Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.
Q1 Results. The Company recorded revenue of $1.16 billion, up 11.5% year over year, in line with our estimate of $1.16 billion. Adj. EBITDA came in at $34.9 million, up 4.8% over the prior year period and modestly lower than our estimate of $36.5 million. Adj. EBITDA margin decreased 20 basis points to 3.0%. Furthermore, Kelly reported net income of $0.16/sh. On an adjusted basis, EPS was $0.39/sh compared to $0.56/sh last year and our estimate of $0.60/sh.
Solid Results. The y-o-y revenue growth of 11.5% was largely driven by the Company’s May 2024 acquisition of Motion Recruitment Partners (MRP). On an organic basis, total revenue was only up 0.2%, which includes a 0.8% decrease in revenue from U.S. federal contractors and a 6.3% increase in Education segment revenue.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement financing. Aurania Resources closed the second and final tranche of its non-brokered private placement financing. A total of 2,569,022 units of the company were sold under the second tranche at a price of C$0.30 per unit. Including the first tranche which closed on April 17, Aurania issued 5,751,921 units for gross proceeds of C$1,725,577. Net proceeds will be used to fund general working capital needs and may be used to pay mineral concession fees in Ecuador.
Terms of the offering. Each unit is composed 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$0.55 for a period of 24 months following the closing of the date of issuance.
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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.
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First Quarter Included Contract Revenues. GeoVax reported a 1Q25 loss of $5.4 million or $(0.45) per share, a smaller loss than we had expected. The quarter included $1.6 million in Contract Revenue from the BARDA contract in preparation for the Phase 2 trial. Since the contract was cancelled on April 11, 2025, the 2Q25 results will include some final contract work. Cash on March 31, 2025, was $7.4 million.
CM04S1 Continues Development With Focus On Immunocompromised Patients. The current focus of CM04S1 development is in immunocompromised patients, a population estimated at 40 million patients in the US alone. Data from the Phase 1 and Phase 2 clinical trials for CM04S1 was presented at the 25th World Vaccine Congress. The two Phase 2 trials in chronic lymphocytic leukemia and stem cell transplants continue to enroll patients, while the Phase 2 Healthy Adult Booster trial is expected to report data during 2Q25.
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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.
Key Points: – Roku will acquire Frndly TV for $185 million in cash, aiming to expand its affordable live and on-demand TV offerings. – Frndly TV offers 50+ family-friendly channels and unlimited DVR for $6.99/month, appealing to cost-conscious consumers. – The acquisition supports Roku’s platform revenue strategy while preserving Frndly TV’s availability across all major devices.
Roku (NASDAQ: ROKU) has announced a definitive agreement to acquire Frndly TV, a low-cost subscription streaming service offering live and on-demand television content. The $185 million all-cash deal is expected to close in the second quarter of 2025 and marks Roku’s latest effort to expand its content offerings and drive subscription revenue through its growing streaming platform.
Founded in 2019 and based in Denver, Colorado, Frndly TV has built a loyal subscriber base by offering more than 50 family-friendly channels—including A&E, Hallmark Channel, Lifetime, and The History Channel—for just $6.99 per month. The service also includes thousands of hours of on-demand content and unlimited cloud-based DVR functionality, appealing to value-conscious viewers seeking alternatives to more expensive cable or streaming bundles.
Roku, already the No. 1 TV streaming platform in the U.S. by hours streamed, sees the acquisition as a natural extension of its efforts to grow platform revenue and bolster its direct-to-consumer subscription business. In a competitive streaming landscape dominated by major players like Netflix, Disney+, and Amazon Prime Video, Roku’s focus on aggregation, accessibility, and affordability gives it a unique position to appeal to mainstream households and budget-conscious consumers.
“Frndly TV has carved out an impressive niche by delivering high-quality, feel-good programming at a very competitive price,” said Roku CEO Anthony Wood. “This acquisition enhances our ability to serve the growing segment of viewers seeking live TV without the high cost of traditional cable. It’s a move that supports both our customer-first philosophy and our monetization goals.”
The deal structure includes a $75 million performance-based holdback, contingent on Frndly TV achieving certain subscription and revenue milestones over the next two years. Frndly TV’s leadership team, including co-founder and CEO Andy Karofsky, will remain with the company post-acquisition to maintain continuity and support its growth within the Roku ecosystem.
