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Release – QuoteMedia Announces Q2 2025 Financial Results and Strong Growth Outlook

Posted on by aweinsoff@channelchek.com

Research News and Market Data on QMCI

August 14, 2025 17:50 ET | Source: QuoteMedia, Inc.

PHOENIX, Aug. 14, 2025 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced financial results for the quarter ended June 30, 2025, reporting 5% year-over-year revenue growth to $4.93 million. The Company also secured several major new contracts expected to contribute meaningfully to revenue beginning in the third quarter.

QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides comprehensive market data services, including streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile.

Q2 2025 Financial Highlights (vs. Q2 2024)

  • Revenue: $4.93 million, up $253,265 (5%); FX-neutral growth of 6%(1)
  • Adjusted EBITDA(1): $99,121, compared to $493,393, reflecting lower capitalized development costs
  • Net Loss: $853,582, compared to $251,173, due to the accounting impact of development cost capitalization changes

Management Commentary

“We delivered solid revenue growth this quarter and closed major new contracts that will begin generating revenue in Q3,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “We are also in advanced negotiations for additional large-scale deployments, which we expect to further enhance our performance.”

The Company’s Q2 profitability was impacted by how development costs were capitalized:

  • A smaller proportion of development costs were capitalized compared to previous quarters, resulting in more costs being expensed immediately.
  • Because development costs are amortized over three years, amortization expense remains elevated from prior periods, temporarily reducing Adjusted EBITDA.

While the accounting for development costs significantly impacted our bottom line, it had no impact on cash flow. Gross margin, EBITDA, and profitability are expected to improve in future quarters as amortization expense decreases.

Outlook

“We are confident in a strong second half of 2025,” Thompson added. “Our pipeline is robust, and we are proud of the team’s ability to secure and implement high-value contracts.”

Conference Call Details

QuoteMedia will host a conference call Friday, August 15, 2025, at 2:00 PM Eastern Time to discuss the Q2 2025 financial results and provide a business update.

Conference Call Details:

Date: August 15, 2025

Time: 2:00 PM Eastern Time

Dial-in numbers: 888-999-3182; 848-280-6330
Conference ID: 3818457 PIN: 2420

Or use the Conference Link below to bypass the operator: https://link.meetingpanel.com/?id=quotemedia-second-quarter-results

An audio rebroadcast of the call will be available later at: www.quotemedia.com

About QuoteMedia

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Bank of Montreal (BMO), Broadridge Financial Systems, JPMorgan Chase, Scotiabank, CI Financial, Canaccord Genuity Corp., Hilltop Securities, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, The Goldman Sachs Group, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Credential Qtrade Securities, CNW Group, iA Private Wealth, Ally Invest, Inc., Suncor, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Stock-Trak, Mergent, Cision and others. Quotestream®, QMod™ and Quotestream Connect™ are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company’s SEC reports and filings and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.

Below are the specific forward-looking statements included in this press release:

  • We experienced solid revenue growth, and we expect to see even greater improvement throughout the year
  • In future quarters, amortization expense will decrease reflecting the lower levels of capitalized development costs, and our profitability will increase accordingly. Additionally, this will lead to improvement in our gross margin as well as EBITDA moving forward.
  • We are looking forward to a strong second half of 2025

QuoteMedia Investor Relations

Dave Shworan
Email: dave@quotemedia.com
Call: (250) 954-3216 ext. 2101

Note 1 on Non-GAAP Financial Measures

We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.

We define and calculate Adjusted EBITDA as net income attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.


In addition to the non-GAAP measures discussed above, we also analyze certain measures, including net revenues and operating expenses, on an FX-neutral basis to better measure the comparability of operating results between periods. Management believes that changes in foreign currency exchange rates are not indicative of the company’s operations and evaluating growth in net revenues and operating expenses on an FX-neutral basis provides an additional meaningful and comparable assessment of these measures to both management and investors. FX-neutral results are calculated by translating the current period’s local currency results with the prior period’s exchange rate. FX-neutral growth rates are calculated by comparing the current period’s FX-neutral results by the prior period’s results.

Release – Comstock Announces Second Quarter 2025 Results And Corporate Updates

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

August 14, 2025

Raises $30 Million From Oversubscribed Offering and Eliminates Debt & Obligations

VIRGINIA CITY, NEVADA, August 14, 2025 – Comstock Inc. (NYSE: LODE) (“Comstock,” “our,” and the “Company”), today announced its second quarter 2025 results, business updates and an updated 2025 business outlook.

