President Trump issued a 60-day waiver of the Jones Act on Wednesday in a bid to cool surging domestic energy prices as the Iran conflict continues to hammer global oil markets. The move, confirmed by White House press secretary Karoline Leavitt, opens U.S. ports to foreign-flagged vessels for the next two months — covering crude oil, refined products like gasoline and diesel, natural gas, coal, fertilizer, and other energy-derived commodities.
The decision comes as Brent crude crossed $109 per barrel Wednesday morning — up more than 7% on the day — while WTI traded above $97. Gas prices at the pump have climbed to a national average of $3.84 per gallon, up sharply from $2.92 just one month ago, according to AAA data. Diesel has already crossed $5 per gallon nationally. The administration is clearly feeling political pressure to act ahead of the midterm cycle, and the Jones Act waiver is the most tangible move it has made so far.
What the Jones Act Actually Does
The Jones Act — formally the Merchant Marine Act of 1920 — requires that any cargo transported between U.S. ports be carried by vessels that are U.S.-built, U.S.-owned, U.S.-flagged, and U.S.-crewed. The law was designed to protect the domestic shipping industry after World War I, but has long been criticized by economists as an inflationary form of protectionism that raises the cost of moving goods within the country. With fewer than 100 Jones Act-compliant vessels in existence, the waiver immediately opens the door to a much larger pool of international tankers to move fuel between domestic ports.
The Practical Impact — And Its Limits
In theory, the waiver should have its biggest effect on refined product shipments from Gulf Coast refinery complexes to the more isolated East Coast — a corridor that has historically been a bottleneck during supply disruptions. Cheaper, more accessible shipping capacity means fuel can theoretically move faster and at lower cost to the regions that need it most.
But experts are already tempering expectations. The core problem isn’t moving fuel — it’s refining it. Most U.S. refineries are configured to process heavier Middle Eastern crude grades, while domestic shale production yields lighter oil. That structural mismatch means the U.S. still cannot fully self-supply even with more flexible shipping rules. The waiver makes domestic logistics more efficient, but it does not solve the underlying supply equation.
The Broader Policy Picture
The Jones Act move is reportedly just one item on a broader White House menu of potential energy interventions being considered, including possible Treasury-led action in energy futures markets and export bans on crude and refined products. Any of those measures — if enacted — would carry significant market implications across the energy sector.
For small and microcap investors, the read-through is layered. Domestic shippers and Jones Act operators could see near-term pricing pressure as foreign competition enters the market. Refiners with Gulf Coast exposure and East Coast distribution capability may benefit from improved logistics economics. And any company with meaningful fuel cost exposure — from regional truckers to agricultural operators to industrial manufacturers — should be watching this space closely as the administration continues to improvise policy responses to a crisis with no clear end date.
STAFFORD, Texas, March 18, 2026 (GLOBE NEWSWIRE) — Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a clinical-stage biopharmaceutical company focused on its Phase III clinical trial, FLAMINGO-01, which is evaluating Fast Track designated GLSI-100, an immunotherapy to prevent breast cancer recurrences, today provided an update on the upcoming AACR Meeting 2026.
Two abstracts and two posters were accepted for presentation. The titles and authors of the abstracts are as follows:
Abstract Number: CT138 – Poster Section 52 on April 20, 2026, 2-5pm
Abstract Title: Preliminary delayed-type-hypersensitivity immune response results from open-label arm of on-going Phase III study to evaluate the efficacy and safety of GLSI-100 (GP2 + GM-CSF) in breast cancer patients with residual disease or high-risk PCR after both neo-adjuvant and postoperative adjuvant anti-HER2 therapy, Flamingo-01
Snehal S. Patel1, Jaye Thompson1, F. Joseph Daugherty1, Francois-Clement Bidard2, William J. Gradishar3, Marcus Schmidt4, Miguel Martin5, Joyce A. O’Shaughnessy6, Hope S. Rugo7, Cesar A. Santa-Maria8, Laura M. Spring9, Mothaffar F. Rimawi10
1Greenwich LifeSciences, Stafford, TX,2Institut Curie, Paris, France,3Northwestern University, Chicago, IL,4University Medical Center Mainz, Mainz, Germany,5GEICAM, Madrid, Spain,6Sarah Cannon Research Institute, Dallas, TX,7City of Hope Comprehensive Cancer Center, Duarte, CA,8Johns Hopkins University, Baltimore, MD,9Massachusetts General Hospital, Boston, MA,10Lester and Sue Smith Breast Center, Dan L Duncan Comprehensive Cancer Center, Baylor College of Medicine, Houston, TX
This will be the first abstract and poster from FLAMINGO-01 with statistically significant immune response data, potentially with subgroup analysis by the most prevalent HLA types. A positive immune response is an indicator that the immune system has been activated against recurring cancer cells, potentially leading to the prevention of metastatic breast cancer and improved long term survival.
Immune responses to GP2 were measured at baseline and over time using delayed-type-hypersensitivity (DTH) skin tests and other methods. The DTH skin test measures the diameter of the skin immune response to GP2 in millimeters, 48-72 hours after intradermal injection of a low concentration of GP2 without GM-CSF.
Abstract Number: CT227 – Poster Section 51 on April 21, 2026, 9am-12pm
Abstract Title: Phase III study to evaluate the efficacy and safety of GLSI-100 (GP2 + GM-CSF) in breast cancer patients with residual disease or high-risk PCR after both neo-adjuvant and postoperative adjuvant anti-HER2 therapy, Flamingo-01
Jaye Thompson1, Snehal Patel1, Mira Patel1, Anu Tammareddi1, F. Joseph Daugherty1, Mothaffar F. Rimawi2
1Greenwich LifeSciences, Stafford, TX,2Lester and Sue Smith Breast Center, Dan L Duncan Comprehensive Cancer Center, Baylor College of Medicine, Houston, TX
This abstract and poster will continue to update principal investigators at the conference about the study design of FLAMINGO-01.
The Steering Committee authoring abstract CT138 is comprised of the following experts in the field of breast cancer oncology representing prominent teaching hospitals in the US and 4 of the largest breast oncology networks in the US, Germany, France, and Spain:
Dr. Mothaffar F. Rimawi – Professor of Medicine at the Baylor College of Medicine and Executive Medical Director and Co-Leader, Breast Cancer Program of the Dan L Duncan Comprehensive Cancer Center
Dr. Francois-Clement Bidard – Professor of Medical Oncology, UVSQ/Paris Saclay University, Head of Breast Cancer Group, Institut Curie, Vice-Chair of the French Breast Cancer research group UCBG (Unicancer)
Dr. William J. Gradishar – Professor of Medicine at the Feinberg School of Medicine at Northwestern University, Chief of Hematology and Oncology in the Department of Medicine, and Betsy Bramsen Professor of Breast Oncology
Dr. Sibylle Loibl – Professor (apl) Goethe University Frankfurt/M, Clinical Consultant Centre for Haematology and Oncology/Bethanien Frankfurt/M, CEO of GBG Forschungs GmbH & Chair of the German Breast Group (GBG)
Dr. Miguel Martin – Professor of Medicine, Head, Medical Oncology Service, Gregorio Marañón General University Hospital, Complutense University, Madrid, CEO of GEICAM
Dr. Joyce A. O’Shaughnessy – Celebrating Women Chair in Breast Cancer, Baylor University Medical Center and Chair, Breast Cancer Program, Texas Oncology, US Oncology, Dallas, Texas
Dr. Hope S. Rugo – Director, Women’s Cancers Program, Division Chief, Breast Medical Oncology, Professor, Department of Medical Oncology & Therapeutics Research, City of Hope Comprehensive Cancer Center, Professor Emeritus, University of California, San Francisco
Dr. Cesar A. Santa-Maria – Associate Professor of Oncology, Breast and Gynecological Malignancies Group, Director of Breast Cancer Trials, Johns Hopkins Sidney Kimmel Comprehensive Cancer Center
Dr. Laura M. Spring – Assistant Professor, Medicine, Harvard Medical School, Attending Physician, Medical Oncology, Massachusetts General Hospital
About the AACR Annual Meeting 2026
The AACR is the first and largest cancer research organization dedicated to accelerating the conquest of cancer and has more than 61,000 members residing in 143 countries and territories. The AACR Annual Meeting is the focal point of the cancer research community, where scientists, clinicians, other health care professionals, survivors, patients, and advocates gather to share the latest advances in cancer science and medicine. From population science and prevention; to cancer biology, translational, and clinical studies; to survivorship and advocacy; the AACR Annual Meeting highlights the work of the best minds in cancer research from institutions all over the world.
About FLAMINGO-01 Open Label Phase III Data
More than 1,000 patients have been screened with a current screen rate of approximately 800 patients per year. The 250 patient non-HLA-A*02 arm is now fully enrolled, where all patients received GLSI-100, which is 5 times more treated patients and recurrence rate data than the approximately 50 patients treated in the Phase IIb trial. The Primary Immunization Series (PIS), which includes the first 6 GLSI-100 injections over the first 6 months and is required to reach peak protection, is followed by 5 booster injections given every 6 months to prolong the immune response, thereby providing longer-term protection.
In the non-HLA-A*02 arm, a preliminary analysis of recurrence rates after the PIS is completed shows an approximately 70-80% reduction in recurrence rate.
This observation is trending similarly to the Phase IIb trial results and hazard ratio where HLA-A*02 patients were treated and where breast cancer recurrences were reduced up to 80% compared to a 20-50% reduction in recurrence rate by other approved products.
The immune response at baseline prior to any GLSI-100 treatment, the increasing immune response during the PIS, and the safety profile of non-HLA-A*02 patients is trending similarly to the HLA-A*02 arms of FLAMINGO-01 and to the Phase IIb study.
Analysis of the open label data from FLAMINGO-01 has been conducted in a manner that maintains the study blind. The open label recurrence rate, immune response, and safety data is based on the patients enrolled to date in FLAMINGO-01 and the data provided by the clinical sites so far, which is not completed or fully reviewed, and is thus preliminary. While comparing any preliminary FLAMINGO-01 data to the Phase IIb clinical trial data may be possible, these preliminary results are not a prediction of future results, and the results at the end of the study may differ.
About GLSI-100 Phase IIb Study
In the prospective, randomized, single-blinded, placebo-controlled, multi-center (16 sites led by MD Anderson Cancer Center) Phase IIb clinical trial of HLA-A*02 breast cancer patients, 46 HER2/neu 3+ over-expressor patients were treated with GLSI-100, and 50 placebo patients were treated with GM-CSF alone. After 5 years of follow-up, there was an 80% or greater reduction in cancer recurrences in the HER2/neu 3+ patients who were treated with GLSI-100, followed, and remained disease free over the first 6 months, which we believe is the time required to reach peak immunity and thus maximum efficacy and protection. The Phase IIb results can be summarized as follows:
80% or greater reduction in metastatic breast cancer recurrence rate over 5 years of follow-up with a peak immune response at 6 months and well-tolerated safety profile.
The PIS elicited a potent immune response as measured by local skin tests and immunological assays.
About FLAMINGO-01 and GLSI-100
FLAMINGO-01 (NCT05232916) is a Phase III clinical trial designed to evaluate the safety and efficacy of Fast Track designated GLSI-100 (GP2 + GM-CSF) in HER2 positive breast cancer patients who had residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment. The trial is led by Baylor College of Medicine and currently includes US and European clinical sites from university-based hospitals and academic and cooperative networks with plans to open up to 150 sites globally. In the double-blinded arms of the Phase III trial, approximately 500 HLA-A*02 patients are planned to be randomized to GLSI-100 or placebo, and up to 250 patients of other HLA types are planned to be treated with GLSI-100 in a third arm. The trial has been designed to detect a hazard ratio of 0.3 in invasive breast cancer-free survival, where 28 events will be required. An interim analysis for superiority and futility will be conducted when at least half of those events, 14, have occurred. This sample size provides 80% power if the annual rate of events in placebo-treated subjects is 2.4% or greater.
For more information on FLAMINGO-01, please visit the Company’s website here and clinicaltrials.gov here. Contact information and an interactive map of the majority of participating clinical sites can be viewed under the “Contacts and Locations” section. Please note that the interactive map is not viewable on mobile screens. Related questions and participation interest can be emailed to: flamingo-01@greenwichlifesciences.com
About Breast Cancer and HER2/neu Positivity
One in eight U.S. women will develop invasive breast cancer over her lifetime, with approximately 300,000 new breast cancer patients and 4 million breast cancer survivors. HER2 (human epidermal growth factor receptor 2) protein is a cell surface receptor protein that is expressed in a variety of common cancers, including in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels.
About Greenwich LifeSciences, Inc.
Greenwich LifeSciences is a clinical-stage biopharmaceutical company focused on the development of GP2, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2 protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. Greenwich LifeSciences has commenced a Phase III clinical trial, FLAMINGO-01. For more information on Greenwich LifeSciences, please visit the Company’s website at www.greenwichlifesciences.com and follow the Company’s Twitter at https://twitter.com/GreenwichLS.
Forward-Looking Statement Disclaimer
Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Greenwich LifeSciences Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including statements regarding the intended use of net proceeds from the public offering; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section entitled “Risk Factors” in Greenwich LifeSciences’ Annual Report on the most recent Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Greenwich LifeSciences, Inc. undertakes no duty to update such information except as required under applicable law.
Investor & Public Relations Contact for Greenwich LifeSciences Dave Gentry RedChip Companies Inc. Office: 1-800-RED CHIP (733 2447) Email: dave@redchip.com
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Gyre Receives Priority Review. Hydronidone has been awarded Priority Review Status by the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA). This is consistent with our expectations for an accelerated NDA review and late FY2026 approval for Hydronidone.
Meeting With The CMPA Was Positive. In early January, Gyre Pharmaceuticals (China) held a Pre-New Drug Application meeting with the CDE. At that time, the CDE agreed that data from the Hydronidone Phase 3 trial for treating chronic hepatitis B (CHB)-associated liver-fibrosis supported an application for conditional approval. It also met the criteria for Priority Review.
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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.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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New Analysis Shows Less Than 1% Recurrance Rate. Greenwich Pharmaceuticals announced a preliminary update from its FLAMINGO-01 trial. The data from the open-label arm of the trial showed a recurrence rate of less than 1% per year compared to a recurrence rate of 4% per year for patients treated with Kadcyla (ado-trastuzumab emtansine or T-DM1, from Genentech) in the Phase 3 KATHERINE Study. This is a 70% to 80% reduction in the historical recurrence rate for these patients.
Background On The Phase 3 FLAMINGO-01 Trial. The trial tests GLSI-100, an immunotherapy to prevent recurrence of HER2-positive breast cancer. Its design has a double-blind portion that enrolls patients with the immune marker HLA-A*02 to receive either GLSI-100 or placebo, and an open-label arm that enrolls patients that have other HLA types (non-HLA-A*02). The new data is from the open-label arm of the trial.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Double E Pipeline growth. Summit recently signed two new long-term take-or-pay agreements totaling 540 MMcf/d of incremental firm capacity on the Double E Pipeline, an 11-year, 210 MMcf/d contract with a large investment-grade shipper and an 11-year, 230 MMcf/d agreement with an undisclosed shipper, alongside the previously announced 100 MMcf/d Producers Midstream II commitment, which received an affirmative FID during the quarter. These contracts are expected to grow the Permian Segment Adj. EBITDA from ~$34 million in 2025 to ~$60 million by 2029.
2026 guidance. Summit expects full-year 2026 Adj. EBITDA of $225 million to $265 million, with total capital expenditures of $85 million to $105 million, including approximately $35 million attributable to Double E. The outlook assumes WTI at approximately $64 per barrel and Henry Hub at approximately $3.40 per MMBtu, both materially below current strip prices, suggesting meaningful upside if the commodity environment is sustained. The company expects 116 to 126 well connections supported by seven active rigs and approximately 90 DUCs.
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Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Strategic updates ahead of Q4 Earnings Call. At the Game Developers Conference (GDC) in San Francisco last week, the company provided updates across its game portfolio, outlining a steady pipeline of ARK franchise releases, expansions for existing titles, and new indie projects. The announcements were delivered ahead of the company’s Q4 and full-year 2025 earnings call scheduled for March 19, 2026, at 4:30 p.m. ET, providing a preview of its strategic product developments.
Strong Early Access sales. Notably, Bellwright has surpassed 1 million units sold on Steam during Early Access, demonstrating strong player engagement ahead of its 1.0 launch and planned expansion to Xbox and PlayStation. As a reminder, development is now fully in-house following the acquisition and integration of Donkey Crew, the Poland-based studio behind Bellwright, strengthening the franchise’s long-term potential.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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Updated feasibility study. Century recently filed its updated 2026 NI 43-101 feasibility study for its 100%-owned Angel Island Lithium Project in Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.
Lower initial capital expenditures. Phase I initial capital expenditures are estimated to be $997 million, a significant reduction from the $1.5 billion outlined in the 2024 Study. The updated study streamlines development into a two-phase approach. Phase I contemplates 7,500 tonnes per day (tpd) of mill feed, expanding to 15,000 tpd in Phase II beginning in Year 5. Phase II expansion capital is estimated at $660 million. A previously planned third expansion phase was eliminated, lowering overall capital requirements. The economic analysis is based on a 40-year production schedule, with planned life-of-mine average production of 26,500 tonnes per annum of battery-grade lithium carbonate.
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Noble Capital Markets Research Report Wednesday, March 18, 2026
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Updated Feasibility Study Highlights Incremental Value Snail (SNAL)/OUTPERFORM – Quarterly Preview: Strategic Updates Provided At GDC Summit Midstream Corp (SMC)/OUTPERFORM – Double E Pipeline Underpins Favorable Growth Outlook
Century Lithium Corp. (CYDVF/$0.27 | Price Target: $3.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updated Feasibility Study Highlights Incremental Value Rating: OUTPERFORM
Updated feasibility study. Century recently filed its updated 2026 NI 43-101 feasibility study for its 100%-owned Angel Island Lithium Project in Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.
Lower initial capital expenditures. Phase I initial capital expenditures are estimated to be $997 million, a significant reduction from the $1.5 billion outlined in the 2024 Study. The updated study streamlines development into a two-phase approach. Phase I contemplates 7,500 tonnes per day (tpd) of mill feed, expanding to 15,000 tpd in Phase II beginning in Year 5. Phase II expansion capital is estimated at $660 million. A previously planned third expansion phase was eliminated, lowering overall capital requirements. The economic analysis is based on a 40-year production schedule, with planned life-of-mine average production of 26,500 tonnes per annum of battery-grade lithium carbonate.
Snail (SNAL/$0.61 | Price Target: $3) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Quarterly Preview: Strategic Updates Provided At GDC Rating: OUTPERFORM
Strategic updates ahead of Q4 Earnings Call. At the Game Developers Conference (GDC) in San Francisco last week, the company provided updates across its game portfolio, outlining a steady pipeline of ARK franchise releases, expansions for existing titles, and new indie projects. The announcements were delivered ahead of the company’s Q4 and full-year 2025 earnings call scheduled for March 19, 2026, at 4:30 p.m. ET, providing a preview of its strategic product developments.
Strong Early Access sales. Notably, Bellwright has surpassed 1 million units sold on Steam during Early Access, demonstrating strong player engagement ahead of its 1.0 launch and planned expansion to Xbox and PlayStation. As a reminder, development is now fully in-house following the acquisition and integration of Donkey Crew, the Poland-based studio behind Bellwright, strengthening the franchise’s long-term potential.
Summit Midstream Corp (SMC/$30.73 | Price Target: $48.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Double E Pipeline Underpins Favorable Growth Outlook Rating: OUTPERFORM
Double E Pipeline growth. Summit recently signed two new long-term take-or-pay agreements totaling 540 MMcf/d of incremental firm capacity on the Double E Pipeline, an 11-year, 210 MMcf/d contract with a large investment-grade shipper and an 11-year, 230 MMcf/d agreement with an undisclosed shipper, alongside the previously announced 100 MMcf/d Producers Midstream II commitment, which received an affirmative FID during the quarter. These contracts are expected to grow the Permian Segment Adj. EBITDA from ~$34 million in 2025 to ~$60 million by 2029.
2026 guidance. Summit expects full-year 2026 Adj. EBITDA of $225 million to $265 million, with total capital expenditures of $85 million to $105 million, including approximately $35 million attributable to Double E. The outlook assumes WTI at approximately $64 per barrel and Henry Hub at approximately $3.40 per MMBtu, both materially below current strip prices, suggesting meaningful upside if the commodity environment is sustained. The company expects 116 to 126 well connections supported by seven active rigs and approximately 90 DUCs.
Noble Capital Markets Research Report Tuesday, March 17, 2026
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Wave of Regulatory Action Weighs on Outlook NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Phase 2b PARADIGM Study Published In JAMA Neurology Townsquare Media (TSQ)/OUTPERFORM – Were We On The Same Investor Call?
Bitcoin Depot (BTM/$4.03 | Price Target: $13) Patrick McCann pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Wave of Regulatory Action Weighs on Outlook Rating: OUTPERFORM
Q4 results. Bitcoin Depot reported Q4 revenue of $116.0 million, above our estimate of $112.0 million, reflecting somewhat stronger transaction activity than anticipated despite emerging regulatory headwinds. Adj. EBITDA of $1.6 million was below our forecast of $2.5 million due to higher operating expenses during the quarter.
Initial steps toward revenue diversification. The company is beginning to expand beyond the core Bitcoin ATM network through new fintech initiatives. It recently acquired Kutt, a peer-to-peer social betting platform, and launched ReadyBucks, a merchant cash advance platform targeting small businesses and gig workers. Management indicated that both initiative are starting small and not expected to materially impact near-term revenue.
NeuroSense Therapeutics Ltd. (NRSN/$0.81 | Price Target: $9) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 2b PARADIGM Study Published In JAMA Neurology Rating: OUTPERFORM
Presigious Journal Publishes The Phase 2b PARDIGM Study. JAMA Neurology has published an article dissussing the Phase 2b PARDIGM clinical trial. This peer-reviewed journal is published by the American Medical Association and regarded as one of the most prestigious journals in the field of neurology. We see this as a validation the clinical results and an acknowledgement of the impact PrimeC had on the amyotrophic lateral sclerosis (ALS) patients in the study.
PrimeC Addresses Important Mechanisms Of Neuron Degeneration. PrimeC is a proprietary fixed-dose oral combination of celecoxib and ciprofloxacin. These drugs target pathways of neuronal cell death, including regulation of microRNA synthesis, reduction in neuroinflammation, and modulation of iron accumulation. Additional testing by NeuroSense determined the optimal dosage combination of the two drugs for human studies and the extended releaase formulaton.
Townsquare Media (TSQ/$6.14 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Were We On The Same Investor Call? Rating: OUTPERFORM
In-line Q4 results. The company reported Q4 revenue and adj. EBITDA of $106.5 million and $21.5 million, both of which were in line with our estimates of $106.1 million and $22.0 million, respectively. Notably, the company continued to face headwinds in its digital businesses, which have been its primary growth engine.
Advertising trends appear to be improving. Digital revenues remained the company’s largest contributor and primary growth engine, representing approximately 55% of total revenue in 2025, up from 52% in 2024, and generated 56% of segment profit, compared with 50% a year earlier. Despite the stronger mix, fourth quarter Digital Advertising revenue declined 1%, as weakness in remnant advertising offset growth in direct-sold and programmatic digital advertising.
