U.S. equities extended their gains on Thursday, with the Russell 2000 index of small-cap stocks taking center stage as investors embraced the Federal Reserve’s latest policy shift. The move comes just a day after the central bank announced its first interest-rate cut of 2025, a decision that has sparked optimism about economic growth and reignited appetite for smaller, more domestically focused companies.
The Russell 2000 soared more than 2% to an intraday record, positioning itself for its first all-time closing high since November 2021. This surge has placed the index firmly ahead of its large-cap peers, with the S&P 500 climbing 0.5% and the Nasdaq Composite adding 1.1%. The Dow Jones Industrial Average rose 120 points, or 0.3%.
For small-cap investors, the Fed’s move signals a potential turning point. Unlike cash-rich technology giants that can weather higher borrowing costs, small- and mid-cap companies often rely heavily on external financing to support operations and growth. Lower interest rates reduce that burden, freeing up capital for expansion and making smaller firms more attractive to investors.
Beyond the macroeconomic boost, market sentiment has improved notably since the Fed’s policy shift. The American Association of Individual Investors (AAII) reported a surge in bullish sentiment this week, with 41.7% of respondents now optimistic on the short-term outlook for stocks, up sharply from 28% the previous week. While bearish views remain elevated, the optimism highlights growing confidence that the Fed’s pivot will continue to lift equities.
The Russell’s outperformance is also being fueled by a broadening of market participation. For much of the past year, the rally in U.S. equities has been concentrated in mega-cap technology names driven by artificial intelligence enthusiasm. The rate cut has shifted attention to smaller companies that had largely lagged during the high-rate environment. With valuations still relatively attractive compared to large-cap counterparts, the Russell’s resurgence is attracting both institutional and retail inflows.
Meanwhile, the broader market rally was supported by strength in both traditional and technology sectors. Notably, Intel surged more than 25% after Nvidia announced a $5 billion investment to co-develop chips for data centers and PCs, sending Nvidia shares up more than 3%. While big tech continues to contribute, the spotlight remains firmly on the Russell’s record-setting move.
Looking ahead, investors will closely watch whether the Fed follows through with its projection of two additional rate cuts before year-end. Continued monetary easing could further unlock momentum for small-cap stocks, though analysts caution that too much stimulus could risk overheating both markets and the broader economy.
For now, however, the Russell 2000 has emerged as the clear winner of the Fed’s rate shift—marking a powerful comeback for small-cap investors after nearly four years without a record high.
Noble Capital Markets Research Report Friday, September 19, 2025
Companies contained in today’s report:
Ocugen (OCGN)/OUTPERFORM – OCU400 Licensing Agreement For Korea Completed
Ocugen (OCGN/$1.4 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OCU400 Licensing Agreement For Korea Completed Rating: OUTPERFORM
OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.
Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.
Noble Capital Markets Research Report Thursday, September 18, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL Adopts Stockholder Rights Plan Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – A Month of Awards Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45
FreightCar America (RAIL/$8.71 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | RAIL Adopts Stockholder Rights Plan Rating: OUTPERFORM
Protecting the interests of all shareholders. Following a review of the company’s current ownership structure, FreightCar America announced that its Board of Directors adopted a limited-duration stockholder rights plan.The rights plan will expire on August 5, 2026, unless terminated earlier by the Board. The Rights Plan is intended to reduce the likelihood that any person or group gains control of the company through open-market accumulation or other tactics without paying an appropriate control premium. The plan also ensures the Board has sufficient time to make informed decisions that protect the interests of the company and all RAIL shareholders.
Increasing 2026 estimates. We have increased our 2026 EBITDA and EPS estimates to $53.6 million and $0.65, respectively, from $53.2 million and $0.64. Our estimate update reflects stronger deliveries in the second half of the year, with a full-year estimate of 4,850 compared with our previous estimate of 4,800. We now expect quarterly deliveries of: 1Q: 982, 2Q: 1,200, 3Q: 1,284, and 4Q: 1,384. Previously we had assumed: 1Q: 1,346, 2Q: 1,275, 3Q: 1,058, and 4Q: 1,121.
