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Release – Cocrystal Pharma’s Investigational Drug Candidate CC-42344 Demonstrates Strong Antiviral Potency Against the 2024 Highly Pathogenic H5N1 Avian Influenza Strain

Posted on May 29, 2025May 29, 2025 by aweinsoff@channelchek.com

May 29, 2025

CC-42344 was shown to be highly active against the highly pathogenic 2024 Texas H5N1 avian influenza strain
The Company’s virology study further confirmed the previous structural and in vitro data that revealed the binding of CC-42344 to PB2 protein of the 2024 H5N1 avian influenza virus

BOTHELL, Wash., May 29, 2025 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) announces that a recent virology study showed its novel, broad-spectrum influenza PB2 inhibitor CC-42344 exhibits strong antiviral activity against the highly pathogenic H5N1 avian influenza A strain (A/Texas/37/2024).

On March 25, 2024, the highly pathogenic avian H5N1 influenza virus was confirmed in a dairy cow in Texas and has continued to spread widely in U.S. dairy cattle, causing a few human cases. There is concern that the H5N1 virus could adapt for human-to-human transmission and potentially result in an influenza pandemic. CC-42344 is a new investigational drug candidate for the treatment of pandemic and seasonal influenza infections. This inhibitor binds to a highly conserved active site of the PB2 protein and inhibits the viral replication process. The Company previously announced the structural and in vitro data of CC-42344 with the purified H5N1 PB2 protein.

The virology study utilized the highly pathogenic H5N1 avian strain (influenza A/Texas/37/2024) and was conducted to test antiviral activity of CC-42344 using Tamiflu^® as a reference inhibitor. The data showed that CC-42344 was highly potent against the H5N1 avian influenza virus (EC50, 0.003 µM), approximately 1,000-fold more potent, compared to a refence compound Tamiflu (EC50, 2.69 µM). CC-42344 is currently in development as an oral treatment for pandemic avian and seasonal influenza A infections with initial data showing a favorable safety and tolerability profile.

“We are excited to share these H5N1 results that further validate our structure-based drug discovery platform technology and strengthen our position in developing treatments for influenza infection,” said Sam Lee, PhD, President and co-CEO of Cocrystal Pharma. “These important antiviral data along with the favorable safety profile observed in a Phase 1 study support further clinical evaluation of CC-42344 for pandemic and seasonal flu.”

“We are developing a therapeutic candidate with the potential to address the multibillion-dollar influenza market,” said James Martin, CFO and co-CEO of Cocrystal Pharma. “Influenza is a major global health concern that may become more challenging to treat as highly pathogenic avian viruses emerge and become resistant to approved antivirals. On average, in the U.S. about 8% of the population contracts influenza each season and influenza is responsible for an estimated $11.2 billion in direct and indirect costs annually.”

Avian Influenza
A multistate outbreak of highly pathogenic avian influenza in dairy cows was initially reported in March 2024 and was the first time that avian flu viruses were found in cows. In April 2024 the Centers for Disease Control and Prevention (CDC) confirmed an avian flu infection in a person exposed to dairy cows that were presumed to be infected with the virus. This is believed to be the first instance of likely mammal-to-human spread of this virus. In September 2024 the CDC reported the first human case of avian influenza without a known occupational exposure to sick or infected animals.

The CDC analyzed blood collected from people of all ages in all 10 Department of Health and Human Services regions during the 2022-2023 and 2021-2022 flu seasons. These samples were challenged with the avian flu subtype H5N1 virus to determine whether there was an antibody reaction. Data from this study suggest that there is extremely low to no population immunity to clade 2.3.4.4b A (H5N1) viruses in the U.S. Antibody levels remained low regardless of whether or not participants received a seasonal flu vaccination, meaning that seasonal flu vaccination did not produce antibodies to avian flu H5N1 viruses.