Noble Capital Markets Research Report Monday, March 16, 2026
Companies contained in today’s report:
MariMed Inc (MRMD)/OUTPERFORM – Reports Fourth Quarter and Full Year Results ONE Group Hospitality (STKS)/OUTPERFORM – Fourth Quarter In-line with Pre-announced Results Tonix Pharmaceuticals (TNXP)/OUTPERFORM – Tonix Reports FY2025 With Tonmya Sales and Pipeline Updates
MariMed Inc (MRMD/$0.08 | Price Target: $0.25) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Reports Fourth Quarter and Full Year Results Rating: OUTPERFORM
Overview. For the full year 2025, MariMed reported record revenue as well as the sixth consecutive year of positive adjusted EBITDA. Wholesale was once again the star performer, with sales increasing 11% y-o-y. MariMed increased its distribution footprint penetration to 85% of the dispensaries in its core markets.
4Q25 Results. Revenue of $41.7 million rose 7.2% y-o-y and exceeded our $40.5 million estimate. Better than expected retail sales drove the results. Adjusted gross margin came in at 39.9% versus 43.2% last year. Adjusted EBITDA totaled $4.4 million, down from $5.9 million in 4Q24. MariMed reported adjusted net income of $2.2 million, compared to a net loss of $3.1 million in 4Q24.
ONE Group Hospitality (STKS/$1.72 | Price Target: $5) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Fourth Quarter In-line with Pre-announced Results Rating: OUTPERFORM
Overview. Fourth quarter and full year 2025 results came in-line with management’s January 12, 2026 pre-announcement, with fourth quarter revenue of $207 million and full year revenue of $806 million. Notably, all brands demonstrated a sequential improvement in comparable sales during the quarter. Fourth quarter consolidated comparable sales declined approximately 1.8%, representing about 4 points of sequential improvement from the third quarter. And this momentum has continued in the new year.
4Q25 Results. For the fourth quarter, total GAAP revenue was approximately $207 million compared to $222 million in the prior year quarter. Adjusted EBITDA was $28.1 million compared to $31 million in the prior year quarter, a decrease of 9.5%. ONE Group reported a net loss, before preferred stock dividends, of $6.4 million compared to net income of $1.6 million in 4Q24.
Tonix Pharmaceuticals (TNXP/$13.24 | Price Target: $34) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Tonix Reports FY2025 With Tonmya Sales and Pipeline Updates Rating: OUTPERFORM
Tonix Reported Initial Tonmya Launch Results. Tonix reported a 4Q loss of $46.9 million or $(3.98) per share and a FY2025 loss of $124 million or $(14.57) per share. Initial sales of Tonmya for the six-week period after launch were $1.4 million, with total 4Q product sales of $5.4 million and FY2025 sales of $13.1 million. The company also gave updates on additional Tonmya indications and clinical trial progress. Total cash and equivalents balance on December 31, 2025 was $207.6 million.
Tonmya Sales Began In Mid-November. Sales of Tonmya (TNX-102 SL) started in November 2025 and recorded $1.4 million in 4Q. The company has 90 sales reps and reported meeting its expectations for the 14-week period through February 2026. Over 1,500 health care providers have written prescriptions for over 2,500 patients, with 4,200 prescriptions written. We believe this is an early indication of repeat use by the patients.
Noble Capital Markets Research Report Friday, March 13, 2026
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – 4Q25 Report Meets Expectations As A Transition Year Begins Hemisphere Energy (HMENF)/NOT RATED – Discontinuing Research Coverage Saga Communications (SGA)/OUTPERFORM – Stepping Up Digital Investments Seanergy Maritime (SHIP)/OUTPERFORM – Fleet Expansion Continues; Squireship Sale Summit Midstream Corp (SMC)/OUTPERFORM – Summit to Host FY2025 Earnings Call on March 17 The Oncology Institute, Inc. (TOI)/OUTPERFORM – Strong Results Driven By Covered Population Growth With Improving Margins
Gyre Therapeutics, Inc (GYRE/$7.81 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 4Q25 Report Meets Expectations As A Transition Year Begins Rating: OUTPERFORM
4Q25 Revenues Showed Modest Increase. Gyre reported a 4Q loss of $1.7 million or $(0.02) per share and profit of $5.0 million or $0.06 per basic share and $0.02 per fully diluted share. Revenues of $116.6 million increased 10.2% over the $105.8 million in FY2024. These results are consistent with our view that FY2026 is a transition year, as the company focuses on approval and launch of Hydronidone plus the acquisition of Cullgen, Inc, adding its degrading protein technology platform (discussed in our Research Note on March 3).
Product Sales and Financials. FY2025 revenue of $116.6 million was driven by continued sales of Etuary and new product launches. Etuary sales of $106.1 million for FY2026 compare with $105.0 million in 4Q25. During the year, Gyre launched Contiva (avatrombopag maleate tablet) in March 2025 and Etorel (nintedanib ethanesulfonate capsules) in June 2025. Contiva sales were $5.5 million and Etorel sales were $4.6 million for the full year. The company expects the National Drug Procurement Program in China and market conditions to lower sales of $100.5 million to $111.0 million.
Saga Communications (SGA/$11.09 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Stepping Up Digital Investments Rating: OUTPERFORM
Q4 Results. The company reported Q4 revenue and adj. EBITDA of $26.5 million and $0.8 million, respectively, modestly below our estimates of $27.7 million and $2.0 million, as illustrated in Figure #1 Q4 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25.8% y-o-y.
Strong digital results. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.3 million, an increase of 25.8% year over year, with full year growth reaching 19.1%. Furthermore, the growth was driven by several verticals, including search advertising, targeted display, and e-commerce platforms, reflecting growing adoption of integrated radio and digital advertising campaigns.
Seanergy Maritime (SHIP/$12.68 | Price Target: $18) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Fleet Expansion Continues; Squireship Sale Rating: OUTPERFORM
Newbuild program expands to five vessels. Seanergy announced the acquisition of two Japanese newbuild scrubber-fitted 181,500 dwt Capesize vessels, expanding the total newbuild program to five vessels, including four Capesize vessels and one Newcastlemax, with a combined contract value of approximately $384 million. The first Japanese vessel is a direct purchase with delivery expected between Q2 and Q3 2027, while the second is structured as a 10-year bareboat-in contract with a Q1 2029 delivery and a purchase option beginning at year five. The combined cost of both Japanese vessels is approximately $158 million.
Sale of M/V Squireship. Seanergyagreed to sell the 2010-built, 170,018 dwt M/V Squireship to a related party for $29.5 million with delivery expected between late April and early June 2026. The transaction is expected to generate net proceeds of approximately $13.5 million after debt repayment and produce an accounting gain of roughly $4 million. The sale is consistent with management’s capital recycling strategy, monetizing an older vessel at an attractive valuation while funding the newbuilding program and reducing average fleet age.
Summit Midstream Corp (SMC/$30.87 | Price Target: $47) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Summit to Host FY2025 Earnings Call on March 17 Rating: OUTPERFORM
Fourth quarter and FY2025 financial results. Summit will report operating and financial results after the market close on Monday, March 16. Management will host a teleconference at 10 am ET on Tuesday, March 17. We anticipate management will provide its outlook and corporate guidance for 2026.
Noble estimates. We forecasted fourth quarter and FY2025 EBITDA of $62.5 million and $246.6 million, respectively, and net losses of $0.4 million, or $(0.00) per share, and $11.5 million, or $(0.95) per share. Our fourth quarter and full year revenue estimates are $146.7 million and $566.5 million, respectively. Recall management previously communicated that it expected adjusted EBITDA to be at the low end of its $245 million to $280 million 2025 guidance range. For 2026, we are projecting revenue, EBITDA, net income and EPS of $591.3 million, $265.7 million, $12.7 million, and $1.03, respectively.
The Oncology Institute, Inc. (TOI/$2.62 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Strong Results Driven By Covered Population Growth With Improving Margins Rating: OUTPERFORM
4Q25 Had Strong Revenue Growth. The Oncology Institute reported a 4Q25 loss of $7.5 million or $(0.06) per share and a FY2026 loss of $60.6 million or $(0.54) per share. Importantly, 4Q25 Revenues of $142.0 million were up 41.6% over 4Q24, close to our estimate of $142.4 million, with a slightly different mix from Patient Services and Dispensary Revenues. EBITDA in 4Q25 was $0.15 million, turning positive for the first time, and compares with $(7.8) million in 4Q24. Cash balance on December 31, 2025 was $33.6 million.
Margins Improved During 4Q and For FY2025. Overall Gross Margin for 4Q2025 improved to 16.0% of revenues compared with 14.6% in 4Q2024. This reflects margins improvements in Patient Services of 11.9% compared with 8.9% in 4Q24, and Dispensary margins of 18.1% compared with 16.9% in 4Q24. FY2025 Overall Gross Margin was 15.2% compared with 13.7% for FY2024.
Noble Capital Markets Research Report Thursday, March 12, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – Fourth Quarter and Full year 2025 Results Commercial Vehicle Group (CVGI)/OUTPERFORM – Making Progress
ACCO Brands (ACCO/$3.51 | Price Target: $9) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Fourth Quarter and Full year 2025 Results Rating: OUTPERFORM
Overview. Despite continued demand challenges globally and tariff-related disruptions in the U.S., ACCO maintained or grew its market position in most categories, demonstrating the resilience and strength of the brand portfolio. ACCO delivered sales and adjusted EPS in-line with management’s outlook.
4Q25 Results. Net sales were $428.8 million, down 4.3% y-o-y, reflecting soft global demand for certain products, partially offset by growth in gaming accessories. We were at $435 million. Comp sales were down 7.8%. Adjusted EBITDA totaled $68.6 million, or a 16% margin, compared to $73.6 million and 16.4%, respectively, in 4Q24. ACCO reported adjusted EPS of $0.38, flat with the $0.39 reported in 4Q24. We were at $0.38.
Commercial Vehicle Group (CVGI/$2.03 | Price Target: $4) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Making Progress Rating: OUTPERFORM
Overview. CVG delivered strong year-over-year improvement in profitability despite a challenging demand environment, particularly in the North American Class 8 truck market. The continued year-over-year improvement in profitability was again driven by management’s focus on operational efficiency improvement. Another highlight of the quarter is the continued strong performance within the Global Electrical Systems segment. During the third quarter, CVG saw segment performance inflect with revenues up 6% compared to the prior year. The fourth quarter saw further acceleration, with revenues up 13% y-o-y.
4Q25 Results. Fourth quarter revenue of $154.8 million was down 5.2% y-o-y, due primarily to North American demand. Adjusted EBITDA was $2.3 million, up 155.6%, with an adjusted EBITDA margin of 1.5% versus 0.6% last year. Adjusted net loss was $0.18/sh, compared to an adjusted net loss of $0.15/sh in 4Q24.
Noble Capital Markets Research Report Wednesday, March 11, 2026
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – FY2025 Review and Estimate Update NN (NNBR)/OUTPERFORM – Toward a Brighter Future Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – High-Grade Lion Drilling Continues to Expand Near-Surface Potential The Beachbody Company (BODI)/OUTPERFORM – Turnaround Complete, Growth Phase Begins
FreightCar America (RAIL/$10.01 | Price Target: $16.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | FY2025 Review and Estimate Update Rating: OUTPERFORM
FY2025 financial results. FreightCar America generated 2025 adjusted earnings per share (EPS) of $0.50 per share compared to $0.15 per share in 2024. Gross margin as a percentage of revenue increased to 14.6% compared to 12.0% in FY2024. Revenue and rail car deliveries decreased to $501.0 million and 4,125, respectively, compared to $559.4 million and 4,362 in 2024. Adjusted EBITDA increased to $44.8 million compared to $43.0 million in 2024. Full year adjusted free cash flow amounted to $31.4 million versus $21.7 million in 2024.
FY2026 corporate guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. Guidance for 2026 adj. EBITDA reflects facility lease expenses recorded in cost of goods sold instead of previously classified within interest expense. On a lease-adjusted basis, 2025 adj. EBITDA was $41.2 million.
NN (NNBR/$1.3 | Price Target: $6) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Toward a Brighter Future Rating: OUTPERFORM
Momentum. NN is bringing solid momentum into 2026. A number of end markets are showing improvement, including the commercial vehicle market, where orders continue to show year-over-year strength. Management noted on the call that the electric grid, data center, defense, and electronics sectors are all growing in the first quarter and are expected to grow in the full year 2026.
Improved Margins. As the business mix moves up the value chain, NN is experiencing higher margins. Adjusted gross margin performance was 18.8% in the fourth quarter and 18.5% for the full year, which again has NN trending towards management’s five year goal of 20% consolidated gross margins.
Power Metallic Mines Inc. (PNPNF/$0.87 | Price Target: $2.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | High-Grade Lion Drilling Continues to Expand Near-Surface Potential Rating: OUTPERFORM
Best copper intercept to date. Power Metallic reported results from the first hole of the 2026 winter drill campaign. Hole PML-26-049 intersected 16.55 meters grading 10.08% copper (15.11% CuEq) within massive to brecciated copper sulphides, representing the strongest copper intersection reported at the Lion Zone to date. The hole was drilled to support interpretation of near-surface mineralization and to expand the deposit’s footprint in an area that management believes may be amenable to open-pit extraction.
Infill drilling is supportive. Results from holes PML-26-049 and PML-25-047 confirm strong grade continuity within the modeled Lion Zone geometry, improving confidence that portions of the deposit may ultimately support Indicated Resource classification. Deeper drilling has also expanded high-grade lenses within the system, including 7.60 meters grading 7.30% CuEq within an 18.0-meter interval grading 3.18% CuEq, further extending mineralization within the Lion zone.
The Beachbody Company (BODI/$8.33 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Turnaround Complete, Growth Phase Begins Rating: OUTPERFORM
Q4 results exceeded expectations. Q4 revenue of $55.5 million and adjusted EBITDA of $12.9 million, surpassed our estimates of $53.0 million and $5.0 million, respectively. Although revenue declined 7.3% sequentially and 35.7% year over year due to the continued wind-down of the legacy MLM model, operating income reached $8.2 million, marking the second consecutive profitable quarter and a $41.1 million year-over-year improvement.
Lean cost structure continues to drive strong operating leverage and profitability. Consolidated gross margin expanded 400 basis points year over year to 74.5%, supported by improved operational efficiency and lower digital amortization costs. Total operating expenses declined 64.6% year over year to $33.2 million as restructuring initiatives and the elimination of MLM-related costs materially reduced SG&A. As a result, the company generated $5.2 million in net income and its ninth consecutive quarter of positive adjusted EBITDA.
FreightCar America (RAIL/$12.68 | Price Target: $18) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Q4′ 2025 Financial Results Below Our Estimates Rating: OUTPERFORM
Q4′ 2025 financial results. RAIL generated Q4′ 2025 adj. net income of $4.9 million or $0.16 per share, compared to net income of $8.0 million or $0.21 per share in Q4′ 2024. We had projected net income of $6.1 million or $0.18 per share. Gross margin as a percentage of revenue decreased to 13.4% compared to 15.3% in Q4′ 2024 and our estimate of 14.0%. Revenue declined to $125.6 million compared to $137.7 million during the prior year period, while rail car deliveries increased to 1,172 compared to 1,019 units. We had projected rail car deliveries of 1,557 and revenue of $139.9 million. Adj. EBITDA declined to $10.4 million compared to $13.9 million in Q4′ 2024. We had forecasted adj. EBITDA of $12.5 million.
FY2026 corporate guidance. Railcar deliveries are expected to be in the range of 4,000 to 4,500, revenue in the range of $500 to $550 million, and adjusted EBITDA of $41 to $50 million. In FY2025, railcar deliveries were 4,125, revenue amounted to $501.0 million, and adjusted EBITDA totaled $44.8 million. FY2026 guidance is below our current 2026 estimates. Following relatively soft industry orders during the fourth quarter of 2025, we think management is taking a conservative view based on an increasingly uncertain economic outlook and an EOY 2025 backlog of 1,926 units valued at $137.5 million. Moreover, 2026 adj. EBITDA guidance reflects facility lease expenses recorded in cost of goods sold instead of previously classified within interest expense. On a lease-adjusted basis, 2025 adj. EBITDA was $41.2 million.
Solid Q4 results. The company reported Q4 revenue of $90.0 million and adj. EBITDA of $15.0 million. While revenue was modestly below our estimate of $99.0 million, adj. EBITDA was in line with our estimate of $15.1 million, as illustrated in Figure #1 Q4 Results. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased approximately 25% y-o-y.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 7% and 10%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy appears to be paying off, as average bookings per paying user (ABPPU) increased from $102 in Q4’24 to $106 in Q4’25.
Viewership Milestone. The company announced that more than four million viewers tuned in to its broadcast and streaming platforms for its live coverage of the President’s State of the Union address on February 24. Notably, the Newsmax channel garnered 2.8 million total viewers, with an additional 1.3 million streaming the coverage on Newsmax2. The strong viewership marked a major ratings and digital engagement milestone, reflecting the network’s growing reach across traditional and digital platforms.
Ratings Leadership. The network’s total audience exceeded the combined viewership of Fox Business, CNBC, and NewsNation by 23%. Throughout the evening, the Newsmax team provided continuous updates on Newsmax.com and engaged more than 23 million social media followers. Additionally, a wide range of lawmakers, administration officials, and political commentators joined the network on both broadcast and streaming coverage.
Noble Capital Markets Research Report Monday, March 9, 2026
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – February Ethereum Metrics Information Services Group (III)/OUTPERFORM – AI Demand Drives Solid Results
Bit Digital (BTBT/$1.62 | Price Target: $5.5) Joe Gomes jgomes@noblefcm.com | 561-999-2262 February Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of February 2026. As of month end, the Company held approximately 155,434 ETH versus 155,239 ETH at the end of January. Included in the ETH holdings were approximately 15,283 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,269, or about 89% of its total holdings as of February 28th.
Yield and Value. Staking operations generated approximately 314 ETH in rewards during the period, representing an annualized yield of approximately 2.7%. Based on a closing ETH price of $1,965, as of February 28, 2026, the market value of the Company’s ETH holdings was approximately $305.4 million.
Information Services Group (III/$4.53 | Price Target: $6.5) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | AI Demand Drives Solid Results Rating: OUTPERFORM
Q425. Operating performance in 4Q25 was solid and came in at the upper end of management’s guidance. Revenue came in at $61.2 million, up 6% y-o-y. Adjusted EBITDA grew 24% to $8.1 million, and adjusted EBITDA margin expanded 189 basis points to 13.2%. ISG reported GAAP net income of $2.6 million, or EPS of $0.05/sh, compared to $3.0 million, or EPS of $0.06/sh, last year, which included a $2.3 million gain from the sale of the automation unit. Adjusted EPS was $0.08 versus $0.06 last year.
AI and Recurring Revenue. Management noted AI-related activities represented nearly 35% of quarterly revenue, up from approximately 10% a year ago. For the full year, AI-related revenue accounted for nearly 30% of total revenue, roughly three times last year’s proportion. Recurring revenue totaled $112 million, representing 46% of annual revenue, while recurring revenues grew 13% year-over-year in the fourth quarter. We expect both AI-related and recurring revenue to increase going forward.
Noble Capital Markets Research Report Friday, March 6, 2026
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL To Host FY2025 Earnings Call on March 10 InPlay Oil (IPOOF)/OUTPERFORM – Pembina Assets Shine, Disciplined Outlook
FreightCar America (RAIL/$13.15 | Price Target: $18) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 RAIL To Host FY2025 Earnings Call on March 10 Rating: OUTPERFORM
Fourth quarter and FY2025 earnings. FreightCar will release its fourth quarter and FY2025 financial results after the market close on Monday, March 9. Management will host an investor teleconference and webinar on Tuesday, March 10, at 11:00 am ET. We expect management to release corporate guidance for FY2026 railcar deliveries, revenue, and adjusted EBITDA. In addition to a market outlook, we think management will discuss its strategy for growing its aftermarket parts business along with its plans to enter the tank car market.
Noble estimates. Our fourth quarter 2025 revenue, EBITDA, and adjusted EPS estimates are $139.9 million, $12.5 million, and $0.18, respectively. For FY2025, we forecast $515.3 million, $46.8 million, and $0.58, respectively. For 2026, our revenue, EBITDA, and EPS estimates are also unchanged at $636.7 million, $59.4 million, and $0.76, respectively.
InPlay Oil (IPOOF/$12.46 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Pembina Assets Shine, Disciplined Outlook Rating: OUTPERFORM
2025 financial results. InPlay Oil reported full-year 2025 adjusted funds flow (AFF) of C$114.4 million, or C$4.68 per share, above our estimate of C$112.9 million, or C$4.58 per share. Revenue for the year totaled C$291.4 million, ahead of our C$290.6 million forecast, as stronger Q4 production of 19,589 boe/d exceeded our estimate of 19,419 boe/d, in addition to stronger than expected AECO pricing. Full-year production averaged 17,043 boe/d, slightly above our 17,000 boe/d estimate.
Updated 2026 estimates. In the first quarter of 2026, we expect now revenues of C$79.9 million, AFF of C$27.4 million, and AFF per share of C$0.98, compared to prior estimates of C$79.0 million, C$26.6 million, and C$0.95, respectively. For the full-year 2026, we now estimate revenues of C$340.1 million, AFF of C$126.7 million, and AFF per share of C$4.53, up from C$340.1 million, C$125.2 million, and C$4.45. We are maintaining our production estimate of 18,605 boe/d in the first quarter and 18,900 boe/d for the year. These estimates are reflective of slightly higher commodity pricing.
Noble Capital Markets Research Report Thursday, March 5, 2026
Companies contained in today’s report:
First Phosphate Corp. (FRSPF)/OUTPERFORM – Gaining Government Support and Commercial Momentum NN (NNBR)/OUTPERFORM – First Look: 4Q25 and Full Year 2025 Results Ocugen (OCGN)/OUTPERFORM – FY2025 Reported With All Three Clinical Trials On Schedule
First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Gaining Government Support and Commercial Momentum Rating: OUTPERFORM
Canadian government steps up with financial support. First Phosphate received conditional approval for up to C$16.7 million in non-repayable funding through Natural Resources Canada under the Global Partnerships Initiative. The contribution will fund the assessment of technical and engineering parameters, including processing circuits and equipment, needed to validate the company’s ability to produce battery-grade phosphate concentrate aligned with its definitive offtake agreement. The funding supports study activities through 2028. First Phosphate received US$523,017 under a long-term phosphate concentrate offtake agreement, reinforcing commercial validation and establishing initial cash flow tied to downstream demand.
Phosphate added to Canada’s critical minerals list. The Canadian federal government amended the 2025 budget to include phosphate as a critical mineral essential for clean technology. This designation makes First Phosphate eligible for the 30% Critical Mineral Exploration Tax Credit (CMETC) and the 30% Clean Technology Manufacturing Investment Tax Credit (CTM). The CMETC enhances the company’s ability to raise exploration capital, while the CTM offers the potential to materially reduce downstream capital intensity for the planned phosphoric acid and LFP cathode active material facilities.