Great Lakes Dredge & Dock (GLDD/$11.97 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Month of Awards Rating: OUTPERFORM
More Business. Over the past month, Great Lakes continued to be awarded additional business, according to the Department of War’s daily contract awards release. In total, the announced awards (and recall not all awards are included in the daily notice), totaled approximately $80 million, demonstrating Great Lakes’ operating capabilities as well as the ongoing demand from the government.
September. Most recently, Great Lakes was awarded a $27.9 million firm-fixed-price contract for the removal and disposal of hopper dredge material. Work will be performed in Venice, Louisiana, with an estimated completion date of April 7, 2026. Fiscal 2025 civil operation and maintenance funds in the amount of $27.9 million were obligated at the time of the award.
Nicola Mining Inc. (HUSIF/$0.78 | Price Target: $1.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45 Rating: OUTPERFORM
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
Noble Capital Markets Research Report Wednesday, September 17, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Activist Shareholder Calls for Strategic Review The GEO Group (GEO)/OUTPERFORM – A Renewal and Two New Contracts V2X (VVX)/OUTPERFORM – Continuing to Lighten Vince Holding Corp. (VNCE)/OUTPERFORM – A Closer Look Supports Our Favorable Outlook
Commercial Vehicle Group (CVGI/$1.94 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Shareholder Calls for Strategic Review Rating: OUTPERFORM
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder value.
The GEO Group (GEO/$22.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Renewal and Two New Contracts Rating: OUTPERFORM
Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.
Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.
V2X (VVX/$56.62 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Continuing to Lighten Rating: OUTPERFORM
Another Sale. Private-equity firm American Industrial Partners (AIP), through its Vertex Aerospace subsidiary, sold another 1.7 million VVX shares on September 11th. According to the amended 13D filing, the shares were sold at a price of $52.203 per share through a Rule 144 sale. As we have stated in the past, we continue to expect AIP to sell off its V2X holding over time.
Ownership. Following the most recent share sale, AIP’s ownership is now 8,467,286 VVX shares, representing 26.9% of the outstanding common of V2X. This is down from the 18,591,866 VVX shares, or 61.1% of the then outstanding common, held by AIP just after the Vectrus/Vertex merger in July 2022.
Vince Holding Corp. (VNCE/$2.63 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Closer Look Supports Our Favorable Outlook Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 16, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Acquisition Builds The Pipeline With Anticoagulants In Development
Cadrenal Therapeutics (CVKD/$13.37 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Acquisition Builds The Pipeline With Anticoagulants In Development Rating: OUTPERFORM
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
Noble Capital Markets Research Report Monday, September 15, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Jonathan P Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Fast Track Designation Gives Benefits Now And In The Future Metals & Mining (Metals & Mining) – Insights from the Precious Metals Summit
Euroseas (ESEA/$63.97 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Jonathan P Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
Greenwich LifeSciences, Inc. (GLSI/$11.23 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Fast Track Designation Gives Benefits Now And In The Future Rating: OUTPERFORM
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
Metals & Mining Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Insights from the Precious Metals Summit
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Noble Capital Markets Research Report Friday, September 12, 2025
Companies contained in today’s report:
Nutriband (NTRB)/OUTPERFORM – Nutriband Reports 2Q26 With Product Progress SEGG Media Corporation (SEGG)/OUTPERFORM – Leveraging Strong Brands As A Foundation For Growth
Nutriband (NTRB/$6.93 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Nutriband Reports 2Q26 With Product Progress Rating: OUTPERFORM
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
SEGG Media Corporation (SEGG/$5.63 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leveraging Strong Brands As A Foundation For Growth Rating: OUTPERFORM
Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.
Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.
Noble Capital Markets Research Report Thursday, September 11, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Initiated Debt Refinancing Vince Holding Corp. (VNCE)/OUTPERFORM – Delivered A Strong Quarter
Lucky Strike Entertainment (LUCK/$9.6 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Initiated Debt Refinancing Rating: OUTPERFORM
Strategic update. On September 10, the company announced that its wholly-owned subsidiary Kingpin Intermediate Holdings LLC initiated a private offering of $700 million in new senior secured notes, due in 2032. Concurrently, the company launched a refinancing of its corporate term loan and revolving credit facility. The company expects the initial amount of the refinanced term loan and revolving credit facility to be $1 billion and $400 million, respectively.