Recent Corporate Liquidity and Capital Resources Events

  • Closed the initial $20 Million of Series A Investment and completed the separation of Fuels into Bioleum Corporation;
  • Raised $30 million in gross proceeds to fully fund and accelerate the commercialization of its R2v3/RIOS Responsible Recycling certified zero-landfill industry-scale solar panel recycling facilities, each capable of recycling over 3.3 million panels per year, and to eliminate debts and advance additional site selections and other key development initiatives;
  • Paid down outstanding promissory notes by issuing 2,900,000 common shares to an existing, leading shareholder that positions the elimination of $8,390,000 of debt obligations;
  • Entered a final payoff agreement with Kips Bay in full satisfaction of the Company’s convertible note obligation;  
  • Eliminated all liabilities associated with the previous acquisitions of AST (Fuels); Northern Comstock (Mining); Haywood mineral properties and quarry (Mining) and LINICO (Metals);
  • Proforma combined cash balance exceeded $45 million between Comstock and Bioleum’s recent capital raises; and
  • Common shares outstanding on August 13, 2025, and August 14, 2025, was 35,930,913 and 49,264,247, respectively.

“The past five months have clarified the technological capabilities and leadership teams of two extraordinary companies, a Nevada-based renewable metals company and an Oklahoma-based renewable oil and gas company, that, remarkably, are now rapidly moving to deploy urban silver mines and sustainable oil fields and biorefineries that do not ever deplete or stop producing. In both instances now, multiple, sophisticated, strategic and financial investors have all made material investments in us,” stated Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc. “Everything is accelerating to industry-scale production.”

Selected Segment Highlights for Comstock Metals

“Solar panel recycling is a win-win-win – good for consumers, the economy, and our planet,” said Evelyn Butler, Vice President of Technical Services at the Solar Energy Industries Association (SEIA). “We congratulate Comstock Metals on this achievement – one of our Preferred Recycling Partners – and we look forward to continuing this partnership for the benefit of the entire solar energy industry.” Comstock Metals is the only certified R2v3/RIOS Responsible Recycling Standard by State Electronic Records Institute (SERI).

Comstock Metals

  • Recorded billings of $2.31 million ($1.1 million was deferred) in first half of 2025, versus nil in the first half of 2024;
  • Certified to the R2v3/RIOS Responsible Recycling Standard by SERI, authenticating the first zero-waste recycling process that safely repurposes all the recycled solar panel materials into new commercial applications.
  • Entered into a Master Services Agreement (MSA) with RWE Clean Energy (“RWE”), serving as a preferred, strategic partner for the end-of-life recycling, disposal, and decommissioning services for RWE’s solar installations;
  • Received well over 4 million pounds of end-of-life solar materials from RWE in the first half of 2025;
  • Commenced operating three shifts and expanded the dedicated team to 20 full time employees;
  • Received an additional county permit for expanded storage in the immediate proximity of the processing facilities;
  • Secured additional intake (tipping) revenue arrangements across the U.S., including industry leading customers; and
  • Finalized industry-scale equipment design and ordered the purchase of all equipment for delivery in Q4 2025.

“Comstock Metals has continued growing stronger than ever. Comstock Metals became the first company in North America to earn the stringent R2v3 and RIOS certifications for zero-waste solar panel recycling,” said Comstock Metals President, Dr. Fortunato Villamagna. “This groundbreaking certification validates that our recycling facility and processes meet the highest global standards for safety, environmental stewardship, and total waste elimination. In fact, under the R2v3/RIOS standard (including the specialized Appendix G), we demonstrated a 100% landfill-free recycling process. Every component of an end-of-life solar panel (glass, aluminum, semiconductor fines, and other metals) is fully reclaimed and repurposed into new raw materials. The capital we just raised allowed us to order and place deposits down on the equipment today. We wasted no time.”

Selected Segment Highlights for Comstock Mining

  • Closed on the sale and monetization of the northern district claims for approximately $3 million in proceeds;
  • Increased both Comstock economic mineralized material estimates based on significantly higher gold and silver prices;
  • Developed actionable plans for expanding and upgrading the Dayton resource into proven and probable reserves; and
  • Assessed productive post-mining land uses and identified prerequisites for post-mining development.