NN (NNBR/$1.53 | Price Target: $6) Joe Gomes jgomes@noblefcm.com | 561-999-2262 First Look: 4Q25 and Full Year 2025 Results Rating: OUTPERFORM
Overview. For the full year 2025, NN delivered a third consecutive year of improved financial performance, although 4Q25 results were modestly below our expectations. Importantly, NN completed the most capital-intensive portion of its transformation plan that included plant closures, significant headcount realignment, and exiting dilutive business. As a result, NN enters 2026 as a healthier, leaner, and more focused company, performing on multiple fronts, which should result in the next chapter of net sales growth.
4Q25 Results. Sales in 4Q25 were $104.7 million, down 1.7% y-o-y, primarily due to rationalization of underperforming business and plants and lower volumes. Adjusted EBITDA for the fourth quarter of 2025 was $12.9 million, or 12.3% of sales, compared to $12.1 million, or 11.3% of sales, for the same period of 2024. Adjusted net loss for the fourth quarter of 2025 was $0.1 million, or $0.00 per diluted share, compared to adjusted net loss of $0.9 million, or $0.02 per share, in 4Q24. We had estimated $107.5 million, $14.5 million, and $0.04, respectively.
Ocugen (OCGN/$1.96 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 FY2025 Reported With All Three Clinical Trials On Schedule Rating: OUTPERFORM
FY2026 Reported With Important Milestones Ahead. Ocugen reported a loss for 4Q25 of $17.7 million or $(0.06) per share, with a FY2025 loss of $67.8 million or $(0.23) per share. Cash on December 31, 2025, was $18.6 million, not including $22.5 million from a common stock offering in January 2026. Importantly, the company confirmed several clinical trial milestones had been achieved or were on schedule for announcement later in 2026. This maintains the goal of submitting three BLAs for three products during the next three years.
Topline Data From OCU400 Expected In March 2027. The Phase 3 liMeliGhT trial testing OCU400 for retinitis pigmentosa (RP) has completed enrollment. The patients have a 1-year evaluation after treatment, with top-line data expected during March 2027. Ocugen plans to begin a rolling BLA submission with the Manufacturing and Preclinical Data sections later in 2026. The Phase 3 data and clinical sections are expected to be filed shortly after the final analysis. The full filing is expected to be completed in 1Q27. We anticipate 6-month review, with FDA approval received in Fall 2027.
Noble Capital Markets Research Report Wednesday, March 4, 2026
Companies contained in today’s report:
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – FLAMIMGO-01 Trial Screening Rate Now Higher Than Expected Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Drilling Expands Lion Mineralization and Identifies High-Grade Gold Zone Star Equity Holdings, Inc. (STRR)/OUTPERFORM – A Mini Berkshire In the Making Superior Group of Companies (SGC)/OUTPERFORM – Efficiency Initiatives Drive Earnings Growth
Greenwich LifeSciences, Inc. (GLSI/$27.26 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 FLAMIMGO-01 Trial Screening Rate Now Higher Than Expected Rating: OUTPERFORM
Patient Screening Is Ahead Of Expectations. Greenwich LifeSciences reported a large increase in the rate of patient screening in the FLAMINGO-01 Phase 3 trial. The rate increased to about 200 patients per quarter, reaching an annual rate of over 800 per year, compared with the previous rate of 600 patients per year. The reflects an increased number of patients at existing sites as well as opening of additional sites in Europe. We see this increase in same-site and additional site screening as a positive sign for the trial.
Additional Data Release Coming Soon. In late February, Greenwich announced that two abstracts were accepted for presentation at the American Association for Cancer Research (AACR) Annual Meeting to be held April 17-22, 2026. The AACR plans to publish the abstract titles on March 17, followed by the full abstracts on April 17. The full posters will be published on the date of presentation at the conference.
Power Metallic Mines Inc. (PNPNF/$0.86 | Price Target: $2.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Drilling Expands Lion Mineralization and Identifies High-Grade Gold Zone Rating: OUTPERFORM
Expansion of Lion mineralization. Recent drilling at Lion East and Lion West resulted in a newly identified shallow eastward plunging structural trend that controls high grade copper mineralization and extends the Lion system beyond its previously defined limits. Step-out drilling expanded mineralization both east and west, and the emerging structural model may vector toward a larger nickel copper source at depth, enhancing the project’s long-term potential.
Encouraging results at Lion West. Drilling intersected massive nickel-bearing sulphide within the UM zone, indicating the presence of a deeper nickel-palladium-copper system much like mineralization observed at Tiger. Follow-up drilling is underway to better define the geometry and relationship to the Lion geological stratigraphy.
Star Equity Holdings, Inc. (STRR/$9.9 | Price Target: $16) Joe Gomes jgomes@noblefcm.com | 561-999-2262 A Mini Berkshire In the Making Rating: OUTPERFORM
Initiation. We are initiating equity research coverage on Star Equity Holdings, Inc. with an Outperform rating and $16 price target. A diversified holding company, Star is seeking to replicate the Berkshire Hathaway playbook in the micro-cap space. The Company currently operates through 3 operating divisions, growing both organically and through acquisitions, and a fourth investment division, which makes strategic investments in public companies.
Multi-Pronged Growth Strategy. Management is pursuing a multi-pronged growth strategy. First and foremost is organic growth in the existing operating verticals. The second strategy is growth via acquisitions, with both the public and private arenas targeted. Lastly, through the Investments division, Star will make targeted investments in select microcaps. These could be potential acquisition targets or just strategic investments in companies that management has determined are trading at a discount to fair value.
Superior Group of Companies (SGC/$10.07 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Efficiency Initiatives Drive Earnings Growth Rating: OUTPERFORM
Solid finish to the year. The company reported Q4 revenue of $146.6 million and adj. EBITDA of $9.9 million, both of which were largely in line with our estimates of $145.4 million and $9.1 million, respectively. Furthermore, revenue increased 1% year over year and 6% sequentially, reflecting the expected back-end weighted cadence, while strong cost controls drove meaningful profitability improvement.
Cost discipline drives earnings growth. SG&A declined $1.4 million year over year, and EBITDA increased 19% to $8.6 million, resulting in a 90 basis point improvement in EBITDA margin. EPS of $0.23, nearly doubled from the comparable prior-year quarter.
Noble Capital Markets Research Report Tuesday, March 3, 2026
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Cullgen Acquisition Adds New Platform To Build Long-Term Pipeline Kratos Defense & Security (KTOS)/OUTPERFORM – Funds to Pursue Growth
Gyre Therapeutics, Inc (GYRE/$8.76 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Cullgen Acquisition Adds New Platform To Build Long-Term Pipeline Rating: OUTPERFORM
Gyre To Acquire Cullgen. Gyre Therapeutics announced the acquisiton of Cullgen, a privately-held company developing targeted protein degrader (TPD) and degrader antibody conjugate (DAC) therapies. The all-stock transaction valued Cullgen at approximately $300 million. We believe this acquisition adds a novel technology platform to the mid-term to long-term product pipeline.
The Cullgen Acquisition Transforms Gyre. Cullgen was private company founded in 2018. It has been developing its proprietary technology platform, uSMITE (ubiquitin-mediated small molecule-induced target elimination), to create targeted protein degrading drugs and antibody conjugates. These drugs are in development to treat pain, cancer, inflammation, autoimmune diseases, and neurodegenerative diseases.
Kratos Defense & Security (KTOS/$90.72 | Price Target: $145) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Funds to Pursue Growth Rating: OUTPERFORM
A Raise. Kratos raised a net $1.35 billion through the sale of 16,285,571 KTOS shares at $84/sh, including the Underwriters exercising the 30-day allotment in full. The offering closed on March 2, 2026. Noble Capital participated in the raise.
Uses. The net funds will be used to continue to make important capital expenditures to scale operations and meet the growing demands of The Department of War and National Security customers with respect to existing programs, recently awarded contracts and new opportunities, (ii) to continue to invest in new product, system and software product development, (iii) to strengthen the Company’s balance sheet to allow the Company to be responsive to anticipated contract awards from the large, strategic pipeline of opportunities, (iv) to fund the recent acquisition of Nomad, pending acquisition of Orbit, and select future strategic M&A opportunities, and (v) for general corporate purposes.
Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).
Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.
MAIA Biotechnology (MAIA/$2.26 | Price Target: $14) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Ateganosine Moves Forward With A Pivotal Year Ahead Rating: OUTPERFORM
Building On Success In 2025, Ateganosine Continues Moving Forward. MAIA has been conducting the Phase 2 THIO-101 trial, testing ateganosine (also known as THIO) in combination with cemiplimab, a checkpoint inhibitor. The trial is now in its third stage after the data showed meaningful improvements in median survival, overall response rates, and disease control rate. Separately, a Phase 3 trial has begun. Based on the reported results, we believe both trials have a high probability of success and could lead to FDA approvals.
Phase 2 THIO-101 Could Support Early Approval. The THIO-101 trial was designed with three stages. Part A confirmed safety and tolerabity, while Part B tested three doses to determine the optimal dosing regimen. In December 2025, the Part C Expansion/Registration stage began. This is an open-label arm designed to determine the Overall Response Rate (ORR). Positive data could lead to an application for Early Approval from the FDA.
Titan International (TWI/$9.73 | Price Target: $11) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Reports Fourth Quarter Results Rating: OUTPERFORM
Overview. Titan ended 2025 with another positive quarter as fourth quarter revenue, gross margin, and adjusted EBITDA exceeded fourth quarter 2024 results. These results are ahead of management’s revenue guidance and also better than adjusted EBITDA expectations. The EMC segment was the standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points.
4Q25 Results. Revenue grew 7.0% to $410.4 million. Ex foreign exchange, the Ag segment was flat, EMC up nicely, and Consumer down modestly. Adjusted EBITDA came in at $11 million, up 18% y-o-y. Due to non-cash valuation allowances, Titan recorded a GAAP net loss of $56 million in the quarter, compared to net income of $1.3 million in 4Q24. Adjusted net loss was $17.4 million, or $0.27/sh, compared to net income of $5.8 million, or $0.09/sh, in 4Q24.
Noble Capital Markets Research Report Friday, February 27, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Making Progress at the Balangero Green Nickel Project Codere Online (CDRO)/OUTPERFORM – Delivers Operating Leverage E.W. Scripps (SSP)/OUTPERFORM – Transformation Plan Underscores Compelling Valuation Nicola Mining Inc. (HUSIF)/OUTPERFORM – Building Momentum
Aurania Resources (AUIAF/$0.16 | Price Target: $0.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Making Progress at the Balangero Green Nickel Project Rating: OUTPERFORM
Recent assay results confirm strong nickel-cobalt grades. Aurania reported results from 28 new samples at the Balangero Nickel-Cobalt Project in northern Italy, returning nickel values between 1,560 and 2,015 parts per million (ppm) and averaging 1,763 ppm, along with 81.5 to 108 ppm cobalt and 16.2 to 146 ppm copper. These results align with more than 200 historical samples and validate the presence of awaruite, a nickel-iron alloy suitable to be used as a direct source of furnace feed for stainless steel production or processed downstream EV battery-grade nickel sulphate production. Notably, samples from development rock piles were confirmed to be asbestos-free, potentially expanding the resource base beyond tailings.
A differentiated alternative to greenfield peers. Unlike comparable awaruite-focused projects, which require full mine development, Balangero’s potential resource consists primarily of dry-stacked, pre-crushed tailings and surface rock already extracted from the ground. This eliminates the need for drilling, blasting, and underground haulage. The project benefits from electric power, rail access, highway connectivity, and an available skilled workforce, positioning it as a potentially accelerated development opportunity with significant cost advantages.
Solid Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).
Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.
E.W. Scripps (SSP/$3.69 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Transformation Plan Underscores Compelling Valuation Rating: OUTPERFORM
Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.
Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. Importantly, management indicated that Core Advertising momentum continues to be favorable into the first quarter 2026.
Nicola Mining Inc. (HUSIF/$0.9 | Price Target: $1.25) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Building Momentum Rating: OUTPERFORM
Operational momentum continues. Nicola reported a significant increase in throughput of high-grade gold and silver mill feed from its partnership with Blue Lagoon Resources at the Dome Mountain Gold Project. Processing at the Merritt Mill has shifted from a gravity-and-flotation circuit to a flotation-only flowsheet, better aligning with the sulphide-hosted mineralization and enhancing recoveries, concentrate grades, and payable metal output. Ongoing plant upgrades are expected to improve efficiency and throughput. Underground development at Dome Mountain is progressing, with additional mining faces being prepared to support sustainable increases in mill feed tonnage.
Advancing the next phase of gold production at Dominion Creek. Dominion represents an additional driver of growth, targeting high-grade gold mineralization. Nicola is procuring needed mobile equipment and personnel ahead of the planned extraction in July 2026 under a bulk sample permit. The bulk sample program is intended to validate grade continuity, metallurgical performance, and mining selectivity, while also contributing incremental cash flow.
Noble Capital Markets Research Report Thursday, February 26, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/MARKET PERFORM – Sets The Table For Investors Cardiff Oncology (CRDF)/OUTPERFORM – FY2025 Reported With Onvansertib Phase 2b Data Review E.W. Scripps (SSP)/OUTPERFORM – Foundation for 2026 Upside Euroseas (ESEA)/OUTPERFORM – Solid 4Q and FY2025 Results Amid Sustained Strength in Containership Market Kratos Defense & Security (KTOS)/OUTPERFORM – Reports Fourth Quarter Results
1-800-Flowers.com (FLWS/$3.34) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Sets The Table For Investors Rating: MARKET PERFORM
Updates it corporate presentation. Management recently updated its corporate presentation to provide more detail around the company’s four pillar initiative to transform it toward a more profitable, scalable, growth oriented company. The four key pillars: achieving cost savings and operational efficiency, strengthening customer focus, expanding reach beyond e-commerce, and enhancing talent alignment and accountability.
Omnichannel Expansion. The company is expanding distribution channels beyond its owned e-commerce platforms. The Company is meeting customers where they already shop by leveraging leading third-party marketplaces to lower acquisition friction and expand reach. These marketplace channels are intended to complement owned platforms, while selective physical retail testing will occur under strict ROI thresholds.
Cardiff Oncology (CRDF/$1.91 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 FY2025 Reported With Onvansertib Phase 2b Data Review Rating: OUTPERFORM
FY2026 Reported With Onvansertib Review. Cardiff reported a FY2025 loss of $45.8 million or $(0.69) per share and reviewed the clinical data for onvansertib, its drug for RAS-mutated metastatic colorectal cancer (mCRC). Updated plans for Phase 3 are expected after discussions with the FDA during 1H26. On December 31, 2025, Cardiff ended the year with $58.3 million in cash and equivalents, which it believes can fund operations through 1Q27.
Phase 2 CRDF-004 Trial Design. The CDRF-004 Phase 2 trial was designed to test two doses of onvansertib in combination with two standard-of-care (SOC) regimens against each standard of care regimen alone. It enrolled 110 patients with RAS-mutated mCRC. The primary endpoint was objective response rate (ORR).
E.W. Scripps (SSP/$3.63 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Foundation for 2026 Upside Rating: OUTPERFORM
Better than expected Q4. Total Q4 revenues of $560.3 million was better than our $550.9 million estimate, due to better than expected Core Local advertising and better Scripps Networks revenue. Adj. EBITDA of $86.4 million beat our $75.6 million estimate on lower segment expenses, particularly in its Networks segment.
Core advertising stronger than expected. Core Advertising revenue increased a strong 12.2% to $165.4 million, better than our estimate of $162.0 million. It is not surprising given the record amount of year earlier Political advertising that there would be a large level of Core Advertising displacement. But, we are pleased that Core Advertising reflected a strong rebound in the quarter, even better than what we were looking for.
Euroseas (ESEA/$62.99 | Price Target: $85) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Solid 4Q and FY2025 Results Amid Sustained Strength in Containership Market Rating: OUTPERFORM
Solid Q4 and FY2025 financial results. Fourth quarter net revenue increased 7.7% to $57.4 million compared to $53.3 million during the prior year period. Adjusted EBITDA and EPS were $40.7 million and $4.48, respectively, compared to $32.8 million and $3.33 during the prior year quarter. During the fourth quarter, the average time charter equivalent rate amounted to $30,268 per day compared to $26,479 during the prior year period. The company reported FY2025 adjusted EBITDA and EPS of $155.9 million and $16.74, respectively, compared to $135.8 million and $14.87 in 2024.
Revenue and earnings visibility. For 2026, Euroseas has secured 86.6% of available voyage days at an average rate of ~$30,700 per day and 71.1% of 2027 available voyage days at an average rate of $31,890 per day. For 2028, 40.8% of available voyage days are covered at ~$32,400 per day. This robust charter coverage not only underpins earnings but also provides a strong buffer against rate volatility, positioning the company to benefit from sustained high utilization in 2026.
Overview. Kratos finished 2025 exceeding management’s financial objectives for the fourth quarter, generating approximately 20% year- over-year organic revenue growth, generating a 1.3 to 1.0 book-to-bill ratio on top of the organic growth, having a record backlog of $1.573 billion, and a record opportunity pipeline of $13.7 billion.
4Q25 Results. Fourth quarter revenue of $345.1 million reflected 20% y-o-y organic growth and exceeded our $320 million estimate. Unmanned Systems’ organic revenue growth was 12.1%, while Government Solutions saw 22.2% organic growth. Kratos recorded adjusted EBITDA of $34.1 million, up from $25.2 million a year ago and our $31 million estimate. Adjusted EPS came in at $0.18 versus $0.13 last year and our $0.14 estimate.
Noble Capital Markets Research Report Wednesday, February 25, 2026
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – CAD-1005 Phase 2 Results Announced, With FDA Guidance Meeting Scheduled InPlay Oil (IPOOF)/OUTPERFORM – 2026 Guidance Points to Disciplined Growth and Continued Deleveraging Perfect (PERF)/OUTPERFORM – Revenue Growth Story Intact V2X (VVX)/OUTPERFORM – A Strong End to the Year
Cadrenal Therapeutics (CVKD/$7.79 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 CAD-1005 Phase 2 Results Announced, With FDA Guidance Meeting Scheduled Rating: OUTPERFORM
Cadrenal Announced Phase 2 Data With End-of-Phase-2 Meeting Scheduled. Cadrenal announced data from the Phase 2 trial of its anti-thrombotic CAD-1005 (formerly known as VLX-1005) for HIT, or heparin-induced thrombocytopenia. Cadrenal has also been granted an End-of-Phase 2 meeting with the FDA to discuss the trial results and design of a Phase 3 trial. These are important milestones in the development of CAD-1005.
Phase 2 Produced Unexpected Findings. The Phase 2 trial tested safety and efficacy of CAD-1005 in patients receiving standard anticoagulant therapy. Its Primary Endpoint was designed to show CAD-1005 improved platelet recovery, testing platelet count recovery as a biomarker for thrombosis and outcome. This Primary Endpoint did not meet statistical significance, and did not find a correlation between platelet count normalization and thrombotic events.
InPlay Oil (IPOOF/$11.47 | Price Target: $15.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | 2026 Guidance Points to Disciplined Growth and Continued Deleveraging Rating: OUTPERFORM
2026 guidance. InPlay approved a C$66 to C$74 million capital program targeting average production of 18,600 to 19,200 boe/d (~61% light oil and NGLs), representing approximately 11% growth over the estimated 2025 production of ~17,000 boe/d. Management forecasts adjusted funds flow (AFF) of C$122 to C$129 million and free adjusted funds flow (FAFF) of C$48 to C$63 million, implying an 11% to 15% FAFF yield. Year-end net debt is guided to C$199 to C$206 million, reflecting continued deleveraging.
Estimate revisions. We have adjusted our 2026 estimates to average production of 18,900 boe/d, revenue of C$338.3 million, and AFF of C$125.2 million, or C$4.45 per share. For Q1 2026, we have assumed production of 18,605 boe/d, revenue of C$79.0 million, and AFF of C$26.6 million, or C$0.95 per share. The first quarter carries heavier drilling activity, with five wells drilled and completed, most coming onstream late in the period, marking Q1 as the lightest production quarter of the year. We forecast 2026 capital expenditures of C$70 million.
Perfect (PERF/$1.3 | Price Target: $5) Patrick McCann pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Revenue Growth Story Intact Rating: OUTPERFORM
Q4 results. Perfect reported Q4 revenue of $18.1 million, up 14.2% Y/Y and largely in line with our estimate of $18.2 million, while adj. EBITDA of $1.4 million exceeded our forecast of $1.0 million, representing 8% margins. Excluding a one-time goodwill write-off, the company would have generated operating income, underscoring improving cost discipline and operating leverage.
B2C momentum the primary growth driver. Management noted that strong demand for AI-powered content creation is driving engagement across the YouCam app portfolio. Generative AI photo and video tools remain key contributors, and we believe Perfect’s expertise with these technologies positions it well to benefit from sustained demand for personalized, AI-enabled digital experiences.
V2X (VVX/$70 | Price Target: $72) Joe Gomes jgomes@noblefcm.com | 561-999-2262 A Strong End to the Year Rating: OUTPERFORM
Overview. In the fourth quarter, V2X drove record quarterly revenue, adjusted EBITDA, and adjusted cash flow. These results reflect the strength of the Company’s strategy and alignment with national security priorities for readiness and modernization. V2X continues to see momentum across the business coming through contract wins in key growth areas, and we are encouraged by the ongoing demand for the Company’s mission solutions.
4Q25 Results. Revenue increased 5% y-o-y to a record $1.22 billion. Adjusted EBITDA was $88.7 million for the quarter, also a record for the Company. and exceeding management’s expectations. Adjusted net income was $49.3 million and adjusted EPS was $1.56, both representing double-digit year-over-year growth. We were at $1.19 billion, $81 million, and $1.33, respectively.
Noble Capital Markets Research Report Tuesday, February 24, 2026
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Reverse Stock Split Century Lithium Corp. (CYDVF)/OUTPERFORM – Updated Angel Island Feasibility Study Highlights Great Lakes Dredge & Dock (GLDD)/MARKET PERFORM – Going Out On Top SEGG Media Corporation (SEGG)/OUTPERFORM – Strengthens Its Portfolio
BTM 1-for-7 reverse stock split. On February 23, 2026, the company’s Class A common stock began trading on a split-adjusted basis on Nasdaq. The action had been previously authorized by shareholders and approved by the Board and did not reflect any change in operating performance or strategy.
No alteration to economic ownership or fundamentals. Every seven shares outstanding were consolidated into one share, with fractional shares cashed out based on the pre-split VWAP. Authorized shares and par value remained unchanged, while public warrants, equity awards, and other convertible securities were adjusted proportionally, including a mechanical increase in the BTMWW warrant exercise price.
Century Lithium Corp. (CYDVF/$0.44 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updated Angel Island Feasibility Study Highlights Rating: OUTPERFORM
Updated feasibility study. Century released the results of its 2026 NI 43-101 feasibility study for the 100%-owned Angel Island Lithium Project in Esmeralda County, Nevada. The updated study reflects engineering optimization and improvements that materially strengthen the project’s economic profile and highlight Angel Island as one of the most significant and economically robust sedimentary lithium developments in the United States.