About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential efficacy of CC-42344 against influenza including the avian influenza A H5N1 virus and the potential market for such product candidate. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, risks relating to our ability to obtain regulatory authority for and proceed with clinical trials including our plans to complete a Phase 2a study for CC-42344, the results of such studies, our and our collaboration partners’ technology and software performing as expected, general risks arising from clinical studies, receipt of regulatory approvals, regulatory changes including based on initiatives and actions taken by the Trump Administration which could, among other things, result in delays in regulatory approvals or limit access to federal funding for our programs, and potential development of effective treatments and/or vaccines by competitors and potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact:
Alliance Advisors IR
Jody Cain
310-691-7100
jcain@allianceadvisors.com

# # #

Source: Cocrystal Pharma, Inc.

Released May 29, 2025

Release – MariMed’s Premium Nature’s Heritage Brand Enters Functional Mushroom Market Launching Plant-Based MycroDose

Posted on May 29, 2025May 29, 2025 by aweinsoff@channelchek.com

Research News and Market Data on MRMD

Download as PDF

May 29, 2025 7:30am EDT

All-Natural Line of Wellness Products Designed to Support Overall Well-Being Now Available in Massachusetts

NORWOOD, Mass., May 29, 2025 (GLOBE NEWSWIRE) — MariMed Inc. (“MariMed”) (CSE: MRMD) (OTCQX: MRMD), the company behind the award-winning flower and concentrate brand, Nature’s Heritage™, continued to drive innovation with the launch of MycroDose by Nature’s Heritage, a vegan line of all-natural wellness products that combine the power of full-spectrum cannabis with the added benefits of functional mushrooms in a convenient pill form. MycroDose by Nature’s Heritage delivers four targeted, plant-based solutions designed to enhance mental clarity, promote relaxation, improve focus, and support overall well-being in four distinct formulations. They are available now in Massachusetts at MariMed’s own Panacea Wellness stores and other select dispensaries.

The new line was developed to provide new and existing consumers with a unique, balanced, and controlled experience. Each of the four MycroDose by Nature’s Heritage products are uniquely crafted with a specific blend of all natural vegan ingredients to cater to a variety of needs. The complete line-up includes:

Chill – Designed for relaxation and stress relief, Chill features THC, CBD, and q, blended with the functional mushrooms Organic Cordyceps and Organic Lion’s Mane, and the root plant, Ashwagandha.
G’Night – A formulation aimed at improved sleep and deep relaxation, G’Night combines THC, CBN, CBD with functional mushrooms Organic Reishi and Organic Lion’s Mane, as well as Chamomile and Magnesium.
Remedy – A product focused on reducing inflammation while providing a calm state of mind, Remedy features THC, CBD, and CBC, blended with the functional mushroom Oyster, Ginger root, Turmeric, and Piperine.
Spark – An energizing blend designed to improve energy, focus, and mental clarity, Spark is formulated with Shiitake mushrooms, Organic Lion’s Mane, Ginseng, THCV, and THC.

“Nature’s Heritage is proud to introduce a groundbreaking new line of products that harnesses the synergy between high-quality cannabis, functional mushrooms, and herbs to deliver a truly elevated experience,” said Tami Kirlis, MariMed Brand Director for Nature’s Heritage. “Our team meticulously researched and developed innovative formulas that enhance well-being, mental clarity, and relaxation in a way that’s truly distinct. Nature’s Heritage prioritizes natural ingredients to enhance health and well-being, and MycroDose by Nature’s Heritage delivers on that mission.”

To learn more about MycroDose by Nature’s Heritage and where to purchase the line in Massachusetts, visit www.naturesheritagecannabis.com.

About MariMed
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.

Media Contact:
Zach Galasso
DPA Communications
Email: zach@dpacommunications.com
Phone: (978) 604-5423

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

Source: MariMed Inc.