“The rapidly rising industrial silver demand and ongoing geopolitical concerns, compounded by decades of questionable monetary policy, created an unprecedented runup in gold and a possibly greater set up for silver prices over the next several years. Our historic, world-class Nevada mining assets are well positioned for expansion and monetization with sophisticated strategic and financial partners,” said Comstock’s Chief Financial Officer and Comstock Mining President, Mr. Judd Merrill.

Selected Highlights for Bioleum Corporation (“Bioleum”)

  • Closed on a strategic Series A investment from subsidiaries of Marathon Petroleum Corp. (“MPC”) and completed an initial $20 Series A preferred equity financing;
  • Secured the first site and advanced site-specific engineering for the first planned Oklahoma-based Bioleum refinery;
  • Qualified for the second $1 million of the $3 million in incentive awards from Oklahoma’s Quick Action Closing Fund;
  • Secured a $152 million allocation of Qualified Private Activity Bonds from Oklahoma’s State Treasurer’s Office;
  • Acquired and restarted Madison, Wisconsin pilot facility, and commenced integration of the Madison team;
  • Hired exceptional, biofuel industry veterans to expand and accelerate development;
  • Advanced a Series A preferred equity financing offering with an expanding group of strategic investors; and
  • Advanced research and development with NREL combined applications of Bioleum’s and NREL’s breakthrough process for producing sustainable aviation fuel (“SAF”) from lignin that is functionally identical to petroleum jet fuel.

“We have developed an unprecedented, versatile, and exceptionally high-yield, ultra-low-carbon biofuel platform that integrates waste streams and purpose-grown crops to produce up to 200 million barrels — about 8 billion gallons — of sustainable fuel annually by 2035,” said Kevin Kreisler, newly appointed CEO of Bioleum Corporation. “Our proven commercial process converts wasted and unused woody biomass byproducts into renewable fuels and, when combined with dedicated energy crops, creates an efficient, scalable network of ‘endless oil wells’ hidden in plain sight.”

Bioleum Separation Completed: A Bold New Chapter

“We have officially separated and contributed the assets that formerly comprised Comstock’s fuels segment into Bioleum, a newly formed company dedicated to accelerating and maximizing the production and use of lignocellulosic biomass derived fuels – or BioleumTM –and attracting the necessary capitalization to do so, stated Mr. De Gasperis. “We expect that before the end of this year, Bioleum will also be fully deconsolidated from Comstock’s consolidated financial statements and will have stand-alone, audited Bioleum Corporation financial statements. Bioleum’s formation marks the next chapter in this rapid evolution – one where our renewable fuels platform can accelerate under its own banner with singular focus and clarity with the ultimate objective of also becoming a publicly traded company.”

Comstock now owns $65 million face value convertible preferred stock in Bioleum, convertible into 32.5 million common shares, positioning an exceptional value potential for Comstock’s shareholders and preserving Comstock’s ability to accelerate the growth and delivery of that value directly to Comstock’s shareholders, ultimately through a public offering.

Outlook: Commercialization and Monetization 

Corporate 

The growth opportunities for both Comstock Metals and Bioleum have developed well beyond our original plans, and we have attracted some of the most sophisticated partners for investment, feedstock, technology, operations, and offtake, with many now evaluating or having already direct investments and that are exploring deeper integrations and strategic transactions.

The Company’s Corporate objectives for the rest of 2025 include:

  • Monetize our legacy real estate and non-strategic investments for over $50 million;
  • Support the next phases of Metals growth; and
  • Finalize, communicate and implement plans to unlock maximum value from the separation of Bioleum.

This ultimately results in two high-growth companies: a renewable metals and mining company headquartered in Nevada, and a renewable fuels company headquartered in Oklahoma and with major operations already functioning in Wisconsin.

Comstock Metals

Comstock Metals has now been operating its first commercial demonstration facility for over 18 months and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility. The industry-scale facilities are anticipated to ultimately operate at least 100,000 tons of annual capacity. Site selection activities are ongoing for the next two industry-scale facilities and associated storage sites. The Company plans to ultimately build up to 7 industry-scale U.S. based recycling facilities.

The Company’s Metals objectives for the rest of 2025 include:

  • Expand local county storage capacity adjacent to our first industry-scale facility;
  • Complete permitting for our first industry-scale facility in Silver Springs, NV;
  • Procure, deploy, and assemble plant and equipment for our first industry-scale facility in Silver Springs, NV;
  • Secure additional Master Service Agreements (MSA) with national and regional customers;
  • Complete site selection and preliminary development for two additional solar panel recycling locations;
  • Expand the system globally with international strategic and capital partners; and
  • Advance and expand R&D efforts to recover more and higher-purity materials from recycled streams for offtake.