Use of capital. Importantly, the net proceeds from the new debt offering and the refinanced credit facilities are earmarked for retiring the company’s existing term loan, revolving credit facility, and bridge loan, which was used to acquire 58 real estate assets in July. Furthermore, the remaining proceeds will be used to fund the company’s strategic initiatives.
Vince Holding Corp. (VNCE/$1.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivered A Strong Quarter Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%, as illustrated in Figure #1 Q2 Results. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 9, 2025
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Positioned To End YE2025 With Strong Products and Pipeline Development
Gyre Therapeutics, Inc (GYRE/$7.89 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Positioned To End YE2025 With Strong Products and Pipeline Development Rating: OUTPERFORM
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
Noble Capital Markets Research Report Monday, September 8, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – Monthly Ethereum Treasury and Staking Metrics FAT Brands (FAT)/OUTPERFORM – Return of the CEO
Bit Digital (BTBT/$2.51 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly Ethereum Treasury and Staking Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of August 2025. As of August 31, 2025, the Company held approximately 121,252 ETH, including approximately 15,084 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,094 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 8/31/25. The Company’s total staked ETH was approximately 105,031 as of August 31st.
Yield and Value. Staking operations generated approximately 249 ETH in rewards during August, representing an annualized yield of approximately 2.94%. 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.
FAT Brands (FAT/$1.88 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Return of the CEO Rating: OUTPERFORM
Return. FAT Brands announced the return of Andrew Wiederhorn as Chief Executive Officer. Recall, Mr. Wiederhorn had stepped down from his CEO role in May 2023 when the U.S. Department of Justice filed fraud and tax evasion charges against Mr. Wiederhorn. With the criminal charges now dropped, Mr. Wiederhorn will resume leading the Company he founded. Current co-CEOs Ken Kuick and Taylor Wiederhorn will return to their original roles as CFO and Chief Development Officer, respectively.
Our View. We view the re-appointment of Mr. Wiederhorn as CEO as a positive, although in his role as Chairman of the Board and consultant over the past two years, we believe Mr. Wiederhorn was still a guiding force for the Company. We believe the Company will continue to focus on its strategic priorities: organic expansion, targeted acquisitions, increasing the manufacturing facility’s capacity, and focusing on the balance sheet.
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.
FORT WORTH, Texas, Sept. 18, 2025 (GLOBE NEWSWIRE) — SEGG Media Corporation (NASDAQ: SEGG, LTRYW), (the “Company” or “SEGG Media”) the global sports, entertainment, and gaming conglomerate, today announced it has secured premium full-page advertisements in NFL Team Yearbooks for the 2025/26 season, which ensures SEGG Media’s presence across 25 of the NFL’s 30 stadiums.
The placements feature QR code integration, driving fans directly to Lottery.com and Sports.com, delivering seamless digital engagement from in-stadium experiences to SEGG Media’s online platforms.
The Company secured advertisements in NFL Team Yearbooks that include both Super Bowl LIX winner Philadelphia Eagles and runner-up Kansas City Chiefs. The SEGG Media advertisement also appears in both NFL Team Yearbooks featured in tonight’s Thursday Night Football match-up, Buffalo Bills vs Miami Dolphins at Hard Rock Stadium. A complete list of NFL Team Yearbooks containing SEGG Media’s advertisements are as follows:
Arizona Cardinals
Atlanta Falcons
Baltimore Ravens
Buffalo Bills
Carolina Panthers
Chicago Bears
Cincinnati Bengals
Cleveland Browns
Detroit Lions
Houston Texans
Indianapolis Colts
Jacksonville Jaguars
Kansas City Chiefs
Los Angeles Chargers
Los Angeles Rams
Miami Dolphins
New England Patriots
New Orleans Saints
New York Giants
New York Jets
Philadelphia Eagles
Pittsburgh Steelers
San Francisco 49ers
Tampa Bay Buccaneers
Washington Commanders
“This places SEGG Media at the heart of America’s biggest sport, delivering massive exposure for the Company and the Sports.com brand in front of one of the most passionate fan bases in the world,” said Matthew McGahan, Chairman, President & CEO of SEGG Media. “It’s another step in positioning SEGG Media as a leading global sports, entertainment, and gaming brand into the future.”
