Gold soared to an all-time high on Friday after a weaker-than-expected U.S. jobs report intensified expectations that the Federal Reserve will cut interest rates later this month. The move marked the latest milestone in a multi-year rally that has been powered by economic uncertainty, rising geopolitical risks, and a steady flight to safe-haven assets.
Spot gold gained as much as 1.5% to break above $3,600 an ounce, eclipsing its previous record and capping a week of sharp gains. By early afternoon in New York, bullion was trading at $3,592.50 an ounce, up 1.3% on the day and on track for a 4.2% weekly advance, the strongest since late May. Silver also edged higher, while Treasury yields and the U.S. dollar slipped in response to the data.
The rally was triggered by a pivotal U.S. payrolls report showing that hiring slowed markedly in August, while the unemployment rate rose to its highest level since 2021. Economists said the numbers signaled clear signs of a cooling labor market, reinforcing the view that the Fed may need to act more aggressively to support growth. Lower interest rates typically enhance the appeal of gold, which does not yield interest or dividends but benefits from reduced opportunity costs in a lower-rate environment.
Investors have also been positioning for heightened volatility around the Fed’s independence. President Donald Trump has escalated his criticism of the central bank this year, vowing to secure a majority on the Fed’s board “very shortly” and pressing for sharp rate cuts. Markets are watching closely for a forthcoming ruling on whether Trump has grounds to remove Fed Governor Lisa Cook, a move that could allow him to appoint a more dovish policymaker and raise questions about the institution’s long-term credibility. Goldman Sachs analysts wrote in a recent note that gold could rally toward $5,000 an ounce if investors lose confidence in the Fed’s independence and begin shifting even a small portion of their holdings from Treasuries into bullion.
Over the past three years, gold and silver have more than doubled in value, with a steady stream of macroeconomic and geopolitical risks bolstering demand. Trade tensions, slowing global growth, and renewed concerns about the trajectory of U.S. monetary policy have all converged to create a powerful tailwind for precious metals. At the same time, strong buying from central banks and institutional investors has added structural support to the market, pushing gold firmly into record territory.
While some analysts warn that prices may be vulnerable to a correction if employment data stabilizes or inflation ticks higher, many expect gold’s appeal to remain strong. With borrowing costs likely heading lower and confidence in traditional policy tools wavering, bullion’s role as a store of value appears more attractive than ever. For now, gold’s latest record marks another reminder that in times of economic uncertainty, investors continue to seek the safety of precious metals.
The Canadian gold sector is set for a significant shakeup as New Found Gold Corp. announced plans to acquire Maritime Resources Corp. in a deal valued at approximately $292 million. The combination, announced Friday, will establish an emerging multi-asset gold producer in Newfoundland, a Tier 1 jurisdiction that has been attracting rising investor attention in recent years.
Under the arrangement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share they hold. The agreement implies a 32% premium to Maritime’s 20-day volume weighted average price as of September 4 and a 56% premium to its closing price before the two companies entered a letter of intent in late July. Following the closing of the transaction, expected in the fourth quarter of 2025, New Found Gold shareholders will own roughly 69% of the combined company, while Maritime shareholders will hold about 31%.
The merger brings together two strategically located projects: New Found Gold’s Queensway project and Maritime’s Hammerdown project. Hammerdown, which has been advancing toward production, is scheduled to ramp up to full output in early 2026, with ore processing set to begin later this year at the Pine Cove mill. The project is expected to produce 50,000 ounces of gold annually at an all-in sustaining cost of $912 per ounce, according to a 2022 feasibility study. Cash flow from Hammerdown is anticipated to help fund Queensway, which recently delivered a positive preliminary economic assessment and is targeting first production in 2027.
For New Found Gold, the acquisition represents a pivotal step in transforming from an exploration-focused company into a producer. The deal secures access to processing facilities such as Pine Cove and the Nugget Pond Hydrometallurgical Plant, while providing a near-term source of cash flow to support Queensway’s development. The company estimates Queensway could generate more than 1.5 million ounces of gold over a 15-year mine life, with a two-phased development plan designed to balance upfront costs with long-term growth.
For Maritime shareholders, the deal offers both an immediate premium and long-term exposure to a larger platform with greater liquidity. Shares of New Found Gold are actively traded on both the TSX Venture Exchange and the NYSE American, averaging about $4 million in daily volume over the past six months. That visibility is expected to give Maritime investors improved market access while allowing them to participate in the upside potential from Queensway’s development and further exploration across a 110-kilometer strike zone.
The boards of both companies have unanimously approved the deal. Maritime directors and senior officers, along with major shareholders representing nearly half of the company’s outstanding shares, have already agreed to vote in favor of the transaction. A shareholder meeting is planned for late October, with court and regulatory approvals still required.
Advisors on the deal include BMO Capital Markets for New Found Gold and SCP Resource Finance and Canaccord Genuity for Maritime. Both sides have received fairness opinions supporting the financial terms of the agreement. If approved, Maritime shares will be delisted from the TSX Venture Exchange shortly after closing.
With Hammerdown moving toward near-term production and Queensway positioned as one of Canada’s most promising new gold projects, the merger highlights the increasing consolidation trend in the sector. Investors seeking exposure to Canadian gold production are likely to watch closely as New Found Gold positions itself as a new mid-tier player with both cash flow and exploration upside.
WEST HARRISON, N.Y.–(BUSINESS WIRE)–Sky Harbour Group Corporation (NYSE: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the first nationwide network of Home Base Operator (HBO) campuses for business aircraft, announced the closing of a $200 million tax-exempt warehouse drawdown committed bank facility. The initial borrower is Sky Harbour Capital II, LLC (“SKYH Capital II”), a wholly owned subsidiary of SHG. The lender and administrative agent is JPMorgan Chase Bank (“J.P. Morgan”). The initial tax-exempt note underlying the committed facility (the “JPM Facility”) was issued through the Public Finance Authority (Wisconsin) (“PFA”).
The JPM Facility’s principal terms include: drawdowns for eligible new hangar projects, 65% leverage, a 5-year bullet maturity, 80% of (SOFR+0.10%) plus a 200bps applicable margin as the tax-exempt annual interest rate, capitalized monthly interest during the first three years, and no prepayment penalty at the time of refinancing. At present, the applicable floating interest rate is approximately 5.60%. Subject to credit approval, the JPM Facility may be expanded to $300 million. Additional information may be found in our related filing under Form 8-K with the SEC.
Tal Keinan, Sky Harbour’s CEO, commented: “We thank our new lending partners at J.P. Morgan for their trust and their creativity in designing a facility that elegantly meets Sky Harbour’s specific needs.”
Francisco Gonzalez, Sky Harbour’s CFO, commented further: “After a highly competitive process that included numerous banks and products, we determined that the tax-exempt warehouse drawdown committed bank facility that closed yesterday is the most favorable and cost-efficient borrowing mechanism for the funding of our next set of projects. The JPM Facility provides us with flexibility to draw when we need to and refinance into long term bonds at the optimal time.”
McGuireWoods LLP acted as administrative agent and lender’s counsel to J.P. Morgan. Attolles Law, S.C. acted as issuer counsel to PFA. Greenberg Traurig, LLP acted as tax and bond counsel and Morrison & Foerster LLP acted as corporate counsel to the initial borrower, SKYH Capital II. Lexton Infrastructure Solutions LLC acted as financial advisor to the Company.
About Sky Harbour
Sky Harbour Group Corporation is an aviation infrastructure company developing the first nationwide network of Home-Basing campuses for business aircraft. The company develops, leases, and manages general aviation hangar campuses across the United States. Sky Harbour’s Home-Basing offering aims to provide private and corporate residents with the best physical infrastructure in business aviation, coupled with dedicated service, tailored specifically to based aircraft, offering the shortest time to wheels-up in business aviation. To learn more, visit www.skyharbour.group.
Forward Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of SHG, including statements regarding our expectations for future results, our expectations for future ground leases, our expectations on future construction and development activities and lease renewals, and our plans for future financings. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of Sky Harbour Group Corporation (the “Company”) as applicable and are inherently subject to uncertainties and changes in circumstances. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. For more information about risks facing the Company, see the Company’s annual report on Form 10-K for the year ended December 31, 2024 and other filings the Company makes with the SEC from time to time. The Company’s statements herein speak only as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Poster details durability and efficacy of ateganosine (THIO) treatment in non-small cell lung cancer (NSCLC)
CHICAGO, Sept. 05, 2025 (GLOBE NEWSWIRE) — MAIA Biotechnology, Inc. (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer, today announced that an abstract titled “Study of THIO Sequenced with Cemiplimab in 3rd Line Immune Checkpoint Inhibitor-resistant aNSCLC: Improvement in PFS” was selected for poster presentation at the 2025 IASLC World Conference on Lung Cancer (WCLC) taking place September 6–9, 2025, in Barcelona, Spain.
“We are proud to accept IASLC’s invitation to present our exceptional ateganosine (THIO) data at its prestigious World Conference on Lung Cancer. Our participation gives us the opportunity to meet with elite scientists, researchers, and global industry leaders about our shared purpose in driving innovation in lung cancer treatments,” said MAIA Chairman and CEO Vlad Vitoc, M.D.
“Ateganosine is demonstrating substantial efficacy in our ongoing THIO-101 trial, with a median overall survival (OS) of 17.8 months with a 95% confidence interval (CI) lower bound of 12.5 months. We believe our novel anticancer agent could become a breakthrough treatment for those suffering from late-stage non-small cell lung cancer,” said MAIA’s Senior Medical Director Victor Zaporojan, M.D. “We look forward to further discussing our observed progression free survival (PFS) at this year’s World Conference on Lung Cancer.”
Conference details:
MAIA representatives: Victor Zaporojan, M.D., Sr. Medical Director; Tomasz Jankowski, M.D., THIO-101 lead investigator and abstract presenting author
Session time: Sunday, September 7, 2025, from 10:30 a.m. to 12:00 p.m.
Poster available at maiabiotech.com/publications on the day of the presentation
The U.S. Food and Drug Administration (FDA) recently granted Fast Track designation for ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) for the treatment of non-small cell lung cancer (NSCLC). MAIA intends to utilize the incentives of the Fast Track Program to expedite the regulatory process for ateganosine. If relevant criteria are met during the Fast Track process, a drug will be eligible for FDA Accelerated Approval and Priority Review (FDA decision within six months).
About IASLC
The IASLC is a global multidisciplinary organization dedicated to eradication of all forms of lung cancer. From provision of educational events around the world and virtually to research projects and publications that advance the science of lung cancer, the IASLC’s members are raising the bar for care of patients with lung cancer.
IASLC’s annual World Conference on Lung Cancer has played an integral part in facilitating progress by providing a platform for sharing cutting-edge research, collaboration, and networking among industry leaders, experts, and visionaries from around the world.
About Ateganosine
Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in non-small cell lung cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment of ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About THIO-101 Phase 2 Clinical Trial
THIO-101 is a multicenter, open-label, dose finding Phase 2 clinical trial. It is the first trial designed to evaluate ateganosine’s anti-tumor activity when followed by PD-(L)1 inhibition. The trial is testing the hypothesis that low doses of ateganosine administered prior to cemiplimab (Libtayo®) will enhance and prolong immune response in patients with advanced NSCLC who previously did not respond or developed resistance and progressed after first-line treatment regimen containing another checkpoint inhibitor. The trial design has two primary objectives: (1) to evaluate the safety and tolerability of ateganosine administered as an anticancer compound and a priming immune activator (2) to assess the clinical efficacy of ateganosine using Overall Response Rate (ORR) as the primary clinical endpoint. The expansion of the study will assess overall response rates (ORR) in advanced NSCLC patients receiving third line (3L) therapy who were resistant to previous checkpoint inhibitor treatments (CPI) and chemotherapy. Treatment with ateganosine followed by cemiplimab (Libtayo®) has shown an acceptable safety profile to date in a heavily pre-treated population. For more information on this Phase II trial, please visit ClinicalTrials.gov using the identifier NCT05208944.
About MAIA Biotechnology, Inc.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements
MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
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.
Weak Q4 results. Fiscal Q4 revenues declined 6.7% to $336.6 million, roughly in line with our $338.0 million estimate. Adj. EBITDA loss of $24.2 million was larger than our loss estimate of $20.5 million. The quarter benefited by the Easter shift from Q3 a year earlier into Q4 this year. Gross margins declined 290 basis points from the year earlier quarter, in part, due to a highly promotional sales environment.
Reimagining its business. Management indicated that it is seeking an omnichannel approach to target customers, including opening storefronts, and broadening its reach beyond its own e-commerce sites. The company plans to lower its operating costs beyond the earlier announced $40 million in annualized costs, of which $17 million of annualized costs reductions were achieved in Q4.
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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.
Noble Capital Markets Research Report Friday, September 5, 2025
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/MARKET PERFORM – A Refocused Growth Strategy
1-800-Flowers.com (FLWS/$5.18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Refocused Growth Strategy Rating: MARKET PERFORM
Weak Q4 results. Fiscal Q4 revenues declined 6.7% to $336.6 million, roughly in line with our $338.0 million estimate. Adj. EBITDA loss of $24.2 million was larger than our loss estimate of $20.5 million. The quarter benefited by the Easter shift from Q3 a year earlier into Q4 this year. Gross margins declined 290 basis points from the year earlier quarter, in part, due to a highly promotional sales environment.
Reimagining its business. Management indicated that it is seeking an omnichannel approach to target customers, including opening storefronts, and broadening its reach beyond its own e-commerce sites. The company plans to lower its operating costs beyond the earlier announced $40 million in annualized costs, of which $17 million of annualized costs reductions were achieved in Q4.