Released May 29, 2025

Mortgage Rates Hover Near 7% Pressuring Housing Market and Consumer Confidence

Posted on May 29, 2025May 29, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– Mortgage rates edge up — 30-year fixed rates rose to 6.89%, tracking higher Treasury yields.
– Buyer affordability hit — High rates continue to suppress home sales and affordability.
– Applications mixed — Purchase applications rose 3%, while refinance demand fell 7%.

Mortgage rates rose modestly this week, with the average 30-year fixed loan hitting 6.89%, up slightly from 6.86% the week before. The 15-year average also inched higher to 6.03%, reflecting the continued influence of Treasury yields, which have been volatile amid shifting economic signals.

The movement in mortgage rates follows recent fluctuations in the 10-year Treasury yield, a key benchmark for borrowing costs. Investors have been digesting a complex mix of developments, including the U.S. credit rating downgrade, the fiscal implications of proposed tax reforms, and evolving trade policy. While yields dipped slightly in recent days, overall borrowing costs remain elevated.

High mortgage rates continue to act as a headwind for the housing sector. According to newly released data, pending home sales dropped sharply in April, underscoring how rate-sensitive the market remains. Despite a modest weekly increase in home purchase applications, affordability challenges persist, particularly for first-time buyers and middle-income households.

This constrained environment has implications beyond real estate. A sluggish housing market can ripple through related industries—from homebuilding and furniture to construction materials and local services—potentially influencing performance in sectors that rely on consumer confidence and discretionary spending.

Although refinancing activity dropped by 7%, the slight increase in purchase applications signals that some buyers are still moving forward, especially those less sensitive to rate fluctuations or motivated by limited inventory. Nonetheless, sustained high rates may continue to delay broader recovery in housing-related demand.

In this climate, market participants are keeping a close eye on interest rate trends and consumer sentiment data, both of which remain central to shaping the economic outlook. As borrowing costs remain elevated, the pressure on housing and adjacent industries may persist—adding another layer of complexity to growth expectations in the months ahead.

SKYX Platforms (SKYX) – Joining the Russell

Posted on May 29, 2025May 29, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, May 29, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Joining the Russell Indices. FTSE Russell recently included the company in its preliminary additions to the Russell 2000 and broader Russell 3000 indices as part of its annual reconstitution. The inclusion will become effective at market open on June 27, offering a notable validation milestone for the company.

An important milestone. We believe this development could be a meaningful catalyst for SKYX. In our view, inclusion in the Russell indices will drive greater visibility among institutional investors and has the potential to increase average daily trading volume in the shares, supporting improved liquidity and broader shareholder participation.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

MustGrow Biologics Corp. (MGROF) – A Pivotal Milestone; Reports 1Q25 Results

Posted on May 29, 2025May 29, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, May 29, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Milestone Quarter. MustGrow’s 1Q25 was a pivotal milestone in the Company’s evolution, with the Company recording its first full quarter since the NexusBioAg acquisition at the end of 2024. MustGrow reported significant sales revenue for the first time, although higher expenses resulting from the acquisition drove a higher net loss.

1Q25 Results. Revenue totaled $3.78 million (all figures are Canadian $), compared to our $2.6 million estimate and zero in the year ago quarter. Gross margin was 14.3%, below our estimated 19.2%. MustGrow recorded a net loss of $1.6 million, or a loss of $0.03/sh, versus our estimate of a loss of $570,000, or a loss of $0.01/sh. In 1Q24, the Company reported a loss of $1.0 million, or a loss of $0.02/sh.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Superior Group of Companies (SGC) – An Investment Opportunity In Keeping With Its Name

Posted on May 29, 2025May 29, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, May 29, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage with Outperform rating and $16 price target. Our favorable rating is based on a company in sectors that should grow faster than the US economy, a seasoned, successful management team, a capable balance sheet positioned to support acquisition fueled growth, a history of return of capital to shareholders and a compelling stock valuation.

Favorable industry trends. The company operates in three distinct sectors, healthcare apparel, branded products and call centers. Each segment has favorable, above-average organic growth characteristics, is profitable, and has compelling acquisition target opportunities for enhanced long-term revenue and cash flow growth.