Marc Bircham, SEGG Media Board Director and Director of Sports.com, added: “SEGG Media has always recognized that to build a true sports media conglomerate we must capitalize on iconic American sports like the NFL, NBA, MLB, IndyCar, and NASCAR. This initiative demonstrates that we are delivering on our promises to shareholders by embedding ourselves in the heartbeat of U.S. sports and entertainment culture. Engaging directly with NFL fans is a vital steppingstone, and we are actively exploring additional opportunities for the 2025/26 season, from behind-the-scenes content to interactive fan experiences. By delivering engaging content, attracting new users and investors, and expanding not just here at home, but globally, the Company is positioning itself to stand front and center as one of the most dynamic media companies listed on major exchanges today.”
The NFL Team Yearbook initiative forms part of the Company’s wider U.S. expansion strategy, which includes sponsorships in IndyCar, partnerships in esports through Veloce and Quadrant, and the upcoming launch of Concerts.com.
About SEGG Media Corporation SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.
Forward-Looking Statements
This press release contains statements that constitute “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 present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to: the Company’s ability to secure additional capital resources; the Company’s ability to continue as a going concern; the Company’s ability to complete acquisitions; the Company’s ability to remain in compliance with Nasdaq Listing Rules; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
For additional information, visit www.seggmediacorp.com or contact media relations at media@seggmediacorp.com
RESTON, Va., Sept. 18, 2025 /PRNewswire/ — V2X Inc., (NYSE: VVX), has been awarded a position on the Defense Threat Reduction Agency’s (DTRA) Cooperative Threat Reduction Integrating Contract IV (CTRIC IV). V2X is one of six recipients selected for this indefinite-deliver, indefinite-quantity contract, which carries a ceiling value of $3.5 billion over a five-year base period with five additional option years.
CTRIC IV supports the Department of Defense’s global Cooperative Threat Reduction program, which aims to reduce threats posed by weapons of mass destruction and related materials. Under this contract, V2X will execute current and future work to provide comprehensive support to counter and eliminate chemical, biological, radiological, and nuclear threats worldwide.
“This award underscores our proven ability to support high-consequence missions on a global scale,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “With our global footprint and strong operational capabilities, we are well-equipped to deliver innovative solutions in support of DTRA’s mission, wherever they are needed. We’re honored to be selected for the CTRIC follow-on contract, which reflects our track record of success. We look forward to building on this momentum and expanding our impact through this opportunity.”
The CTRIC IV contract expands V2X’s presence in critical global threat reduction efforts and reinforces its role as a trusted partner in domestic and international defense initiatives.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
Swiss pharmaceutical leader Roche has announced an agreement to acquire clinical-stage biopharmaceutical company 89bio, Inc. in a deal valued at up to $3.5 billion. The acquisition is set to strengthen Roche’s cardiovascular, renal, and metabolism portfolio, particularly its capabilities in treating metabolic dysfunction-associated steatohepatitis (MASH).
Under the terms of the agreement, 89bio shareholders will receive $14.50 per share in cash at closing, along with a non-tradeable contingent value right (CVR) providing up to an additional $6.00 per share contingent on specific milestones. The CVR payments are linked to the commercial success and sales performance of 89bio’s lead candidate, pegozafermin, a novel fibroblast growth factor 21 (FGF21) analog designed for patients with moderate to severe MASH and severe hypertriglyceridemia.
Pegozafermin is currently in Phase 3 clinical trials and is engineered to provide extended biological activity through a proprietary glycoPEGylated technology. The therapy aims to address critical unmet medical needs in liver and cardiometabolic diseases, including patients with advanced fibrosis and compensated cirrhosis. Its potential best-in-disease profile makes it a significant addition to Roche’s portfolio, enhancing the company’s efforts to provide innovative treatment options to patients worldwide.
The contingent payments under the CVR are structured to reward milestone achievements, including the first commercial sale of pegozafermin in F4 MASH cirrhotic patients, and annual global sales thresholds of $3 billion and $4 billion in subsequent years. This structure aligns shareholder incentives with the commercial success of the therapy while reflecting the high growth potential of 89bio’s pipeline.
The acquisition is subject to customary closing conditions, including the tender of a majority of 89bio’s outstanding shares and regulatory approvals. Roche plans to complete the transaction in the fourth quarter of 2025, after which 89bio will become part of Roche’s Pharmaceuticals Division. Until the closing, 89bio will continue to operate independently, maintaining its focus on the development of innovative therapies for liver and cardiometabolic diseases.
