Noble Capital Markets Research Morning Call

Noble Capital Markets Research Report Thursday, November 12, 2026

Companies contained in today’s report:

Sky Harbour Group (SKYH)/OUTPERFORM – Poised for Growth

Sky Harbour Group (SKYH/$11.25 | Price Target: $19)
Joe Gomes [email protected] | 561-999-2262
Poised for Growth
Rating: OUTPERFORM

Overview. Sky Harbour continued to make progress during the third quarter. Currently operating campuses are benefiting from attractive renewal economics, while progress is being made on leasing at new sites. The development pipeline remains robust, with an increasing tilt towards Tier 1 locations. We believe the pace of investment and new construction at Sky Harbor continues to accelerate, which will drive operating results going forward.

3Q26 Results. Revenue increased 44.8% y-o-y to $10.6 million. We had projected $10.5 million. Adjusted EBITDA came in at a loss of $0.53 million versus $2.3 million in 3Q25. We were at a $0.1 million loss. Sky Harbour reported a net loss of $72,000, or breakeven on a per-share basis, compared to a net loss of $1.9 million, or a loss of $0.06/sh last year. We had projected a net loss of $5.1 million, or $0.14/sh.

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Noble Capital Markets Research Report Wednesday, November 11, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Third Quarter 2026 Review and Outlook
Ocugen (OCGN)/OUTPERFORM – OCU400 Marketing Agreement For Australia, New Zealand, and ASEAN Announced
SKYX Platforms (SKYX)/OUTPERFORM – A Third Homebuilder Contract
Summit Midstream Corp (SMC)/OUTPERFORM – Higher Volumes Lift Outlook; Increasing Estimates
The Beachbody Company (BODI)/OUTPERFORM – Lower Cost Base, Greater Earnings Potential

FreightCar America (RAIL/$5.12 | Price Target: $10)
Mark Reichman [email protected] | (561) 999-2272
Richard Magnusen [email protected] |
Third Quarter 2026 Review and Outlook
Rating: OUTPERFORM

Third Quarter FY 2026 Financial Results. RAIL reported an adjusted net loss to common stockholders of $9.5 million, or $(0.28) per diluted share, versus adjusted net income of $7.8 million, or $0.24 per share, during the prior-year period. Revenue fell 52.3% to $76.5 million from $160.5 million, as railcar deliveries declined to 662 from 1,304. Gross margin fell to 8.8% from 15.1% on lower manufacturing volumes and reduced fixed-cost absorption. Adjusted EBITDA declined to $0.1 million from $15.9 million in the third quarter of FY 2025.

FY 2026 Guidance. Management reaffirmed its FY 2026 guidance, initially announced on October 19. Railcar deliveries are expected to range from 3,100 to 3,300, revenue from $370 million to $410 million, and adjusted EBITDA from $15 million to $19 million.

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Ocugen (OCGN/$0.95 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
OCU400 Marketing Agreement For Australia, New Zealand, and ASEAN Announced
Rating: OUTPERFORM

Third Marketing Agreement For OCU400 Adds Pacific Territories. Ocugen announced a marketing agreement with Celairis Therapeutics Holdings Pty Ltd for commercialization of OCU400 in Australia, New Zealand, Taiwan, and Asian territories known as ASEAN (Association of Southeast Asian Nations). The agreement includes licensing fees, milestones, sales royalties, and a profit split. This is the third OCU400 agreement to add ex-US territories.

New Populations Are Covered. Celairis is a Sydney, Australia-based biopharmaceutical company that licenses, develops, and markets medicines. The licensed territories include Australia, New Zealand, Taiwan, and the ASEAN countries (Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Myanmar, Cambodia, and Timor). These new territories add an estimated 725 million people to regions within OCU400’s marketing reach.

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SKYX Platforms (SKYX/$0.7 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
A Third Homebuilder Contract
Rating: OUTPERFORM

New Contract. SKYX Platforms announced the third homebuilder contract signed since the merger with Deako. The recent contract with Stone Martin Home calls for Deako to supply approximately 70,000 units of advanced and smart home technologies to Stone Martin for more than 850 homes in Georgia and Alabama through 2027. Momentum continues to snowball, in our view.

Stone Martin. Stone Martin Builders is a prominent Southeast homebuilder that has been developing communities across Alabama and Georgia for over 20 years. Significantly, Stone Martin homes include Deako smart home and lighting as part of a full smart home package.

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Summit Midstream Corp (SMC/$30.3 | Price Target: $54)
Mark Reichman [email protected] | (561) 999-2272
Higher Volumes Lift Outlook; Increasing Estimates
Rating: OUTPERFORM

Third Quarter 2026 Financial Results. Summit Midstream Corporation reported revenue of $183.0 million, up 24.6% year over year and 18.1% sequentially. Net income attributable to common shareholders was approximately $8.2 million, or $0.58 per diluted share, compared with a loss of $1.6 million, or $(0.13) per share, a year ago and income of $1.6 million, or $0.11 per share, in the prior quarter. Adjusted EBITDA increased 7.9% year over year and 16.4% sequentially to $70.7 million. Distributable cash flow declined to $32.6 million from $36.7 million a year ago and $36.8 million in the prior quarter, while free cash flow decreased to $5.2 million from $16.7 million and $9.4 million, respectively.

Guidance Increased. Management raised its 2026 adjusted EBITDA guidance to $250 million to $260 million and from $235 million to $255 million, reflecting stronger producer activity and higher throughput. Rockies Segment adjusted EBITDA increased 32% sequentially to $40.0 million, supported by 51 new well connections. Double E throughput increased 17% to a record 1,002 MMcf/d, and Summit reached a final investment decision on its Mainline Compression Expansion. With seven active rigs and approximately 140 drilled but uncompleted wells behind its systems, management anticipates connecting 200 to 250 wells in 2027.

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The Beachbody Company (BODI/$4.51 | Price Target: $22)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Lower Cost Base, Greater Earnings Potential
Rating: OUTPERFORM

Q3 Operating Results. The company reported Q3 revenue of $45.2 million, largely in line with our $46.0 million estimate. Adjusted EBITDA of $6.4 million exceeded our $4.5 million forecast by 41% and was supported by more efficient marketing spending. Notably, Q3 marked the 12th consecutive quarter of positive adjusted EBITDA.

Nutrition-First Strategy. While retail expansion is progressing more slowly than anticipated, Shakeology has reached 181 Sprouts and 481 Vitamin Shoppe stores. Additionally, the company is approximately a year ahead of schedule with its product innovation pipeline, introducing new offerings under its established Shakeology, P90X, and INSANITY brands.

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Noble Capital Markets Research Report Tuesday, November 10, 2026

Companies contained in today’s report:

Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island Clears Key Permitting Milestone
FreightCar America (RAIL)/OUTPERFORM – Outlook Reaffirmed Despite Weak Third Quarter
Kratos Defense & Security (KTOS)/OUTPERFORM – A Solid Third Quarter
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – A Tuck-in for Hudson
Summit Midstream Corp (SMC)/OUTPERFORM – Strong Volume Growth Lifts Outlook
Superior Group of Companies (SGC)/OUTPERFORM – A Stronger Foundation for 2027

Century Lithium Corp. (CYDVF/$0.15 | Price Target: $2.3)
Mark Reichman [email protected] | (561) 999-2272
Angel Island Clears Key Permitting Milestone
Rating: OUTPERFORM

Mine Plan of Operations. Century Lithium announced that the U.S. Bureau of Land Management (BLM) has determined that the Mine Plan of Operations and Nevada Reclamation Permit Application for its 100%-owned Angel Island Lithium Project in Nevada are complete. The determination establishes the Plan as the basis for environmental review under the National Environmental Policy Act (NEPA). While not a final approval, the decision represents an important regulatory milestone.

Environmental review moves forward. The third-party NEPA contractor will begin preparing supporting environmental reports while Century completes the remaining baseline studies associated with the proposed water supply pipeline route. Following acceptance of all required studies, the BLM will determine whether an Environmental Assessment or Environmental Impact Statement is required. Environmental analysis and public scoping will follow, with potential revisions to the Mine Plan before final approval.

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FreightCar America (RAIL/$4.45 | Price Target: $10)
Mark Reichman [email protected] | (561) 999-2272
Richard Magnusen [email protected] |
Outlook Reaffirmed Despite Weak Third Quarter
Rating: OUTPERFORM

Third Quarter FY 2026 Financial Results. RAIL generated a 3Q FY26 adjusted net loss to common stockholders of $9.5 million, or $(0.28) per share, compared to adjusted net income of $7.8 million, or $0.24 per share, during the prior-year period. We had projected a net loss of $4.2 million, or ($0.13) per share. Gross margin as a percentage of revenue amounted to 8.8% compared to 15.1% in 3Q FY 2025. Revenue and rail car deliveries declined to $76.5 million and 662, compared to $160.5 million and 1,304 during the prior-year period. We had forecast revenue of $76.1 million and deliveries of 662. Adj. EBITDA amounted to $0.1 million compared to $15.9 million in 3Q FY 2025 and our estimate of $0.0 million. We had projected a higher gross margin. FCF for 3Q was $25.0 million compared to $2.2 million during the prior-year period.

Updated FY 2026 Guidance. Management reaffirmed its FY 2026 guidance provided on October 19. Railcar deliveries are expected to be in the range of 3,100 to 3,300, revenue in the range of $370 to $410 million, and adj. EBITDA in the range of $15 to $19 million. Reaffirmed guidance implies a meaningful fourth-quarter recovery in adjusted EBITDA to $10.5 million to $14.5 million, supported by higher deliveries and improved manufacturing profitability.

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Kratos Defense & Security (KTOS/$37.69 | Price Target: $100)
Joe Gomes [email protected] | 561-999-2262
A Solid Third Quarter
Rating: OUTPERFORM

Overview. Kratos reported another strong quarter with revenue at the midpoint of guidance and adjusted EBITDA exceeding the high end of guidance. The Company’s third-quarter results reflect Kratos’ position as a leading defense technology, hardware, software, and systems company, aligned with the Department of War’s priorities and reindustrialization efforts, in our view. 

3Q26 Results. Third quarter 2026 revenues of $471.8 million increased by $124.2 million year-over-year. We had projected $462 million. KGS revenue grew 52.5% to $397.2 million, while KUS segment revenue declined to $74.6 million from $87.2 million due to the absence of a $16.1 million Valkyrie sale completed last year. Adjusted EBITDA was $50.9 million versus $30.8 million. Kratos reported adjusted earnings per share of $0.24 for the third quarter of 2026, compared to $0.14 for the third quarter of 2025. We had projected $41 million and $0.22/sh, respectively.

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Star Equity Holdings, Inc. (STRR/$9.01 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
A Tuck-in for Hudson
Rating: OUTPERFORM

Another Acquisition. Last week, Star Equity announced that its Hudson Talent Solutions business acquired Cornerstone RPO LLC, a recruitment process outsourcing (“RPO”) provider based in Richmond, Virginia. The transaction closed on November 2, 2026. Cornerstone will operate as part of HTS within Star’s Business Services division. We view this bolt-on as part of HTS’s strategy as a global total talent solutions provider.

