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Author: Zach Amrein

Stonegate Capital Partners Updates Coverage on Incannex Healthcare Inc. (NasdaqGM:IXHL) 3Q25

Incannex Healthcare Inc. (NasdaqGM:IXHL): Stonegate Capital Partners updates their coverage on Incannex Healthcare Inc. (NasdaqGM:IXHL). During the third quarter of fiscal year 2025, IXHL reported R&D expenses of $2.74M, down from $3.28M in the same quarter of the previous year, reflecting cost containment measures. SG&A expenses were $2.27M, compared to $4.14M in the prior year, […]

Stonegate Capital Partners Updates Coverage on Sky Harbour Group Corporation (NYSE: SKYH) 1Q25

Sky Harbour continued to demonstrate strong momentum in 1Q25, driven by expanding its aviation infrastructure footprint and ramping operational capacity. During the quarter, the Company initiated operations at its Phoenix Deer Valley (DVT) campus and prepared for openings at Dallas Addison (ADS) and Denver Centennial (APA), scheduled for 2Q25. SKYH added a key facility at […]

Stonegate Capital Partners Updates Coverage on Aquafil S.p.A (BIT: ECNL) 1Q25

In 1Q25, ECNL observed improved profitability despite significant macro environment uncertainty. The Company experienced a market recovery for fibers in the US, with increased sales of ECONYL® products. On a consolidated basis, ECNL reported improved EBITDA margins compared to 1Q24 despite lower revenue. This improvement is partly due to the increasing percentage of ECONYL® sales, […]

Stonegate Capital Partners Updates Coverage on Alpha Cognition Inc. (NASDAQ: ACOG) 1Q25

Alpha Cognition began 2025 by launching ZUNVEYL® (benzgalantamine) to the U.S. long-term care (LTC) market on March 17, 2025, delivering on its commercialization timeline and budget. Early clinician and patient feedback has been positive, citing successful initial patient outcomes and strong ordering momentum, with rapid product replenishment by wholesalers. The field team reported broad engagement […]

Stonegate Capital Partners Updates Coverage On GoHealth Inc. (NASDAQ: GOCO) 1Q25

GoHealth, Inc. delivered a strong first quarter in 2025, highlighted by substantial revenue growth and operational efficiencies. Net revenues surged 19.1% year-over-year to $221.0M, driven by a 40.2% increase in submissions to 303,026 from 216,148 in 1Q24. The Company posted operating income of $6.7M, marking a substantial turnaround from the prior year’s loss, while Adj. […]

Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (NYSE: SRFM) 1Q25

SRFM’s 1Q26 results showed continued execution under the transformation plan, with revenue of $25.6M at the high end of guidance and up 9% y/y, while adjusted EBITDA loss of $12.3M outperformed guidance for a loss of $15.5M to $13.5M. Results were supported by improved On Demand private charter margins, cost controls across airline operations, and […]

Stonegate Capital Partners Updates Coverage on Metallus Inc (NYSE: MTUS) 1Q25

Metallus delivered sequentially improved results in the first quarter of 2025, supported by higher volumes and better cost absorption despite ongoing macroeconomic challenges. Net sales rose 17% sequentially to $280.5M, driven by increased industrial, automotive, and energy shipments, along with higher raw material surcharge revenue. However, sales were down 13% year-over-year due to lower average […]

Stonegate Updates Coverage on Information Services Group Inc. Common Stock (NasdaqGM: III) 1Q25

III Revenue for the fourth quarter totaled $59.6M, exceeding guidance and growing by 5% year over year when excluding automation. The Americas showed resilience, generating $41.0M in revenue, up 17% y/y, excluding automation. In contrast, Europe and Asia-Pacific faced declines, with revenues of $13.8M (13.0%) y/y and $4.8M (15.0%) y/y, respectively. Despite overall revenue contraction, […]

Stonegate Capital Partners Updates Coverage on Gladstone Commercial Corp. (NasdaqGS: GOOD) 1Q25

In the first quarter of 2025, Gladstone Commercial Corp. maintained its disciplined portfolio management approach. The Company ended the quarter with 141 properties across 27 states, expanding its footprint from the previous quarter. During 1Q25, GOOD executed its capital recycling strategy by selling two non-core properties, for $23.6M. Additionally, the Company expanded its portfolio by […]