Financial advisors for 89bio include Moelis & Company LLC and Centerview Partners LLC, with Gibson, Dunn & Crutcher LLP serving as legal counsel. Citi and Sidley Austin LLP act as Roche’s financial and legal advisors.
The acquisition positions Roche to potentially transform the standard of care for patients with metabolic liver diseases while leveraging 89bio’s advanced clinical pipeline. Analysts view the deal as a strategic move to capture emerging opportunities in high-growth therapeutics, combining 89bio’s innovative platform with Roche’s global development, manufacturing, and commercialization capabilities.
The Federal Reserve lowered interest rates for the first time this year, reducing its benchmark rate by a quarter of a percentage point to a range of 4.00% to 4.25%. The move marks the Fed’s first policy easing since December and sets the stage for additional cuts as officials adjust to a cooling labor market and persistent inflation.
The decision, made in a split vote, reflects growing concern about slowing job growth and rising unemployment. In August, the economy added just 22,000 jobs, while the unemployment rate climbed to 4.3%. Recent revisions also showed weaker job growth in earlier months, reinforcing the case for easing monetary policy. The Fed’s quarterly “dot plot” projections now point to two more rate cuts before the end of 2025, up from earlier expectations.
The outlook among policymakers remains divided, however. The updated dot plot showed nine officials anticipating three cuts this year, six projecting just one, and a small minority envisioning either no cuts or significantly more. For 2026, the consensus is for one additional reduction.
Economic projections released alongside the decision highlight both resilience and challenges. Inflation is expected to rise 3.1% this year, unchanged from prior estimates, while GDP growth was upgraded slightly to 1.6% from 1.4%. The unemployment rate is forecast to reach 4.5% by year-end, reflecting mounting labor market softness.
The Fed’s move comes amid heightened political scrutiny. President Donald Trump has been pressing for lower interest rates, repeatedly criticizing the central bank for acting too slowly. His influence on the institution has grown, with newly confirmed governor Stephen Miran—previously a White House economic adviser—joining the board in time for this meeting. Miran favored a larger half-point cut, underscoring divisions within the Fed about how aggressively to ease policy.
At the same time, Trump has sought to reshape the central bank’s leadership. His administration attempted to remove Governor Lisa Cook, but courts have so far blocked the effort. Cook participated in this week’s meeting following rulings that found insufficient grounds for her dismissal. The legal battle over her position is expected to continue, potentially reaching the Supreme Court.
The Fed now faces the delicate task of balancing weaker labor data with inflation that remains well above its 2% target. Core consumer prices, which exclude food and energy, rose 3.1% in August, matching July’s reading and showing little progress in bringing inflation lower. This persistence complicates the Fed’s ability to cut rates quickly without risking renewed price pressures.
For financial markets, the latest move confirms expectations of a shift toward looser monetary policy. Investors had already priced in a September cut, but the signal of further easing provided an additional boost to assets that benefit from lower rates, including equities and gold. The dollar weakened following the announcement, reflecting anticipation of easier financial conditions.
As the year progresses, the central bank’s policy path will remain a focal point for markets, businesses, and households. With economic data softening and political pressures intensifying, the Fed’s challenge will be to support growth without reigniting inflation risks.
Gold surged past $3,700 an ounce for the first time in history on Tuesday, as investors doubled down on expectations that the Federal Reserve will cut interest rates this week and possibly keep easing into 2026.
The rally reflects a powerful mix of falling Treasury yields, political pressure on the Fed, and growing concerns that government debt is no longer a safe haven. The U.S. dollar dropped to its weakest level in more than 10 weeks, further boosting gold’s appeal.
Markets have already priced in a rate cut at this week’s Fed meeting, but the real focus is on the central bank’s quarterly economic projections and Chair Jerome Powell’s comments in the post-decision press conference. A series of weak labor market reports and stable inflation readings have strengthened the case for further cuts this year. Since gold does not pay interest, lower rates typically increase its attractiveness compared to bonds.
The political backdrop is also fueling the rally. President Donald Trump has openly pressured the Fed to move faster on monetary easing and has pushed to remove Governor Lisa Cook. Meanwhile, Stephen Miran, a senior economic advisor in the administration, is expected to join the central bank as soon as Tuesday. These developments have reinforced market expectations that monetary policy will stay accommodative in the months ahead.