Noble Capital Markets Research Report Wednesday, September 3, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Recent Financing Provides Financial Flexibility to Advance Angel Island GDEV (GDEV)/OUTPERFORM – Operating Metrics Gain Positive Momentum
Century Lithium Corp. (CYDVF/$0.19 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Recent Financing Provides Financial Flexibility to Advance Angel Island Rating: OUTPERFORM
LIFE offering closed. Century Lithium closed the second and final tranche of its financing under the Listed Issuer Financing Exemption (LIFE). Together with the initial closing, the company issued a total of 15,785,833 units for aggregate gross proceeds of C$4,735,749.90. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.45 for a period of 60 months following the issuance of the units.
Use of net proceeds. Net proceeds from the financing will be used to complete an updated feasibility study for the company’s Angel Island Lithium Project, complete the project’s Plan of Operations, work towards National Environmental Policy Act (NEPA) compliance, and fund general working capital.
GDEV (GDEV/$15.53 | Price Target: $70) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Operating Metrics Gain Positive Momentum Rating: OUTPERFORM
Strong Q2 Results. The company reported strong Q2 results. Revenue of $119.9 million, and adj. EBITDA of $20.7 million, both easily surpassed our estimates of $97.0 million and $7.0 million, respectively, as illustrated in Figure #1 Q2 Results. Notably, management attributed the strong quarter to an increase in consumable in-app purchases, which are recognized during the quarter rather than being deferred over the average player life cycle of 28 months.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 14% and 18%, respectively, compared to the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and not over-monetizing its user base. However, the company is showing signs of returning to growth as both average bookings per paying user (ABPPU) and MPUs increased sequentially from Q1. ABPPU increased from $90 in Q1’25 to $93 in Q2’25, and MPUs increased from 284,000 to 312,000 over the same period.
Noble Capital Markets Research Report Tuesday, September 2, 2025
Companies contained in today’s report:
MustGrow Biologics Corp. (MGROF)/MARKET PERFORM – Reports 2Q25 Results; Sold Out of TerraSante Nicola Mining Inc. (HUSIF)/OUTPERFORM – Early Innings of a Compelling Growth Story
MustGrow Biologics Corp. (MGROF/$0.55) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Reports 2Q25 Results; Sold Out of TerraSante Rating: MARKET PERFORM
2Q25 Results. MustGrow reported record second quarter revenue of $2.8 million in 2Q25, compared to no revenue in the same period last year. Revenue was driven by the NexusBioAg segment, although TerraSante sales amounted to $318,832. Gross margin improved to 20.9%, up from 14.3% in the first quarter of 2025. MustGrow recorded a net loss of $1.1 million, or a loss of $0.02/sh in 2Q25, compared to a net loss of $0.96 million, or a loss of $0.02/sh, in 2Q24.
TerraSante. Initial sales ramp up of TerraSante has begun, with $318,832 of sales in the quarter, or triple its full year 2024 sales. MustGrow sold out of its TerraSante inventory in the U.S during the quarter. The improved TerraSante sales were a key driver in gross margin improvement. MustGrow is working on producing more TerraSante to meet demand.
Nicola Mining Inc. (HUSIF/$0.55 | Price Target: $0.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Early Innings of a Compelling Growth Story Rating: OUTPERFORM
Second quarter financial results. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) reported net income of C$1,181,286, or C$0.01 per share, compared to a net loss of C$2,519,885, or C$(0.02) per share, during the second quarter of 2024. We had projected a net loss of C$1,077,068, or C$(0.01) per share. The variance to our estimate was mostly due to a revaluation gain on marketable securities. We increased our 2025 net income and EPS estimates to C$11,004,631 and C$0.06 per share, respectively, from C$7,582,855 and C$0.04. We updated our commodity grade assumptions based on actual April and May pricing and CME futures settlements for the remainder of 2025 and 2026.
Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ (OTCQX: TSKFF, TSX: TSK) Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s (OTCQB: BLAGF, CSE: BLLG) Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest.
Noble Capital Markets Research Report Friday, August 29, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Throws A Curve Ball, But Delivers A Strike!
Lucky Strike Entertainment (LUCK/$10.46 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Throws A Curve Ball, But Delivers A Strike! Rating: OUTPERFORM
A solid finish to the year. The company beat our fiscal Q4 revenue and adj. EBITDA estimates, culminating in a transitional fiscal full year 2025 with improving revenue trends. Total Q4 revenues of $318.0 million, beat our $292.0 million estimate, and adj. EBITDA of $88.7 million was better than our $83.0 million estimate.
Improving revenue trends. Same store revenues, while down 4.1%, reflecting sequential monthly improvement from the down 6% in April, negative 3% in May and flat in June. Management indicated that same store revenue trends were up over 1% in July.
Noble Capital Markets Research Report Wednesday, August 27, 2025
Companies contained in today’s report:
V2X (VVX)/OUTPERFORM – More Potential Opportunity
V2X (VVX/$58 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 More Potential Opportunity Rating: OUTPERFORM
Another Seat. V2X, through its Vertex Aerospace unit, was awarded a seat on the Cooperative Threat Reduction (CTR) program. CTR is a combined $3.5 billion ID/IQ multiple award vehicle, according to the Department of Defense daily awards notice. This award adds to V2X’s strong opportunity potential, in our view.
CTR. CTR is a ten-year cost-plus-fixed-fee, cost, cost-plus-award-fee, cost-plus-incentive-fee, firm-fixed-price, firm-fixed-price-level of effort, and time-and-materials contract. This contract will deliver a broad range of services and products to provide sustainable chemical, biological, radiological, and nuclear threat reduction capabilities to partner nations. The CTR Program partners with willing countries to reduce the threat from weapons of mass destruction and related materials, technologies, facilities, and expertise.
Noble Capital Markets Research Report Tuesday, August 26, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Two New Vessels to be Delivered in 2028 Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Some Additional Work & Delivery of the Amelia Island The GEO Group (GEO)/OUTPERFORM – Some Estate Planning Moves
Euroseas (ESEA/$62.04 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Two New Vessels to be Delivered in 2028 Rating: OUTPERFORM
Two new orders. Euroseas Ltd. executed a contract for the construction of two modern fuel-efficient 4,300 twenty-foot-equivalent unit container vessels that are expected to be delivered in March and May of 2028. The vessels will cost approximately $59.25 million each and will be financed with a combination of debt and equity. Currently, Euroseas has a fleet of 22 vessels, including 15 feeder containerships and seven intermediate containerships, with a cargo capacity of 67,494 twenty-foot equivalent units (TEU). After the sale of the M/V Marcos V and the delivery of four intermediate containerships in 2027 and 2028, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 78,344 TEU.
Commitment to growth and modernization. The most recent orders demonstrate Euroseas’ commitment to growing and modernizing its fleet. Management believes that investing in eco intermediate-sized containerships, a segment with a low orderbook and an aging existing fleet, will enhance the company’s competitive position, enable it to capitalize on future market opportunities, and create value for shareholders.
Great Lakes Dredge & Dock (GLDD/$11.77 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Additional Work & Delivery of the Amelia Island Rating: OUTPERFORM
Some Additional Work. According to the daily Department of Defense contract awards notice, Great Lakes continues to receive additional work, adding to an already full scorecard. The recent contract wins highlight the strength of the Company, as well as the overall bid environment, in our view.
Amelia Island. Last week, Great Lakes announced the delivery of its newest Jones Act-compliant hopper dredge, the Amelia Island. This completes the Company’s dredge newbuild program.The Amelia Island is specially designed for efficient and safe operations along shallow and narrow waters throughout all U.S. coastlines. With a full schedule for 2025 and 2026, the dredge will be going immediately to work.
The GEO Group (GEO/$21.03 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Estate Planning Moves Rating: OUTPERFORM
Stock Sales. After the market closed yesterday, The GEO Group Executive Chairman George Zoley filed a Form 4 with the Securities and Exchange Commission reporting the sale of GEO shares. We would note the sales were in connection with pre-arranged estate planning that ultimately will result in the sale of 230,918 GEO shares held by Mr. Zoley or trusts held for the benefit of his children.
Details. According to the filing, a total of 72,038 GEO shares were sold on 8/21 and 8/25 at prices ranging from $21.16-$21.72 per share. An additional 75,000 shares were reported sold for estate planning purposes on a Form 4 filed August 20th, with these shares sold at prices ranging from $20.93-$21.72 per share.
Oversubscribed private placement. Aurania raised gross proceeds of C$1,906,355.76 with the issuance of 15,886,298 units at C$0.12 per unit. Each unit is composed of one common share and one common share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.25 for 24 months following the date of issuance. Dr. Keith Barron, CEO and director, acquired 5,741,666 units during the offering.
Use of proceeds. Aurania intends to use the net proceeds primarily for exploration programs and general working capital purposes. In our view, the oversubscribed private placement significantly enhances the company’s financial flexibility.
Nicola Mining Inc. (HUSIF/$0.17 | Price Target: $0.75) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Pivoting to Revenue and Cash Flow Growth Rating: OUTPERFORM
Accelerated warrant exercise. Nicola Mining Inc. (TSX.V: NIM, OTCQB: HUSIF, FSE: HLIA) reported the accelerated exercise of 2,019,477 share purchase warrants at C$0.40 each, generating C$807,791 in gross proceeds. On July 21, Nicola Mining announced that it was electing to accelerate the expiry of all the outstanding common share purchase warrants originally issued under a financing that closed in March 2025.
Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest. Cash milling margins of 15% to 18% are expected at full capacity.
SelectQuote (SLQT/$2.59 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Pharmacy Strength Highlights Revenue Stability Rating: OUTPERFORM
Fiscal Q4 beat. SelectQuote posted Q4 revenue of $345.1 million and adj. EBITDA of $2.7 million, beating expectations. Agent productivity improved with AI integration and workflow streamlining. The company navigated Medicare enrollment headwinds by reallocating resources efficiently, demonstrating continued operating discipline across its core platform.
SelectRx paying off. Healthcare Services revenue rose 49% year-over-year to $210.6 million with membership hitting 108,000, up from 82,000 the year prior. Notably segment adj. EBITDA margins of 5.5% are expected to improve throughout fiscal 2026 based on efficiency gains from the Kansas facility and customer maturity.
Government Solutions Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An ISAP RFP
ISAP RFP. In a somewhat surprising development, Immigration and Customs Enforcement has issued a request for proposals for the fifth iteration of its Intensive Supervision Appearance Program (ISAP), with a plan to award a potential $2 billion indefinite-delivery/indefinite-quantity contract. Consensus expectations were that an RFP would be released more towards the end of 2025.
Details. The contract will have a maximum performance period of two years, divided into two one-year ordering periods, a significant change from the prior 5-year performance periods. Responses are due by September 1st, a much shorter period than the 6 weeks from the 2019 contract. The contract is scheduled to begin on October 1, 2025.
Noble Capital Markets Research Report Thursday, August 21, 2025
Companies contained in today’s report:
Newsmax (NMAX)/OUTPERFORM – Riding The Red Wave
Newsmax (NMAX/$12.98 | Price Target: $23) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Riding The Red Wave Rating: OUTPERFORM
Initiating coverage with an Outperform rating and $23 price target. Newsmax (NYSE: NMAX) is a conservative media company with growing reach across cable and digital platforms. Its national cable channel has evolved into the fourth most-watched cable news network in the U.S, with a loyal core audience and full distribution across major MVPDs and streaming platforms. We believe the company is positioned to unlock a multi-year monetization opportunity across both advertising and affiliate fee revenue streams.
Loyal audience and diversified revenue model. Newsmax serves a highly engaged, politically right-of-center audience that has historically been underserved by mainstream outlets. This loyal viewership has enabled the company to scale both advertising and distribution revenues while maintaining low customer acquisition costs. Since 2019, revenue has grown more than 300%, fueled by steady digital expansion and greater platform reach.
Noble Capital Markets Research Report Wednesday, August 20, 2025
Companies contained in today’s report:
Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Initiating Coverage With An Outperform Rating and $45 Price Target Snail (SNAL)/OUTPERFORM – Building The Foundation For StableCoin
Greenwich LifeSciences, Inc. (GLSI/$11.47 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Initiating Coverage With An Outperform Rating and $45 Price Target Rating: OUTPERFORM
Greenwich LifeSciences Is Developing An Immunotherapy For Prevention Of Breast Cancer Recurrence. Greenwich LifeSciences is a biotechnology company developing GSLI-100, an immunotherapy based on HER2/neu. GLSI-100 completed four clinical trials that lead to the design of the current Phase 3 Flamingo-01 trial. The trial is currently enrolling patients in the US and Europe.
GLSI-100 Is Directed At A Validated Target. GLSI-100 contains GP2, a segment of the HER2/neu (HER2, or human epidermal growth factor receptor 2) receptor found on the surface of breast cancer cells. HER2 is overexpressed in several common cancers, with an estimated 75% of all breast cancers expressing HER2 at some level. Monoclonal antibodies targeting HER2 are the current standard of care for treating certain types of breast cancer.
Snail (SNAL/$0.98 | Price Target: $3.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Building The Foundation For StableCoin Rating: OUTPERFORM
Disappointing Q2. Total company revenues of $22.2 million increased nearly 3% over the prior year earlier period, but was lighter than our $26.0 million estimate. The variance was largely attributable to quality issues of its Aquatica DLC and subsequent disappointing sales. Adj. EBITDA loss of $2.2 million was higher than our slightly positive adj. EBITDA expectation.
Stronger finish to the year expected. While we believe that the company’s product roadmap should significantly improve revenue performance, particularly in Q4, we are lowering our second half and full year 2025 revenue and adj. EBITDA expectations. Based on a 2025 lower revenue base, we are tweaking our 2026 estimates lower, as well.