Lower initial capital expenditures. Phase I initial capital expenditures are estimated to be $997 million, a significant reduction from the $1.5 billion outlined in the 2024 Study. The updated study streamlines development into a two-phase approach. Phase I contemplates 7,500 tonnes per day (tpd) of mill feed, expanding to 15,000 tpd in Phase II beginning in Year 5. Phase II expansion capital is estimated at $660 million. A previously planned third expansion phase has been eliminated, lowering overall capital requirements. The economic analysis is based on a 40-year production schedule, with planned life-of-mine average production of 26,500 tonnes per annum of battery-grade lithium carbonate.
Great Lakes Dredge & Dock (GLDD/$16.87) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Going Out On Top Rating: MARKET PERFORM
Overview. Great Lakes reported solid 4Q25 results in its likely last quarter as a public company. A full quarter of work from the Amelia Islandand higher capital and offshore energy revenue drove the results. Offshore energy revenue rose to $24.1 million in the quarter, up from $6.1 million in 3Q25. Higher costs associated with the pending merger and increased incentive compensation impacted operating income, which rose to $32.6 million from $30 million in 4Q24.
4Q25 Results. Revenue was $256.5 million, up from $202.8 million in 4Q24 and above our $220.5 million estimate. Adjusted EBITDA totaled $44 million compared to $40.2 million last year and in-line with our $44.5 million estimate. Adjusted net income was $20.7 million, or $0.30/sh, compared to $19.7 million, or $0.29/sh, last year.
SEGG Media Corporation (SEGG/$1.12 | Price Target: $15.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Strengthens Its Portfolio Rating: OUTPERFORM
Increases its stake in Veloce Media Group. SEGG Media increases its stake from 12.4% to over 51% in Veloce Media Group, a UK-based digital media and gaming company focused on esports, gaming content, and motorsport entertainment, valuing the company at $61 million. Veloce current management is expected to manage the business and the company has nominated Daniel Bailey, co-founder and CEO of Veloce, to the SEGG board.
Could own up to 75%. The purchase was for cash and stock, with the vast majority for stock. The company issued 2.52 million shares in the transaction, valuing the SEGG shares at $10 per share. SEGG extended the offer for a portion of the remaining interest in Veloce it does not own, and, as such, SEGG may control a larger percentage once the transaction is completed within the next few weeks.
Noble Capital Markets Research Report Monday, February 23, 2026
Companies contained in today’s report:
EuroDry (EDRY)/OUTPERFORM – Finishing 2025 Strong; Building Momentum into 2026 Kratos Defense & Security (KTOS)/OUTPERFORM – An Acquisition, Awards, and More
EuroDry (EDRY/$18.5 | Price Target: $29) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Finishing 2025 Strong; Building Momentum into 2026 Rating: OUTPERFORM
Fourth quarter and full year results. EuroDry reported fourth-quarter net revenues of $17.4 million, exceeding our estimate of $16.5 million, driven by a stronger average TCE rate of $16,262 per day versus our $15,900 estimate and lighter drydocking of 13.7 days against our 22-day assumption. Adjusted EBITDA of $7.5 million and adjusted EPS of $0.88 came in ahead of our estimates of $6.7 million and $0.78, respectively. For the full year, net revenues of $52.3 million, adjusted EBITDA of $12.5 million, and an adjusted net loss of $2.50 per share all modestly surpassed our estimates of $51.4 million, $11.7 million, and a loss of $2.57.
Market update. Dry-bulk fundamentals strengthened in the fourth quarter, with average TCE rates rising to the highest levels in approximately two years. The global order book remains near historically low levels, at approximately 13.4% of the existing fleet, providing structural support. Near-term demand tailwinds include growing bauxite trade from West Africa, continued grain flows following the U.S.–China trade truce, and longer voyage distances due to Red Sea disruptions, though geopolitical uncertainty and tariff-related volatility remain risks.
Kratos Defense & Security (KTOS/$96.08 | Price Target: $145) Joe Gomes jgomes@noblefcm.com | 561-999-2262 An Acquisition, Awards, and More Rating: OUTPERFORM
Acquisition. In a 424B3 filing, Kratos disclosed that it acquired Nomad Global Communication Solutions, Incorporated, for an initial amount of 972,136 KTOS shares or approximately $100 million. Nomad provides mobile command, control, and communications systems for space and satellite systems, UAVs, counter UAVs, and other systems, with clients including all branches of the U.S. armed forces, Homeland Security, and other Agencies, among others. We expect management to provide additional detail and color on the earnings call.
Drone Dominance. Kratos has been selected to participate in the initial Phase 1 Gauntlet for the Office of the Secretary of War’s Drone Dominance Program. This opportunity seeks to identify and evaluate platforms capable of demonstrating multiple one-way attack missions through a live competition. Upon successful completion of the Gauntlet, participants will be ranked and extended a prototype delivery award based on their performance and placement. The Drone Dominance Program represents a $1.1 billion investment in groundbreaking unmanned systems technologies. The program aims to procure approximately 350,000 units.
Noble Capital Markets Research Report Friday, February 20, 2026
Companies contained in today’s report:
Cocrystal Pharma (COCP)/OUTPERFORM – CDI-988 Norovirus Phase 1 Data to be Presented at ICAR 2026 Travelzoo (TZOO)/OUTPERFORM – Near Term Revenue Growth Throttles Back
Cocrystal Pharma (COCP/$0.98 | Price Target: $6) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 CDI-988 Norovirus Phase 1 Data to be Presented at ICAR 2026 Rating: OUTPERFORM
CDI-988 Data Selected For Presentation At ICAR. Cocrystal announced that it has been selected to present data from its Phase 1 clinical trial and updates from the ongoing Phase 1b challenge study testing CDI-988 against norovirus infection at the 38th International Conference on Antiviral Research, to be held April 27 to May 1 in Prague, Czech Republic. We see the presentation at this important conference as recognition of the potential of CDI-988 for an indication that has serious medical and economic consequences.
Phase 1 and 1b Data Expected. We expect Dr. Sam Lee, President and Co-CEO, to present initial Phase 1 safety and tolerability data. Previously announced data from the single ascending dose (SAD) and multiple ascending dose (MAD) study showed safety and tolerability across all dose cohorts tested. Additional data from the ongoing Phase 1b norovirus challenge study testing CDI-988 as both a prophylactic and therapeutic may also be included.
Travelzoo (TZOO/$5.05 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Near Term Revenue Growth Throttles Back Rating: OUTPERFORM
Softer than expected Q4 Results. The company reported Q4 revenue of $22.5 million, an increase of 9%, and adj. EBITDA of $1.0 million, both of which were below our estimates of $23.0 million and $3.3 million, respectively. Importantly, the modestly softer than expected results were largely driven by weakness in advertising and commerce revenue. Increased marketing spend and elevated G&A expenses due to a non-recurring corporate event adversely affected EBITDA.
Customer acquisition efficiency. Customer acquisition costs averaged $34 per member in Q4, compared to $28 in Q1, $38 in Q2, and $40 in Q3, reflecting continued investment in subscriber growth. Management highlighted rapid payback economics, with annual membership fees collected upfront and supplemented by transaction revenue. Acquisition costs are expensed immediately, impacting near-term profitability, though the strategy is intended to expand recurring revenue and strengthen the advertising platform over time.
Noble Capital Markets Research Report Thursday, February 19, 2026
Companies contained in today’s report:
NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Post-Phase 2b Analysis Demonstrates Survival Benefit and Mortality Risk Reduction Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Recent Assay Results and Observations from the Summer-Fall 2025 Drilling Program
PrimeC Demonstrates Survival Benefit and 65% Mortality Risk Reduction. NeuroSense announced a Post-Phase 2b Analysis of its trial testing PrimeC in ALS. New data shows PrimeC patients had an additional 14 months (about 70%) survival with 65% reduction in risk of death. These improvements in overall survival correlate with previous Phase 2b Paradigm data that showed improvements in several endpoints of function, biomarkers, and survival.
New Data Shows Continued Improvement In Survival. The newly released data show the PrimeC treated patients had a median survival benefit of 36.3 months compared with 21.4 months for the group that received placebo then PrimeC during the extension study. This improvement of about 14.9 months was a benefit of 70% in survival. The Hazard Ratio (HR, the probability of an event occurring) reduced risk of death by 65% (p=0.0037).
Power Metallic Mines Inc. (PNPNF/$0.96 | Price Target: $2.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Recent Assay Results and Observations from the Summer-Fall 2025 Drilling Program Rating: OUTPERFORM
Expanding the High-Grade Core at Lion. Summer-Fall 2025 drilling successfully extended high-grade mineralization down plunge at the Lion Zone, with impressive intercepts including 8.40 meters grading 8.05% copper equivalent recovered, and 5.10 meters grading 9.86% copper equivalent recovered, reinforcing strong vertical continuity.
Precious Metals Significantly Enhance Value. Assays revealed substantial palladium, platinum, and gold contributions, materially boosting copper-equivalent grades and highlighting the robust polymetallic nature of the deposit.
Noble Capital Markets Research Report Wednesday, February 18, 2026
Companies contained in today’s report:
Seanergy Maritime (SHIP)/OUTPERFORM – Strong 2025 Finish; Favorable 2026 Outlook
Seanergy Maritime (SHIP/$12.66 | Price Target: $20) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strong 2025 Finish; Favorable 2026 Outlook Rating: OUTPERFORM
Q4’25 financial results. Seanergy reported Q4 net revenues of $49.4 million and adjusted EBITDA of $28.9 million, exceeding our estimates of $48.3 million and $28.2 million, respectively. Adjusted net income and adjusted EPS were $14.2 million and $0.68, ahead of our $11.7 million and $0.56 estimates. The stronger than expected earnings were due to a higher average time charter equivalent (TCE) rate of $26,614 per day versus our $26,000 estimate.
Favorable Capesize market. The Capesize market is supported by favorable supply and demand fundamentals. The global orderbook stands at roughly 12% of the fleet, while approximately 40% of Capesize, Newcastlemax, and VLOC vessels are over 15 years old, with special surveys expected to reduce effective supply by 1.5% to 2.5% annually. Additionally, Brazilian iron ore exports and West African bauxite shipments continue to expand, with Simandou expected to add incremental long-haul volumes in 2026 and 2027. In our view, this combination of structural supply constraints and steady commodity trade flows supports a constructive rate environment throughout 2026.
Noble Capital Markets Research Report Tuesday, February 17, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Updating Estimates; Raising PT to $160 Per Share Commercial Vehicle Group (CVGI)/OUTPERFORM – Major Shareholder Appointed to Board Conduent (CNDT)/OUTPERFORM – New CEO Unveils Action Plan CoreCivic, Inc. (CXW)/OUTPERFORM – A Strong End to the Year Kelly Services (KELYA)/OUTPERFORM – Reports 4Q25 Results The GEO Group (GEO)/OUTPERFORM – Solid 4Q25 Results
AZZ (AZZ/$140.24 | Price Target: $160) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updating Estimates; Raising PT to $160 Per Share Rating: OUTPERFORM
FY27 Corporate Guidance. AZZ recently provided financial guidance for FY27 ending on February 28, 2027. Sales are expected to be in the range of $1.725 to $1.775 billion, adjusted EBITDA is expected to be in the range of $360.0 to $400.0 million, and adjusted diluted EPS is expected to be in the range of $6.50 to $7.00.
Updating Estimates. We have adjusted our FY27 sales, adjusted EBITDA, and adjusted EPS to $1.750 billion, $386.0 million, and $6.70, respectively, from $1.746 billion, $388.0 million, and $6.60. We have also adjusted our forward estimates through 2031, which are included in the financial model at the end of this report. Our FY27 estimates reflect modestly higher sales growth and lower interest expense of $40.0 million compared to our prior estimate of $43.4 million. Our FY26 estimates remain within the company’s corporate guidance ranges.
Commercial Vehicle Group (CVGI/$1.67 | Price Target: $4) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Major Shareholder Appointed to Board Rating: OUTPERFORM
On The Board. Commercial Vehicle Group has added Ari Levy of Lakeview Investment Group as an independent director. Lakeview owns approximately 8.9% of the outstanding shares of the Company. In connection with Mr. Levy’s appointment, the Board was expanded to 7 members. Mr. Levy will serve on the Board’s Nominating, Governance and Sustainability, and Audit Committees.
Ari Levy. Mr. Levy is the founder, President, and Chief Investment Officer of Lakeview, a Chicago based investment manager focused on the public markets. Mr. Levy was the President of Levy Acquisition Corp, a NASDAQ listed acquisition vehicle, and subsequently served on the Board of the resulting public company, Del Taco, until it was acquired by Jack in the Box in early 2022.
Conduent (CNDT/$1.54 | Price Target: $5) Patrick McCann pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 New CEO Unveils Action Plan Rating: OUTPERFORM
Q4 results. Q4 revenue of $770 million was modestly below our estimate of $778 million, driven by ongoing softness in the Commercial segment, while adj. EBITDA of $50 million exceeded our estimate of $41 million as cost performance improved, resulting in a 6.5% adj. EBITDA margin.
New CEO outlines action plan. CEO Harsha V. Agadi outlined a framework centered on faster decision-making, reduced organizational complexity, and a “fix, sell, or grow” review of every business unit, with emphasis on financial discipline, cost reduction, and converting the pipeline into sustainable organic revenue and EBITDA growth.
CoreCivic, Inc. (CXW/$18.92 | Price Target: $28) Joe Gomes jgomes@noblefcm.com | 561-999-2262 A Strong End to the Year Rating: OUTPERFORM
Overview. CoreCivic reported a strong 4Q25, with management revenue from U.S. Immigration & Customs Enforcement (ICE), CXW’s largest government partner, more than doubling from the fourth quarter of 2024. Revenue from state customers increased 5.0% y-o-y. CoreCivic’s balance sheet remains strong, ending the quarter with leverage, measured as net debt to adjusted EBITDA, at 2.8x for the trailing twelve months.
4Q25 Results. Revenue was $603.9 million, up from $479.3 million in 4Q24 and our $595.8 million estimate, driven by higher populations. Adjusted EBITDA totaled $92.5 million, compared to $74.2 million last year and our $80.9 million projection. Adjusted EPS was $0.27 versus $0.16 last year.
Kelly Services (KELYA/$9.79 | Price Target: $17) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Reports 4Q25 Results Rating: OUTPERFORM
Overview. Kelly’s fourth quarter continued to be impacted by many of the same trends evident in previous quarters, most notably discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers. Employers continue to take a cautious approach to hiring amid a mixed labor market. However, the Company was able to capitalize on positive trends in each of the segments.
4Q25 Results. Revenue was $1.05 billion, down 11.9% y-o-y, but down only 3.9% excluding the discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers. Gross margin declined 150 bps to 18.8%. Adjusted EBITDA totaled $12 million, or a 2.0% margin, compared to $43.5 million, or 3.7% margin, last year. Adjusted EPS was $0.16 versus $0.79 in 4Q24.
The GEO Group (GEO/$14.21 | Price Target: $28) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Solid 4Q25 Results Rating: OUTPERFORM
Overview. The GEO Group reported solid fourth quarter operating results. The census across the Company’s active ICE facilities have continued to steadily increase from the third quarter at approximately 22,000 to presently approximately 24,000, which is the highest level of ICE populations in the Company’s history. Mix change in the ISAP program could lead to higher revenue, even with relatively stable populations.
4Q25 Results. Revenue of $707.7 million was above our $665 million estimate and is up 16.5% year-over-year. Adjusted EBITDA for the fourth quarter of 2025 was approximately $126 million, up from approximately $108 million reported for the prior year’s fourth quarter. We were at $120 million. Adjusted EPS came in at $0.25 compared to $0.13 in 4Q24.
Noble Capital Markets Research Report Friday, February 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – A Disappointing Quarter, But Profitability and Margin Execution Was Strong Snail (SNAL)/OUTPERFORM – Noble Virtual Conference Highlights
Alliance Entertainment Holding (AENT/$6.38 | Price Target: $9) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 A Disappointing Quarter, But Profitability and Margin Execution Was Strong Rating: OUTPERFORM
Softer than expected revenue and adj. EBITDA. Fiscal Q2 revenue of $369.0 million was below our $402.1 million estimate and down from $394.0 million a year earlier. The largest revenue variance appeared to be attributable to the lack of arcade inventory in its gaming division due to the bankruptcy of one of its vendors. Adj. EBITDA of $18.1 million was below our $25.3 million estimate, as a result of higher than expected costs in its licensing business.
Maintains strong margin dynamics. The company maintained strong gross margins at 12.8%, a 210 basis point improvement year over year, but down from our 16.2% estimate. The gross margin was surprisingly solid when considering the significant revenue shortfall. Margins benefited from favorable product mix, structural improvement and cost discipline. In addition, adj. EBITDA margins improved year over year as well (5.0% vs 4.1%).
Noble Virtual Conference. On February 4th, Heidy Chow, CFO, and Peter Lin, Senior Manager FP&A, presented at the Noble Virtual Conference to the investment community. The presentation highlighted strong engagement on its core franchise and recent releases, a busy 2026 release roadmap, and the advancement of its digital assets strategy. The full presentation is available here.
Strong ARK Engagement. The ARK franchise remains a key driver of engagement and monetization for the company, generating nearly $1 billion in revenue, more than 100 million installs, and 4.2 billion gameplay hours since its release. Management noted that the ARK franchise benefits from a highly active core audience, with 42% of players averaging 380 hours of total gameplay. Furthermore, management noted a 55% paid downloadable content (DLC) conversion rate for ARK, with new content releases driving spikes in player activity.
Noble Capital Markets Research Report Thursday, February 12, 2026
Companies contained in today’s report:
E.W. Scripps (SSP)/OUTPERFORM – Enterprise Transformation Plan EuroDry (EDRY)/OUTPERFORM – Increasing 2026 Estimates; Upgrading Rating to Outperform Euroseas (ESEA)/OUTPERFORM – Tight Feeder Market Supports Rate Upside; Coverage Strengthens Through 2028 Great Lakes Dredge & Dock (GLDD)/MARKET PERFORM – Going Private At All-Time High InPlay Oil (IPOOF)/OUTPERFORM – Updating 2025 Estimates; Bond Offering Completed
E.W. Scripps (SSP/$3.64 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Enterprise Transformation Plan Rating: OUTPERFORM
Transformation plan announced. E.W. Scripps launched an enterprise-wide restructuring targeting $125 million to $150 million of incremental annualized EBITDA by 2028, driven by structural cost actions and revenue yield initiatives leveraging AI, automation, and operational realignment. Management emphasized a shift toward a leaner, startup-like operating model while reaffirming investment in journalism and sales capabilities, setting the framework for detailed execution priorities discussed below.
Execution framework. The company identified major cost buckets across administrative functions, technology consolidation, and process redesign, with modeling work underway to refine savings cadence. Management expects months of operational review before final staffing decisions, maintaining a baseline EBITDA framework near $450 million even under softer demand conditions. Beyond expense controls, leadership highlighted opportunities to improve monetization, which informs the evolving growth strategy outlined next.
EuroDry (EDRY/$14.32 | Price Target: $23.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Increasing 2026 Estimates; Upgrading Rating to Outperform Rating: OUTPERFORM
Increasing FY 2026 estimates. We have increased our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $60.8 million, $25.5 million, and $2.82, respectively, from $57.3 million, $22.4 million, and $1.46. The upward revisions are driven by higher expected vessel earnings, with our forecast average TCE rate rising to $14,743 from $13,873 previously.
Eurodry’s sweet spot. Eurodry owns and operates vessels in the middle of the size range of dry bulk carriers, or 50,000 to 85,000 dead weight tons (dwt), which present the most flexible employment opportunities. EDRY’s fleet consists of 11 vessels with a total carrying capacity of 766,420 dwt. With two Ultramax vessels of 63,500 dwt each under construction and scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will increase to 893,000 dwt. Growth will be driven by the charter rate environment, coupled with fleet growth. While EDRY continues to renew and modernize its fleet, it expects to acquire and consolidate smaller owners.
Euroseas (ESEA/$57.46 | Price Target: $72) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Tight Feeder Market Supports Rate Upside; Coverage Strengthens Through 2028 Rating: OUTPERFORM
New time charter for the EM Spetses. Euroseas Ltd. announced a new time charter for its 1,740 twenty-foot equivalent feeder containership, EM Spetses, for a minimum period of 22 to a maximum period of 24 months, at the option of the charterer, at a gross daily rate of $21,500. The new charter will commence on April 12, 2026, in direct continuation of its present charter, and represents a daily increase of over $3,000 compared to the vessel’s current rate.
Incremental EBITDA with Expanded Coverage. The charter is expected to generate approximately $8.9 million in EBITDA over the minimum term and increase Euroseas’ charter coverage to approximately 87% in 2026, 71% in 2027, and 41% in 2028. The higher rate on the new time charter reflects a tight container market with limited vessel availability. Demand in the feeder segment remains strong as operators secure vessels to meet their requirements.
Great Lakes Dredge & Dock (GLDD/$16.95) Joe Gomes jgomes@noblefcm.com | 561-999-2262 Going Private At All-Time High Rating: MARKET PERFORM
To Be Acquired. Yesterday, Great Lakes announced a definitive agreement for Saltchuk Resources, Inc. to acquire Great Lakes for $17 per share, in cash, an aggregate equity value of $1.2 billion, and a total transaction value of $1.5 billion. The $17 per share consideration is in line with our $17 price target on GLDD shares. The per share purchase price represents a 25% premium to Great Lakes’s 90-day volume-weighted average price as of February 10, 2026, as well as a 5% premium to the Company’s all-time high closing price.
A Surprise. We are somewhat surprised by the timing as Great Lakes has substantially completed its new build program and should begin to generate substantial amounts of free cash flow that could be used to repay outstanding debt, repurchase shares, or grow the business. Nonetheless, shareholders are receiving a premium to the shares’ all-time high closing price.
InPlay Oil (IPOOF/$11.4 | Price Target: $15.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Updating 2025 Estimates; Bond Offering Completed Rating: OUTPERFORM
Q4 2025 Estimate Revisions. We are adjusting Q4 estimates to reflect softer commodity pricing, with WTI averaging $59.10 per barrel versus our prior $60.00 estimate and wider differentials reducing realized Canadian pricing. We are lowering our revenue, adjusted funds flow (AFF), and AFF per share estimates to C$80.7 million, C$29.1 million, and C$1.04, respectively, from C$88.8 million, C$35.8 million, and C$1.28. Our production estimate remains unchanged at 19,419 boe/d.
FY 2025 Estimate Revisions. We are modestly lowering our full-year revenue, AFF, and AFF per share estimates to reflect lower fourth-quarter estimates. We now forecast revenue of C$290.6 million, AFF of C$112.9 million, and AFF per share of C$4.58, down from C$298.7 million, C$119.5 million, and C$4.85, respectively. Our outlook continues to assume average 2025 production of approximately 17,000 boe/d. We will update our 2026 estimates following the release of InPlay’s 2026 guidance.