Importantly, Frndly TV will continue to operate as a multi-platform service. It will remain available on Amazon Fire TV, Apple TV, Android and Google TV, Samsung and Vizio smart TVs, as well as on mobile apps and the web—ensuring that existing subscribers can continue accessing their content without disruption.
For Roku, the acquisition aligns with its broader strategy to offer comprehensive content at competitive price points while continuing to invest in its proprietary advertising and subscription infrastructure. The company has made it clear that adding subscription value—especially live TV and family-friendly entertainment—is a core component of its growth model moving forward.
This move also puts Roku in a stronger position to compete in the live TV space, where rivals like YouTube TV and Hulu + Live TV offer broader packages at significantly higher price points. By acquiring Frndly TV, Roku gains a differentiated product that serves an underserved market segment.
With stable subscriber growth, brand trust, and a growing library of original and licensed content, Roku’s purchase of Frndly TV is poised to pay long-term dividends, particularly as consumers continue to shift from traditional cable to more flexible and affordable streaming solutions.
Companies look to Einstein, Agentforce, third-party tools to boost efficiency, personalize customer experiences, ISG Provider Lens™ report says
SÃO PAULO–(BUSINESS WIRE)– The use of AI in Salesforce deployments has become a major trend in Brazil, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil finds that many enterprises in Brazil are integrating AI with Salesforce environments, most commonly to improve customer experience and operating efficiency. AI is enhancing functions such as coding, testing, hyper-personalization of customer experience and managed services to find and fix software errors. Often with the help of service providers, companies are evaluating or adopting Salesforce’s Einstein generative AI and Agentforce agentic AI tools, as well as technologies from other vendors.
“Brazilian companies are learning how to use AI with Salesforce for new insights and competitive advantage,” said Bill Huber, partner, digital platforms and solutions, for ISG. “In many cases, service providers supply critical knowledge and tools to make this possible.”
Agentforce, introduced in 2024, creates autonomous agents that perform complex tasks without human intervention. This holds strong potential for projects such as automating customer service call centers, ISG says. Salesforce charges Agentforce customers per conversation rather than per user. Enterprises are evaluating the costs and capabilities of Agentforce, which is available in Brazil in an English production release and a Portuguese beta version.
As AI is integrated into Salesforce implementations, Brazilian enterprises face increasingly complex IT environments and a growing number of solutions, models and applications to choose from, ISG says. Performance, customization and cost can influence these choices. Companies are turning to the Salesforce ecosystem for consulting services to help them decide where to use AI, which AI solutions best fit their needs and what productivity gains to expect.
A growing number of enterprises, especially in emerging markets such as Brazil, also seek license management services to help them navigate the complexities of multi-cloud Salesforce environments, ISG says. They expect providers to actively monitor license use to prevent unnecessary expenses and propose changes that minimize their costs.
“The expanding possibilities of Salesforce can lead to higher complexity and new cost considerations,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Brazilian enterprises are approaching Salesforce projects carefully, partnering with leading service providers for guidance.”
In addition, the Salesforce Customer Data Platform (CDP) Cloud is expected to play a key role in Salesforce AI implementations in Brazil, the report says. The platform collects and stores customer data, helping companies ensure they have high-quality, accessible data to feed into AI engines for customer insights and personalization.
The report also examines other Salesforce ecosystem trends in Brazil, including a wave of provider acquisitions and Salesforce’s integration of its Marketing Cloud into its core cloud structure.
For more insights into the Salesforce-related challenges facing Brazilian enterprises, plus ISG’s advice for addressing them, see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil evaluates the capabilities of 41 providers across six quadrants: AI-powered Multicloud Implementation Services — Large Enterprises, Implementation Services for Core Clouds and AI Agents — Midmarket, Implementation Services for Marketing and Commerce with AI Enablement, Managed Application Services — Large Enterprises, Managed Application Services — Midmarket and Implementation Services for Industry Clouds.
The report names Accenture, Everymind and OSF Digital as Leaders in four quadrants each and Deloitte as a Leader in three quadrants. It names atile.digital, BRQ, GFT, Globant, iSmartBlue, JFOX, Sottelli, SYS4B and Valtech as Leaders in two quadrants each. Cadastra, Capgemini, enext, Infosys, LEOO, match.mt and NTT DATA are named as Leaders in one quadrant each.