Stonegate Capital Partners Updates Coverage on OppFi Inc. (NYSE: OPFI) 1Q25

OPFI reported revenue, adj. Net Income, and adj. EPS of $140.3M, $33.8M, and $0.38, respectively. This compares to our/consensus estimates of $141.5M/$137.7M, $23.4M/$22.5M, and $0.26/$0.25. Net revenue margin was 64.7% for the quarter, reflecting a year-over-year expansion of 1,100 bps from 1Q24. This quarter’s strong performance was driven by record total revenue of $140.3M, a […]

AN TRAN SHELMIRE

Research Analyst

SAVANNAH BEAVER

TOM BAKER

Senior Advisor, IR & Communications

Tom is the CEO and cofounder of Reportable, a corporate communications and competitive intelligence software and service. Reportable is helping companies across all industries ranging from top venture-backed startups to publicly traded Fortune 500 companies. Tom has more than 20 years of experience working in corporate communications and investor relations for biotech and medical device companies. Tom graduated UCSD with a B.S. in Pharmacological Chemistry. An avid surfer, Tom grew up in San Diego and currently lives in the Boston area with his wife Melissa and 3 young boys.

LOUISE SHELMIRE

Compliance Advisor

Louise has been employed at Stonegate Capital Markets since 2018 as an independent contractor for compliance functions. Louise was previously with Tradestar Investments and Stockcross Financial Services. She has served as a Sales manager and Compliance Principal. Louise graduated with a BA from Louisiana State University. She currently holds FINRA Series 7, 63, 24, 53, 4, 65 and 9/10 licenses and is currently on a roster available to serve as a FINRA arbitrator.

TABER WETZ

M&A Due Diligence

Taber is a seasoned finance executive with relevant experience in corporate finance, mergers and acquisitions (M&A), and system implementations. He specializes in helping small and midsize companies grow by developing actionable recommendations for operational improvement. Taber has held senior roles such as CFO and COO for public companies ranging from $1 million to $100 million, and President of a merchant bank that raised over $75 million for an alternative energy startup. He earned his BS in Finance/Accounting from Oklahoma State University. Additionally, Taber has led four reverse mergers into public markets, developed and raised over $75 million in seasoned offerings, and successfully implemented POS and accounting systems for multiple companies. His expertise includes financial planning, risk management, and business development, driving significant growth and operational efficiency.

CHRIS GAUVIN

M&A Due Diligence

Chris is a strategic finance executive with extensive experience in accounting, finance, information systems, and strategy. He specializes in helping small and medium-sized companies grow by clarifying strategic vision and creating scalable processes. Chris has held senior roles such as Divisional CFO for a $200 million P&L, VP of Finance at a healthcare startup, and Director of M&A for a $1.5 billion public entity. He earned his Master of Accounting from The University of Texas at Austin and a BBA from Carleton University in Ottawa, Canada. Chris has led financial planning models for companies scaling rapidly, managed over 250 business valuation and due diligence transactions, and spearheaded strategic planning processes for entities with revenues exceeding $1 billion.

PAUL WHITLEY

Strategic Advisor, Stonegate Inc.

Managing Member CFO / COO / CRO
C‐Suite Support Inc.

Paul is a strategic Fractional CFO and Transformational Technology Leader. He joined Stonegate Capital Partners in 2024. His primary responsibilities include driving business growth through financial, operational, and digital transformation initiatives, as well as implementing quality of earnings assessments, preparing Confidential Information Memorandums (CIM), and providing valuation methodologies. Paul previously held senior roles in various high-profile companies, including Senior VP at a $2 billion hedge fund and CFO/COO at a $180 million public company. He earned his MBA in Internet Technology and E-Commerce from the University of Dallas and a BBA in Finance/Accounting from the University of North Texas. Paul is also known for his extensive experience in growing and sustaining shareholder value, system implementations, and mergers and acquisitions.

BOLTON CORWIN

Analyst, M&A Group

Bolton joined Stonegate in 2024. He attended the University of Oklahoma and studied in the school of Business. Bolton works with the Stonegate’s M&A group, interacting with private equity firms and family offices on Stonegate’s buy-side and sell-side transactional business.

ROBIN AGIR

Associate, Institutional Sales

Robin is an institutional sales associate. He joined Stonegate in 2022. He was formerly with SRG Capital Partners. He graduated from The University of North Texas with a degree in marketing and communications.