So far this year, gold has climbed more than 40%, outperforming major assets like the S&P 500. The metal recently surpassed its inflation-adjusted peak from 1980, cementing its status as the safe-haven asset of choice during a time of uncertainty. Central bank buying and strong inflows into exchange-traded funds have added fuel to the rally.
Analysts warn that the move may only be the beginning. Goldman Sachs has suggested that if just 1% of privately held U.S. Treasuries were reallocated into gold, prices could surge toward $5,000 an ounce. For investors wary of ballooning government debt in the U.S., Europe, and beyond, gold has become the natural alternative.
Other precious metals have also seen movement: silver rose to its highest price in 14 years, while platinum and palladium slipped.
With gold setting fresh records and momentum accelerating, markets are now watching whether the Fed’s tone confirms what traders already believe: that a new era of monetary easing has begun. If so, the path toward even higher levels of gold could already be set.
For more context on why investors are shifting away from government debt and piling into gold, read our in-depth analysis from last week here.
Successfully completed AI pilot with Microsoft – now live – boosts fraud detection
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, is embedding generative AI (GenAI) and other advanced AI technologies into its suite of solutions for state and federal agencies. These technologies aim to improve the disbursement of critical government benefits, enhance the citizen experience, and fortify fraud prevention across major aid programs like Medicaid and the Supplemental Nutrition Assistance Program (SNAP).
As part of a recently completed GenAI pilot with Microsoft – originally announced in 2024 and now fully deployed – Conduent has significantly increased its fraud detection capacity for its largest open-loop payment card programs. Because these cards can be used at a wide range of merchants, monitoring for fraud is particularly complex. Leveraging AI, a small team of specialists can now surveil tens of thousands of accounts for suspicious activity, including identity theft and account takeover with significant improvement in accuracy. This capability is in the process of being scaled to other payment card programs.
Following the pilot’s success, Conduent is now seeking to apply similar AI methodologies to help detect and prevent fraud in Medicaid and closed-loop EBT cards, including SNAP benefits – helping safeguard usage at approved retailers. A leader in government payment disbursements, Conduent currently supports electronic payments for public programs in 37 states.
“As states adapt to evolving budget constraints and eligibility requirements, AI can empower agencies to reduce fraud and improper payments while improving service delivery,” said Anna Sever, President, Government Solutions at Conduent. “With decades of experience supporting critical government programs, Conduent is deepening its investment in AI to expand these gains across multiple programs.”
Transforming Customer Support with AI
Conduent is also deploying AI to drive improvements in the contact center experience for public benefit recipients. A standout example is the Conduent GenAI-powered capability that equips agents with instant access to accurate, program-specific information – reducing call handling times.
Conduent provides U.S. agencies with solutions for healthcare claims administration, government benefit payments, eligibility and enrollment, and child support. Visit Conduent Government Solutions to learn more.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Alphabet, the parent company of Google, has officially crossed the $3 trillion market capitalization threshold, becoming the fourth U.S. company to reach the milestone. Shares jumped more than 4% on Monday, propelling the tech giant into an elite group alongside Apple, Microsoft, and Nvidia.
The rally marks a historic moment for the company, which debuted on the stock market a little over 20 years ago and restructured as Alphabet a decade ago. This latest achievement comes amid heightened regulatory scrutiny, rapid advances in artificial intelligence, and intense competition in the tech sector.
Alphabet’s surge in September was fueled in large part by a favorable antitrust ruling. While a federal district court had previously found that Google held an illegal monopoly in search and advertising, the U.S. Department of Justice had pushed for harsher penalties, including a potential divestiture of the Chrome browser.
Judge Amit Mehta, however, stopped short of imposing the most severe remedies. That decision was viewed positively by investors, eliminating fears of a major breakup and giving Alphabet shares room to climb to record highs.
The judgment was celebrated not only by Wall Street but also drew national attention, with President Donald Trump publicly congratulating the company and calling it “a very good day.”
Alphabet’s $3 trillion valuation underscores its dominant role in the digital economy. The company has continued to grow despite facing challenges from emerging players in artificial intelligence, such as OpenAI and Perplexity, while also navigating increasing scrutiny from regulators in the U.S. and Europe.
