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Stonegate Capital Partners Updates Coverage on Sky Harbour Group Corporation (NYSE: SKYH) 3Q25

Sky Harbour sustained solid momentum in 3Q25 as it continued to scale and transition from development to cash-generating operations. The Company is now conducting resident flight operations at nine campuses, including fully operational sites at Sugar Land (SGR), Nashville (BNA), Miami Opa-Locka (OPF), San Jose (SJC), Camarillo (CMA), Phoenix Deer Valley (DVT), Dallas Addison (ADS), […]

Stonegate Capital Partners Updates Coverage On Aemetis Inc. (Nasdaq: AMTX) 3Q25

Aemetis’ third-quarter results underscore a strengthening Dairy RNG platform supported by CARB pathway approvals, incremental digesters, and favorable policy momentum. Twelve operating digesters produced 114,000 MMBtu in the quarter and generated about $4.0M of revenue, with biogas sales fully monetizing seven newly approved LCFS pathways. Revenue was $59.2M, up $7M sequentially on India OMC orders […]

Stonegate Capital Partners Updates Coverage on Alpha Cognition Inc. (NASDAQ: ACOG) 3Q25

Alpha Cognition completed its second quarter of ZUNVEYL® commercialization in 3Q25, with launch momentum accelerating across the U.S. long-term care (LTC) channel. Pharmacy orders grew 102% sequentially, supported by record prescription volumes each month and expanding reach into more than 600 nursing homes, while the prescriber base surpassed 500 clinicians. The LTC-focused field team continued […]

Stonegate Capital Partners Initiates Coverage on Fold Holdings Inc. (NASDAQ: FLD)

Fold delivered revenue of $7.4M, net income of $0.6M, and adj EBITDA of $(4.2)M as legacy products continued to scale. Operating KPIs moved in tandem as the Company saw $265M in total transaction volume for the quarter, 10K+ net new accounts, and 3K+ new verified accounts. New accounts rose 2.1% y/y while transaction volumes climbed […]

Stonegate Capital Partners Updates Coverage on Aquafil S.p.A (BIT: ECNL) 3Q25

In 3Q25, ECNL delivered resilient profitability despite softer top-line trends, highlighting the benefits of ongoing efficiency measures and cost control. The Company achieved an EBITDA margin of 13.7%, up from 12.1% in 3Q24, primarily reflecting lower raw material costs, disciplined costcontainment actions, and a richer mix of regenerated products. ECONYL®- branded and other regenerated fibers […]

Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (NYSE: SRFM) 3Q25

SRFM reported revenue, Adj. EBITDA, and Adj. EPS of $29.2M, ($9.9)M, and ($0.64), respectively. This performance reflects continued progress on the Transformation Plan, driven by improved airline operations. Operational reliability continued to improve, supported by a strengthened systems operations center and a more experienced aviation team. Subsequent to the quarter SRFM made significant capital structure […]

Stonegate Capital Partners Updates Coverage on Valens Semiconductor Ltd. (NYSE:VLN) 3Q25

Valens Semiconductor posted 3Q25 revenue of $17.3M, significantly above guidance of $15.1–$15.6M, marking its sixth consecutive quarter of growth and up from $17.1M in 2Q25 and $16.0M in 3Q24. GAAP gross margin was 63.0% (nonGAAP 66.7%), exceeding guidance while easing slightly from 63.5% in 2Q25. Adjusted EBITDA loss of $(4.3)M was better than the expected […]

Stonegate Capital Partners Updates Coverage on Burcon Nutrascience Corporation (TSX: BU) 2Q26

In 2Q26, Burcon advanced commercialization across multiple proteins at the Galesburg facility, achieving first commercial production and sales of Puratein® C canola protein and first commercial production of FavaPro™ fava protein, while continuing to scale Peazazz® C pea protein. Subsequent to quarter-end, the Company received more than $500,000 in commercial sales orders and recorded the […]

Stonegate Capital Partners Updates Coverage on Metallus Inc (NYSE: MTUS) 3Q25

Metallus posted another quarter of sequential improvement in Q3 2025, with continued strength in shipments and profitability. Net sales increased 0.4% q/q and 34.6% y/y to $305.9M, supported by a favorable price and mix shift from higher aerospace and defense shipments. Adjusted EBITDA rose to $29.0M, up from $26.5M in 2Q25 and $6.1M in the […]

Stonegate Capital Partners Updates Coverage on Park-Ohio Holdings Corp (NasdaqGS: PKOH) 3Q25

For 3Q25 PKOH reported net sales from continuing operations of $398.6M, flat sequentially and down ~4.5% year over year, reflecting mixed demand across North American industrial end markets. Adjusted EPS from continuing operations was $0.65 per diluted share compared to $0.75 in the prior quarter, with margins remaining resilient and cash generation improving as operating […]

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.