Maximus Alexander-Nino

Analyst, Equity Research

Maximus joined our equity research group in 2026. He was formerly an analyst at Raymond James and also spent 6 years in the Florida Army National Guard. Maximus graduated from the University of South Florida with a BS in Finance. He currently holds an SIE and Series 99 and is a CFA Level 1 Candidate. 

William Stetson

Associate, Institutional Sales

Will is an associate on the institutional sales desk. He joined Stonegate in 2026. He graduated from Texas Tech University with a degree in finance. Before joining Stonegate, he interned at Compass Group USA and played College Football at Kenyon College.

LAURA ENGEL, CPA

Senior Advisor,
Research

Laura joined Stonegate in 2011. Her background spans over 20 years in financial services, having held diverse roles in public and private accounting, consulting, and executive leadership. She has broad industry experience within the healthcare, medical technology, and private equity sectors among others, partnering with high-growth organizations as a senior financial officer and consultant. She graduated from the University of Virginia and is a Certified Public Accountant (CPA).

QUENTIN HARRAH

VP, Institutional Sales

Quentin is a Vice President. He joined Stonegate in 2021. He graduated from Louisiana State University with degrees in marketing and professional sales.

JUSTIN MARTIN

Managing Director,
Institutional Sales & ESG Advisory

Justin is a managing director and helps lead the institutional sales effort. He also advises issuers on ESG rating policies and best practices. He joined Stonegate in 2012 and graduated from Auburn University with a Bachelor of Science in Finance. Justin is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 63, and 79 licenses.

ZACH AMREIN

Head of
Business Development, CCO & CFO

Zach is the Head of business development, Chief Compliance Officer, and our CFO. He joined Stonegate in 2016. He formerly worked in Finance at Legacy Housing. He graduated from the University of Kansas with degrees in Finance and Accounting. Zach is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 24, and 27 licenses. 

DAVE STORMS, CFA

Director of Research
Stonegate Capital Partners

Dave joined Stonegate in 2022. He was most recently an equity research analyst at Goldman Sachs. He was formerly a Senior investment analyst at Beneficial Financial Group, an analyst at Valuation Research Corporation, and an investment analyst with The Board of Pensions (PCUSA) focused on public equities. He started his career at Vanguard after receiving his undergraduate degree from Rowan University and a Masters in investment management from Temple University. David is licensed with Stonegate Capital Partners and currently holds FINRA Series SIE, 7, 87.

PRESTON GRAHAM

Partner
Stonegate Capital Partners

Preston joined Stonegate in 2010. His primary responsibilities include managing the sales desk, overseeing our institutional outreach effort, and advising clients on capital markets strategy. He graduated from Santa Clara University with a degree in finance. Preston is licensed with Stonegate Capital Markets, Inc. and currently holds FINRA Series 7, 63, 79, and 99 licenses.

JESSE SHELMIRE

Co-CEO, Partner
Stonegate Capital Partners

Jesse is Co-CEO/Partner of Stonegate Capital Partners/Stonegate Capital Markets(Member FINRA/SIPC), and a Co-Founder of Stonegate Healthcare Partners. Jesse spent the first decade of his investment career in 1981 at Smith Barney in retail sales and then later at Jefferies in institutional sales. In the mid-90’s, Jesse was the Managing Director of Investment Banking for First London Securities where he managed public and private transactions. In 1999, Jesse joined Stonegate where he’s managed ~100 transactions and currently provides advisory services for both public and private companies with a focus on healthcare. Jesse received his Bachelor of Science in Economics in 1979 from The Wharton School of Business at the University of Pennsylvania. Jesse is licensed with Stonegate Capital Markets and currently holds FINRA Series 7,24, 63, 79, 99 licenses.

SCOTT GRIFFITH

Co-CEO, Partner
Stonegate Capital Partners

Scott joined Stonegate in 1992 and is a co-owner of Stonegate. Prior to joining Stonegate, Scott was a Vice-President at Donaldson, Lufkin, & Jenrette from 1980 to 1988 and a Vice-President at Smith Barney from 1988 to 1992. He received his Bachelor of Science in Marketing from Florida State University in 1979. Scott is licensed with Stonegate Capital Markets and currently holds FINRA Series 7, 14, 24, 63, 79, 99 licenses.