Get the Full Report

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Oil Prices Climb Amid Geopolitical Uncertainty and Sanction Risks

Posted on May 29, 2025May 29, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– Oil rises on U.S.-Iran tensions and Russia sanctions threat.
– OPEC+ holds steady but may boost output in July.
– Prices stay volatile amid supply risks and demand concerns

Oil prices edged higher Wednesday as traders reacted to a flurry of geopolitical developments that could disrupt supplies from two of the world’s key producers: Russia and Iran.

West Texas Intermediate (WTI) crude rose by 1.6%, settling just below $62 a barrel. The gains came as U.S. President Donald Trump warned that Russian President Vladimir Putin was “playing with fire” following a recent escalation of attacks in Ukraine. The remarks have fueled speculation that Washington could impose fresh sanctions on Russia’s energy sector — a move that would likely reduce Russian oil exports and tighten global supply.

Earlier this year, similar sanctions helped push crude prices above $80 per barrel before prices retreated amid growing fears of oversupply and global economic uncertainty. Although talks between Russia and Ukraine are scheduled to resume in Istanbul on June 2, markets remain on edge over the potential fallout of continued conflict.

Adding to the market tension is mounting uncertainty over Iran’s nuclear program. According to The New York Times, Israeli Prime Minister Benjamin Netanyahu has threatened military action that could target Tehran’s nuclear infrastructure, potentially derailing ongoing negotiations between Iran and the United States. A breakdown in talks could further hinder Iran’s ability to export oil, tightening the global supply picture.

Still, market optimism is tempered by bearish pressures, particularly around the role of the OPEC+ alliance. On Wednesday, the group ratified its existing production quotas through the end of next year, even as eight key member countries prepare for another round of discussions this weekend. Insiders say some members are pushing for a third consecutive monthly production hike starting in July.

“The early confirmation of quotas puts added pressure on this weekend’s decision,” said Robert Yawger, director of energy futures at Mizuho Securities USA. “The market is essentially at the mercy of OPEC on Saturday.”

Rising output from OPEC+ — particularly from members reviving previously idled capacity — has stoked concerns about oversupply. Some segments of the Brent futures curve have flipped into contango, a market condition where future prices are higher than current prices, signaling a supply glut.

Despite the recent uptick, oil prices have trended downward since mid-January, weighed down by global trade tensions, including sweeping tariffs introduced by the Trump administration and retaliatory measures from affected countries. These trade frictions have stoked fears of slower economic growth and weaker demand for fuel.

However, with tentative signs of easing trade disputes and renewed geopolitical risk in oil-producing regions, analysts say the next few weeks will be crucial in determining the market’s direction.

“Oil is being pulled in opposite directions,” said one market strategist. “If sanctions tighten and diplomacy falters, prices could surge. But if OPEC turns on the taps and global growth stalls, we could be looking at a very different scenario.”

Release – XCEL BRANDS, INC. Receives NASDAQ notice regarding delinquent Form 10-K and Form 10-Q filing

Posted on May 28, 2025May 28, 2025 by aweinsoff@channelchek.com

Research News and Market Data on XELB

PDF Version

NEW YORK, May 28, 2025 (GLOBE NEWSWIRE) — Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), today announced that on May 22, 2025, it received a delinquency notification letter from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that since Nasdaq has not received the Company’s Form 10-Q for the period ended March 31, 2025 indicating that, and because the Company remains delinquent in filing its Form 10-K for the year ended December 31, 2024, does not comply with Nasdaq’s Listing Rules for internal listing. The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

Nasdaq has informed the Company that in accordance with its April 29, 2025 letter to the Company that the Company has until June 30, 2025 to submit a plan (the “Plan”) to regain compliance with respect to the delinquent reports and that any exception to allow the Company to regain compliance, if granted, will be limited to October 13, 2025. The Company filed the delinquent Form 10-K on May 28, 2025 and intends to file the delinquent Form 10-Q as soon as practicable and, in any event, on or prior to June 30, 2025 and thereby regain compliance with the Nasdaq continued listing requirements and eliminate the need for the Company to submit a Plan.