Noble Capital Markets Research Report Tuesday, August 19, 2025
Companies contained in today’s report:
CoreCivic, Inc. (CXW)/OUTPERFORM – A CEO Transition Hemisphere Energy (HMENF)/OUTPERFORM – Solid Second Quarter Performance Versus Our Estimates InPlay Oil (IPOOF)/OUTPERFORM – Outsized Production, Debt Reduction, and Strategic Alignment Drive Outlook Tonix Pharmaceuticals (TNXP)/OUTPERFORM – Webcast Details Product Attributes and Potential Market
CoreCivic, Inc. (CXW/$20.67 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A CEO Transition Rating: OUTPERFORM
A Transition. CoreCivic announced President and COO Patrick Swindle will succeed current CEO Damon Hininger effective January 1, 2026. As part of the transition, Mr. Hininger and the Company have entered into a transition agreement with an effective date of January 1, 2026. Under the transition agreement, Mr. Hininger will work closely with both Mr. Swindle and Mr. Emkes, as a Special Advisor to the CEO and Chairman, to ensure a smooth transition. Mr. Hininger will resign from CoreCivic’s Board effective January 1, 2026, with Mr. Swindle appointed to fill the vacancy.
Patrick Swindle. Mr. Swindle joined CoreCivic in 2007 as Managing Director, Treasury, and has held numerous positions, including Vice President, Strategic Development; Senior Vice President, Operations; Executive Vice President and Chief Corrections Officer; and Executive Vice President and Chief Operating Officer, before being promoted to President and Chief Operating Officer in January 2025. Prior to joining CoreCivic, Mr. Swindle spent ten years in equity research in the equity capital markets divisions of SunTrust Equitable Securities, Raymond James Financial Services, Inc., and Avondale Partners, LLC.
Hemisphere Energy (HMENF/$1.4 | Price Target: $2.5) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Solid Second Quarter Performance Versus Our Estimates Rating: OUTPERFORM
Second quarter financial results. Hemisphere reported oil and gas revenue of C$24.4 million in the second quarter, down 15.7% from the prior year period but ahead of our estimate of C$20.9 million. Net income was C$7.1 million, or C$0.07 per share, compared to C$10.4 million, or C$0.10 per share, last year, and above our forecast of C$5.8 million, or C$0.06 per share. Average daily production rose to 3,826 boe/d, up from 3,628 in Q2 2024 and modestly ahead of our estimate of 3,800 boe/d. The company realized an average sales price of C$70.06/boe, compared to C$87.65/boe in the prior year quarter. Adjusted funds flow totaled C$10.3 million, or C$0.10 per diluted share, versus C$13.6 million, or C$0.14 per diluted share, a year ago. This result exceeded our estimate of C$8.9 million, or C$0.09 per diluted share.
Updating estimates. Given the stronger-than-expected second quarter, we are raising our 2025 revenue forecast to C$97.7 million from C$95.0 million. Our operating expense assumption has been modestly increased to C$38.8 million from C$38.4 million. We now project net income of C$29.6 million, or C$0.30 per share, up from our prior forecast of C$28.7 million, or C$0.28 per share. Adjusted funds flow is expected to reach C$43.3 million, compared to our earlier estimate of C$42.2 million. For 2026, we forecast revenue of C$93.7 million, net income of C$27.5 million, or C$0.28 per share, and AFF of C$39.6 million, reflecting our expectation of a softer commodity price environment relative to 2025.
InPlay Oil (IPOOF/$8.11 | Price Target: $15) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Outsized Production, Debt Reduction, and Strategic Alignment Drive Outlook Rating: OUTPERFORM
Second quarter financial results. InPlay Oil reported Q2 2025 revenue of C$91.6 million, above our estimate of C$87.9 million, driven by stronger-than-expected production of 20,401 boe/d compared to our forecast of 19,000 boe/d. The company recorded a net loss of C$3.2 million, versus net income of C$5.4 million in the prior-year period. On an adjusted basis, which excludes C$10.1 million in transaction and integration costs and reflects C$4.9 million in hedging gains, net income was C$2.0 million. Adjusted funds flow totaled C$40.1 million, or C$1.49 per share, ahead of our forecast of C$38.6 million, or C$1.38 per share.
2025 Guidance. Despite strong second-quarter production and AFF growth, management maintained full-year 2025 guidance across all metrics, noting that output is now expected to reach the upper end of the range. With oil prices still subdued, the company remains focused on maximizing free cash flow, materially reducing debt, and returning capital to shareholders, while benefiting from robust post-acquisition production levels.
Management Discussed Plans For Marketing and Launch. Following the FDA approval of Tonmya (or TNXP-102 SL) on August 15, Tonix held a webcast to discuss plans for marketing and sales in advance of its 4Q25 launch. The presentations included a discussion of fibromyalgia, the market, and the Tonmya product label. We believe the clinical data shows meaningful improvements for several important symptoms.
Fibromyalgia Market Is Large and Underestimated. The fibromyalgia population is estimated at about 10 million diagnosed patients. Patients live with symptoms for an average of 7 years before diagnosis, including bodily pain (the most common). Other symptoms include fatigue, insomnia, anxiety, “brain fog”. and depression. Many patients are on multiple drugs, taking an average of 2.7 drugs at any given time. As a non-opioid, non-habit forming drug, we believe Tonmya can meet the need for an effective therapy.
Noble Capital Markets Research Report Monday, August 18, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Analyst Day Highlights Bit Digital (BTBT)/OUTPERFORM – Second Quarter Results Comstock (LODE)/MARKET PERFORM – De-Risking the Company by Raising Funds to Reduce Debt and Fund Growth Tonix Pharmaceuticals (TNXP)/OUTPERFORM – TNX-102 SL Receives FDA Approvals As Expected QuoteMedica Inc. (QMCI)/OUTPERFORM – Improved Revenue Trends
AZZ (AZZ/$112.63 | Price Target: $125) Mark Reichman mreichman@noblecapitalmarkets.com | (561)999-2272 Analyst Day Highlights Rating: OUTPERFORM
Analyst Day. AZZ hosted an analyst day that included a tour of the company’s new Precoat Metals facility in Washington, Missouri. Mr. Tom Ferguson, CEO, provided opening remarks followed by presentations by Mr. Kurt Russell, Chief Strategy Officer, Mr. Todd Bella, Senior Vice President, Metal Coatings, Mr. Jeff Vellines, President and Chief Operating Officer, Precoat Metals, and Mr. Jason Crawford, Chief Financial Officer.
Organic and acquired growth. The company’s three-year goals include generating over two billion dollars in sales in fiscal year 2028 compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth by a factor of two, and AZZ is targeting acquisitions that strengthen both of its business segments. Management has identified over 68 potential acquisition opportunities, with 13 under evaluation.The company recently acquired Canton Galvanizing, LLC in July, which expanded AZZ’s metal coating capabilities in the U.S. Midwest.
Bit Digital (BTBT/$3.01 | Price Target: $5.50) Joe Gomes jgomes@noblecapitalmarkets.com | (561)999-2262 Second Quarter Results Rating: OUTPERFORM
Transformation. Since the end of 1Q25, Bit Digital has transformed the business: first moving to an Ethereum treasury and staking platform, and then the WhiteFiber IPO. The focus going forward at Bit Digital is to build one of the largest institutional balance sheets in the public markets and generate scalable staking yield. We expect the WhiteFiber holding to be liquidated over time to fund this goal.
2Q25 Results. Revenue of $25.7 million fell from $29.0 million in 2Q24, was flat sequentially, and in-line with our $25.4 million estimate. The key difference was Mining revenue, which fell to $6.6 million from $16.1 million last year. Cloud Services revenue rose to $16.6 million from $12.5 million in 2Q24. Higher one-time G&A costs and lower gross margins across most business lines, offset by a $27.1 million gain on Digital Assets, resulted in operating income of $13.9 million, compared to an operating loss of $11.5 million in 2Q24, which was impacted by a $11.5 million loss on Digital Assets. The Company reported net income of $14.9 million, or $0.07/sh, versus a net loss of $12 million, or $0.09/sh last year.
Comstock (LODE/$2.33) Mark Reichman mreichman@noblecapitalmarkets.com | (561)999-2272 De-Risking the Company by Raising Funds to Reduce Debt and Fund Growth Rating: MARKET PERFORM
Second quarter financial results. Comstock reported a net loss of $7.8 million or $(0.27) per share, compared to a net loss of $8.6 million or $(0.60) per share during the prior year period. Revenue decreased to $339.5 thousand compared to $434.8 thousand during the prior year period. The loss from operations widened to $7.7 million compared to $5.6 million during the second quarter of 2024 due to higher selling, general, and administrative expenses that increased to $4.6 million from $2.8 million. Relative to our net loss estimate of $5.0 million, or $(0.16) per share, revenues were below our estimates, while operating expenses were higher.
Recent financing. Comstock raised gross proceeds of ~$30.0 million with a public offering of 13.3 million shares priced at $2.25 per share. The net proceeds will be used to fund capital expenditures associated with commercializing its first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including the repayment of existing debt. As of August 14, LODE shares outstanding were 49.3 million compared to 32.4 million as of June 30. The underwriters have a 30-day option to purchase up to an additional 2.0 million shares to cover over-allotments, which we assume will be exercised.
Tonix Pharmaceuticals (TNXP\$51.35 | Price Target: $70) Robert LeBoyer rleboyer@noblecapitalmarkets.com | (212) 896-4625 TNX-102 SL Receives FDA Approval As Expected Rating: OUTPERFORM
Tonix Announced The Approval of TNX-102 SL. As we had anticipated, TNX-102 SL (Tonmya) has received approval for the treatment of fibromyalgia. A conference call is planned for 8:30 am on August 17. Further details on the marketing program and plans for product launch are expect to be discussed. First sales are expected by 4Q25.
TNX-102 SL Addresses Numerous Symptoms of Fibromyalgia. The NDA (New Drug Application) was based on two Phase 3 studies. The primary endpoint was a reduction in pain scores at 14 days compared with placebo. After three months about 30% of the patients had a clinically meaningful reduction in pain compared with placebo. The studies also met all six of the secondary endpoints with high levels of statistically significance.
QuoteMedia Inc. (QMCI\$0.17 | Price Target: $0.23) Michael Kupinski mkupinksi@noblecapitalmarkets.com | (561) 994-5734 Improved Revenue Trends Rating: OUTPERFORM
Mixed Q2 Results. The company reported improved Q2 revenue trend, with revenue growing 5% over the prior year period to $4.9 million, marking the highest quarterly revenue in the company’s history and sequential improvement from 3% in Q1. Adj. EBITDA of $0.1 million in Q2 was lower than our estimate of $0.4 million, largely due to increased development costs, as illustrated in Figure #1 Q2 Results. In our view, the company’s business pipeline appears to be improving and revenue should gain momentum throughout the year and into 2026.
Capitalizing less development costs. Notably, the company capitalized less development costs in Q2 than in the prior year, leading to more development costs expensed in Q2. While this impacted Q2, we believe that margins should improve as the company begins to recognize the revenue from the new business “wins” in future quarters. Furthermore, the company will be expensing development costs at a similar rate to Q2 moving forward.
Noble Capital Markets Research Report Friday, August 15, 2025
Companies contained in today’s report:
Cocrystal Pharma (COCP)/OUTPERFORM – 2Q25 Reported With Norovirus and Influenza Product Updates Conduent (CNDT)/OUTPERFORM – New Business Momentum Picking Up CoreCivic, Inc. (CXW)/OUTPERFORM – Another New Contract DLH Holdings (DLHC)/OUTPERFORM – Ongoing Work with NIH Euroseas (ESEA)/OUTPERFORM – Second Quarter Financial Results Exceed Expectations; Increasing Estimates Unicycive Therapeutics (UNCY)/OUTPERFORM – Actions Taken To Address Issues That Caused The CRL Xcel Brands (XELB)/OUTPERFORM – Influencer Brands Set To Launch
Cocrystal Pharma (COCP/$1.68 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 2Q25 Reported With Norovirus and Influenza Product Updates Rating: OUTPERFORM
Antivirals Continue To Move Forward. Cocrystal reported 2Q25 loss of $2.1 million or $(0.20) per share. During 2Q, the company presented data from its CDI-988 Phase 1 study in norovirus. Separately, CDI-988 has demonstrated inhibition of multiple strains, including GII.17 and GII.4 that have caused norovirus outbreaks over the past 2 years. The Phase 2a human challenge study testing CC-42344 in influenza has been extended. CC-42344 has shown inhibition of several strains of avian influenza that have caused public health concerns. Cash on June 30, 2025 was $4.8 million.
Phase 1b Is Planned For CDI-988 In Norovirus. Data from a Phase 1 trial showing safety and efficacy of CDI-988 was presented in August. The data show that CDI-988 was safe and effective through a range of doses in a single-ascending (SAD) and multiple-ascending (MAD) dose cohorts. A Phase 1b study testing CDI-988 as both treatment and prophylaxis for norovirus is planned for later in FY2025.
Conduent (CNDT/$2.49 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 New Business Momentum Picking Up Rating: OUTPERFORM
Solid Q2 results. Q2 revenue of $754 million aligned with our estimate, while adj. EBITDA of $37 million exceeded our forecast of $33 million. All three segments delivered sequential, new business, Annual Contract Value (ACV ) growth, a key forward indicator. This sales momentum supports our view that Conduent is on track to return to top-line growth in 2026.
Big Beautiful Bill may present upside. We view the recently passed “Big Beautiful Bill” as a potential tailwind for Conduent’s Government segment. The legislation tightens eligibility enforcement for public benefits, which may drive increased demand for outsourced eligibility verification and fraud detection, which are core capabilities for the company.
CoreCivic, Inc. (CXW/$20.46 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Another New Contract Rating: OUTPERFORM
West Tennessee. As anticipated, CoreCivic announced another new contract with U.S. Immigration and Customs Enforcement (ICE). Through an intergovernmental services agreement (IGSA) between the City of Mason, Tennessee, and ICE, CoreCivic will resume operations at the Company’s 600-bed West Tennessee Detention Facility, a facility that has been idle since September 2021.
Details. The IGSA expires in August 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $30 million to $35 million, with margins consistent with the CoreCivic Safety segment.