Details. At closing, Star paid the sellers $500,000 in cash and $250,000 in a promissory note. Up to an additional $1.5 million of contingent earnout is possible if the firm hits certain revenue milestones, with the entire payout payable if Cornerstone hits $20 million of revenue over 36 months. We see a clear opportunity to grow Cornerstone’s existing client engagements into larger, longer-term programs through HTS’s enterprise RPO, talent advisory, and TalentFusion capabilities.

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Summit Midstream Corp (SMC/$27.96 | Price Target: $50)
Mark Reichman [email protected] | (561) 999-2272
Strong Volume Growth Lifts Outlook
Rating: OUTPERFORM

Third Quarter 2026 Financial Results. Summit reported revenue of $183.0 million, up 24.6% year over year. Net income attributable to Summit increased to $8.2 million, or $0.58 per diluted share, versus a loss of $1.6 million, or $(0.13) per share, a year ago. Adjusted EBITDA rose 7.9% year over year and 16.4% sequentially to $70.7 million. Revenue, Adjusted EBITDA, and EPS exceeded our estimates of $158.0 million, $65.1 million, and $0.34, respectively. Distributable cash flow declined to $32.6 million from $36.7 million, while free cash flow fell to $5.2 million from $16.7 million, partly reflecting higher cash interest and Double E investment.

Guidance Increased. Management raised 2026 Adjusted EBITDA guidance to $250–$260 million from $235–$255 million, implying fourth-quarter EBITDA of $64.4–$74.4 million. Rockies segment Adjusted EBITDA increased 32% sequentially to $40.0 million, supported by 51 new well connections and higher liquids throughput. Results also benefited from $3.7 million of commercial billing settlements. With seven active rigs and approximately 140 drilled but uncompleted wells, Summit anticipates 200–250 well connections in 2027.

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Superior Group of Companies (SGC/$12.62 | Price Target: $18)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
A Stronger Foundation for 2027
Rating: OUTPERFORM

Q3 Results. The company reported Q3 revenue of $146.0 million, up 5.4% year over year and above our $143.1 million estimate, supported by growth in Branded Products and Contact Centers. Adj. EBITDA, including stock-based compensation, was $7.6 million, below our $8.6 million estimate. Moreover, Healthcare Apparel inventory and credit charges largely offset profitability gains in the other segments.

Underlying Business Trends. Branded Products revenue increased 8.2% to $92.1 million, while segment-adjusted EBITDA rose 30.8% on higher customer volumes and improved pricing. Contact Centers returned to revenue growth, up 6.9%, with adjusted EBITDA advancing 22.1%. Healthcare Apparel posted a $0.5 million adjusted EBITDA loss, reflecting a $4.0 million inventory write-down and approximately $1.0 million in customer credit losses.

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Noble Capital Markets Research Report Monday, November 9, 2026

Companies contained in today’s report:

Conduent (CNDT)/OUTPERFORM – Overhangs Recede as Margins Recover
CoreCivic, Inc. (CXW)/OUTPERFORM – Post Call Commentary
Graham (GHM)/MARKET PERFORM – Second Quarter Results Reflect Strong Execution
Kelly Services (KELYA)/OUTPERFORM – Building Momentum
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Recovery Potential Remains Underappreciated
ONE Group Hospitality (STKS)/OUTPERFORM – Making Progress in the Third Quarter
The GEO Group (GEO)/OUTPERFORM – A Record Quarter

Conduent (CNDT/$1.42 | Price Target: $5)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Overhangs Recede as Margins Recover
Rating: OUTPERFORM

Q3 Results. Conduent reported Q3 2026 revenue of $534 million, down 11.7% year over year and slightly below our $537 million estimate, though up from the second quarter. Despite the year-over-year decline, adjusted EBITDA rose 16.1% to $36 million, modestly ahead of our $35 million estimate, with margins expanding 160 basis points to 6.7%. The improvement reflects progress on management’s cost-reduction initiatives.

Segment Financial Performance. Commercial revenue declined 16% to $308 million, reflecting the wind-down of its largest customer. Adjusted EBITDA margins fell 70 basis points year over year to 9.4% but improved approximately 180 basis points sequentially. Government revenue declined 5% to $226 million, although margins expanded 230 basis points to 27.9%, driven primarily by cost efficiencies.

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CoreCivic, Inc. (CXW/$28.67 | Price Target: $42)
Joe Gomes [email protected] | 561-999-2262
Post Call Commentary
Rating: OUTPERFORM

Overview. CoreCivic delivered strong financial results in a very active quarter, driven by increased demand for the Company’s services from ICE, including higher utilization of recently activated facilities, as well as the contribution from the acquisition of Clinical Solutions Pharmacy earlier this year. The Company’s capital allocation strategy also contributed to improved results through lower interest expense and a reduction in weighted average shares outstanding, which positively impacted per-share results.

3Q26 Results. Revenue of $744.1 million was up 28.2% year-over-year. We were at $690 million. Adjusted EBITDA was $117.8 million versus $88.8 million last year. We projected $110 million. Net income in 3Q26 was $1,344.1 million, or $14.49 per diluted share, compared with net income in 3Q25 of $26.3 million, or $0.24 per diluted share. Adjusted net income was $45.7 million, or $0.49 per diluted share, compared with $26.2 million, or $0.24 per diluted share, in 3Q25. We were at $0.43.

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Graham (GHM/$78.02)
Joe Gomes [email protected] | 561-999-2262
George Proost [email protected] |
Second Quarter Results Reflect Strong Execution
Rating: MARKET PERFORM

Overview. Graham’s 2Q27 results reflected continued improvements in operating execution and profitability, despite more modest revenue growth. Gross margin expanded significantly, supporting strong growth in adjusted EBITDA and earnings. Orders remained ahead of sales, and backlog reached another record level, providing visibility into future revenue.

2Q27 Results. Revenue of $69.8 million increased 6% y-o-y, reflecting strength of the diversified revenue base and the addition of FlackTek. We were at $73 million. Gross profit margin of 28.2% was up 650 bps y-o-y and above our 25.3% estimate. Adjusted EBITDA was up 64% to $10.3 million. We had projected $8.9 million. Adjusted EPS of $0.52 was up 68% y-o-y and above our $0.44 projection.

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Kelly Services (KELYA/$13.82 | Price Target: $19)
Joe Gomes [email protected] | 561-999-2262
Building Momentum
Rating: OUTPERFORM

Overview. In the third quarter, Kelly delivered results above the midpoint of guidance, driven by meaningful progress on growth and efficiency initiatives along with increasingly constructive demand trends. Year-over-year revenue improved sequentially for a third consecutive quarter, and the Company had adjusted EBITDA margin expansion over the prior-year period. We believe Kelly remains well positioned to capitalize on increasing demand while continuing to drive margin expansion.

3Q Numbers. Kelly reported 3Q26 revenue of $927.2 million, down 0.8% year-over-year, an improvement of 500 bps versus the prior quarter; underlying revenue, which excludes previously disclosed discrete impacts, grew 2.3% year-over-year. We were at $930 million. Adjusted EBITDA was $21.3 million and adjusted EBITDA margin was 2.3%. We had projected $19 million and 2%, respectively. Adjusted EPS was $0.07 in the third quarter of 2026 compared to $0.17 per share in the corresponding quarter of 2025. We were at $0.14.

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Lucky Strike Entertainment (LUCK/$3.8 | Price Target: $14.5)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Recovery Potential Remains Underappreciated
Rating: OUTPERFORM

A modest top-line beat. Fiscal Q1 revenue increased 3.5% to $302.6 million, modestly above our $299.0 million estimate. Adj. EBITDA of $72.1 million was in line with our $72.5 million estimate and roughly flat with the prior-year period. Acquired water parks and entertainment centers drove revenue growth, while same-store revenue was down 2.6%.

Core trends improve. Acquired water parks generated $27.6 million of revenue, up from $6.5 million in the prior-year period, lifting amusement and other revenue 15.8% to $82.1 million. Meanwhile, same-store sales improved from a 4% decline in July to 2% growth in September. Event revenue matched or exceeded prior-year levels for six consecutive months through October, led by corporate events.

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ONE Group Hospitality (STKS/$1.18 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Making Progress in the Third Quarter
Rating: OUTPERFORM

Overview. The ONE Group’s third-quarter 2026 operating results demonstrate the meaningful progress management has made in strengthening the financial performance of the Company. ONE Group delivered positive transaction growth, while significantly improving operating income and expanding restaurant-level margins. These results reflect the effectiveness of operational initiatives, the strength of the differentiated restaurant brands, and the disciplined execution of management’s strategic priorities, in our view.

3Q26 Results. Revenue came in at $177 million, modestly down from $180.2 million in 3Q25. We had forecast $176 million. Adjusted EBITDA increased 5% to $11.1 million. We were at $13.8 million. The ONE Group reported a net loss, including preferred dividends, of $26.5 million, or a loss of $0.79/sh, versus a loss of $85.3 million, or a loss of $2.59/sh, in 3Q25. We were at a net loss of $0.52/sh.

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The GEO Group (GEO/$27.8 | Price Target: $40)
Joe Gomes [email protected] | 561-999-2262
A Record Quarter
Rating: OUTPERFORM

Overview. Third quarter 2026 results marked a record-breaking quarter for GEO, with the highest level of quarterly revenues and adjusted EBITDA ever reported in the Company’s history. The better-than-expected performance in 2026 has been driven by the significant revenue growth from the new or expanded contracts entered into throughout 2025. So far in 2026, GEO has had an even more successful year, entering into new or expanded contracts with an overall value of approximately $500 million in incremental annual revenue.

3Q26 Results. For the third quarter of 2026, revenues were $761.1 million, compared to $682.3 million for 3Q25, reflecting a 12% increase. We had projected $770 million. Third quarter 2026 adjusted EBITDA was  $145.3 million, compared to $120.1 million last year. We were at $139.3 million. GEO reported 3Q26 adjusted net income of $51.8 million, or $0.39 per diluted share, compared to $35.0 million, or $0.25 per diluted share, for 3Q25. We had projected $46.2 million and $0.35.

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Noble Capital Markets Research Report Friday, November 6, 2026

Companies contained in today’s report:

1-800-Flowers.com (FLWS)/OUTPERFORM – Recovery Begins to Take Shape
Conduent (CNDT)/OUTPERFORM – Cost Reductions Fuel Margin Recovery
EuroDry (EDRY)/OUTPERFORM – Updating Estimates Ahead of Earnings
InPlay Oil (IPOOF)/OUTPERFORM – Strong Third Quarter Sets Stage for 2027 Growth
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Core Trends Improve, Deleveraging Takes Focus

1-800-Flowers.com (FLWS/$2.6 | Price Target: $4)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Recovery Begins to Take Shape
Rating: OUTPERFORM

Q1 results. The company reported fiscal first-quarter 2027 revenue from continuing operations of $171.4 million, an 11.1% decline from $192.7 million in the prior-year period. Notably, despite the revenue decline, the adjusted EBITDA loss was essentially unchanged at $31.9 million, compared with $31.7 million a year ago. A $10.3 million reduction in operating expenses largely offset weaker sales and a 120-basis-point contraction in gross margin.