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of live-stream and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com

For further information please contact:

Seth Burroughs
Marketing and Public Relations, Xcel Band, Inc..
347 532 5894
sburroughs@xcelbrands.com

Release – Graham Corporation Announces Fourth Quarter Fiscal Year 2025 Financial Results Conference Call and Webcast

Posted on May 28, 2025May 28, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GHM

May 28, 2025 8:00am EDT Download as PDF

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced that it will release its fourth quarter and fiscal year 2025 financial results before financial markets open on Monday, June 9, 2025.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

Fourth Quarter Fiscal Year 2025 Financial Results Conference Call

Monday, June 9, 2025
11:00 a.m. Eastern Time
Phone: (201) 689-8560
Internet webcast link and accompanying slide presentation: ir.grahamcorp.com

A telephonic replay will be available from 3:00 p.m. ET on the day of the teleconference through Monday, June 16, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13753289 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

ABOUT GRAHAM CORPORATION
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250528643521/en/

For more information:
Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Tom Cook
Investor Relations
Phone: (203) 682-8250
Tom.Cook@icrinc.com

Source: Graham Corporation

Released May 28, 2025

Release – Xcel Brands, Inc. Announces Fourth Quarter and Year-End 2024 Financial Results, Shows Improvements as a Result of Its “Project Fundamentals” Restructuring Program

Posted on May 28, 2025May 29, 2025 by aweinsoff@channelchek.com

Research News and Market Data on XELB

PDF Version

Fourth quarter 2024 net loss of $7.1 million, compared with a net loss of $6.8 million for the prior year quarter.
Net loss on a non-GAAP basis was $1.6 million for the fourth quarter 2024, representing a 53% improvement from the fourth quarter of 2023 non-GAAP net loss of $3.5 million.
Net loss on a non-GAAP basis was $5.1 million for the full year 2024, representing a 58% improvement from 2023 non-GAAP net loss of $12.2 million.
Adjusted EBITDA for the fourth quarter 2024 was negative $0.8 million, compared with Adjusted EBITDA of negative $1.2 million for the fourth quarter 2023, representing a 31% improvement.
Adjusted EBITDA for the full year 2024 was negative $3.5 million, compared with Adjusted EBITDA of negative $5.7 million for 2023, representing a 40% improvement.

NEW YORK, May 28, 2025 (GLOBE NEWSWIRE) — Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), a media and consumer products company with significant expertise in livestream shopping and social commerce, today announced its financial results for the quarter ended March 31, 2025, and the quarter and fiscal year ended December 31, 2024.

Robert W. D’Loren, Chairman and Chief Executive Officer of Xcel commented, “Despite headwinds in the industry from tariffs and other external forces, I am extremely pleased with where we are headed given our recent new brand launches. The social media following of our brand portfolio has grown from 5 million to 45 million followers over the past five months. We believe this positions us well to drive new business growth and is a significant step toward our goal of reaching 100 million followers across our brands”.

Fourth Quarter 2024 Financial Results

Total revenue for the fourth quarter of 2024 was $1.2 million, representing a decrease of approximately $1.1 million (-47%) from the fourth quarter of 2023. This decrease was predominantly driven by a decline in net licensing revenue – specifically, the June 30, 2024 divestiture of the Lori Goldstein brand, partially offset by increased licensing revenues generated by the Company’s other brands.

Net loss attributable to Xcel Brands stockholders for the quarter was approximately $7.1 million, or $(3.00) per share, compared with a net loss of $6.8 million, or $(3.43) per share, for the prior year quarter.