DLH Holdings (DLHC/$5.88 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Ongoing Work with NIH Rating: OUTPERFORM
Task Order. DLH has been awarded a task order valued at up to $46.9 million to continue providing information technology services, including enterprise IT systems management, cyber security, software development, cloud computing, and more, to the National Institutes of Health’s Office of Information Technology (“OIT”).
Details. The task order includes a base period and multiple options aggregating to a three-year period of performance. Through this award, DLH will leverage a comprehensive suite of digital transformation and cyber security solutions to support approximately 7,000 end-customers. As part of this new effort, DLH will design and implement a cloud migration strategy built on partnerships with leading commercial CSP vendors, including Azure, AWS, and Google.
Second quarter financial results. Total net revenues for the second quartertotaled $57.2 million, a 2.5% decrease year-over-year, but slightly higher than our estimate of $56.7 million. Adjusted EBITDA and EPS were $39.3 million and $4.20, respectively, above our estimates of $38.5 million and $3.87. The better-than-expected results were due to higher time charter equivalent (TCE) rates of $29,420 per day compared to our estimate of $28,502 per day, along with modestly lower-than-expected operating expenses of $23.9 million compared to our estimate of $24.7 million.
Market outlook. TCE rates for feeder vessels increased 8% in the second quarter due to limited vessel availability and robust demand. While the global containership orderbook remains high, the feeder and intermediate segments have a much smaller pipeline of just 4 to 8%, offering some insulation from the potential negative impact of an oversupplied market. Ongoing Red Sea conflicts have further supported rates by prompting Suez Canal re-routings and increasing distance. Although U.S. trade policies cloud visibility, we expect TCE rates to remain strong through year-end 2025 and into 2026.
Unicycive Therapeutics (UNCY/$4.63 | Price Target: $6) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Actions Taken To Address Issues That Caused The CRL Rating: OUTPERFORM
Actions Taken To Correct Manufacturing Findings. Unicycive reported a 2Q25 loss of $6.4 million or $(0.52) per share, with cash on June 30, 2025 of $22.3 million. Based on our current estimates, we believe this is sufficient to fund operations through 2H25. On June 30, the company received a CRL (Complete Response Letter) following an FDA inspection that found deficiencies at a contract manufacturer’s facility. The findings stopped the labeling discussions required for completion of the NDA review. The company has shifted to one of its other manufacturers, and filed a request for a meeting with the FDA.
A Request For A Type A Meeting Was Filed. Following the receipt of the CRL, Unicycive filed a request for a Type A meeting with the FDA. This type of meeting is held to discuss the issues that led to the CRL and how to correct them. These meetings are usually scheduled within 30 days of the request. After meeting is held the company will receive the meeting minutes with requirements for resubmission of the NDA application. Unicycive expects to announce an updated plan for OCL development during 3Q25.
Xcel Brands (XELB/$1.06 | Price Target: $9) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Influencer Brands Set To Launch Rating: OUTPERFORM
Q2 Results. The company reported Q2 revenue of $1.3 million and an adj. EBITDA loss of $0.3 million, as illustrated in Figure #1 Q2 results. Importantly, while revenue was 22.3% lower than our estimate of $1.7 million, the adj. EBITDA loss of $0.3 million was largely in line with our expectations of a loss of $0.35 million. Furthermore, the on target adj. EBITDA figure was driven by the company’s strategic cost reduction and business transformation efforts, as well as the Lori Goldstein divestiture.
Favorable outlook. While the company is approaching the back half of the year with caution, largely driven by potential tariff impacts, we believe it stands to benefit from a number of favorable developments. Notably, the company is launching its Longaberger brand in Q3 on QVC and announced an accelerated timeline for its new influencer brands. Additionally, the company stands to benefit from its Halston brand as royalties kick in.
Noble Capital Markets Research Report Thursday, August 14, 2025
Companies contained in today’s report:
SKYX Platforms (SKYX)/OUTPERFORM – Revised Forecasts Reflect Phased Rollout, Long-Term Outlook Intact The Oncology Institute, Inc. (TOI)/OUTPERFORM – Patient Additions And Pharmacy Division Drive 2Q25 Revenues Above Expectations
SKYX Platforms (SKYX/$1.28 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Revised Forecasts Reflect Phased Rollout, Long-Term Outlook Intact Rating: OUTPERFORM
Q2 results. SKYX reported Q2 revenue of $23.1 million, up 7.5% year over year and 14.7% sequentially. Gross margin expanded 190bps to 30.3%, supported by a favorable mix shift toward proprietary tech-embedded products. The adj. EBITDA loss of $2.6 million was slightly wider than our forecast of a $2.3 million loss but reflects underlying operating leverage as revenue scales.
Smart City partnership reinforces revenue growth trajectory. The company’s partnership with the $3 billion Smart City development in Miami’s Little River District positions it for sustained long-term growth. We expect the rollout to drive meaningful topline and branding impact over time, with strategic visibility among large-scale developers likely to reinforce future adoption of SKYX’s technology in both residential and commercial verticals.
The Oncology Institute, Inc. (TOI/$4.1 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Patient Additions And Pharmacy Division Drive 2Q25 Revenues Above Expectations Rating: OUTPERFORM
Revenues Were Driven By New Patients Under Contract. The Oncology Institute reported a loss for 2Q25 of $17.0 million or $(0.15) per share. Revenues of $119.8 million exceeded our estimate of $110.4 million. The company discussed newly active or pending contracts that will add covered lives during 2H25. It reiterated its guidance for Revenues, Gross Profit, Adjusted EBITDA, and Free Cash Flow. Cash on June 30, 2025 was $30.3 million.
Patient Services Were Close To Our Expectations. The Patient Services division reached $55.9 million. New payor contracts added patients during 1H25 that began generating revenues, although they have a period of higher cost during the transition to TOI management. We expect the patient mix to include more continuing patients during 2H25, improving margins while new contracts continue to drive growth.
Noble Capital Markets Research Report Wednesday, August 13, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – WhiteFiber IPO Bitcoin Depot (BTM)/OUTPERFORM – Q2 Upside Drives Full-Year Upward Revisions EuroDry (EDRY)/MARKET PERFORM – Weak Second Quarter, Better Results Expected Ahead Sky Harbour Group (SKYH)/OUTPERFORM – Pre-Leasing Momentum Reinforces Competitive Moat Tonix Pharmaceuticals (TNXP)/OUTPERFORM – 2Q25 Reported As We Await The TNX-102 SL PDUFA Date Of August 15
Bit Digital (BTBT/$3.03 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 WhiteFiber IPO Rating: OUTPERFORM
IPO. WhiteFiber has been brought public through the sale of 9.375 million shares at $17/sh. Upon completion of the offering, Bit Digital retained ownership of 74.3% of the 36.4 million outstanding shares (71.5% if the underwriters exercised the full option). WhiteFiber shares are trading on the NASDAQ under the symbol WYFI.
Funding. Net proceeds from the IPO were expected to be approximately $145.1 million, or approximately $167.4 million if the underwriters exercised their option in full. Management anticipates using the funds for the build out and expansion of the business.
Bitcoin Depot (BTM/$4.22 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Q2 Upside Drives Full-Year Upward Revisions Rating: OUTPERFORM
Strong Q2 results. Bitcoin Depot reported Q2 revenue of $172.1 million (5.5% growth YoY), better than our estimate of $167.5 million. Adj. EBITDA of $18.5 million (46.2% growth YoY) beat our estimate of $15.5 million. The impressive results were driven by stronger revenue per kiosk, particularly among mature locations.
Kiosk expansion. The company added roughly 600 kiosks during Q2, ending with 9,000 units in operation. About 3,300 kiosks are still in early ramp, suggesting room for productivity gains. Bitcoin Depot also holds 1,700 units in inventory, enabling growth without near-term capex. In Australia, 200 kiosks have been deployed, and management is evaluating two more international markets.
EuroDry (EDRY/$10.67) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Weak Second Quarter, Better Results Expected Ahead Rating: MARKET PERFORM
Second quarter financial results. EuroDry generated Q2 net revenues of $11.3 million, in line with our $11.4 million estimate but down about $6 million year-over-year due to a decline in average time charter equivalent (TCE) rates. Adjusted EBITDA of $1.9 million and a loss per share of $1.10 per share were better than our forecasts of $1.6 million and a loss of $1.23 per share, aided by lower voyage expenses, but trailed last year’s $5.0 million and $0.17 loss.
Market Outlook. The dry-bulk market saw a brief improvement in the second quarter as rates recovered from early-year lows, though momentum slowed later in the period amid trade policy developments and softer Chinese import activity. However, since the start of the third quarter, rates have improved, and the IMF slightly raised its 2025 global GDP guidance. Red Sea disruptions have continued to extend voyage distances, and demand has picked up slightly based on improved sentiment toward growth in China. The orderbook remains near historical lows, so while rates hover below 2024 levels, we expect the recent improvement to hold for the remainder of the year.
Sky Harbour Group (SKYH/$10.95 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Pre-Leasing Momentum Reinforces Competitive Moat Rating: OUTPERFORM
Q2 slightly below forecast. Sky Harbour reported Q2 revenue of $6.6 million and an adj. EBITDA loss of $3.0 million, both below expectations. Despite the shortfall, development milestones were notable with new long-term ground leases signed at Hillsboro (HIO) and Stewart (SWF), reinforcing execution on its expansion strategy.
Expansion on track. The company began pre-leasing at IAD and BDL (both pre-construction) at strong average rates of $47.06 per square foot, underscoring brand strength and tenant confidence. With DVT and ADS operational and leasing underway, management reiterated its goal of securing five additional long-term leases by year-end, which would bring the total to 23.
Tonix Pharmaceuticals (TNXP/$59.76 | Price Target: $70) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 2Q25 Reported As We Await The TNX-102 SL PDUFA Date Of August 15 Rating: OUTPERFORM
We Are On The Edge Of Our Seats Waiting For TNX-102 SL. Tonix reported a 2Q25 loss of $28.3 million or $(3.86) per share. Importantly, the PDUFA date for TNX-102 SL is August 15. This is the date when the FDA is required to answer the application for approval. We continue to expect TNX-102 SL to be approved this week. Cash on hand at the end of the quarter was $125.3 million.
TNX-102 SL Launch Is Planned For 4Q25. The company expects to have TNX-102 SL available during 4Q25, as we expected. It will be the first drug developed and approved for fibromyalgia, compared with the current therapies that were approved for other conditions then expanded into fibromyalgia. Importantly, TNX-102 SL met its primary endpoint of pain relief and all six secondary endpoints for relief of symptoms.
Noble Capital Markets Research Report Tuesday, August 12, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – 2Q25 Included Clinical Strategy Change and Manufacturing Progress Direct Digital Holdings (DRCT)/MARKET PERFORM – A Significant, Positive Development MariMed Inc (MRMD)/OUTPERFORM – Expand the Brand Nutriband (NTRB)/OUTPERFORM – CEO Gareth Sheridan To Run For President Of Ireland V2X (VVX)/OUTPERFORM – Expanding Capabilities
Cadrenal Therapeutics (CVKD/$10.94 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 2Q25 Included Clinical Strategy Change and Manufacturing Progress Rating: OUTPERFORM
Cadrenal Reports 2Q With Product News. Cadrenal reported a 2Q25 loss of $3.7 million or $(1.87) per share. During the quarter, the company announced a design modification for the upcoming tecarfarin clinical trial. The company also transferred its manufacturing technology to a CDMO and completed production scale-up in preparation for clinical trials. Cash on June 30, 2025 was $5.6 million.
New Trial Focuses On First Months Of Dialysis. As described in our Research Note on August 7 , the new trial design reflects recent research showing the first four to six months after the start of renal dialysis are an ultra-high-risk period for cardiac events including myocardial infarction, stroke, embolism, and death. The design change will be testing tecarfarin as an anticoagulant to reduce these events. The clinical site activation and trial enrollment are expected to begin around year-end.
Direct Digital Holdings (DRCT/$0.42) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 A Significant, Positive Development Rating: MARKET PERFORM
Converts the majority of its debt. The company announced that it has converted $25.0 million of its roughly $34.4 million in debt into a perpetual Series A Preferred Convertible Stock. The Preferred Stock will carry a cumulative annual 10% dividend, based on board of approval, and will be convertible at $2.50 per Class A common share. Following the transaction, the company will have roughly $9.4 million debt remaining under its Term Loan Facility. The move is viewed favorably.
Significant, but manageable restrictions. The company will be required to maintain total leverage below 3.5 to1 declining to 3.25 to 1. In addition, the company will need to maintain a fixed charge coverage of 1.25 to 1 rising to 1.5 to 1. In addition, the company must maintain $1.5 million in unrestricted cash. Finally, the company must maintain a minimum of consolidated EBITDA of $1.0 million for fiscal quarters end Sept. 2025 and then $500,000 thereafter.
MariMed Inc (MRMD/$0.13 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Expand the Brand Rating: OUTPERFORM
Expand the Brand. With the recent Pennsylvania and Maine announcements, MariMed continues to implement its Expand the Brand strategy, which is focused on making the Company’s products accessible to as many consumers as possible. We expect the Company to look at additional new markets, such as New York and New Jersey, for additional expansion.
Market Remains Mixed. There remains a lot of near-term uncertainty in the cannabis industry. Pricing pressures, market saturation, and the lack of federal reform still pose a challenge that MariMed will need to navigate. Entering into established cannabis markets that are expanding into the adult recreational use market enables the Company to quickly capture share in proven markets.
Nutriband (NTRB/$6.85 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 CEO Gareth Sheridan To Run For President Of Ireland Rating: OUTPERFORM
CFO Will Transition To CEO. Nutriband CEO and Co-Founder Gareth Sheridan has announced plans to take a three-month leave from the company to run for President of the Republic of Ireland. The current CFO and Co-Founder, Serguei Melnik, will become Acting CEO as Mr. Sheridan campaigns. The election is expected to be held in late September or early October. If elected, Sergeui will become CEO. If Mr. Sheridan is not elected, he may return to the company.