Noble Capital Markets Research Report Wednesday, February 11, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – A Growing Portfolio of Precious Metals and Critical Mineral Projects DLH Holdings (DLHC)/OUTPERFORM – First Quarter 2026 Results Townsquare Media (TSQ)/OUTPERFORM – Noble Virtual Conference Highlights
Aurania Resources (AUIAF/$0.11 | Price Target: $0.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Growing Portfolio of Precious Metals and Critical Mineral Projects Rating: OUTPERFORM
Advancing a multi-project portfolio. Auraniais advancing two projects in France: a gold exploration project in Brittany and a nickel recovery project in Corsica. Aurania is also evaluating the recovery of nickel and cobalt from the waste tailings of the former Balangero asbestos mine near Turin, Italy. The projects in Corsica and Italy offer significant environmental benefits for the nearby communities, along with the economic benefit of recovering valuable critical metals. In Ecuador, the company is having productive discussions with government officials to advance its project while pursuing potential strategic partnerships.
Exploration Licenses in Brittany. Aurania, through a wholly owned French subsidiary, was granted three exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. The three license areas, Epona, Taranis, and Belenos, are in southern Brittany and northern Pays de la Loire in France. Aurania is in the process of identifying all the landowners to seek their support for exploration.
DLH Holdings (DLHC/$5.56 | Price Target: $10) Joe Gomes jgomes@noblefcm.com | 561-999-2262 First Quarter 2026 Results Rating: OUTPERFORM
1Q26 Results. DLH reported revenue of $68.9 million, down from $90.8 million y-o-y, and modestly below our $70.1 million projection. The decline reflects the loss of certain programs to small business set-aside contractors. Adjusted EBITDA was $6.5 million versus our $6.2 million estimate. Net loss was $1.3 million, or a loss of $0.09/sh, versus our estimate of a loss of $1 million, or a loss of 0.07/sh.
Cost Scaling Initiatives. With the loss of the Head Start program and winding down of the CMOP contracts in 2026, DLH undertook some cost reduction measures in the first and second fiscal quarters to align expenses with current revenue volumes. We expect management to closely watch expenses until top line improvement returns.
Townsquare Media (TSQ/$7.18 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble Virtual Conference. On February 4th, Bill Wilson, CEO, Stu Rosenstein, co-founder and CFO, and Claire Yenicay, EVP of IR, participated in a fireside chat at the Noble Virtual Conference. The discussion focused on the company’s successful evolution into a digital-first local media powerhouse, sustainable financial model and improving revenue trends. A replay of the presentation can be found here.
Favorable Digital Advertising Outlook. Digital advertising trends are stabilizing, with management noting sequential page view growth from December to January, which is expected to continue in February. While remnant inventory remains a near-term headwind, underlying growth in owned-and-operated sales and core programmatic activity remains strong. Management expects digital advertising to return to mid-single-digit growth in 2026, with a high-single-digit CAGR anticipated over the next five years.
Noble Capital Markets Research Report Tuesday, February 10, 2026
Companies contained in today’s report:
The Beachbody Company (BODI)/OUTPERFORM – Noble Virtual Conference Highlights
The Beachbody Company (BODI/$9.99 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble Virtual Conference. On February 5th, the company presented at the Noble Virtual conference. The presentation conducted by Carl Daikeler, Co-founder and CEO, Mark Goldston, Executive Chairman, and Brad Ramberg, CFO, highlighted the completion of a multi-year operational turnaround and favorable growth drivers in its digital fitness and nutrition businesses. A replay of the presentation can be viewed here.
Operational turnaround. Over the past several years, the company has significantly lowered its break-even point from $900 million in 2022 to roughly $180 million today, driven largely by SG&A optimization and the elimination of multi-level marketing sales costs. The new model offers enhanced operating leverage, enabling profitability at lower revenue levels and improving the long term outlook of the company.
Noble Capital Markets Research Report Monday, February 9, 2026
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – January Ethereum Metrics Graham (GHM)/MARKET PERFORM – FY3Q26 Results Seanergy Maritime (SHIP)/OUTPERFORM – Increasing Estimates; Raising PT to $17 Titan International (TWI)/OUTPERFORM – Noble Virtual Conference Highlights
Bit Digital (BTBT/$1.8 | Price Target: $5.5) Joe Gomes jgomes@noblefcm.com | 561-999-2262 January Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of January 2026. As of month end, the Company held approximately 155,239 ETH versus 155,227 ETH at the end of December. Included in the ETH holdings were approximately 15,236 ETH and ETH-equivalents held in an externally managed fund. The Company’s total staked ETH was approximately 138,266, or about 89% of its total holdings as of January 31st.
Yield and Value. Staking operations generated approximately 344 ETH in rewards during the period, representing an annualized yield of approximately 2.9%. Based on a closing ETH price of $2,449, as of January 31, 2026, the market value of the Company’s ETH holdings was approximately $380.2 million.
Graham (GHM/$83.24) Joe Gomes jgomes@noblefcm.com | 561-999-2262 FY3Q26 Results Rating: MARKET PERFORM
Overview. For 3Q26, Graham delivered another strong quarter, with results supported by the timing of key project milestones, particularly within the defense business, along with contributions from new programs and continued growth across existing platforms.
3Q26 Results. Revenue increased 21% to $56.7 million, driven by solid performance across end markets. We were at $52.5 million. GM of 23.8% was below our 26.7% projections due to mix. Adjusted EBITDA increased 50% to $6 million with an adjusted EBITDA margin of 10.7%. We had forecast $5.8 million. GHM reported adjusted net income of $3.5 million, or $0.31/sh, compared to our estimates of $3.0 million and $0..27/sh.
Seanergy Maritime (SHIP/$10.67 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Increasing Estimates; Raising PT to $17 Rating: OUTPERFORM
Increasing Q4 and FY 2025 estimates. We have increased our FY 2025 revenue, adjusted EBITDA, and adjusted earnings per share (EPS) estimates to $157.0 million, $81.0 million, and $1.14, respectively, from $153.2 million, $77.9 million, and $1.07. Our full year estimates reflect higher fourth quarter revenue, adjusted EBITDA, and EPS of $48.3 million, $28.2 million, and $0.56, respectively, compared to our previous estimates of $44.5 million, $25.0 million, and $0.49. We are now forecasting fourth quarter and full year average time charter equivalent rates of $26,000 per day and $20,672 per day, versus prior forecasts of $23,900 and $20,147. We forecast fourth quarter and full year operating days of 1,800 and 7,163, respectively, compared to our prior estimates of 1,780 and 7,143.
Raising FY 2026 estimates. We have also increased our FY 2026 revenue, adjusted EBITDA, and adjusted EBITDA estimates to $176.2 million, $96.7 million, and $1.70, respectively, from $165.2 million, $89.1 million, and $1.44. We now forecast an average TCE rate of $24,063 compared to our previous estimate of $22,238.
Leadership Changes. In early December, Titan announced CFO David Martin transitioned into a new role as Chief Transformation Officer, while Tony Eheli, former Chief Accounting Officer, was named CFO. In the new CTO role, Mr. Martin will oversee the critical alignment of information technology, including the acceleration of AI adoption, along with human capital and risk management functions and initiatives.
Noble Capital Markets Research Report Friday, February 6, 2026
Companies contained in today’s report:
InPlay Oil (IPOOF)/OUTPERFORM – InPlay Broadens Capital Access with Israeli Bond Issuance SelectQuote (SLQT)/OUTPERFORM – Solid Fiscal Q2 Execution but Carrier Pullback Creates Near-Term Pressure The GEO Group (GEO)/OUTPERFORM – Thoughts on Current Environment
InPlay Oil (IPOOF/$10.97 | Price Target: $15.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | InPlay Broadens Capital Access with Israeli Bond Issuance Rating: OUTPERFORM
Bond offering details. InPlay announced a senior unsecured bond issuance in Israel for up to 550 million New Israeli Shekels (NIS), or approximately C$241 million. Three amortization payments of 6% of the principal amount of the bonds will be due on December 15 of 2027, 2028, and 2029, and the fourth and last amortization payment of the remaining 82% will be due on December 15, 2030. The offering is expected to close on or around February 12, 2026, subject to certain conditions.
Expanding capital market access. Beyond the financing itself, we view the transaction as a strategic expansion of InPlay’s funding base outside of Canada. InPlay received interest from over 40 institutional investors in the oversubscribed offering and, to date, has accepted tenders for NIS 550 million of the bonds. The transaction further strengthens InPlay’s diversified financing sources while reducing its overall cost of capital.
SelectQuote (SLQT/$1.03 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Solid Fiscal Q2 Execution but Carrier Pullback Creates Near-Term Pressure Rating: OUTPERFORM
Fiscal Q2 results. SelectQuote reported fiscal Q2 revenue of $537.1 million, above our $520.0 million estimate, driven by stronger-than-expected Senior performance. Adj. EBITDA of $84.7 million exceeded our $82.0 million forecast, reflecting near-record 39% adj. EBITDA margins in Senior that more than offset pharmacy reimbursement pressure.
Medicare Advantage headwinds. Management cited pressure from a large national carrier’s decision to reduce strategic marketing spend across all channels. We believe this reflects a deliberate effort to moderate enrollment growth and protect plan profitability following above-trend member additions, rather than any deterioration in underlying demand.
The GEO Group (GEO/$15.48 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Thoughts on Current Environment Rating: OUTPERFORM
Environment. The current operating environment remains charged, as evidenced by the daily news. Nonetheless, we would point out that a key platform of the Trump Administration remains illegal immigration, and we do not expect that to change. Funding remains available under The One Big Beautiful Bill. And, historically, enforcement operations remain ongoing even in the face of a government shutdown.
Less New Awards Than Anticipated. The pace of new awards has been less than we had expected over the past few months. Whether this is just a temporary pause due to the significant number of new awards in 2025, the most recent new contract for GEO was the December skip tracing services contract worth up to $121 million of revenue over a two year period.
Noble Capital Markets Research Report Thursday, February 5, 2026
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Event Business Turns A Corner
Lucky Strike Entertainment (LUCK/$7.33 | Price Target: $14.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Event Business Turns A Corner Rating: OUTPERFORM
Q2 Results. The company reported revenue of $306.9 million, largely in line with our estimate of $310.0 million, while adj. EBITDA of $77.5 million, missed our estimate of $97.3 million by roughly 20%. Notably, the quarter was driven by increased investment, largely related to marketing, which supported top-line results while pressuring adj. EBITDA in the quarter.
Clear inflection point. The company reported same-store sales growth of 0.3%, while this figure may seem modest, we view it as a favorable development. Notably, the events business, which has been the primary drag on same-store sales in recent periods, improved significantly during the quarter and was roughly flat y-o-y. Furthermore, in January, the event business experienced double-digit growth before being impacted by a major snowstorm.
Noble Capital Markets Research Report Wednesday, February 4, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Q4 and FY2025 Financial Results Exceed Expectations Comstock (LODE)/MARKET PERFORM – Operational Update Following Webinar Sky Harbour Group (SKYH)/OUTPERFORM – $150 Million Bond Pricing The Beachbody Company (BODI)/OUTPERFORM – Executing Strategic Growth Initiatives V2X (VVX)/OUTPERFORM – Some Recent News
Alliance Resource Partners (ARLP/$25 | Price Target: $33) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Q4 and FY2025 Financial Results Exceed Expectations Rating: OUTPERFORM
Fourth quarter and full year 2025 financial results. Alliance reported adjusted fourth quarter revenue, adj. EBITDA and earnings per unit (EPU) of $535.5 million, $191.1 million, and $0.64, respectively, compared to $590.1 million, $124.0 million, and $0.12 during the prior year period. We had forecast revenue, adj. EBITDA and EPU of $560.1 million, $182.9 million, and $0.57, respectively. While the quarter was impacted by lower coal sales, which impacted revenue, operating expenses were lower, and net income on equity method investments exceeded our estimate. Full year 2025 adj. EBITDA and EPU of $698.7 million and $2.40, respectively, were above our estimates of $690.5 million and $2.33, respectively.
Management guidance for 2026. Total coal sales are expected to be in the range of 33.75 million to 35.25 million tons, while the sales price of coal per ton is expected to be in the range of $54.00 to $56.00. Segmented adjusted EBITDA expense per ton sold is expected to be $37.00 to $39.00. ARLP has committed and priced 32.2 million tons of its 2026 sales volume, including 30.5 million tons for the domestic market and 1.7 million tons for the export market.
Comstock (LODE/$2.94) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Operational Update Following Webinar Rating: MARKET PERFORM
Industry-scale facility fully permitted. Comstock has received all required regulatory approvals for its first industry-scale solar recycling facility in Silver Springs, Nevada, including the Written Determination Permit and the Air Quality Permit from the Nevada Division of Environmental Protection. The permits cover the full scope required to commission a facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons of end-of-life solar materials. Installation, testing, and commissioning are expected to occur during the first quarter of 2026.
Unit economics. Comstock’s recycling process is certified as a zero-landfill solution and designed to handle all major solar panel types, eliminating contaminants and recovering aluminum, glass, and metal-rich tailings. Comstock estimates that facility-level economics reflect a combination of upfront processing fees and proceeds from recovered materials, resulting in revenue of ~$750 per ton against all-in operating costs of roughly $150 per ton. Based on current operating data, profitability is achievable at relatively low utilization levels.
Sky Harbour Group (SKYH/$9.31 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 $150 Million Bond Pricing Rating: OUTPERFORM
Pricing announced for upcoming bond issuance. Sky Harbour priced $150 million of Series 2026 private activity tax-exempt bonds at par to yield 6.0%, with a mandatory tender on January 1, 2031, and an expected closing on or about February 12, 2026. The transaction is another example of the company’s tax-advantaged financing toolkit and deepens its access to institutional municipal investors.
Deal upsized on strong investor demand. The transaction was initially marketed at $100 million but was upsized to $150 million after receiving approximately $450 million of orders from 18 institutional investors. In our view, the oversubscription supports growing investor comfort in the asset base, the cash flow ramp, and the repeatable development playbook.
The Beachbody Company (BODI/$11.65 | Price Target: $15) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Executing Strategic Growth Initiatives Rating: OUTPERFORM
P90X Generation Next. On February 3, the company launched P90X Generation Next, the first new P90X fitness program in over a decade. Notably, the P90X franchise launched in 2005 and became one of the best-selling home fitness programs of all time, with more than 20 million people worldwide participating. Furthermore, the new exercise program is available on the company’s digital streaming platform BODi, and supported by brand partners and a new line of exercise supplements.
Digital streaming platform. Importantly, P90X Generation Next is available on the company’s digital platform, BODi, with a subscription. Moreover, subscribers can access the full P90X catalog of 145 workouts, including the original P90X, for $9.99/month. Additionally, the company offers a broader BODi membership priced at $19/month or an annual plan for $179/year that includes 8,000+ workouts, 140+ step-by-step programs, and nutrition plans.
V2X (VVX/$66.4 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Recent News Rating: OUTPERFORM
Recent News. There has been a flurry of positive recent news on V2X, from confirmation of the T-6 award to new partnerships with Amazon and Google to an award under the Missile Defense Agency’s (MDA) Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) to support Golden Dome to advancement to Phase II of the U.S. Army’s Flight School Next (FSN) competition. Below, we highlight three of the developments.
T-6 Award. The U.S. Court of Federal Claims denied the protest and upheld the Air Force’s selection of V2X for the $4.3 billion T-6 Contractor Operated and Maintained Base Supply (COMBS) contract. With a period of performance through July 2034, the $4.3 billion award could generate an average of $475 million in annual revenue.
Noble Capital Markets Research Report Monday, February 2, 2026
Companies contained in today’s report:
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Phase 1b Data Presented But Tegoprubart Remains Misunderstood Kelly Services (KELYA)/OUTPERFORM – We Have Assumed Control Resources Connection (RGP)/OUTPERFORM – More Cost Out
Eledon Pharmaceuticals (ELDN/$2.2 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 1b Data Presented But Tegoprubart Remains Misunderstood Rating: OUTPERFORM
Phase 1b Data For Second Year After Transplantation Presented. Eledon presented data from its Phase 1b trial at the American Society of Transplant Surgeons (ASTS) meeting in January 2026. The presentation included data from 8 patients that had reached 24 months after transplantation, compared with 12 patients evaluated 12 months after transplantation presented in August 2025. These new data show a continued improvement in kidney function during the second year.
New Data Show Durability With Improvements. The 24-month data shows eGFR in tegoprubart patients continued to improve during months 12 to 24 after transplantation. The eGFR levels were restored to normal levels within 1 month after transplantation and were maintained for up to 2 years. Although this is a small number of patients, we see the result as consistent with prior data and our expectations for organ survival.
Kelly Services (KELYA/$10.79 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 We Have Assumed Control Rating: OUTPERFORM
Sale Completed. On Friday, Hunt Equity Opportunities, a subsidiary of Hunt Companies, acquired the 3,039,240 Class B shares previously held by the Terence E. Adderley Revocable Trust K. Hunt now has effective control of Kelly, as owner of 92.2% of the voting Class B shares. According to James Christopher Hunt, CEO of Hunt, “Hunt is very excited about the value creation opportunities ahead for Kelly. We look forward to supporting Chris Layden, CEO of Kelly, and the rest of the Company’s management team as they focus on accelerating growth and realizing Kelly’s full potential.”
Board Changes. As part of the transition, four Hunt designees have been named to Kelly’s Board, with five former Kelly directors leaving the Board, which will now consist of 8 members. Mr. Hunt has been named Chairman of the Board.
Resources Connection (RGP/$4.53 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 More Cost Out Rating: OUTPERFORM
Cost Out. Last week, RGPauthorized a reduction of its global management and administrative workforce intended to reduce cost structure through enhanced efficiencies and streamlined operations. The Company expects the reduction in force to result in annual cost savings of $6-$8 million. Restructuring charges of approximately $3 million are expected to be recognized in the third and fourth quarters of fiscal 2026. The workforce reduction should be substantially completed by the end of fiscal 2026.
Additive. Last week’s announcement is on top of the October RIF, which also is expected to yield annual savings of $6 million to $8 million. Combined, the two actions could reduce expenses in the $12-$16 million range. These efforts are part of an even deeper assessment across the entire organization to streamline organizational structure, simplify processes, and adopt automation and AI to ensure RGP’s cost structure is adequately sized to the current revenue levels.
Noble Capital Markets Research Report Friday, January 30, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/MARKET PERFORM – Leaning Into Its Efficiency Initiatives AZZ (AZZ)/OUTPERFORM – Secular Tailwinds Expected to Sustain Sales and Cash Flow Growth Unicycive Therapeutics (UNCY)/OUTPERFORM – OLC Resubmission Accepted For FDA Review
1-800-Flowers.com (FLWS/$4.63) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leaning Into Its Efficiency Initiatives Rating: MARKET PERFORM
Difficult quarter. Fiscal Q2 revenue of $702.2 million declined by a disappointing 9.5%, but was in line with our conservative estimate of $702.0 million. Adj. EBITDA was $98.1 million, beating our estimate of $89.5 million by 9.6%. In our view, the results reflect the company’s initiative to focus on efficient use of marketing spend.
Cost actions are working, but benefits are not fully visible yet. Operating expenses declined meaningfully year over year, and the company has already achieved approximately $15 million in annualized run-rate cost savings. However, temporary consulting and incentive compensation costs related to the transformation are delaying the full earnings benefit. As these costs roll off, underlying profitability should improve.
AZZ (AZZ/$124.97 | Price Target: $140) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Secular Tailwinds Expected to Sustain Sales and Cash Flow Growth Rating: OUTPERFORM
Updating estimates. While our FY2026 and FY2027 estimates are unchanged, we anticipate higher gross margins in the AZZ Metal Coatings and Precoat Metals segments beginning in FY2028. The company’s three-year plan established a goal of generating EBITDA margins of greater than 22.0% of revenue by 2028. Our revisions more closely align our forward estimates with this goal, and our estimates through FY2031 may be found in the financial model at the end of this report.
Secular growth drivers. We think AZZ is poised to benefit from multi-year secular drivers of growth. These include: 1) growth in infrastructure spending, 2) reshoring/nearshoring manufacturing, 3) migration to pre-painted steel and aluminum, 4) conversion from plastics to aluminum, 5) conversion to coil coating, and 6) growth in data centers.
Unicycive Therapeutics (UNCY/$6.67 | Price Target: $60) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OLC Resubmission Accepted For FDA Review Rating: OUTPERFORM
Unicycive Announced FDA Acceptance Of The NDA. Unicycive announced FDA acceptance of its resubmission of the New Drug Application (NDA) for OLC (oxylanthanum citrate). The resubmitted application has been classified as a Class II complete response, with a six-month review period. June 29, 2026 is the new PDUFA date, the statutory date for the application to be answered. This is consistent with our expected timeframe for OLC approval and launch.
We See NDA Acceptance As A Significant Milestone. In June 2025, an FDA manufacturing inspection found compliance deficiencies at the facility of a contract manufacturer. This stopped the NDA approval process just weeks before the PDUFA (Prescription Drug User Fee Act) date of June 28, 2025. The review of the preclinical, clinical, safety, and manufacturing data had been completed. We believe this will result in prompt approval.
Noble Capital Markets Research Report Thursday, January 29, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Upcoming FY 2025 Financial Results and 2026 Corporate Guidance Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Updated Model; Raising Price Target Hemisphere Energy (HMENF)/OUTPERFORM – 2026 Corporate Guidance Released, Revising Estimates
Alliance Resource Partners (ARLP/$24.31 | Price Target: $33) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Upcoming FY 2025 Financial Results and 2026 Corporate Guidance Rating: OUTPERFORM
Fourth quarter and full year 2025 financial results. Alliance will report its fourth quarter and full year 2025 financial results before the market opens on Monday, February 2, 2026. Management will host an investor conference call and webcast the same day at 10:00 am ET. Along with the 2025 operational and financial results, we expect ARLP to release its 2026 corporate guidance and outlook.
Noble Estimates. We forecast fourth quarter 2025 revenue, EBITDA, and EPU of $560.1 million, $182.9 million, and $0.57, respectively. Our full year 2025 revenue, EBITDA, and EPU estimates are $2.2 billion, $690.5 million, and $2.33, respectively. Our fourth quarter EPU estimate reflects an expected unrealized and non-cash loss on the marked-to-market value of ARLP’s bitcoin holdings, which has no impact on our EBITDA estimate. We forecast 2026 revenue, EBITDA, and EPU of $2.3 billion, $700.5 million, and $2.65, respectively.
Great Lakes Dredge & Dock (GLDD/$15.32 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Updated Model; Raising Price Target Rating: OUTPERFORM
Updated Model. We tweaked our 4Q25 projections to include higher expected interest expense and the projected $3 million charge related to the payoff of the second lien term loan. As a result, our 4Q25 EPS estimate drops to $0.22 from a prior $0.26. The drop is not related to operational performance, and the debt swap will reduce overall interest expense going forward.
Cash Flow. With the completion of the new build program in early 2026, we expect Great Lakes to use the substantial free cash flow generation towards debt reduction. Over the past 5 years, capex has averaged $136 million annually. Roughly $25 million is for maintenance capex, and we do expect some additional capex as Great Lakes modernizes its fleet. Nonetheless, we estimate there should be at least $90 million on an annual basis for debt reduction.
Hemisphere Energy (HMENF/$1.53 | Price Target: $2.6) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | 2026 Corporate Guidance Released, Revising Estimates Rating: OUTPERFORM
Outlook for 2026. Hemisphere Energy released 2026 guidance outlining a C$12.0 million capital program, expected to support ~6.3% growth in average annual production to approximately 3,900 boe/d, compared to our estimated 2025 average of 3,670 boe/d. The capital program is expected to be fully funded from adjusted funds flow and is designed to provide disciplined year-over-year growth while protecting the balance sheet and maintaining shareholder returns. Production is expected to remain 99% heavy oil, supported primarily by polymer flood enhanced oil recovery at Atlee Buffalo.