Improving Demand Trends. E-Commerce revenue declined 12.3%, as weakness at smaller websites and in B2B operations outweighed improving demand at 1-800-Flowers.com and Harry & David. Net order demand at these primary websites declined 8.0% during the quarter, compared with 36.0% at smaller websites. Following quarter-end, the decline at the primary websites moderated to 3.4% in October, providing early support for the company’s strategy of concentrating investment on its core brands.

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Conduent (CNDT/$1.64 | Price Target: $5)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Cost Reductions Fuel Margin Recovery
Rating: OUTPERFORM

Q3 Operating Results. The company reported Q3 revenue of $534 million, down 11.7% year over year but up slightly from $531 million in Q2, as contract losses and lower client volumes continued to weigh on results. Adj. EBITDA increased 16.1% to $36 million, with margins expanding 160 basis points to 6.7%, reflecting cost reductions that more than offset the impact of lower revenue.

Underlying Business Trends. Commercial revenue declined 16% to $308 million, reflecting the completed wind-down of the company’s largest Commercial customer. Government revenue declined 5% to $226 million due to completed implementations, lost business, and lower volumes. Despite these headwinds, Government adj. EBITDA margins expanded 230 basis points to 27.9%, supported by cost-efficiency initiatives.

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EuroDry (EDRY/$35.51 | Price Target: $47)
Mark Reichman [email protected] | (561) 999-2272
Richard Magnusen [email protected] |
Updating Estimates Ahead of Earnings
Rating: OUTPERFORM

Updating estimates. We have adjusted our third-quarter 2026 adj. EBITDA, net income, and adj. EPS estimates to $10.5 million, $6.0 million, and $1.91 from $10.2 million, $5.8 million, and $1.70, respectively, driven by lower estimates for voyage expenses and management fees. We are maintaining our $19.1 million net revenue estimate. For FY 2026, we forecast net revenue, adj. EBITDA, net income, and adj. EPS of $69.0 million, $36.7 million, $18.6 million, and $5.91, respectively, compared to our previous estimates of $68.9 million, $36.4 million, $18.3 million, and $5.77. 

Market strength continued into Q3. Strength in dry bulk shipping, supported by demand for iron ore, grain, and bauxite, continued into the third quarter. The historically low global orderbook, limited shipyard capacity, aging global fleet, and environmental regulations are expected to support shipping rates in 2026. As demand trends in the first half of 2026 have leveled off, freight markets could be less favorable through the remainder of 2026, emphasizing the importance of EuroDry’s ability to adjust its charter coverage as market conditions evolve.

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InPlay Oil (IPOOF/$12.36 | Price Target: $22)
Mark Reichman [email protected] | (561) 999-2272
Strong Third Quarter Sets Stage for 2027 Growth
Rating: OUTPERFORM

Third-quarter financial results. InPlay Oil reported third-quarter 2026 production of 19,254 barrels of oil equivalent per day (boe/d), up 3% sequentially and 1% year over year. Oil and natural gas sales increased 50% year over year to C$118.8 million, while adjusted funds flow (AFF) increased 92% to C$51.4 million, or C$1.86 per basic share. Sequentially, AFF increased 15% despite softer realized commodity prices, benefiting from lower realized hedging losses.

Favorable outlook. InPlay increased its 2026 AFF guidance to C$178 million to C$184 million from C$161 million to C$169 million, while maintaining production guidance of 18,900 to 19,400 boe/d. Preliminary 2027 guidance calls for production of 20,100 to 21,000 boe/d, AFF of C$206 million to C$218 million, and free adjusted funds flow (FAFF) of C$101 million to C$123 million. The outlook reflects an expanded oil-weighted development program and contributions from recently acquired assets.

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Lucky Strike Entertainment (LUCK/$3.75 | Price Target: $14.5)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Core Trends Improve, Deleveraging Takes Focus
Rating: OUTPERFORM

A modest top-line beat. Fiscal Q1 revenue increased 3.5% to $302.6 million, modestly above our $299.0 million estimate. Adj. EBITDA of $72.1 million was in line with our $72.5 million estimate and roughly flat with the prior-year period. Acquired water parks and entertainment centers drove revenue growth, while same-store revenue was down 2.6%. 

Core trends improve. Acquired water parks generated $27.6 million of revenue, up from $6.5 million in the prior-year period, lifting amusement and other revenue 15.8% to $82.1 million. Meanwhile, same-store sales improved from a 4% decline in July to 2% growth in September. Event revenue matched or exceeded prior-year levels for six consecutive months through October, led by corporate events.

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Noble Capital Markets Research Report Thursday, November 5, 2026

Companies contained in today’s report:

CoreCivic, Inc. (CXW)/OUTPERFORM – First Look at 3Q26 Results
Ocugen (OCGN)/OUTPERFORM – 3Q26 Reported With Expected Progress In All Three Trials
SelectQuote (SLQT)/OUTPERFORM – Cost Discipline Begins to Pay Off
Townsquare Media (TSQ)/OUTPERFORM – Balancing Growth and Financial Flexibility

CoreCivic, Inc. (CXW/$30.52 | Price Target: $42)
Joe Gomes [email protected] | 561-999-2262
First Look at 3Q26 Results
Rating: OUTPERFORM

Overview. The third quarter was active for CoreCivic, with the Company delivering strong financial results, driven by increased demand from ICE, including higher utilization of recently activated facilities, as well as the contribution from the acquisition of Clinical Solutions Pharmacy earlier this year. In addition, CoreCivic completed the sale of four facilities to the Federal government, generating $2.2 billion in gross proceeds.

3Q26 Results. Revenue in 3Q totaled $744.1 million, up 28.2% y-o-y and exceeding our $690 million projections. Adjusted EBITDA in 3Q26 was $117.8 million, up 32.6% y-o-y and above our $109 million estimate. Adjusted EPS was $0.49, up over 100% y-o-y and exceeding our $0.42 per share projection.

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Ocugen (OCGN/$0.87 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
3Q26 Reported With Expected Progress In All Three Trials
Rating: OUTPERFORM

3Q26 Reported With Start Of OCU410 Phase 2/3 Trial. Ocugen reported a loss of $3.6 million, or $(0.01) per share, including a non-cash gain of $16.6 million from Change In Fair Value of Derivatives. Without this gain, Net Loss would have been $20.2 million, or $(0.06) per share. This adjusted Net Loss is consistent with previous quarters and our estimates for 3Q26. Cash and equivalents were $84.6 million as of September 30, 2026, which we expect to fund operations through 2028.

OCU400 In Retinitis Pigmentosa. The Phase 3 liMeliGhT (pronounced Limelight) trial continues, with data expected to be announced in 1Q2027. The Process Performance Qualification (PPQ) batches for the CMC section of the BLA have been completed. As discussed in our Research Note on September 28, the Bahamas has granted Provisional Approval and Priority Designation for OCU400. We continue to expect submission of the BLA to the FDA and an MAA in Europe, with approval later in FY2027.

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SelectQuote (SLQT/$0.49 | Price Target: $3)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Cost Discipline Begins to Pay Off
Rating: OUTPERFORM

Q1 Results Exceed Expectations. SelectQuote reported fiscal first-quarter 2027 revenue of $280.0 million, down 14.8% year over year but above our estimate of $270.9 million. The adjusted EBITDA loss narrowed to $17.0 million from $32.1 million in the prior-year period, exceeding our forecast for a $25.4 million loss. The results highlight improving profitability despite continued revenue pressure.

Lower Costs Drive Profitability Improvement. Revenue declined amid lower pharmacy volumes, fewer Medicare Advantage policy sales, and reduced carrier-sponsored payments. However, marketing expenses decreased 25.0%, while improving pharmacy economics helped Healthcare Services adjusted EBITDA increase 55.7% to $11.2 million. In Senior, lower acquisition costs and greater use of internally generated leads narrowed the adj. EBITDA loss to $12.3 million from $21.0 million.

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Townsquare Media (TSQ/$2.18 | Price Target: $15)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Balancing Growth and Financial Flexibility
Rating: OUTPERFORM

Q3 Results. Townsquare Media reported third-quarter revenue of $110.9 million, an increase of 3.9% year over year and above our estimate of $108.9 million. Adjusted EBITDA increased 2.7% to $22.6 million, modestly below our forecast of $23.5 million. Results benefited from strong Digital Advertising growth and higher political spending, partially offset by weakness in Interactive and Broadcast.

Mixed Performance Across Digital Businesses. Digital Advertising revenue increased 12.7%, driven by programmatic growth and stronger direct sales of owned-and-operated properties. However, profitability lagged as the expanding Media Partnerships business contributed to lower segment margins. Meanwhile, Interactive’s customer churn remained historically low, and profit margin improved 300 basis points to 36.3%, despite continued weakness in new-customer sales as the company rebuilds its salesforce.

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Noble Capital Markets Research Report Wednesday, November 4, 2026

Companies contained in today’s report:

Commercial Vehicle Group (CVGI)/OUTPERFORM – Revenue Momentum Continued in 3Q
VivoPower International PLC (VIVO)/OUTPERFORM – Laying the Groundwork for AI

Commercial Vehicle Group (CVGI/$3.34 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
Revenue Momentum Continued in 3Q
Rating: OUTPERFORM

Overview. In the third quarter of 2026, CVG delivered year-over-year revenue growth across all 3 segments, reflecting ongoing efforts to reduce end-market concentration in cyclical North American Class 8 truck exposure through geographic and end-market diversification. While there are still macroeconomic uncertainties to monitor, we believe CVG is hitting its stride as new business wins are ramping up coincidentally with a recovery in key end markets.

3Q26 Numbers. Revenue of $208.1 million rose 36.5%. We had forecast $195 million. Gross margin expanded 300 bp to 13.5% and was up 80 bp sequentially. Adjusted EBITDA came in at $8.5 million, versus $4.6 million in 3Q25. Adjusted EPS was $0.03 compared to an adjusted net loss of $0.14/sh last year. We had forecast $10 million and $0.03, respectively.

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VivoPower International PLC (VIVO/$1.6 | Price Target: $10)
Jacob Mutchler [email protected] |
Michael Kupinski [email protected] | (561) 994-5734
Laying the Groundwork for AI
Rating: OUTPERFORM

FY2026 Operating Results. VivoPower reported fiscal 2026 revenue of $2.6 million, primarily reflecting $2.5 million from Mo i Rana following its May 12 acquisition. The adjusted EBITDA loss from continuing operations widened to $24.4 million from $11.1 million in FY 2025. Excluding $13.1 million in non-cash share-based expenses, the loss was $11.3 million.

Mo i Rana Drives Fourth Quarter Revenue. The data center contributed $2.5 million in revenue and approximately $0.04 million in operating profit during the final 50 days of fiscal 2026. Revenue came from existing Bitcoin mining hosting rather than AI leases, while one-time acquisition costs, downtime for site improvements and maintenance, and lower Bitcoin prices weighed on profitability. 