In addition, NTT DATA and Visum Digital are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants each. The report names gentrop and HCLTech as Rising Stars in one quadrant each.
A customized version of the report is available from atile.digital.
In the area of customer experience, HCLTech is named the global ISG CX Star Performer for 2024 among Salesforce ecosystem partners. HCLTech earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, which is part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
The 2024 ISG Provider Lens™ Salesforce Ecosystem Partners report for Brazil is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
RESTON, Va., April 30, 2025 /PRNewswire/ — V2X Inc. (NYSE: VVX) announced it has been awarded a new five-year task order to support U.S. Space Force operations at Ascension Island as part of the U.S. Air Force’s Contract Augmentation Program V (AFCAP V). The firm-fixed-price award includes a one-year base period and four one-year option periods, with a ceiling value of $140 million.
Ascension Island is a key strategic location in the South Atlantic, supporting U.S. Space Force operations and the broader Eastern Range mission. Under this contract, V2X will deliver essential services that improve mission outcomes, operational efficiency, and infrastructure resilience on the island.
“Ascension Island plays a significant role in advancing the U.S. Space Force mission, and we’re proud to support this national security asset,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “We will leverage our full lifecycle capabilities and decades of experience operating at scale in remote and dynamic environments to deliver improved readiness for this strategically vital mission.”
V2X continues to be a trusted partner under the AFCAP V, the company’s consistent performance under the program stresses its ability to deliver agile, reliable, and high-quality support services at scale across the globe. Operations are set to begin July 2025, reinforcing V2X’s commitment to supporting full-spectrum solutions.
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 Senior Director, Marketing and Communications Angelica.Deoudes@goV2X.com 571-338-5195
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.
Listing requirements not met. The company initially received a notification that it was not in compliance with the Nasdaq’s minimum stockholder equity requirement in October 2024. The company subsequently submitted a plan to regain compliance in February 2025 and was granted an extension until April 16, 2025. However, on April 16, the company had not regained compliance and received a letter of determination from Nasdaq on April 17.
Letter of determination. The letter of determination stated the company did not meet the terms of its extension, due to a noncomplete capital raise that was laid out in its plan to regain compliance, and ultimately did not meet the stockholders’ equity requirement. We believe that the company is working on capital raising initiatives, which should put the company back in compliance. The Class A Common stock is scheduled to be suspended from trading at market open on April 28. The company has filed for a hearing which should delay the delisting process for at least 35 days.
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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.
Key Points: – Stocks and the U.S. dollar dropped as markets reacted to Trump’s threat to remove Fed Chair Jerome Powell. – Concerns over Fed independence sparked a flight from U.S. assets into gold and foreign bonds. – Investors fear increased volatility, weakening confidence in the dollar and U.S. monetary policy.
On Monday, April 21, 2025, U.S. financial markets experienced significant volatility following President Donald Trump’s renewed criticism of Federal Reserve Chair Jerome Powell. Trump’s public suggestion that he may attempt to remove Powell has heightened concerns about political interference in monetary policy — a cornerstone of market confidence. The S&P 500 dropped over 1%, while the Bloomberg Dollar Index fell to a 15-month low. Treasury yields jumped, pushing the 10-year above 4.4%, reflecting the market’s unease with rising inflation risk and a potentially less independent Fed.
At the same time, investors poured into safe-haven assets. Gold surged to a record above $3,400 an ounce, while the Swiss franc and Japanese yen rallied. The sharp movements signal not just a knee-jerk reaction to headlines, but deeper anxiety over the future of monetary policy. Analysts have warned that undermining the Fed’s credibility could cause long-term damage to the dollar’s global reserve status and complicate the central bank’s ability to steer the economy during periods of stress.
Markets are now on edge over the prospect of a politicized Federal Reserve. National Economic Council Director Kevin Hassett confirmed that Trump is reviewing the legality of removing Powell — a move seen by many as extreme and historically unprecedented. While legal scholars argue the president lacks the authority to fire the Fed Chair without cause, the noise alone has proven enough to shake investor confidence. Fed officials have maintained a measured tone, but Chicago Fed President Austan Goolsbee warned over the weekend that undermining central bank independence is a dangerous path.
