Current Research

Actielis Networks

Initiating coverage
4Q24 results 3/27/25
New PTC customer demonstrate value proposition 3/28/25
1Q25 results 5/19/25

Adial Pharmaceuticals, Inc.

Initiating coverage with a Buy rating and $5PT
Adial 2Q21 reaches 100% enrollment in Phase 3 trial
Adial reports first patient dosing of its addiction drug AD04
New options for AUD recovery open new opportunities for Adial Pharma

Algorhytm Holdings, Inc.

Initiating coverage on rising logistics company, RIME, with a Buy rating 6/4/2025

Aviat Networks, Inc

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BelFuse

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DarioHealth Corp.

Initiation of coverage 5/19/25

ECD Automotive, Inc.

Classic car builder, ECDA – Initiation of coverage
ECD holds first investor day and plant tour
ECDA adds Mustangs to its product lineup
Update for the introduction of the Mustang and FJ
Update for restated 2022
4/23/25 No new tariff impact for classic car builder ECD Automotive

Energy Services of America Corporation

Initiating coverage of infrastructure construction and services company, ESOA with a Buy rating and $10 price target
ESOA reports 2Q23
ESOA reports 3Q23
ESOA Fiscal 1Q24

Formation Minerals

Initiation of coverage

Greenland Technologies Holding Corp.

Initiating coverage of GTEC as it enters the EV Construction equipment market with a Buy rating and $15 PT

Immuron Ltd.

Initiation of Coverage
Immuron 3Q24 Sales on track for our full year estimates

KULR Technology Group

KULR Technology Group Initiation of coverage
24 August 2020 KULR Technology 2Q20 results largely as expected
KULR reports 2Q21 and beats revenue estimates
Advancing Li-Ion technology, KULR reports 3Q21. Raising price target to $7 from 5 and reiterating our Buy rating.
KULR lands first contract with Lockheed Martin
KULR lands new order and grows addressable market
KULR reports 4Q21 and beats on revenue. Reiterate Buy and $7 PT.
KULR Technology – initiating 2023 estimates – reiterate Buy rating and $7 PT
KULR Tech 2Q22 earnings preview
KULR Tech 2Q22 results show a miss to earnings by $0.01 but growing customer count is a big plus. Reiterate Buy and $7 PT
KULR posts record revenue for 3Q22
KULR Technology beats 4Q22 EPS on record revenue
KULR reports 1Q23 – shows solid start to the year
KULR reports 2Q23
KULR Technology reports 3Q23
Inline EPS 4Q23
KULR reports 1Q24
KULR 2Q24 update
KULR reports 3Q24
KULR reports inline EPS 4Q24
Update to KULR estimates 5/1/2025

Lesaka Technologies

Initiating coverage of South Africa Fintech Lesaka
Reports F3Q23
Reports F4Q23
Preview F1Q24

LiveOne, Inc.

Initiation of Coverage of LiveOne
Pre-announces stronger than expected Q4 F24 EBITDA
Strong F4Q24 – We Now Expect $152 MM Rev and $21 MM EBITDA for FY25
Becoming the Global Leader in Bespoke, Leaned-Back Audio for Partners
LiveOne Rocks On With Revenue Up 19%, EBITDA Up 31%
Risk and Opportunity as LiveOne Reports September Quarter Results – Reiterate Buy
LiveOne Well Positioned to Win Tesla Subscribers
1/31/25 LiveOne off to a Great Start in 2025 – Reiterate Buy

LQR House, Inc.

Initiating coverage of LQR House 10/16/23
Transformational transactions to spur growth post 3Q23 results
LQR House returns to Nasdaq compliance and we update our price target to $26

Marti Technologies, Inc.

Initiation of coverage 14 April 2025
1Q25 Results 30 April 2025

Mobile-Health Network Solutions

Initiating coverage of telemedicine provider, MNDR
Pre-announced 100% growth for 1H F24 telemed visits and revenue
Raising estimates and upping target to $8 as MNDR rings the NASDAQ opening bell
ManaDr Makes Progress in Geographic Expansion, Artificial Intelligence, Weight Management Programs and Pharmacy

NurExone Biologic Inc.