The capital expenditures for the first 100,000 tons of annual capacity for the first industry scale facility are expected to be approximately $12.0 million which includes expanded storage. In 2025, approximately $10.0 million of capital expenditures is required with additional up to $2.0 million, spent in early 2026. Billable revenues are expected to be eight times greater in 2025, as compared to 2024, or over $3.5 million, with proportionate future increases in 2026, as we scale up our first industry-scale facility. The Company has already ordered the equipment associated with the capital expenditures.

For the remainder of 2025, we plan on accelerating and increasing our lead in metals as our solar panel recycling systems rapidly expands market share nationally and we have now already placed our orders for the first industry-scale facility in Silver Springs, NV,” concluded Mr. De Gasperis. “We are moving fast to deploy in the fourth quarter of 2025 and commission the facility in the first quarter of 2026, so that we can be operating and processing panels profitably in the second quarter of 2026.”

Comstock Mining

Comstock Mining has amassed the single largest known repository of historical and current geological data within the Comstock mineral district, including extensive geophysical surveys, geological mapping, and drilling data, including the Dayton resource.

The Company’s Mining objectives for 2025 include:

  • Receive cash proceeds of over $2.0 million from prior mineral leases and asset sales from the northern claims;
  • Commercialize agreements that either monetize or enable resource expansion of the central claims with others; and
  • Complete the preliminary mine plans that enable the economic development of the southern district claims.

The Company’s 2025 efforts will apply economic analysis to Comstock’s existing gold and silver resources progressing toward preliminary economic feasibility for the southern part of the district and the ultimate development of full mine and reclamation plans and the development of post productive land and community development plans. 

Bioleum

Bioleum’s biorefining technologies are commercially ready for deployment and offer growth-enabling performance. Bioleum is actively engaged in the planning and deployment of its first commercial demonstration facility and pursuing joint development and licensing agreements representing future revenue sources from technical and engineering services, royalties, and equity participation. These efforts include securing associated supply chain participants (including feedstock, site selection, engineering, construction and procurement, and offtake), performing preliminary and final engineering, and facilitating commissioning, construction, and operations, including with globally and locally recognized current and developing renewable fuels producers that, in certain cases, also represent a source of strategic capital for funding the projects.

Bioleum’s objectives for the rest of 2025 include:

  • Complete separation of Bioleum as a separate, stand-alone, well-capitalized, renewable fuels focused on advancing delivery of hundreds of millions of barrels by 2035 and a public offering;
  • Complete Bioleum’s ongoing Series A preferred equity financing;
  • Execute definitive lease, EPC, feedstock, and offtake agreements, complete all engineering, and continue to advance Bioleum’s first commercial biorefinery site in Oklahoma;
  • Acquire and develop initial commercial scale purpose grown energy crop farm to provide additional feedstock for our first commercial biorefinery;
  • Secure sufficient project-level financing for first Oklahoma-based commercial biorefinery project;
  • Execute additional revenue generating licenses and other commercial agreements;
  • Expand Wisconsin pilot production capabilities to up to two barrels per week of intermediates and fuels; and
  • Advance our innovation and development efforts toward even higher yields, lower costs and lower capital.

Bioleum’s commercialization plans are squarely focused on operationalizing its newly integrated pilot facilities in Wisconsin and commercializing its first fully integrated demonstration scale facility in Oklahoma. Bioleum also offers integrations of its solutions into existing agriculture, forestry, pulp and paper, ethanol, and petroleum infrastructure to generate additional technical services, engineering and royalty revenues. The plans also include integrating Bioleum’s high yield Bioleum refining platform with Hexas’ high yield energy crops to provide enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic and global energy independence.

CONFERENCE CALL DETAILS

Comstock’s Executive Chairman and Chief Executive Officer, Corrado De Gasperis, and its Chief Financial Officer, Judd Merrill, will present an overview of the second quarter 2025 financial results, upcoming milestones, and how the Company’s systemic platform is optimizing results on Thursday, August 14, 2025, via a webinar.

Investors and all other interested parties are invited to register below.