CEO Sundar Pichai, who took over leadership of Alphabet in 2019, has steered the company through rapid industry change, balancing its core dominance in search and digital advertising with heavy investments in AI, cloud computing, and next-generation consumer technologies.
Alphabet’s shares are up more than 30% this year, more than double the Nasdaq’s 15% gain over the same period. The milestone reinforces its status as one of the most influential companies in the world, with billions of users relying on its products daily.
Alphabet’s achievement comes in a year when tech has dominated global markets. Nvidia, Apple, and Microsoft have all benefited from AI-driven growth, hardware innovation, and strong investor appetite for large-cap technology stocks. Alphabet’s entry into the $3 trillion club signals continued investor confidence that the company will remain at the center of technological transformation in the decade ahead.
With its valuation now cementing it as one of the world’s most valuable firms, Alphabet faces the dual challenge of maintaining growth while navigating ongoing regulatory battles and increasing competition. For investors, the latest milestone highlights both the resilience of Alphabet’s business model and its ability to adapt to a rapidly changing technology landscape.
California Resources Corporation (NYSE: CRC) and Berry Corporation (NASDAQ: BRY) announced today that they will merge in an all-stock transaction valued at approximately $717 million, including Berry’s net debt. The deal, unanimously approved by both companies’ boards, is set to create a more efficient, financially robust leader in California’s energy sector.
Under the agreement, Berry shareholders will receive 0.0718 shares of CRC common stock for each Berry share owned, representing a 15% premium based on the companies’ closing stock prices on September 12, 2025. Once completed, CRC shareholders will own roughly 94% of the combined company, while Berry investors will hold about 6%.
The merger values the combined entity at more than $6 billion and is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals. CRC’s executive management team will lead the unified company from its headquarters in Long Beach, California.
CRC President and CEO Francisco Leon emphasized that the merger strengthens the company’s portfolio by adding high-quality, oil-weighted reserves, while positioning it to generate higher free cash flow. The combined company expects to produce approximately 161,000 barrels of oil equivalent per day (81% oil) based on second-quarter 2025 figures and hold nearly 652 million barrels of proved reserves.
Berry brings with it not only valuable oil and gas assets in California and Utah but also ownership of C&J Well Services, an oilfield services subsidiary. This unit is expected to enhance CRC’s operational efficiency, support well maintenance, and help mitigate future cost pressures.
The deal is priced at about 2.9x enterprise value to 2025 estimated adjusted EBITDAX and is expected to be immediately accretive to free cash flow and net cash from operations. CRC anticipates generating annual synergies of $80–90 million within 12 months of closing, with half of those savings expected to be realized in the first six months.
Both companies stressed that the transaction maintains financial strength, with the combined entity projected to carry less than 1.0x leverage. Approximately 70% of expected second-half 2025 oil production will be hedged at a Brent floor price of $68 per barrel, providing a layer of stability amid commodity market volatility.
Beyond California, Berry’s large position in Utah’s Uinta Basin — about 100,000 net acres — adds strategic optionality and development potential for CRC. Four recently drilled horizontal wells in the basin are already producing significant volumes, with peak output expected in the coming weeks.
Berry’s Board Chair Renée Hornbaker highlighted that the merger strengthens both companies’ ability to deliver reliable, affordable energy to California while creating long-term shareholder value.
The transaction underscores a trend of consolidation within the energy sector as companies look to scale up, cut costs, and position themselves for a changing regulatory and market environment.
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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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
U.S. stocks slipped on Friday as investors locked in profits heading into the long weekend, but the pullback wasn’t enough to erase August’s gains. The S&P 500 retreated 0.7% after notching a fresh record earlier in the week, while the Nasdaq Composite dropped 1.2% and the Dow Jones Industrial Average fell 123 points, or 0.3%.
Despite the losses, August remains another winning month for equities. The Dow is tracking a roughly 3% gain, the S&P 500 is up nearly 2%, and the Nasdaq has advanced more than 1%. That would mark the fourth consecutive month of gains for the broad market index, underscoring investor resilience even as inflation data and policy uncertainty remain in focus.
A key driver of Friday’s caution was the latest reading of the Federal Reserve’s preferred inflation gauge. Core Personal Consumption Expenditures (PCE) rose 2.9% year-over-year in July, matching expectations but accelerating from the prior month. The increase, the highest since February, highlighted ongoing price pressures just as the Fed prepares for its September policy meeting.