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Noble Capital Markets Research Report Tuesday, November 3, 2026

Companies contained in today’s report:

Information Services Group (III)/OUTPERFORM – Riding the AI Wave
NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – New Data To Be Added To Canadian NDS Application For PrimeC
Tectonic Metals Inc. (TETOF)/OUTPERFORM – Black Creek Discovery Gains Momentum
The GEO Group (GEO)/OUTPERFORM – Activating Idle Facilities
V2X (VVX)/OUTPERFORM – Strong Third Quarter Results

Information Services Group (III/$6.28 | Price Target: $7)
Joe Gomes [email protected] | 561-999-2262
Riding the AI Wave
Rating: OUTPERFORM

3Q26 Overview. ISG delivered a robust financial performance in the third quarter, with strong cash generation, expanding margins, and solid revenue growth. Revenue in the quarter was driven by a return to growth in Asia Pacific, up 47%, AI-related revenues reaching over $30 million for the first time, and recurring revenues continuing to build, up 7%. This mix of growth helped drive adjusted EBITDA margin expansion to 15.4%, the highest quarterly margin in four years.

3Q26 Results. Revenues for 3Q26 were $65.1 million, up 4.4% from $62.4 million in the prior year. Revenues were $41.9 million in the Americas, down 1%; revenues in Europe were $17.0 million, up 6% on a reported basis; and Asia Pacific revenues were $6.2 million, up 47% on a reported basis. ISG reported GAAP net income of $3.4 million, compared with net income of $3.1 million in the prior year. Fully diluted earnings per share were $0.07, compared with fully diluted earnings per share of $0.06 in the prior year. Adjusted EPS was $0.10, up from $0.09 in the prior year’s third quarter. Adjusted EBITDA was $10.0 million, up 19% from the prior year.

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NeuroSense Therapeutics Ltd. (NRSN/$1.43 | Price Target: $9)
Robert LeBoyer [email protected] | (212) 896-4625
New Data To Be Added To Canadian NDS Application For PrimeC
Rating: OUTPERFORM

Additional Data To Strengthen NDS Application. NeuroSense announced it will add data from new analyses of the PrimeC Phase 2b PARADIGM trial to its New Drug Submission (NDS) in Canada. These additional analyses strengthen the application, but have moved the NDS submission date from December 2026 to March 2027. We have not expected this to be a financially important market and do not see this delay as significant.

New, Unpublished Analyses Will Be Included. One of the new analyses to be included in the NDS is data on neurofilament light chain (NfL) levels. This structural protein in neurons serves as a biomarker for neuronal damage and death in ALS. PrimeC patients had greater reductions in NfL than placebo patients, correlating with other clinical findings in the trial. We believe these data further support previous findings of slowed disease progression.

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Tectonic Metals Inc. (TETOF/$1.08 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
Black Creek Discovery Gains Momentum
Rating: OUTPERFORM

Recent drilling results. Tectonic Metals reported results from six additional drill holes at its Flat Gold Project in Alaska, highlighted by Hole CMR26-159, which intersected 2.86 grams per tonne (g/t) of gold over 91.44 meters, including 5.61 g/t over 41.15 meters and 12.94 g/t over 13.72 meters. The hole represents the longest mineralized intercept reported at Black Creek and ended in high-grade mineralization, leaving the system open at depth.

Results strengthen evidence of mineralization continuity. Hole CMR26-159 was drilled 100 meters south of the 2025 discovery hole and 30 meters south of two previously reported mineralized holes. Drilling has now intersected gold in 17 of 18 holes across a footprint measuring approximately 100 by 200 meters. Several higher-grade intersections remain open at depth, supporting additional drilling to establish the geometry and continuity of mineralization.

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The GEO Group (GEO/$27.89 | Price Target: $40)
Joe Gomes [email protected] | 561-999-2262
Activating Idle Facilities
Rating: OUTPERFORM

Activation. Yesterday, The GEO Group announced the activation of its previously idle Big Spring Complex in Texas.  The Big Spring Complex is expected to generate approximately $200 million in annual revenues for GEO in the first full year of operations. The announcement is the second contract update in the past week. Not only do these contracts reinforce GEO’s ability to help its government partners meet their needs, but they also suggest ICE detainee populations should continue to rise, in our view.

Details. The contract is a 10-year intergovernmental service agreement between the City of Big Springs, Texas, and ICE. The facilities include the 1,404-bed Flightline Facility and the 925-bed Cedar Hill Facility. GEO will provide support services at the Big Springs Complex, which are expected to include the exclusive use of the Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and transportation services.

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V2X (VVX/$83.2 | Price Target: $92)
Joe Gomes [email protected] | 561-999-2262
Strong Third Quarter Results
Rating: OUTPERFORM

Overview. V2X delivered another strong quarter, with revenue growth and double-digit increases in net income and diluted EPS. Results reflect consistent execution and continued demand for V2X’s mission-critical capabilities. V2X experienced another quarter of strong cash generation and maintained a healthy balance sheet. With this flexibility, the Company is continuing to invest in priority growth areas, including expanding capacity in engineering and product capabilities.

3Q26 Results. Third-quarter revenue of $1.271 billion was up from $1.167 billion and exceeded our $1.19 billion estimate. Adjusted EBITDA came in at $88.6 million, up from $85.2 million in 3Q25 and above our $86 million estimate. Adjusted EPS was $1.64, up 19% y-o-y, and exceeded our $1.46 projection.

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Noble Capital Markets Research Report Monday, November 2, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – Repositioning Ongoing
NN (NNBR)/OUTPERFORM – Opportunity, Opportunity, Opportunity
Nutriband (NTRB)/OUTPERFORM – Progress Reported Toward Start Of Clinical Trial

ACCO Brands (ACCO/$5.5 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
Repositioning Ongoing
Rating: OUTPERFORM

Thoughts on the Quarter. We view the quarter as evidence of progress in cash generation and portfolio repositioning, with an organic earnings recovery still to be demonstrated. Cost actions, school brand performance, and International margin improvement support the operating base. However, acquisitions and currency continue to offset declining comparable sales, and tariff recoveries explain more than the entire quarterly increase in adjusted operating income. A sustained improvement in peripherals sell-through and margins would provide stronger support for a recovery thesis.

Key Quarter Metrics. Back-to-school was a bright spot. Management reported mid-single-digit seasonal growth in the United States and Canada and nearly 20% growth in Mexico. Workspace Solutions segment sales were off low single digits overall, while the Tech Peripherals business was down low double digits.

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NN (NNBR/$3.93 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Opportunity, Opportunity, Opportunity
Rating: OUTPERFORM

Opportunity. The biggest takeaway from the quarter is the tremendous amount of opportunity available to NN. The pipeline in the key end markets-Data Center and Electric Grid, Defense and Electronics, and Medical-exceeds $270 million, with an overall pipeline of $750 million, and the prospect list is over $1 billion in additional opportunities being tracked that have yet to be quoted.

Growth. New-business awards totaled $106 million through September, and management expects more than 150 program launches during 2026. Data-center cooling, defense products, and robotic surgery components are expanding NN’s addressable applications. Management raised its full-year awards target to $110 million to $130 million.

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Nutriband (NTRB/$6.3 | Price Target: $15)
Robert LeBoyer [email protected] | (212) 896-4625
Progress Reported Toward Start Of Clinical Trial
Rating: OUTPERFORM

Commercial Preparations Continue. Nutriband continues to prepare for the AVERSA Fentanyl clinical trial, now expected to begin in 1H27. The NDA will be submitted through the 505(b)(2) pathway and requires a single Phase 1 trial demonstrating abuse deterrence with AVERSA Fentanyl technology.

Opioid Crisis Is Getting Worse. The Opioid Crisis was declared a National Public Health Emergency in October 2017. While overdose deaths have declined from their 2023 peak, the number of people living with opioid addiction has increased. CEO Garth Sheridan recently appeared in a video with Nick Shirley, a well-known YouTuber. The segment featured a walking tour in Los Angeles, speaking with people who live with fentanyl addiction. The segment can be viewed at https://www.youtube.com/watch?v=zyDQOBp4nn4&t=1357s.  

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Noble Capital Markets Research Report Friday, October 30, 2026

Companies contained in today’s report:

ACCO Brands (ACCO)/OUTPERFORM – Third Quarter 2026 First Look
Kuya Silver (KUYAF)/OUTPERFORM – Laying the Foundation for Production Growth
The GEO Group (GEO)/OUTPERFORM – Updated Contract For Northwest ICE Processing Center
Titan International (TWI)/OUTPERFORM – Still Working Through Headwinds
Xerox Holdings Corporation (XRX)/OUTPERFORM – Cost Savings Face Mounting Headwinds

ACCO Brands (ACCO/$4.36 | Price Target: $9)
Joe Gomes [email protected] | 561-999-2262
Third Quarter 2026 First Look
Rating: OUTPERFORM

Quarterly Overview. ACCO delivered third-quarter sales consistent with management’s outlook, driven by a solid back-to-school season in both North America and Mexico and stabilizing trends in Workspace Solutions. Adjusted EPS included net tariff refunds, with underlying operations in line with outlook. ACCO generated strong cash flows and continued to pay down debt, ending September with a consolidated leverage ratio of 3.6x.

3Q26 Numbers. Third quarter net sales decreased 0.9% to $380.3 million from $383.7 million in 2025, reflecting 4.9% growth from the EPOS acquisition and 0.4% from favorable foreign exchange, which were more than offset by a 6.2% decline in comparable sales. Net income was $11.5 million, or $0.12 per share, compared with $4.0 million, or $0.04 per share, in 2025. Adjusted net income increased to $27.2 million from $19.5 million in 2025, and adjusted earnings per share rose to $0.28 from $0.21 in 2025.

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Kuya Silver (KUYAF/$0.31 | Price Target: $1.7)
Mark Reichman [email protected] | (561) 999-2272
Laying the Foundation for Production Growth
Rating: OUTPERFORM

Record underground development supports production growth. Kuya Silver reported record underground development at its Bethania silver mine in Peru during the third quarter of 2026, advancing 575 meters and excavating 4,713 tonnes of development material. Management prioritized mine development over near-term production to establish additional working areas and support higher mining rates. Quarterly production totaled 3,401 tonnes of mineralized material, with increased output expected beginning in the fourth quarter and continuing into 2027.

Infrastructure and processing agreements establish a path to higher throughput. An upgraded underground winch system is expected to support the targeted mining rate of 350 tonnes per day (tpd) without completing the planned access ramp. Separately, a strategic agreement with the Camila processing plant secures dedicated capacity of 3,000 tonnes monthly through March 2027, increasing to 4,000 tonnes beginning in April. The agreement supports near-term production growth while allowing Kuya Silver to prioritize construction of its fully permitted 350 tpd Bethania processing plant.

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The GEO Group (GEO/$28.54 | Price Target: $40)
Joe Gomes [email protected] | 561-999-2262
Updated Contract For Northwest ICE Processing Center
Rating: OUTPERFORM

New Contract. The GEO Group entered into a new 10-year contract for the continued provision of support services at the GEO-owned 1,635-bed Northwest ICE Processing Center located in Tacoma, Washington. The new 10-year contract is expected to generate approximately $140 million in annual revenues for GEO and continue through October 27, 2036. We believe this demonstrates the ongoing attractiveness of GEO’s assets for its government partners.