Updating estimates. We are trimming our 2026 revenue estimate to C$89.9 million from C$93.7 million due to lower production and commodity price estimates. Our production and WTI crude oil price estimates are now 3,900 boe/d and US$60 compared to our previous estimates of 4,080 boe/d and US$65. Despite the lower revenue outlook, adjusted funds flow (AFF) increased modestly to C$40.0 million from C$39.7 million, reflecting lower assumed operating costs, improved differentials, and a reduced royalty burden. AFF per share remains unchanged at C$0.40.
Noble Capital Markets Research Report Wednesday, January 28, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Phase 2 Data Announced With Management Changes Conduent (CNDT)/OUTPERFORM – New CEO Appointment FAT Brands (FAT)/NOT RATED – Files Voluntary Chapter 11; Terminating Research Coverage Kuya Silver (KUYAF)/OUTPERFORM – Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned Twin Hospitality (TWNP)/NOT RATED – Files Voluntary Chapter 11; Terminating Research Coverage
Cardiff Oncology (CRDF/$2 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 2 Data Announced With Management Changes Rating: OUTPERFORM
Cardiff Made Two Significant Announcements. New data from the Phase 2 CRDF-004 trial testing onvansertib as a first line treatment for metastatic colorectal cancer was announced as expected. Patients in the high-dose onvansertib group showed a large benefit in overall response rates (ORR) and progression free survival (PFS). Separately, the CEO and CFO have left the company. Board Member Dr. Mani Mohindru was named Interim CEO.
Phase 2 Trial Design. As discussed in our January 5 report,CDRF-004 is a Phase 2 dose-finding trial testing two doses of onvansertib in combination with two standard-of-care (SOC) regimens against the standard of care regimens alone. It enrolled 110 patients with RAS-mutated metastatic colorectal cancer, mCRC. Its primary endpoint is objective response rate (ORR). Secondary endpoints include progression-free survival (PFS), duration of response (DOR) and safety. These endpoints were selected to guide the design of Phase 3.
Conduent (CNDT/$1.61 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 New CEO Appointment Rating: OUTPERFORM
Leadership transition at a natural inflection point. Conduent announced that Harsha V. Agadi has been appointed Chief Executive Officer, succeeding Cliff Skelton, with Margarita Paláu-Hernández named independent Chair of the Board. The change follows a multi-year period of portfolio rationalization, asset divestitures, and balance sheet repair. In our view, the move marks a clear emphasis on operational execution.
A shift toward speed and accountability. We view Agadi’s appointment as a logical next step for the company. His background includes senior operating and leadership roles across large, complex organizations such as Little Caesars, Church’s Chicken, Friendly’s, and Crawford & Company. We expect an early focus on leadership depth, decision velocity, and operational accountability, with an emphasis on accelerating the company’s return to revenue and cash flow growth. In our view, this signals a move from stabilization to performance.
FAT Brands (FAT/$0.26) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Files Voluntary Chapter 11; Terminating Research Coverage Rating: NOT RATED
Chapter 11. Late Monday night, FAT Brands announced it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. The Company plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.
Precipitating Factor? It appears the tipping point for FAT to file the voluntary chapter 11 was Investor 352 Fund, the Company’s largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality.
Kuya Silver (KUYAF/$0.82 | Price Target: $3.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned Rating: OUTPERFORM
Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.
Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.
Twin Hospitality (TWNP/$0.35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Files Voluntary Chapter 11; Terminating Research Coverage Rating: NOT RATED
Chapter 11. Along with parent company FAT Brands, Twin Hospitality commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Twin Hospitality plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support the continued growth of its brands.
Precipitating Factor? It appears the tipping point for Twin Hospitality to file the voluntary chapter 11 was Investor 352 Fund, FAT Brands’ largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. FAT Brands and Twin Hospitality are seeking joint administration of the Chapter 11 cases under the caption “In re FAT Brands Inc., et al.”
Noble Capital Markets Research Report Tuesday, January 27, 2026
Companies contained in today’s report:
Graham (GHM)/MARKET PERFORM – Adds a Third Pillar
Graham (GHM/$76.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Adds a Third Pillar Rating: MARKET PERFORM
An Acquisition. Graham has acquired FlackTek, a pioneer in advanced mixing and material processing solutions. The acquisition adds advanced materials processing as a third core platform for Graham, alongside Graham Manufacturing, specializing in vacuum & heat transfer, and Barber-Nichols, specializing in turbomachinery. FlackTek adds a proven and defensible product portfolio with a shared customer base and an installed footprint that extends across the full value chain, from upstream to downstream production and quality control.
Details. The purchase price is $35 million, which was paid 85% in cash and 15% using 75,818 GHM shares. There is a potential $25 million in future performance-based cash earnouts over 4 years based upon achieving progressively increasing adjusted EBITDA performance targets. The base purchase price is approximately 12x FlackTek’s projected 2026 adjusted EBITDA. FlackTek generates approximately $30 million in annualized revenue.
Noble Capital Markets Research Report Monday, January 26, 2026
Companies contained in today’s report:
The GEO Group (GEO)/OUTPERFORM – Expansion of Credit Facility
The GEO Group (GEO/$18.55 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Expansion of Credit Facility Rating: OUTPERFORM
Credit Facility. The GEO Group amended its Credit Agreement, increasing GEO’s revolving credit facility to $550 million from a prior $450 million. The increase was effective as of January 20th. The increase provides the Company with additional financial flexibility, in our view, to further invest in growth opportunities and/or increase the share repurchase activity.
Share Repurchases. Recall, back in November, GEO announced an expansion of its share repurchase authorization to $500 million and extended the expiration date to December 31, 2029. As of November 6, 2025, the Company had approximately $458 million of repurchase authorization available under the share repurchase program. At the current price, the $100 million, if all used to repurchase shares, would further reduce the share count by approximately 5.38 million shares.
Noble Capital Markets Research Report Friday, January 23, 2026
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Some Green Shoots? Updated Estimates Kuya Silver (KUYAF)/OUTPERFORM – Mine Development and Balance Sheet Strength Support 2026 Ramp-Up
Commercial Vehicle Group (CVGI/$1.63 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Green Shoots? Updated Estimates Rating: OUTPERFORM
Updated Estimates. We tweaked our fourth quarter 2025 estimates after speaking with management. The changes do not impact our belief in the investment case for Commercial Vehicle Group. We maintained our revenue estimate at $146 million. Gross margin has been lowered to 10.3% from 11% previously. We are now estimating an adjusted net loss of $5 million, or $0.15 per share. Adjusted EBITDA is now $2.8 million. For the full year, we are at revenue of $640.2 million and adjusted EBITDA of $18.3 million.
Green Shoots? Recent data from FTR and ACT could indicate an improved Class 8 truck environment in 2026, although we would need to see multiple months of positive developments before jumping in with both feet. According to FTR, December Class 8 truck orders of 42,200 units were the highest level since October 2022. Meanwhile, ACT raised its expectation for Class 8 production in 2026 to 246,000 units, up from a prior 205,000, and nearly flat with 2025.
Kuya Silver (KUYAF/$0.73 | Price Target: $3.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Mine Development and Balance Sheet Strength Support 2026 Ramp-Up Rating: OUTPERFORM
Fourth Quarter Performance. The company mined 1,999 tonnes of mineralized material and processed 1,570 tonnes. Average processed grades were 6.0 oz/t silver (186.6 g/t), 1.40% lead, and 1.10% zinc, or 8.5 oz/t silver equivalent (264 g/t). Recoveries averaged 73.3% for silver, 79.1% for lead, and 57.1% for zinc. Metal processed included 7,724 ounces of silver, 18 tonnes of lead, and 15 tonnes of zinc. Sales included 5,441 ounces of silver, 15 tonnes of lead, and 8 tonnes of zinc, representing 6,194 silver-equivalent ounces, with silver contributing 88%.
Private Placement Financing. Kuya closed a brokered private placement raising gross proceeds of C$25.5 million. The company intends to pursue either the acquisition of an operating plant near the mine or the construction of a plant at the Bethania site to vertically integrate silver concentrate production. As mine production expands toward the Phase 1 target of 350 tonnes per day, Kuya expects more consistent processing, improved silver recoveries, and the recovery of minor gold and copper currently lost in the toll-milling process.
Noble Capital Markets Research Report Wednesday, January 21, 2026
Companies contained in today’s report:
NN (NNBR)/OUTPERFORM – Adds a New Director Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – From Legacy Nickel to District-Scale Polymetallic System
NN (NNBR/$1.48 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Adds a New Director Rating: OUTPERFORM
A Board Addition. NN added T ed White to its Board of Directors, effective immediately. Mr. White is co-founder of Legion Partners Asset Management, one of NN’s largest shareholders, owning approximately 9.55% of the outstanding common as of the date of the agreement, as well as economic exposure to another 5.99% of the Company’s shares. Mr. White will join the Board’s Strategic Committee, which was formed to evaluate a broad range of strategic, financing, and other alternatives to enhance shareholder value.
Cooperation Agreement. In connection with this appointment, the Company entered into a cooperation agreement with Legion Partners. The Legion cooperation agreement contains a customary standstill, voting commitment, and related provisions. Legion’s ownership is capped at 19.9% of the outstanding NNBR shares.
Power Metallic Mines Inc. (PNPNF/$1.17 | Price Target: $2.65) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | From Legacy Nickel to District-Scale Polymetallic System Rating: OUTPERFORM
Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.
Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.
Noble Capital Markets Research Report Tuesday, January 20, 2026
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – AI Acquisition Kratos Defense & Security (KTOS)/OUTPERFORM – A Strong Start to the Year
Information Services Group (III/$5.89 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 AI Acquisition Rating: OUTPERFORM
AI Maturity Index. Information Services Group has acquired the AI Maturity Index, a SaaS platform that allows organizations to assess the AI readiness of their workforces and improve their employees’ ability to leverage AI technology. The AI Maturity Index provides ISG with a high-impact, scalable entry point into every client’s AI journey. In its short time on the market, the AI Maturity Index has assessed more than 6,000 individual AI users and collected more than 400,000 data points—adoption that will expand exponentially as the platform gains broader use. Terms of the deal were not released.
Acceleration. The acquisition is part of a broader AI acceleration strategy by ISG that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI, and the upcoming launch of a proprietary insights platform with an AI-powered “intelligence advisor” to give organizations real-time access to highly sought-after ISG data and analysis.
Kratos Defense & Security (KTOS/$130.72 | Price Target: $145) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong Start to the Year Rating: OUTPERFORM
Raising PT to $145. We are maintaining our Outperform rating and raising our price target on KTOS shares to $145 from a previous $95. KTOS shares are up 72% YTD, compared to 1.4% for the S&P 500, continuing the outperformance seen over the past three years. We believe the abundant opportunities across the business, potential positive increases in the defense budget, and solid execution present strong financial upside potential.
Defense Budget. Interest in the defense sector is partially being driven by the Trump Administration’s goal to increase the 2027 Defense budget by 50% to $1.5 trillion, up from approximately $1 trillion in 2026. Significantly, as relates to Kratos, a key focus of any increased spending will be on drones, autonomous systems, cybersecurity, and space, all key areas of Kratos.
Noble Capital Markets Research Report Friday, January 16, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Acquires Formidable Technology Company CoreCivic, Inc. (CXW)/OUTPERFORM – Some Model Refinements Ocugen (OCGN)/OUTPERFORM – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy
Alliance Entertainment Holding (AENT/$7.6 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Acquires Formidable Technology Company Rating: OUTPERFORM
Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.
Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.
CoreCivic, Inc. (CXW/$19.91 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Model Refinements Rating: OUTPERFORM
Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.
Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.
Ocugen (OCGN/$1.62 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy Rating: OUTPERFORM
Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.
OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.
Noble Capital Markets Research Report Thursday, January 15, 2026
Companies contained in today’s report:
Nicola Mining Inc. (HUSIF)/OUTPERFORM – Preparing for Growth: Expanding Milling Capacity
Nicola Mining Inc. (HUSIF/$0.72 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Preparing for Growth: Expanding Milling Capacity Rating: OUTPERFORM
Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.
Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.
Noble Capital Markets Research Report Tuesday, January 13, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Another Exclusive Partnership Kelly Services (KELYA)/OUTPERFORM – Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan ONE Group Hospitality (STKS)/OUTPERFORM – Releases Preliminary 4Q and FY25 Sales Results SelectQuote (SLQT)/OUTPERFORM – Extended Maturities Enhances Balance Sheet Flexibility SKYX Platforms (SKYX)/OUTPERFORM – Joining NVIDIA Connect
Alliance Entertainment Holding (AENT/$7.74 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Another Exclusive Partnership Rating: OUTPERFORM
Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.
Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.
Kelly Services (KELYA/$9.56 | Price Target: $17) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan Rating: OUTPERFORM
A Surprise Sale. Yesterday morning, Kelly Services announced that last Friday, the Terence E. Adderley Revocable Trust K notified Kelly’s Board that it entered into a definitive agreement to sell its entire holding, which constitutes 92.2% of the voting Class B common stock, to a private party. In an amended Schedule 13D filing after the market closed yesterday, the buyer was identified as Hunt Equity Opportunities.
A Large Premium. Hunt is purchasing the 3,039,940 B shares held by the Trust for $106 million, or the equivalent of $34.87/sh. The B shares closed on Friday at $8.86. Historically, the A and B shares have traded in tandem, although there have been periods in which one class has outpaced the other. There is a potential $15.2 million additional payout if the market capitalization of Kelly is equal to or greater than $1.2 billion at any time over the next 48 months. The deal is expected to close by the end of January.
ONE Group Hospitality (STKS/$2.46 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Releases Preliminary 4Q and FY25 Sales Results Rating: OUTPERFORM
4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
SelectQuote (SLQT/$1.72 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Extended Maturities Enhances Balance Sheet Flexibility Rating: OUTPERFORM
Extended maturity. The company completed a comprehensive refinance that extends its primary debt maturities to January 2031, removing the prior 2027 overhang. The new $325M senior secured term loan and $90M revolver replace the legacy structure and provide a multi-year runway. We view this as a structural reset that repositions the balance sheet to be better-aligned with the company’s long-term growth strategy.
Cost of capital improvements. The new facility delivers immediate interest savings on the revolver (SOFR + 400 bps versus SOFR + 500 bps previously) and embeds a clear path to lower term-loan pricing. The term loan begins at SOFR + 650 bps, with step-downs to SOFR + 600 bps and ultimately SOFR + 550 bps as leverage and Cash EBITDA improve. Operating performance will now have the potential to directly translate into interest savings.
SKYX Platforms (SKYX/$2.21 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Joining NVIDIA Connect Rating: OUTPERFORM
NVIDIA partnership elevates SKYX’s technology profile. SKYX joined the NVIDIA Connect Program, gaining access to NVIDIA’s cloud and AI ecosystem to support development of its All-In-One Smart Platform. Management described the relationship as “game-changing,” reinforcing SKYX’s positioning as a technology platform company.
The Smart Platform is designed to be the ceiling-based hub of the home. The SkyPlatform embeds connectivity, safety, and intelligence into a single ceiling-based hub, combining Wi-Fi, voice and app control, speakers, thermostat functions, emergency lighting, and safety features. The platform is designed to be compatible with leading smart assistants such as Apple’s Siri and Amazon’s Alexa, simplifying how homes adopt and manage connected technology.
Noble Capital Markets Research Report Monday, January 12, 2026
Companies contained in today’s report:
Comstock (LODE)/MARKET PERFORM – All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – A Raise V2X (VVX)/OUTPERFORM – A Board Refresh
Comstock (LODE/$3.74) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility Rating: MARKET PERFORM
Receipt of Written Determination Permit. Comstock Metals received its Written Determination Permit from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit will result in a fully permitted operation and facility, and is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Receipt of Air Quality Permit. Earlier this month, Comstock Metals received approval for the associated Air Quality control permit. Both permits represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing more than 3.0 million panels per year representing up to 100 thousand tons per year of waste materials. The facility integrates technologies for crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.
MustGrow Biologics Corp. (MGROF/$0.4328) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Raise Rating: MARKET PERFORM
Raise. MustGrow has announced a raise of up to $2 million in a non-brokered private placement of up to 4,000,000 units of the Company at a price of $0.50 per Unit. Each unit will consist of (i) one common share of the Company and (ii) one common share purchase warrant. Each whole warrant will be exercisable for a period of 60 months from the closing date and will entitle the holder to purchase one additional share at an exercise price of $0.70 per warrant share. The closing of the Offering is expected to take place on January 22, 2026, but may take place in one or more tranches, provided that the final tranche closing will occur no later than February 22, 2026.
Use of Proceeds. The Company intends to use the net proceeds raised from the LIFE Offering for inventory production for its mustard-derived organic biofertility product TerraSante, inventory for agricultural products to sell via its Canadian distribution platform NexusBioAg, and working capital and general corporate purposes. Recall, MustGrow ran out of TerraSante product in the second and third quarters last year as demand exceeded management’s initial forecasts.
V2X (VVX/$62.78 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Board Refresh Rating: OUTPERFORM
Refresh. V2X’s Board recently elected to increase the size of the Board from 7 members to 10 members and appointed Nicole B. Theophilus, Gerard A. Fasano, and Ross S. Niebergall, effective immediately, as new members of the Board to serve as Class I, Class II, and Class III Directors, respectively.
Theophilus. Ms. Theophilus currently serves as EVP and Chief Administrative Officer of Wabtec Corporation, a global provider of equipment, systems, digital solutions, and value-added services, since July 2024. She previously served as Wabtec’s EVP and Chief Human Resources Officer from August 2020 to March 2024. She was also the EVP and Chief Human Resources Officer for West Corporation from April 2016 to February 2018 and for ConAgra Foods from November 2009 to August 2015.
Noble Capital Markets Research Report Friday, January 9, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Third Quarter FY26 Review and Outlook Direct Digital Holdings (DRCT)/MARKET PERFORM – Year End Review: 2026 Could Be A Pivotal Year Resources Connection (RGP)/OUTPERFORM – Pricing Discipline Holds as Volume Pressure Persists
AZZ (AZZ/$117.04 | Price Target: $130) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Third Quarter FY26 Review and Outlook Rating: OUTPERFORM
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million.
Updating estimates. With one quarter remaining, we have lowered our FY 2026 EBITDA estimate to $368.0 million from $369.2 million, and increased our EPS estimate to $6.03 from $5.98. We have increased our 2027 EBITDA and EPS estimates to $388.0 million and $6.60, respectively, from $387.4 million and $6.45. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates do not reflect the impact of acquisitions until announced.
Direct Digital Holdings (DRCT/$0.05) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Year End Review: 2026 Could Be A Pivotal Year Rating: MARKET PERFORM
Direct Digital remained a key strategic channel, supporting customer acquisition, margin mix improvement, and first-party data ownership despite a challenging macro and media cost environment. The channel continued to evolve toward a full-funnel model, with increasing contribution from returning customers, improved conversion rates, and greater emphasis on retention and lifecycle engagement.
Repositioning for strategic growth. Ongoing headwinds from media cost inflation, intensifying competition, and platform volatility have persisted in 2025, prompting a strategic shift toward owned-channel development, tighter audience targeting, and stronger cross-functional execution. Looking forward, Direct Digital is increasingly aligned around a more disciplined growth model, prioritizing customer retention, lifetime value, and earnings durability over volume-driven top-line expansion.
Resources Connection (RGP/$4.5 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Pricing Discipline Holds as Volume Pressure Persists Rating: OUTPERFORM
Continued Revenue Pressure. RGP reported second quarter revenue of $117.7 million, down 19% year-over-year. On a same-day constant currency basis, revenue declined 18.4%, driven almost entirely by lower billable hours across the core On-Demand and Consulting segments. Importantly, the weakness remains volume-driven rather than price-driven, as average bill rates were largely stable and improved in several key geographies.
Pricing Discipline, Volume Weak. The Company continues to make progress with its value-based pricing initiatives. U.S. bill rates increased 2.5% year over year, Consulting bill rates rose 6.6%, and On-Demand bill rates increased 2.6%. However, these gains were more than offset by sharp declines in billable hours, particularly in Consulting (-33.8%) and On-Demand (-21.5%). Management specifically highlighted reduced demand for traditional finance roles as clients adopt automation and AI, underscoring that part of the On-Demand softness may be structural rather than purely cyclical.
Noble Capital Markets Research Report Thursday, January 8, 2026
Companies contained in today’s report:
ACCO Brands (ACCO)/OUTPERFORM – 2025 Review and 2026 Expectations AZZ (AZZ)/OUTPERFORM – Third Quarter FY 2026 Results Outpace Expectations Bit Digital (BTBT)/OUTPERFORM – Monthly ETH Production Comstock (LODE)/MARKET PERFORM – Comstock Metals Achieves a Major Permitting Milestone
ACCO Brands (ACCO/$3.79 | Price Target: $9) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 2025 Review and 2026 Expectations Rating: OUTPERFORM
2025 Review. ACCO Brands’ 2025 narrative was dominated by a clear priority: defend profitability and cash generation in a soft demand environment, using restructuring and cost takeout as the primary levers while the top line remained pressured. Across the first three quarters of 2025, demand was weak and uneven globally, and Q3 in particular underscored that as sales came in lower than expected; however, the Company still delivered adjusted earnings in line with its outlook by expanding gross margin and lowering SG&A, demonstrating meaningful operating discipline.
2026 Preview. Looking into 2026, we believe the key question for investors is whether ACCO can convert its 2025 operational progress into a durable and investable story rather than a purely defensive one. The most important variable remains organic revenue stabilization: the Company has demonstrated the ability to protect earnings despite sales declines, but the market will require evidence that declines are moderating, particularly in the Americas, and that channel inventories and promotional intensity are improving rather than worsening.
FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million. Adjusted EBITDA margin as a percentage of sales amounted to 21.4% compared to 22.5% during the third quarter of FY 2025.
Segment results. While Metal Coatings sales were up 15.7% compared to the prior year quarter, Precoat Metals sales were down 1.8%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and transportation, partially offset by container. Segment adjusted EBITDA margin amounted to 30.3% for Metal Coatings and 19.7% for Precoat Metals.
Bit Digital (BTBT/$2.19 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly ETH Production Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of December 2025. As of December 31, 2025, the Company held approximately 155,227 ETH versus 154,398.7 ETH at the end of November. Included in the ETH holdings were approximately 15,146.0 ETH and ETH-equivalents held in an externally managed fund. The Company staked an additional 642 ETH during the month. The Company’s total staked ETH was approximately 138,263, or about 89% of its total holdings as of December 31st.
Yield and Value. Staking operations generated approximately 389.6 ETH in rewards during the period, representing an annualized yield of approximately 3.5%. Based on a closing ETH price of $2,967, as of December 31, 2025, the market value of the Company’s ETH holdings was approximately $460.5 million.