Date:     August 14, 2025
Time:     4:30 p.m. ET
Register: Webinar Registration

HAVE QUESTIONS? There will be an allotted time following the results presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: ir@comstockinc.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that enable, support and sustain clean energy systems across entire industries by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable electrification metals, like silver, aluminum, copper, and other critical minerals from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Release – Eledon Pharmaceuticals Reports Second Quarter 2025 Operating and Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ELDN

August 14, 2025

PDF Version

Updated data from ongoing open-label Phase 1b trial demonstrated a mean 12-month eGFR of approximately 68 mL/min/1.73 m2 post-transplant for patients on tegoprubart

Company on track to report topline results from Phase 2 BESTOW trial in kidney transplantation in November 2025

Cash, cash equivalents and short-term investments of $107.6 million as of June 30, 2025

IRVINE, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (Nasdaq: ELDN) today reported its second quarter 2025 operating and financial results and reviewed recent business highlights.

“We are proud to enter the second half of the year with strong momentum as we have achieved all of our key milestones to date including advancing tegoprubart in kidney, islet cell (type 1 diabetes), and liver allotransplantation, as well as in xenotransplantation. The positive data we recently presented at the World Transplant Congress reinforce the potential of tegoprubart to improve long-term transplant outcomes while reducing the toxic side effects often associated with the current standard of care,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “With these encouraging results in hand, we look forward to sharing topline data later this year from our Phase 2 BESTOW trial in kidney transplantation and to continuing to explore tegoprubart’s broad potential in other transplant indications.”

Year-to-Date 2025 Business Highlights

  • Presented updated data at the World Transplant Congress (WTC) in August 2025 from the ongoing Phase 1b open-label trial evaluating tegoprubart for the prevention of organ rejection in kidney transplant patients. Updated data from 32 participants demonstrated that tegoprubart continues to be well tolerated with no cases of death, graft loss, drug related tremor, sepsis, or new-onset diabetes. Kidney function, as assessed by estimated glomerular filtration rate (eGFR), generally stabilized after the first month post-transplant and remained in the range of approximately 68 mL/min/1.73 m2 through 12 months for participants (n=12) who remained on tegoprubart. For comparison, data from historical studies using the standard of care, calcineurin inhibitor-based immunosuppression therapy, typically report aggregate mean eGFRs of approximately 53 mL/min/1.73 m2 at 12 months after kidney transplant.
  • In June 2025, a third patient was treated with tegoprubart as a cornerstone component of the immunosuppression treatment regimen following kidney xenotransplantation conducted at Massachusetts General Hospital (MGH) in collaboration with eGenesis.
  • Announced the first three islet cell transplant recipients treated at the University of Chicago Medicine’s Transplant Institute in an investigator-initiated trial evaluating tegoprubart as part of an immunosuppression regimen for the prevention of islet transplant rejection achieved insulin independence. An additional three islet transplant recipients have now been enrolled as well, bringing the total enrollment in the trial to six patients.
  • Preclinical data in liver allotransplantation utilizing tegoprubart was presented at WTC 2025 demonstrating markedly prolonged graft survival in non-human primates (NHPs) by targeting the CD40 Ligand pathway and the potential for transplant tolerance induction.
  • Announced a second investigator-initiated trial at the University of Chicago Medicine’s Transplant Institute evaluating tegoprubart as part of an immunosuppression regimen for the prevention of islet transplant rejection in patients with impaired kidney function.
  • Hosted an R&D Day in New York City that highlighted recent progress for the Company’s lead investigational candidate, tegoprubart, with a focus on its clinical development progress in organ and cell transplantation, including the ongoing Phase 2 BESTOW trial. The event featured members of Eledon’s executive team and leading experts in the field of transplantation. A replay of the R&D Day event can be found on Eledon’s website at https://ir.eledon.com/news-and-events/events
  • In June 2025, the Company was added to the Russell 3000® and Russell 2000® Indexes following the annual reconstitution, broadening visibility among investors as Eledon approaches key regulatory milestones.

Anticipated Upcoming Milestones for 2H 2025

  • November 2025: Report topline results from the Phase 2 BESTOW trial of tegoprubart in kidney transplantation.
  • Launch an investigator-initiated trial at MGH evaluating tegoprubart as part of an immunosuppression regimen to induce donor-specific immune tolerance through mixed chimerism.
  • Enroll three additional patients in the investigator-led clinical trial at UChicago Medicine in subjects with type 1 diabetes treated with tegoprubart as part of an immunosuppression regimen for the prevention of pancreatic islet transplant rejection.

Second Quarter 2025 Financial Results

Cash, cash equivalents and short-term investments totaled $107.6 million as of June 30, 2025 compared to $140.2 million as of December 31, 2024. The company expects current cash, cash equivalents and short-term investments to fund operations to the end of 2026.