Services. Support services at the Northwest ICE Processing Center are expected to include security, maintenance, and food services, as well as access to recreational amenities, medical care, and transportation services.

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Titan International (TWI/$4.91 | Price Target: $8)
Joe Gomes [email protected] | 561-999-2262
Still Working Through Headwinds
Rating: OUTPERFORM

Quarterly Overview. Inclusive of ITM, which is reported in the 3Q26 financials as discontinued operations, Titan’s revenues of $454 million were above the midpoint of the guidance, while adjusted EBITDA of $28 million was also within the guidance range. Titan’s One Stop Shop strategy continues to enable the Company to deliver solid financial results despite challenging current market conditions.

3Q26 Results. Focused on reported results, which exclude ITM from continuing operations, revenue came in at $335.2 million compared to $357.3 million in the comparable period of 2025. Gross margin was 14.7% of net sales versus 15.7% in 3Q26. Titan reported adjusted EBITDA of $16.4 million, down from $20.3 million last year. Adjusted loss was $0.03/sh compared to adjusted EPS of $0.04 in 3Q25.

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Xerox Holdings Corporation (XRX/$1.67 | Price Target: $2.5)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Cost Savings Face Mounting Headwinds
Rating: OUTPERFORM

Third quarter falls short of expectations. Xerox reported third-quarter revenue of $1.87 billion, largely in line with our estimate, while adjusted EBITDA of $193 million was 12.8% below our forecast. Gross margin of 29.2% was approximately 370 basis points below our estimate, reflecting higher input costs and an unfavorable equipment mix, which more than offset lower operating expenses.

Lexmark savings remain on track. Following our discussions with management, we believe the company remains confident in achieving approximately $100 million of incremental Lexmark integration savings in 2027. Additional opportunities in automation, AI, organizational simplification, and facility consolidation could deliver further benefits, though the timing and magnitude of these savings remain uncertain.

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Noble Capital Markets Research Report Thursday, October 29, 2026

Companies contained in today’s report:

Bimergen Energy (BESS)/OUTPERFORM – Powering Up a 2 GW Opportunity
NN (NNBR)/OUTPERFORM – First Look at 3Q26 Results

Bimergen Energy (BESS/$2.12 | Price Target: $6)
Mark Reichman [email protected] | (561) 999-2272
Richard Magnusen [email protected] |
Powering Up a 2 GW Opportunity
Rating: OUTPERFORM

Initiating coverage with an Outperform rating. Bimergen Energy develops, finances, owns, and operates utility-scale battery energy storage systems (BESS). The company has assembled 23 development projects representing approximately 2.0 gigawatts (GW) of capacity across several regional U.S. power markets. We believe the portfolio provides a range of options to unlock value as Bimergen advances projects through development, monetization, financing, construction, and ultimately commercial operation.

Multiple paths to value creation. Bimergen can monetize projects by retaining minority interests alongside strategic partners or owning completed assets and generate recurring operating revenue. The company has begun demonstrating this flexibility through the sale of the 100-megawatt (MW) Redbird project and two smaller ERCOT projects to Frontier Power while retaining a 7.5% economic interest. We believe this transaction provides initial evidence that development-stage projects can create tangible value before commercial operation.

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NN (NNBR/$3.8 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
First Look at 3Q26 Results
Rating: OUTPERFORM

Quarterly Overview. NN delivered a strong 3Q26, significantly exceeding our expectations for sales, adjusted EBITDA, and adjusted net income. NN’s new business program has continued to outperform expectations, with the Company now winning more than 1 new program per day. And NN’s 5 Pillar growth program is working well, with the Company investing its time and resources to strategically pivot the portfolio to high-growth, high-value markets and products.

3Q26 Numbers. Net sales for 3Q26 were $131.1 million, an increase of 26.2% compared to net sales of $103.9 million for 3Q25. The increase was primarily driven by higher selling prices, higher volumes, and favorable foreign exchange effects.  Adjusted EBITDA was $18.5 million, an increase of 49.7% compared to adjusted EBITDA of $12.4 million for the same period in 2025. Adjusted net income was $5.3 million, or $0.07 per diluted common share, an increase of $5.6 million or $0.08 per diluted common share, y-o-y.

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Noble Capital Markets Research Report Wednesday, October 28, 2026

Companies contained in today’s report:

T3 Defense (DFNS)/OUTPERFORM – A New Acquisition
Travelzoo (TZOO)/OUTPERFORM – Membership Momentum Sets Up 2027 Earnings Growth

T3 Defense (DFNS/$3.85 | Price Target: $30)
Joe Gomes [email protected] | 561-999-2262
A New Acquisition
Rating: OUTPERFORM

Acquisition. T3 Defense has entered into a definitive agreement to acquire KeepZone AI from Nexera Technologies. KeepZone expands T3’s offerings into the Homeland Security vertical. The acquisition allows T3 to expand its commercial reach while providing the Company with a U.S. presence and active channels in North America, Latin America, and the Gulf. We view the proposed acquisition as another building block in T3’s efforts to build a mission-critical defense business embedded at critical chokepoints.

Details. Initial consideration is $1.0 million, payable in common stock (and, to the extent required by a 4.9% beneficial ownership limitation, pre-funded warrants), priced at the average closing price of T3 Defense common stock for the five trading days preceding closing. Nexera is also eligible for an earn-out equal to 50% of KeepZone’s standalone net profit generated during the 24 months following the closing, calculated on the first $10.0 million of net profit and therefore capped at $5.0 million, payable in cash. Closing is expected within 60 days.

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Travelzoo (TZOO/$4.98 | Price Target: $16)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Membership Momentum Sets Up 2027 Earnings Growth
Rating: OUTPERFORM

Investment weighs on Q3. Revenue increased 3% to $22.9 million, in line with expectations. Adjusted EBITDA fell to a loss of $2.2 million, modestly wider than our estimated loss of $1.5 million. The earnings shortfall largely reflected higher sales and marketing expenditures associated with the company’s transition to a paid membership model. 

Membership growth accelerates. Club Members increased 65% year over year, supported by $5.8 million in direct membership acquisition spending during the quarter. Encouragingly, average U.S. customer acquisition cost fell to $54 from $62 in the second quarter, while deferred revenue rose to $13.5 million, providing greater visibility into future recurring membership revenue.

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Noble Capital Markets Research Report Tuesday, October 27, 2026

Companies contained in today’s report:

1-800-Flowers.com (FLWS)/OUTPERFORM – Transformation Efforts Progressing; Financial Flexibility Remains a Focus
Alliance Resource Partners (ARLP)/OUTPERFORM – Strong Third Quarter Results Reinforce Constructive 2027 Outlook
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Phase 2 BESTOW Analysis Shows Improved Quality Of Life and Reduced Symptom Burden
Resolution Minerals Ltd (RML)/OUTPERFORM – Golden Gate North Gold Zone Expands
SKYX Platforms (SKYX)/OUTPERFORM – Another Homebuilder Deal
Star Equity Holdings, Inc. (STRR)/OUTPERFORM – A Tuck-in; Updated Model
VivoPower International PLC (VIVO)/OUTPERFORM – Advancing Mo i Rana Development and Sovereign AI Strategy

1-800-Flowers.com (FLWS/$2.83 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Transformation Efforts Progressing; Financial Flexibility Remains a Focus
Rating: OUTPERFORM

Additional cost savings identified. The company highlighted $50 million in annualized run-rate cost savings achieved ahead of schedule in fiscal 2026 and identified an additional $15 million to $20 million in potential annualized savings for fiscal 2027. We believe these initiatives could support a recovery in profitability, although the timing and extent of the EBITDA contribution remain uncertain.

Focus on financial flexibility. The company highlighted an amendment to its credit agreement that extends covenant relief and provides greater flexibility in using asset-sale proceeds. In addition, the company is evaluating financing alternatives, including potential debt or equity transactions and nonstrategic asset divestitures.

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Alliance Resource Partners (ARLP/$26.4 | Price Target: $35)
Mark Reichman [email protected] | (561) 999-2272
Strong Third Quarter Results Reinforce Constructive 2027 Outlook
Rating: OUTPERFORM

Third Quarter Financial Results. Alliance Resource Partners reported third-quarter 2026 revenue of $603.0 million, up 5.5% year-over-year and 9.3% sequentially. Net income attributable to ARLP increased 46.8% to $139.6 million, or $1.08 per unit, compared with $0.73 a year ago and $0.61 in the second quarter. Adjusted EBITDA attributable to ARLP increased 26.3% to $233.9 million, reflecting stronger coal operations and record oil and gas royalty contributions.

Operating Performance Strengthens. Coal sales increased 7.4% year-over-year to 9.35 million tons, supported by resumed production at Hamilton and strong performance at River View and Tunnel Ridge. Segment Adjusted EBITDA expense per ton decreased 13.1% to $35.64, contributing to an 18.6% increase in Coal Operations Segment Adjusted EBITDA to $186.8 million. The AllDale III and IV acquisition contributed to record oil and gas royalty production of 1.45 million barrels of oil equivalent, while attributable segment Adjusted EBITDA increased 61.4% to $43.6 million.

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Eledon Pharmaceuticals (ELDN/$2.21 | Price Target: $10)
Robert LeBoyer [email protected] | (212) 896-4625
Phase 2 BESTOW Analysis Shows Improved Quality Of Life and Reduced Symptom Burden
Rating: OUTPERFORM

New Data Presentation On Quality of Life and Symptoms. Eledon presented data from the Phase 2 BESTOW trial at the American Society of Nephrology Annual Kidney Week 2026 meeting. The presentation compared patients receiving tegoprubart with those receiving tacrolimus, showing improvements in quality of life and reductions in symptom burden at 12 months. We believe these findings support prior data on efficacy, safety, and tolerability.

Patient Evaluations. Data from two accepted clinical evaluations, MTSOSD-59R and KDQOL-SF, showed substantial, lasting improvements in quality of life and reductions in transplant-related side effects. We see these patient-reported outcomes as consistent with prior reductions in BPAR (Biopsy-Proven Acute Rejection), improvements in eGFR, and improvements in factors that contribute to long-term graft failure.

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Resolution Minerals Ltd (RML/$3.82 | Price Target: $30)
Mark Reichman [email protected] | (561) 999-2272
Golden Gate North Gold Zone Expands
Rating: OUTPERFORM

Drilling expands the gold zone. Resolution Minerals reported additional drill results from Golden Gate North at its 100%-owned Horse Heaven project in Idaho, confirming gold mineralization over an area measuring at least 500 meters along strike, 200 meters in width, and 300 meters in depth. The results expand the known mineralized footprint and strengthen the potential for a sizable near-surface gold system.

Broad mineralized intervals. Three newly reported drill holes intersected extensive gold mineralization beginning at the surface, including 324 meters grading 0.49 grams per tonne (g/t) gold and 322 meters grading 0.37 g/t gold. Although grades remain relatively modest, the continuity and scale of mineralization are encouraging and support further evaluation of potential bulk tonnage mineralization.