For small and micro-cap investors, the ripple effects are particularly pronounced. These companies typically have tighter margins, higher debt costs, and fewer international buffers than large-cap peers. In a rising rate or inflationary environment — or worse, one with erratic policy signals — smaller firms can see financing dry up and market multiples compress rapidly. Investors focused on this space should be watching both policy headlines and macroeconomic indicators closely, as volatility may linger longer than anticipated.
Adding to market pressure, geopolitical tensions have grown. Reports that Chinese investors are reducing U.S. Treasury holdings in favor of European and Japanese debt point to an early-stage shift in global capital allocation. If trust in U.S. governance continues to erode, further capital outflows could strain markets even more. At the same time, the White House’s ongoing tariff disputes are reshaping trade routes and disrupting sectors from tech to commodities. All of this contributes to an environment where capital seeks safety — and where policymaker credibility is paramount.
This shifting market sentiment could have meaningful implications for small-cap stocks, particularly those tracked by the Russell 2000. As investors rotate away from large-cap tech and U.S. dollar-denominated assets, the Russell’s reconstitution later this year may spotlight high-quality domestic companies with strong fundamentals and less exposure to geopolitical volatility. For savvy investors, this uncertainty could ultimately shine a light on overlooked small-cap opportunities poised to benefit from changing capital flows and renewed interest in U.S.-focused growth stories.
The small-cap sector has taken it on the chin in recent months, with widespread fear and macro uncertainty fueling a broad selloff that’s left many fundamentally solid companies trading at multi-year lows. While this environment has caused plenty of investors to retreat to the safety of larger, more liquid names, it’s also creating potential opportunities for those with a longer-term mindset.
The Russell 2000, which tracks small-cap performance, has declined steeply this year—reflecting the risk-off tone in the market. But with this pullback comes the chance to scoop up high-quality businesses at a steep discount to their intrinsic value. Historically, moments of panic often set the stage for future gains, especially in the small-cap space where sentiment tends to swing more dramatically. Right now, the indiscriminate nature of the selling has created an environment where price and value have diverged, opening the door for patient investors to build positions in companies that have been unfairly punished.
One such example is NN, Inc. (NNBR), a precision manufacturing company that operates in sectors like automotive and medical, offering highly engineered solutions. Back in December, the stock was trading around $4, but it has since dropped to roughly $1.73. While that kind of decline might suggest something is seriously broken, the business itself continues to pursue operational improvements and efficiency gains. The company has made progress in reducing debt and focusing its portfolio, and though headwinds remain, the market appears to be pricing in a worst-case scenario. For investors who believe in industrial recovery and the power of long-term restructuring, NNBR may represent deep value.
Another name that’s been dragged down in the recent slide is 1-800-Flowers.com (FLWS). In December, this online retailer was trading near $9 per share. Fast forward to today, and it’s sitting around $5.20. Despite the decline, the underlying business remains healthy. The company continues to benefit from strong seasonal demand, and its ability to cross-sell across its various gifting platforms—ranging from floral to gourmet foods—gives it a unique edge in the e-commerce space. As consumer habits shift further toward online shopping and direct-to-door services, 1-800-Flowers stands to be a long-term winner. The current pullback may have more to do with general retail fatigue and market fear than any material weakness in the business itself.
Conduent (CNDT) rounds out the list, trading at just $2 after closing last year around $4.39. Specializing in business process outsourcing and digital workflow solutions for both government and commercial clients, Conduent has a significant contract base and recurring revenue streams that provide a level of stability often overlooked in smaller tech-enabled firms. While the company has faced its share of execution challenges, it continues to win contracts and drive efficiency through restructuring efforts. If management continues to make progress and market sentiment shifts even slightly, CNDT could see meaningful upside from these levels.
In volatile times like these, it’s easy to let fear cloud judgment. But for investors who can see past short-term noise, the current small-cap selloff may offer a rare opportunity to buy good companies on sale.
The current market sentiment is one of extreme fear, with widespread selling across many small-cap stocks, especially those in the Russell 2000 index. A variety of factors, including tariffs and broader market uncertainty, have led to this wholesale selling, and as a result, many fundamentally strong small companies are being punished. However, for those willing to take a closer look, this fear-induced market drop may present some excellent investment opportunities.