Research and development (R&D) expenses for the second quarter of 2025 were $20.3 million, including $1.1 million of non-cash stock-based compensation expense, compared to $10.1 million, including $0.8 million of non-cash stock-based compensation expense, for the comparable period in 2024.

General and administrative expenses for the second quarter of 2025 were $4.5 million, including $1.6 million of non-cash stock-based compensation expense, compared to $4.4 million, including $2.2 million of non-cash stock-based compensation expense, for the comparable period in 2024.

Net loss for the second quarter of 2025 was $11.2 million, or $0.13 per basic common share, compared to a net loss of $44.9 million, or $0.92 per basic common share, for the comparable period in 2024.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, liver allograft transplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.

Follow Eledon Pharmaceuticals on social media: LinkedIn; Twitter

Forward Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the company’s capital resources and ability to finance planned clinical trials, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sides, as well as patient enrollment; risks relating to costs of clinical trials and the sufficiency of the company’s capital resources to fund planned clinical trials; and risks associated with the impact of the ongoing coronavirus pandemic. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
stephen@gilmartinir.com

Media Contact:

Jenna Urban
CG Life
(212) 253 8881
jurban@cglife.com

Source: Eledon Pharmaceuticals

Trump Signals Massive Semiconductor Tariffs as U.S. Expands Trade Duties

Posted on by slightbourne@noblecapitalmarkets.com

President Trump is preparing to roll out a new round of tariffs on semiconductor imports, signaling a sharp escalation in the United States’ trade strategy. The upcoming duties could reach levels as high as 300%, representing a major shift in the administration’s approach to key technology sectors. These tariffs are expected to be announced over the next couple of weeks and will likely have wide-ranging implications for the semiconductor industry and the broader economy.

This move continues a broader trend of imposing trade barriers across multiple sectors. Pharmaceutical imports are also expected to face similar duties in the near future, marking a significant expansion of tariffs beyond metals, machinery, and consumer goods. Economists anticipate that as these duties take hold, their effects will become more visible in economic indicators such as inflation and producer costs.

Early signs of tariff impact are already appearing in economic data. The wholesale price index showed a sharp rise in July, the fastest in roughly three years, suggesting that costs are increasingly being passed through to businesses. While the broader consumer inflation data has not yet reflected the full impact of previous tariffs, analysts expect that upcoming reports will more clearly show the consequences of higher import duties.

Despite concerns over inflation and trade disruptions, U.S. stock markets have so far remained resilient. Major indexes reached record highs recently, reflecting investor confidence and adaptation to the ongoing tariff environment. Revenue generated from existing tariffs has been substantial, though a portion of this revenue is indirectly borne by consumers through higher prices. The effect on corporate margins and consumer purchasing power is expected to intensify if new semiconductor and pharmaceutical duties are implemented at the highest proposed rates.

On the international front, trade negotiations continue to play a key role. An extension of the tariff truce with China has delayed further talks until November, temporarily easing tensions between the two largest economies. Current U.S. tariffs on Chinese imports average over 50%, creating a backdrop for the upcoming discussions with Canada, Mexico, and other trade partners. Reciprocal tariffs imposed on a range of countries earlier this month signal that Washington is aiming for a broader realignment of trade terms across multiple fronts.

Legal challenges to the tariffs remain unresolved. Multiple cases are currently pending in U.S. federal courts, including one high-profile appeal that could determine the legality of the administration’s tariff authority. A court ruling in either direction could significantly influence the trajectory of trade policy and investor sentiment.

As the U.S. government prepares to expand tariffs on semiconductors and pharmaceuticals, businesses and consumers alike are watching closely. The scale of the proposed duties represents one of the most aggressive trade actions in recent years, with potential ripple effects on global supply chains, technology production, and pricing. Economists, market analysts, and policymakers will be monitoring upcoming economic reports and legal developments to gauge how these tariffs will reshape the U.S. economy.

Release – Bit Digital, Inc. Announces Second Quarter of Fiscal Year 2025 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTBT

    NEW YORK, August 14, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies headquartered in New York City, today announced its financial results for the Second Quarter of 2025. The Company will host a conference call on August 15, 2025, at 10:00 AM ET to discuss results (click here for registration information).

    WhiteFiber IPO and Retained Stake
    In August 2025, Bit Digital completed the initial public offering of its high-performance computing subsidiary, WhiteFiber, Inc. The results reported in this release include WhiteFiber’s contributions for the full second quarter on a consolidated basis.