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SKYX Platforms (SKYX/$0.78 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Another Homebuilder Deal
Rating: OUTPERFORM

New Deal. Hot on the heels of the Maronda Homes announcement, SKYX Platforms revealed an agreement to supply 60,000 units of its smart home technologies for over 700 homes to be built by Home Creations. The units are expected to be provided over the next 12 months. We believe these are the first of many agreements to be awarded in the future for SKYX products in the home builder vertical.

Home Creations. Founded in 1981, Home Creations is a family-founded homebuilder serving Oklahoma and the Houston, Texas, market. Significantly, Home Creations combines energy-efficient construction with smart home features. The firm’s Oklahoma City homes are nearly 53% more energy-efficient than typical new homes and include Deako smart lighting, a smart thermostat, smart locks, and an app-enabled garage door. Every home is HERS-verified by a certified RESNET energy rater and backed by a 10-year structural warranty.

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Star Equity Holdings, Inc. (STRR/$9.89 | Price Target: $16)
Joe Gomes [email protected] | 561-999-2262
A Tuck-in; Updated Model
Rating: OUTPERFORM

A Tuck-in. Yesterday, Star Equity announced that its Energy Services division acquired a privately held Vernal, Utah-based machine shop that provides repair, rebuild, and machining services for well fishing tools, drill pipe, and other drilling equipment. The transaction closed on October 23, 2026, and the shop will work alongside Alliance Drilling Tool’s (ADT) existing Vernal operation. No financial details were provided.

Additional Detail. Adding these in-house capabilities makes ADT’s Vernal operation a full-service location. ADT can support customers across more of the tool life cycle while gaining more direct control over service quality and turnaround time. The expanded capabilities also position ADT to more actively pursue oil and gas drilling work in the Uinta Basin, as well as mining and geothermal opportunities across the region.

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VivoPower International PLC (VIVO/$2.45 | Price Target: $10)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Advancing Mo i Rana Development and Sovereign AI Strategy
Rating: OUTPERFORM

Construction mobilized at Mo i Rana. On October 12, 2026, VivoPower announced the start of construction for the initial 40MW AI data center at its Mo i Rana facility in Norway. While a definitive lease agreement has not yet been announced, the company confirmed that it has selected a global AI industry leader as its preferred tenant, with the facility’s design and construction tailored to the prospective customer’s requirements.

Existing operations maintained during construction. VivoPower has engaged local contractors to complete site preparation and structural works ahead of the specialized mechanical and electrical fit-out. Under the original development plan, construction will proceed on adjacent land while existing Bitcoin mining and grid-balancing operations continue. After the mining lease expires in June 2027, the existing power capacity is earmarked for AI applications, with an additional 40MW development planned thereafter.

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Noble Capital Markets Research Report Monday, October 26, 2026

Companies contained in today’s report:

Cosmos Health (COSM)/OUTPERFORM – Building a Higher-Margin Healthcare Platform

Cosmos Health (COSM/$0.26 | Price Target: $1.4)
Michael Kupinski [email protected] | (561) 994-5734
Richard Magnusen [email protected] |
Building a Higher-Margin Healthcare Platform
Rating: OUTPERFORM

Initiating coverage with an Outperform rating. We believe Cosmos Health is positioned for a meaningful improvement in profitability as its revenue mix shifts toward higher-margin proprietary healthcare products and pharmaceutical manufacturing. The company’s established wholesale distribution business provides a revenue base, while its expanding U.S. direct-to-consumer operations could become an increasingly important driver of earnings growth.

U.S. direct-to-consumer sales are gaining momentum. Management expects approximately $15 million in fourth-quarter 2026 U.S. e-commerce revenue and $10.5 million in gross profit, reflecting the rapid expansion of its proprietary nutraceutical business. Active U.S. subscriptions reached 8,940 as of October 19, although customer retention and marketing efficiency remain important considerations as the business scales.

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Noble Capital Markets Research Report Friday, October 23, 2026

Companies contained in today’s report:

Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Kodiak Advances MPD Metallurgy Ahead of Key 2027 Catalysts
Seanergy Maritime (SHIP)/OUTPERFORM – Raising Estimates, Fleet Growth Ahead

Kodiak Copper Corp. (KDKCF/$0.46 | Price Target: $1.5)
Mark Reichman [email protected] | (561) 999-2272
Kodiak Advances MPD Metallurgy Ahead of Key 2027 Catalysts
Rating: OUTPERFORM

Metallurgical work begins. Kodiak Copper has commenced an additional metallurgical program at its 100%-owned MPD copper-gold porphyry project in southern British Columbia. The new work builds on positive results reported earlier this year and is focused on flowsheet development and optimization. The program is intended to improve the technical foundation for future economic studies while MPD continues to advance through ongoing exploration and resource growth.

Project-wide testing. The program is broad in scope and will include representative material from all seven deposits included in MPD’s mineral resource estimate: 1) Gate, 2) Ketchan, 3) Man, 4) Dillard, 5) West, 6) Adit, and 7) South. Four composite samples representing the Southern Area, Northern Area, Ketchan, and Gate will undergo mineralogical, comminution, gravity, flotation, locked cycle, and concentrate quality testing. In our view, this should help determine whether a common processing flowsheet can be applied across multiple deposits, which could simplify future development and provide greater flexibility in mine planning and deposit sequencing.

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Seanergy Maritime (SHIP/$15.35 | Price Target: $28)
Mark Reichman [email protected] | (561) 999-2272
Raising Estimates, Fleet Growth Ahead
Rating: OUTPERFORM

Increasing third-quarter estimates. We have increased our third-quarter revenue, adj. EBITDA, and adj. EPS estimates to $55.4 million, $35.0 million, and $0.95, respectively, from $53.4 million, $32.0 million, and $0.86. Our revised estimates reflect a higher average time charter equivalent (TCE) rate of $32,750 per day. Moreover, we have increased our FY 2026 revenue, adj. EBITDA and adj. EPS estimates to $209.4 million, $139.7 million, and $3.85, respectively, from $205.9 million, $134.2 million, and $3.70.

Looking ahead. We expect Seanergy’s fleet renewal program to support earnings growth in 2027, with four newbuild vessels scheduled for delivery during the year. These additions should enhance revenue growth, improve operating efficiency, and reduce average vessel age. We also anticipate selective disposals of older vessels, partially offsetting fleet growth while advancing the company’s modernization strategy. While dry dockings, delivery timing, and freight-rate volatility could affect 2027 results, we expect the new vessels to contribute more meaningfully to earnings and cash flow in 2028.

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Noble Capital Markets Research Report Thursday, October 22, 2026

Companies contained in today’s report:

SKYX Platforms (SKYX)/OUTPERFORM – Proof of Concept
Unicycive Therapeutics (UNCY)/OUTPERFORM – NDA Resubmission Accepted For FDA Review

SKYX Platforms (SKYX/$0.9 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Proof of Concept
Rating: OUTPERFORM

Proof. It didn’t take long for SKYX Platforms and new subsidiary Deako to supply proof of concept on one of the key elements of the merger: i.e., cross-selling. Yesterday, SKYX announced that it will supply over 80,000 units of its advanced technologies to over 1,000 homes for Maronda Homes. We believe this announcement will be the first of many.

Details. The Company expects to deliver over 80,000 units of its advanced plug-and-play and smart home technologies to over 1,000 Maronda Homes residences in several states, including Ohio, Georgia, Maryland, and Pennsylvania. If the contract is similar to the $50/unit revenue previously disclosed, the contract would represent some $4 million in revenue.

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Unicycive Therapeutics (UNCY/$3.87 | Price Target: $40)
Robert LeBoyer [email protected] | (212) 896-4625
NDA Resubmission Accepted For FDA Review
Rating: OUTPERFORM

OLC Resubmission Given March 25, 2027 PDUFA Date. Unicycive announced that the FDA has accepted its NDA (New Drug Application) resubmission for OLC (oxylanthanum carbonate) for review. This follows the 30-day period after resubmission in which the FDA determined that it was sufficiently complete for review. The application received a PDUFA (Prescription Drug User Fee Act) date of March 25, 2027. This is the date the FDA must respond to the application by statute and aligns with the TDAPA program deadlines.

The NDA Contains Data From A New Manufacturing Partner. As we had expected, the resubmission was classified as Class 2 and received a six-month review. The CMC (Chemistry, Manufacturing, and Controls) section includes product manufacturing data from a new third-party manufacturing partner. The FDA inspected this manufacturer’s plant in March 2024 and gave a “No Action Indicated” status, the equivalent of a passing grade.

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Noble Capital Markets Research Report Wednesday, October 21, 2026

Companies contained in today’s report:

FreightCar America (RAIL)/OUTPERFORM – Outlook Reset Following Tank Car Retrofit Order Removal
NetSol Technologies, Inc. (NTWK)/OUTPERFORM – Transcending to the Next Stage of Growth

FreightCar America (RAIL/$4.02 | Price Target: $10)
Mark Reichman [email protected] | (561) 999-2272
Outlook Reset Following Tank Car Retrofit Order Removal
Rating: OUTPERFORM

Tank car retrofit order removed from backlog. FreightCar America removed 1,285 railcars associated with a tank car retrofit contract from its backlog after determining that the customer was unlikely to fulfill its contractual obligations. The order included deliveries scheduled for the second half of 2026 and throughout 2027. Management emphasized that the cancellation is specific to one customer and does not affect other orders. Following the adjustment, the September 30, 2026, backlog totaled 2,660 railcars valued at $284.5 million.

Preliminary Q3 2026 results reflect lower production volumes. FreightCar America expects third-quarter revenue of $75 million to $77 million, down approximately 53% from $160.5 million in the prior-year period. Railcar deliveries declined 49% to 662 units, while adjusted EBITDA is expected to be approximately breakeven, compared with $17.0 million a year earlier. We now forecast revenue of $76.1 million, adjusted EBITDA of $0.0 million, and a loss of $(0.13) per share.

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NetSol Technologies, Inc. (NTWK/$6.54 | Price Target: $9)
Michael Kupinski [email protected] | (561) 994-5734
Jacob Mutchler [email protected] |
Transcending to the Next Stage of Growth
Rating: OUTPERFORM

Initiating coverage. We are initiating coverage of NetSol Technologies, a global provider of lending, leasing, and digital retail software to auto captives, banks, and equipment lenders. In our view, NetSol’s long-standing customer relationships and Transcend platform position it to benefit as lenders replace aging systems and to shift more revenue from one-time licenses to recurring subscriptions.

A record year. Fiscal 2026 revenue rose 12.5% to a record $74.4 million. Recurring subscription and support revenue grew 8.7% to $35.8 million and accounts for nearly half of total revenue. We believe the increased adoption of the Transcend platform’s subscription model should improve revenue visibility and reduce reliance on individual contract wins.

