreement. The ONE Group has entered into its largest asset-light development agreement in the Company’s history, securing development rights for a total of ten restaurants, either Benihana or Benihana Express locations, throughout the Greater San Francisco Bay Area. The two Benihana joint venture locations are expected to open in 2026, with the remaining franchised and licensed locations to open over the next seven years.
Twin Hospitality (TWNP/$0.67) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Management Change Rating: MARKET PERFORM
Leadership Transition. Twin Hospitality announced Andy Wiederhorn has been named Chief Executive Officer of the Company and Roger Gondek has been named President of Twin Peaks, replacing former CEO and President Kim Boerema. While somewhat surprising, as Mr. Boerema was appointed CEO just this past May, the new leadership simplifies the leadership structure and optimizes resources while minimizing overhead, without any significant change in ability, in our view.
Roger Gondek. We believe the elevation of Mr. Gondek to President of Twin Peaks Restaurant to be the headline. Already serving as Chief Operating Officer of Twin Peaks since 2017, Mr. Gondek brings approximately 15 years of experience with the brand, including previous operations leadership roles with Twin Peaks’ largest franchisee. Mr. Gondek was the Executive Vice President of Operations of La Cima Restaurants, LLC, a franchiser of 43 Twin Peaks restaurants in Florida, Alabama, Georgia, South Carolina, North Carolina, and Tennessee, from June 2011 to July 2017. Prior to La Cima Restaurants, Mr. Gondek was a Divisional Vice President at Hooters of America from October 2001 to February 2011. Mr. Gondek has a deep understanding of Twin Peaks markets, in our opinion.
V2X (VVX/$54.55 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong End to 2025 Awards Rating: OUTPERFORM
DMEA ATSP. V2X subsidiary Vertex Aerospace has been named as an awardee to the Defense Microelectronics Activity (DMEA) Advanced Technology Support Program (ATSP), according to the daily Department of War contract award activity. With multi-billion dollar potential, this award caps a strong year for V2X. The Company has won places on multiple billion dollar contracts, which bode well for the future.
Details. DMEA ATSP is an ID/IQ contract with a $23.357 billion ceiling. This multiple award contract has a base ordering period of five years with two option periods, three years and two years respectively, to establish a 10 year ordering period. There are a total of 10 awardees, including Vertex. As an ID/IQ, Vertex will need to compete for each award, but we are confident the Company will receive its fair share of wins under the contract.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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*02arm 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.
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.
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.
Netflix is set to report fourth quarter earnings Tuesday afternoon amid one of the most consequential moments in the streaming giant’s history—a high-stakes bidding war for Warner Bros. Discovery that could fundamentally reshape the entertainment landscape.
Wall Street expects Netflix to post revenue of $11.96 billion for the quarter, up from $10.25 billion in the same period last year. Adjusted earnings per share are projected at $0.55, in line with company guidance. For the full fiscal year, analysts anticipate revenue of $45.1 billion alongside adjusted earnings of $2.52 per share. First quarter revenue is expected to reach $10.54 billion with adjusted earnings of $0.66 per share.
However, subscriber growth and content spending metrics may take a backseat to the elephant in the room: Netflix’s amended all-cash offer of $27.75 per share for Warner Bros. Discovery, valuing the deal at $72 billion in equity. The revised proposal comes as Netflix faces stiff competition from Paramount Skydance, which has offered $30 per share, or $108 billion, for the entire company including cable and news assets. Netflix’s bid specifically targets Warner Bros.’ film and streaming properties, excluding the Discovery Global assets.
The acquisition represents a dramatic strategic shift for Netflix, which has historically relied on organic growth and original content production rather than major acquisitions. Manhattan Venture Partners’ head of research Santosh Rao emphasized that as the industry leader, Netflix must maintain its competitive advantage, particularly as its growth rate shows signs of slowing.
The market has responded skeptically to the acquisition plans. Netflix shares have tumbled nearly 27% over the past six months, declining steadily since the company announced its Warner Bros. pursuit in late 2025. Investors appear concerned about the financial burden and integration challenges of such a massive acquisition, particularly as streaming competition intensifies and subscriber growth moderates.
While Netflix no longer discloses subscriber figures, Wall Street estimates total streaming memberships now exceed 325 million—representing approximately 8% year-over-year growth. That’s a significant slowdown from the 16% growth rate posted in the fourth quarter of 2023 and 13% growth between 2022 and 2023. The deceleration underscores why Netflix may be pursuing inorganic growth through acquisition rather than relying solely on its traditional playbook.
CFRA analyst Kenneth Leon has cautioned that the acquisition uncertainty could weigh on the stock for 18 to 24 months, with outcomes remaining unclear. He noted that Netflix would likely need to sell assets to manage the debt load from such a substantial transaction. The concern is valid—a $72 billion all-cash deal would substantially increase Netflix’s leverage and potentially constrain its ability to invest aggressively in content, the very fuel that powered its dominance.
Warner Bros. Discovery’s board has unanimously endorsed the Netflix offer, with leadership highlighting that the all-cash structure provides greater certainty for shareholders while allowing them to participate in the strategic value of the remaining Discovery Global assets. Netflix co-CEO Ted Sarandos has expressed strong confidence that the proposed combination would benefit all stakeholders, from investors to content creators.
Despite near-term headwinds, some analysts maintain a constructive long-term view. Rao acknowledged legitimate concerns about the immediate impact but argued that the acquisition would ultimately strengthen Netflix’s content library, production capabilities, and overall competitive position in an increasingly crowded streaming marketplace.
As Netflix reports earnings, investors will scrutinize not just the quarterly numbers, but management’s commentary on the acquisition rationale, financing plans, and vision for integrating one of Hollywood’s most storied studios into the streaming era’s dominant platform. The results could provide critical insights into whether Netflix can successfully execute this transformative deal while maintaining the operational excellence that made it an industry leader.
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.
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.