    As of August 13, 2025, Bit Digital held 27,043,749 shares of WhiteFiber, representing approximately 74.3% of the company. Based on WhiteFiber’s closing price of $17.32 per share on that date, the Company’s retained stake was valued at approximately $468.4 million. Following the IPO, Bit Digital will continue to consolidate WhiteFiber’s results in its financial statements, with public ownership reflected as non-controlling interest, unless and until the Company’s ownership or control falls below the threshold required for consolidation under U.S. GAAP.

    Financial Highlights for the Second Quarter of 2025

    • Total revenue for the second quarter of 2025 was $25.7 million; an 11.7% decrease compared to $29.0 million in the second quarter of 2024. The decline was primarily driven by a decrease in digital asset mining revenue as the Company focused on Ethereum-native treasury and staking strategies, which was partially offset by growth across other segments.
    • Revenue from digital asset mining was $6.6 million, a 58.8% decrease compared to $16.1 million in the prior year’s quarter. The decline was driven by increased network difficulty, the halving event in April 2024, and a reduction in active hash rate.
    • Revenue from cloud services was $16.6 million, a 32.8% increase compared to $12.5 million in the prior year’s quarter.
    • Revenue from colocation services was $1.7 million, compared to none in the prior-year quarter as the business was launched in late 2024.
    • Revenue from ETH staking was $0.4 million, a 2.3% decrease compared to $0.4 million in the second quarter of 2024. An increase in staking rewards was offset by a lower realized ETH price during the quarter.
    • Net income for the second quarter of 2025 was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12.0 million, or $(0.09) per diluted share, in the prior-year quarter.
    • Adjusted EBITDA for the second quarter of 2025 was $27.8 million, compared to $(3.8) million in the second quarter of 2024. Second quarter 2025 adjusted EBITDA includes a $27.2 million gain on digital assets.
    • Cash and cash equivalents totaled $181.2 million as of June 30, 2025, compared to $95.2 million as of December 31, 2024.
    • Total digital assets were $91.2 million as of June 30, 2025, compared to $161.4 million as of December 31, 2024. Subsequent to quarter-end, the Company liquidated substantially all BTC and used the proceeds to acquire ETH.

    Ethereum Treasury Strategy
    During the second quarter, Bit Digital initiated a strategic transition to become a pure-play Ethereum treasury and staking company. The Company intends to allocate the majority of its capital to ETH accumulation and staking yield generation, positioning itself as a leading public ETH vehicle.

    The Company’s ETH position[1] has grown materially as a result of this initiative:

    • June 30, 2025: 30,663 ETH held.
    • July 7, 2025: 100,603 ETH held.
    • August 11, 2025: 121,076 ETH held, valued at approximately $511.5 million as of that date, following additional purchases funded by the Company’s June and July 2025 equity offerings to support the ETH treasury strategy.

    In the second quarter, Bit Digital earned approximately 166.8 ETH in staking rewards. As of June 30, approximately 21,568 ETH were actively staked, generating an annualized effective yield of approximately 3.1% for the quarter. As of August 11, 2025, Bit Digital had 105,015 ETH actively staked.

    Bitcoin Mining Update
    In June 2025, the Company announced plans to sunset its bitcoin mining operations as part of its transition to an Ethereum-focused strategy. The process is expected to result in the sale of mining assets or the orderly closure of operations as hosting contracts expire or equipment becomes unprofitable.

    During the second quarter, the Company earned 68.2 BTC, compared to 83.3 BTC in the prior quarter, reflecting both network difficulty, curtailments, and the ongoing fleet redeployed following the exit from a hosting partners facility. As of June 30, 2025, the Company’s active hash rate was approximately 1.2 EH/s], with a fleet efficiency of approximately 25 J/Th. The Company expects active hash rate to increase with the deployment of 3,575 previously purchased S21 mining units, of which 2,130 have been deployed since June 30, 2025. Bitcoin mined on an ongoing basis is used for settlement of related expenses and conversions into ETH.

    Management Commentary
    “This quarter marked the beginning of Bit Digital’s transformation into a dedicated Ethereum treasury and staking platform,” said Sam Tabar, CEO of Bit Digital. “In June, we formally launched our ETH strategy and have already scaled our holdings significantly, reaching 121,076 ETH as of August 11, 2025. Our objective is to build one of the largest on-chain ETH balance sheets in the public markets and to generate attractive staking yields for shareholders. This isn’t a trend we’re chasing — we’ve held ETH since 2021 and have deep conviction in its long-term value.”