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Noble Capital Markets Research Report Tuesday, October 20, 2026

Companies contained in today’s report:

Euroseas (ESEA)/OUTPERFORM – Strong Charter Rates and Attractive Vessel Sale

Euroseas (ESEA/$66.59 | Price Target: $95)
Mark Reichman [email protected] | (561) 999-2272
Strong Charter Rates and Attractive Vessel Sale
Rating: OUTPERFORM

New charter at an attractive rate. Euroseas announced a new time charter for its 2001-built, 2,556 twenty-foot equivalent unit (TEU) feeder containership, M/V EM Corfu, at a gross daily rate of $62,500 for a minimum period of 12 to a maximum period of 14 months. The charter, expected to commence in mid-December following a scheduled dry-dock, represents a significant increase from the previous rate of $28,000 per day. The new charter is expected to generate approximately $17.8 million in EBITDA over the minimum 12-month period. The agreement increases charter coverage to approximately 100% for 2026, 91% for 2027, and 49% for 2028.

Monetizing an older vessel. Euroseas also agreed to sell the M/V Evridiki G, a 2001-built sister vessel of the EM Corfu, for approximately $26 million. The transaction is expected to generate a gain of $22.5 million, or $3.19 per share. We view the sale favorably given the vessel’s age and the opportunity to realize an attractive price while reducing the fleet’s exposure to older tonnage.

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Noble Capital Markets Research Report Monday, October 19, 2026

Companies contained in today’s report:

Conduent (CNDT)/OUTPERFORM – Conduent Moves To Resolve Major Litigation Overhang
First Phosphate Corp. (PHOS)/OUTPERFORM – Advancing Toward Feasibility
Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Kodiak Extends Ketchan Mineralization, Strengthening Resource Potential
Kratos Defense & Security (KTOS)/OUTPERFORM – A Tuck-in and Other News

Conduent (CNDT/$1.39 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
Conduent Moves To Resolve Major Litigation Overhang
Rating: OUTPERFORM

Reaches $80 million class action settlement. Conduent agreed to settle consolidated class action litigation related to its previously disclosed January 2025 cybersecurity incident. The incident involved unauthorized access to the company’s networks beginning in October 2024 and exposed personal information belonging to approximately 62 million individuals. The agreement remains subject to court approval.

Addresses significant litigation exposure. The settlement seeks to resolve litigation stemming from the cybersecurity incident, including claims involving Conduent and affected clients. Upon final approval, the agreement would release Conduent, its affected clients, and their affected customers from covered claims arising from the incident. We believe the agreement provides greater visibility into a significant legal uncertainty that has weighed on the company’s broader turnaround efforts.

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First Phosphate Corp. (PHOS/$12.8 | Price Target: $25.5)
Mark Reichman [email protected] | (561) 999-2272
Advancing Toward Feasibility
Rating: OUTPERFORM

Significant progress toward development. First Phosphate continues to advance its North American LFP battery materials strategy, supported by its inclusion in a G7-backed critical minerals initiative, international financing interest, accelerated permitting coordination in Quebec, and expanded mineral resources. These developments strengthen the company’s strategic position as Bégin-Lamarche advances toward feasibility.

Strengthening project economics and financing prospects. With the updated mineral resource estimate, indicated mineral resources increased by 378%, providing greater geological confidence for feasibility-level mine planning. Canadian government contributions and potential export credit support from Swiss and Danish agencies could reduce future funding requirements. Management is targeting completion of the Bégin-Lamarche feasibility study in the first quarter of calendar 2027.

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Kodiak Copper Corp. (KDKCF/$0.49 | Price Target: $1.5)
Mark Reichman [email protected] | (561) 999-2272
Kodiak Extends Ketchan Mineralization, Strengthening Resource Potential
Rating: OUTPERFORM

Ketchan deposit expands significantly. Kodiak Copper recently reported encouraging results from seven drill holes totaling 1,583 meters at its 100%-owned MPD copper-gold project in British Columbia. Step-out drilling extended the known mineralized envelope at Ketchan by at least 450 meters southeast of its existing 1.4-kilometer resource footprint, increasing the known extent of the mineralized system and supporting potential resource growth.

Near-surface copper-gold mineralization. Hole AG-26-034 intersected 122.5 meters grading 0.41% copper equivalent (CuEq), beginning just 5.5 meters below the surface. Hole AG-26-021 returned 202.5 meters grading 0.20% CuEq, while infill hole AG-26-015 intersected 207.3 meters grading 0.31% CuEq. The results demonstrate mineralization both beyond and within the existing resource boundaries.

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Kratos Defense & Security (KTOS/$40.42 | Price Target: $100)
Joe Gomes [email protected] | 561-999-2262
A Tuck-in and Other News
Rating: OUTPERFORM

A Tuck-in. Last week, Kratos acquired Jetset Airmotive from its founders. Jetset’s MRO operations on PT6A turbine engines complement Kratos’ existing MRO operations conducted through its Oklahoma-based CTS subsidiary. Based on previous such transactions, we believe the acquisition was structured as 50% KTOS shares and 50% cash, which would imply roughly $50 million in total. With an estimated $40-$50 million in revenue and typical 13-14% EBITDA margins, Jetset was purchased for approximately 1x revenue and 9x EBITDA. The acquisition should add about $5+ million to annual EBITDA.

New Contracts. Kratos has been awarded more than $100 million over multiple contracts to develop prototype mission applications and cyber capabilities, providing space intelligence data in support of joint operations across the space and cyberspace domains. The contracts will leverage Kratos’ software products, analytics, and expertise in RF, signal processing, cybersecurity, and software development, establishing a proven technology base that can be adapted and integrated to meet emerging space and cyber mission requirements.

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Noble Capital Markets Research Report Friday, October 16, 2026

Companies contained in today’s report:

Tectonic Metals Inc. (TETOF)/OUTPERFORM – High-Grade Results Strengthen Flat’s Resource Potential

Tectonic Metals Inc. (TETOF/$1.2 | Price Target: $3.5)
Mark Reichman [email protected] | (561) 999-2272
High-Grade Results Strengthen Flat’s Resource Potential
Rating: OUTPERFORM

High-grade results strengthen exploration outlook. Tectonic Metals reported encouraging results from 19 drill holes at its Flat Gold Project in Alaska. At the Alpha Bowl target, drilling intersected 2.41 grams per tonne (g/t) gold over 59.44 meters, including 11.82 g/t over 10.67 meters and 39.96 g/t over 3.05 meters, within a broader interval of 1.86 g/t over 80.77 meters beginning at the surface. The results strengthen the potential for a large, near-surface gold system containing higher-grade zones.

Alpha Bowl emerges as a priority target. Alpha Bowl extends approximately 820 meters along strike and 600 meters in width, with mineralization encountered beyond 300 meters of vertical depth. Recent and historical drilling demonstrate gold mineralization across multiple locations, with higher-grade intersections suggesting opportunities to enhance future resource quality. Drilling is evaluating mineralization continuity and expansion potential, with several holes awaiting assays.

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Noble Capital Markets Research Report Thursday, October 15, 2026

Companies contained in today’s report:

AZZ (AZZ)/OUTPERFORM – Record Results Reinforce Growth Outlook
NanoViricides (NNVC)/OUTPERFORM – Ebola Trial Reports Ongoing Enrollment Progress
Ocugen (OCGN)/OUTPERFORM – Ocugen Completes Licensing Agreement For MENA Region
SKYX Platforms (SKYX)/OUTPERFORM – Transformative Acquisition Completed

AZZ (AZZ/$137.66 | Price Target: $170)
Mark Reichman [email protected] | (561) 999-2272
Record Results Reinforce Growth Outlook
Rating: OUTPERFORM

FY 2027 Second Quarter Results Exceed Expectations. AZZ reported adjusted net income of $60.1 million, or $2.00 per diluted share, compared with $46.9 million, or $1.55 per share, in the prior-year period. Results exceeded our estimates of $54.9 million, or $1.81 per share, by 9.5% and 10.5%, respectively. Revenue increased 16.7% to a record $486.9 million, while adjusted EBITDA rose 25.0% to $110.9 million, exceeding our $101.6 million estimate. Adjusted EBITDA margin expanded 150 basis points to 22.8%. Metal Coatings revenue increased 22.9% to $233.5 million, while Precoat Metals revenue rose 11.5% to $253.4 million. Segment adjusted EBITDA margins were 30.7% and 21.2%, respectively.

FY 2027 Corporate Guidance Raised. Reflecting strong first-half results and sustained operating momentum, management increased FY 2027 revenue guidance to $1.825 to $1.875 billion from $1.800 to 1.850 billion. Adjusted EBITDA guidance increased to $380 to $420 million from $375 to $415 million, while adjusted diluted EPS guidance rose to $7.00 to $7.30 from $6.75 to $7.15.

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NanoViricides (NNVC/$1.31 | Price Target: $6)
Robert LeBoyer [email protected] | (212) 896-4625
Ebola Trial Reports Ongoing Enrollment Progress
Rating: OUTPERFORM

Patient Enrollment and Treatment Continue. Nanoviricides provided an update on the progress of its Phase 2a trial in Ebola, including additional details on its design, endpoints, and objectives. The Phase 2a trial began treating patients with NV-387 in the Democratic Republic of Congo (DRC) in late September. The company reported that enrollment is continuing, with data expected in 1Q27. 

Stages Of Infection Are Emerging. The current outbreak of Ebola virus disease (EVD) in the DRC has been caused by a new variant of the Bundibugyo Ebolavirus (BDBV). The development of symptoms varies between patients, and its diagnosis is still being refined. During the first 5 to 7 days after initial infection, mild symptoms may not even be noticeable. Patients typically seek treatment after about 5 to 7 days, when they begin vomiting and have severe diarrhea. The trial is expected to enroll most patients at this stage.

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Ocugen (OCGN/$0.84 | Price Target: $12)
Robert LeBoyer [email protected] | (212) 896-4625
Ocugen Completes Licensing Agreement For MENA Region
Rating: OUTPERFORM

Licensing Agreement Finalizes Terms Announced In July. Ocugen and Roots Pharmaceuticals have finalized a licensing agreement for the commercialization of OCU400 in the Middle East and North Africa. The license finalizes the terms that the two companies announced in July 2026. This advances Ocugen’s plan to market OCU400 worldwide.

Collaboration Covers A Large Territory. The agreement gives Kuwait-based Roots Pharmaceuticals and its strategic partner, Al-Dhow International Holding, exclusive rights for the Middle East and North Africa coastal countries (MENA region). Retinitis pigmentosa (RP) is estimated to have a higher incidence in this region than in the US and Europe, although we cannot project sales at this time.

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SKYX Platforms (SKYX/$1.04 | Price Target: $5)
Joe Gomes [email protected] | 561-999-2262
Transformative Acquisition Completed
Rating: OUTPERFORM

Deako. SKYX Platforms has closed the merger with Deako, Inc., which we first covered in our September 11th report. As we noted then, the merger enables SKYX to offer an A-to-Z AI and smart home plug-and-play solution for homes and buildings. The merger significantly expands SKYX’s addressable market and also opens additional avenues of cross-selling opportunities for both companies, in our view.

New Pipeline Details. SKYX noted the combined Company pipeline is over 4 million units with an expected average selling price of approximately $50/product, suggesting a $200 million+ current pipeline. With cross-selling opportunities, SKYX’s full product line is expected to create an opportunity to increase Deako’s revenue per home by up to fivefold; we expect to see strong pipeline growth going forward. And there is the opportunity to cross-sell Deako products into SKYX’s existing projects.