Initiating coverage of NurExone Biologic Inc. with a Buy rating and CAD$4 price target.
NRX Preview 4Q23
Nurexone reports 4Q23 and beats EPS by $0.01
NRX reports 1Q24 and receives listing approval in the U.S.

PodcastOne, Inc.

Podcasting is Growing Rapidly and PodcastOne is the Only U.S. Public Pure Play
PodcastOne Posts Better-Than-Expected 24% Revenue Growth – Buy $5 Target
Reiterate Buy on PodcastOne as the Podcasting World is Exploding
1/17/25 Amazon Deal Accelerates Revenue and Talent Acquisition
2/12/25 PodcastOne 3Q Revenue Beat, Still Guiding for Positive EBITDA for Fiscal Year

SHL Telemedicine LTD.

Initiating coverage of established telehealth provider with a Buy rating and $11 PT

Society Pass Inc.

Initiation of Coverage
Update from the field – Major Progress in January
1Q24: Thoughtful Media Beats Expectations, While NusaTrip Platform Delays Hamper Revenue
Digital Marketing Unit Files for IPO – Price Range Implies Major Upside for SOPA

SPAR Group Inc.

Initiating coverage of Global Merchandiser, SPAR Group with a Buy rating and $7 price target.
Spar Group reports 3Q23

Star Equity Holdings

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TEN Holdings, Inc.

Premium Events Management Company with Major Upside From Strategic Moves and M&A
3/3/25 Updated version of initiation report
4/8/2024 Firing on All Cylinders
06/30/2025 A Transformative Opportunity in the Event Production Sector

Thoughtful Media Group Inc.

Initiating Thoughtful Media – Social Media Marketing in the Fastest-Growing Region Globally

Travelzoo

Initiation of coverage

uCloudlink Group, Inc.

Initiating coverage of uCloudlink Group with a Buy rating and $8 price target
UCloudlink reports 2Q23

Unusual Machines, Inc.

1/19/2025 Making Drones Great Again – Initiating Coverage of Unusual Machines with a Buy Rating and $20 Price Target
02/27/2025 Announcement of New Drone Motor Component Increases TAM by 50% – Reiterating Buy Rating and $20 Price Target
04/03/2025 Tariffic Investment Opportunity
05/09/2025 UMAC Beats 1Q Expectations and Completes Financing Required to Get to FCF Positive
06/09/2025 – Unleashing American Drone Dominance

Usio, Inc.

The Most Innovative Company in Payments
USIO Beats on EBITDA, Raises Guidance on Balanced Quarter – Reiterate Buy
Reiterate Buy Rating as Strong 3Q Setting Up USIO For Massive 2025
Payment Processor Likely to See Significant Revenue Acceleration in 2025 as Stock Nears 52-week low.
2/3/24 Usio Returning to Double-Digit Growth in 2025 – Reiterate Buy and $6 Target
04/03/2025 Back to Basics
05/15/2025 Usio Unveils Revamped Sales Strategy and Accelerates Innovation

Vinanz Limited

Initiating coverage on this low-BE BTC miner with a Buy rating

Virtualware S.A.

Initiating coverage on VR pure play, Virtualware with a Buy rating and a EUR 10.00 price target.
Virtualware reports preliminary 2H23

Vobile Group Ltd.

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WidePoint Corporation

Initiation Report – WidePoint is an Undiscovered, Under-Valued SaaS Stock – June 24, 2024
WidePoint Tracking Well Ahead of Guidance on a Plethora of Major Contract Wins
Reiterate Buy as WidePoint Likely to Exceed ’24 Guide with a Plethora of Contracts on Tap
2/21/2025 Reiterate Buy as WidePoint Wins Major FedRAMP Approval
4/7/2025 WidePoint was DOGE When DOGE Wasn’t Cool
4/16/2025 DOGE is More of a Tailwind than A Headwind
05/16/2025 Raising Target to $8 as WidePoint Reports Strong Q1 and Guidance
06/30/2028 The Quants Taketh and the Quants Giveth Back

Zapp Electric Vehicle Group Ltd.

Addressing the $100B+ tw-wheel EV market, we are initiating coverage of Zapp Electric Vehicles Ltd. with a Buy rating and US$35 PT.