We Wish Gareth Sheridan Well In The Election. As a Co-founder and CEO of the company, Gareth Sheridan has guided the company from an idea to becoming a NASDAQ-listed company with three divisions. Nutriband’s financial planning has allowed it to develop the AVERSA technology with low operating losses, keeping the share base low.
V2X (VVX/$52.93 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Expanding Capabilities Rating: OUTPERFORM
A Tuck-in. Last night, after the market closed, V2X announced it had entered into an agreement to acquire a specialized data engineering, intel mission support, and cyber solutions business serving the Intelligence Community (IC). The transaction is valued at approximately $24 million, net of estimated tax benefits. We expect additional details to follow.
IC Expansion. The acquisition advances V2X’s strategic growth objectives and further extends its reach beyond traditional defense markets, enabling the Company to pursue a greater share of the National Intelligence Program budget and related opportunities. The acquisition adds some 70 people to V2X.
Noble Capital Markets Research Report Monday, August 11, 2025
Companies contained in today’s report:
CoreCivic, Inc. (CXW)/OUTPERFORM – Post call Commentary DLH Holdings (DLHC)/OUTPERFORM – Post Call Commentary E.W. Scripps (SSP)/OUTPERFORM – Fed Rate Action Could Ignite Auto Advertising Information Services Group (III)/OUTPERFORM – Post 2Q25 Call Commentary Kelly Services (KELYA)/OUTPERFORM – New CEO; Reports 2Q25 Results Kratos Defense & Security (KTOS)/OUTPERFORM – Strong 2Q25, Raises Guidance, Increasing PT NN (NNBR)/OUTPERFORM – Post Call Update V2X (VVX)/OUTPERFORM – AIP Sells Some More
CoreCivic, Inc. (CXW/$20.5 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post call Commentary Rating: OUTPERFORM
Availability. Increased use of CoreCivic’s remaining beds will help drive operating results going forward. If all of the idle 13,419 beds were activated, this would imply around $500 million in annual revenue, and around $200 million to $225 million in incremental EBITDA.
Activations. During the quarter, CoreCivic made substantial progress in reactivating three previously idled facilities, and the Company’s activation teams are preparing for additional contracting activity. Management noted that CoreCivic is in advanced negotiations to activate a fourth idle facility and has just begun negotiations for a fifth facility.
DLH Holdings (DLHC/$5.5 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
When, Not If. We continue to believe it is a matter of when, not if, DLH begins to capitalize on the large opportunity set for its mission critical skill set. Current disruptions in Federal government contracting will pass, and DLH’s capabilities, in areas such as digital transformation, cybersecurity, and addressing critical public health issues, align well with the government’s goals.
Still Accumulating. Mink Brook Asset Management continues to accumulate DLHC shares, including 5,900 shares at the end of last week. Mink Brook now owns 2,389,350 DLHC shares, representing 16.6% of the outstanding common, up from 2,164,058 shares at the end of May.
E.W. Scripps (SSP/$2.52 | Price Target: $10) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Fed Rate Action Could Ignite Auto Advertising Rating: OUTPERFORM
Q2 results largely in line. Total company revenue of $540.0 million was a tad shy of our $546.6 million estimate, but was close enough. The biggest downside variance was Political, which is very unpredictable especially in an off election year. Importantly, the company overachieved our adj. EBITDA estimate, $88.8 million versus $84.8 million.
Tweaking estimates. Management indicated that Q3 Core advertising was pacing flat in Q3, a sequential improvement from down 1.9% in q2, but a little lighter than we had hoped given the year earlier Political displacement. We tweaked our Q3 revenue estimate down 2.1% to $528.5 million and adj. EBITDA estimate down 2.8% to $71.5 million.
Information Services Group (III/$4.44 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | Post 2Q25 Call Commentary Rating: OUTPERFORM
Riding the Waves. ISG is riding two key waves, one is AI adoption, with clients investing aggressively in modernizing their technology operations and infrastructure to support it. The other is cost optimization, as one of the means of funding the AI adoption is through optimization of cloud, infrastructure, and software costs.
AI & Recurring Revenue. AI-related revenue was 2.5x higher than it was a year ago. And in both the second quarter and first half, nearly 20% of total revenue was AI related. Recurring revenues in the second quarter reached $28 million, up 7% sequentially and represented 45% of overall revenue.
Kelly Services (KELYA/$14.15 | Price Target: $27) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | New CEO; Reports 2Q25 Results Rating: OUTPERFORM
New CEO. Chris Layden has been selected to serve as President and Chief Executive Officer, effective September 2, 2025, replacing the retiring Peter Quigley. Having spent nearly two decades at Manpower Group and as COO of Prolink, Mr. Layden has extensive experience leading organizations through transformations to advance go-to-market initiatives and accelerate profitable growth.
2Q25 Results. Kelly reported revenue of $1.1 billion, up 4.2% y-o-y but down 3.3% on an organic basis. Second quarter adjusted EBITDA of $37.0 million was down 8.7% versus the prior year, with adjusted EBITDA margin down 40 bp to 3.4%. EPS was $0.52 compared to EPS of $0.12 in the second quarter of 2024. On an adjusted basis, EPS was $0.54 in 2Q25 compared to $0.71/sh in 2Q24. We had forecast $1.17 billion of revenue, $42.5 million adjusted EBITDA, EPS of $0.73, and adjusted EPS of $0.71.
Opportunity Knocks! Virtually every Kratos business unit is forecasting significant future organic growth, including the hypersonic system franchise, small jet engines for drones, missiles, and loitering munitions, the Israeli based microwave electronics business, and the military grade hardware business supporting missile, radar, hypersonic, counter UAS and strategic weapon systems.
2Q25 Results. Kratos reported revenue of $351.5 million, reflecting 17.1% y-o-y growth and 15.2% organic growth. We had projected revenue of $308 million. Adjusted EBITDA was $28.3 million versus $29.9 million a year ago and our $27.5 million estimate. Adjusted net income was $17.1 million, or $0.11/sh, versus $20.8 million, or $0.14/sh, last year and our $18.8 million, or $0.12/sh, estimate.
Second Quarter Developments. NN leveraged the soft market environment to upsize its business development activities and investments. The soft top-line centers around certain automotive customers, which NN was able to partially offset through the contribution of new business launches and precious metals pass-through pricing.
Changing for the Better. Management continues to work on its transformation plan to position the Company for significant upside when end markets improve. For example, YTD, the 18.2% adjusted gross margin is an expansion of 190 basis points over the past two years and well on the way to the 20% gm goal.
V2X (VVX/$50.78 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 AIP Sells Some More Rating: OUTPERFORM
Another Sale. AIP, through its Vertex Aerospace Holdco LLC sub, is selling another 2 million shares of VVX stock through an offering that is expected to close on August 11th. This will be the fourth such sale as the private equity firm continues to lighten its V2X holdings.
V2X to Buy. Subject to the closing of the offering, V2X has agreed to purchase 200,000 shares of V2X’s common stock that are subject to the offering at a price per share of common stock equal to the price to be paid to Vertex Aerospace by the underwriter. V2X intends to fund the repurchase of its common stock with cash on hand. This will cost approximately $10 million.
Noble Capital Markets Research Report Friday, August 8, 2025
Companies contained in today’s report:
Cumulus Media (CMLS)/MARKET PERFORM – Can It Pull A Rabbit Out Of The Hat? GoHealth (GOCO)/OUTPERFORM – Forecast Trimmed, Flexibility Restored Saga Communications (SGA)/OUTPERFORM – Outlook Offers Glimmer Of Revenue Improvement
Cumulus Media (CMLS/$0.17) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Can It Pull A Rabbit Out Of The Hat? Rating: MARKET PERFORM
Exceeds Q2 expectations. Q2 revenue of $186.0 million was a tad better than our $183.9 million estimate, with the largest upside variance being Digital revenue and a little lift from Political advertising. Its Digital Marketing Services business was up an impressive 38% in revenue. Adj. EBITDA exceeded expectations at $22.4 million versus our $15.6 million estimate.
Ad trends still negative. Core spot advertising appears to be moderating and its Digital Marketing Services business appears to be a bright spot, pacing up 35% in Q3. Total company revenue is pacing down low double digits in Q3, however, worse than expected. Network advertising continues to be the culprit given the challenged macro economic environment and the company’s decision to decrease content/inventory.
GoHealth (GOCO/$5.73 | Price Target: $20) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Forecast Trimmed, Flexibility Restored Rating: OUTPERFORM
Hits headwinds in Q2. GoHealth reported Q2 revenue of $94.0 million, below our $110.0 million forecast, as Medicare Advantage softness and CMS policy shifts weighed on volumes. Revenue declined 11% year-over-year. Despite the top-line miss, adj. EBITDA loss of $11.3 million beat our expected loss of $13.2 million, reflecting ongoing cost discipline and benefits from automation initiatives underway in agent workflows.
Recapitalization improves liquidity, alleviates covenant concerns. The company secured $80 million in new term loans and amended its credit agreement to eliminate principal payments through 2026. Liquidity covenants were reduced to a single minimum cash test. While the 4.77 million Class A shares issued represent roughly 20% dilution, we believe the transaction aligns lender and shareholder incentives and resolves the going concern issue.
Saga Communications (SGA/$12.75 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Outlook Offers Glimmer Of Revenue Improvement Rating: OUTPERFORM
An in line quarter. Even though the second quarter results were lackluster, total company revenues were down 5% from the comparable year earlier quarter, it was refreshing to have a company report an in line quarter. Total company Q2 revenues were $23.4 million, roughly in line with our $24.1 million estimate. Adj. EBITDA of $3.5 million was in line with our $3.5 million estimate.
Digital revenue gains traction. While Digital revenue grew a respectable 5.8% in the latest quarter, it faced difficult year earlier comparisons from a non recurring business (up 30.3% in the prior year quarter). Notably, management indicated that Digital revenue is pacing up 30% to 40% in Q3.
Noble Capital Markets Research Report Thursday, August 7, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Tecarfarin Clinical Trial To Begin With Modified Design Conduent (CNDT)/OUTPERFORM – Improved Margins and Steady Execution CoreCivic, Inc. (CXW)/OUTPERFORM – First Look – 2Q25; Increased Guidance Direct Digital Holdings (DRCT)/MARKET PERFORM – A More Muted Near Term Revenue Recovery Expected DLH Holdings (DLHC)/OUTPERFORM – First Look – 3Q25 Results Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Phase 1b Data Continues To Show Improved Outcomes Information Services Group (III)/OUTPERFORM – First Look – 2Q25 Results and an Acquisition MariMed Inc (MRMD)/OUTPERFORM – First Look 2Q25 Results NN (NNBR)/OUTPERFORM – First Look – 2Q25 ONE Group Hospitality (STKS)/OUTPERFORM – Some Good, Some Challenges; Reports 2Q25 Results Seanergy Maritime (SHIP)/OUTPERFORM – Second Quarter Rebound, Raising Estimates The GEO Group (GEO)/OUTPERFORM – Reports Second Quarter Results The ODP Corporation (ODP)/OUTPERFORM – Making Progress in the Second Quarter Townsquare Media (TSQ)/OUTPERFORM – Delivers On Expectations
Cadrenal Therapeutics (CVKD/$10.95 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Tecarfarin Clinical Trial To Begin With Modified Design Rating: OUTPERFORM
Cadrenal Announces New Trial Design. Cadrenal announced that it plans to begin a trial testing tecarfarin in patients who are starting renal dialysis, both with and without atrial fibrillation (ESKD-Afib). This design reflects recent studies showing that the first several months after starting dialysis are an ultra-high risk period for mortality and cardiac events. The trial will test tecarfarin efficacy in reducing these events and could begin in late 2025 to early 2026.
Modified Study Design Focuses On Highest Risk Period. The initiation of renal dialysis impacts several important cardiovascular and renal functions. New studies show that the first six months after starting dialysis have a 20-fold increase in cardiovascular events and mortality. This has not previously been recognized due to pathologies of the underlying conditions that lead to CKD and dialysis.
Conduent (CNDT/$2.45 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Improved Margins and Steady Execution Rating: OUTPERFORM
Solid Q2 results. Conduent reported second-quarter revenue of $754 million, in line with our estimate. Adj. EBITDA of $37 million exceeded our $33 million forecast. Importantly, all three business segments posted sequential growth in new business annual contract value, signaling building commercial momentum and suggesting that execution is improving across the platform.
Portfolio rationalization in the works. The company collected the remaining $50 million from its Curbside Management divestiture, completing phase one of its portfolio rationalization strategy. Management indicated additional transactions are in progress, aimed at boosting profitability. We believe updates are likely by year-end, as the team continues to reshape the business with a focus on higher-margin opportunities.
CoreCivic, Inc. (CXW/$19.6 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look – 2Q25; Increased Guidance Rating: OUTPERFORM
Increasing Demand. Increasing demand for the solutions provided, particularly from ICE, contributed to a strong second quarter, as nationwide detention populations under ICE custody reached an all-time high. ICE revenue rose 17.2% y-o-y, but we also note revenue from state partners increased 5.2% y-o-y and U.S. Marshals revenue increased 2.7% y-o-y.
2Q25 Results. Revenue was $538.2 million in 2Q25, up from $490.1 million last year. We were at $500.6 million. Safety and Community average occupancy increased to 76.8% from 74.3%, even with an overhang from the recently activated California City facility. Adjusted EBITDA was $103.3 million, up 23.2% y-o-y. NFFO per share was $0.59, up 40.5%. CoreCivic reported adjusted EPS of $0.36, up 80%.
Direct Digital Holdings (DRCT/$0.48) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 A More Muted Near Term Revenue Recovery Expected Rating: MARKET PERFORM
Mixed Q2 results. The company reported Q2 revenue of $10.1 million, below our forecast of $12.5 million, driven by continued underperformance in the Sell-side business, which generated $2.5 million vs. our forecast of $4.5 million. Despite the shortfall, adj. EBITDA loss of $1.5 million was better than expected, aided by cost reductions and lower headcount from increased automation.