After adjusting for certain cash and non-cash items, results on a non-GAAP basis were a net loss of approximately $1.6 million, or $(0.69) per share for the current quarter and a net loss of approximately $3.5 million, or $(1.76) per share, for the prior year quarter.

Adjusted EBITDA also improved on a year-over-year basis, from negative $1.2 million in the prior year quarter to negative $0.8 million for the current quarter – an improvement of 31%.

Full Year 2024 Financial Results

Total revenue for the fiscal year was $8.3 million, representing a decrease of approximately $9.5 million (-53%) from fiscal year 2023. This decline was predominantly driven by the decrease in net product sales due to the Company’s discontinuance of its wholesale businesses as part of its Project Fundamentals plan in 2023.

Net loss attributable to Xcel Brands stockholders for the year ended December 31, 2024, was approximately $22.4 million, or $(9.84) per share, compared with a net loss of $21.1 million, or ($10.68) per diluted share, for the prior year. The fiscal year 2024 period includes significant one-off non-cash items, including a $3.8 million gain on the divestiture of the Lori Goldstein brand, a $3.5 million charge related to the exit and sublease of the Company’s prior office space, and $10.0 million of charges stemming from the valuation of and contractual contingent obligations related IM Topco, LLC.

After adjusting for certain cash and non-cash items, results on a non-GAAP basis were a net loss of approximately $5.1 million, or ($2.23) per share for the current year and a net loss of approximately $12.2 million, or ($6.17) per share, for the prior year.

Adjusted EBITDA improved significantly on a year-over-year basis, from negative $5.7 million in fiscal year 2023 to negative $3.5 million for fiscal year 2024; this 40% improvement was attributable to the restructuring of the business and entry into the new long-term license agreements in 2023 for the Halston, Judith Ripka, C Wonder, and Longaberger brands.

Balance Sheet

The Company’s balance sheet at December 31, 2024, reflected stockholders’ equity of approximately $28 million, unrestricted cash and cash equivalents of approximately $1.3 million, and a working capital (exclusive of the current portion of lease obligations, deferred revenue, and contingent obligations payable in shares or via other non-cash means) of approximately $1.0 million. The Company’s balance sheet at December 31, 2024, also reflected $6.6 million of long-term debt.

In April 2025, the Company refinanced its term loan debt, resulting in a net increase of approximately $3.0 million in the Company’s liquidity.

Conference Call and Webcast

The Company will host a conference call with members of the executive management team to discuss these results and together with the first quarter of 2025 results. Details of the date and time of this call will be released shortly

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C Wonder brands, as well as the TowerHill by Christie Brinkley co-branded collaboration and LB70 by Lloyd Boston co-branded collaboration, and also holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing, LLC. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of live-stream and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “ongoing,” “could,” “estimates,” “expects,” “intends,” “may,” “appears,” “suggests,” “future,” “likely,” “goal,” “plans,” “potential,” “projects,” “predicts,” “seeks,” “should,” “would,” “guidance,” “confident” or “will” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding our anticipated revenue, expenses, profitability, strategic plans and capital needs. These statements are based on information available to us on the date hereof and our current expectations, estimates and projections and are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including, without limitation, the risks discussed in the “Risk Factors” section and elsewhere in the Company’s Annual Report on form 10-K for the year ended December 31, 2023 and its other filings with the SEC, which may cause our or our industry’s actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

For further information please contact:
Seth Burroughs
Xcel Brands
sburroughs@xcelbrands.com

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Seanergy Maritime (SHIP) – Better-than-Expected First Quarter Results

Posted on May 28, 2025May 28, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, May 28, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

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.

First quarter results. Seanergy reported first-quarter net revenues of $24.2 million, slightly ahead of our estimate of $23.5 million, due to a higher-than-expected time charter equivalent (TCE) rate. Adjusted EBITDA and earnings per share (EPS) were $8.0 million and a loss of $0.27, respectively, compared to our estimates of $6.1 million and a loss of $0.38. The better-than-anticipated results are reflective of higher revenues as well as lower costs due to savings in general and administrative expenses.