While inflation remains sticky, market consensus still points to a rate cut next month. Analysts note that the Fed is increasingly balancing inflation concerns against signs of cooling in the labor market. For now, many strategists believe the central bank will move forward with a cut, although the pace and magnitude of easing remain open questions.
Friday’s weakness also came against the backdrop of strong recent performance, leading some to view the decline as simple profit-taking. The S&P 500 had just closed above the 6,500 level for the first time, and investors often trim positions after fresh highs ahead of holiday weekends.
Earnings season added another layer to the cautious mood. Nvidia, which recently reported 56% revenue growth and reaffirmed its position at the center of the AI trade, slid 3% as traders digested headlines about China’s Alibaba developing a more advanced chip. The update raised questions about long-term competition and underscored the geopolitical risks surrounding U.S. technology exports.
Elsewhere, tariff worries resurfaced after Caterpillar warned of a potential $1.5 billion to $1.8 billion hit this year from new U.S. trade measures. Retailer Gap also flagged pressure on profits, highlighting how trade policy remains a headwind for corporate America.
Looking ahead, September looms as a potential test for the rally. Historically, the month has been the weakest for stocks, with the S&P 500 averaging a 0.7% decline since 1950, according to The Stock Trader’s Almanac. Bespoke Investment Group notes that the index has posted especially lackluster September performances over the past decade.
Still, momentum heading into the new month suggests investors are willing to look past near-term headwinds. With inflation cooling gradually, the Fed leaning toward easing, and earnings broadly holding up, the market may find support even as seasonal trends turn less favorable.
Fresh inflation data released Friday, August 29, 2025, showed that prices ticked higher in July but remained in line with forecasts, reinforcing expectations that the Federal Reserve will move forward with an interest rate cut in September.
The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, showed that core prices—excluding food and energy—rose 2.9% year-over-year, the highest since February and up from 2.8% in June. On a monthly basis, core PCE climbed 0.3%. The headline index increased 2.6% annually and 0.2% month-over-month.
While inflation is still running above the Fed’s 2% target, the pace was anticipated by markets, easing fears of a policy shift. Energy costs declined 2.7% from a year earlier, while food prices rose just 1.9%. Services remained the main driver of inflation, advancing 3.6% compared with a modest 0.5% increase in goods.
Despite higher prices, consumer activity remained resilient. Personal spending grew 0.5% in July, matching forecasts, while personal income rose 0.4%. The strength in household demand suggests that U.S. consumers continue to support the economy even as tariffs and price pressures persist.
The figures indicate that recent tariff measures imposed by President Donald Trump, including a 10% baseline levy on imports and reciprocal duties on key trading partners, are filtering through the economy but not yet significantly curbing demand.
While inflation remains slightly elevated, policymakers have shifted their focus to the labor market. Payroll data for July revealed slower job creation and downward revisions to previous months, raising concerns that employment growth may be softening more sharply than anticipated. Fed Chair Jerome Powell noted last week that both labor supply and demand are cooling, increasing the risk of higher unemployment.
Fed Governor Christopher Waller reiterated his support for a 25-basis-point cut in September, noting that downside labor risks outweigh modest inflation pressures. He added that he would consider a larger move if August employment data, due September 5, shows further weakening.
Markets continue to price in a strong likelihood of a September 17 rate cut, with traders expecting a quarter-point reduction. Analysts suggest that unless upcoming inflation releases—such as the Producer Price Index (PPI) and Consumer Price Index (CPI) in mid-September—surprise sharply to the upside, policymakers will move ahead with easing.
Equities remained under pressure following the release, with the S&P 500 down around 0.7% in midday trading. Treasury yields held firm, reflecting expectations for lower borrowing costs in the months ahead.
For investors, the Fed’s path suggests a supportive environment for equities, particularly small- and mid-cap firms that benefit most from lower financing costs. Fixed income markets may also find support as yields adjust lower. Meanwhile, commodities such as gold are likely to retain a bid, with lower rates reducing the opportunity cost of holding non-yielding assets.
The bottom line: while inflation remains above target, the Fed appears set to prioritize employment risks, keeping September’s policy meeting squarely on track for a rate cut.
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