Implications for second half performance. The Q2 revenue miss was largely attributable to slower-than-expected progress with the company’s “direct connections” initiative, in which its SSP integrates directly with DSPs to bypass intermediaries. While the strategy remains a critical long-term growth lever, the implementation delays have weighed on near-term Sell-side revenue performance, as well as the outlook for the second half 2025.
DLH Holdings (DLHC/$5.56 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look – 3Q25 Results Rating: OUTPERFORM
Making Progress. In the third quarter, DLH effectively navigated changes in the competitive landscape and transition in the industry overall, preserving margin delivery and strong operating cash flow. Headwinds such as the transition of CMOP locations, unbundling of DOD contracts, and scope reductions as a result of government efficiency efforts all impacted the quarter.
3Q25 Results. Revenue was $83.3 million, compared to $100.7 million in the year ago quarter. We had forecasted $83 million. DLH reported adjusted EBITDA of $8.1 million, down from $10 million in 3Q24 and our $8.5 million estimate. Net income was $0.3 million, or $0.02/sh, versus $1.1 million, or $0.08/sh last year. We had projected $0.35 million, or $0.02/sh.
Eledon Pharmaceuticals (ELDN/$3.44 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Phase 1b Data Continues To Show Improved Outcomes Rating: OUTPERFORM
Phase 1b Kidney Transplant Data Presented. Eledon presented data from its Phase 1b trial using tegoprubart as part of an immunosuppressive regimen at The World Transplant Congress. The data from the first 32 patients at two dosage cohorts continues to show meaningful improvement over the standard of care. We believe this supports our expectations for strong data for the Phase 2 BESTOW trial in November.
Study Design. The presentation included data from 32 patients receiving kidney transplants followed by an immunosuppressive regimen tegoprubart instead of tacrolimus, the standard of care. The primary endpoints are safety and pharmacokinetics. Secondary endpoints include patient survival, graft survival, biopsy proven acute rejection, with kidney function measured by eGFR and iBOX score.
Information Services Group (III/$4.23 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look – 2Q25 Results and an Acquisition Rating: OUTPERFORM
2Q25 Results. Revenue of $61.6 million was up 7% versus last year, excluding results for the divested automation unit. On the same basis, revenues were $39.5 million in the Americas, up 16% versus the prior year, revenues in Europe were $16.6 million, down 7%, and Asia Pacific revenues were $5.4 million, down 1%. Adjusted EBITDA of $8.3 million rose 17% y-o-y. ISG reported adjusted net income of $4.1 million, or $0.08/sh, compared with adjusted net income of $3.8 million, or $0.08/sh last year. We were at $60 million, $7.25 million, and $0.07/sh, respectively.
An Acquisition. ISG has signed a definitive agreement to acquire Martino & Partners, a highly respected strategic advisory firm serving public and private sector clients in Italy. The transaction is expected to close in early September. The acquisition is expected to expand ISG’s client base, geographic footprint, and capabilities in Italy, including AI, in a market with emerging growth potential.
MariMed Inc (MRMD/$0.11 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look 2Q25 Results Rating: OUTPERFORM
Overview. MariMed delivered sequential growth in both wholesale and retail revenues for the second quarter, a substantial increase in adjusted EBITDA, and was cash flow positive, reflecting strong execution in Massachusetts, full-quarter contributions from Delaware, and a solid retail strategy.
2Q25 Results. Total revenue was $39.6 million, down modestly from $40.4 million in the year ago period and our $40.5 million estimate. Wholesale sales rose to $17.1 million from $15.9 million, while retail sales declined to $22.4 million from $23.6 million. The Company reported adjusted EBITDA of $4.9 million versus $4.4 million and adjusted net income of $0.4 million versus an adjusted net loss of $0.2 million last year.
NN (NNBR/$2.14 | Price Target: $6) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look – 2Q25 Rating: OUTPERFORM
Overview. NN delivered a solid quarter for gross margins, operating income, adjusted operating income, and adjusted EBITDA. The soft top-line centered around certain automotive customers, which is being partially offset through the contribution of new business launches and precious metals pass-through pricing.
2Q25. On a reported basis, Net sales were $107.9 million, a decrease of 12.3% compared to the second quarter of 2024. We were at $109 million. On an adjusted basis, net sales were off 2.4%. Adjusted income from operations for 2Q25 was $4.9 million compared to adjusted income from operations of $2.1 million for the same period in 2024. Adjusted EBITDA was $13.2 million, or 12.2% of sales, compared to $13.4 million, or 10.9% of sales, for the same period in 2024.
ONE Group Hospitality (STKS/$2.87 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Good, Some Challenges; Reports 2Q25 Results Rating: OUTPERFORM
A Mixed Bag. In the second quarter, Benihana delivered positive same store sales, and STK achieved positive traffic for the second and third consecutive quarters, respectively. However, Grill concept SSS were off 14.6% and the Company closed five locations in the quarter. Expenses were also higher than anticipated.
2Q25 Results. Overall revenue increased 20.2% y-o-y to $207.2 million, mostly due to a full quarter of Benihana. We had estimated $206.7 million. Adjusted EBITDA was $23.4 million, up 7.3% y-o-y, but below our $24.9 million estimate. ONE Group reported a GAAP net loss of $10.1 million, versus a net loss of $7.3 million a year ago. Including the preferred dividend, net loss per share was $0.59 versus a net loss per share of $0.38 last year. Adjusted EPS was $0.05 compared to $0.19 last year.
Seanergy Maritime (SHIP/$7.46 | Price Target: $12) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Second Quarter Rebound, Raising Estimates Rating: OUTPERFORM
Second quarter results. Seanergy reported second quarter net revenue of $37.5 million, ahead of our estimate of $36.5 million, driven by modestly higher time charter equivalent (TCE) rates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $18.3 million and EPS of $0.18, both ahead of our prior estimates of $16.7 million and $0.11.
Market outlook. The Capesize market returned to profitability in the second quarter, with improving demand fundamentals due to projects in both the Atlantic basin and West Africa. We expect elevated iron ore and bauxite volumes to support demand through the remainder of 2025 and into 2026, resulting in increased ton-miles. Additionally, limited fleet growth is expected to support profitable rates.
The GEO Group (GEO/$22.88 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Reports Second Quarter Results Rating: OUTPERFORM
2Q25 Results. Revenue increased to $636.2 million from $607.2 million. We were at $615 million. Adjusted EBITDA was relatively flat at $118.6 million, or 18.6% of revenue, compared with $119.3 million, or 19.6% of revenue, last year, which was impacted by growth investments. GEO recorded adjusted EPS of $0.22 in 2Q25, flat with last year.
Growth. Management outlined additional growth opportunities over and above those already announced this year. For example, activation of the 5,900 idle beds could add $310 million to revenue, while temporary expanded capacity at facilities by another 5,000 beds could add another $250 million. Management noted ISAP growth is likely a 2026 plan.
The ODP Corporation (ODP/$19.21 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Jacob Mutchler jmutchler@noblefcm.com | Making Progress in the Second Quarter Rating: OUTPERFORM
Q2 Overview. During the quarter, ODP saw improved revenue trends and delivered solid operating results, highlighted by stronger adjusted free cash flow generation. The results reflect ongoing improvements across both the consumer and B2B businesses. Retail meaningfully improved same-store sales trends versus last year, while the B2B business achieved approximately a 200-basis point improvement in year-over-year revenue trends.
Q2 Results. The ODP Corporation reported revenue of $1.59 billion in 2Q25, down from $1.72 billion in 2Q24. We had estimated $1.58 billion. Adjusted EBITDA was $47 million, down from $57 million a year ago and in-line with our $44 million estimate. Adjusted EPS came in at $0.51 compared to $0.56 in 2Q24 and our $0.23 estimate.
Townsquare Media (TSQ/$6.78 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivers On Expectations Rating: OUTPERFORM
In line Q2 results. Total revenue of $115.4 million, down 2.3% from the comparable year quarter, was in line with our $114.9 million estimate, a reflection of economic headwinds and slower digital revenue growth. Adj. EBITDA of $26.4 million was better than our $25.2 million estimate, reflecting better margins.
Digital revenue slows, but margins improve. Digital advertising revenues were adversely impacted by industry wide declines in search referrals. And, its Interactive business revenue growth was interrupted by sales restructuring. Notably, margins rose in Q2 and are expected to be elevated above normalized levels for the balance of the year due to lower sales staffing.
Noble Capital Markets Research Report Wednesday, August 6, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – First Tranche of Financing Closed; Angel Island Added to the Federal Permitting Dashboard Commercial Vehicle Group (CVGI)/OUTPERFORM – Post Call Commentary FreightCar America (RAIL)/OUTPERFORM – Better Than Expected Second Quarter Financial Results Graham (GHM)/OUTPERFORM – Another Good Quarter Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – Another Strong Quarter Superior Group of Companies (SGC)/OUTPERFORM – Operating Momentum Improves
Century Lithium Corp. (CYDVF/$0.21 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 First Tranche of Financing Closed; Angel Island Added to the Federal Permitting Dashboard Rating: OUTPERFORM
First tranche of LIFE offering closed. Century Lithium recently closed the first tranche of its previously announced the Listed Issuer Financing Exemption (LIFE) offering of up to 16,666,667 units at a price of C$0.30 per unit for gross proceeds of up to C$5,000,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.45 for a period of 60 months following the issuance of the units. In the first tranche, Century issued a total of 9,559,833 units for aggregate gross proceeds of C$2,867,950. Certain directors and officers of the company purchased a total of 168,333 units in the initial closing.
Use of net proceeds. Net proceeds from the financing will be used to complete an updated feasibility study for the company’s Angel Island Lithium Project, complete the project’s Plan of Operations, work towards National Environmental Policy Act (NEPA) compliance, and general working capital.
Commercial Vehicle Group (CVGI/$1.8 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Post Call Commentary Rating: OUTPERFORM
Positives. There were a number of positives in the quarter, such as the 120 bp sequential improvement in gross margin, strong FCF generation, improved top line performance in Electrical Systems, and higher adjusted operating income in both Seating and Electrical Systems, reflecting benefits from prior restructuring actions.
But End Markets. In spite of the operating successes, CVG’s end markets remain challenged. It appears the much hoped for rebound in the Class 8 truck market will not occur in 2026, with only modest improvement in 2027. Still early days for these types of forecasts, but the Class 8 truck market is still 40% of revenue. And no real change in the Ag and Construction markets, which remain soft.
FreightCar America (RAIL/$10.4 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Better Than Expected Second Quarter Financial Results Rating: OUTPERFORM
Second quarter financial results. FreightCar America generated adjusted net income of $3.8 million or $0.11 per share, compared to our estimate of $2.0 million or $0.06 per share. Second quarter revenue of $118.6 million exceeded our estimate of $100.6 million. Rail car deliveries were 939 units compared to 1,159 units during the prior year period and our estimate of 850. The year-over-year decline was attributed to a strategic shift in the product mix toward higher-margin rail cars. As a percentage of revenue, second quarter gross margin increased to 15.0% compared to 12.5% during the prior year period and our 12.7% estimate. Adjusted EBITDA amounted to $10.0 million compared to our $8.8 million estimate and represented an EBITDA margin of 8.4%.
Updating estimates. We are increasing our 2025 adjusted EBITDA and EPS estimates to $47.3 million and $0.54, respectively, from $45.9 million and $0.47. Our 2026 EBITDA and EPS estimates have increased to $53.2 million and $0.64, respectively, from $48.6 million and $0.53. While our estimates reflect higher gross margin as a percentage of revenue, they also reflect increased sales, general, and administrative expenses.
Graham (GHM/$46.97 | Price Target: $52) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Another Good Quarter Rating: OUTPERFORM
Strong Quarter. Driven by continued strength across the diversified product portfolio, Graham delivered another solid quarter to start fiscal 2026. A highlight was the Energy and Process markets with strong growth driven by execution on major commercial projects and robust aftermarket demand, along with increasing momentum in emerging energy segments.
1Q26 Results. Revenue increased 11% to $55.5 million, slightly above our $54 million estimate. Gross margin improved 170 bp to 26.5%. Adjusted EBITDA rose 33% y-o-y to $6.8 million, with adjusted EBITDA margin up 200 bp to 12.3%. We were at $5.1 million. EPS increased 56% to $0.42 with adjusted EPS up 36% to $0.45. We were at $0.22 and $0.25, respectively.
Great Lakes Dredge & Dock (GLDD/$11.45 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Hans Baldau hbaldau@noblefcm.com | Another Strong Quarter Rating: OUTPERFORM
2Q25 Results. Revenue was $193.8 million, compared to $170 million a year ago. We had forecast revenue of $175.5 million. Gross margin improved to 18.9% from 17.5% in the year ago quarter. Great Lakes reported adjusted EBITDA of $28 million in the quarter and EPS of $0.14. In 2Q24, the Company had adjusted EBITDA of $25.8 million and EPS of $0.11.
Drivers. Great Lakes delivered another solid quarter, supported by strong project execution, continued strength in capital dredging, and favorable equipment utilization, even with the headwinds of four dredges undergoing their regulatory drydocking at various points during the quarter.
Superior Group of Companies (SGC/$9.58 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Operating Momentum Improves Rating: OUTPERFORM
Solid Q2 results. The company reported solid revenue and adj. EBITDA of $144.0 million and $7.4 million, respectively, both of which were better than our estimates of $131.8 million and $6.1 million, respectively. Notably, the strong operating results were largely driven by a 14% increase in Branded Products sales over the prior year period.
Mitigating tariff impact. Notably, management highlighted that its Branded Products segment is well-positioned to navigate the current tariff environment. Importantly, the company started diversifying manufacturing away from China during the first Trump administration and now sources the majority of its Branded Products outside of China. Furthermore, the company’s Healthcare Apparel segment produces all of its finished products outside of China.