    “We intend to opportunistically and cost-effectively scale our ETH position using a disciplined capital allocation framework. This includes deploying proceeds from operations and leveraging various capital markets tools where appropriate to maximize returns while maintaining prudent risk management. We are valuation-sensitive and focused on growing long-term value per share, not simply scaling for the sake of it.”

    “At the same time, we are methodically winding down our bitcoin mining operations and redeploying capital into ETH. The recently completed WhiteFiber IPO unlocked substantial value for shareholders, and our retained stake gives us additional financial strength as we pursue this new direction. “It also provides strategic flexibility that could be monetized over time to further support our ETH strategy in a non-dilutive way. With a growing ETH treasury and a strong balance sheet, we believe we are well-positioned to deliver sustainable, ETH-based returns over the long term.”

    Footnotes
    [1] Includes approximately 6,062 ETH and ETH-equivalents held in an externally managed fund as of June 30, 2025, and 6,085 ETH and ETH-equivalents as of July 31, 2025.

    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.

    Xcel Brands (XELB) – Influencer Brands Set To Launch

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

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

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

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

    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.


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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. 

    Unicycive Therapeutics (UNCY) – Actions Taken To Address Issues That Caused The CRL

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

    Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

    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.


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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. 

    Euroseas (ESEA) – Second Quarter Financial Results Exceed Expectations; Increasing Estimates

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

    Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

    Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

    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.


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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. 

    DLH Holdings (DLHC) – Ongoing Work with NIH

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

    DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

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

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

    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.


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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. 

    CoreCivic, Inc. (CXW) – Another New Contract

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

    CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

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

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

    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.


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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. 

    Conduent (CNDT) – New Business Momentum Picking Up

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

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

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

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

    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.


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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. 

    Cocrystal Pharma (COCP) – 2Q25 Reported With Norovirus and Influenza Product Updates

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, August 15, 2025

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

    Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

    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.


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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. 

    Strong September Corporate Bond Issuance Expected Despite Rate Cut Uncertainty

    Posted on by slightbourne@noblecapitalmarkets.com

    The U.S. corporate bond market is gearing up for a strong September, with investment-grade issuance expected to remain one of the highest of the year. Market strategists and bankers anticipate that companies will proceed with large volumes of bond sales despite a shift in expectations for Federal Reserve interest rate cuts.

    Historically, September has been one of the busiest months for investment-grade corporate bond activity, averaging around $140 billion in new deals. Last year set a record, surpassing $172 billion, as companies took advantage of robust investor demand for higher-yielding assets. This year’s issuance is projected to be similarly active, driven primarily by corporate financing needs rather than short-term changes in interest rate forecasts.

    Recent economic data has tempered expectations for a substantial Fed rate cut in the near term. Producer price growth accelerated, while consumer price increases aligned with forecasts, suggesting inflation remains stubborn. As a result, markets now anticipate smaller or delayed rate adjustments compared to earlier projections.

    Despite the evolving interest rate outlook, corporate treasurers are unlikely to postpone planned September bond offerings. Issuance decisions are typically based on long-term funding strategies and capital requirements, not on the immediate direction of monetary policy. Analysts note that minor movements in yields or credit spreads rarely deter companies from moving forward during this historically active month.

    Corporate credit spreads—the additional yield investors demand over U.S. Treasuries—have experienced only modest changes in recent weeks. On average, spreads tightened by about one basis point, leaving them close to multi-decade lows. Bond yields remain below January levels, maintaining favorable financing conditions for issuers.

    Industry experts expect that the two weeks leading up to Labor Day will be relatively quiet, as is common, but issuance is likely to accelerate sharply in September. With annual investment-grade supply in the U.S. often approaching $1.5 trillion, market participants anticipate continued heavy calendars in late summer and early fall.

    The upcoming wave of bond sales will also be influenced by broader market dynamics, including investor appetite for corporate debt and the ongoing search for yield in a still-uncertain interest rate environment. Many institutional investors view investment-grade corporate bonds as an attractive balance between risk and return, especially when economic data signals resilience in corporate earnings and credit quality.

    Overall, the combination of strong historical precedent, stable credit conditions, and ongoing financing needs suggests that September will remain a peak month for U.S. corporate bond issuance. Whether or not the Fed adjusts rates in the near term, companies are expected to press forward, ensuring the corporate bond market stays active as the year heads into its final quarter.