Updating estimates. We are increasing our 2025 revenue estimates to $142.9 million from $142.5 million. Additionally, we are raising our adjusted EBITDA and EPS estimates to $70.5 million and $0.74, respectively, up from $68.1 million and $0.59. These revisions are reflective of management’s guidance of better-than-expected TCE rates and fewer dry-docking days, resulting in higher operating days and lower expenses.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Graham (GHM) – Awarded Large Follow-on Contract

Posted on May 28, 2025May 28, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, May 28, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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New Award. Yesterday, Graham announced that its Barber-Nichols subsidiary was awarded a $136.5 million follow-on contract to support the U.S. Navy’s Virginia Class Submarine program. This new award strengthens Graham’s position as a critical supplier to the U.S. Navy’s undersea programs.

Details. The contract period of performance extends from April 2025 through February 2034. Graham recognized approximately $50 million in backlog from the contract during the fourth quarter of the fiscal year ended March 31, 2025 to procure long-lead-time materials. As a reminder, the backlog at the end of the fiscal third quarter totaled $384.7 million, just below a record high.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

SunCoke Energy Expands Steel Industry Footprint with $325M Acquisition of Phoenix Global

Posted on May 28, 2025May 28, 2025 by slightbourne@noblecapitalmarkets.com

SunCoke Energy, Inc. (NYSE: SXC), a leading U.S. producer of high-quality metallurgical coke and logistics services, has announced a definitive agreement to acquire Phoenix Global for $325 million. The all-cash deal will significantly expand SunCoke’s presence in the steel value chain, diversify its customer base, and accelerate international growth.

Phoenix Global, a privately held company operating under Flame Aggregator, LLC, is a mission-critical service provider to top global steel producers. The company operates across 19 mill sites in North America, Brazil, Europe, and South Africa, offering services such as molten slag handling, scrap metal processing, and logistics for steelmaking inputs and outputs.

The acquisition marks a strategic shift for SunCoke, as it moves beyond traditional blast furnace-focused services into supporting electric arc furnace (EAF) operators, including both carbon and stainless steel producers. With the global steel industry increasingly transitioning toward more energy-efficient EAF technology, this move positions SunCoke at the forefront of evolving demand.

The purchase price implies a 5.4x multiple on Phoenix’s last twelve months (LTM) adjusted EBITDA of $61 million, as of March 31, 2025. SunCoke will finance the transaction using a mix of existing cash and availability under its undrawn revolving credit facility. The deal is expected to be immediately accretive to SunCoke’s earnings and to deliver annual synergies of $5 million to $10 million.

“This acquisition is a powerful step forward for SunCoke,” said Katherine T. Gates, President and CEO of SunCoke Energy. “Phoenix brings an impressive asset base, a global footprint, and long-term customer contracts that complement our current operations. This merger strengthens our role as a critical partner in the steel industry while expanding our reach into new markets and technologies.”

Phoenix has invested approximately $72 million in capital improvements since 2023, ensuring the durability and efficiency of its operations. Its revenue model, based on long-term contracts with fixed components, adds predictable earnings for SunCoke and reduces exposure to commodity price volatility.

The deal has been unanimously approved by the boards of directors of both companies and is backed by a majority of Phoenix’s unitholders. Completion is expected in the second half of 2025, pending customary regulatory approvals, including antitrust clearance under the Hart-Scott-Rodino Act.

Analysts see the acquisition as a strategic masterstroke for SunCoke, enabling the company to leverage its technical expertise, strong financial profile, and sustainable infrastructure into adjacent industrial services. Moreover, SunCoke’s expansion into global markets and EAF-related services could open new avenues for organic growth and customer engagement.

With this acquisition, SunCoke not only solidifies its position in the North American steel supply chain but also extends its reach as a global service provider committed to innovation, sustainability, and long-term value creation.