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Noble Capital Markets Research Report Wednesday, October 14, 2026

Companies contained in today’s report:

Aurania Resources (AUIAF)/OUTPERFORM – Drilling Completed at Thor’s Valley; Assays Expected in November
AZZ (AZZ)/OUTPERFORM – Record Earnings Drive Increased Guidance

Aurania Resources (AUIAF/$0.13 | Price Target: $0.3)
Mark Reichman [email protected] | (561) 999-2272
Drilling Completed at Thor’s Valley; Assays Expected in November
Rating: OUTPERFORM

2026 drilling program completed. Aurania completed eight diamond drill holes totaling 780.7 meters at its Thor’s Valley gold-silver project in Iceland, compared with six holes originally planned. The program included six holes twinning historical drilling, one drilled in the same direction as a historical hole but at a different inclination, and a step-out hole 50 meters northwest of the historic area. The program was intended to confirm historical results and assess the continuity and extent of mineralization. Assay results are expected in November 2026.

Core recovery improves geological confidence. Aurania achieved nearly 100% core recovery in most holes, compared with approximately 50% or less historically. Using HQ3 diamond drilling, the company recovered fragmented, clay rich vein material frequently lost during earlier programs. More representative samples should improve the assessment of historical gold grades and mineralized widths.

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AZZ (AZZ/$136.71 | Price Target: $170)
Mark Reichman [email protected] | (561) 999-2272
Record Earnings Drive Increased Guidance
Rating: OUTPERFORM

Q2 FY 2027 Financial Results. AZZ reported adj. net income of $60.1 million, or $2.00 per share, versus $46.9 million, or $1.55 per share, a year ago. Results exceeded our estimates of $54.9 million, or $1.81 per share, by 9.5% and 10.5%, respectively. Revenue increased 16.7% to a record $486.9 million, while adj. EBITDA rose 25.0% to $110.9 million, exceeding our $101.6 million estimate. Adj. EBITDA margin expanded 150 basis points to 22.8%. Metal Coatings revenue increased 22.9% to $233.5 million, while Precoat Metals revenue rose 11.5% to $253.4 million. Segment adj. EBITDA margins were 30.7% and 21.2%, respectively.

FY 2027 Corporate Guidance Raised. Reflecting strong performance and sustained sales momentum, management raised FY 2027 revenue guidance to $1.825–$1.875 billion from $1.800–$1.850 billion. Adj. EBITDA guidance increased to $380–$420 million from $375–$415 million, while adj. EPS guidance rose to $7.00–$7.30 from $6.75–$7.15. The revised outlook reflects contributions from the new Washington, Missouri facility, improved operations, and lower interest expense. Capital expenditures are expected to total $80–$100 million, with debt reduction of $100–$140 million.

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Noble Capital Markets Research Report Thursday, October 8, 2026

Companies contained in today’s report:

Alliance Resource Partners (ARLP)/OUTPERFORM – Coal Operations Anchor Cash Flow as Oil and Gas Royalties Expand
Resources Connection (RGP)/OUTPERFORM – Pricing Holds as the Recovery Remains Elusive
Xcel Brands (XELB)/OUTPERFORM – Performance-Based Partnership Could Accelerate Royalty Growth

Alliance Resource Partners (ARLP/$24.65 | Price Target: $33.5)
Mark Reichman [email protected] | (561) 999-2272
Coal Operations Anchor Cash Flow as Oil and Gas Royalties Expand
Rating: OUTPERFORM

Coal fundamentals support a constructive outlook. Alliance Resource Partners is the second-largest coal producer in the eastern United States and benefits from a competitive cost structure and strong earnings visibility based on contracted sales. More than 99% of expected 2026 coal volumes are committed and priced, while approximately 85% of anticipated 2027 volumes are contracted. Growing electricity demand and a more supportive regulatory environment could extend coal-fired power plant lives and strengthen demand for thermal coal.

Royalties strengthen the growth profile. Alliance continues to expand its high-margin oil and gas royalty business, supported by more than $1 billion invested in mineral interests. The recent $206.2 million AllDale acquisition expanded its portfolio to approximately 115,680 net royalty acres, including more than 44,770 acres in the Permian Basin. We expect royalties to contribute increasingly to earnings and cash flow without the capital requirements of operated properties.

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Resources Connection (RGP/$2.99 | Price Target: $6)
Joe Gomes [email protected] | 561-999-2262
Pricing Holds as the Recovery Remains Elusive
Rating: OUTPERFORM

Overview. Resources Connection’s first-quarter results were within management’s revenue and gross margin outlook, while lower operating expenses helped profitability exceed our July projections. However, the Company has yet to demonstrate sustained revenue improvement. We believe pricing discipline and ongoing cost actions provide a foundation for recovery, but weak consultant utilization and recent cash consumption leave less room for an extended turnaround.

1Q27 Results. Revenue was $98.1 million compared to $120.2 million in 1Q26 and our $100 million estimate. Adjusted EBITDA was a loss of $3.6 million compared to $3.1 million in 1Q26 and our projected $5.5 million loss. Adjusted net loss was $0.16/sh. versus EPS of $0.03 in 1Q26 and our $0.22/sh. loss estimate. The earnings improvement relative to our forecast is encouraging, although it does not change the need for higher billable activity.

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Xcel Brands (XELB/$0.64 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Performance-Based Partnership Could Accelerate Royalty Growth
Rating: OUTPERFORM

An important evolution of the creator-commerce model. Xcel Brands announced a partnership with Paradium.AI to launch PetHelpful x Trust·Respect·Love by Cesar Millan, combining Parade’s extensive digital publishing network with Cesar Millan’s global recognition and authentic content. We believe the collaboration marks an important evolution in Xcel’s strategy, leveraging AI-powered content to convert strong consumer awareness into retail sales.

A compelling performance-based marketing model. Paradium.AI commits significant marketing resources through its media platforms to participating retailers at no cost, while Paradium.AI, Cesar Millan, and Xcel share performance-based royalties. We believe this creates an attractive proposition for retailers by providing substantial promotional support while aligning all parties’ interests around generating sales.

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Noble Capital Markets Research Report Thursday, October 8, 2026

Companies contained in today’s report:

MAIA Biotechnology (MAIA)/OUTPERFORM – Patient Enrollment Completed In THIO-101, Enrollment Milestone Reached In THIO-104

MAIA Biotechnology (MAIA/$1.18 | Price Target: $14)
Robert LeBoyer [email protected] | (212) 896-4625
Patient Enrollment Completed In THIO-101, Enrollment Milestone Reached In THIO-104
Rating: OUTPERFORM

MAIA Reported Two Important Clinical Trial Milestones. MAIA announced the completion of enrollment for the Part C Expansion Stage of the THIO-101 trial. This part of THIO-101 has enrolled 150 patients. Separately, the Phase 3 THIO-104 trial reached enrollment of 65 patients, putting it on schedule to enroll 100 patients by YE2026. Reaching the full-year enrollment goal could allow an interim analysis in FY2027.

Results From THIO-101 Part C Have Been Positive To Date. As discussed in our Research Note on September 22, MAIA recently announced initial efficacy data from the THIO-101 Part C. The evaluable population, consisting of patients with at least one post-treatment evaluation by tumor scan, showed a disease control rate (DCR) of 90.5%. This far exceeds published studies that show a 25%–35% DCR for standard third-line chemotherapy regimens.

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Noble Capital Markets Research Report Wednesday, October 7, 2026

Companies contained in today’s report:

Beasley Broadcast Group (BBGI)/OUTPERFORM – Positioning For The Next Step
Conduent (CNDT)/OUTPERFORM – Transit Sale Closes; Deleveraging Story Advances
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Q1 Headwinds, Full-Year Outlook Intact
The GEO Group (GEO)/OUTPERFORM – To Redeem Debt, Extend Credit Facility

Beasley Broadcast Group (BBGI/$10.07 | Price Target: $28)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Positioning For The Next Step
Rating: OUTPERFORM

Revising estimates. We are lowering our second-half 2026 revenue expectations to reflect a softer advertising environment, including lower expectations for core and political advertising. We now forecast Q3 revenue of $42.7 million and adjusted EBITDA of $3.9 million, followed by Q4 revenue of $49.5 million and adjusted EBITDA of $6.5 million.

Cost reductions are providing support. Despite the challenging revenue environment, we believe Beasley’s significantly lower operating cost structure is beginning to meaningfully benefit profitability. We forecast full-year 2026 revenue to decline 13.1% to $178.9 million, while adjusted EBITDA increases 45.2% to $15.3 million and the adjusted EBITDA margin expands to 8.5% from 5.1% in 2025.

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Conduent (CNDT/$1.62 | Price Target: $5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Transit Sale Closes; Deleveraging Story Advances
Rating: OUTPERFORM

Transit sale completed. Conduent completed the previously announced sale of its public transit and fare collection business to Modaxo on October 1. In our view, the closing represents another important step in the company’s efforts to simplify its portfolio, reduce financial leverage, and focus resources on its core Commercial and Government businesses.

$125 million earmarked for debt reduction. Conduent received $140 million in cash consideration at closing and expects to use $125 million of net proceeds to repay borrowings under its revolving credit facility. We view the debt reduction favorably and believe the improved balance sheet should enhance the company’s financial flexibility as management executes its ASCEND strategy.

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Lucky Strike Entertainment (LUCK/$5.29 | Price Target: $14.5)
Michael Kupinski [email protected] | (561) 994-5734
George Proost [email protected] |
Q1 Headwinds, Full-Year Outlook Intact
Rating: OUTPERFORM

Q1 expectations reset. We are lowering our fiscal Q1 revenue and adj. EBITDA forecasts to $299.0 million and $72.5 million, down from $307.0 million and $77.0 million, respectively. The revision largely reflects softer-than-expected water-park results due to unfavorable weather, pricing, and season-pass decisions, as well as lingering disruption from the World Cup.

Water-park weakness appears fixable. While weather and an aggressive, roughly 30% price increase pressured attendance, per-capita spending improved, and labor costs declined. Management plans to recalibrate pricing, start selling season passes earlier, and further optimize admissions to position the parks for improved performance next season.

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The GEO Group (GEO/$29.94 | Price Target: $40)
Joe Gomes [email protected] | 561-999-2262
To Redeem Debt, Extend Credit Facility
Rating: OUTPERFORM

Debt Redemption. The GEO Group is redeeming all of its $650 million 8.625% Senior Secured Notes due in 2029. The redemption will be funded from net proceeds of the facility sale announced Monday. We view this as a significant positive for the Company, reducing outstanding debt, eliminating interest payments, and setting the Company up to be more aggressive in its share repurchase program.

Details. The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus any accrued and unpaid interest. GEO is receiving a net $705 million from the facility sale and had another $55 million of cash on the balance sheet as of June 30th. The redemption of the 2029 Senior Secured Notes will occur on October 15, 2026. GEO will save some $56 million in annual interest expense.

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