On Friday, the Russell 2000 was down 27%, a sharp decline that reflects how smaller companies, particularly those in this index, are feeling the brunt of the market’s volatility. The Russell 2000 is made up of small-cap companies, which are inherently more volatile and have less liquidity than larger companies. As a result, they tend to experience more extreme price swings in response to broader market movements. This has created a situation where many small-cap stocks are now trading at huge discounts.
Take, for example, FreightCar America (RAIL). Just last December, this stock was trading at around $14. Now, it’s hovering around $4.50. Despite the severe decline, this is a stock that is fundamentally sound. The company is exempt from tariffs, has improved its financials with a successful refinancing deal in December, and has a solid business model. Yet, the stock continues to trade lower because of the broader market selloff affecting the Russell 2000 ETF. This creates a disconnect between the company’s true value and its current price.
Similarly, Graham (GHM), a defense manufacturer, was trading at $52 just a few months ago. Today, it’s at $27, representing a 50% discount on a fundamentally strong company. The Trump administration’s push to build more ships should actually work in Graham’s favor, making this steep decline even more perplexing. The fear in the market has led to excessive selling, but for long-term investors, this represents a buying opportunity.
And then there’s Eledon Pharmaceuticals (ELDN), a biopharmaceutical company whose stock has dropped from $5.50 to $2.80. This is a company with improving fundamentals, particularly positive patient data, yet the stock price has fallen sharply. This disconnect between price and performance highlights how the selloff has been more about broader market panic than about the company’s intrinsic value.
The bottom line is that there are real bargains out there in small-cap stocks for individual investors who are willing to look past the short-term fear. The Russell 2000 index has been hit harder than other indexes due to the smaller size and lower liquidity of the companies involved. As a result, the impact of impulsive, panic-driven selling is more pronounced in this index than in the larger ones.
For investors with staying power, particularly those with a 2-3 year horizon, the current market turmoil presents a significant opportunity. Many of these companies, which are being unfairly dragged down by the broader market, have strong fundamentals and the potential to rebound once market sentiment stabilizes. As the market continues to digest these challenges, patient investors may see significant returns as these companies recover and grow.
Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
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.
Industry dynamics. The QVC Group recently announced that it is laying off 900 employees as part of its effort to become a live social shopping company. Notably, while we don’t anticipate QVC will stop live selling on traditional TV, the increased focus on social commerce is illustrative of changing consumer viewing habits. In our view, XCEL Brands is well positioned to benefit from shift in viewing habits toward streaming alternatives.
Valuable expertise. XCEL Brands is a veteran in the live selling space and has extensive experience working with celebrities to help bring their products to market and help them sell. In our view, the company is well positioned to provide celebrities with expertise both in traditional TV and social commerce selling, or live streaming.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – IQSTEL signs MOU to acquire a 51% stake in fintech company GlobeTopper, strengthening its Fintech division. – The deal accelerates IQSTEL’s revenue growth, pushing it closer to its $1 billion target by 2027. – GlobeTopper’s integration with IQSTEL’s telecom network enhances cross-selling opportunities and market expansion.
IQSTEL Inc. (OTCQX: IQST), a rapidly expanding provider of Telecom, Fintech, Cybersecurity, and AI-driven services, has signed a Memorandum of Understanding (MOU) to acquire a 51% equity stake in GlobeTopper, LLC. This move bolsters IQSTEL’s fintech division and lays the groundwork for long-term revenue expansion.
Following its record $283 million revenue in 2024, IQSTEL projects $340 million in revenue for 2025, largely driven by its telecom division. The acquisition of GlobeTopper, a leader in B2B Top-Up solutions, is set to accelerate IQSTEL’s fintech growth, adding an estimated $60 million in revenue in 2025 and $85 million in 2026. The company aims to reach $1 billion in revenue by 2027, and this acquisition plays a critical role in achieving that milestone.
GlobeTopper’s preliminary 2024 financials show $39.4 million in revenue and $190,000 in EBITDA. IQSTEL will invest $1.2 million over 24 months to fuel further expansion, ensuring sustained growth in fintech services.