Noble Capital Markets Research Report Tuesday, August 5, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – First Look: 2Q25 Shows Some Improvement but End Markets Remain Challenging FreightCar America (RAIL)/OUTPERFORM – Second Quarter Financial Results Exceed Expectations InPlay Oil (IPOOF)/OUTPERFORM – Delek Group Ltd. to Acquire Major Stake in InPlay Oil Steelcase (SCS)/MARKET PERFORM – To Be Acquired for $18.30/sh V2X (VVX)/OUTPERFORM – Solid 2Q25 Results
Commercial Vehicle Group (CVGI/$1.85 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look: 2Q25 Shows Some Improvement but End Markets Remain Challenging Rating: OUTPERFORM
2Q25 Results. Revenue came in at $172 million, down from $193.7 million a year ago, but above our $158 million estimate. Adjusted EBITDA was $5.2 million, down from $8.2 million a year ago, and in-line with our $5 million estimate. Net loss from continuing operations was $4.1 million, or a loss of $0.12/sh, versus $1.3 million, or a loss of $0.04/sh in 2Q24. Adjusted net loss was $0.09/sh in 2Q25 versus adjusted EPS of $0.05 last year. We had forecasted a net loss of $2 million, or a loss of $0.06/sh.
Highlights. Gross margin improved 80 bp sequentially to 11.3% due to operational efficiency improvements. Free cash flow was $17.3 million, up $16.5 million, due to better working capital management. Net debt decreased $31.8 million compared to the year end 2024 level.
FreightCar America (RAIL/$9.92 | Price Target: $16) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Second Quarter Financial Results Exceed Expectations Rating: OUTPERFORM
Second quarter financial results. FreightCar America generated adjusted net income of $3.8 million or $0.11 per share, compared to our estimate of $2.0 million or $0.06 per share. Second quarter revenue of $118.6 million exceeded our estimate of $100.6 million. Rail car deliveries were 939 units compared to 1,159 units during the prior year period and our estimate of 850. The year-over-year decline was attributed to a strategic shift in the product mix toward higher-margin rail cars. As a percentage of revenue, second quarter gross margin increased to 15.0% compared to 12.5% during the prior year period and our 12.7% estimate. Adjusted EBITDA amounted to $10.0 million compared to our $8.8 million estimate and represented an EBITDA margin of 8.4%. RAIL generated adjusted free cash flow of $7.9 million and ended the quarter with $61.4 million in cash and cash equivalents.
Favorable outlook. During the second quarter, RAIL received 1,226 new rail car orders valued at $106.9 million. With a backlog of 3,624 units valued at $316.9 million, we expect deliveries to accelerate throughout the year. During the quarter, RAIL increased utilization across its four production lines, enhanced productivity, and benefited from a higher-margin product mix. The company is advancing its growth strategy by investing in its tank car capabilities, which it expects to strengthen its cost position and support long-term accretive growth.
InPlay Oil (IPOOF/$7.47 | Price Target: $15) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Delek Group Ltd. to Acquire Major Stake in InPlay Oil Rating: OUTPERFORM
Delek Group to acquire major stake in InPlay. Delek Group Ltd. (TASE: DLEKG) executed a definitive agreement to acquire Obsidian Energy’s (TSX: OBE, NYSE American: OBE) common share position in InPlay Oil, consisting of 9,139,784 common shares representing approximately 32.7% of InPlay’s issued and outstanding shares. Subject to certain adjustments, the purchase price is C$10.00 per InPlay share, representing an aggregate transaction value of C$91,397,840. Recall that Obsidian received the shares as partial consideration for its April sale of Pembina Cardium assets to InPlay Oil. The transaction with Delek is expected to close in the first half of August 2025 and remains subject to satisfaction or waiver of certain closing conditions.
Rationale. Delek is an independent exploration and production company based in Israel that has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek views Canada as a strong and stable jurisdiction for oil and gas investment and identified InPlay as an attractive partner in the Canadian energy sector due to its strong record of operational performance and successful acquisitions. Delek holds a 52% equity interest in Ithaca Energy plc and has played a key role in supporting Ithaca’s production growth since the time of its initial investment.
Steelcase (SCS/$16.58) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 To Be Acquired for $18.30/sh Rating: MARKET PERFORM
To Be Acquired. Steelcase has entered into an agreement to be acquired by HNI Corporation in a cash and stock transaction with total consideration of approximately $2.2 billion to Steelcase common shareholders, or about $18.30/sh, an 80% premium to Friday’s close.
Details. Under the terms of the agreement, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase. The implied per share purchase price of $18.30 is based on HNI’s closing share price of $50.62 on Friday, August 1, 2025, reflecting a valuation multiple at transaction close for Steelcase of approximately 5.8x TTM adjusted EBITDA, inclusive of run-rate cost synergies of $120 million. Upon closing, HNI shareholders will own approximately 64%, and Steelcase shareholders will own approximately 36% of the combined company. The deal is expected to close by year-end.
V2X (VVX/$48.5 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Solid 2Q25 Results Rating: OUTPERFORM
2Q25 Results. Revenue came in at $1.078 billion, essentially flat with last year’s $1.072 billion and was in-line with our $1.08 billion estimate. Helped by the pull forward of the conclusion of a non-recurring contractual commitment, adjusted EBITDA was $82.4 million, or a 7.6% margin, compared to $72.3 million, or a 6.7% margin, last year. V2X reported adjusted EPS of $1.33 for 2Q25, up from $0.83 in 2Q24.
Moving Up to Franchise Programs. Highlighted by last week’s T-6 services award, V2X’s pipeline is reflecting larger, franchise type programs. These programs typically leverage all of V2X’s mission critical capabilities. Management noted the 3-year qualified pipeline is now approximately $50 billion in size.
Logistics may be one of the most complex and fragmented industries, but San Francisco–based startup Augment is betting its AI teammate can streamline it. The company announced an $85 million Series A funding round this week, led by Redpoint Ventures with participation from 8VC, Shopify Ventures, Autotech Ventures, and others. The raise brings Augment’s total funding to $110 million, remarkable for a company that only came out of stealth five months ago.
At the heart of Augment’s pitch is Augie, its AI productivity platform designed to automate logistics workflows from start to finish. Unlike the patchwork of point solutions that often leave gaps, Augie takes end-to-end ownership of shipments—covering everything from front-office quoting and dispatch to back-office billing and compliance. The platform integrates directly with transportation management systems, shipper portals, and load boards while communicating seamlessly across channels, aiming to reduce the friction that bogs down brokers, shippers, and carriers.
The results so far are drawing attention. Customers report significant productivity gains, with some brokerage reps doubling or even tripling the number of loads managed daily without adding headcount. Shippers are seeing faster billing cycles and tighter adherence to service level agreements, while carriers benefit from quicker payments and fewer service calls. Augment claims Augie has already reduced invoice delays by 40%, shortened billing timelines by as much as eight days, improved gross margins by up to five percent per load, and boosted operational productivity by 30–50%.
That level of impact is what convinced investors to back such a large round so quickly. Co-founder and CEO Harish Abbott said the funds will be used to hire more than 50 engineers and expand its go-to-market teams by year-end, with deeper hiring in 2026. “Logistics runs on millions of decisions under pressure,” Abbott said. “Augie doesn’t just assist—it takes ownership.” His vision is for AI agents like Augie to become standard within 12 to 18 months, handling the majority of repetitive logistics workflows.
For co-founder Justin Hall, the mission is personal. After years in brokerages and fleets, he saw firsthand the waste created by siloed tools and manual processes. “The industry tried hundreds of point solutions that created new problems,” Hall said. “We built Augie as an AI teammate that keeps context and delivers efficiency, stronger margins, and easier work.”
Customers like Armstrong Transport Group, a $1.3 billion brokerage, are already seeing tangible results. Representatives there have gone from managing 10 loads a day to 20 or 30, while morale and customer service scores have improved. “If it gets sent to Augie, it gets done,” said William McManus, an operations specialist at Armstrong.
As freight networks grow more complex, Augment is investing not just in scaling Augie’s coverage but also in building a logistics-native knowledge hub that provides pricing, compliance, and service intelligence across modes. With over $35 billion in freight already managed through its platform, Augment is positioning itself as more than a tool—it wants to be the digital teammate behind the next era of logistics.
NEW YORK, September 4, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) today announced its monthly Ethereum (“ETH”) treasury and staking metrics for the month of August 2025:
Key Highlights for August 2025
As of August 31, 2025, the Company held approximately 121,252 ETH[1].
Based on a closing ETH price of $4,391.91, as of August 31, 2025, the market value of the Company’s ETH holdings was approximately $532.5 million.
The Company’s total staked ETH was ~105,031, or ~86.6% of its total holdings, as of August 31, 2025.
Staking operations generated approximately 249 ETH in rewards during the period, representing an annualized yield of approximately 2.94%.
Bit Digital shares outstanding were 321,432,722 as of August 31, 2025.
The Company maintains ownership of approximately 27.0 million WhiteFiber (WYFI) shares as of August 31, 2025.
Upcoming Events
C. Wainwright & Co. 27th Annual Global Investment Conference on September 8-10.
Token2049 Singapore Conference on October 1-2.
About Bit Digital Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. For additional information, please contact ir@bit-digital.com or follow us on LinkedIn or X.
Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.
Safe Harbor Statement This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Footnotes [1] Includes approximately 15,084 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,094 ETH presented on as-converted basis from LsETH using the Coinbase conversion rate as of 8/31/25.
Reports Fiscal Year 2025 Revenue of $1.69 Billion and a Net Loss of $200.0 Million, which Includes a $143.8 million Non-Cash Goodwill and Intangible Impairment Charge
JERICHO, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading provider of thoughtful expressions designed to help inspire customers to give more, connect more, and build more and better relationships, today reported results for its Fiscal 2025 fourth quarter and year ended June 29, 2025.
“I’m excited to have joined 1-800-FLOWERS.COM, Inc. at such a pivotal moment. This is an iconic brand with products people love, but we haven’t fully lived up to our potential in recent years. Customer expectations are shifting, technology is moving fast, and competition is evolving. That creates real opportunity. We’re making the company leaner and more agile, putting the customer at the center of everything we do, and using data to make smarter decisions. We’re sharpening how we attract and retain customers, broadening our reach beyond our e-commerce sites, and modernizing the customer experience. At the same time, we’re driving operational discipline, efficiency, and accountability. These changes will position us to get back to growth, deliver a better experience for our customers, and create long-term value for shareholders,” said Adolfo Villagomez, Chief Executive Officer.
Fiscal 2025 Fourth Quarter Performance
Total consolidated revenues decreased 6.7% to $336.6 million, compared with total consolidated revenues of $360.9 million in the prior year period.
Gross profit margin decreased 290 basis points to 35.5%, compared with 38.4% in the prior year period, primarily due to a highly promotional sales environment and deleveraging on the sales decline.
Operating expenses increased $8.6 million to $174.8 million, as compared with the prior year period. Excluding non-recurring charges and the impact of the Company’s non-qualified deferred compensation plan in both periods, operating expenses declined $3.7 million as compared with the prior year to $159.7 million.
Net loss for the quarter was ($51.9) million, or ($0.82) per share, as compared to a net loss of ($20.9) million, or ($0.32) per share in the prior year period.
Adjusted Net Loss1 was ($43.8) million, or ($0.69) per share, compared with an Adjusted Net Loss1 of ($21.8) million, or ($0.34) per share, in the prior year period.
Adjusted EBITDA1 loss for the quarter was ($24.2) million, as compared with an Adjusted EBITDA1 loss of ($8.8) million in the prior year period.
(1) Refer to “Definitions of Non-GAAP Financial Measures” and the tables attached at the end of this press release for reconciliation of non-GAAP results to applicable GAAP results.)
Fiscal Year 2025 Performance
Total consolidated revenues decreased 8.0% to $1.69 billion, compared with total consolidated revenues of $1.83 billion in the prior year period.
Gross profit margin was 38.7%, which includes $6.6 million of costs associated with the new order management system implementation that was launched during the holiday season. Excluding these costs, gross profit margin declined 100 basis points to 39.1%, as compared to the prior year, due to a highly promotional sales environment deleveraging on the sales decline.
Operating expenses increased $120.3 million to $857.1 million, as compared with the prior year period. Excluding non-recurring charges and the impact of the Company’s non-qualified deferred compensation plan in both periods, operating expenses declined by $10.9 million to $695.2 million, as compared with the prior year.
Net loss for the fiscal year was ($200.0) million, or ($3.13) per share, which includes a $143.8 million non-cash goodwill and intangible impairment charge, compared with a net loss of ($6.1) million, or ($0.09) per share, in the prior year period, which includes a non-cash impairment charge of $19.8 million.
Adjusted Net Loss1 was ($52.5) million, or ($0.82) per share, compared with Adjusted Net Income1 of $11.6 million, or $0.18 per share, in the prior year period.
Adjusted EBITDA1 for the fiscal year was $29.2 million, as compared with $93.1 million in the prior year period.
Segment Results
The Company provides Fiscal 2025 fourth quarter and full year selected financial results for its Gourmet Foods & Gift Baskets, Consumer Floral & Gifts, and BloomNet segments in the tables attached to this release and as follows:
Gourmet Foods & Gift Baskets: For the quarter, revenues declined 3.6% to $101.4 million, as compared with the prior year period. Gross profit margin decreased 400 basis points from the prior year period to 26.0% on higher input costs and deleveraging on the sales decline. Excluding the impact of the severance costs in the current year, segment contribution margin1 loss was $19.0 million, compared with a loss of $14.4 million in the prior year period.
For the full fiscal year, revenue decreased 7.2% to $810.9 million. Excluding the impact of the order management system implementation issues, gross profit margin declined 70 basis points to 37.6%. Excluding non-recurring costs in both years, segment contribution margin1 for the year was $58.8 million, compared with $85.0 million in the prior year.