Comstock (LODE/$3.97) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Comstock Metals Achieves a Major Permitting Milestone Rating: MARKET PERFORM
Receipt of Air Quality Permit. Comstock Metals received its Air Quality Permit from the Nevada Division of Environmental Protection – Bureau of Air Pollution Control for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.
Closing in on the Written Determination Permit. The Air Quality Permit follows a notification of eligibility for a written determination permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management, which is now through the public notice period. Once the written determination permit is final, the two permits represent the complete scope of required regulatory approvals for commissioning the scale up of the recovery facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons per year of waste materials.
Updating 2025 estimates. We have lowered our Q4 and FY 2025 EPU estimates to $0.57 and $2.33, respectively, from $0.69 and $2.45. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 568 bitcoins as of September 30. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $114,056 on September 30. We anticipate the value of digital assets in Q4 2025 could decrease by approximately $15.1 million if all bitcoins were held through the fourth quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate.
Looking ahead. While our 2026 and 2027 estimates are unchanged, we think coal supply and demand fundamentals could strengthen going into 2027, which could have a positive impact on pricing. Actions taken by the Trump Administration are expected to support and sustain coal-fired power generation. Electricity demand growth is expected to be driven by industrial growth, electrification, and the expansion of AI infrastructure and data centers.
First Phosphate Corp. (FRSPF/$0.76 | Price Target: $1.55) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Transitioning from Exploration to Feasibility Rating: OUTPERFORM
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
Kuya Silver (KUYAF/$0.7 | Price Target: $1.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Vertically Integrating its Operation Rating: OUTPERFORM
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
Positive Guidance Received From CDE. Gyre announced that its majority-owned subsidiary in China, Gyre Pharmaceuticals Ltd, has completed pre-NDA discussions with the Chinese Center for Drug Evaluation (CDE). The CDE indicated that the Phase 3 data meets the requirements for approval in chronic hepatitis B-associated liver fibrosis, as expected. An NDA submission is planned for 1H26, meeting our expected milestones for the product and the company.
Approval Would Allow Full Commercialization. Under the CDE regulations, the Phase 3 supports Conditional Approval for Hydronidone, allowing full commercialization. As part of the approval, company agrees to conduct a Phase 3c study after commercialization to confirm the effects seen in Phase 3. This is similar to a Phase 4 study in the US. The study design has not be finalized, although we expect similar endpoints for confirmation of the Phase 3 data.
Noble Capital Markets Research Report Monday, January 5, 2026
Companies contained in today’s report:
Cardiff Oncology (CRDF)/OUTPERFORM – Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Vince Holding Corp. (VNCE)/OUTPERFORM – Emerging Growth Levers Provide Favorable 2026 View
Cardiff Oncology (CRDF/$2.66 | Price Target: $12) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Onvansertib Could Treat Colorectal Cancers That Escape Other Treatments Rating: OUTPERFORM
Initiating Coverage With A $12 Price Target. Cardiff Oncology is developing onvansertib for the treatment of multiple cancer indications. Its lead program is in metastatic colorectal cancer for patients with a mutation that makes the cancer more aggressive and difficult to treat. This mutation, KRAS, is found in about 45% of the colorectal cancer patients. As a result of the mutation, several standard therapies are ineffective. We believe onvansertib’s unique mechanisms of action could be a breakthrough in cancer treatment.
Onvansertib Has Two Main Mechanisms of Action. Onvansertib inhibits PLK1, an intracellular protein needed for regulatory functions that control cell growth and division. This protein can be overexpressed in many cancers, including colorectal cancer, overriding the normal controls. A second mechanism stops a pathway that allows tumors to survive in low oxygen environments and resist treatment with bevacizumab (Avastin).
Vince Holding Corp. (VNCE/$4.19 | Price Target: $5.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Emerging Growth Levers Provide Favorable 2026 View Rating: OUTPERFORM
Execution inflection driven by digital and DTC momentum. 2025 marked a clear improvement in operating execution, led by stronger e-commerce performance, enhanced digital capabilities, and early traction from the dropship initiative, which collectively supported revenue growth and improved operating leverage.
Pricing power and profitability improved despite cost headwinds. The company demonstrated brand resilience through higher average selling prices, stable unit volumes, improved full-price sell-through, and disciplined cost management, allowing it to offset tariff and freight pressures and deliver meaningful adjusted EBITDA upside.
Noble Capital Markets Research Report Friday, January 2, 2026
Companies contained in today’s report:
ONE Group Hospitality (STKS)/OUTPERFORM – Development Update Twin Hospitality (TWNP)/MARKET PERFORM – A Management Change V2X (VVX)/OUTPERFORM – A Strong End to 2025 Awards
ONE Group Hospitality (STKS/$1.75 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Development Update Rating: OUTPERFORM
Milestones. ONE Group announced a number of development milestones achieved during 4Q25. These include: entering into ten restaurant asset-light development agreements; an expanded footprint in large-market, professional sports & entertainment stadiums; opening two new STK locations; launching Benihana-branded retail product; and planning capital-efficient growth for 2026.
Largest Agreement. The ONE Group has entered into its largest asset-light development agreement in the Company’s history, securing development rights for a total of ten restaurants, either Benihana or Benihana Express locations, throughout the Greater San Francisco Bay Area. The two Benihana joint venture locations are expected to open in 2026, with the remaining franchised and licensed locations to open over the next seven years.
Twin Hospitality (TWNP/$0.67) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Management Change Rating: MARKET PERFORM
Leadership Transition. Twin Hospitality announced Andy Wiederhorn has been named Chief Executive Officer of the Company and Roger Gondek has been named President of Twin Peaks, replacing former CEO and President Kim Boerema. While somewhat surprising, as Mr. Boerema was appointed CEO just this past May, the new leadership simplifies the leadership structure and optimizes resources while minimizing overhead, without any significant change in ability, in our view.
Roger Gondek. We believe the elevation of Mr. Gondek to President of Twin Peaks Restaurant to be the headline. Already serving as Chief Operating Officer of Twin Peaks since 2017, Mr. Gondek brings approximately 15 years of experience with the brand, including previous operations leadership roles with Twin Peaks’ largest franchisee. Mr. Gondek was the Executive Vice President of Operations of La Cima Restaurants, LLC, a franchiser of 43 Twin Peaks restaurants in Florida, Alabama, Georgia, South Carolina, North Carolina, and Tennessee, from June 2011 to July 2017. Prior to La Cima Restaurants, Mr. Gondek was a Divisional Vice President at Hooters of America from October 2001 to February 2011. Mr. Gondek has a deep understanding of Twin Peaks markets, in our opinion.
V2X (VVX/$54.55 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Strong End to 2025 Awards Rating: OUTPERFORM
DMEA ATSP. V2X subsidiary Vertex Aerospace has been named as an awardee to the Defense Microelectronics Activity (DMEA) Advanced Technology Support Program (ATSP), according to the daily Department of War contract award activity. With multi-billion dollar potential, this award caps a strong year for V2X. The Company has won places on multiple billion dollar contracts, which bode well for the future.
Details. DMEA ATSP is an ID/IQ contract with a $23.357 billion ceiling. This multiple award contract has a base ordering period of five years with two option periods, three years and two years respectively, to establish a 10 year ordering period. There are a total of 10 awardees, including Vertex. As an ID/IQ, Vertex will need to compete for each award, but we are confident the Company will receive its fair share of wins under the contract.
Jensen Huang doesn’t do small numbers. But the figure he dropped this week at Nvidia’s annual GTC conference in San Jose may be the most consequential projection in the history of the semiconductor industry — and the ripple effects extend well beyond one company’s balance sheet.
On Monday, Huang forecast that Nvidia’s flagship AI processors would generate $1 trillion in sales through 2027, citing computing demand that has increased “by 1 million times in the last two years.” Then on Tuesday he raised the stakes further, clarifying that the $1 trillion figure doesn’t even capture Nvidia’s full product portfolio. The company has “strong confidence of $1 trillion-plus,” Huang told an audience of analysts and investors, adding that Nvidia expects to close, book and ship more than $1 trillion in total business.
For context, Nvidia had previously forecast $500 billion in data center sales through the end of 2026. The new projection doubles that cumulative figure and extends the window another year — a signal that Huang sees no near-term ceiling on AI infrastructure demand.
Wall Street’s immediate reaction was measured. Nvidia shares jumped as much as 4.8% on Monday before leveling off, trading virtually unchanged by Tuesday afternoon. Some analysts flagged that extending the timeline to 2027 to reach $1 trillion doesn’t necessarily signal accelerating growth — it could simply mean a longer runway to the same destination.
But the more interesting story for small and microcap investors isn’t what happens to Nvidia’s stock. It’s what a $1 trillion AI buildout means for the hundreds of smaller companies that sit inside that ecosystem.
Huang used the conference to announce a significant expansion of Nvidia’s addressable market. The company is pushing deeper into central processing units — territory long dominated by Intel — and introduced semiconductors incorporating technology acquired from chip startup Groq. Nvidia also revealed it is developing chips designed specifically for data centers in outer space, opening an entirely new frontier for AI compute infrastructure.
Each of these moves creates downstream opportunities. CPU expansion pressures Intel and AMD but simultaneously creates openings for smaller, specialized chip designers and manufacturers. The Groq acquisition signals that Nvidia is willing to buy rather than build when speed to market demands it — a dynamic that historically elevates valuations across the small cap semiconductor and AI hardware landscape as larger players scout for targets.
On the capital allocation front, Nvidia’s CFO Colette Kress announced the company plans to direct approximately 50% of free cash flow toward buybacks and dividends in the second half of 2026, once current investment commitments are fulfilled. That shift from aggressive reinvestment toward shareholder returns is a maturity signal — one that typically pushes institutional capital to look further down the market cap spectrum for the growth rates that Nvidia itself once offered.
The AI infrastructure buildout is still in its early innings. A $1 trillion demand signal from the dominant player in the space is not just a headline — it is a directional marker for where capital, talent and M&A activity will flow for the next several years. Small cap investors who understand the supply chain beneath Nvidia stand to benefit most.
BERKELEY HEIGHTS, N.J., March 17, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced an oral presentation and two poster presentations on its preclinical immuno-oncology portfolio at the American Association for Cancer Research (AACR) Annual Meeting 2026, being held April 17–22, 2026, in San Diego, California.
Oral Presentation Details
Title: TFF2 deficiency amplifies IL-1β-driven inflammation and promotes aging-associated gastric tumor progression Abstract #: 6822 Date and Time: April 21, 2026, 2:30–4:30 p.m. PT (5:30-7:30 p.m. ET) Session Category: Tumor Biology Session Title: Aging Micro- and Macro-Environments in Tumor Progression and Therapy Presenters: Shuang Li, MD, PhD, and Timothy C. Wang, MD, Herbert Irving Comprehensive Cancer Center, Columbia University Medical Center (Tonix co-authors: Seth Lederman, MD, Chief Executive Officer, and Bruce L. Daugherty, PhD, MBA, Executive Vice President of Research)
Poster Presentation Details
Title: In vitro characterization of fully human antagonistic anti-BTLA monoclonal antibodies Poster #: 6550 Date and Time: April 21, 2026, 2:00-5:00 p.m. PT (5:00-8:00 p.m. ET) Session Category: Clinical Research Session Title: Immune Checkpoint Blockade Location: Poster Section 44, Board 16 Presenter: Bruce Daugherty, PhD, MBA, Executive Vice President of Research, Tonix
Title: Pharmacokinetics of TNX-1700 in non-human primates and human FcRn/serum albumin transgenic mice Poster #: 7940 Date and Time: April 22, 2026, 9:00 a.m.–12:00 p.m. PT (12:00-3:00 p.m. ET) Session Category: Clinical Research Session Title: Tumor Microenvironment Modulators Location: Poster Section 49, Board 15 Presenter: Bruce Daugherty, PhD, MBA, Executive Vice President of Research, Tonix
About TNX-1700 TNX-1700, a fusion protein of TFF2 and albumin, is in preclinical development for the treatment of gastric and colorectal cancer in combination with PD-1 blockade. TNX-1700, in-licensed from Columbia University, is in the pre-Investigational New Drug (IND) stages of development.
Tonix Pharmaceuticals Holding Corp. Tonix Pharmaceuticals* is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA® (cyclobenzaprine HCl sublingual tablets 2.8 mg), is the first new treatment for fibromyalgia in adults in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® Symtouch® (sumatriptan injection 3 mg) and Tosymra® (sumatriptan nasal spray 10 mg). Tonix is investigating TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.
*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a trademark of Tonix Pharma Limited. All other marks are property of their respective owners.
Forward Looking Statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
2025 Was a Transformative Year due to Merger Completed in Q3
OLD GREENWICH, Conn., March 17, 2026 (GLOBE NEWSWIRE) — Star Equity Holdings, Inc. (Nasdaq: STRR and STRRP) (“Star” or the “Company”), a diversified holding company, announced today financial results for the fourth quarter and full year ended December 31, 2025.
2025Fourth Quarter Summary
Revenue of $56.8 million increased 69% from the fourth quarter of 2024.
Gross profit of $24.2 million increased 38% from the fourth quarter of 2024.
Net loss attributable to common shareholders of $2.4 million, or $0.67 loss per diluted share, versus net loss attributable to common shareholders of $0.6 million, or $0.20 loss per diluted share, in the fourth quarter of 2024. Adjusted net loss attributable to common shareholders per diluted share (Non-GAAP measure)* was $0.10 compared to adjusted net income attributable to common shareholders per diluted share of $0.04 in the fourth quarter of 2024.
Adjusted EBITDA (Non-GAAP measure)* increased to $2.2 million, versus adjusted EBITDA of $0.9 million in the fourth quarter of 2024.
2025 Full-Year Summary
Revenue of $172.2 million increased 23% from 2024. Full year 2025 pro forma (“PF”)(1) revenue of $224.7 million increased 7% from 2024.
Gross profit of $79.9 million increased 14% from 2024. PF gross profit of $95.0 million increased 6% from 2024
Net loss attributable to common shareholders of $6.7 million, or 2.08 loss per diluted share, compared to net loss of $4.8 million, or $1.59 loss per diluted share, in 2024. Adjusted net loss attributable to common shareholders per diluted share (Non-GAAP measure)* of $0.20 increased from adjusted net loss attributable to common shareholders per diluted share of $0.49 in the prior year.
Adjusted EBITDA (Non-GAAP measure)* was $4.2 million, versus adjusted EBITDA of $0.9 million in 2024. PF adjusted EBITDA of $12.6 million increased from $4.4 million in 2024.
Total cash including restricted cash was $13.4 million at December 31, 2025.
Jeff Eberwein, Chief Executive Officer at Star, said, “Our fourth quarter and full-year financial results reflect positive momentum and improvement over the prior year quarter, largely attributable to the addition of the Building Solutions and Energy Services divisions which occurred with the merger that closed in August 2025.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions (“HTS”), noted, “HTS delivered a 4.8% revenue increase in the fourth quarter Full-year revenues remained relatively flat compared to 2024 despite macroeconomic challenges and significant ongoing pressure in the talent market. In 2025, we expanded our service offering with the implementation of agentic AI, positioning us at the forefront of the talent industry’s digital transformation.”
Rick Coleman, COO of Star, added, “Residential and commercial building demand were relatively soft throughout the year, but our Building Solutions segment delivered strong results, including significantly higher sales and profitability. Energy Services division performance was also strong as ADT expanded market share across all core markets with particularly robust growth in mining and geothermal. These results highlight the team’s ability to combine strong execution with innovation across a broad range of end markets and applications.”
Mr. Eberwein concluded, “2025 was a transformational year for Star. The merger that closed in August strengthened our operating and financial position, accelerated our growth strategy, and reinforced our conviction that our stock remains undervalued. To that end, we repurchased more than $2.6 million of stock during 2025 and expect to continue utilizing buybacks to enhance shareholder value.”
* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.
Segment Highlights
Building Solutions
Fourth quarter 2025 Building Solutions revenue was $18.0 million and gross profit was $4.6 million. Fourth quarter Adjusted EBITDA was $1.9 million.
Full year 2025 Building Solutions revenue was $27.6 million and gross profit was $6.3 million. Full year 2025 Adjusted EBITDA was $2.5 million.
Full year 2025 PF Building Solutions revenue was $71.9 million, up from $60.1 million in 2024, and full year 2025 PF gross profit was $18.0 million versus $14.0 million in the prior year. Full year 2025. PF adjusted EBITDA was $7.2 million, up from adjusted EBITDA of $5.3 million a year ago.
Building Solutions backlog as of December 31, 2025 was $9.6 million, and the trailing 12-month book-to-bill ratio was 0.89.
Business Services
Fourth quarter 2025 Business Services revenue was $35.2 million, up from $33.6 million in the prior year quarter, while gross profit was $18.1 million, up from $17.6 million in the prior year quarter. Business Services adjusted EBITDA was $0.9 million, down from $1.5 million in the prior year quarter.
Full year 2025 Business Services revenue was $139.7 million, down from $140.1 million in the prior year, while gross profit was $71.8 million, up from $70.2 million in the prior year. Full year 2025 Business Services adjusted EBITDA was $5.0 million, up from $4.3 million in the prior year.
Regionally, APAC and Americas gross profit for full year 2025 grew 11.7% and 4.4%, respectively. This growth was offset by EMEA, where gross profit declined by (18.7)%.
Energy Services
Fourth quarter 2025 Energy Services revenue was $3.6 million. Fourth quarter 2025 gross profit was $1.6 million, and adjusted EBITDA was $0.9 million.
Full year 2025 Energy Services revenue was $4.9 million. Full year 2025 gross profit was $1.9 million and adjusted EBITDA was $1.0 million.
PF Energy Services revenue for full year 2025 was $13.2 million, up from $10.1 million in 2024, while PF gross profit was $5.5 million, down from $5.7 million in 2024. Full year 2025 PF adjusted EBITDA was $2.9 million, up from $2.1 million in 2024.
(1) PF Building Solutions, Energy Services, and Investments results from Star Operating Companies, Inc. for the full year of 2025 and 2024. PF Building Solutions reflects results from Timber Technologies for the full year in 2024. Timber Technologies was acquired by Star Operating Companies on May 17, 2024. PF Energy Services in 2025 and 2024 reflects Alliance Drilling Tools results, which was acquired by Star Operating Companies on March 3, 2025.
Corporate Costs
The Company’s corporate costs of $1.9 million for the fourth quarter of 2025 excluded $0.3 million of non-recurring expenses. This compares to corporate costs of $0.6 million in the fourth quarter of 2024, which excluded $0.0 million of non-recurring expenses.
The Company’s corporate costs of $4.9 million for full year 2025 excluded $2.5 million of non-recurring expenses. This compares to corporate costs of $3.4 million for full year 2024, which excluded $0.9 million of non-recurring expenses.
Liquidity and Capital Resources
The Company ended the fourth quarter of 2025 with $13.4 million in cash, including $3.1 million in restricted cash. The Company used $3.9 million in cash flow from operations in the fourth quarter of 2025 compared to $2.0 million generated in the fourth quarter of 2024. For full year 2025, the company used $7.3 million in cash flow from operations compared to $2.8 million in cash flow from operations in 2024. Year-end 2025 working capital excluding cash was $22.4 million, representing a temporary build-up that is expected to decline in the first quarter of 2026.
Share Repurchase Program
In the fourth quarter of 2025, the Company repurchased 5,964 shares for approximately $66,000. For the full year 2025, the Company repurchased 280,886 shares for approximately $2.6 million and has repurchased about $10 million of common stock since 2020. As of year-end 2025, the Company has $2.5 million remaining under its $3 million repurchase program authorized in September 2025 and continues to view share repurchases as an attractive use of capital.
NOL Carryforward
As of December 31, 2025, Star had $215 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Star Equity common stock to 4.99%. Stockholders who wish to own more than 4.99% of Star Equity common stock, or who already own more than 4.99% of Star Equity common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.
Preferred Stock Dividends
In Q4 2025, the Company’s board of directors (the “Board”) declared a quarterly cash dividend to holders of the Company’s 10% Series A Cumulative Perpetual Preferred Stock of $0.25 per share, paid on December 10, 2025 to the shareholders of record as of December 1, 2025.
In addition, on February 13, 2026, the Board declared a cash dividend to holders of the Company’s 10% Series A Cumulative Perpetual Preferred Stock of $0.25 per share. The record date for this dividend was March 1, 2026, and the payment date was March 10, 2026.
Conference Call/Webcast
The Company will conduct a conference call tomorrow, March 18, 2026, at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company’s web site at www.starequity.com.
If you wish to join the conference call, please use the dial-in information below:
Toll-Free Dial-In Number: 1 (833) 890-6161
International Dial-In Number: 1 (412) 504-9848
The archived call will be available on the investor information section of the Company’s web site at www.starequity.com.
About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company that seeks to build long-term shareholder value by acquiring, managing, and growing businesses with strong fundamentals and market opportunities. Its current structure comprises four segments: Building Solutions, Business Services, Energy Services, and Investments. For more information visit www.starequity.com.
On August 22, 2025, the Company completed its previously announced acquisition of Star Operating Companies, Inc. (“Star Operating”, formerly known as Star Equity Holdings, Inc.), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025 (the “Merger Agreement”), by and among the Company, Star Operating and HSON Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, on August 22, 2025, at the effective time of the merger pursuant to the Merger Agreement (the “Merger”), Merger Sub merged with and into Star Operating, with Star Operating continuing as the surviving corporation of the Merger as a wholly owned subsidiary of the Company. Effective September 5, 2025, the Company changed (i) its name to Star Equity Holdings, Inc. and (ii) its trading symbols on Nasdaq to STRR and STRRP.
Building Solutions The Building Solutions division operates in three niches: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.
Business Services The Business Services division provides flexible and scalable recruitment solutions to a global clientele, servicing organizations at all levels, from entry-level positions to the C-suite. The division focuses on mid-market and enterprise organizations worldwide, partnering consultatively with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.
Energy Services The Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.