A major advantage of this acquisition is IQSTEL’s ability to integrate GlobeTopper’s fintech solutions within its extensive telecom network, spanning 21 countries and four continents. This cross-industry synergy will enable IQSTEL to unlock new high-margin revenue streams and provide added value to existing customers.
Additionally, GlobeTopper’s strong relationships with top-tier retail firms create new opportunities for IQSTEL to expand its service offerings. This partnership aligns with IQSTEL’s broader strategy of leveraging technology to diversify and enhance its business portfolio.
GlobeTopper’s CEO, Craig Span, will continue leading the company post-acquisition, ensuring stability and executing the company’s aggressive growth plans. IQSTEL’s President and CEO, Leandro Iglesias, emphasized the acquisition’s role in achieving IQSTEL’s ambitious revenue targets, stating that GlobeTopper’s fintech innovation and IQSTEL’s global telecom presence create a strong foundation for sustained expansion.
IQSTEL will acquire its 51% equity stake in GlobeTopper for $700,000, with a combination of cash payments and IQSTEL common shares. Additionally, the company will provide structured growth capital of up to $1.2 million over 24 months, contingent upon GlobeTopper achieving financial milestones.
This acquisition is a crucial step for IQSTEL in solidifying its fintech leadership while enhancing its overall business strength. As the company continues its aggressive expansion, shareholders can expect further developments in both the fintech and telecom sectors.
Key Points: – PepsiCo has acquired prebiotic soda brand Poppi for $1.95 billion, strengthening its presence in the functional beverage market. – The deal aligns with growing consumer demand for drinks that support gut health and overall well-being. – The brand, which gained traction after a successful pitch on Shark Tank, will leverage PepsiCo’s resources to expand distribution and innovation.
PepsiCo has announced its acquisition of prebiotic soda brand Poppi for $1.95 billion, marking a significant move into the growing functional beverage category. The transaction includes $300 million in anticipated cash benefits, effectively bringing the net purchase price to $1.65 billion. This deal reinforces PepsiCo’s commitment to diversifying its beverage portfolio to align with shifting consumer preferences toward health-conscious options.
“More than ever, consumers are looking for convenient and great-tasting options that fit their lifestyles and respond to their growing interest in health and wellness,” said PepsiCo Chairman and CEO Ramon Laguarta. The acquisition reflects PepsiCo’s strategy of investing in emerging brands that tap into wellness trends while complementing its existing product lineup.
Poppi, based in Austin, Texas, was founded by Allison Ellsworth, who originally developed the beverage in her kitchen in 2015. Seeking a healthier alternative to traditional sodas, Ellsworth combined fruit juices with apple cider vinegar, sparkling water, and prebiotics to create a gut-friendly drink. After selling Poppi at farmers’ markets, Ellsworth and her husband gained national attention in 2018 by pitching the brand—then called Mother Beverage—on Shark Tank. Investor Rohan Oza saw potential in the product, took a stake in the company, and led its rebranding into Poppi, with its now-iconic bright, fruit-themed packaging.
Ellsworth expressed excitement about the partnership, stating, “We can’t wait to begin this next chapter with PepsiCo to bring our soda to more people – and I know they will honor what makes Poppi so special while supporting our next phase of growth and innovation.” With PepsiCo’s extensive distribution network and marketing resources, Poppi is expected to expand its reach beyond its current stronghold in health-focused consumer markets.
Oza, co-founder of CAVU Consumer Partners—which has invested in beverage brands like Oatly and Bai—echoed this enthusiasm. “We’re beyond thrilled to be partnering with PepsiCo so that even more consumers across America, and the world, can enjoy Poppi.”
The functional beverage market has seen rapid growth as consumers prioritize health benefits in their drink choices. Poppi, with its focus on gut health through prebiotics, has positioned itself at the forefront of this trend. However, the brand has not been without challenges. In 2023, Poppi faced a class-action lawsuit from a consumer alleging that its products do not deliver on their advertised gut health benefits. While the lawsuit remains unresolved, the acquisition by PepsiCo signals confidence in the brand’s long-term potential.
For PepsiCo, this move follows a pattern of acquiring fast-growing health-oriented beverage brands, including Kevita and SodaStream. As competition in the functional drink space intensifies, integrating Poppi into its portfolio will allow PepsiCo to capture a larger share of the evolving market while reinforcing its commitment to innovation in health-conscious beverages.