Consumer Floral & Gifts: For the quarter, revenues declined 8.8% to $211.2 million, as compared with the prior year period. Gross profit margin decreased 230 basis points from the prior year period to 38.5% due to deleveraging on the sales decline. Excluding non-recurring costs in the current year, segment contribution margin1 was $17.4 million, compared with $25.7 million in the prior year period.
For the full fiscal year, revenues decreased 8.6% to $776.8 million, as compared with the prior year period. Gross profit margin decreased 150 basis points from the prior year period to 39.3% due to deleveraging on the sales decline. Excluding the non-recurring costs in both years, segment contribution margin1 was $50.5 million, compared with $87.7 million in the prior year.
BloomNet: For the quarter, revenues declined 0.6% to $24.2 million, as compared with the prior year period. Gross profit margin decreased 280 basis points from the prior year period to 46.9%, due to higher florist fulfillment costs and rebates. Excluding the impact of the severance costs in the current year, segment contribution margin1 was $6.5 million, compared with $7.8 million in the prior year period.
For the year, revenues decreased 8.4% to $98.7 million, as compared with the prior year period. Gross profit margin increased 30 basis points from the prior year period to 48.5%, benefiting from lower florist rebates. Excluding the impact of the severance charges in both years, segment contribution margin1 for the year was $29.3 million, compared with $33.8 million in the prior year.
Fiscal 2026
The Company is approaching Fiscal Year 2026 as a pivotal period of foundation setting. By transforming 1-800-Flowers.com, Inc. into a customer-centric, data-driven organization with clear objectives and ROI-focused decision making, the Company aims to position itself to support its multi-year Celebrations Wave strategy and fuel future growth.
The Company’s strategic priorities are focused on positioning the organization for long-term growth. These priorities include:
driving cost savings and organizational efficiency,
building a customer-centric and data-driven organization,
broadening our reach beyond our e-commerce sites into new channels, and
strengthening our team through enhanced talent and accountability.
With a renewed commitment to agility and customer-centricity, the Company believes these foundational steps will set the stage for sustainable revenue and profit growth in the years to come.
Conference Call
The Company will conduct a conference call to discuss its financial results today, September 4, 2025, at 8:00 a.m. (ET). The conference call will be webcast from the Investors section of the Company’s website at www.1800flowersinc.com. A recording of the call will be posted on the Investors section of the Company’s website within two hours of the call’s completion.
Definitions of non-GAAP Financial Measures:
We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP,” “adjusted” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures. Reconciliations for forward-looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The lack of such reconciling information should be considered when assessing the impact of such disclosures.
EBITDA and Adjusted EBITDA:
We define EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of stock-based compensation, Non-Qualified Deferred Compensation Plan (“NQDC”) investment appreciation/depreciation, and for certain items affecting period-to-period comparability. See Selected Financial Information for details on how EBITDA and Adjusted EBITDA were calculated for each period presented. The Company presents EBITDA and Adjusted EBITDA because it considers such information meaningful supplemental measures of its performance and believes such information is frequently used by the investment community in the evaluation of similarly situated companies. The Company uses EBITDA and Adjusted EBITDA as factors to determine the total amount of incentive compensation available to be awarded to executive officers and other employees. The Company’s credit agreement uses EBITDA and Adjusted EBITDA-related items to determine its interest rate and to measure compliance with certain covenants. EBITDA and Adjusted EBITDA are also used by the Company to evaluate and price potential acquisition candidates. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of the limitations are: (a) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, the Company’s working capital needs; (b) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and EBITDA does not reflect any cash requirements for such capital expenditures. EBITDA and Adjusted EBITDA should only be used on a supplemental basis combined with GAAP results when evaluating the Company’s performance.
Segment Contribution Margin and Adjusted Segment Contribution Margin
We define Segment Contribution Margin as earnings before interest, taxes, depreciation, and amortization, before the allocation of corporate overhead expenses. Adjusted Segment Contribution Margin is defined as Segment Contribution Margin adjusted for certain items affecting period-to-period comparability. See Selected Financial Information for details on how Segment Contribution Margin and Adjusted Segment Contribution Margin were calculated for each period presented. When viewed together with our GAAP results, we believe Segment Contribution Margin and Adjusted Segment Contribution Margin provide management and users of the financial statements meaningful information about the performance of our business segments. Segment Contribution Margin and Adjusted Segment Contribution Margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of Segment Contribution Margin and Adjusted Segment Contribution Margin is that they are an incomplete measure of profitability as they do not include all operating expenses or non-operating income and expenses. Management compensates for this limitation when using these measures by looking at other GAAP measures, such as Operating Income and Net Income.
Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:
We define Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share as Net Income (Loss) and Net Income (Loss) Per Common Share adjusted for certain items affecting period-to-period comparability. See Selected Financial Information below for details on how Adjusted Net Income (Loss) Per Common Share and Adjusted or Comparable Net Income (Loss) Per Common Share were calculated for each period presented. We believe that Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share are meaningful measures because they increase the comparability of period-to-period results. Since these are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, GAAP Net Income (Loss) and Net Income (Loss) Per Common Share, as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.
Free Cash Flow:
We define Free Cash Flow as net cash provided by (used in) operating activities less capital expenditures. The Company considers Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of fixed assets, which can then be used to, among other things, invest in the Company’s business, make strategic acquisitions, strengthen the balance sheet, and repurchase stock or retire debt. Free Cash Flow is a liquidity measure that is frequently used by the investment community in the evaluation of similarly situated companies. Since Free Cash Flow is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. A limitation of the utility of Free Cash Flow as a measure of financial performance is that it does not represent the total increase or decrease in the Company’s cash balance for the period.
About 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. is a leading provider of thoughtful expressions designed to help inspire customers to share more, connect more, and build more and better relationships. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, CardIsle®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Things Remembered®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Vital Choice®, Simply Chocolate® and Scharffen Berger®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge on eligible products across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco℠, a resource for floral gifts and seasonal décor; DesignPac Gifts, LLC, a manufacturer of gift baskets and towers; and Alice’s Table®, a lifestyle business offering fully digital on demand floral, culinary and other experiences to guests across the country. 1-800-FLOWERS.COM, Inc. was recognized among America’s Most Trustworthy Companies by Newsweek for 2024. 1-800-FLOWERS.COM, Inc. was also recognized as one of America’s Most Admired Workplaces for 2025 by Newsweek and was named to the Fortune 1000 list in 2022. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com.
FLWS–COMP FLWS-FN
Special Note Regarding Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or forecasts concerning future events; they do not relate strictly to historical or current facts. Such statements can generally be identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “foresee,” “forecast,” “likely,” “should,” “will,” “target,” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements relating to future actions; the Company’s ability to leverage its operating platform and reduce its operating expense ratio; its ability to successfully integrate acquired businesses and assets; its ability to successfully execute its strategic priorities; its ability to cost effectively acquire and retain customers and drive purchase frequency; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and industry and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. The Company cannot guarantee that any forward-looking statement will be realized. Achievement of future results is subject to risk, uncertainties and potentially inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
OpenAI is expanding its latest secondary share sale, allowing current and former employees to sell up to $10.3 billion worth of stock. The transaction values the artificial intelligence company at $500 billion, reinforcing its position as one of the most highly valued private startups globally. The expanded sale, up from the $6 billion originally targeted, provides employees an opportunity to realize gains without forcing the company into a near-term public listing.
For staff who have held shares for more than two years, the window to participate runs through the end of September, with the transaction expected to close in October. Major institutional investors including SoftBank, Dragoneer Investment Group, Thrive Capital, Abu Dhabi’s MGX, and T. Rowe Price are expected to purchase the shares, according to people familiar with the offering.
The offering follows a sharp rise in OpenAI’s valuation. Earlier in 2025, the company raised capital at a $300 billion valuation. The new $500 billion figure reflects investor confidence in OpenAI’s revenue growth trajectory, driven by enterprise adoption of its AI models and partnerships with major cloud providers.
The $200 billion valuation jump in less than a year highlights both market enthusiasm for AI and the scarcity of opportunities to invest directly in sector leaders. With OpenAI remaining private, secondary sales represent one of the few avenues for institutional investors to gain exposure at scale.
Secondary share sales have become a preferred mechanism for late-stage startups to provide liquidity to employees while avoiding the volatility of public markets. By giving staff the ability to convert equity into cash, companies like OpenAI can retain talent in an increasingly competitive industry.
Other major startups, including SpaceX, Stripe, and Databricks, have employed similar strategies to balance growth with employee satisfaction. For investors, these transactions provide a controlled entry point into companies with high valuations, while founders and leadership avoid the pressure of quarterly earnings scrutiny.
For outside investors, OpenAI’s decision underscores the strength of demand for exposure to artificial intelligence platforms. With public-market alternatives limited to large tech incumbents, institutional capital continues to flow into private leaders despite lofty valuations.
Still, some analysts caution that these valuations hinge on sustained revenue expansion and market share gains in a sector that is evolving rapidly. For now, OpenAI’s positioning at the forefront of generative AI makes it one of the most closely watched private companies in the world.
Mortgage rates have drifted lower once again, hitting a fresh low for 2025, but the relief has yet to thaw an otherwise sluggish housing market. According to Freddie Mac, the average 30-year fixed mortgage rate slipped to 6.5% this week, down slightly from 6.56% the prior week and the lowest level since October 2024. The 15-year fixed mortgage rate also moved lower to 5.6%. The decline extends a trend that has carried through much of the summer as bond yields fell alongside growing expectations that the Federal Reserve will soon cut interest rates.
Yet even as borrowing costs reach their most attractive levels in nearly a year, homebuyers remain cautious. Mortgage Bankers Association data showed purchase applications dropped 3% from the previous week, signaling that lower rates are not drawing many new entrants into the market. Refinancing activity, which tends to be more rate-sensitive, rose by just 1%, suggesting only a modest response among households looking to restructure existing debt. Brokerage Redfin described the current environment as one producing a “trickle, not a surge” of demand, with affordability challenges still weighing heavily on potential buyers.
The central issue remains housing affordability. Home prices, while cooling in some regions, are still elevated compared to pre-pandemic levels, and many prospective buyers remain priced out despite the recent dip in borrowing costs. Supply shortages also persist as homeowners who locked in ultra-low rates during 2020 and 2021 are reluctant to sell, limiting inventory and keeping prices from adjusting downward in a meaningful way. This lock-in effect continues to hold back mobility in the market, even as conditions grow more favorable on the financing side.
Attention now shifts to broader economic forces that could determine whether mortgage rates continue to ease. Treasury yields, which mortgage rates closely track, have been under pressure as investors reassess the path of monetary policy. The upcoming August jobs report will be critical in shaping those expectations. If employment data comes in weaker than forecast, markets are likely to bet more aggressively on Fed rate cuts, which could drive borrowing costs lower still. Conversely, a strong report could quickly reverse recent gains, sending yields and mortgage rates higher again.
Recent indicators suggest the labor market is losing momentum. Job openings in July fell to their lowest level in ten months, with fewer available positions relative to unemployed workers. Meanwhile, private payroll data from ADP showed the economy added just 54,000 jobs in August, underscoring the slowdown. Economists point out that while layoffs remain limited, the ability for unemployed workers to re-enter the job market has become more difficult, reflecting a gradual cooling rather than a sharp downturn.
For now, mortgage rates are at their most favorable point in nearly a year, but affordability barriers, limited supply, and broader economic uncertainty mean the housing market remains stuck in neutral. The next move may depend less on where rates are today and more on whether labor market weakness forces the Fed to deliver deeper cuts that could eventually bring real relief to buyers.
For the first time in more than four years, the number of unemployed Americans has surpassed the number of available job openings, highlighting a turning point in the post-pandemic labor recovery. According to the Bureau of Labor Statistics’ July Job Openings and Labor Turnover Survey (JOLTS), there were 7.18 million vacancies compared with 7.25 million unemployed workers. This pushed the ratio of job openings to job seekers down to 0.99, the lowest level since April 2021.
The shift marks a departure from the tight labor conditions that dominated much of the past three years, when employers struggled to attract talent and job seekers often had multiple options. Instead, the balance has tipped slightly in favor of employers, with fewer roles available and greater competition among applicants.
The data suggests the softer labor conditions are being driven more by a slowdown in hiring demand than a surge in job losses. Layoffs remain relatively subdued, indicating that workers currently employed are not facing widespread displacement. Instead, the challenge lies with individuals attempting to re-enter the workforce or find new opportunities after leaving prior roles.
Economists noted that job openings have been gradually trending lower throughout 2024 and 2025, rather than collapsing suddenly. This indicates a measured cooling rather than a shock-driven downturn, which is consistent with an economy that is slowing toward equilibrium rather than tipping into recession.
On the supply side, labor force participation fell to its lowest since late 2022. Demographics are partly to blame: the U.S. workforce continues to age, and participation among older workers has steadily declined. Policy also plays a role, as more restrictive immigration measures in recent years have limited the inflow of working-age migrants, reducing available labor.
While fewer workers in the labor pool can put pressure on certain industries still seeking talent, it also means that the rise in unemployment is cushioned compared to previous downturns. With both supply and demand easing at the same time, the job market appears to be rebalancing rather than unraveling.
For job seekers, the environment has become more competitive. Workers without recent employment may find it harder to secure positions, as openings are spread more thinly across industries. However, the relative stability of layoffs indicates that those currently in jobs are less vulnerable to sudden cuts, reducing the risk of mass unemployment events that typically accompany recessions.
The JOLTS report adds to the broader picture of a cooling labor market but stops short of signaling a contraction. Payroll gains and unemployment rates remain within ranges considered sustainable by economists, suggesting that conditions are closer to a long-term “steady state” rather than a downturn. The upcoming August employment report will provide further clarity, particularly on whether employers are continuing to add jobs at a pace consistent with stable growth.