Investments The Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) changes in the cost and availability of commodities, materials, and equipment, (3) risks related to providing uninterrupted service to clients, (4) the ability of clients to terminate their relationship with the Company at any time, (5) risks associated with real estate ownership, (6) the Company’s ability to successfully achieve its strategic initiatives, (7) risks related to fluctuations in the Company’s operating results from quarter to quarter, (8) risks related to potential acquisitions or dispositions of businesses by the Company, (9) our profitability and growth being tied to the success of our operating businesses, (10) risks associated with our financial investments in other businesses, (11) our ability to improve existing products and services and develop, introduce, and market new products and services successfully, (12) the loss of or material reduction in our business with any of the Company’s largest customers, (13) competition in the Company’s markets, (14) risks related to potential decreases in demand for products, (15) our ability to maintain costs at an acceptable level, (16) the negative cash flows and operating losses that may recur in the future, (17) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (18) risks relating to how future credit facilities may affect or restrict our operating flexibility, (19) our ability to generate or borrow sufficient cash to make payments on our indebtedness, (20) risks related to indebtedness, (21) risks associated with the Company’s investment strategy, (22) the Company’s dependence on key management personnel, (23) the Company’s ability to attract and retain highly skilled professionals, management, and advisors, (24) the Company’s ability to collect accounts receivable, (25) the Company’s exposure to legal proceedings, investigations and disputes, and limits on related insurance coverage, (26) the Company’s ability to utilize net operating loss carryforwards, (27) the potential for goodwill impairment, (28) volatility of the Company’s stock price, (29) risks related to our historically low trading volume, (30) risks related to securities or industry analysts, (31) the Company’s ability to declare dividends, (32) risks associated with failure to pay dividends on our Series A Preferred Stock, (33) our history of annual net losses, (34) risks related to our international operations, (35) risks related to compliance with federal and state laws, regulations, and other rules, (36) our exposure to employment-related claims, legal liability, and costs from clients, employees, and regulatory authorities, (37) risks related to the imposition of licensing or tax requirements or new regulations, (38) the effect of Anti-takeover provisions in our organizational documents, (39) the effect of the protective amendment contained in our Restated Certificate of Incorporation, (40) the impact of our stockholder rights plan, or “poison pill,” on stockholder decision making, (41) risks related to our scaled disclosure requirements as a smaller reporting company, (42) risks related to evolving ESG and DEI rules and regulations, (43) the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (44) the adverse impacts of cybersecurity threats and attacks, and (45) risks related to the use of new and evolving technologies, and (46) those risks set forth in “Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.” The foregoing list should not be construed to be exhaustive. Actual results could differ materially from the forward-looking statements contained in this press release. In view of these uncertainties, you should not place undue reliance on any forward-looking statements, which are based on our current expectations. These forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Toronto, Ontario–(Newsfile Corp. – March 17, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “KuyaSilver“) is pleased to announce an expansion of its fully-funded 2026 drill program at the Bethania Silver Project in central Peru designed to unlock value by focusing on delineating mineralized silver vein systems which have been historically underexplored. The program, expected to total approximately 20,000 metres combined underground and surface diamond drilling, would represent the largest drill program ever at the Bethania project.
The surface drill program is planned for approximately 10,000 metres and will focus on priority targets associated with historical artisanal mining areas identified during the Company’s recent regional exploration work, located outside the immediate Bethania mine area (Figure 1 below). These targets represent potential additions to the district-scale mineralized system and may also have potential for future production. Over the coming months Kuya Silver plans to conduct additional work to prioritize targets for the 2026 drill program which may include any of the six previously identified regional silver vein systems (e.g. Carmelitas, Tito PH, Millococha)
The Company also plans to expand on its previously announced underground drilling program to approximately 10,000 metres in 2026 (from 5,000 metres announced previously). Drilling will be conducted from established mine levels and is designed to test extensions of known mineralized structures that remain open along strike and at depth. This approach allows the Company to expand resources adjacent to current mine infrastructure while testing high-priority targets at relatively low cost and improving the geological continuity of the known vein system.
The combined surface and underground programs are expected to improve the geological understanding of the mineralized systems and support the Company’s ongoing efforts to grow resources within the broader Bethania district. Initial results from the underground drilling campaign are expected in Q2 2026 and additional drill results from underground and initial surface drilling results are expected over the second half of 2026.
“Following encouraging surface exploration results across the Bethania property, we are excited to begin the next phase of drilling,” stated Osbaldo Zamora, VP Exploration of Kuya Silver. “By combining surface drilling with underground drilling from existing workings, we are able to efficiently test both district-scale targets and near-mine extensions that could meaningfully expand the project’s resource base.”
David Stein, Kuya Silver’s President and CEO also remarked, “The Company is excited to embark on a much larger drill campaign covering multiple targets across the Bethania district. Given our significant cash position in excess of USD $25 million and expected cash flow from the Bethania mine, this more aggressive exploration strategy should be fully funded from internal sources and can be maintained and expanded over the coming years as we grow our silver mining operations.”
Figure 1: Bethania historical surface exploration results up to February 2026 showing all sample locations.
Surface drilling is expected to commence in the coming months following final permitting and logistical preparations. Over the past five plus years, Kuya Silver has consolidated in excess of 4,500 ha surrounding the Bethania mine. Various surface prospecting campaigns over the past several years has identified six different silver vein systems characterized by historical evidence of artisanal mining and outcropping veins with silver-polymetallic mineralization which have been mapped and sampled by Kuya Silver’s geologists. These additional vein systems can be subdivided into three areas located south (Tito PH), west (Carmelitas) and southwest (Millococha) of the Bethania silver mine.
Tito PH
Tito PH is a priority exploration target consisting of one main vein and at least seven additional subparallel veins (Figure 2 below). The main vein has been mapped over approximately 600 metresof strike and may extend up to 1,500 metres, although a 700 metres gap in surface exposure remains to be tested by drilling.
Minor artisanal workings, including two shallow adits and an open stope, occur along the vein cluster. A total of 55grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 285.7 g/t AgEq* and a maximum value of 2,114.7 g/t AgEq*. The interpreted strike length and high-grade surface samples suggest the system could be comparable in scale to the veins currently mined at Bethania.
Figure 2. Detailed map showing interpreted veins, grab sample locations, and assays at the Tito PH prospect.
Millococha Oeste is one of the most prospective targets identified within the Bethania land package due to the presence of more than 10 mapped veins with consistently high grades. A total of 40 grab samples collected by Kuya Silver geologists returned an arithmetic average grade of 690.4 g/t AgEq* and a maximum value of 2,652.7 g/t AgEq* (Figure 3 below).
Artisanal workings on Kuya Silver’s claims represent the most significant historic activity outside the Santa Elena concession, but remain relatively shallow and poorly explored, highlighting the potential for additional mineralization at depth.
Figure 3. Detailed map showing interpreted veins, grab sample locations, and assays at the Millococha prospect.
The Carmelitas prospect includes three vein clusters within an area of approximately 800 metres, comprising the main Carmelitas artisanal mine as well as the Carmelitas Norte and Carmelitas Este showings (Figure 4 below). A total of 125 grab samples collected by Kuya Silver returned grades up to 1,771.5 g/t Ag and an arithmetic average of 145.2g/t AgEq*.
Although vein density is lower than at other targets, the prospect remains attractive due to the presence of high-grade mineralization and potential structural connections between the three vein clusters.
*Silver Equivalency (AgEq) was calculated using silver ($85.74 USD/troy oz), gold ($5,177.70 USD/troy oz), copper ($12,815.48 USD/tonne), lead ($1,892.0 USD/tonne) and zinc ($3,286.76 USD/tonne) values, obtained on March 3, 2026 from Kitco, and do not consider metal recovery.
Figure 4. Detailed map showing interpreted veins, grab sample locations, and assays at the Carmelitas prospect.
A total of 940 grab samples (plus QA/QC) were collected in different exploration campaigns from 2021 to 2026. Only 192 samples collected from 2024 to 2026 count with proper QA/QC assessment. The coordinates of the locations of each sample were measured by handheld GPS and the samples dispatched to the ALS Peru S.A. laboratory in Lima for geochemical analysis. The analyses were carried out using the following methods:
ME-OG61a – Multi-acid digestion with ICP-AES detection for 33 elements
Au-AA23 – Fire assay for gold
Ag-OG62 – Four-acid digestion with ICP-AES detection for overlimit silver
All QA/QC standards were acceptable and within two standard deviations of certified values.
As these samples include a mix of early-stage grab, chip, and channel samples and do not include details on vein width, they are not fully representative of total vein mineralization.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Osbaldo Zamora, PhD., P.Geo., Vice President Exploration with Kuya Silver Corp. and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
HOUSTON, March 16, 2026 /PRNewswire/ — Summit Midstream Corporation (NYSE: SMC) (“Summit”, “SMC” or the “Company”) announced today its financial and operating results for fourth quarter and full-year 2025, Permian and Rockies segment growth update, and provided full-year 2026 financial guidance.
Highlights
Fourth quarter net loss of $7.3 million, Adjusted EBITDA of $58.5 million, cash flow available for distributions (“Distributable Cash Flow” or “DCF”) of $33.7 million and free cash flow (“FCF”) of $17.0 million
Recently signed three 10+-year firm take-or-pay contracts on Double E that are expected to drive Permian Segment Adjusted EBITDA from $34 million in 2025 to approximately $60 million in 2029
Launched a binding open season on Double E to secure market commitments to support a mainline compression project to increase firm capacity by up to 50% from 1.6 Bcf/d to approximately 2.4 Bcf/d
Refinanced Double E capital structure1 with a new term loan that will fund Double E capital projects (including the mainline compression project) and provide an $85 million one-time distribution to Summit to pay down debt and repay $45 million of arrears on its corporate Series A Preferred Stock
Executed a new 10-year crude oil gathering agreement covering more than 200,000 acres in the Williston
Active customer base with seven rigs running, approximately 90 DUCs and 116 to 126 wells expected in 2026
Provided 2026 full-year financial guidance range of $225 million to $265 million in Adjusted EBITDA and total capital expenditures of $85 million to $105 million, including $35 million attributable to Double E
Management Commentary
Heath Deneke, President, Chief Executive Officer and Chairman, commented, “We are pleased with the commercial and financial progress achieved over the past two quarters, which underscore the strategic value of our infrastructure, embedded growth opportunities, and our continued focus on execution with financial discipline. With the signing of major long-term agreements on the Double E Pipeline and in the Williston Basin, we are building on strong commercial momentum in our Permian and Rockies segments, while maintaining steady operational performance, strengthening our balance sheet and allocating capital prudently. We’re also further advancing Double E’s growth with a new open season to support a mainline compression project that could expand pipeline capacity by 50% by the end of 2028. Additionally, the Double E refinancing underscores Summit’s financial flexibility and ability to execute on important growth initiatives while continuing to maintain focus on reaching long-term corporate leverage targets. The planned repayment of the arrears on the Series A Preferred Stock further simplifies Summit’s balance sheet and is also an important step towards enabling a sustainable return of capital program for our shareholders in the future.
Operationally, despite the earlier oil price headwinds, we maintained an active customer base with seven rigs currently running behind our systems, approximately 90 DUCs and between 116 to 126 wells expected to be turned in line in 2026. Our 2026 outlook reflects sustained activity across our systems and incremental investment in high-return growth projects, which we expect will drive EBITDA growth in 2027 and beyond. Furthermore, given the mid-$60 oil price assumption embedded in our 2026 guidance, we are optimistic that customer activity levels could further increase in the second half of the year if the recent spike in oil prices continues to lift the backend of the forward price curve.”
Double E Commercial Update
Producers Midstream II reached a final investment decision on Train II of its Dude processing plant in Lea County, New Mexico, which was a condition precedent to the commencement of the previously announced 10-year, 100 MMcf/d firm transportation agreement. The new contract is expected to commence service in the fourth quarter of 2026.
Double E Pipeline entered into a new 11-year take-or-pay natural gas firm transportation agreement with a large, investment-grade shipper for 210 MMcf/d of capacity, including 80 MMcf/d expected to commence in the fourth quarter of 2026 and an additional 130 MMcf/d expected to commence in the second half of 2028. These commitments also expand Double E’s downstream connectivity with new delivery points into the Transwestern Central Pool, the Hugh Brinson Pipeline and a planned future connection with the Desert Southwest Pipeline. The new delivery points will significantly broaden Double E Shipper’s access to diverse and growing end use markets in addition to the multiple interconnects with downstream egress pipelines connecting the Waha Hub to Gulf Coast markets.
Double E Pipeline also entered into a new 11+ year natural gas transportation agreement with an undisclosed shipper for 230 MMcf/d of firm capacity, with 100 MMcf/d expected to start in the fourth quarter of 2027, 80 MMcf/d in the fourth quarter of 2028, and an additional 50 MMcfd in the second quarter of 2029. The agreement is contingent upon satisfaction of certain customary conditions precedent and is subject to shipper providing notice of its final investment decision to construct an expansion of its processing facility prior to October 1, 2026.
With the additional contracts, Summit expects its 70% interest in Double E to generate approximately $60 million of Segment Adjusted EBITDA in 2029, representing an approximate 76% increase to the $34 million of Segment Adjusted EBITDA generated in 2025. These projects are expected to cost approximately $50 million, net to Summit’s 70% interest, with approximately $35 million expected in 2026 and the remainder in 2027. These capital requirements are expected to be fully funded with the new term loan at Summit Permian Transmission which is non-recourse to Summit. Further, Double E has launched a binding open season to secure market commitments to support a mainline compression project to expand the pipeline’s capacity from approximately 1.6 Bcf/d to over 2.4 Bcf/d by the end of 2028. The compression expansion remains subject to additional commercial support via incremental long-term take-or-pay agreements and FERC and other regulatory approvals.
Double E Refinancing Transaction
Subsequent to quarter-end, Summit refinanced the Summit Permian Transmission, LLC and Summit Permian Transmission Holdco, LLC capital structure with a new $440 million term loan facility, including a $340 million borrowing at closing, $50 million committed delayed draw facility used to fund the Producers Midstream and other expansion projects, as well as a $50 million uncommitted accordion to fund the expected mainline compression expansion project. Proceeds from the new facility were used to refinance the $112.7 million Summit Permian Transmission term loan, $141.9 million Summit Permian Transmission Holdco’s preferred units2, an $85 million one-time distribution to Summit, and pay other fees and expenses. Summit intends to use the $85 million one-time distribution to pay down approximately $45 million of accrued and unpaid dividends on its Series A Preferred Stock and approximately $40 million of ABL borrowings. Repayment of the accrued and unpaid dividends represents a critical step of Summit’s objective to resume dividend payments on its common stock once Summit achieves its long-term leverage target of 3.5x. In addition, the $40 million ABL repayment reduces Summit’s leverage by approximately 0.2x, aligning with its continued focus on corporate de-levering.
Pro Forma Capitalization
Williston Commercial Update
During the fourth quarter, Summit executed a new 10-year crude gathering agreement with a Bakken producer, anchored by a large Area of Dedication covering more than 200,000 acres across its existing footprint in Divide County, North Dakota. The first new pad — consisting of four 3-mile laterals — is expected to be turned in line in the first quarter of 2026. This agreement meaningfully expands Summit’s dedicated acreage and long-term economic inventory supporting its infrastructure, while positioning the Company to pursue additional development opportunities across northern Williams and southern Divide Counties. With the efficiency gains associated with 3-mile laterals, these areas have become economically attractive in the current oil price environment. As Bakken producers continue expanding activity in the northern and western portions of the basin, Summit expects increasing commercial momentum and growth around its Polar and Divide systems.
Fourth Quarter 2025 Business Highlights
SMC’s average daily natural gas throughput on its wholly owned operated systems decreased 3.4% to 894 MMcf/d, while liquids volumes decreased 8.3% to 66 Mbbl/d, relative to the third quarter of 2025. Double E pipeline transported an average of 861 MMcf/d and contributed $8.7 million in Adjusted EBITDA, net to SMC, for the fourth quarter of 2025.
Natural gas price-driven segments:
Natural gas price-driven segments generated $31.5 million in combined Segment Adjusted EBITDA, a $4.6 million decrease relative to the third quarter and combined capital expenditures of $9.2 million.
Mid-Con Segment Adjusted EBITDA totaled $21.5 million, a decrease of $2.1 million relative to the third quarter of 2025, primarily due to a decrease in volume throughput on the system. Volume throughput on the system decreased by 3.7% primarily due to natural production declines partially offset by six new well connections in the Arkoma. Subsequent to quarter end, six new wells were connected in the Arkoma. There is currently one rig running in the Arkoma, with 21 DUCs behind the system, including 17 DUCs in the Barnett, which are all expected to come online in 2026.
Piceance Segment Adjusted EBITDA totaled $10.0 million, a decrease of $2.5 million relative to the third quarter of 2025, primarily due to realization of previously deferred revenue in the third quarter and a 5.4% decrease in volume throughput. There were no new wells connected to the system during the fourth quarter.
Oil price-driven segments:
Oil price-driven segments generated $36.6 million of combined Segment Adjusted EBITDA, representing a $1.1 million decrease relative to the third quarter of 2025, and had combined capital expenditures of $9.0 million.
Rockies Segment Adjusted EBITDA totaled $27.8 million, a decrease of $1.2 million relative to the third quarter of 2025, primarily driven by a 8.3% decrease in liquids volume throughput, partially offset by a 1.3% increase in natural gas volume throughput, relative to the third quarter of 2025. The decrease in liquids volumes was primarily driven by natural production declines and no new well connections in the Williston Basin during the quarter. Natural gas volume growth was supported by 33 new well connections in the DJ Basin, which are expected to reach peak production in the second quarter of 2026. There are currently six rigs running and approximately 65 DUCs behind the system.
Permian Segment Adjusted EBITDA totaled $8.8 million, an increase of $0.1 million relative to the third quarter of 2025, primarily due to a 20.9% increase in volumes shipped on the Double E Pipeline leading to an increase in proportionate Adjusted EBITDA from our Double E joint venture.
The following table presents average daily throughput by reportable segment for the periods indicated:
The following table presents Adjusted EBITDA by reportable segment for the periods indicated:
Capital Expenditures
Capital expenditures totaled $19.1 million in the fourth quarter of 2025, inclusive of maintenance capital expenditures of $4.0 million. Capital expenditures in the fourth quarter of 2025 were primarily related to pad connections in the Rockies and Mid-Con segments.
2026 Guidance
SMC is releasing guidance for 2026, which is summarized in the table below. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this release.
SMC’s guidance range is anchored by recent drilling and completion schedules provided by its customers and is reflective of the current commodity price environment. The Company’s approach to its 2026 guidance is consistent with the framework used for its 2025 guidance range. If SMC’s producer customers hit their production targets and timing of planned well connects, the Company would expect to be near the high end of the 2026 guidance range. The midpoint of the guidance range reflects a conservative, yet appropriate, level of risking to the most recent drill schedules and volume forecasts provided by its customers. The low end of the guidance range reflects additional delays to customer drilling and completion schedules and planned well connects.
SMC expects approximately 116 to 126 well connections in 2026. Of the expected well connections in 2026, approximately 20% are natural gas-oriented wells and approximately 80% are crude oil-oriented wells. Customers are currently running seven rigs behind SMC systems, with approximately 90 DUCs, providing line of sight to the 2026 estimated well connections and associated volume growth.
SMC expects its natural gas gathering system throughput to range from 875 MMcf/d to 920 MMcf/d. Double E existing take-or-pay contracts of 1,115 MMcf/d is expected to increase to 1,285 MMcf/d when the Producers Midstream II and other projects are placed into service, as early as the fourth quarter of 2026. Liquids volumes are expected to range from 65 Mbbl/d to 90 Mbbl/d.
The guidance outlook also reflects a reduction in MVC shortfall payments in the Piceance from $16.9 million in 2025 to approximately $13.0 million in 2026, and excludes approximately $2 million of deferred revenue that benefited 2025 results.
The midpoint of the guidance range assumes strip commodity prices as of February 19, 2026, implying an average 2026 Henry Hub price of approximately $3.40 per MMBtu and WTI of approximately $64 per barrel.
Adjusted EBITDA is expected to range from $225 million to $265 million. SMC’s 2026 capital expenditure guidance of $50 million to $70 million, excluding Double E, includes capital reimbursements related to specific development projects with certain customers. The Company’s full year 2026 growth capex guidance range is primarily related to new pad connections in the Rockies and Mid-Con segments. Included in this range is approximately $15 million to $20 million of maintenance capex. Double E capital expenditures for 2026 are expected to be approximately $35 million, net to SMC, primarily related to a new plant connection and downstream connections associated with the recently announced shipper contracts.
Capital & Liquidity
As of December 31, 2025, SMC had $9.3 million in unrestricted cash on hand and $113 million drawn under its $500 million ABL Revolver with $386 million of borrowing availability, after accounting for $0.8 million of issued, but undrawn letters of credit. As of December 31, 2025, SMC’s gross availability based on the borrowing base calculation in the credit agreement was $810 million, which is $310 million greater than the $500 million of lender commitments to the ABL Revolver. As of December 31, 2025, SMC was in compliance with all financial covenants, including interest coverage of 2.7x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.5x relative to a maximum first lien leverage ratio of 2.5x. As of December 31, 2025, SMC reported a total leverage ratio of approximately 4.1x, excluding the potential earnout liability in connection with the Tall Oak Acquisition.
As of January 2, 2026, the Permian Transmission Credit Facility balance was $112.7 million a reduction of $4.3 million relative to the September 30, 2025 balance of $117.0 million due to scheduled mandatory amortization. Summit Midstream Permian has $3.8 million of cash-on-hand as of January 2, 2026.
Subsequent to quarter-end, Summit Permian Transmission, LLC entered into a new $440 million senior secured term facility, which includes a $50 million committed accordion feature and a $50 million uncommitted accordion feature (the “Term Facility”) maturing in March 2031. Proceeds from the Term Facility were used to refinance Summit Permian Transmission’s existing credit facility, Summit Permian Transmission Holdco’s preferred units, fund an $85 million restricted payment to SMC, provide liquidity to fund SMC’s share of capital expenditures including those associated with the recently announced expansion projects, and pay other fees and expenses.
MVC Shortfall Payments
SMC billed its customers $4.3 million in the fourth quarter of 2025 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the fourth quarter of 2025, SMC recognized $4.3 million of gathering revenue associated with MVC shortfall payments. SMC had no adjustments to MVC shortfall payments in the fourth quarter of 2025. SMC’s MVC shortfall payment mechanisms contributed $4.3 million of total Adjusted EBITDA in the fourth quarter of 2025.
Quarterly Dividend
The Board of Directors of Summit Midstream Corporation continued to suspend cash dividends payable on the common stock for the period ended December 31, 2025. The quarterly cash dividend on the Series A Preferred Stock, for the period ended March 14, 2026, will be paid to preferred shareholders of record as of the close of business on March 2, 2026.
The Board of Directors approved the full repayment of all previously deferred Series A Preferred Stock dividends, payable on March 27, 2026 to holders of record as of the close of business on March 17, 2026.
Fourth Quarter 2025 Earnings Call Information
SMC will host a conference call at 10:00 a.m. Eastern on March 17, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at the following link: Q4 2025 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI12ac80a058874aaa998fdc335346beed). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC’s website at www.summitmidstream.com.
Use of Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). We also present Adjusted EBITDA, Segment Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures.
Adjusted EBITDA
We define Adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our Proportional Adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, unit-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because Adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility.
Management uses Adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that Adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.
Adjusted EBITDA is used as a supplemental financial measure to assess:
the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness;
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;
our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure;
the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; and
the financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of MVC shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations.
Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example:
certain items excluded from Adjusted EBITDA are significant components in understanding and assessing an entity’s financial performance, such as an entity’s cost of capital and tax structure;
Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; and
although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements.
We compensate for the limitations of Adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process.
We define Segment Adjusted EBITDA as total revenues less total costs and expenses; plus (i) other income excluding interest income, (ii) our proportional adjusted EBITDA for equity method investees, (iii) depreciation and amortization, (iv) adjustments related to MVC shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) stock-based and noncash compensation, (vii) impairments and (viii) other noncash expenses or losses, less other noncash income or gains. We define Proportional Adjusted EBITDA for our equity method investees as the product of (i) total revenues less total expenses, excluding impairments and other noncash income or expense items and (ii) amortization for deferred contract costs; multiplied by our ownership interest during the respective period.
Distributable Cash Flow
We define Distributable Cash Flow as Adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures.
Free Cash Flow
We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions.
We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.
About Summit Midstream Corporation
SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas.
Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause SMC’s actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
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